{"annotation_id":"b8a74a4d-ce42-44fd-966a-710015b3397d","file_hash":"e3f811fef42297542d2c9f5a99d78f1bd9245a72620aad8fa3edb250c8d3384b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"db6d6a6c-45ab-477d-9082-213a30b77026","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"3bff3925-837b-4e3a-9a92-51d6e9554329","block_type":"box","text":"Supplement dated October 1, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"5e586ff9-25ff-412f-bf8b-0678e36d760c","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":1,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"c1b8edda-29cf-4f7c-bc9b-06260936525d","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"5dab3d04-2378-46ea-a8ab-2e477cc21fde","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":1,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"06494832-f238-4948-9c2c-fe88cb513659","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":1,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"201d6aa8-1e98-4de4-8d13-de036e77b153","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":1,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"71ffa609-4e36-4f8f-b1f5-a951415b0d1c","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":1,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"11a03cc6-ceea-4239-8905-ef34a084d1e6","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":1,"box":{"x":116,"y":209,"width":677,"height":12}},{"id":"c6df8d7d-d3d7-4b80-833c-b02a0cc2702d","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":1,"box":{"x":116,"y":224,"width":354,"height":13}},{"id":"6961683f-8249-4d99-a4cc-70ef30341889","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":1,"box":{"x":183,"y":245,"width":631,"height":12}},{"id":"f6afd5c4-2c99-4ce9-bd93-69dae043b6a6","block_type":"box","text":"iShares Large Cap 10% Target","page_number":1,"box":{"x":124,"y":266,"width":224,"height":12}},{"id":"a25dc667-10db-4184-90e1-3ba4ac9073b5","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":1,"box":{"x":162,"y":281,"width":165,"height":13}},{"id":"eaa68126-9917-4cb7-8360-d7e2ae59bde0","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":266,"width":92,"height":11}},{"id":"5dc499b5-ed25-4c71-9b1a-d6b2868cbdf2","block_type":"box","text":"to Sep. 30, 2027","page_number":1,"box":{"x":419,"y":282,"width":122,"height":12}},{"id":"56805a72-224f-4794-a8b0-6858ec39a105","block_type":"box","text":"19.25% (gross of management fee)","page_number":1,"box":{"x":616,"y":266,"width":261,"height":12}},{"id":"699e59d6-aab5-49fa-ad22-22e054929110","block_type":"box","text":"18.75% (net of management fee)","page_number":1,"box":{"x":624,"y":281,"width":245,"height":13}},{"id":"1e67a988-dc91-4bac-a166-7934bfa2c064","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":304,"width":218,"height":13}},{"id":"b465ca1e-bc21-4a9d-9f43-2dcd53351130","block_type":"box","text":"Sep ETF (SMAX)","page_number":1,"box":{"x":182,"y":320,"width":124,"height":12}},{"id":"61e2130c-4f7f-447f-b46a-7a9e9fee8e71","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":305,"width":92,"height":11}},{"id":"f46b891a-cae6-450b-a0fd-607926a604dc","block_type":"box","text":"to Sep. 30, 2027","page_number":1,"box":{"x":419,"y":320,"width":122,"height":12}},{"id":"6c95b39a-9c3c-46e9-8802-73126185e272","block_type":"box","text":"9.77% (gross of management fee)","page_number":1,"box":{"x":619,"y":304,"width":254,"height":13}},{"id":"b7db749b-e627-494a-8b74-762e07061cda","block_type":"box","text":"9.27% (net of management fee)","page_number":1,"box":{"x":627,"y":320,"width":238,"height":12}},{"id":"d4708726-7505-4e3f-bcc9-d14cc12984f5","block_type":"box","text":"iShares Large Cap Accelerated","page_number":1,"box":{"x":124,"y":343,"width":224,"height":13}},{"id":"2d5abdde-a69b-4cb6-a5bc-dd924e488fcc","block_type":"box","text":"Outcome ETF (TWOX)","page_number":1,"box":{"x":160,"y":359,"width":168,"height":12}},{"id":"59d6b693-0070-4aca-84ca-ef5c9bd91276","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":344,"width":92,"height":11}},{"id":"61711535-7658-4092-80da-af6c2ff60abf","block_type":"box","text":"to Dec. 31, 2026","page_number":1,"box":{"x":418,"y":359,"width":124,"height":11}},{"id":"5711177c-d237-46cd-a33a-84b6788eae27","block_type":"box","text":"6.90% (gross of management fee)","page_number":1,"box":{"x":619,"y":343,"width":254,"height":13}},{"id":"aebc6df5-d38b-4e61-bff0-c83986011230","block_type":"box","text":"6.78% (net of management fee)","page_number":1,"box":{"x":627,"y":359,"width":238,"height":12}},{"id":"36209985-629e-4f7d-b946-1cb6359f7256","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":1,"box":{"x":117,"y":390,"width":712,"height":12}},{"id":"fcaa2cbb-00ef-491b-acee-7b1cb1466021","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":1,"box":{"x":116,"y":405,"width":655,"height":13}},{"id":"cda488ba-24d6-43e4-8885-6f7866dc722b","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":428,"width":521,"height":13}},{"id":"9135097d-a6d5-4c96-adaf-96c379a29aae","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"cf2206a6-f8f4-436c-b089-ae2c6e757c61","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"18621aa7-f5e8-4243-80d1-0f4a3842738a","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":"11063f5c-fa0f-4730-aab8-154467d75ffc","block_type":"box","text":"IS-A-OC-Cap-1026","page_number":1,"box":{"x":773,"y":887,"width":110,"height":10}},{"id":"4892a589-fc38-4125-ac6b-69b5c05e5063","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"67774d43-92f2-4304-97af-0a5edcca43ed","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"81e42594-3aba-4071-9da4-3c185b301597","block_type":"box","text":"iShares Trust","page_number":2,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"e3d1b51a-139d-4eda-83ba-e94e2dcccc49","block_type":"box","text":"Supplement dated September 22, 2026","page_number":2,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"d03a39d8-a326-42f7-ab01-6f3b9a8f3696","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":2,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"0a9a6d83-f55c-44e2-960a-5137fd1653ef","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":2,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"fe18cc35-2d2f-4d30-8642-a9d186501490","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":2,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"a15f8f38-07e5-4c5c-be3c-9020ae804415","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":2,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"479e6aec-4278-48a8-8380-be2f9d4468fa","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":2,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"fe1b9fa9-80ac-41b0-b8c5-32970a974a03","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":2,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"2b9b0958-4936-4c38-a775-c261c287c7c8","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":2,"box":{"x":116,"y":209,"width":766,"height":12}},{"id":"9dae05d7-f9bc-496d-a920-4cc9a23e2680","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":2,"box":{"x":117,"y":224,"width":743,"height":13}},{"id":"0ea53528-2b88-413d-bc6a-6d5ea34b5b01","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":2,"box":{"x":116,"y":240,"width":741,"height":12}},{"id":"b2692579-6c30-460f-b304-6bce52417bb6","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":2,"box":{"x":117,"y":255,"width":753,"height":13}},{"id":"2a17ef3d-716d-496c-9abb-46a22cca7d86","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":2,"box":{"x":116,"y":271,"width":706,"height":12}},{"id":"44f04219-0b1c-4fde-8aa2-710e32fc56ca","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":2,"box":{"x":117,"y":286,"width":735,"height":13}},{"id":"6f16fdd5-24ba-4ba6-b481-06c205421c1b","block_type":"box","text":"Outcome Period.","page_number":2,"box":{"x":116,"y":302,"width":127,"height":10}},{"id":"33421b74-d315-4ebb-b8fc-fd14ddfaeca2","block_type":"box","text":"Fund (Ticker)","page_number":2,"box":{"x":186,"y":330,"width":106,"height":13}},{"id":"74ea8e82-bcc2-44ef-8f44-f5059581f97a","block_type":"box","text":"Upcoming Outcome","page_number":2,"box":{"x":368,"y":328,"width":154,"height":12}},{"id":"d521c5a1-da62-4367-81df-98dbf1847c12","block_type":"box","text":"Period","page_number":2,"box":{"x":419,"y":340,"width":52,"height":10}},{"id":"7caa62af-4b3c-41c7-b089-3adb67dab0a5","block_type":"box","text":"Estimated Approximate Cap Range","page_number":2,"box":{"x":575,"y":330,"width":267,"height":13}},{"id":"77c6fb7b-2c5d-4b5c-82ed-f5fac6dba51a","block_type":"box","text":"iShares Large Cap 10% Target","page_number":2,"box":{"x":127,"y":368,"width":223,"height":12}},{"id":"1cd87457-c0a3-4687-857f-a3ec8496e11c","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":2,"box":{"x":165,"y":383,"width":164,"height":13}},{"id":"86197d8e-1717-4357-80d9-f2e732b58bf8","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":368,"width":92,"height":11}},{"id":"6a0fc0bd-78bd-4b96-bfc1-2d285adfaa90","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":384,"width":122,"height":12}},{"id":"68ccc141-1efe-4721-a966-7c6f670c14c1","block_type":"box","text":"18.20% - 20.26% (gross of management fee)","page_number":2,"box":{"x":543,"y":364,"width":332,"height":12}},{"id":"ae0858d0-8c6e-49e9-8e81-5e778dc06ddf","block_type":"box","text":"17.70% - 19.76% (net of management fee)","page_number":2,"box":{"x":551,"y":387,"width":316,"height":13}},{"id":"06831fd4-462e-482b-af81-072a4f15b71f","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":2,"box":{"x":130,"y":414,"width":217,"height":13}},{"id":"3fda2213-7e9d-4874-bd57-b4090c4f5777","block_type":"box","text":"Sep ETF (SMAX)","page_number":2,"box":{"x":185,"y":430,"width":124,"height":12}},{"id":"b9aac81f-a7d3-4da3-a639-096db2ae354e","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":415,"width":92,"height":11}},{"id":"5d372a03-0bb6-443f-915c-529029b5f5c6","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":430,"width":122,"height":12}},{"id":"a2270ee5-13d3-4318-8be8-8bdd2db4a3d0","block_type":"box","text":"8.88% - 9.95% (gross of management fee)","page_number":2,"box":{"x":551,"y":410,"width":315,"height":13}},{"id":"46b63e63-be29-4e28-afa2-166ecda97be6","block_type":"box","text":"8.38% - 9.45% (net of management fee)","page_number":2,"box":{"x":559,"y":433,"width":299,"height":13}},{"id":"e689b551-654d-4512-b837-e2f5d573df2a","block_type":"box","text":"iShares Large Cap Accelerated","page_number":2,"box":{"x":127,"y":461,"width":224,"height":12}},{"id":"5cf45cff-db5c-4d70-bb77-cf5489e5a40b","block_type":"box","text":"Outcome ETF (TWOX)","page_number":2,"box":{"x":163,"y":476,"width":168,"height":13}},{"id":"be889ce5-b1a4-45cb-b1f2-9a7e6244bc06","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":461,"width":92,"height":11}},{"id":"7131b113-e44f-472d-8aad-cfd58f5d2307","block_type":"box","text":"to Dec. 31, 2026","page_number":2,"box":{"x":383,"y":477,"width":124,"height":11}},{"id":"7262d06f-3592-4288-b120-a1116a849ee9","block_type":"box","text":"6.25% - 8.17% (gross of management fee)","page_number":2,"box":{"x":551,"y":457,"width":315,"height":12}},{"id":"75e905bf-4e66-455c-9192-274c7c7829a2","block_type":"box","text":"6.13% - 8.04% (net of management fee)","page_number":2,"box":{"x":559,"y":480,"width":299,"height":13}},{"id":"a64669f2-604e-4640-9e03-a9997ac54817","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":511,"width":521,"height":13}},{"id":"b06448a4-d658-41cc-8fd6-c5f2c7249224","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"2e37856c-0bad-4ed4-ad8c-243fb75d56f4","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"57b271c5-2894-4616-a11c-6cea3ad55c33","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"627a128f-9a7f-4114-962a-cb8724b1bea9","block_type":"box","text":"IS-A-iCap-0926","page_number":2,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"cc1663ae-3da9-4757-a3ef-8f2d736c8087","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"bee25cad-9956-416a-8487-f9cb2af787d2","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"4f6f23c2-cf6e-4133-81f9-f1df7b91c044","block_type":"box","text":"iShares","page_number":3,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"9489487e-5ce9-43ab-8dbe-281559fe3c9a","block_type":"box","text":"®","page_number":3,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"e45e9273-dbea-4b73-b789-5713057415e0","block_type":"box","text":"iShares Trust","page_number":3,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"842256e3-79eb-40a3-8d2c-436fb4ab8754","block_type":"box","text":"Supplement dated July 1, 2026","page_number":3,"box":{"x":384,"y":123,"width":235,"height":13}},{"id":"f5b2b573-44e1-4c61-a3e1-e7f5634681f8","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":3,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"8f5070cf-4268-434f-bef3-83aef983a0cd","block_type":"box","text":"(“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target","page_number":3,"box":{"x":124,"y":154,"width":756,"height":13}},{"id":"b5e5c4d8-517f-4ae9-97dd-1def17458157","block_type":"box","text":"Buffer Jun ETF (TENJ) and iShares Large Cap Max Buffer Jun ETF (MAXJ) (each, a “Fund”)","page_number":3,"box":{"x":166,"y":170,"width":672,"height":13}},{"id":"e8233c54-07bc-4c4d-8e57-e17eee3fe9cd","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":3,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"2d35911a-89a9-457d-9491-c558af741aae","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":3,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"d7004fa7-9485-4967-b4fa-f66f3cb16281","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":3,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"abc47ac9-51dd-45f9-9beb-a3f7f3e05359","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":3,"box":{"x":116,"y":247,"width":677,"height":13}},{"id":"c1a4b6d1-920e-47e3-9fd1-20b347958079","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":3,"box":{"x":116,"y":263,"width":354,"height":13}},{"id":"57efadb8-afc9-47a9-ac81-ab0a935b867b","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":3,"box":{"x":193,"y":284,"width":620,"height":12}},{"id":"5e29fed5-3cec-4ec9-8f6d-fd727d1e83ac","block_type":"box","text":"iShares Large Cap Accelerated","page_number":3,"box":{"x":134,"y":304,"width":224,"height":13}},{"id":"9f3203fb-96a4-4433-838d-50dd599c109a","block_type":"box","text":"Outcome ETF (TWOX)","page_number":3,"box":{"x":170,"y":320,"width":168,"height":12}},{"id":"b723f0e0-cd3c-4394-84ee-4bb607a994fd","block_type":"box","text":"Jul. 1, 2026","page_number":3,"box":{"x":446,"y":304,"width":84,"height":12}},{"id":"bbc5400b-77b9-4141-b9e0-bf52a590ef9f","block_type":"box","text":"to Sep. 30, 2026","page_number":3,"box":{"x":427,"y":320,"width":122,"height":12}},{"id":"7dbe8973-42bf-4bce-9d01-97151176f591","block_type":"box","text":"7.54% (gross of management fee)","page_number":3,"box":{"x":613,"y":304,"width":253,"height":13}},{"id":"0d88da6e-001f-444b-b344-88ceb2d58a57","block_type":"box","text":"7.41% (net of management fee)","page_number":3,"box":{"x":613,"y":320,"width":237,"height":12}},{"id":"242d69fe-d640-4a8c-ba49-eca5481da259","block_type":"box","text":"iShares Large Cap 10% Target","page_number":3,"box":{"x":135,"y":343,"width":223,"height":13}},{"id":"0c20d4ae-f734-4680-ae90-2ed3c0367add","block_type":"box","text":"Buffer Jun ETF (TENJ)","page_number":3,"box":{"x":177,"y":359,"width":156,"height":12}},{"id":"d71fc985-aeff-4b97-9823-d48637f2ef12","block_type":"box","text":"Jul. 1, 2026","page_number":3,"box":{"x":446,"y":343,"width":84,"height":12}},{"id":"bb0d1750-ee22-430a-9fb2-30434a0dc198","block_type":"box","text":"to Jun. 30, 2027","page_number":3,"box":{"x":429,"y":359,"width":119,"height":11}},{"id":"3a9923ea-89c8-441f-a033-cad453b377e6","block_type":"box","text":"19.02% (gross of management fee)","page_number":3,"box":{"x":614,"y":343,"width":262,"height":13}},{"id":"02a0eb9b-74a4-4215-8d13-ac0eb9bd55fc","block_type":"box","text":"18.52% (net of management fee)","page_number":3,"box":{"x":614,"y":359,"width":246,"height":12}},{"id":"3460f578-2cb3-460f-9022-ed349d5ac554","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":3,"box":{"x":138,"y":382,"width":217,"height":12}},{"id":"63b4191e-75d9-46ea-99f6-c7744ee7b686","block_type":"box","text":"Jun ETF (MAXJ)","page_number":3,"box":{"x":196,"y":397,"width":116,"height":13}},{"id":"6bc60bc7-493a-47a1-9fb5-f5e4ad5d51dd","block_type":"box","text":"Jul. 1, 2026","page_number":3,"box":{"x":446,"y":382,"width":84,"height":11}},{"id":"79f4938e-a49b-4fd7-9d3b-bb8257a6c301","block_type":"box","text":"to Jun. 30, 2027","page_number":3,"box":{"x":429,"y":398,"width":119,"height":11}},{"id":"9d114ffc-55aa-4e59-91a1-01b15d798e37","block_type":"box","text":"8.54% (gross of management fee)","page_number":3,"box":{"x":613,"y":382,"width":253,"height":12}},{"id":"16eb19d1-01d7-47a1-82b6-f584386391cf","block_type":"box","text":"8.04% (net of management fee)","page_number":3,"box":{"x":613,"y":397,"width":237,"height":13}},{"id":"001d3436-664f-45db-91c9-f990aed32063","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":3,"box":{"x":117,"y":428,"width":712,"height":13}},{"id":"6bac9ca7-d49a-473d-848f-c954ea183095","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":3,"box":{"x":116,"y":444,"width":655,"height":12}},{"id":"73cae6f9-8642-4119-8fa2-0b8acff41648","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":3,"box":{"x":117,"y":467,"width":521,"height":13}},{"id":"7a8c01d3-ed2b-4460-94b2-cb784f2567af","block_type":"box","text":"iShares","page_number":3,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"5e44c4f7-e2e0-451b-a787-d1ce5ef6d7fc","block_type":"box","text":"®","page_number":3,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"53b297f1-6497-4187-bed0-a118f87c2fe9","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":3,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"aba5ff5c-f6e6-4a2b-a027-7bfd5bfffcc4","block_type":"box","text":"IS-A-OC-Cap-0626","page_number":3,"box":{"x":773,"y":887,"width":110,"height":10}},{"id":"e365ee78-7a3d-44b8-a9aa-c3bfb5c2d7b7","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":3,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"c8686aac-4c45-4f36-b911-4c8176f2ac3e","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":3,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"4faae662-3b5f-44be-8305-f68eb6059d63","block_type":"box","text":"iShares","page_number":4,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"42e93eef-be97-43b2-9c8c-48480aa3ecae","block_type":"box","text":"®","page_number":4,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"1aaf9ac9-e433-4804-98bc-a64effd7d07e","block_type":"box","text":"iShares Trust","page_number":4,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"288b3ea7-c2e8-4298-bdad-cd483586650e","block_type":"box","text":"Supplement dated June 23, 2026","page_number":4,"box":{"x":376,"y":123,"width":251,"height":13}},{"id":"2d948c48-0078-4c93-9b33-fd09559a98a5","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":4,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"de6d264b-f90f-41cb-812f-26eddb54c081","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer","page_number":4,"box":{"x":131,"y":154,"width":742,"height":13}},{"id":"b47e8793-2e1c-458e-8aec-442f3f33e453","block_type":"box","text":"Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":4,"box":{"x":157,"y":170,"width":688,"height":13}},{"id":"8d15a989-14f6-4067-8914-59815874c349","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":4,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"174a9fb2-3f69-4f0c-81a2-736ec1ac17b5","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":4,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"3c8d29c3-32f7-4a13-b40a-f978dc1f4aa3","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":4,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"52620961-d289-435a-b49c-6ac9dd873c40","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":4,"box":{"x":116,"y":247,"width":766,"height":13}},{"id":"8e612fd4-79ea-4faa-96c5-a4c7957a8ef2","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":4,"box":{"x":117,"y":263,"width":743,"height":13}},{"id":"432df55a-96fc-4111-9f69-b39dd7c4375b","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":4,"box":{"x":116,"y":278,"width":741,"height":13}},{"id":"ab4164eb-2515-4b05-bb05-d98e1a405c43","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":4,"box":{"x":117,"y":294,"width":753,"height":13}},{"id":"31e5dc55-57cb-4e76-8052-c55b7f54fb7a","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":4,"box":{"x":116,"y":309,"width":706,"height":13}},{"id":"1854c45d-f213-4ab3-87ff-5db32c758253","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":4,"box":{"x":117,"y":325,"width":735,"height":13}},{"id":"5f863e0d-fa81-464b-9997-e6d55e649db3","block_type":"box","text":"Outcome Period.","page_number":4,"box":{"x":116,"y":340,"width":127,"height":10}},{"id":"2d0ef50e-fc95-4b88-a7ec-707c558ac7f1","block_type":"box","text":"Fund (Ticker) Upcoming Outcome","page_number":4,"box":{"x":191,"y":364,"width":340,"height":12}},{"id":"0cc7ed38-dc46-44ed-807d-836a67ca97c0","block_type":"box","text":"Period","page_number":4,"box":{"x":427,"y":377,"width":52,"height":10}},{"id":"1b292482-ccd6-4a2f-895c-71f987671ca4","block_type":"box","text":"Estimated Approximate Cap Range","page_number":4,"box":{"x":577,"y":364,"width":268,"height":12}},{"id":"127b1d04-ea04-4b2a-ba7a-dc871983046e","block_type":"box","text":"iShares Large Cap 10% Target","page_number":4,"box":{"x":133,"y":395,"width":223,"height":12}},{"id":"ee981391-738a-4d53-ad73-0f9db32d0485","block_type":"box","text":"Buffer Jun ETF (TENJ)","page_number":4,"box":{"x":167,"y":410,"width":156,"height":13}},{"id":"b747fb44-229a-429b-9a9b-bf5704ed916c","block_type":"box","text":"Jul. 1, 2026","page_number":4,"box":{"x":411,"y":395,"width":84,"height":11}},{"id":"d76021ae-0ef1-4b5e-bfd1-c63aed2a3723","block_type":"box","text":"to Jun. 30, 2027","page_number":4,"box":{"x":394,"y":411,"width":118,"height":11}},{"id":"ffdb62f3-dd91-45f1-b7d0-1985e994368b","block_type":"box","text":"17.55% - 19.59% (gross of management fee)","page_number":4,"box":{"x":545,"y":395,"width":333,"height":12}},{"id":"1af267c7-d0ec-4eac-b2d0-ff115145a139","block_type":"box","text":"17.05% - 19.09% (net of management fee)","page_number":4,"box":{"x":553,"y":410,"width":317,"height":13}},{"id":"f1c78aa5-1241-4909-86a0-74d63b0861ec","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":4,"box":{"x":136,"y":433,"width":217,"height":13}},{"id":"5db24951-b737-4239-aa79-20c12536576b","block_type":"box","text":"Jun ETF (MAXJ)","page_number":4,"box":{"x":186,"y":449,"width":116,"height":13}},{"id":"e1ae94d3-76c1-4787-aa58-688a430d6c99","block_type":"box","text":"Jul. 1, 2026","page_number":4,"box":{"x":411,"y":433,"width":84,"height":12}},{"id":"2b3dfebc-39d2-4ae7-bfa1-680ffaa230e4","block_type":"box","text":"to Jun. 30, 2027","page_number":4,"box":{"x":394,"y":450,"width":118,"height":11}},{"id":"42e8d05d-7717-4220-847d-d953fd6112fa","block_type":"box","text":"7.55% - 8.59% (gross of management fee)","page_number":4,"box":{"x":553,"y":433,"width":315,"height":13}},{"id":"d217f7b4-14ae-440b-9826-4112e95e0690","block_type":"box","text":"7.05% - 8.09% (net of management fee)","page_number":4,"box":{"x":561,"y":449,"width":299,"height":13}},{"id":"361ace64-a124-41b6-bd45-61fcec4dedbb","block_type":"box","text":"iShares Large Cap Accelerated","page_number":4,"box":{"x":133,"y":472,"width":223,"height":13}},{"id":"8e54effe-0e3f-4b1e-9c17-5a1fdecd9835","block_type":"box","text":"Outcome ETF (TWOX)","page_number":4,"box":{"x":160,"y":488,"width":168,"height":12}},{"id":"e1bcd0c8-c76c-4827-95dd-028dbd4580f0","block_type":"box","text":"Jul. 1, 2026","page_number":4,"box":{"x":411,"y":472,"width":84,"height":12}},{"id":"d8916498-50d0-4c04-a72a-c14dfa7f82d8","block_type":"box","text":"to Sep. 30, 2026","page_number":4,"box":{"x":392,"y":488,"width":122,"height":12}},{"id":"91c7606e-70b5-4c85-9502-ae8e2d5521d2","block_type":"box","text":"6.07% - 7.99% (gross of management fee)","page_number":4,"box":{"x":553,"y":472,"width":315,"height":13}},{"id":"6c114f4d-f773-4f0b-84b9-40ccdab32d12","block_type":"box","text":"5.95% - 7.86% (net of management fee)","page_number":4,"box":{"x":561,"y":488,"width":299,"height":12}},{"id":"9144c7fe-d688-47a0-b6c9-110005450efb","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":4,"box":{"x":117,"y":519,"width":521,"height":12}},{"id":"6eca68bb-d79b-461b-a780-43bbdb2ef3b5","block_type":"box","text":"iShares","page_number":4,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"761a8367-32c0-4a05-bcc7-2a68f62a82bb","block_type":"box","text":"®","page_number":4,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"05ee0392-e0b0-465c-b6ec-1d9ec03def82","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":4,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"0ba7f8ca-23cd-43e9-ae78-c1e9a9569aab","block_type":"box","text":"IS-A-iCap-0626","page_number":4,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"a072142d-b72f-4557-9bb7-7b56aa1a0a0c","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":4,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"5aa95b8a-ae48-4bdd-b2d6-99e2652eeef1","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":4,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"5cb535a5-bda0-4479-b8ec-39dc07e29822","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"dbda574a-a3fe-4d27-806a-ebd5e74ab353","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"330c51a0-93d0-45fd-9a28-5bed63f13b5e","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"2c74dd49-a45d-4266-aeca-71c05c1a32d2","block_type":"box","text":"Supplement dated April 1, 2026","page_number":5,"box":{"x":379,"y":123,"width":245,"height":13}},{"id":"49d25103-395b-4804-8e48-7bc00f0115f9","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":5,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"9193b6fd-ae2b-43c3-b95f-69678bc327b9","block_type":"box","text":"(“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target","page_number":5,"box":{"x":124,"y":154,"width":756,"height":13}},{"id":"dac9f9b8-80bf-4957-abca-e78e51a4f673","block_type":"box","text":"Buffer Mar ETF (TENM) and iShares Large Cap Max Buffer Mar ETF (MMAX) (each, a “Fund”)","page_number":5,"box":{"x":150,"y":170,"width":704,"height":13}},{"id":"3461c748-b90c-4054-9b69-63e35869d2d0","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":5,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"ca20b12c-119a-4667-933d-faf384b6ef8e","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":5,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"4a7f93ea-997b-42d4-93ce-5bc171a2b5be","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":5,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"672b67fd-ee43-48ed-b204-f2a6a6955527","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":5,"box":{"x":116,"y":247,"width":677,"height":13}},{"id":"3b9d63a3-8382-44aa-ab56-e3ecc7ea5d9f","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":5,"box":{"x":116,"y":263,"width":354,"height":13}},{"id":"6c82ef67-d3d5-45aa-bf9d-88dbc9a719c1","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":5,"box":{"x":215,"y":294,"width":589,"height":13}},{"id":"afeb6ab7-0fc3-436b-9f44-2e3dd4f3847c","block_type":"box","text":"iShares Large Cap Accelerated","page_number":5,"box":{"x":156,"y":331,"width":224,"height":13}},{"id":"56ac596c-eb1a-4d99-8501-a3e7be40480d","block_type":"box","text":"Outcome ETF (TWOX)","page_number":5,"box":{"x":184,"y":347,"width":168,"height":12}},{"id":"a4216ff4-88fd-4cc1-8974-e9be6e2582f3","block_type":"box","text":"Apr. 1, 2026 to","page_number":5,"box":{"x":446,"y":332,"width":112,"height":12}},{"id":"90efb84a-226d-4f3b-a728-f47200a0ff77","block_type":"box","text":"Jun. 30, 2026","page_number":5,"box":{"x":452,"y":348,"width":99,"height":11}},{"id":"33d9cc3f-c651-44bc-85fa-d0c5a362c65b","block_type":"box","text":"8.14% (gross of management fee)","page_number":5,"box":{"x":609,"y":327,"width":254,"height":13}},{"id":"a0cba719-b88f-4c8a-9565-dc84a5175bf8","block_type":"box","text":"8.02% (net of management fee)","page_number":5,"box":{"x":617,"y":351,"width":238,"height":12}},{"id":"303a54f8-81b9-4f44-a25e-d66a8a3eb10f","block_type":"box","text":"iShares Large Cap 10% Target","page_number":5,"box":{"x":156,"y":389,"width":224,"height":12}},{"id":"44ee81fa-21cd-45ad-87d9-f0b6ca7675fe","block_type":"box","text":"Buffer Mar ETF (TENM)","page_number":5,"box":{"x":182,"y":404,"width":173,"height":13}},{"id":"a3441c1b-d7ed-4083-bc35-5f5ad8f19e96","block_type":"box","text":"Apr. 1, 2026 to","page_number":5,"box":{"x":446,"y":390,"width":112,"height":12}},{"id":"39d74829-e10a-4890-84bc-0fd98a1c347f","block_type":"box","text":"Mar. 31, 2027","page_number":5,"box":{"x":450,"y":405,"width":104,"height":11}},{"id":"6686ec67-12bc-4b2c-ad18-aa515ba14733","block_type":"box","text":"18.89% (gross of management fee)","page_number":5,"box":{"x":606,"y":385,"width":261,"height":12}},{"id":"21c05a0e-4a4e-44de-922e-1133cd134229","block_type":"box","text":"18.39% (net of management fee)","page_number":5,"box":{"x":614,"y":408,"width":245,"height":13}},{"id":"03e5b89d-4f6e-447c-afb0-5bb9a83f0bd6","block_type":"box","text":"iShares Large Cap Max Buffer Mar","page_number":5,"box":{"x":143,"y":446,"width":250,"height":13}},{"id":"79d109af-d4a0-43da-be0d-f3485c21f245","block_type":"box","text":"ETF (MMAX)","page_number":5,"box":{"x":219,"y":461,"width":98,"height":13}},{"id":"c68006ad-b759-4290-8a89-5fc80504c65b","block_type":"box","text":"Apr. 1, 2026 to","page_number":5,"box":{"x":446,"y":447,"width":112,"height":12}},{"id":"92744280-a9c3-43cd-bc78-129d275680ab","block_type":"box","text":"Mar. 31, 2027","page_number":5,"box":{"x":450,"y":462,"width":104,"height":12}},{"id":"f75bc90b-6a13-4b1c-8ae2-60f955d837e7","block_type":"box","text":"7.02% (gross of management fee)","page_number":5,"box":{"x":609,"y":442,"width":254,"height":13}},{"id":"7ebd2768-686b-471a-8233-ca48cbd8d65b","block_type":"box","text":"6.52% (net of management fee)","page_number":5,"box":{"x":617,"y":465,"width":238,"height":13}},{"id":"fc6fd7f5-67ad-4382-a41b-3272c08173de","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":5,"box":{"x":117,"y":500,"width":712,"height":12}},{"id":"8b2124e6-3b15-4328-8cd7-8fe275845db4","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":5,"box":{"x":116,"y":515,"width":655,"height":13}},{"id":"4274d3a5-e065-49c8-91f9-e174410327e6","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":538,"width":521,"height":13}},{"id":"f43ede88-fdc2-4088-966a-7bbc2a725055","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"461465fa-3127-4bcb-9193-f0f17365a2ba","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"2e5ff0fd-c266-4da5-af79-c0c41a443ba7","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"16dd0468-7b81-47ec-b528-8b31a9c84d42","block_type":"box","text":"IS-A- OC-Cap-0426","page_number":5,"box":{"x":770,"y":887,"width":113,"height":10}},{"id":"1d940e54-0bb5-4925-8f46-00bdfc8c9be6","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"8c96a4f8-edba-4708-901b-a1be9a006f0a","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"ca95f842-8f83-4de3-9ae6-642e7c449fab","block_type":"box","text":"iShares","page_number":6,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"eebbb843-84be-4be7-bb35-3caf1da5c482","block_type":"box","text":"®","page_number":6,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"7abc4768-76a8-4bfc-8fa2-93065bd1398a","block_type":"box","text":"iShares Trust","page_number":6,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"27b3fef6-eebb-4869-aa99-c76b383004a1","block_type":"box","text":"Supplement dated March 24, 2026","page_number":6,"box":{"x":369,"y":123,"width":265,"height":13}},{"id":"f7f42df2-400b-4a42-8424-4badef46e36b","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":6,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"e1778da8-e990-4e8a-8436-40cc58be9ad0","block_type":"box","text":"(“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target","page_number":6,"box":{"x":124,"y":154,"width":756,"height":13}},{"id":"0f98b953-9b9f-4536-b79d-abb371982d59","block_type":"box","text":"Buffer Mar ETF (TENM) and iShares Large Cap Max Buffer Mar ETF (MMAX) (each, a “Fund”)","page_number":6,"box":{"x":150,"y":170,"width":704,"height":13}},{"id":"c0f1d46a-acca-457f-89e2-97ad65ddd20b","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":6,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"2a9e42d8-49bb-49ec-bfe3-9a05a7e4bca3","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":6,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"3bef8e87-5956-4ab5-9a72-0fc0c1b88f8d","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":6,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"35ba00fc-cb01-4985-a474-cf5cf9853173","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":6,"box":{"x":116,"y":247,"width":766,"height":13}},{"id":"9f7221de-b42b-441b-b18c-ed9ffef9b0b9","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":6,"box":{"x":117,"y":263,"width":743,"height":13}},{"id":"3ffb4b8a-8df2-4af5-b9e0-bc07b156c185","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":6,"box":{"x":116,"y":278,"width":741,"height":13}},{"id":"46714851-d3ac-4b56-a58f-6676185fa56f","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":6,"box":{"x":117,"y":294,"width":753,"height":13}},{"id":"b9674e55-e41d-4bd9-a0ad-9835dfd165ff","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":6,"box":{"x":116,"y":309,"width":706,"height":13}},{"id":"220747d6-9d5a-4f6a-af2a-ffe7e79ac7ef","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":6,"box":{"x":117,"y":325,"width":735,"height":13}},{"id":"75d6738e-1a49-4817-9228-efd08a6ae547","block_type":"box","text":"Outcome Period.","page_number":6,"box":{"x":116,"y":340,"width":127,"height":10}},{"id":"c5dbb786-54ec-43ab-a1ac-dc4ef5b8f27e","block_type":"box","text":"Fund (Ticker) Upcoming Outcome Period Estimated Approximate Cap Range","page_number":6,"box":{"x":156,"y":369,"width":717,"height":13}},{"id":"1b317310-1b1e-44e4-8adb-2f0ec83ea892","block_type":"box","text":"iShares Large Cap","page_number":6,"box":{"x":143,"y":390,"width":133,"height":12}},{"id":"faf44565-09d8-4968-8f51-0769de584387","block_type":"box","text":"Accelerated","page_number":6,"box":{"x":172,"y":405,"width":90,"height":10}},{"id":"ea9f46e9-2c11-43ee-b041-ada5f82e3b4f","block_type":"box","text":"Outcome ETF","page_number":6,"box":{"x":166,"y":421,"width":103,"height":10}},{"id":"ae4ead6d-25ff-4e61-8d71-74b80593025b","block_type":"box","text":"(TWOX)","page_number":6,"box":{"x":186,"y":436,"width":63,"height":13}},{"id":"f9865147-390d-432e-a17b-28a1b7e8c402","block_type":"box","text":"Apr. 1, 2026","page_number":6,"box":{"x":400,"y":406,"width":93,"height":12}},{"id":"0fc4fdf9-79b9-48ba-afec-6414d149b7a2","block_type":"box","text":"to Jun. 30, 2026","page_number":6,"box":{"x":387,"y":421,"width":118,"height":11}},{"id":"8f945022-8ab9-4a59-b626-1dc07a7316f5","block_type":"box","text":"6.70% - 9.20% (gross of management","page_number":6,"box":{"x":598,"y":390,"width":283,"height":12}},{"id":"972031e3-cea2-418f-8925-27664cbbd263","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":405,"width":33,"height":13}},{"id":"0b5d5bba-920e-4891-82a8-d5e2ca85d065","block_type":"box","text":"6.57% - 9.07% (net of management","page_number":6,"box":{"x":606,"y":421,"width":267,"height":12}},{"id":"729a077d-99e9-42a1-ae37-953046e00377","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":436,"width":33,"height":13}},{"id":"aa7e0244-f682-4111-89f0-e7b8f6f6821a","block_type":"box","text":"iShares Large Cap 10%","page_number":6,"box":{"x":123,"y":467,"width":172,"height":13}},{"id":"c170fbfb-b89c-4f02-bb33-593714ce0357","block_type":"box","text":"Target Buffer Mar","page_number":6,"box":{"x":150,"y":483,"width":134,"height":12}},{"id":"695534c7-85fc-47fb-94b7-965fc254a2e6","block_type":"box","text":"ETF (TENM)","page_number":6,"box":{"x":172,"y":498,"width":91,"height":13}},{"id":"ad803693-36a6-435d-a979-a9ed25aae853","block_type":"box","text":"Apr. 1, 2026 to Mar. 31, 2027","page_number":6,"box":{"x":337,"y":483,"width":218,"height":12}},{"id":"3fd20f3b-3419-4820-88dc-8e725c950972","block_type":"box","text":"16.75% - 19.25% (gross of","page_number":6,"box":{"x":641,"y":459,"width":198,"height":13}},{"id":"636e60eb-2e7e-4761-bd24-21fe229695e9","block_type":"box","text":"management fee)","page_number":6,"box":{"x":682,"y":475,"width":132,"height":12}},{"id":"7f8a9a6f-1e6d-49a9-8c01-36c7276f5b82","block_type":"box","text":"16.25% - 18.75% (net of management","page_number":6,"box":{"x":598,"y":490,"width":284,"height":13}},{"id":"35595051-02dd-4651-97c4-b7d5c3a8d1f1","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":506,"width":33,"height":12}},{"id":"44a8f61a-2a15-496f-ae30-dec3990f3618","block_type":"box","text":"iShares Large Cap Max","page_number":6,"box":{"x":125,"y":537,"width":169,"height":12}},{"id":"5170baac-e0c4-4224-9708-79eea14b7277","block_type":"box","text":"Buffer Mar ETF","page_number":6,"box":{"x":162,"y":552,"width":111,"height":10}},{"id":"21f58854-b114-4b4c-9277-0cf0996e70f5","block_type":"box","text":"(MMAX)","page_number":6,"box":{"x":184,"y":568,"width":67,"height":12}},{"id":"d4dbb798-5d1d-4f90-8a23-bd862dafa243","block_type":"box","text":"Apr. 1, 2026 to Mar. 31, 2027","page_number":6,"box":{"x":337,"y":553,"width":218,"height":12}},{"id":"d68e724d-924e-4274-aa01-ab2e399b2324","block_type":"box","text":"6.80% - 7.90% (gross of management","page_number":6,"box":{"x":598,"y":529,"width":283,"height":13}},{"id":"914d5582-a36f-4167-93b5-c5ef7a5e60e3","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":545,"width":33,"height":12}},{"id":"d54e31e9-4ef7-4451-8d4a-f1fe2b27561b","block_type":"box","text":"6.30% - 7.40% (net of management","page_number":6,"box":{"x":606,"y":560,"width":267,"height":13}},{"id":"dbe2a245-414c-4c68-924a-78eb611049ee","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":576,"width":33,"height":12}},{"id":"b1f41678-09bf-4290-bf38-756f89d3a484","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":607,"width":521,"height":12}},{"id":"9c72c72a-df4b-4553-9a27-b717a16ca5af","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"416899b4-bb82-46b3-9b0b-6aa69e72359f","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"fa4b6027-160f-4d8e-a1fd-12493f87e026","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":6,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"ff542412-e68f-43ce-ae12-e339c8b8e228","block_type":"box","text":"IS-A-iCap-0326","page_number":6,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"c151b397-24fc-4e6a-bc0e-d90d52ea8326","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"c841c3b1-bc9d-4e01-a1f3-e2ad5a105434","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"69da9152-ec4e-44e6-9bc8-f8bbe77d0024","block_type":"box","text":"iShares","page_number":7,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"3115d212-b8a3-4007-95df-d092f0d5d655","block_type":"box","text":"®","page_number":7,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"a4c8ac4b-4b0d-47d1-8b6e-5411f1aaba8e","block_type":"box","text":"iShares Trust","page_number":7,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"167eb73b-96d4-4cd7-b79f-d3f9de8b1517","block_type":"box","text":"Supplement dated January 2, 2026","page_number":7,"box":{"x":369,"y":123,"width":265,"height":13}},{"id":"5e6763e4-bccb-4b1a-b6bc-87eab04af2ef","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional","page_number":7,"box":{"x":167,"y":139,"width":669,"height":13}},{"id":"add2596c-ed13-410e-9f33-0aa3a1157ef5","block_type":"box","text":"Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large","page_number":7,"box":{"x":139,"y":154,"width":726,"height":13}},{"id":"43ede822-dfb8-4554-bde6-9de3285d4301","block_type":"box","text":"Cap 10% Target Buffer Dec ETF (TEND) and iShares Large Cap Max Buffer Dec ETF (DMAX)","page_number":7,"box":{"x":155,"y":170,"width":693,"height":13}},{"id":"49ed7dd4-8ce8-4675-9007-36b2eb13f1e2","block_type":"box","text":"(each, a “Fund”)","page_number":7,"box":{"x":439,"y":185,"width":126,"height":13}},{"id":"8c4d6f3f-a37d-4393-a953-56dd922496b3","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":7,"box":{"x":116,"y":209,"width":764,"height":12}},{"id":"3fed7cb6-0be1-42b5-ae55-01e678b33360","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":7,"box":{"x":116,"y":224,"width":747,"height":13}},{"id":"22062a26-b4c4-4661-b2aa-4ffe8b8c45a7","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":7,"box":{"x":116,"y":240,"width":385,"height":12}},{"id":"f23b1682-576d-4286-a20e-56a141f0b272","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":7,"box":{"x":116,"y":263,"width":677,"height":13}},{"id":"e5044dbd-2536-447a-b34a-ff33b7787d07","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":7,"box":{"x":116,"y":278,"width":354,"height":13}},{"id":"9cde0079-0a6b-4848-82f0-d52e385d377b","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":7,"box":{"x":215,"y":299,"width":589,"height":13}},{"id":"27e34f24-1024-4b5c-a604-91bb9529ee72","block_type":"box","text":"iShares Large Cap Accelerated","page_number":7,"box":{"x":156,"y":320,"width":224,"height":12}},{"id":"9258f4af-ebec-4b16-95d3-cd24748397b0","block_type":"box","text":"Outcome ETF (TWOX)","page_number":7,"box":{"x":192,"y":335,"width":168,"height":13}},{"id":"9e10862c-d86f-4c77-aa72-d7210ba2a3fc","block_type":"box","text":"Jan. 1, 2026 to","page_number":7,"box":{"x":447,"y":320,"width":109,"height":11}},{"id":"bebadc2f-65b1-4dd0-a735-12d0fe9e49a9","block_type":"box","text":"Mar. 31, 2026","page_number":7,"box":{"x":450,"y":336,"width":104,"height":11}},{"id":"f949f80a-ef1d-4d5c-913f-919fe7e48173","block_type":"box","text":"6.34% (gross of management fee)","page_number":7,"box":{"x":609,"y":320,"width":254,"height":12}},{"id":"f0d48ee8-2452-48b0-9b38-fc4c2e414a4b","block_type":"box","text":"6.22% (net of management fee)","page_number":7,"box":{"x":617,"y":335,"width":238,"height":13}},{"id":"065b4224-9693-4250-87ea-77a64f850ceb","block_type":"box","text":"iShares Large Cap 10% Target Buffer","page_number":7,"box":{"x":132,"y":359,"width":272,"height":12}},{"id":"f6e592c3-ad0b-411f-ac0e-6c03f277999e","block_type":"box","text":"Dec ETF (TEND)","page_number":7,"box":{"x":216,"y":374,"width":121,"height":13}},{"id":"a408945e-d9ee-4cfa-b316-c84679fd5c88","block_type":"box","text":"Jan. 1, 2026 to","page_number":7,"box":{"x":447,"y":359,"width":109,"height":11}},{"id":"1bcbdc2b-c3e8-456b-bbca-45e8011bab81","block_type":"box","text":"Dec. 31, 2026","page_number":7,"box":{"x":451,"y":375,"width":103,"height":11}},{"id":"61d5c3ac-4791-48a4-b93e-a1bfa12f99ce","block_type":"box","text":"16.65% (gross of management fee)","page_number":7,"box":{"x":606,"y":359,"width":261,"height":12}},{"id":"e5c06fb9-7c94-410d-acd6-f8ae02bbfec0","block_type":"box","text":"16.15% (net of management fee)","page_number":7,"box":{"x":614,"y":374,"width":245,"height":13}},{"id":"0094bbdc-4bad-4731-9cb9-cc4738b23815","block_type":"box","text":"iShares Large Cap Max Buffer Dec ETF","page_number":7,"box":{"x":128,"y":397,"width":281,"height":13}},{"id":"dc6ef4e9-4f5c-41a9-a486-bb4186704e06","block_type":"box","text":"(DMAX)","page_number":7,"box":{"x":245,"y":413,"width":64,"height":12}},{"id":"99d98bf0-826a-4006-b0de-07b7d207c4d6","block_type":"box","text":"Jan. 1, 2026 to","page_number":7,"box":{"x":447,"y":398,"width":109,"height":11}},{"id":"54f308d5-236e-4ae4-86ad-00ef82dc1885","block_type":"box","text":"Dec. 31, 2026","page_number":7,"box":{"x":451,"y":413,"width":103,"height":11}},{"id":"88d90c53-a40f-4a6e-8515-de84bf9c3568","block_type":"box","text":"6.80% (gross of management fee)","page_number":7,"box":{"x":609,"y":397,"width":254,"height":13}},{"id":"3cdd9ebf-9ef6-41ad-afcc-9e0383b2dffb","block_type":"box","text":"6.30% (net of management fee)","page_number":7,"box":{"x":617,"y":413,"width":238,"height":12}},{"id":"05066a36-6046-49cb-bc11-d88574350cb0","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to 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Please see below for the definitions of key terms.","page_number":12,"box":{"x":83,"y":119,"width":619,"height":10}},{"id":"5c6723c3-76fa-4fdb-baec-f822ce41a6c1","block_type":"box","text":"Underlying Fund","page_number":12,"box":{"x":120,"y":135,"width":113,"height":11}},{"id":"bc66aeda-9ca9-49e9-ac29-f3644dd1c349","block_type":"box","text":": iShares Core S&P 500 ETF","page_number":12,"box":{"x":235,"y":135,"width":177,"height":9}},{"id":"80ad11ab-a01c-42ec-824d-77e6c92f9691","block_type":"box","text":"Underlying Fund’s Index","page_number":12,"box":{"x":120,"y":152,"width":168,"height":11}},{"id":"6aaa376b-3f21-47c9-bfd3-a7c753559d4d","block_type":"box","text":": S&P 500 Index","page_number":12,"box":{"x":289,"y":152,"width":102,"height":9}},{"id":"73b1b718-6a94-40a0-8616-bd623b5335b1","block_type":"box","text":"Outcome Period","page_number":12,"box":{"x":120,"y":169,"width":111,"height":8}},{"id":"425e6498-4c19-420a-81cf-7b8a2f6b38d9","block_type":"box","text":": A full calendar quarter (i.e., January 1-March 31, April 1-June 30, July 1-September 30, October 1-December 31)","page_number":12,"box":{"x":233,"y":169,"width":718,"height":11}},{"id":"b9090fa1-5603-4964-ab25-e838c0e30eb1","block_type":"box","text":"Accelerated Return","page_number":12,"box":{"x":119,"y":186,"width":134,"height":8}},{"id":"63a1f1d3-bb81-4770-81ba-914e329c7b13","block_type":"box","text":": The Approximately twice the share price increase experienced by the Underlying Fund over the Outcome","page_number":12,"box":{"x":255,"y":186,"width":676,"height":10}},{"id":"5b710419-5680-400e-aa7d-7eacebdc8466","block_type":"box","text":"Period","page_number":12,"box":{"x":120,"y":198,"width":39,"height":9}},{"id":"93292665-cad0-4a32-9ae0-096453baaa69","block_type":"box","text":"Approximate Cap","page_number":12,"box":{"x":119,"y":215,"width":120,"height":11}},{"id":"5df98561-3dd0-47c7-8513-6a3048c43cbf","block_type":"box","text":": The approximate upside limit on the Accelerated Return during the Outcome Period, which will reset at the start","page_number":12,"box":{"x":240,"y":215,"width":723,"height":11}},{"id":"3d7fa2bc-f15d-4b61-8ccb-03d26fc2151c","block_type":"box","text":"of each Outcome Period","page_number":12,"box":{"x":120,"y":228,"width":153,"height":9}},{"id":"602787e4-7e15-4103-bfc9-82a17cef2928","block_type":"box","text":"The Fund has characteristics unlike many investment products and may not be appropriate for all investors. The Outcomes sought by the","page_number":12,"box":{"x":82,"y":250,"width":876,"height":11}},{"id":"d569af85-5c21-4261-924f-1ceab2a7697b","block_type":"box","text":"Fund’s strategy are not guaranteed.","page_number":12,"box":{"x":84,"y":263,"width":226,"height":11}},{"id":"0594ebd1-15c4-49b6-abdc-cb287e51d64e","block_type":"box","text":"The Accelerated Return and the Approximate Cap may not operate as anticipated, and investors may lose some or all of their money.","page_number":12,"box":{"x":119,"y":280,"width":850,"height":10}},{"id":"e6e52884-f767-4032-94a8-7ea3b78616a3","block_type":"box","text":"The Outcomes apply only to shares that are held for an entire Outcome Period.","page_number":12,"box":{"x":119,"y":296,"width":503,"height":11}},{"id":"20d7775a-471f-46f5-b2d7-b5956ea739d5","block_type":"box","text":"An investor who buys Fund shares after the start of an Outcome Period may experience lesser returns and may be exposed to","page_number":12,"box":{"x":119,"y":313,"width":805,"height":11}},{"id":"3bd7fc92-8749-4b44-8dcf-b0d6ee4d055e","block_type":"box","text":"greater losses than that of the Underlying Fund. An investment in the Fund is appropriate only for investors willing to bear those","page_number":12,"box":{"x":120,"y":326,"width":817,"height":11}},{"id":"29cd7cf4-8caa-4f2f-aeb9-e4595b8d9b04","block_type":"box","text":"losses.","page_number":12,"box":{"x":120,"y":339,"width":43,"height":8}},{"id":"1ae4bf58-6d5f-4ab4-bff1-52ddc59a07a2","block_type":"box","text":"An investor who sells Fund shares before the end of an Outcome Period may not fully realize the Accelerated Return.","page_number":12,"box":{"x":119,"y":356,"width":746,"height":11}},{"id":"0b4008c5-f03a-4a7b-8037-e7d7dd67ad98","block_type":"box","text":"The Fund does not provide a buffer against losses experienced by the Underlying Fund. 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The","page_number":13,"box":{"x":83,"y":590,"width":402,"height":11}},{"id":"335d4093-c505-4c0c-8ed4-84d4cfc23e52","block_type":"box","text":"Outcomes sought by the Fund are:","page_number":13,"box":{"x":83,"y":605,"width":220,"height":10}},{"id":"6098a96a-9be2-44b4-b4c4-321e093fde8b","block_type":"box","text":"Approximately twice the share price return of the Underlying","page_number":13,"box":{"x":119,"y":623,"width":388,"height":10}},{"id":"ce61d5cc-8236-4298-a7a8-66c270f76ce5","block_type":"box","text":"Fund (the “Accelerated Return”), up to an approximate","page_number":13,"box":{"x":120,"y":637,"width":347,"height":11}},{"id":"4c66efe4-28b4-4dca-bd6d-acdc48349ef0","block_type":"box","text":"upside limit (the “Approximate Cap”), and","page_number":13,"box":{"x":120,"y":651,"width":263,"height":11}},{"id":"b35229b9-a0c2-41c6-9b9a-3c480c6de4b5","block_type":"box","text":"Downside performance that approximately tracks, one for","page_number":13,"box":{"x":120,"y":669,"width":370,"height":11}},{"id":"e5fc5fec-289f-4433-8e96-8ad25fdb475a","block_type":"box","text":"one, the negative share price return of the Underlying Fund.","page_number":13,"box":{"x":120,"y":683,"width":381,"height":11}},{"id":"61dc6767-30d4-40c2-ac42-6714960c452e","block_type":"box","text":"The Outcomes are intended to be realized only by investors who","page_number":13,"box":{"x":82,"y":706,"width":410,"height":11}},{"id":"d1954c8a-fadb-4b86-a5c6-b138b1a50f57","block_type":"box","text":"hold Fund shares at the outset of the Outcome Period and","page_number":13,"box":{"x":83,"y":721,"width":370,"height":8}},{"id":"3bf9edc3-18c8-40fb-825a-2e0387a7cb92","block_type":"box","text":"continue to hold the shares through the end of the Outcome","page_number":13,"box":{"x":83,"y":735,"width":384,"height":11}},{"id":"a32b1184-f48c-40f7-9662-d05c993b894f","block_type":"box","text":"Period. 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These include experiencing little or no gains related to","page_number":13,"box":{"x":83,"y":871,"width":419,"height":11}},{"id":"2b754b3a-46e5-4c56-8528-2de4a05359c6","block_type":"box","text":"the Accelerated Return or the Underlying Fund and losses that are","page_number":13,"box":{"x":549,"y":330,"width":423,"height":11}},{"id":"eef1e62c-217c-4a67-bbf8-69428e54d1bc","block_type":"box","text":"greater than the Underlying Fund’s losses. The Outcomes may not","page_number":13,"box":{"x":549,"y":344,"width":422,"height":11}},{"id":"0b339fe5-af77-4856-ac69-6fc1230b9e9c","block_type":"box","text":"be achieved, and investors may lose some or all of their money.","page_number":13,"box":{"x":549,"y":358,"width":405,"height":11}},{"id":"74fe92b9-406c-461e-9016-bd4ac45448f3","block_type":"box","text":"The Fund does not provide a buffer, floor or other protection","page_number":13,"box":{"x":549,"y":372,"width":384,"height":11}},{"id":"ffc82f40-f549-4aef-ac27-56b7982c73f6","block_type":"box","text":"against losses.","page_number":13,"box":{"x":549,"y":387,"width":93,"height":10}},{"id":"be31a2aa-1235-41b1-9895-1390739ac85d","block_type":"box","text":"The Fund will be offered indefinitely and is not intended to","page_number":13,"box":{"x":549,"y":410,"width":370,"height":11}},{"id":"2dd6a39c-a083-487b-9df5-739fe2058659","block_type":"box","text":"terminate after one or more Outcome Periods.","page_number":13,"box":{"x":549,"y":424,"width":295,"height":9}},{"id":"b9e764a8-8f67-4378-a272-543c899f1389","block_type":"box","text":"The Current Outcome Period","page_number":13,"box":{"x":548,"y":447,"width":200,"height":9}},{"id":"8a4ca7ec-fdf6-48b2-86f5-95e4e4ab0d17","block_type":"box","text":"For the current Outcome Period of October 1, 2025 through","page_number":13,"box":{"x":550,"y":470,"width":380,"height":11}},{"id":"5f98634b-8aca-42aa-8e70-2313a19fe899","block_type":"box","text":"December 31, 2025, the Approximate Cap is 6.74%, before taking","page_number":13,"box":{"x":550,"y":485,"width":417,"height":10}},{"id":"a5e9c672-153c-43d6-8efa-81851d54d47c","block_type":"box","text":"into account any fees or expenses charged to, or transaction","page_number":13,"box":{"x":549,"y":499,"width":388,"height":11}},{"id":"b6fa2f32-275b-4a26-aa59-413863149adf","block_type":"box","text":"costs incurred by, the Fund or the Underlying Fund. When the","page_number":13,"box":{"x":549,"y":513,"width":392,"height":11}},{"id":"5d8470d2-95af-4326-9279-c82760ace6c2","block_type":"box","text":"Fund’s annualized management fee of 0.50% of its average daily","page_number":13,"box":{"x":550,"y":527,"width":408,"height":11}},{"id":"f0c305e1-3b20-4c63-b315-73ee45f70b79","block_type":"box","text":"net assets is taken into account, the Approximate Cap for the","page_number":13,"box":{"x":549,"y":541,"width":393,"height":11}},{"id":"1e4ec390-d7fd-4f2e-8f42-77dcb0a3e7a1","block_type":"box","text":"current Outcome Period is reduced to 6.62%. The returns that the","page_number":13,"box":{"x":549,"y":556,"width":418,"height":8}},{"id":"fe688025-37e6-4120-b91c-2471a0ee9707","block_type":"box","text":"Fund seeks to provide do not take into account the costs","page_number":13,"box":{"x":550,"y":570,"width":363,"height":10}},{"id":"cb87dab2-1dcf-46c5-a30a-5676b3c6a88f","block_type":"box","text":"associated with buying shares of the Underlying Fund and any","page_number":13,"box":{"x":549,"y":584,"width":396,"height":11}},{"id":"c280e4e4-d91a-4f5c-af6a-547a344de33a","block_type":"box","text":"other expenses incurred by the Fund. Please visit the Fund’s page","page_number":13,"box":{"x":549,"y":598,"width":419,"height":11}},{"id":"8249914a-18c9-4691-b1d8-503a34e6766e","block_type":"box","text":"on www.iShares.com for more information about the potential","page_number":13,"box":{"x":549,"y":612,"width":396,"height":11}},{"id":"d1259750-1143-48af-b999-07e35c9fd283","block_type":"box","text":"outcomes of an investment in the Fund during the current","page_number":13,"box":{"x":549,"y":626,"width":369,"height":11}},{"id":"f3794594-a0e4-462c-b60e-c8aa26027fc4","block_type":"box","text":"Outcome Period, including the remaining Approximate Cap.","page_number":13,"box":{"x":549,"y":641,"width":379,"height":10}},{"id":"d56cfd64-596b-42a4-ad23-9472b602aa9c","block_type":"box","text":"The Underlying Fund","page_number":13,"box":{"x":548,"y":664,"width":144,"height":11}},{"id":"2a4b8bea-926a-42d0-9960-c633fa06bca8","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":13,"box":{"x":549,"y":687,"width":393,"height":11}},{"id":"e398305e-e52c-4f27-8789-9efb4189b0d3","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":13,"box":{"x":550,"y":701,"width":417,"height":11}},{"id":"b411c363-f440-48d7-8cf4-d09cdaf3fb86","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":13,"box":{"x":549,"y":715,"width":412,"height":11}},{"id":"8224f5dc-609a-4654-8618-8e76111844e4","block_type":"box","text":"Index”), which measures the performance of the large","page_number":13,"box":{"x":550,"y":730,"width":348,"height":10}},{"id":"dfed8eb9-a7f8-4b2c-a744-f1627fa94531","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":13,"box":{"x":549,"y":744,"width":412,"height":11}},{"id":"3fc8982e-89c9-454f-b6f2-e132777079e2","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":13,"box":{"x":549,"y":758,"width":389,"height":11}},{"id":"ffbd15b9-ba9b-4de4-a28d-6174f6fe9472","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":13,"box":{"x":550,"y":772,"width":373,"height":11}},{"id":"71c3a208-d7c2-45b3-aa7d-0669375ffad3","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":13,"box":{"x":549,"y":786,"width":375,"height":11}},{"id":"25123f18-2f31-41d6-bc51-f2289e4ace89","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":13,"box":{"x":549,"y":800,"width":396,"height":11}},{"id":"da699794-2859-4b01-88b4-6eedb6f15909","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":13,"box":{"x":550,"y":815,"width":423,"height":10}},{"id":"4e1c9577-8303-4b34-86c7-c859d1cc0282","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":13,"box":{"x":549,"y":829,"width":412,"height":11}},{"id":"3f02f47a-5675-436e-8709-21b6f97bd713","block_type":"box","text":"Underlying Fund.","page_number":13,"box":{"x":550,"y":843,"width":106,"height":11}},{"id":"b0a99721-764c-492d-9be5-b688b4d47a5a","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":13,"box":{"x":550,"y":866,"width":369,"height":11}},{"id":"cb2733d8-bd41-4c68-8ae7-015d28f9435d","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":13,"box":{"x":549,"y":880,"width":353,"height":11}},{"id":"61d88888-45a2-401c-ace3-ae2cab587c4e","block_type":"box","text":"S-2","page_number":13,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"08fb41fa-41ed-4c95-8035-2e84a2ff8fa7","block_type":"box","text":"representative sample of securities that collectively has an","page_number":14,"box":{"x":83,"y":23,"width":375,"height":11}},{"id":"b42d6cc6-ced5-4cbf-ad06-c712c78fbf15","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":14,"box":{"x":83,"y":37,"width":384,"height":11}},{"id":"7a6e46cc-7002-46cf-b6df-072cdffd7309","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":14,"box":{"x":83,"y":52,"width":371,"height":10}},{"id":"4d982e7f-6376-4ec8-be42-cfe909f8592c","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":14,"box":{"x":83,"y":66,"width":409,"height":11}},{"id":"f7a2021f-ab03-44ab-aa93-9dd386e0af33","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":14,"box":{"x":83,"y":80,"width":382,"height":11}},{"id":"3238e9a6-8bb5-4b92-bc99-7662d01d17a5","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":14,"box":{"x":83,"y":94,"width":408,"height":11}},{"id":"c2616359-aa05-428c-b569-3d6c6f68b489","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":14,"box":{"x":83,"y":108,"width":409,"height":11}},{"id":"ed138230-2f16-4221-bbca-2b950c6f623e","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":14,"box":{"x":83,"y":122,"width":404,"height":11}},{"id":"86947fe0-67ce-4ffc-8e63-fdf24fa150b7","block_type":"box","text":"Underlying Fund’s Index, which may cause the Underlying Fund’s","page_number":14,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"fcb5645c-d247-4d5b-96cc-910ea2a29085","block_type":"box","text":"performance to diverge from that of the index and produce","page_number":14,"box":{"x":83,"y":151,"width":376,"height":11}},{"id":"cdac02b9-1252-42bd-9314-321faa904145","block_type":"box","text":"“tracking error.” Tracking error risk may be heightened during","page_number":14,"box":{"x":83,"y":165,"width":393,"height":11}},{"id":"9d938957-e97c-40ff-ac1a-f73a80e47552","block_type":"box","text":"times of increased market volatility or other unusual market","page_number":14,"box":{"x":83,"y":179,"width":382,"height":11}},{"id":"d6ea18bd-9e63-4beb-a19b-e8be1c3ff408","block_type":"box","text":"conditions.","page_number":14,"box":{"x":83,"y":193,"width":69,"height":9}},{"id":"93383e3f-db61-47dc-8836-5f7286670e7c","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":14,"box":{"x":82,"y":216,"width":388,"height":11}},{"id":"05577320-9e72-4725-be09-4bae4767f702","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":14,"box":{"x":83,"y":231,"width":399,"height":11}},{"id":"3f6b4a2c-e828-4dc0-bffd-b19bbe931b0e","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":14,"box":{"x":83,"y":245,"width":290,"height":11}},{"id":"bfedf34d-e129-4139-af43-59142f34949d","block_type":"box","text":"The Fund’s Use of Options","page_number":14,"box":{"x":82,"y":268,"width":183,"height":11}},{"id":"95b0b476-6b7f-4ef8-8dbb-6c5079032b1b","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":14,"box":{"x":82,"y":291,"width":385,"height":11}},{"id":"202b7767-25ec-452f-aa62-6170be05ef71","block_type":"box","text":"customized call options thereon and sells call options that","page_number":14,"box":{"x":83,"y":305,"width":371,"height":11}},{"id":"09ff1e66-4e5d-4b4c-b834-a7ce098f911a","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":14,"box":{"x":83,"y":320,"width":392,"height":10}},{"id":"cd13d3fb-705b-4807-b3f3-387357d38d2a","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":14,"box":{"x":83,"y":334,"width":387,"height":11}},{"id":"f333b9fd-c5cf-45db-9133-f48aef956914","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":14,"box":{"x":83,"y":348,"width":414,"height":11}},{"id":"224ffcef-003c-4ba8-90c8-8677e326a5c9","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":14,"box":{"x":83,"y":362,"width":384,"height":11}},{"id":"3f665439-9df7-4feb-9b45-11f642426166","block_type":"box","text":"traded options that reference the price performance of the","page_number":14,"box":{"x":83,"y":376,"width":375,"height":11}},{"id":"1e19f1fe-06d2-4da7-ac3b-cdbf400131be","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index or other ETFs that","page_number":14,"box":{"x":83,"y":391,"width":409,"height":10}},{"id":"815f7bdc-e488-48d8-80f3-9ff4411c3d13","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":14,"box":{"x":83,"y":405,"width":217,"height":11}},{"id":"55d58c3c-1e00-4acc-b0b2-41f29b191f2a","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":14,"box":{"x":82,"y":428,"width":410,"height":11}},{"id":"12376156-9949-4e4b-b340-669d1c58bdb9","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":14,"box":{"x":83,"y":442,"width":372,"height":11}},{"id":"ede830f6-55fe-468b-a736-616f4582bf83","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":14,"box":{"x":83,"y":456,"width":409,"height":11}},{"id":"60b8c5c4-9e3a-4f7b-9ab1-915d6a2f4280","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":14,"box":{"x":83,"y":470,"width":394,"height":11}},{"id":"1234ee9e-514e-4c66-847d-f517bafce651","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":14,"box":{"x":82,"y":485,"width":397,"height":10}},{"id":"329f00fe-b98c-43af-8021-b4ad08a5e636","block_type":"box","text":"“strike price”. When the Fund buys a call option, it pays a","page_number":14,"box":{"x":83,"y":499,"width":363,"height":11}},{"id":"aafa0507-051b-4c49-9cd0-3e35701b9b3d","block_type":"box","text":"premium and receives the right, but not the obligation, to","page_number":14,"box":{"x":83,"y":513,"width":365,"height":11}},{"id":"04af60ba-3b22-469b-9764-74e59dd22bce","block_type":"box","text":"purchase shares of the Underlying Fund or other reference asset","page_number":14,"box":{"x":83,"y":527,"width":413,"height":11}},{"id":"fe4e96de-85ad-483d-854d-13d5cd114bd4","block_type":"box","text":"at a strike price by or on the expiration date. If the Fund buys a","page_number":14,"box":{"x":83,"y":541,"width":401,"height":11}},{"id":"dc990f4f-be95-4863-8d6c-d7db35300b4e","block_type":"box","text":"put option, it pays a premium and receives the right, but not the","page_number":14,"box":{"x":83,"y":556,"width":408,"height":10}},{"id":"e997ce2a-f3b7-4733-b609-1a844baa5654","block_type":"box","text":"obligation, to sell shares of the Underlying Fund or other","page_number":14,"box":{"x":83,"y":570,"width":360,"height":11}},{"id":"1d5ca279-e357-424a-96b8-6c46925b8e31","block_type":"box","text":"reference asset at a strike price by or on the expiration date.","page_number":14,"box":{"x":83,"y":584,"width":387,"height":11}},{"id":"e9a33bd3-dacd-42a2-a8cb-b2b5ef12b637","block_type":"box","text":"When the Fund writes (sells) a call option, it receives a premium","page_number":14,"box":{"x":82,"y":598,"width":409,"height":11}},{"id":"ca3ce2f4-e74d-463a-bc1b-004bfbf37ea9","block_type":"box","text":"and gives the purchaser of the option the right to purchase from","page_number":14,"box":{"x":83,"y":612,"width":409,"height":11}},{"id":"65e9cea1-fa68-4046-bb23-8dcf575de71c","block_type":"box","text":"the Fund shares of the Underlying Fund or other reference asset","page_number":14,"box":{"x":83,"y":626,"width":410,"height":11}},{"id":"3198d6d4-0671-46a0-b1f4-618cbcd53a0f","block_type":"box","text":"at a strike price by or on the expiration date. If the Fund writes","page_number":14,"box":{"x":83,"y":641,"width":399,"height":10}},{"id":"79387be9-c961-4cea-befe-19b1dd0ccc46","block_type":"box","text":"(sells) a put option, it receives a premium and gives the purchaser","page_number":14,"box":{"x":83,"y":655,"width":422,"height":11}},{"id":"b41cdc77-6a40-4836-a283-05300efc47a3","block_type":"box","text":"of the option the right to sell to the Fund shares of the Underlying","page_number":14,"box":{"x":83,"y":669,"width":419,"height":11}},{"id":"2fed9e81-2bed-4136-ab73-65e87f0b6ef3","block_type":"box","text":"Fund or other reference asset at a strike price by or on expiration","page_number":14,"box":{"x":84,"y":683,"width":416,"height":11}},{"id":"e75018f8-6603-4562-aca3-2f8625411a6b","block_type":"box","text":"date.","page_number":14,"box":{"x":83,"y":697,"width":31,"height":9}},{"id":"28bcf5f0-8ba7-446a-9c3f-123688326277","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":14,"box":{"x":84,"y":721,"width":417,"height":10}},{"id":"7c87906a-55cc-408c-8420-01d8a53ae1ea","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":14,"box":{"x":83,"y":735,"width":413,"height":11}},{"id":"8e69e9d4-06a2-4427-afc3-28d6747562de","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":14,"box":{"x":83,"y":749,"width":403,"height":11}},{"id":"68c631ce-f70c-40f3-b03e-da73d95679a4","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":14,"box":{"x":83,"y":763,"width":395,"height":11}},{"id":"37d389da-fcd6-45bb-a8bb-b12bb7a3aaa4","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":14,"box":{"x":84,"y":777,"width":407,"height":11}},{"id":"76e2bcdb-2547-49d7-a941-949458e26051","block_type":"box","text":"each Outcome Period.","page_number":14,"box":{"x":83,"y":791,"width":140,"height":9}},{"id":"343ee655-f301-4e41-9a70-61afb884b2ce","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":14,"box":{"x":82,"y":815,"width":378,"height":10}},{"id":"c96dacc0-cfe2-408e-87c3-6956b1c76f41","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":14,"box":{"x":83,"y":829,"width":412,"height":11}},{"id":"8e2e9963-dcf1-4373-8df8-fbd58dcca2d7","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":14,"box":{"x":82,"y":843,"width":366,"height":11}},{"id":"bbd61f03-d084-4df1-936f-730a049138d9","block_type":"box","text":"However, the value of the options may change because of factors","page_number":14,"box":{"x":84,"y":857,"width":417,"height":11}},{"id":"6c5dd351-f77f-440b-8373-d7fe9f581615","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":14,"box":{"x":83,"y":871,"width":421,"height":11}},{"id":"43f62f9a-87f6-49ca-a367-bba14d291ee5","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":14,"box":{"x":549,"y":23,"width":385,"height":11}},{"id":"3d1379c2-a145-401c-a933-2fa9c4af939d","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":14,"box":{"x":549,"y":37,"width":382,"height":11}},{"id":"6e4bba7e-1a7c-4238-a558-3a104ac8a527","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":14,"box":{"x":549,"y":52,"width":367,"height":10}},{"id":"ab8421eb-4c16-417f-abd1-fc5e4061830f","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":14,"box":{"x":549,"y":66,"width":393,"height":11}},{"id":"1cac7718-24c4-48e0-81a4-64cc6b16bd2a","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":14,"box":{"x":549,"y":80,"width":395,"height":11}},{"id":"c0d7387a-936b-4714-a732-e85641586b67","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":14,"box":{"x":549,"y":94,"width":424,"height":11}},{"id":"e6b7efee-6102-418d-9029-20e8f9b59d77","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":14,"box":{"x":549,"y":108,"width":392,"height":11}},{"id":"741e6ec7-2a76-408b-91d7-5af2da23d409","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":14,"box":{"x":549,"y":122,"width":408,"height":11}},{"id":"4306e4e7-c594-48ca-aea6-683b2f03cf7d","block_type":"box","text":"the Underlying Fund’s share price.","page_number":14,"box":{"x":549,"y":137,"width":218,"height":10}},{"id":"02019517-b5ab-44d7-857e-04e8e3e3725f","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":14,"box":{"x":549,"y":160,"width":398,"height":11}},{"id":"1238b6a9-de6b-4292-82d4-3577ef5dface","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":14,"box":{"x":548,"y":174,"width":421,"height":11}},{"id":"f1828862-65cd-44ba-a5f5-44a3953ef8d6","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":14,"box":{"x":549,"y":188,"width":384,"height":11}},{"id":"2b62e2bc-1204-42d8-9706-d18b8cf125f5","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":14,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"644e1546-b785-4680-a813-bc6ff0bb4b35","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":14,"box":{"x":549,"y":217,"width":420,"height":10}},{"id":"8ed69fd4-46e6-488b-999f-587ba8a98441","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":14,"box":{"x":549,"y":231,"width":419,"height":11}},{"id":"7764eea0-aca6-4c69-9569-1a478ea4d227","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":14,"box":{"x":549,"y":245,"width":373,"height":11}},{"id":"82d9bf5d-49b4-4ece-9c64-ddbe8c1d49fd","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":14,"box":{"x":549,"y":259,"width":392,"height":11}},{"id":"57f54361-0efc-4fea-806e-51a397815e76","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":14,"box":{"x":549,"y":273,"width":415,"height":11}},{"id":"5831e099-c1af-4abe-b754-75ec6193e5aa","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":14,"box":{"x":549,"y":296,"width":222,"height":11}},{"id":"8ec73493-bc47-48d6-b2ab-73fb810dfc48","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":14,"box":{"x":550,"y":320,"width":420,"height":10}},{"id":"924567de-c229-4cc8-b7e5-a74bc230e4a8","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":14,"box":{"x":549,"y":334,"width":381,"height":11}},{"id":"7e854ac4-c04e-41d5-8e10-b4427489736d","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":14,"box":{"x":550,"y":348,"width":421,"height":11}},{"id":"f224f022-cf69-4c72-b8bb-d4f77a363c3e","block_type":"box","text":"of the Underlying Fund’s Index. The Accelerated Return and","page_number":14,"box":{"x":549,"y":362,"width":379,"height":11}},{"id":"8bddc283-b72f-470a-bb3b-5e42487041e2","block_type":"box","text":"Approximate Cap are typically created by trading a set of call","page_number":14,"box":{"x":549,"y":376,"width":389,"height":11}},{"id":"0844bcf5-e0d1-417c-96db-a04c3ae886a3","block_type":"box","text":"options, as described below, at the close of the last trading day of","page_number":14,"box":{"x":549,"y":391,"width":421,"height":10}},{"id":"fb67db34-5bee-4f46-8fa9-ec33c52f2a95","block_type":"box","text":"the prior Outcome Period.","page_number":14,"box":{"x":549,"y":405,"width":165,"height":10}},{"id":"feda2878-0d02-405a-aef1-e1603cabcbdb","block_type":"box","text":"Accelerated Return","page_number":14,"box":{"x":548,"y":428,"width":121,"height":8}},{"id":"ff1e7ca3-f4e1-4568-b99e-372319e2a251","block_type":"box","text":". The Fund creates the Accelerated Return by","page_number":14,"box":{"x":671,"y":428,"width":288,"height":11}},{"id":"1fe6ca10-92b1-4818-b218-d03fb016a409","block_type":"box","text":"buying a call option with a strike price that is approximately at","page_number":14,"box":{"x":549,"y":442,"width":402,"height":11}},{"id":"7b0af958-a0b7-4c0b-8839-1f7e863fee77","block_type":"box","text":"the-money relative to the Underlying Fund’s share price (the “ATM","page_number":14,"box":{"x":549,"y":456,"width":420,"height":11}},{"id":"3148d8c7-cf8f-4bf7-8626-6b152c7c681e","block_type":"box","text":"Call”). This exposure to the Underlying Fund, combined with the","page_number":14,"box":{"x":549,"y":470,"width":407,"height":11}},{"id":"825ceb5a-4b57-488f-814f-e74396d1551c","block_type":"box","text":"Fund’s investment in shares of the Underlying Fund and futures","page_number":14,"box":{"x":550,"y":485,"width":404,"height":10}},{"id":"438be59a-b900-4d0b-a4f5-c166c3adcbcf","block_type":"box","text":"on the Underlying Fund’s Index, creates the approximately double","page_number":14,"box":{"x":549,"y":499,"width":420,"height":11}},{"id":"bd26b3e7-c3ba-4410-a628-81e4c991fbf8","block_type":"box","text":"upside return.","page_number":14,"box":{"x":549,"y":513,"width":88,"height":11}},{"id":"b89c4c1d-30db-46b9-b426-b92de02620fd","block_type":"box","text":"Approximate Cap","page_number":14,"box":{"x":548,"y":536,"width":109,"height":11}},{"id":"c953ee3a-70bf-48a9-9dbc-2c306fa63e56","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":14,"box":{"x":659,"y":536,"width":275,"height":11}},{"id":"936c802f-745f-4167-a24d-66903135667d","block_type":"box","text":"selling a call option that is two times the notional value of the ATM","page_number":14,"box":{"x":549,"y":550,"width":423,"height":11}},{"id":"9635c1b9-0871-4d51-883e-a698f0517566","block_type":"box","text":"Call and that has a higher, out-of-the-money strike price relative","page_number":14,"box":{"x":549,"y":565,"width":410,"height":10}},{"id":"1788379b-fd5d-48c3-aa26-b092f39fd744","block_type":"box","text":"to the Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":14,"box":{"x":549,"y":579,"width":413,"height":11}},{"id":"2e0a3eac-5cca-4706-be95-03beb474dd71","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":14,"box":{"x":549,"y":593,"width":408,"height":11}},{"id":"6400db81-e081-41e5-9279-5e7b9e4850a9","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":14,"box":{"x":549,"y":607,"width":422,"height":11}},{"id":"b1edd80a-177f-4efd-b0e0-c7ce4779b427","block_type":"box","text":"that strike price. The Approximate Cap for an Outcome Period is","page_number":14,"box":{"x":549,"y":621,"width":409,"height":11}},{"id":"ecb919f9-b88c-474b-8e24-b1cdd13c48b2","block_type":"box","text":"approximately twice the upside return implied by the strike price","page_number":14,"box":{"x":549,"y":635,"width":412,"height":11}},{"id":"869af353-b85b-46ff-8a9f-7a127a4dd9e5","block_type":"box","text":"of the Cap Option for that Outcome Period. The strike price for the","page_number":14,"box":{"x":549,"y":650,"width":424,"height":10}},{"id":"a605efcd-6ffa-4cfc-ae32-b01f1ac96932","block_type":"box","text":"Cap Option depends on the market conditions when the option is","page_number":14,"box":{"x":549,"y":664,"width":416,"height":11}},{"id":"2e329b19-463b-4e93-8e8b-9edefce858e6","block_type":"box","text":"sold and likely will be different for each Outcome Period, resulting","page_number":14,"box":{"x":549,"y":678,"width":420,"height":11}},{"id":"bd4cfd2e-7ad0-4f69-bf55-c372ea0adafd","block_type":"box","text":"in a different Approximate Cap for each Outcome Period. The","page_number":14,"box":{"x":549,"y":692,"width":389,"height":11}},{"id":"491ce1fd-cefd-455d-9217-1bab20ab5a00","block_type":"box","text":"Fund uses the premium collected from selling the Cap Option and","page_number":14,"box":{"x":550,"y":706,"width":418,"height":11}},{"id":"5aa89545-cc60-4a76-8937-fa093a74bb94","block_type":"box","text":"the expected dividend distributions from the Underlying Fund to","page_number":14,"box":{"x":549,"y":721,"width":408,"height":10}},{"id":"f91fc1d3-a076-4b56-a80e-9d143825c756","block_type":"box","text":"cover the premium that it pays to buy the ATM Call.","page_number":14,"box":{"x":549,"y":735,"width":327,"height":11}},{"id":"3bb76329-6ec6-42fb-935e-e99e3c750e21","block_type":"box","text":"The Fund’s Accelerated Return and Approximate Cap (net of the","page_number":14,"box":{"x":549,"y":758,"width":408,"height":11}},{"id":"39576cff-2371-48ee-9183-a6f5b3bdc85f","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":14,"box":{"x":549,"y":772,"width":414,"height":11}},{"id":"4296d8ec-b647-4864-911b-9a42fe0a09cc","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":14,"box":{"x":550,"y":786,"width":397,"height":11}},{"id":"ac0e290d-e0a7-4c90-9ac5-f74a44444a0c","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":14,"box":{"x":549,"y":800,"width":381,"height":11}},{"id":"026dda2c-ca50-4a05-a76e-a6b56a63e127","block_type":"box","text":"On the last trading day of each Outcome Period, the Fund will","page_number":14,"box":{"x":549,"y":824,"width":391,"height":11}},{"id":"6e0b683a-e7b0-4804-bfeb-ba5fe0b89e82","block_type":"box","text":"trade a new set of call options to create the Accelerated Return","page_number":14,"box":{"x":549,"y":838,"width":405,"height":11}},{"id":"32b33f46-bb0f-45e0-b7be-e66c1854565f","block_type":"box","text":"and Approximate Cap for the next Outcome Period. After the","page_number":14,"box":{"x":549,"y":852,"width":387,"height":11}},{"id":"ad9f2c4c-8725-4c41-896d-cd18dd03ba59","block_type":"box","text":"close of business on the last trading day of the Outcome Period,","page_number":14,"box":{"x":549,"y":866,"width":408,"height":11}},{"id":"41bbf7b0-1b2f-446d-b31f-8c7f567f7063","block_type":"box","text":"the Fund will file a prospectus supplement that discloses the","page_number":14,"box":{"x":549,"y":880,"width":387,"height":11}},{"id":"eaa0c9ad-408f-4ef1-9fe6-31674e44b905","block_type":"box","text":"S-3","page_number":14,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"2fcb4655-c1d1-4190-9b7a-ff8f589a1055","block_type":"box","text":"Approximate Cap (gross and net of its management fee) for the","page_number":15,"box":{"x":82,"y":23,"width":405,"height":11}},{"id":"379f9a8e-2229-4cf8-ac5a-5b4bb8f8332d","block_type":"box","text":"next Outcome Period.","page_number":15,"box":{"x":83,"y":37,"width":138,"height":9}},{"id":"55abe8ff-1162-4fa7-a7a2-b00e9401d18b","block_type":"box","text":"Outcome Period","page_number":15,"box":{"x":83,"y":61,"width":111,"height":8}},{"id":"98a1a162-7f06-4df7-9a8e-1ba6a22e67f0","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":15,"box":{"x":82,"y":84,"width":408,"height":11}},{"id":"d1340385-b4cd-441a-9f1c-1a015e41c040","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":15,"box":{"x":83,"y":98,"width":396,"height":8}},{"id":"aa504d3c-24c3-4e9a-939d-8d51a46a99e2","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":15,"box":{"x":83,"y":112,"width":415,"height":11}},{"id":"3f33037d-1726-4466-a189-b55137824f01","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":15,"box":{"x":83,"y":126,"width":398,"height":9}},{"id":"558e950f-e1cc-4eb8-a2d7-fecdf376f927","block_type":"box","text":"may not fully realize the Approximate Cap for the Outcome Period","page_number":15,"box":{"x":83,"y":140,"width":419,"height":11}},{"id":"9165a5fb-fc4f-4f9c-baee-92ec88235627","block_type":"box","text":"and may experience price returns that are different from the","page_number":15,"box":{"x":83,"y":155,"width":385,"height":10}},{"id":"62ced10a-3694-4a7b-9cee-9412a8c16a19","block_type":"box","text":"Outcomes. This is because, while the Outcomes are fixed levels","page_number":15,"box":{"x":83,"y":169,"width":405,"height":10}},{"id":"842f3ebb-f013-446c-b86e-b6be9ef7754f","block_type":"box","text":"that are calculated in relation to the Underlying Fund’s price and","page_number":15,"box":{"x":83,"y":183,"width":410,"height":11}},{"id":"50d5052e-2955-49b1-81b2-ccad56bce2c3","block_type":"box","text":"the Fund’s NAV at the start of that Outcome Period and generally","page_number":15,"box":{"x":83,"y":197,"width":415,"height":11}},{"id":"1d28c002-74e8-4ec0-bfb2-1391724316ba","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":15,"box":{"x":83,"y":211,"width":419,"height":11}},{"id":"8c0ec4ac-1da3-49ac-a404-612c6e3d6976","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":15,"box":{"x":83,"y":226,"width":414,"height":10}},{"id":"07aa4726-76d3-47ae-9ee9-af662249819f","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":15,"box":{"x":83,"y":240,"width":408,"height":10}},{"id":"71170919-0c78-4334-9787-61539537d840","block_type":"box","text":"the Outcome Period.","page_number":15,"box":{"x":83,"y":254,"width":130,"height":8}},{"id":"b24b2141-9c42-496c-b3a5-a5cf959494fb","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":15,"box":{"x":84,"y":277,"width":383,"height":11}},{"id":"cfc06e0d-6afb-4bc8-ba81-6a914813a8fd","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":15,"box":{"x":83,"y":291,"width":420,"height":11}},{"id":"e09ea234-fa3e-448e-8b07-31cd08b293e3","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":15,"box":{"x":83,"y":305,"width":388,"height":11}},{"id":"6c72ec5d-3305-474f-b59c-231e15e72d6e","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":15,"box":{"x":84,"y":320,"width":357,"height":10}},{"id":"627e7d32-8497-4d8c-92b1-fb80af9dc205","block_type":"box","text":"Approximate Cap and the investor may experience losses that","page_number":15,"box":{"x":82,"y":334,"width":397,"height":11}},{"id":"71f65ae8-0e0b-466f-9a83-cc18b18ca7fb","block_type":"box","text":"exceed the losses of the Underlying Fund for the remainder of the","page_number":15,"box":{"x":83,"y":348,"width":420,"height":11}},{"id":"c1397220-10b9-4b7c-a2c7-34cbebc9ef7b","block_type":"box","text":"Outcome Period. Conversely, if an investor purchases Fund shares","page_number":15,"box":{"x":83,"y":362,"width":424,"height":11}},{"id":"1a0e0c5d-20f2-4738-9d2f-a6c834cd5497","block_type":"box","text":"during an Outcome Period at a time when the Underlying Fund’s","page_number":15,"box":{"x":83,"y":376,"width":408,"height":11}},{"id":"b03a4bee-df14-4756-9c44-cb5ea1836815","block_type":"box","text":"share price has decreased from its price at the beginning of the","page_number":15,"box":{"x":83,"y":391,"width":405,"height":10}},{"id":"1905e2fa-0e45-4952-9f85-f42a14451f85","block_type":"box","text":"Outcome Period, the Fund may require a larger increase in the","page_number":15,"box":{"x":83,"y":405,"width":397,"height":11}},{"id":"d821a143-a794-4b28-ae33-a45f39f6880c","block_type":"box","text":"Underlying Fund’s share price before it reaches the Accelerated","page_number":15,"box":{"x":83,"y":419,"width":407,"height":11}},{"id":"b8f1f6f2-e5e3-4bbd-96bb-ba566f4a8d44","block_type":"box","text":"Return.","page_number":15,"box":{"x":83,"y":433,"width":45,"height":9}},{"id":"95801531-051d-43f2-bcca-8d9b11b2e5fa","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":15,"box":{"x":83,"y":456,"width":278,"height":11}},{"id":"3da9fcf6-f6c3-4fdf-a7ef-06241bb3f49a","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":15,"box":{"x":83,"y":479,"width":392,"height":11}},{"id":"01faa173-254b-42b8-8034-bed1aa4808bc","block_type":"box","text":"during an Outcome Period, the Fund typically will buy Underlying","page_number":15,"box":{"x":83,"y":494,"width":412,"height":11}},{"id":"3ed62610-b52a-4866-b150-e220c49e984e","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and will","page_number":15,"box":{"x":84,"y":508,"width":407,"height":11}},{"id":"803c0dc8-b734-41aa-8fe4-71b7b93604cd","block_type":"box","text":"seek to trade the same set of call options as described above.","page_number":15,"box":{"x":83,"y":522,"width":396,"height":11}},{"id":"ea363fed-b738-4439-a32e-d963beacdf20","block_type":"box","text":"This will occur even in circumstances where the Fund would","page_number":15,"box":{"x":82,"y":536,"width":383,"height":9}},{"id":"6b584a2a-3096-4157-88e9-b4c3a18c27ee","block_type":"box","text":"receive a negligible premium for selling an out-of-the-money call,","page_number":15,"box":{"x":83,"y":550,"width":415,"height":11}},{"id":"360404dd-8201-4248-97c0-2f6416beeece","block_type":"box","text":"which may give up more sizable returns to the extent that the","page_number":15,"box":{"x":82,"y":565,"width":393,"height":10}},{"id":"83f955da-44a7-4f6d-a191-1f748718b2c0","block_type":"box","text":"option later becomes in the money.","page_number":15,"box":{"x":83,"y":579,"width":225,"height":11}},{"id":"71cae00c-15cd-4927-9325-6ce6d96ac019","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":15,"box":{"x":84,"y":602,"width":414,"height":11}},{"id":"8e5a2d41-46d3-4a66-8882-bec94c9fdcc1","block_type":"box","text":"purchase the ATM Call, the Fund’s performance is likely to be less","page_number":15,"box":{"x":83,"y":616,"width":420,"height":11}},{"id":"1a03f89c-09c5-4522-8696-4c8142e707cd","block_type":"box","text":"than the Underlying Fund’s performance when (1) distributions are","page_number":15,"box":{"x":83,"y":630,"width":422,"height":11}},{"id":"7dba1fb4-186b-4498-947c-e39c34b06b3e","block_type":"box","text":"considered and (2) the Underlying Fund’s performance is less","page_number":15,"box":{"x":83,"y":644,"width":392,"height":11}},{"id":"451a7a8a-f505-46af-b95d-b5bb94bcc152","block_type":"box","text":"than half of its distributions or is negative. The Fund may also","page_number":15,"box":{"x":83,"y":659,"width":391,"height":11}},{"id":"bb475283-bfb4-4762-a6a5-6a029e953e17","block_type":"box","text":"underperform the Underlying Fund if the returns of the Underlying","page_number":15,"box":{"x":83,"y":673,"width":421,"height":11}},{"id":"e39f9209-1644-4e37-a9f2-da1bde645eaa","block_type":"box","text":"Fund exceed the Approximate Cap net of the distributions.","page_number":15,"box":{"x":84,"y":687,"width":372,"height":11}},{"id":"11fd8fb9-caac-4ae1-b68c-025d497e9b16","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":15,"box":{"x":82,"y":710,"width":387,"height":11}},{"id":"d299f58b-8ab7-45a4-a5f3-a9d7514c126f","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":15,"box":{"x":83,"y":724,"width":402,"height":11}},{"id":"60e1ca72-48b3-494c-9f2f-48446e615e48","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":15,"box":{"x":83,"y":739,"width":414,"height":10}},{"id":"8afaa053-6744-47d2-9882-0c92a5915a3d","block_type":"box","text":"upside limit significantly below the Approximate Cap and a","page_number":15,"box":{"x":83,"y":753,"width":373,"height":11}},{"id":"1295afd7-6b2b-4c8e-a626-61a94708e9bc","block_type":"box","text":"downside that is significantly greater than the price return of the","page_number":15,"box":{"x":83,"y":767,"width":412,"height":11}},{"id":"9371acad-19ef-4e05-8861-c5b52e38f150","block_type":"box","text":"Underlying Fund. Investors may lose their entire investment, and","page_number":15,"box":{"x":83,"y":781,"width":412,"height":11}},{"id":"823a3bb8-afa6-458b-b7f7-eea48f106609","block_type":"box","text":"an investment in the Fund is appropriate only for investors willing","page_number":15,"box":{"x":83,"y":795,"width":417,"height":11}},{"id":"43a32be0-256f-445c-b55a-67eea3d4499f","block_type":"box","text":"to bear those losses.","page_number":15,"box":{"x":83,"y":810,"width":132,"height":8}},{"id":"152eb47d-ec48-43dd-a046-ed5f895a0a21","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":15,"box":{"x":83,"y":833,"width":408,"height":11}},{"id":"c82a1a62-aac5-48c7-a124-70f94c7bef39","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":15,"box":{"x":83,"y":847,"width":389,"height":11}},{"id":"b22ed5a6-b663-4fc3-b5cf-f5880183d4bc","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":15,"box":{"x":83,"y":861,"width":396,"height":11}},{"id":"916d930a-0622-40c7-bd14-eabbca2c7ee5","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":15,"box":{"x":83,"y":875,"width":387,"height":11}},{"id":"e7c5456e-6b25-4135-ae05-7c75e27ff306","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":15,"box":{"x":586,"y":23,"width":354,"height":11}},{"id":"ee9e0ef8-c7a6-4dd4-9096-235fcdf7c986","block_type":"box","text":"Underlying Fund’s Index;","page_number":15,"box":{"x":586,"y":37,"width":156,"height":11}},{"id":"72cff460-da81-4611-bb6a-cf4fa299acc9","block_type":"box","text":"purchase equity securities (","page_number":15,"box":{"x":586,"y":55,"width":176,"height":11}},{"id":"9ccb28ba-7bfc-4c65-b57b-bdcbe59a7061","block_type":"box","text":"e.g","page_number":15,"box":{"x":763,"y":58,"width":19,"height":8}},{"id":"f1dc3fe7-ecfb-45c0-b563-0c665ad0dcce","block_type":"box","text":"., component securities of the","page_number":15,"box":{"x":782,"y":55,"width":191,"height":11}},{"id":"a0271100-5ce6-465a-b0fe-a8b212ec0f14","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":15,"box":{"x":586,"y":70,"width":377,"height":10}},{"id":"6fdf9376-50c7-4ec6-94c9-964837a67002","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":15,"box":{"x":586,"y":84,"width":363,"height":11}},{"id":"f2e20644-5341-47f2-803d-278907dcf197","block_type":"box","text":"invest in U.S. treasuries, money market funds and/or other","page_number":15,"box":{"x":586,"y":102,"width":379,"height":11}},{"id":"f2ab5ab1-c3e3-4839-8567-dea4095c3de9","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":15,"box":{"x":586,"y":116,"width":376,"height":11}},{"id":"a34c89f9-2340-4342-af33-ad3bb18ffaae","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":15,"box":{"x":586,"y":130,"width":342,"height":11}},{"id":"9e986f0c-2e00-4406-9045-d16d1fa9f760","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":15,"box":{"x":586,"y":144,"width":247,"height":11}},{"id":"193cc5e6-8139-4122-8078-97a5a0f36798","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":15,"box":{"x":550,"y":168,"width":413,"height":10}},{"id":"2e07e157-00e4-49e6-a388-6a7d1ee75a05","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":15,"box":{"x":550,"y":182,"width":409,"height":11}},{"id":"70927acd-a537-4501-a196-711434ad54d9","block_type":"box","text":"the common stocks of companies held by the Underlying Fund","page_number":15,"box":{"x":549,"y":196,"width":398,"height":11}},{"id":"3e1d74d1-c16b-4cf9-b930-2612eeb66f6b","block_type":"box","text":"that BFA believes will provide a risk/return profile similar to that","page_number":15,"box":{"x":549,"y":210,"width":411,"height":11}},{"id":"225affd2-86f1-476d-af25-d3898f945661","block_type":"box","text":"of the Underlying Fund.","page_number":15,"box":{"x":549,"y":224,"width":148,"height":11}},{"id":"5d4bc2c6-02b7-45df-bf55-60a0708d3df7","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":15,"box":{"x":550,"y":247,"width":417,"height":11}},{"id":"c532b3ed-224e-44b3-93bc-4d9f89248f0f","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":15,"box":{"x":549,"y":262,"width":401,"height":10}},{"id":"181bac30-03de-45de-af94-72fd5143858a","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":15,"box":{"x":549,"y":276,"width":424,"height":11}},{"id":"f480920a-f233-47f5-9fc9-fcc54f0fbe9e","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":15,"box":{"x":549,"y":290,"width":356,"height":11}},{"id":"77171161-75ea-49b0-943e-c84510edfaf6","block_type":"box","text":"Accelerated Return or for the Approximate Cap with respect to","page_number":15,"box":{"x":549,"y":304,"width":401,"height":11}},{"id":"23540735-a8c2-4ca0-aa6d-8c733b43ce74","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":15,"box":{"x":549,"y":318,"width":410,"height":11}},{"id":"0a3ff08b-12ca-4283-bd63-b204390f3ee0","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":15,"box":{"x":550,"y":333,"width":392,"height":10}},{"id":"25d580a2-ec7e-4799-8294-55472572efd4","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":15,"box":{"x":549,"y":347,"width":410,"height":11}},{"id":"6c305644-7789-4059-a933-658dee6d53aa","block_type":"box","text":"Summary of Principal Risks","page_number":15,"box":{"x":549,"y":376,"width":235,"height":13}},{"id":"1f782259-bd2d-4c28-b6f5-af1656cfa388","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":15,"box":{"x":549,"y":401,"width":388,"height":11}},{"id":"5a270875-e139-415e-8a2a-c1acb26455dd","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":15,"box":{"x":549,"y":415,"width":422,"height":11}},{"id":"40dee34a-c6cb-4f4e-a242-2303231c3794","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":15,"box":{"x":549,"y":429,"width":399,"height":11}},{"id":"0288f7e7-658b-4c1e-8a5a-7e9e3c77c1ff","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":15,"box":{"x":550,"y":443,"width":370,"height":11}},{"id":"13966246-98df-4c92-96d6-395fe639ac23","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":15,"box":{"x":549,"y":458,"width":399,"height":10}},{"id":"b4fff773-c314-4d0b-90a7-7def087c2625","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":15,"box":{"x":549,"y":472,"width":359,"height":11}},{"id":"7a4407dd-7881-46e2-a982-385b07d16362","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":15,"box":{"x":549,"y":486,"width":414,"height":11}},{"id":"39ea3602-d73d-41fd-b942-ba670f418e82","block_type":"box","text":"affect the Fund’s NAV, trading price, yield, total return and ability","page_number":15,"box":{"x":549,"y":500,"width":415,"height":11}},{"id":"a10fe89a-1208-46d8-a459-8849d7fb3f4a","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":15,"box":{"x":549,"y":514,"width":413,"height":11}},{"id":"d0cd652e-267e-41c5-bab2-d2f6a2d19b38","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":15,"box":{"x":549,"y":528,"width":424,"height":11}},{"id":"5bca011b-07f7-4f1d-a690-9e59cc0de62c","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":15,"box":{"x":549,"y":543,"width":419,"height":10}},{"id":"101ff215-e33c-4ede-9059-45bdd347e33a","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":15,"box":{"x":549,"y":557,"width":316,"height":11}},{"id":"df19dac6-d25e-471e-b677-a92fc3780e16","block_type":"box","text":"Accelerated Return Risk.","page_number":15,"box":{"x":548,"y":580,"width":167,"height":9}},{"id":"73127b17-7ac8-4bc6-9631-385e49ab06e4","block_type":"box","text":"There can be no guarantee that the","page_number":15,"box":{"x":720,"y":580,"width":225,"height":11}},{"id":"bdf6a0c9-86af-415d-b1ec-901b7ae95320","block_type":"box","text":"Fund will be successful in its strategy to provide approximately","page_number":15,"box":{"x":550,"y":594,"width":401,"height":11}},{"id":"f2b4a017-afc4-4a13-823d-602032f13a08","block_type":"box","text":"twice the positive share price return, if any, of the Underlying","page_number":15,"box":{"x":549,"y":608,"width":390,"height":11}},{"id":"557270f0-d4a2-4617-a977-7fb4ae3510e9","block_type":"box","text":"Fund over an Outcome Period, subject to an Approximate Cap. If","page_number":15,"box":{"x":550,"y":623,"width":412,"height":10}},{"id":"4d1dac8d-1f13-41cc-935e-c932513076be","block_type":"box","text":"an investor purchases Fund shares after the beginning of an","page_number":15,"box":{"x":549,"y":637,"width":382,"height":11}},{"id":"74be0744-e4d1-4f5f-bd34-bbd94f3b8f07","block_type":"box","text":"Outcome Period or does not stay invested in the Fund for the","page_number":15,"box":{"x":549,"y":651,"width":390,"height":11}},{"id":"c6606c62-817b-46fc-a238-de03a5a22fd5","block_type":"box","text":"entirety of the Outcome Period, the returns realized by the","page_number":15,"box":{"x":549,"y":665,"width":373,"height":11}},{"id":"72432d7d-a725-4453-983d-02ca84b56050","block_type":"box","text":"investor may not match those that the Fund seeks to achieve.","page_number":15,"box":{"x":549,"y":679,"width":394,"height":11}},{"id":"6f841648-fef3-4943-87d8-c3f9a438cad5","block_type":"box","text":"Approximate Cap Risk.","page_number":15,"box":{"x":548,"y":702,"width":153,"height":11}},{"id":"1a3ccaf3-4020-4afc-903a-f9e3e2a3844f","block_type":"box","text":"The Fund’s strategy seeks to provide","page_number":15,"box":{"x":707,"y":703,"width":234,"height":10}},{"id":"fe44a226-0f94-4528-aedc-d89205d22857","block_type":"box","text":"returns that are subject to an Approximate Cap, whose level","page_number":15,"box":{"x":549,"y":717,"width":383,"height":10}},{"id":"97d3fa99-18c2-4510-8eae-2511f5a33ebc","block_type":"box","text":"depends on prevailing market conditions (","page_number":15,"box":{"x":549,"y":731,"width":268,"height":11}},{"id":"2d1f44df-5d44-4598-a693-1d9d92c78544","block_type":"box","text":"e.g","page_number":15,"box":{"x":818,"y":733,"width":19,"height":9}},{"id":"76c5e344-cb3f-429a-8477-5bc0acbc961b","block_type":"box","text":"., volatility, interest","page_number":15,"box":{"x":838,"y":731,"width":121,"height":11}},{"id":"cd531fbf-2d39-4212-9ae0-d14914ea1618","block_type":"box","text":"rates, dividends, and other factors) at the time that the","page_number":15,"box":{"x":549,"y":745,"width":351,"height":11}},{"id":"f5a8d1b8-7ec5-4a8c-8065-9e75efde8791","block_type":"box","text":"Approximate Cap is set. The Approximate Cap may rise or fall","page_number":15,"box":{"x":549,"y":759,"width":391,"height":11}},{"id":"40dc3083-6c54-4ba7-8062-03fd4ea3f6fc","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":15,"box":{"x":549,"y":773,"width":414,"height":11}},{"id":"9650cfd6-bcfc-43e2-9ae0-f317fd4d04b6","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":15,"box":{"x":549,"y":788,"width":369,"height":10}},{"id":"754d42e9-c688-4b6d-820e-232dfe8474e8","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":15,"box":{"x":549,"y":802,"width":393,"height":11}},{"id":"84851027-0a00-424b-8967-a1fe1f128bdd","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":15,"box":{"x":549,"y":816,"width":411,"height":11}},{"id":"2f50a91d-8fc6-4fe8-8a98-a5e05429286a","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":15,"box":{"x":549,"y":830,"width":415,"height":11}},{"id":"1f8f520c-a750-4ccc-9e97-9abc2860ca8c","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":15,"box":{"x":549,"y":844,"width":390,"height":11}},{"id":"0342b9cf-6e3a-4639-8ab5-641c426e74c4","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":15,"box":{"x":549,"y":858,"width":417,"height":11}},{"id":"b9e5fddf-78ae-4771-acc6-cd71c2b1c00b","block_type":"box","text":"Approximate Cap.","page_number":15,"box":{"x":549,"y":873,"width":113,"height":10}},{"id":"0bc5b3e0-dff4-48bc-8d6d-cd1430b2b6dd","block_type":"box","text":"S-4","page_number":15,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"5a2825ae-bf0e-488f-b8ef-531c8aa745f1","block_type":"box","text":"Options Risk.","page_number":16,"box":{"x":83,"y":23,"width":88,"height":11}},{"id":"98bc03f5-ea67-43e8-add9-f38275aec4c8","block_type":"box","text":"Investments in options are considered speculative.","page_number":16,"box":{"x":177,"y":23,"width":324,"height":11}},{"id":"8056db03-54c1-446a-9978-ce330bfa59db","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":16,"box":{"x":82,"y":37,"width":364,"height":11}},{"id":"6397969c-aa6c-4db9-9249-d8c8ff776df8","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":16,"box":{"x":83,"y":51,"width":416,"height":11}},{"id":"14f966dd-17bc-4c7c-9da7-179d2d3c1bb4","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":16,"box":{"x":83,"y":66,"width":397,"height":10}},{"id":"c1173615-d966-4076-a87c-140d5b963bc5","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":16,"box":{"x":83,"y":80,"width":393,"height":11}},{"id":"e573f4a6-6f4f-41d7-aaf5-315472db881d","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":16,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"a9f65ada-3f83-4c9b-9a11-467dc4b21282","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":16,"box":{"x":83,"y":108,"width":424,"height":11}},{"id":"2af60cc9-72a9-422e-8308-1a9324218fb0","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":16,"box":{"x":83,"y":122,"width":424,"height":11}},{"id":"9beec518-8132-44c6-9a3c-a9573832ea59","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":16,"box":{"x":83,"y":137,"width":424,"height":10}},{"id":"d54e8e51-8a5a-4ec4-9488-df0fe749486f","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":16,"box":{"x":83,"y":151,"width":405,"height":11}},{"id":"333e9779-c442-40c7-939c-150e1159597d","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":16,"box":{"x":83,"y":165,"width":411,"height":11}},{"id":"a30bec6d-65df-4592-8d03-f2568cf9215c","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":16,"box":{"x":83,"y":179,"width":400,"height":11}},{"id":"c01645bd-64e3-45c6-b0d1-e9071037608a","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":16,"box":{"x":83,"y":193,"width":370,"height":11}},{"id":"bc7e9bf1-1cc7-4a6f-a381-6e99413ad49f","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":16,"box":{"x":83,"y":208,"width":410,"height":10}},{"id":"05b50346-8f23-4cf8-913c-53bd95460156","block_type":"box","text":"would represent a loss to the Fund.","page_number":16,"box":{"x":82,"y":222,"width":225,"height":10}},{"id":"a6bb7a7d-00d7-44b7-adcc-572eee237b2d","block_type":"box","text":"FLEX Options Risk.","page_number":16,"box":{"x":83,"y":245,"width":116,"height":11}},{"id":"29b57249-0014-4998-915a-cbe7f2dae251","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":16,"box":{"x":206,"y":245,"width":291,"height":11}},{"id":"9c8189cc-a64e-4a90-b903-8f1086840643","block_type":"box","text":"may be less liquid than certain other instruments, such as","page_number":16,"box":{"x":83,"y":259,"width":369,"height":11}},{"id":"386a223f-5a2f-4d6f-abf9-7d7902f3996f","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":16,"box":{"x":83,"y":273,"width":417,"height":11}},{"id":"917746bd-d0eb-47fc-aaf4-0d283b2a60ce","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":16,"box":{"x":83,"y":287,"width":416,"height":11}},{"id":"06365fb5-71f0-4a3f-8ac1-0c74743ba772","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":16,"box":{"x":83,"y":302,"width":380,"height":10}},{"id":"7db73503-1a84-4f2a-9d87-b68c547823ca","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":16,"box":{"x":83,"y":316,"width":418,"height":11}},{"id":"e3573049-7cd5-4368-9c42-1c9241d74fa0","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":16,"box":{"x":83,"y":330,"width":416,"height":11}},{"id":"3ba0fac5-aa72-4c77-8e45-6747501ca0d4","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":16,"box":{"x":83,"y":344,"width":416,"height":11}},{"id":"6c23884b-80f9-415f-8764-6c0e3e6b5d1c","block_type":"box","text":"in the Fund. There is also a risk that the Fund will be unable to","page_number":16,"box":{"x":83,"y":358,"width":395,"height":9}},{"id":"f6674806-6752-40b1-8d0a-857e0fbfcb92","block_type":"box","text":"maintain the proportional relationship based on the number of","page_number":16,"box":{"x":83,"y":372,"width":398,"height":11}},{"id":"235dfc9b-8b22-4de4-a90c-cde48e70a66f","block_type":"box","text":"exchange-traded options in the Fund’s portfolio or that adverse","page_number":16,"box":{"x":83,"y":387,"width":404,"height":11}},{"id":"f34d4e95-a940-4382-9a4a-e83ac62718f1","block_type":"box","text":"tax law changes will negatively impact the treatment of FLEX","page_number":16,"box":{"x":83,"y":401,"width":388,"height":11}},{"id":"9586431b-0fc2-40ec-9c4e-bdcb75102df8","block_type":"box","text":"Options. Additionally, to the extent market participants are not","page_number":16,"box":{"x":83,"y":415,"width":401,"height":11}},{"id":"940686cb-e68d-44ad-b18b-f32d0499ed1d","block_type":"box","text":"willing or able to enter into FLEX Option transactions with the","page_number":16,"box":{"x":82,"y":429,"width":393,"height":11}},{"id":"bac42cb0-3f5c-46a4-a29e-34f7338d4cd5","block_type":"box","text":"Fund at prices that reflect the market price of Fund shares, the","page_number":16,"box":{"x":84,"y":443,"width":401,"height":11}},{"id":"df89a0d7-8d41-4028-a641-ab42527c0f6f","block_type":"box","text":"Fund’s NAV and the share price of the Fund could be negatively","page_number":16,"box":{"x":84,"y":458,"width":403,"height":10}},{"id":"f696c70b-a908-4a0d-be51-1d0583bb71e6","block_type":"box","text":"impacted.","page_number":16,"box":{"x":83,"y":472,"width":62,"height":11}},{"id":"d0264f61-20a3-40c8-bec5-6c8dc1d7045d","block_type":"box","text":"Risk of Investing in the U.S","page_number":16,"box":{"x":83,"y":495,"width":182,"height":11}},{"id":"027c46dd-6a85-4974-a2fe-9f5683671cbf","block_type":"box","text":".","page_number":16,"box":{"x":266,"y":502,"width":2,"height":1}},{"id":"0272fb01-f5e8-4e7f-ac8a-35f9c7bd8f92","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":16,"box":{"x":274,"y":495,"width":210,"height":11}},{"id":"9b2e5e92-7cf3-48e7-a049-5075222b0c81","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":16,"box":{"x":83,"y":509,"width":391,"height":11}},{"id":"0a6d3a4d-c503-4a30-8efc-4a2ae20b9fb9","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":16,"box":{"x":83,"y":523,"width":423,"height":11}},{"id":"72ec7b3c-7aa9-455b-85ab-59ce622ce78e","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":16,"box":{"x":83,"y":537,"width":413,"height":11}},{"id":"5fd5987e-cb4c-4e22-9ae9-e2425ecd024c","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":16,"box":{"x":82,"y":552,"width":397,"height":10}},{"id":"ca408f0b-b2e4-436c-91a2-34734b626003","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":16,"box":{"x":83,"y":575,"width":252,"height":11}},{"id":"aa9adcd0-1d5f-412e-8fc3-db2455ef6d03","block_type":"box","text":"Large-capitalization","page_number":16,"box":{"x":342,"y":575,"width":124,"height":11}},{"id":"98d691ea-57dd-4029-96d7-388dc75de691","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":16,"box":{"x":83,"y":589,"width":352,"height":11}},{"id":"797d5aea-753b-4be4-abed-b94cfcbeec4f","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":16,"box":{"x":83,"y":603,"width":352,"height":11}},{"id":"13b4b84e-cec6-4813-916c-a40859bfb0dd","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":16,"box":{"x":83,"y":617,"width":405,"height":11}},{"id":"eebcbca4-06c2-44d8-b30b-8167edffa4ea","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":16,"box":{"x":83,"y":632,"width":371,"height":10}},{"id":"24810860-19de-478f-ae00-9fd6b03a055d","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":16,"box":{"x":83,"y":646,"width":339,"height":11}},{"id":"c3a30da7-d28d-45b0-bd3f-209fdae15c93","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":16,"box":{"x":83,"y":660,"width":390,"height":11}},{"id":"e99e39c4-33b9-44ef-96c0-d38e372972c0","block_type":"box","text":"overall performance of the broader securities markets.","page_number":16,"box":{"x":83,"y":674,"width":349,"height":11}},{"id":"fcdd345e-d03b-4d61-8d10-57cfdfbbc4f1","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":83,"y":697,"width":82,"height":9}},{"id":"eb390d37-a5bf-4932-96e7-50fa7033a756","block_type":"box","text":".","page_number":16,"box":{"x":165,"y":704,"width":2,"height":2}},{"id":"f8cbf9cc-7dbb-488c-b16f-5b1aa21eed48","block_type":"box","text":"The Fund could lose money over short periods due","page_number":16,"box":{"x":172,"y":697,"width":323,"height":11}},{"id":"e79f6fbb-c96a-4c3c-bd31-deaf8e7015cb","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":16,"box":{"x":83,"y":712,"width":413,"height":10}},{"id":"d396f118-116c-4d68-a8ad-6fe4a1555674","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":16,"box":{"x":83,"y":726,"width":382,"height":11}},{"id":"c79d543e-3403-4439-ac70-d11af8ef43b4","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":16,"box":{"x":83,"y":740,"width":411,"height":11}},{"id":"ee7f15ee-cc66-42c8-8915-68fbdf95a6ae","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":16,"box":{"x":83,"y":754,"width":370,"height":11}},{"id":"d0c98645-c3d2-4172-a7ac-39bd0ee5acb7","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":16,"box":{"x":83,"y":768,"width":404,"height":11}},{"id":"fe7c4d81-8223-4932-9676-ec2338dd26bc","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":16,"box":{"x":83,"y":782,"width":395,"height":11}},{"id":"a833e517-af40-477b-8ec3-6ab9a5a8b378","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":16,"box":{"x":83,"y":797,"width":395,"height":10}},{"id":"1ba87761-f5ad-40ff-84dc-2dd82111f1f6","block_type":"box","text":"NAV.","page_number":16,"box":{"x":84,"y":811,"width":27,"height":8}},{"id":"c6f86777-8e5b-4d2b-b12f-bd35bb977288","block_type":"box","text":"Asset Class Risk.","page_number":16,"box":{"x":81,"y":834,"width":115,"height":8}},{"id":"407523d4-0a3a-4c53-9568-9b178d24c7cf","block_type":"box","text":"The securities and other assets in the Fund’s","page_number":16,"box":{"x":202,"y":834,"width":285,"height":8}},{"id":"a8b7ecef-24f6-4dde-a550-93f2098ab5cc","block_type":"box","text":"portfolio may underperform in comparison to financial markets","page_number":16,"box":{"x":83,"y":848,"width":402,"height":11}},{"id":"6115181b-4930-4660-8d20-5595486ed2f5","block_type":"box","text":"generally, a particular financial market, an index, or other asset","page_number":16,"box":{"x":83,"y":862,"width":403,"height":11}},{"id":"1e320c89-45a9-4abc-9ef3-cb76ef98fcc2","block_type":"box","text":"classes.","page_number":16,"box":{"x":83,"y":877,"width":50,"height":8}},{"id":"9e634ace-c869-4f40-9caf-acb482e50c54","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":16,"box":{"x":548,"y":23,"width":266,"height":11}},{"id":"b9b94902-cc0e-4f0b-b0fb-9cb505d89293","block_type":"box","text":".","page_number":16,"box":{"x":814,"y":30,"width":3,"height":2}},{"id":"bd747add-ad98-4206-b0df-8793457391fe","block_type":"box","text":"From time to time, an","page_number":16,"box":{"x":823,"y":23,"width":136,"height":10}},{"id":"0aea8eb8-db4d-4ac4-8c40-1cf38405a63d","block_type":"box","text":"Authorized Participant (as defined below in","page_number":16,"box":{"x":549,"y":37,"width":273,"height":11}},{"id":"b9477deb-da45-4f33-93d9-4fc6e8690112","block_type":"box","text":"Authorized Participant","page_number":16,"box":{"x":826,"y":37,"width":141,"height":11}},{"id":"0805b87f-79d8-4342-9587-4e4b7394d2c5","block_type":"box","text":"Concentration Risk)","page_number":16,"box":{"x":549,"y":51,"width":120,"height":9}},{"id":"955b9580-8309-49aa-a71b-d1cb390c517d","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":16,"box":{"x":669,"y":51,"width":294,"height":11}},{"id":"6418ed6a-5e53-4b0d-8a9e-9479a66c8422","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":16,"box":{"x":549,"y":66,"width":404,"height":10}},{"id":"a449dade-d194-4744-b3a8-408f46eaf2aa","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":16,"box":{"x":550,"y":80,"width":418,"height":11}},{"id":"57a0350e-7dc7-47ca-bcbd-7c7fcaff87c2","block_type":"box","text":"the Fund to achieve size or scale. 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Only an Authorized Participant","page_number":16,"box":{"x":549,"y":231,"width":407,"height":10}},{"id":"4681df9c-94b0-4515-b847-0178bb930c12","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":16,"box":{"x":549,"y":245,"width":409,"height":11}},{"id":"9222ad78-a8c8-4778-b77b-ce6fdd5ff5ad","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":16,"box":{"x":549,"y":259,"width":412,"height":11}},{"id":"1e4a9761-3956-44b6-971d-602102bb786d","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":16,"box":{"x":549,"y":273,"width":403,"height":11}},{"id":"47c8d25d-822c-4665-b2ab-e6b3d870a55f","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":16,"box":{"x":549,"y":287,"width":378,"height":11}},{"id":"c744d0b2-a642-461e-9f4b-f30a4fee5b10","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":16,"box":{"x":550,"y":302,"width":379,"height":10}},{"id":"87683653-d305-4dde-af03-1ba4b6924e35","block_type":"box","text":"transactions. 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In a transaction involving","page_number":16,"box":{"x":549,"y":424,"width":419,"height":11}},{"id":"c08a2ba4-e721-40df-a795-61ee5daaf78d","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":16,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"365591a1-2d1b-4735-8110-ad8b5b681ad4","block_type":"box","text":"such as the OCC, rather than a bank or broker. 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In cleared derivatives positions, the Fund will","page_number":16,"box":{"x":549,"y":509,"width":409,"height":11}},{"id":"87ca5b27-ee2e-486f-ab86-4d22a1d7e30a","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":16,"box":{"x":549,"y":523,"width":381,"height":11}},{"id":"5fddcfc4-d0f9-48a7-a387-5ebe9226d580","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":16,"box":{"x":549,"y":537,"width":371,"height":11}},{"id":"a21ac89b-ceb4-4c62-bb54-cd14bbc3be31","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":16,"box":{"x":549,"y":552,"width":421,"height":11}},{"id":"bb8fd7bd-dd08-4a28-ba65-30c47fee97d5","block_type":"box","text":"in connection with any options contracts are held in a","page_number":16,"box":{"x":549,"y":566,"width":342,"height":11}},{"id":"6cc6b258-f33e-4e24-b13f-083fcb506d54","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":16,"box":{"x":549,"y":580,"width":414,"height":11}},{"id":"18e7f6ec-0fd7-452d-8114-52bddd16bb57","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":16,"box":{"x":549,"y":594,"width":420,"height":11}},{"id":"db901c75-e11f-43e5-aaa7-f8618dbb1e50","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":16,"box":{"x":549,"y":608,"width":400,"height":11}},{"id":"99cd2fd6-5c39-4c95-9dea-5f93561f4294","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":16,"box":{"x":550,"y":623,"width":422,"height":10}},{"id":"26298f0a-fa81-45b2-a2d3-faacd0635aa9","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":16,"box":{"x":549,"y":637,"width":404,"height":11}},{"id":"a9c122d2-a323-434d-8483-adcedde22e44","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":16,"box":{"x":549,"y":651,"width":406,"height":11}},{"id":"a1480426-b341-4725-9d85-af824dcfd1fe","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":16,"box":{"x":549,"y":665,"width":419,"height":11}},{"id":"9d858a84-3356-4f5e-ab75-d2adbf40291c","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":16,"box":{"x":550,"y":679,"width":422,"height":11}},{"id":"1822aa14-099a-41e4-a98a-e318f46751c3","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":16,"box":{"x":549,"y":693,"width":413,"height":11}},{"id":"9907792c-7844-43cc-a7ad-378e9f543007","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":16,"box":{"x":549,"y":708,"width":420,"height":10}},{"id":"8bd0fb5a-0c89-4851-bdcd-d0e504b8a082","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":16,"box":{"x":549,"y":722,"width":421,"height":11}},{"id":"93ff0dda-57fd-4fca-86ee-07200941b25f","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":16,"box":{"x":549,"y":736,"width":412,"height":11}},{"id":"9bbba7bc-cadf-49f8-85e1-19caa9a760e9","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":16,"box":{"x":549,"y":750,"width":381,"height":11}},{"id":"d8e0d594-af8a-479e-a8f1-8b8f728b7d4f","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":16,"box":{"x":549,"y":764,"width":394,"height":11}},{"id":"1044f515-e594-45fa-a61f-097c65d1268b","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":16,"box":{"x":549,"y":779,"width":400,"height":10}},{"id":"a45bf5c5-4c4b-47e9-a1a1-942276947264","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":16,"box":{"x":549,"y":793,"width":411,"height":11}},{"id":"99d7d2cb-cde1-46cc-ab4d-21316995f8ec","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":16,"box":{"x":549,"y":807,"width":423,"height":11}},{"id":"e90a0416-a23b-4d55-89a1-20473efb7e85","block_type":"box","text":"the clearing member. 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The OCC acts as guarantor and central counterparty","page_number":17,"box":{"x":83,"y":282,"width":424,"height":11}},{"id":"8bc9705c-1dbc-48df-86c9-19003ecdf330","block_type":"box","text":"with respect to the options held by the Fund. As a result, the","page_number":17,"box":{"x":82,"y":296,"width":387,"height":11}},{"id":"6f1e3571-d1ad-4aef-9f97-2126c2dbce4d","block_type":"box","text":"ability of the Fund to meet its objective depends on the OCC","page_number":17,"box":{"x":83,"y":311,"width":386,"height":10}},{"id":"2839dcff-5276-4e7a-8932-0efdf84378b3","block_type":"box","text":"being able to meet its obligations. 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Derivatives can be sensitive to changes in economic","page_number":17,"box":{"x":83,"y":433,"width":424,"height":11}},{"id":"4cad117c-478b-449b-a3ee-107096ebb25b","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":17,"box":{"x":83,"y":447,"width":365,"height":11}},{"id":"3788f6fd-73d4-446e-b114-61adace687c3","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":17,"box":{"x":82,"y":461,"width":390,"height":11}},{"id":"def40240-2255-464c-a9af-11b1d26f6563","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":17,"box":{"x":83,"y":476,"width":398,"height":10}},{"id":"336cdb79-64e4-493e-9ef4-e0862bb86be3","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":17,"box":{"x":82,"y":490,"width":407,"height":11}},{"id":"42363c2f-f751-47de-a645-844d14f2c1c4","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":17,"box":{"x":83,"y":504,"width":363,"height":11}},{"id":"9f9f9d97-4e85-4a8a-9b90-7ed85bc311dd","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":17,"box":{"x":83,"y":518,"width":418,"height":11}},{"id":"f3fbae2f-207c-4904-bf3f-d114c519fdd4","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":17,"box":{"x":83,"y":532,"width":400,"height":11}},{"id":"6c67e8f8-2ede-417d-a774-7f70cf3fdf43","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":17,"box":{"x":83,"y":547,"width":381,"height":10}},{"id":"14c5bf7c-237a-451f-870e-27c8eeab4f21","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":17,"box":{"x":82,"y":561,"width":418,"height":11}},{"id":"f6aa1317-dc70-4e8c-970a-667250655848","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":17,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"e4387559-9f00-43a9-a156-c152393db231","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":17,"box":{"x":83,"y":589,"width":403,"height":11}},{"id":"c35e7996-b571-446d-8d46-3861ac7ae03f","block_type":"box","text":"not fulfill its contractual obligations. 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The value of a security may decline for a number of","page_number":17,"box":{"x":83,"y":669,"width":420,"height":11}},{"id":"9c67d4b0-3c29-4664-87b7-e64902b62b56","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":17,"box":{"x":83,"y":683,"width":396,"height":11}},{"id":"70930281-1b17-45a0-b3dc-b9e5ae8f01c3","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":17,"box":{"x":83,"y":697,"width":359,"height":11}},{"id":"c78542a6-31cc-41df-a60c-a9a45f44b595","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":17,"box":{"x":83,"y":712,"width":390,"height":10}},{"id":"06bb6d47-1f12-403b-a97a-4d28189c0000","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":17,"box":{"x":83,"y":726,"width":412,"height":11}},{"id":"7c218d9f-ff95-45b1-a0de-82718772bfb2","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":17,"box":{"x":83,"y":740,"width":372,"height":11}},{"id":"d05ccaeb-bc89-4580-839c-0f7800565915","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":17,"box":{"x":83,"y":754,"width":309,"height":11}},{"id":"c31e1d22-3120-4cc8-bc5b-62278918a493","block_type":"box","text":"Futures Contract Risk.","page_number":17,"box":{"x":83,"y":777,"width":150,"height":9}},{"id":"50838868-6664-41b6-84dc-251de53e8360","block_type":"box","text":"Futures contracts may involve risks","page_number":17,"box":{"x":240,"y":777,"width":225,"height":11}},{"id":"f21f5370-eefa-4e4f-8739-363547842647","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":17,"box":{"x":83,"y":791,"width":424,"height":11}},{"id":"94c3aba2-da15-4023-9786-72bdf68aa4d0","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":17,"box":{"x":83,"y":806,"width":369,"height":10}},{"id":"03d051d5-7298-4390-8255-b1c5de72dcbf","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":17,"box":{"x":83,"y":820,"width":411,"height":11}},{"id":"2522c70e-62d0-423d-834e-6c48a633b99c","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":17,"box":{"x":83,"y":834,"width":407,"height":11}},{"id":"0b5de8d0-29a8-4532-9ede-a147ebee8910","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":17,"box":{"x":83,"y":848,"width":423,"height":11}},{"id":"be920ff9-3907-48c5-b339-b08d6ae2b4fb","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":17,"box":{"x":83,"y":862,"width":418,"height":11}},{"id":"dbb8edee-9d89-45d0-ad41-750a7314189f","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":17,"box":{"x":83,"y":877,"width":412,"height":10}},{"id":"990c3a4a-0696-4913-bba5-9ff61e0e9384","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":17,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"6460c2f2-a628-46ff-b348-9eb39a74910a","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":17,"box":{"x":549,"y":37,"width":393,"height":11}},{"id":"58b05080-f4bc-4406-a020-b930ef6e0c77","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":17,"box":{"x":549,"y":51,"width":411,"height":11}},{"id":"db6990c8-6590-4c4c-9a4a-0cf95d292c2c","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":17,"box":{"x":549,"y":66,"width":361,"height":10}},{"id":"ec4ac6b8-da3a-48ee-8153-32e7c7417445","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":17,"box":{"x":549,"y":80,"width":404,"height":11}},{"id":"4ef433bc-fdf2-4ba7-9962-6d4ec4863209","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":17,"box":{"x":549,"y":94,"width":378,"height":11}},{"id":"f5ac95ee-c9b7-4ef6-ac76-706dcecd5add","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":17,"box":{"x":549,"y":108,"width":407,"height":11}},{"id":"0834f97a-0cc9-413f-85b2-ec720ec9996c","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":17,"box":{"x":549,"y":122,"width":423,"height":11}},{"id":"46fff999-cc1d-4d1e-ba21-3d5f365ea9d1","block_type":"box","text":"commodity to the Fund.","page_number":17,"box":{"x":549,"y":137,"width":151,"height":10}},{"id":"5b59decd-24fa-40ac-ba82-cdbfe992c90d","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":17,"box":{"x":549,"y":160,"width":398,"height":11}},{"id":"0ccd5ea2-231c-4f0d-8fce-300807f7d44c","block_type":"box","text":"(","page_number":17,"box":{"x":549,"y":174,"width":3,"height":11}},{"id":"df648751-8259-4f8f-bd83-55df0bdea6c6","block_type":"box","text":"i.e","page_number":17,"box":{"x":553,"y":174,"width":14,"height":8}},{"id":"7a181977-792b-4022-a0bc-1d1fdaa7fc05","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":17,"box":{"x":569,"y":174,"width":356,"height":11}},{"id":"5c32cc97-d463-4d6b-b402-7105049279fb","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":17,"box":{"x":549,"y":188,"width":373,"height":11}},{"id":"e7a5ab89-c1e5-456d-b47f-4d6eba0e5ca1","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":17,"box":{"x":549,"y":202,"width":406,"height":11}},{"id":"cf8b84f7-2384-49dc-b047-5c3af507042e","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":17,"box":{"x":549,"y":216,"width":424,"height":11}},{"id":"7983661f-49ce-441a-b55c-bd441891c381","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":17,"box":{"x":549,"y":231,"width":392,"height":11}},{"id":"30fa0de3-54bc-4828-9048-0bc62e0c22d8","block_type":"box","text":"contract.","page_number":17,"box":{"x":549,"y":246,"width":56,"height":7}},{"id":"f10154bb-3d2e-4940-b62f-6708450d6467","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":17,"box":{"x":549,"y":268,"width":244,"height":11}},{"id":"3ab9b51f-caa3-4b0e-823a-840b904aa29d","block_type":"box","text":"The Fund invests in the","page_number":17,"box":{"x":799,"y":268,"width":147,"height":9}},{"id":"37b5edfc-ed39-4548-b2cb-8bb601a92374","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":17,"box":{"x":550,"y":282,"width":419,"height":11}},{"id":"b126fb13-9601-4ea3-bed2-63bde37d8110","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":17,"box":{"x":549,"y":296,"width":403,"height":11}},{"id":"9c1e531d-01e9-4f2c-8de4-fa29680ed2a3","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":17,"box":{"x":549,"y":311,"width":381,"height":10}},{"id":"b5a7e607-708d-443e-8967-0c77ef3d1cb5","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":17,"box":{"x":550,"y":325,"width":419,"height":11}},{"id":"d028db07-f824-460e-8b2f-9fd665a080de","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":17,"box":{"x":549,"y":339,"width":419,"height":11}},{"id":"684717ec-fb74-4ebb-a784-a83d5d8a49eb","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":17,"box":{"x":550,"y":353,"width":407,"height":11}},{"id":"ebe7be11-94ec-43a7-aefe-2c8fec762788","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":17,"box":{"x":549,"y":367,"width":418,"height":11}},{"id":"c365e3de-7a07-4eea-bd59-522c2b759566","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":17,"box":{"x":549,"y":382,"width":417,"height":10}},{"id":"aaf287fd-45ef-447a-90a7-bd0d72aa5149","block_type":"box","text":"the Underlying Fund.","page_number":17,"box":{"x":549,"y":396,"width":132,"height":11}},{"id":"40eabd92-6e8e-4959-adce-a4ecb4f3d48d","block_type":"box","text":"Issuer Risk","page_number":17,"box":{"x":549,"y":419,"width":75,"height":8}},{"id":"d64c305d-4029-4dd4-977d-3c61cb8e74c7","block_type":"box","text":".","page_number":17,"box":{"x":624,"y":425,"width":3,"height":2}},{"id":"8a91f5ae-fd41-43f6-9947-d02b1adf130d","block_type":"box","text":"The performance of the Fund depends on the","page_number":17,"box":{"x":632,"y":419,"width":288,"height":11}},{"id":"aa8875e7-7240-4066-a151-07a2a21d6d4e","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":17,"box":{"x":549,"y":433,"width":412,"height":11}},{"id":"55a1a84e-5919-4cd6-8cb7-1df73e279b03","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":17,"box":{"x":550,"y":447,"width":402,"height":11}},{"id":"18943306-1c68-4bc7-98c6-1caba30a3c21","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":17,"box":{"x":549,"y":461,"width":418,"height":11}},{"id":"03567a8f-8bc5-478d-83fb-5de3d9febb6c","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":17,"box":{"x":549,"y":476,"width":414,"height":10}},{"id":"7e43dbee-8d13-45e7-ab8c-f80dcab1ec8e","block_type":"box","text":"counterparty.","page_number":17,"box":{"x":549,"y":491,"width":84,"height":10}},{"id":"875773a0-9903-4890-baff-3a27a53f4270","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":17,"box":{"x":549,"y":513,"width":360,"height":11}},{"id":"be3ab53f-926b-454f-ad95-6a387d9e7e27","block_type":"box","text":"Certain","page_number":17,"box":{"x":915,"y":513,"width":45,"height":8}},{"id":"cb37bf00-12c8-4715-b98e-5860858b98b7","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":17,"box":{"x":549,"y":527,"width":405,"height":11}},{"id":"3dea6af5-b171-41c0-ae1d-f0168bb8e185","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":17,"box":{"x":549,"y":541,"width":409,"height":11}},{"id":"2e2a18df-16af-4c55-8578-b7bc18f54b60","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":17,"box":{"x":549,"y":556,"width":419,"height":10}},{"id":"9c7ec80c-b61d-4916-808e-335b4ee2270f","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":17,"box":{"x":549,"y":570,"width":417,"height":11}},{"id":"2f87e21d-c646-4fa2-8bf9-ef231c3d3088","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":17,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"f58e617a-3eb6-4142-b39c-a4e74e05976b","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":17,"box":{"x":549,"y":626,"width":413,"height":11}},{"id":"29ed9a83-ca1b-4ee3-96e4-eccd6c098154","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":17,"box":{"x":549,"y":641,"width":416,"height":10}},{"id":"c8d51ad2-5ba9-4ade-942a-399a6d9b9312","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":17,"box":{"x":549,"y":655,"width":411,"height":11}},{"id":"8d50bb24-98bb-4608-8d80-5d154ebd8ad9","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":17,"box":{"x":549,"y":669,"width":415,"height":8}},{"id":"f98b7785-3b38-4a76-8ab4-cd8b86e6f997","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":17,"box":{"x":549,"y":683,"width":400,"height":10}},{"id":"d30e6432-a487-46d8-8398-c31a43c37d0a","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":17,"box":{"x":549,"y":697,"width":404,"height":11}},{"id":"cad0c95d-5007-4573-a245-f7d1faa94bec","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":17,"box":{"x":549,"y":712,"width":415,"height":10}},{"id":"7cc9f57c-2c44-4598-9ceb-78c02e011e28","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":17,"box":{"x":549,"y":726,"width":412,"height":11}},{"id":"b6d004bd-aa28-405e-8106-5eae5dd0076c","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":17,"box":{"x":549,"y":740,"width":352,"height":11}},{"id":"4521643c-7365-4db6-82f4-a578a8ecd2b9","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":17,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"9468c6ac-3014-4928-a91b-99074a932ff0","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":17,"box":{"x":549,"y":768,"width":416,"height":11}},{"id":"e087ae85-9828-40d6-bcea-a4a9f3d65453","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":17,"box":{"x":549,"y":782,"width":387,"height":11}},{"id":"5a4059f8-6be1-49d9-b0ac-0ff0ec270d42","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":17,"box":{"x":549,"y":797,"width":419,"height":10}},{"id":"f2b4428a-527c-4038-9e4a-d8f277a620e8","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":17,"box":{"x":549,"y":811,"width":389,"height":11}},{"id":"98ebe2de-1958-4f51-ba7f-b642b4d0945e","block_type":"box","text":"price of Fund shares.","page_number":17,"box":{"x":549,"y":825,"width":133,"height":11}},{"id":"c61ea491-1f8f-4630-a604-58be32e77e3b","block_type":"box","text":"Management Risk.","page_number":17,"box":{"x":549,"y":848,"width":125,"height":11}},{"id":"62c0b0a4-8e89-42d1-819c-9c15c6f1c1ad","block_type":"box","text":"The Fund is subject to management risk,","page_number":17,"box":{"x":679,"y":848,"width":259,"height":11}},{"id":"dc742caa-6d53-413e-b634-84c89eb49f44","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":17,"box":{"x":549,"y":862,"width":419,"height":11}},{"id":"91efce6b-7265-4109-81a6-0809959fe147","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":17,"box":{"x":549,"y":877,"width":412,"height":10}},{"id":"4f7b1a29-aba0-4a4b-ab84-8e1b54ed6e43","block_type":"box","text":"S-6","page_number":17,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"c21b21d7-726a-4bf6-a925-f0288763a8e6","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":18,"box":{"x":83,"y":23,"width":417,"height":11}},{"id":"a021973c-d1ba-4121-9617-c1bcd555accf","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":18,"box":{"x":83,"y":37,"width":374,"height":9}},{"id":"8f299884-29d1-4de7-901d-1f8b717143af","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":18,"box":{"x":83,"y":51,"width":390,"height":11}},{"id":"42e636f0-3d8f-4dbb-b6e5-bf9674dd8937","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":18,"box":{"x":83,"y":66,"width":392,"height":11}},{"id":"45dcbbf7-ff84-401b-99e7-18bde3b3713d","block_type":"box","text":"developments may affect the investment techniques available to","page_number":18,"box":{"x":83,"y":80,"width":412,"height":11}},{"id":"69adfd99-3f2c-49dd-8af5-7cc1dec5efb4","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":18,"box":{"x":84,"y":94,"width":394,"height":11}},{"id":"c7236205-1a4e-473b-8dc9-11358a0c2c64","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":18,"box":{"x":83,"y":108,"width":410,"height":11}},{"id":"f6b838b0-647f-4e24-ae6b-5f54c25843bc","block_type":"box","text":"Market Trading Risk","page_number":18,"box":{"x":83,"y":131,"width":136,"height":11}},{"id":"f7bc838f-4a6b-40fc-8f44-0f08d6a2d535","block_type":"box","text":".","page_number":18,"box":{"x":219,"y":138,"width":2,"height":2}},{"id":"134c0544-5fd6-4fb6-82ad-145c71bb6919","block_type":"box","text":"The Fund faces numerous market trading","page_number":18,"box":{"x":226,"y":131,"width":263,"height":11}},{"id":"11a08905-678d-47b9-99ba-fe8881ec2efd","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":18,"box":{"x":83,"y":146,"width":394,"height":10}},{"id":"18bb4cfd-59fc-4a28-944e-fb698e4f95ef","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":18,"box":{"x":83,"y":160,"width":401,"height":11}},{"id":"d004c424-dcc0-4a17-ba5c-27b203916c47","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":18,"box":{"x":83,"y":174,"width":404,"height":11}},{"id":"dc2f3830-dd76-4e10-8387-268eb77f76fc","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":18,"box":{"x":83,"y":188,"width":416,"height":11}},{"id":"bd148aac-e678-4234-85ef-c2a22d39f4d9","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":18,"box":{"x":82,"y":202,"width":405,"height":11}},{"id":"8f15b379-a721-4a25-b9eb-40cad9163a20","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":18,"box":{"x":83,"y":217,"width":411,"height":10}},{"id":"e0cce7d8-fa6a-4c6d-abbb-7a4c0fff351b","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":18,"box":{"x":83,"y":231,"width":397,"height":11}},{"id":"44915080-1aae-44fd-ab7d-1b7a3d614911","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":18,"box":{"x":83,"y":245,"width":419,"height":11}},{"id":"7ee21794-35a2-4a58-aee7-88d2f8b7f04c","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":18,"box":{"x":83,"y":259,"width":412,"height":11}},{"id":"0a850953-b6fb-4f39-ba3d-851ac951eb61","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":18,"box":{"x":83,"y":273,"width":397,"height":11}},{"id":"bd3ac8c2-ef25-41fa-9d7e-dc93f78d4426","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":18,"box":{"x":83,"y":287,"width":316,"height":11}},{"id":"b96358c0-42ed-484b-8a64-ed6e119f0a1a","block_type":"box","text":"Non-Diversification Risk","page_number":18,"box":{"x":83,"y":311,"width":165,"height":8}},{"id":"0544554b-48f2-4ffc-bd10-1213f73551f5","block_type":"box","text":".","page_number":18,"box":{"x":248,"y":317,"width":2,"height":2}},{"id":"7e8acc7d-cd47-4260-9fc2-647eb8067d1a","block_type":"box","text":"The Fund is classified as “non","page_number":18,"box":{"x":255,"y":311,"width":193,"height":8}},{"id":"c2a484df-f430-4cc4-bff6-0bd957c703fe","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":18,"box":{"x":83,"y":325,"width":377,"height":11}},{"id":"ae6e4e88-cdb8-4b57-878d-a7f611fb251f","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":18,"box":{"x":83,"y":339,"width":358,"height":11}},{"id":"e41450e7-0ef3-4131-bd70-eee57b98ca85","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":18,"box":{"x":83,"y":353,"width":370,"height":11}},{"id":"4c716bf6-4f40-4828-9b8f-2cf2222eee15","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":18,"box":{"x":83,"y":367,"width":422,"height":11}},{"id":"149a31b7-c4e1-4010-b363-8b0696569a3a","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":18,"box":{"x":83,"y":382,"width":379,"height":10}},{"id":"895f2e5c-6118-4901-a552-e4f9985295ec","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":18,"box":{"x":83,"y":396,"width":375,"height":10}},{"id":"e5ce2561-d46b-4e87-94a0-af4ad26ec56a","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":18,"box":{"x":83,"y":410,"width":418,"height":11}},{"id":"5e76e2db-43ff-4f70-bfb3-236ea6ba09aa","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":18,"box":{"x":83,"y":424,"width":418,"height":11}},{"id":"c25784ca-d402-4108-b2ea-524b0c12da0a","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":18,"box":{"x":83,"y":438,"width":209,"height":11}},{"id":"7dc354ee-a486-4192-893f-49ed6de2cc48","block_type":"box","text":"Operational and Technology Risks","page_number":18,"box":{"x":83,"y":461,"width":230,"height":11}},{"id":"1517d6c6-d46d-4047-9576-13744b225faf","block_type":"box","text":".","page_number":18,"box":{"x":314,"y":468,"width":2,"height":2}},{"id":"b79b19a1-fe8f-4fbc-b3a9-e9e977e31a8f","block_type":"box","text":"The Fund is directly and","page_number":18,"box":{"x":321,"y":461,"width":151,"height":11}},{"id":"dbb3d742-4a6a-48af-9e9c-f877aafb8096","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":18,"box":{"x":83,"y":476,"width":368,"height":10}},{"id":"5aaecefa-305c-42a3-b059-5ca591b93fe3","block_type":"box","text":"including those related to human errors, processing errors,","page_number":18,"box":{"x":83,"y":490,"width":376,"height":11}},{"id":"f8eb64ae-7f3a-45f8-a65e-39df0ecc1380","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":18,"box":{"x":83,"y":504,"width":413,"height":11}},{"id":"e18eb52f-2bb8-485b-b9cd-85e70b181fd3","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":18,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"74210756-bbda-4268-a81b-da859648383c","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":18,"box":{"x":82,"y":532,"width":402,"height":11}},{"id":"132bfcaf-f5bc-47c2-8b38-d85475da9ceb","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":18,"box":{"x":83,"y":547,"width":376,"height":10}},{"id":"f0d3ff3b-b524-4c20-a400-ae6aded7771c","block_type":"box","text":"providers are required to have appropriate operational,","page_number":18,"box":{"x":83,"y":561,"width":350,"height":10}},{"id":"9c2c8ca8-dd3f-45d0-b7b5-80fb9b1c832b","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":18,"box":{"x":83,"y":575,"width":414,"height":11}},{"id":"93d488ee-045b-4435-a6e8-c615b94d5792","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":18,"box":{"x":83,"y":589,"width":397,"height":11}},{"id":"9608e64d-59e3-412b-8623-67882b50362e","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":18,"box":{"x":82,"y":603,"width":411,"height":11}},{"id":"ad2641e5-c3fc-44ac-997d-daae53623d61","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":18,"box":{"x":83,"y":617,"width":391,"height":9}},{"id":"dfe46424-f803-440d-961c-0ef18a880488","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":18,"box":{"x":83,"y":632,"width":421,"height":10}},{"id":"2bfa2515-60f8-4fe3-9c11-760f9028078d","block_type":"box","text":"investments in such issuers to lose value.","page_number":18,"box":{"x":83,"y":646,"width":264,"height":8}},{"id":"a500575c-f145-416f-922e-d72b0fdd6f51","block_type":"box","text":"Outcome Period Risk.","page_number":18,"box":{"x":83,"y":669,"width":145,"height":8}},{"id":"03eed758-83fa-4bb2-a755-00f2f5a5bad1","block_type":"box","text":"The Approximate Cap for an Outcome","page_number":18,"box":{"x":233,"y":669,"width":241,"height":11}},{"id":"17f0e6eb-dd25-4d42-b803-c17924ac1ddf","block_type":"box","text":"Period applies to Fund shares held over the entire Outcome","page_number":18,"box":{"x":84,"y":683,"width":379,"height":11}},{"id":"60daca1a-b0d0-4982-a8a4-fd3bc92543f7","block_type":"box","text":"Period. If an investor purchases Fund shares after an Outcome","page_number":18,"box":{"x":84,"y":697,"width":398,"height":11}},{"id":"28e74832-2168-4b10-a5e2-fd78ef1d008a","block_type":"box","text":"Period begins or sells Fund shares prior to the end of an Outcome","page_number":18,"box":{"x":84,"y":712,"width":418,"height":10}},{"id":"30f2b0a3-5d50-46e0-848e-168dee3aef40","block_type":"box","text":"Period, the returns realized by the investor will not match those","page_number":18,"box":{"x":84,"y":726,"width":404,"height":11}},{"id":"8297a296-0d20-4c05-b41f-d08ff42a4408","block_type":"box","text":"that the Fund seeks to provide.","page_number":18,"box":{"x":83,"y":740,"width":198,"height":11}},{"id":"bb8a1032-49db-4e15-8741-54e353aefef9","block_type":"box","text":"Small Fund Risk.","page_number":18,"box":{"x":82,"y":763,"width":111,"height":9}},{"id":"8bac2594-ca3c-45d2-9cd7-b9f5326f1469","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":18,"box":{"x":199,"y":763,"width":282,"height":11}},{"id":"1b1c7924-7a19-4aca-8789-abf635061a10","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. 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any.","page_number":21,"box":{"x":103,"y":175,"width":712,"height":9}},{"id":"57c7ee09-1f61-4c72-9a94-fd1fb228fc07","block_type":"box","text":"2","page_number":21,"box":{"x":93,"y":191,"width":4,"height":5}},{"id":"2580c78c-8e6a-4ef9-b9d6-c2e578c5c656","block_type":"box","text":"Based on estimated amounts for the current fiscal year.","page_number":21,"box":{"x":104,"y":193,"width":314,"height":9}},{"id":"33f2b444-a5e7-45a2-90f0-fecc3180caf2","block_type":"box","text":"Example.","page_number":21,"box":{"x":83,"y":215,"width":62,"height":11}},{"id":"db04ae36-b54d-415e-a731-2ff949e43477","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 other funds.","page_number":21,"box":{"x":150,"y":215,"width":800,"height":11}},{"id":"363f4be1-10ef-4e71-b4b3-a2f8775ece38","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":21,"box":{"x":82,"y":228,"width":891,"height":12}},{"id":"716328d8-b7ea-4ccf-bf09-db5bc6b40d78","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":21,"box":{"x":83,"y":243,"width":862,"height":11}},{"id":"455f0e84-a236-45b2-85a0-dc10a6e2cfe4","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":21,"box":{"x":83,"y":258,"width":694,"height":10}},{"id":"ffc81276-01b1-406f-8d26-134a81000fb7","block_type":"box","text":"1 Year 3 Years","page_number":21,"box":{"x":394,"y":288,"width":270,"height":8}},{"id":"26709969-9c1c-47d4-8ae3-b2a72d0f8f37","block_type":"box","text":"$51 $160","page_number":21,"box":{"x":401,"y":308,"width":254,"height":9}},{"id":"ab69f31c-4c66-4960-b4d1-b2d30bbd33ac","block_type":"box","text":"Portfolio Turnover.","page_number":21,"box":{"x":83,"y":348,"width":129,"height":8}},{"id":"075efd97-ad6b-4cdf-a5ec-75358defb648","block_type":"box","text":"The Fund or the Underlying Fund may pay","page_number":21,"box":{"x":216,"y":348,"width":266,"height":11}},{"id":"65791824-eab4-4089-a974-c1f7e6cc4308","block_type":"box","text":"transaction costs, such as commissions, when they buy and sell","page_number":21,"box":{"x":83,"y":362,"width":407,"height":11}},{"id":"a0cada39-6e4d-4e3f-a28f-1bd44a5de6dc","block_type":"box","text":"securities (or “turn over” their portfolios). A higher portfolio","page_number":21,"box":{"x":83,"y":376,"width":380,"height":11}},{"id":"2e61144c-b13d-4610-bfb4-b6dcecdad14a","block_type":"box","text":"turnover rate for the Fund or the Underlying Fund may indicate","page_number":21,"box":{"x":83,"y":390,"width":400,"height":11}},{"id":"d73055c6-e660-417e-b9b2-ef229d8c14dc","block_type":"box","text":"higher transaction costs and may cause the Fund or the","page_number":21,"box":{"x":83,"y":404,"width":356,"height":11}},{"id":"e293b773-617b-4a1e-af56-360927284aa1","block_type":"box","text":"Underlying Fund to incur increased expenses. These costs, which","page_number":21,"box":{"x":83,"y":419,"width":416,"height":10}},{"id":"c3063255-1883-4031-a232-3c8e981c11ee","block_type":"box","text":"are not reflected in the Annual Fund Operating Expenses or in the","page_number":21,"box":{"x":83,"y":433,"width":418,"height":11}},{"id":"d4cbfc99-441f-4323-b7f5-e56c0140b270","block_type":"box","text":"Example (except costs to the Underlying Fund included as part of","page_number":21,"box":{"x":84,"y":447,"width":416,"height":11}},{"id":"24232e4e-0061-415b-98b3-93f7b11242dd","block_type":"box","text":"Acquired Fund Fees and Expenses), affect the Fund’s","page_number":21,"box":{"x":82,"y":461,"width":339,"height":11}},{"id":"445063f9-5c4b-4d31-bbb0-66fc72ee650e","block_type":"box","text":"performance. From inception (March 31, 2025) to the most recent","page_number":21,"box":{"x":83,"y":475,"width":423,"height":11}},{"id":"37029f0c-a36b-4bfd-aa35-545ba333050f","block_type":"box","text":"fiscal year end, the Fund’s portfolio turnover rate was 0% of the","page_number":21,"box":{"x":82,"y":490,"width":405,"height":10}},{"id":"b44a4ec1-9a3d-41bd-880a-c572802a7cc9","block_type":"box","text":"average value of its portfolio.","page_number":21,"box":{"x":83,"y":504,"width":184,"height":11}},{"id":"dfdf608d-722d-43d0-8bdb-17e9e03d1fe0","block_type":"box","text":"Principal Investment Strategies","page_number":21,"box":{"x":84,"y":533,"width":268,"height":13}},{"id":"09858d70-3cb1-4a6a-8b9c-4302425b043e","block_type":"box","text":"The Fund seeks to provide certain pre-determined Outcomes","page_number":21,"box":{"x":82,"y":558,"width":390,"height":11}},{"id":"00920ca6-e432-4de4-8fd9-12994e124a7d","block_type":"box","text":"based on the performance of the Underlying Fund for investors","page_number":21,"box":{"x":83,"y":572,"width":402,"height":11}},{"id":"ab794d21-7858-4ad2-95e2-6d05c01f7a22","block_type":"box","text":"who hold Fund shares over a 12-month period (the “Outcome","page_number":21,"box":{"x":82,"y":586,"width":391,"height":11}},{"id":"55257299-8bce-4f6c-9dae-bf8624f547cf","block_type":"box","text":"Period”). The Outcomes sought by the Fund are:","page_number":21,"box":{"x":84,"y":600,"width":305,"height":11}},{"id":"e8bf57ba-e493-4afb-be35-f1ca85594d01","block_type":"box","text":"The share price return of the Underlying Fund capped at an","page_number":21,"box":{"x":119,"y":618,"width":377,"height":11}},{"id":"9ec28086-3590-4dc3-8849-f0d39bad17f4","block_type":"box","text":"approximate upside limit (the “Approximate Cap”), and","page_number":21,"box":{"x":120,"y":633,"width":347,"height":10}},{"id":"34267647-e65c-44da-9994-a3c072bb9e7c","block_type":"box","text":"Protection against approximately 100% of the Underlying","page_number":21,"box":{"x":120,"y":651,"width":362,"height":11}},{"id":"d2c6f1a6-5a41-4e7d-aaec-10904de18e52","block_type":"box","text":"Fund’s losses (the “Approximate Buffer”) over each Outcome","page_number":21,"box":{"x":120,"y":665,"width":387,"height":11}},{"id":"fb17a8ad-288e-49c7-aefa-a517b9230212","block_type":"box","text":"Period.","page_number":21,"box":{"x":120,"y":679,"width":43,"height":9}},{"id":"4ccb4440-6ab0-4469-942a-f5e86ea27ac0","block_type":"box","text":"The Outcomes are intended to be realized only by investors who","page_number":21,"box":{"x":82,"y":702,"width":410,"height":11}},{"id":"326dae51-6e4b-4a92-a2c2-5b46e0bcbc10","block_type":"box","text":"hold Fund shares at the outset of the Outcome Period and","page_number":21,"box":{"x":83,"y":716,"width":370,"height":9}},{"id":"c7974a17-3739-4229-ac2d-959ef62199a7","block_type":"box","text":"continue to hold the shares through the end of the Outcome","page_number":21,"box":{"x":83,"y":731,"width":384,"height":10}},{"id":"4b3567f3-66ce-4b89-b305-54f5e6b60d92","block_type":"box","text":"Period. Specifically, in order to hold Fund shares for the entirety","page_number":21,"box":{"x":84,"y":745,"width":408,"height":11}},{"id":"46c86f0c-565f-47ff-9ada-912c1cb3b46f","block_type":"box","text":"of an Outcome Period, an investor must buy or continue holding","page_number":21,"box":{"x":83,"y":759,"width":408,"height":11}},{"id":"e1ecc241-7861-4b4b-a319-c099763f31d5","block_type":"box","text":"shares at the close on the last trading day of the prior Outcome","page_number":21,"box":{"x":83,"y":773,"width":405,"height":11}},{"id":"6b11d5f9-1906-4919-bc58-3876b2aa3f31","block_type":"box","text":"Period and sell or continue holding the shares at the close on the","page_number":21,"box":{"x":84,"y":787,"width":414,"height":11}},{"id":"74e8edad-a9c7-45ea-8141-799aded58ca2","block_type":"box","text":"last trading day of the current Outcome Period. If investors buy","page_number":21,"box":{"x":83,"y":801,"width":403,"height":11}},{"id":"342b6576-1405-4c1c-8bbe-6b8a53b04df8","block_type":"box","text":"Fund shares after the start of the Outcome Period or sell Fund","page_number":21,"box":{"x":84,"y":816,"width":395,"height":8}},{"id":"1366902b-0d48-43cb-8166-14268ba49ec6","block_type":"box","text":"shares before the Outcome Period concludes, they may","page_number":21,"box":{"x":83,"y":830,"width":355,"height":11}},{"id":"b880f93b-4dae-4dce-b55a-a10e1eb6a9c2","block_type":"box","text":"experience returns that differ significantly from the Outcomes.","page_number":21,"box":{"x":83,"y":844,"width":399,"height":11}},{"id":"890d91a0-1db3-418a-a066-db73bf17e0c3","block_type":"box","text":"These include experiencing little or no gains related to the","page_number":21,"box":{"x":82,"y":858,"width":371,"height":11}},{"id":"6e96f024-f2ce-4cbb-be9a-9640d76e2910","block_type":"box","text":"Underlying Fund and little or no protection against losses of the","page_number":21,"box":{"x":83,"y":872,"width":406,"height":11}},{"id":"de0359d6-d3c5-405e-9f83-5ed91105579e","block_type":"box","text":"Underlying Fund. Investors may lose their entire investment, and","page_number":21,"box":{"x":550,"y":340,"width":411,"height":11}},{"id":"9f6c1edb-23a2-4f71-84eb-830e67568808","block_type":"box","text":"an investment in the Fund is appropriate only for investors willing","page_number":21,"box":{"x":549,"y":354,"width":417,"height":11}},{"id":"4ec5b125-d25f-4708-8cb4-55e3b146e112","block_type":"box","text":"to bear those losses. The Fund will be offered indefinitely and is","page_number":21,"box":{"x":549,"y":368,"width":406,"height":11}},{"id":"873e6f03-b1f6-48bb-b2f1-2efbfa2bae92","block_type":"box","text":"not intended to terminate after one or more Outcome Periods.","page_number":21,"box":{"x":549,"y":383,"width":397,"height":8}},{"id":"b91d706c-0e17-4455-9296-9104726532fd","block_type":"box","text":"The Current Outcome Period","page_number":21,"box":{"x":548,"y":406,"width":200,"height":8}},{"id":"2ced7a2d-f025-4665-a0bc-dc01af625bae","block_type":"box","text":"The current Outcome Period started on April 1, 2025 and ends on","page_number":21,"box":{"x":549,"y":429,"width":417,"height":11}},{"id":"e229728f-7229-4287-89f5-ea43a029706b","block_type":"box","text":"March 31, 2026. For the current Outcome Period, the","page_number":21,"box":{"x":550,"y":443,"width":338,"height":10}},{"id":"2d0cff91-90e1-48a3-b16a-a6e73d8a67ff","block_type":"box","text":"Approximate Cap is 8.11% before taking into account any fees or","page_number":21,"box":{"x":549,"y":457,"width":412,"height":11}},{"id":"9d01f773-a37e-4462-893a-a279db5ee5b2","block_type":"box","text":"expenses charged to, or transaction costs incurred by, the Fund","page_number":21,"box":{"x":549,"y":472,"width":408,"height":10}},{"id":"61fc74f6-8d4b-46dd-8552-a8dcfbe2f5ca","block_type":"box","text":"or the Underlying Fund. When the Fund’s annualized management","page_number":21,"box":{"x":549,"y":486,"width":420,"height":10}},{"id":"68906719-19eb-4b48-91b9-1cb659bd896b","block_type":"box","text":"fee of 0.50% of its average daily net assets is taken into account,","page_number":21,"box":{"x":549,"y":500,"width":414,"height":11}},{"id":"f118ebca-7917-4fff-9f76-4d668536c110","block_type":"box","text":"the Approximate Cap for the current Outcome Period is reduced","page_number":21,"box":{"x":549,"y":514,"width":409,"height":11}},{"id":"031dab46-f771-455d-9e4a-2aa6ba5fda6d","block_type":"box","text":"to 7.61%. The returns that the Fund seeks to provide do not take","page_number":21,"box":{"x":549,"y":528,"width":408,"height":11}},{"id":"d7ce0850-83b9-4595-8d3d-f324bddec3f0","block_type":"box","text":"into account the costs associated with buying shares of the","page_number":21,"box":{"x":549,"y":542,"width":380,"height":11}},{"id":"3d0ee9fb-acb9-402e-8fd4-cfaced9945a0","block_type":"box","text":"Underlying Fund and any other expenses incurred by the Fund.","page_number":21,"box":{"x":550,"y":557,"width":399,"height":10}},{"id":"55a8cf3a-674f-4175-94b8-1e03794826f4","block_type":"box","text":"Please visit the Fund’s page on www.iShares.com for more","page_number":21,"box":{"x":550,"y":571,"width":373,"height":11}},{"id":"a6d4b102-f643-4a75-9e6d-f54ec7214b6b","block_type":"box","text":"information about the potential outcomes of an investment in the","page_number":21,"box":{"x":549,"y":585,"width":417,"height":11}},{"id":"f0b9de16-92ac-4159-a658-39545ca494d5","block_type":"box","text":"Fund during the current Outcome Period, including the remaining","page_number":21,"box":{"x":550,"y":599,"width":415,"height":11}},{"id":"74df8562-14e4-43c1-9e7c-4f4167bd8f45","block_type":"box","text":"Approximate Cap.","page_number":21,"box":{"x":549,"y":613,"width":113,"height":11}},{"id":"2efef773-44de-421d-9e21-52dfdffc4f35","block_type":"box","text":"The Underlying Fund","page_number":21,"box":{"x":548,"y":636,"width":144,"height":11}},{"id":"667d27bc-de61-4c8e-b4f0-3118d457e869","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":21,"box":{"x":549,"y":660,"width":393,"height":11}},{"id":"1e169308-87a3-4058-8629-92ff1261e95e","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":21,"box":{"x":550,"y":674,"width":417,"height":11}},{"id":"2a146743-82a2-4aa7-8800-06e1bdd7430d","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":21,"box":{"x":549,"y":688,"width":412,"height":11}},{"id":"1ead0543-e0dc-4c25-92b4-b57b03a0c7e4","block_type":"box","text":"Index”), which measures the performance of the large","page_number":21,"box":{"x":550,"y":702,"width":348,"height":11}},{"id":"dfb2e279-797b-4bb7-a92d-09c1e14ea880","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":21,"box":{"x":549,"y":716,"width":412,"height":11}},{"id":"52e89af8-69c9-45ab-9554-f3231bf296e7","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":21,"box":{"x":549,"y":731,"width":389,"height":10}},{"id":"0741141d-dddf-467a-bfe3-a7a9e2be7657","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":21,"box":{"x":550,"y":745,"width":373,"height":11}},{"id":"d48c9bed-be7a-422b-8c7a-4877ad46846b","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":21,"box":{"x":549,"y":759,"width":375,"height":11}},{"id":"8283fa59-c1a5-4e48-acd1-fb9e682c1f0d","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":21,"box":{"x":549,"y":773,"width":396,"height":11}},{"id":"3cbf6cda-b126-4c79-8965-2e2940f2b892","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":21,"box":{"x":550,"y":787,"width":423,"height":11}},{"id":"416899ef-70a3-4093-a5c7-e182d05babcf","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":21,"box":{"x":549,"y":801,"width":412,"height":11}},{"id":"d5080bf1-4bd3-46c4-b01d-a592c7630f5f","block_type":"box","text":"Underlying Fund.","page_number":21,"box":{"x":550,"y":816,"width":106,"height":11}},{"id":"b9bb4c16-5c15-43da-bb48-0ef2913371b8","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":21,"box":{"x":550,"y":839,"width":369,"height":11}},{"id":"13fb2f72-ba5b-4298-b08e-ea912d151f39","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":21,"box":{"x":549,"y":853,"width":353,"height":11}},{"id":"370d555c-a881-4ba6-897a-c5746403c4e8","block_type":"box","text":"representative sample of securities that collectively has an","page_number":21,"box":{"x":549,"y":867,"width":375,"height":11}},{"id":"e83fd568-aa62-408a-bee3-c6c3bb5e7ba5","block_type":"box","text":"S-10","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"ffa11ff2-7eb8-47c3-bb6b-35c6d5bbd162","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":22,"box":{"x":83,"y":23,"width":384,"height":11}},{"id":"f94ed018-aeec-46bf-99f7-12f45b6579f9","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":22,"box":{"x":83,"y":37,"width":371,"height":11}},{"id":"558f51ab-2ea1-4442-a04b-49f9d549d205","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":22,"box":{"x":83,"y":51,"width":409,"height":11}},{"id":"63663051-35ab-4dc0-8829-1a3259d8d78a","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":22,"box":{"x":83,"y":66,"width":382,"height":11}},{"id":"293139d4-7a2c-4a66-a350-daddda04b575","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":22,"box":{"x":83,"y":80,"width":408,"height":11}},{"id":"8500458f-26cd-4b2c-ab4b-600cc0478819","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":22,"box":{"x":83,"y":94,"width":409,"height":11}},{"id":"4b37f714-40e6-48bc-a206-04dba67c53a8","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":22,"box":{"x":83,"y":108,"width":404,"height":11}},{"id":"3864e419-a17d-4489-a1f1-e51a7259b13a","block_type":"box","text":"Underlying Fund’s Index, which may cause the performance of the","page_number":22,"box":{"x":83,"y":122,"width":422,"height":11}},{"id":"9bf28cf2-76b5-4e35-9120-feadc12fa892","block_type":"box","text":"Underlying Fund to diverge from that of the Underlying Fund’s","page_number":22,"box":{"x":83,"y":137,"width":395,"height":10}},{"id":"8073da5b-f2fe-4353-a393-0194766011c0","block_type":"box","text":"Index and produce “tracking error”. Tracking error risk may be","page_number":22,"box":{"x":83,"y":151,"width":396,"height":11}},{"id":"d531473a-cdb2-4698-926d-9bac3c219888","block_type":"box","text":"heightened during times of increased market volatility or other","page_number":22,"box":{"x":83,"y":165,"width":400,"height":11}},{"id":"778ff4ee-c9d1-4d87-9884-7e7099c18683","block_type":"box","text":"unusual market conditions.","page_number":22,"box":{"x":83,"y":179,"width":172,"height":9}},{"id":"eaca38b9-46e3-4e21-a336-83797878e975","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":22,"box":{"x":82,"y":202,"width":388,"height":11}},{"id":"950e8c32-bb7a-4d4c-9bf1-ced0930d136f","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":22,"box":{"x":83,"y":216,"width":399,"height":11}},{"id":"9ac57add-c2b2-43b5-adbd-1faf61d3931c","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":22,"box":{"x":83,"y":231,"width":290,"height":11}},{"id":"4c4cbee0-92fb-4da2-ba43-9c5eb421ba0a","block_type":"box","text":"The Fund’s Use of Options","page_number":22,"box":{"x":82,"y":254,"width":183,"height":11}},{"id":"7771a979-2aef-41f3-bc9c-6042f5808bf1","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":22,"box":{"x":82,"y":277,"width":385,"height":11}},{"id":"1900b7b3-4c54-411a-a56b-75c385665577","block_type":"box","text":"customized put options thereon and sells call options that","page_number":22,"box":{"x":83,"y":291,"width":370,"height":11}},{"id":"d26a66de-11ff-4f04-9329-598d23ab52be","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":22,"box":{"x":83,"y":305,"width":392,"height":11}},{"id":"4299e749-af3e-486f-a2cd-1ec66aa83404","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":22,"box":{"x":83,"y":320,"width":387,"height":10}},{"id":"1be8ebd2-f537-45f1-bebc-b633416ebc2b","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":22,"box":{"x":83,"y":334,"width":414,"height":11}},{"id":"d8f7bac0-421e-493d-acf2-471e9e109468","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":22,"box":{"x":83,"y":348,"width":384,"height":11}},{"id":"456eac6c-fbed-46db-9a82-dcf89fb6db98","block_type":"box","text":"traded options that reference the price performance of the","page_number":22,"box":{"x":83,"y":362,"width":375,"height":11}},{"id":"07e0a853-9b7e-4bf4-bef7-4c68c1870d72","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index, or other ETFs that","page_number":22,"box":{"x":83,"y":376,"width":412,"height":11}},{"id":"6dc6d3be-ac74-4731-beb2-f7aa2f6c7191","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":22,"box":{"x":83,"y":391,"width":217,"height":10}},{"id":"8c541c58-a257-40b9-93b6-54159a25ac4c","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":22,"box":{"x":82,"y":414,"width":410,"height":11}},{"id":"2a571ddd-bcc0-4f0e-ad72-0ec167e08de0","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":22,"box":{"x":83,"y":428,"width":372,"height":11}},{"id":"83285c1f-5072-49ba-bc88-a3a73dca78b8","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":22,"box":{"x":83,"y":442,"width":409,"height":11}},{"id":"f6589747-39dd-46ba-8042-ac5eb42c13bb","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":22,"box":{"x":83,"y":456,"width":394,"height":11}},{"id":"132439f0-945f-431f-b557-dd3659433de5","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":22,"box":{"x":82,"y":470,"width":397,"height":11}},{"id":"af02d4dd-272e-4b76-ab18-16159942bf61","block_type":"box","text":"“strike price”. If the Fund buys a call option, it pays a premium","page_number":22,"box":{"x":83,"y":485,"width":397,"height":10}},{"id":"506fdfba-ec7d-4c13-b45d-ff9b499c2001","block_type":"box","text":"and receives the right, but not the obligation, to purchase shares","page_number":22,"box":{"x":83,"y":499,"width":413,"height":11}},{"id":"85627a5b-faa1-4d4e-b21d-1e8067668fa1","block_type":"box","text":"of the Underlying Fund or other reference asset at a strike price","page_number":22,"box":{"x":83,"y":513,"width":407,"height":11}},{"id":"7947f8ef-8c2f-4593-a984-0d54b9680d30","block_type":"box","text":"by or on the expiration date. When the Fund buys a put option, it","page_number":22,"box":{"x":83,"y":527,"width":411,"height":11}},{"id":"e0eaa7cc-5821-490c-a7a6-67fe6b50a8d4","block_type":"box","text":"pays a premium and receives the right, but not the obligation, to","page_number":22,"box":{"x":83,"y":541,"width":410,"height":11}},{"id":"96d82590-9aa3-46bf-876a-ee070b1daa7c","block_type":"box","text":"sell shares of the Underlying Fund or other reference asset at a","page_number":22,"box":{"x":83,"y":556,"width":403,"height":10}},{"id":"14d442e4-5e5a-44a4-ae51-48b2a640a470","block_type":"box","text":"strike price by or on the expiration date. When the Fund writes","page_number":22,"box":{"x":83,"y":570,"width":399,"height":11}},{"id":"a5b669c3-cbcc-4cff-81c3-66cc7126c30f","block_type":"box","text":"(sells) a call option, it receives a premium and gives the purchaser","page_number":22,"box":{"x":83,"y":584,"width":423,"height":11}},{"id":"6f9d04d0-4dab-466c-bdc7-31f1b049ce0f","block_type":"box","text":"of the option the right to purchase from the Fund shares of the","page_number":22,"box":{"x":83,"y":598,"width":400,"height":11}},{"id":"11258f35-08c1-4f86-aa3d-91ce0e5e322a","block_type":"box","text":"Underlying Fund or other reference asset at a strike price by or on","page_number":22,"box":{"x":83,"y":612,"width":422,"height":11}},{"id":"f6b8da86-cca1-415f-992b-a8c246f87278","block_type":"box","text":"the expiration date. If the Fund writes (sells) a put option, it","page_number":22,"box":{"x":83,"y":626,"width":379,"height":11}},{"id":"5bce3d8e-5518-4381-ab0f-bfad11ab167b","block_type":"box","text":"receives a premium and gives the purchaser of the option the","page_number":22,"box":{"x":83,"y":641,"width":392,"height":10}},{"id":"7e9e283c-fc90-4781-842e-e2e788ff7a5c","block_type":"box","text":"right to sell to the Fund shares of the Underlying Fund or other","page_number":22,"box":{"x":83,"y":655,"width":400,"height":11}},{"id":"5f916561-817b-447f-b97d-b347ded0d990","block_type":"box","text":"reference asset at a strike price by or on expiration date.","page_number":22,"box":{"x":83,"y":669,"width":362,"height":11}},{"id":"6672e853-7c63-439d-9da0-a3a4cacb10e2","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":22,"box":{"x":84,"y":692,"width":417,"height":11}},{"id":"24709904-c9da-46a5-9d41-d67187a17311","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":22,"box":{"x":83,"y":706,"width":413,"height":11}},{"id":"7d9c8b9e-b4a7-4e3d-ba24-6da07b2740d7","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":22,"box":{"x":83,"y":721,"width":403,"height":10}},{"id":"fb86eac6-a3ef-4c04-ad00-2d2169ad5c02","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":22,"box":{"x":83,"y":735,"width":395,"height":11}},{"id":"93a541d7-fab2-4780-835e-c9d8765cd99b","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":22,"box":{"x":84,"y":749,"width":407,"height":11}},{"id":"19c942d5-c656-427a-9ad0-87a48febad86","block_type":"box","text":"each Outcome Period.","page_number":22,"box":{"x":83,"y":763,"width":140,"height":9}},{"id":"015fb3e0-0a95-40f3-84f5-116081a42bf6","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":22,"box":{"x":82,"y":786,"width":378,"height":11}},{"id":"fae1f41f-22b0-409c-b427-45032fb68d0c","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":22,"box":{"x":83,"y":801,"width":412,"height":10}},{"id":"90cabaaf-636e-441f-af5f-03b6330bbba0","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":22,"box":{"x":82,"y":815,"width":366,"height":10}},{"id":"32940670-9dad-4240-9cf9-beef469afda3","block_type":"box","text":"However, the value of the options may change because of factors","page_number":22,"box":{"x":84,"y":829,"width":417,"height":11}},{"id":"7ca7307d-064d-4444-857b-967e3ade45e8","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":22,"box":{"x":83,"y":843,"width":421,"height":11}},{"id":"f4217ea5-133e-4ea1-879b-3b705cb6a224","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":22,"box":{"x":83,"y":857,"width":385,"height":11}},{"id":"0922745b-35d6-4792-b847-ac3f3430b95d","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":22,"box":{"x":83,"y":871,"width":382,"height":11}},{"id":"8017778b-3f4a-41b6-8652-9e4d0a4f30ff","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":22,"box":{"x":549,"y":23,"width":367,"height":11}},{"id":"c2d3f08f-1ccb-4fcd-9e15-03fcf60188f7","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":22,"box":{"x":549,"y":37,"width":393,"height":11}},{"id":"f72d7480-79e0-4384-8b98-a04e34bd04aa","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":22,"box":{"x":549,"y":51,"width":395,"height":11}},{"id":"29defdfd-cfaa-4670-a458-fcf71dfd8a51","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":22,"box":{"x":549,"y":66,"width":424,"height":11}},{"id":"918470e7-e279-4b9b-a617-64db3e3b6e08","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":22,"box":{"x":549,"y":80,"width":392,"height":11}},{"id":"3c9e5f84-eb4c-4923-b336-a266c5e58e82","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":22,"box":{"x":549,"y":94,"width":408,"height":11}},{"id":"1de2a6da-28ea-4661-9bde-9f335524df26","block_type":"box","text":"the Underlying Fund’s share price.","page_number":22,"box":{"x":549,"y":108,"width":218,"height":11}},{"id":"a255fd33-aa5b-4344-baaa-6e4334c83b5f","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":22,"box":{"x":549,"y":131,"width":398,"height":11}},{"id":"2f56ed48-f0f1-4df3-8f08-1f387e9ff858","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":22,"box":{"x":548,"y":146,"width":421,"height":10}},{"id":"c4c19b12-4524-4cbc-9b0e-7daeaa7c4d82","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":22,"box":{"x":549,"y":160,"width":384,"height":11}},{"id":"55283a5c-7c57-4b78-8b47-474d6f69c988","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":22,"box":{"x":549,"y":174,"width":405,"height":11}},{"id":"1ea3e26e-0450-40c2-abb3-4b9fa1cbb7cd","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":22,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"bc9368e3-4dd9-49c5-ac12-e43674ce7a17","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":22,"box":{"x":549,"y":202,"width":419,"height":11}},{"id":"2eb71961-ff8b-405b-a846-019a90ab5ad1","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":22,"box":{"x":549,"y":216,"width":373,"height":11}},{"id":"f7eec92f-f80b-41c8-aa22-a2483d102b6e","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":22,"box":{"x":549,"y":231,"width":392,"height":10}},{"id":"3bc84119-dfb6-4b30-94de-1c30f0a790cd","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":22,"box":{"x":549,"y":245,"width":415,"height":11}},{"id":"af1b6294-4a74-470f-ac29-ccb9f7752b7a","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":22,"box":{"x":549,"y":268,"width":222,"height":11}},{"id":"695e5cd3-b497-4c16-a03a-e708d520f7c7","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":22,"box":{"x":550,"y":291,"width":420,"height":11}},{"id":"e0dd4854-c935-4d87-9217-1b8370cc288b","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":22,"box":{"x":549,"y":305,"width":381,"height":11}},{"id":"6626159a-ccf0-430e-95aa-e8e555306ded","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":22,"box":{"x":550,"y":320,"width":421,"height":10}},{"id":"000b38fd-861b-4e71-9d45-e332c22d4ee7","block_type":"box","text":"of the Underlying Fund’s Index. The Approximate Buffer and","page_number":22,"box":{"x":549,"y":334,"width":380,"height":11}},{"id":"0c41c018-9fb5-4b2e-be69-0e0b0946ff79","block_type":"box","text":"Approximate Cap are typically created by trading a combination of","page_number":22,"box":{"x":549,"y":348,"width":424,"height":11}},{"id":"729de4ce-0435-4fee-bd61-f0c43bf5cf85","block_type":"box","text":"put and call options, as described below, at the close of the last","page_number":22,"box":{"x":549,"y":362,"width":407,"height":11}},{"id":"fa125e0a-e0a0-4e3e-9e98-61df03d7a94d","block_type":"box","text":"trading day of the prior Outcome Period.","page_number":22,"box":{"x":549,"y":376,"width":257,"height":11}},{"id":"d460358f-19a2-4d93-a253-5451e95b659d","block_type":"box","text":"Approximate Buffer","page_number":22,"box":{"x":548,"y":400,"width":123,"height":10}},{"id":"3b81fa9e-6154-461e-83fb-737af7d205a7","block_type":"box","text":". The Fund creates the Approximate Buffer by","page_number":22,"box":{"x":672,"y":400,"width":289,"height":10}},{"id":"7da27c73-cc85-44ad-8b05-8d05b94257e9","block_type":"box","text":"buying a put option with a strike price that is approximately at","page_number":22,"box":{"x":549,"y":414,"width":401,"height":11}},{"id":"0c3b96b8-7c98-499e-bc8f-01ba55f5c19b","block_type":"box","text":"the-money relative to the Underlying Fund’s share price. The","page_number":22,"box":{"x":549,"y":428,"width":386,"height":11}},{"id":"919ee018-c7bb-47c8-9035-98f7b77ec8a0","block_type":"box","text":"Approximate Buffer is against approximately 100% of the","page_number":22,"box":{"x":549,"y":442,"width":361,"height":11}},{"id":"6a7bab5d-d124-49fb-b1ff-b0d00c2349ec","block_type":"box","text":"Underlying Fund’s losses for the applicable Outcome Period;","page_number":22,"box":{"x":550,"y":456,"width":384,"height":11}},{"id":"9cc2201d-c552-4948-99bc-fbc0273a1225","block_type":"box","text":"however, there is no guarantee that the Approximate Buffer will","page_number":22,"box":{"x":549,"y":470,"width":405,"height":11}},{"id":"0687a1cb-f818-4860-ab0f-a69d02ebe437","block_type":"box","text":"succeed in providing the intended protection. The Approximate","page_number":22,"box":{"x":549,"y":485,"width":402,"height":10}},{"id":"4f41b109-0934-47a2-8ca2-b4adbcd19c11","block_type":"box","text":"Buffer is provided prior to taking into account any fees or","page_number":22,"box":{"x":550,"y":499,"width":364,"height":11}},{"id":"addd7a19-a40d-4274-a818-ff3b707b75a3","block_type":"box","text":"expenses charged to the Fund. These fees and any expenses will","page_number":22,"box":{"x":549,"y":513,"width":412,"height":11}},{"id":"0fab849f-2829-48be-b568-ebd6a225507c","block_type":"box","text":"reduce the Approximate Buffer amount for Fund shareholders for","page_number":22,"box":{"x":549,"y":527,"width":416,"height":11}},{"id":"ec493ea6-c120-48dd-81e0-50af94ad68dd","block_type":"box","text":"an Outcome Period. When the Fund’s annual management fee of","page_number":22,"box":{"x":549,"y":541,"width":412,"height":11}},{"id":"8829d0f4-1c7f-4944-a9eb-473fd87f5975","block_type":"box","text":"0.50% of the Fund’s daily net assets is taken into account, the net","page_number":22,"box":{"x":549,"y":556,"width":420,"height":10}},{"id":"b70d1e50-0877-47ea-92b1-14e6eb2a9db1","block_type":"box","text":"Approximate Buffer for the Outcome Period is 99.5%.","page_number":22,"box":{"x":549,"y":570,"width":338,"height":10}},{"id":"e147fe5e-d6a2-4c7d-9405-72efbcb7137c","block_type":"box","text":"While the Fund seeks to maximize protection against Underlying","page_number":22,"box":{"x":549,"y":593,"width":410,"height":11}},{"id":"77199351-86f1-4940-806b-a078ba474307","block_type":"box","text":"Fund losses for the applicable Outcome Period, the Fund will","page_number":22,"box":{"x":550,"y":607,"width":385,"height":11}},{"id":"5d41eab9-85b1-4ddd-944c-83a2f8a79995","block_type":"box","text":"reduce the Approximate Buffer below 100% in order to provide an","page_number":22,"box":{"x":549,"y":621,"width":416,"height":11}},{"id":"7dc72c6f-f8ad-4c42-b85a-eb57fe36b531","block_type":"box","text":"Approximate Cap of at least 2%. For example, if interest rates are","page_number":22,"box":{"x":549,"y":635,"width":416,"height":11}},{"id":"5303e5ff-e924-4086-88d6-39e50cffc59a","block_type":"box","text":"low enough that providing protection against approximately 100%","page_number":22,"box":{"x":549,"y":650,"width":418,"height":10}},{"id":"662e50f1-1327-4f91-9f68-6cfae52c196a","block_type":"box","text":"of Underlying Fund losses would result in an Approximate Cap of","page_number":22,"box":{"x":549,"y":664,"width":413,"height":11}},{"id":"c1590632-cd56-4c3e-8c56-233d96afc608","block_type":"box","text":"less than 2%, the Fund would decrease the protection such that","page_number":22,"box":{"x":549,"y":678,"width":406,"height":11}},{"id":"0264cef6-0230-4bc8-b3c5-719cda342a43","block_type":"box","text":"the Approximate Cap is at least 2%.","page_number":22,"box":{"x":549,"y":692,"width":225,"height":11}},{"id":"0b83e890-1b9c-49e9-9968-4e10e74ef9a0","block_type":"box","text":"Approximate Cap","page_number":22,"box":{"x":548,"y":715,"width":109,"height":11}},{"id":"bb135a40-4628-46c8-a56d-d6df457f6fb0","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":22,"box":{"x":659,"y":715,"width":275,"height":11}},{"id":"f71f96f5-596c-4c20-8a05-dd490bfd5f8e","block_type":"box","text":"selling a call option with a higher strike price relative to the","page_number":22,"box":{"x":549,"y":730,"width":377,"height":10}},{"id":"595ebc73-afbb-4ba0-ac37-d4a52952c1ed","block_type":"box","text":"Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":22,"box":{"x":550,"y":744,"width":370,"height":11}},{"id":"28adaeea-fd87-423e-aa3e-a66e1547a457","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":22,"box":{"x":549,"y":758,"width":408,"height":11}},{"id":"da7fbd6c-8d29-4558-a434-d7c32f35fba9","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":22,"box":{"x":549,"y":772,"width":422,"height":11}},{"id":"86a7162c-7b1b-4e90-8ece-297f28fca674","block_type":"box","text":"that strike price. The Approximate Cap for each Outcome Period is","page_number":22,"box":{"x":549,"y":786,"width":424,"height":11}},{"id":"b50c4cb4-63b2-45d1-9b80-f360ff87bac1","block_type":"box","text":"based on the strike price of the Cap Option for that Outcome","page_number":22,"box":{"x":549,"y":800,"width":389,"height":11}},{"id":"571b19c4-de06-4317-b7f8-3b6ec3fc1a9c","block_type":"box","text":"Period. The strike price of the Cap Option depends on the market","page_number":22,"box":{"x":550,"y":815,"width":415,"height":10}},{"id":"a415eb33-3b98-45d5-8528-306bb2564751","block_type":"box","text":"conditions when the option is sold and likely will be different for","page_number":22,"box":{"x":549,"y":829,"width":408,"height":11}},{"id":"739e4245-c529-461b-8dae-93c23c54fbff","block_type":"box","text":"each Outcome Period, resulting in a different Approximate Cap for","page_number":22,"box":{"x":549,"y":843,"width":423,"height":11}},{"id":"ed1ba976-3f61-4637-add3-e035056c4d17","block_type":"box","text":"each Outcome Period. The Fund uses the premium collected from","page_number":22,"box":{"x":549,"y":857,"width":419,"height":11}},{"id":"e641293f-1cc1-4da5-856d-c1636442f94b","block_type":"box","text":"selling the Cap Option and the expected dividend distributions","page_number":22,"box":{"x":549,"y":871,"width":398,"height":11}},{"id":"a1fa24f8-6a45-4319-b721-f03dff03f062","block_type":"box","text":"S-11","page_number":22,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"3ddb4d09-5253-4585-806c-e53a825019b5","block_type":"box","text":"from the Underlying Fund to cover the premium that it pays to buy","page_number":23,"box":{"x":82,"y":23,"width":424,"height":11}},{"id":"4123e982-3b72-4a34-83c7-221e938df822","block_type":"box","text":"the options that create the Approximate Buffer.","page_number":23,"box":{"x":83,"y":37,"width":302,"height":11}},{"id":"5b5d16da-0ad9-4920-9ba4-e17e92b08539","block_type":"box","text":"The Fund’s Approximate Buffer and Approximate Cap (net of the","page_number":23,"box":{"x":82,"y":61,"width":410,"height":10}},{"id":"104e1a6f-0295-44b8-8e6a-b7dc27408299","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":23,"box":{"x":83,"y":75,"width":414,"height":11}},{"id":"afdc108e-becc-427d-82db-871eb2298970","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":23,"box":{"x":84,"y":89,"width":397,"height":11}},{"id":"70abf337-7f0b-48e4-861b-6ecf82e5fa95","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":23,"box":{"x":83,"y":103,"width":381,"height":11}},{"id":"c948c758-c680-4bf3-8d85-d5218606897b","block_type":"box","text":"Approximately one week prior to the end of each Outcome Period,","page_number":23,"box":{"x":82,"y":126,"width":423,"height":11}},{"id":"88173693-9662-42ad-8ca8-63969ecb05ae","block_type":"box","text":"the Fund expects to file a prospectus supplement that discloses","page_number":23,"box":{"x":83,"y":140,"width":409,"height":11}},{"id":"386f8b32-464a-4f7c-b82b-c8039f138bfc","block_type":"box","text":"an estimated range (as estimated by BFA) for the Approximate","page_number":23,"box":{"x":83,"y":155,"width":398,"height":10}},{"id":"35776dcb-f50c-41c5-902e-cf1142954949","block_type":"box","text":"Cap for the Fund’s next Outcome Period. On the last trading day","page_number":23,"box":{"x":83,"y":169,"width":410,"height":11}},{"id":"dc753371-7a75-426d-a033-b8b96f4cf8ec","block_type":"box","text":"of each Outcome Period, the Fund will trade a new set of options","page_number":23,"box":{"x":83,"y":183,"width":413,"height":11}},{"id":"725531c8-e8b6-4ebd-b09b-33db844af67d","block_type":"box","text":"to create the Approximate Buffer and Approximate Cap for the","page_number":23,"box":{"x":83,"y":197,"width":398,"height":11}},{"id":"0ee36f99-fded-4e2b-a230-2cce3bb622cc","block_type":"box","text":"next Outcome Period. After the close of business on the last","page_number":23,"box":{"x":83,"y":211,"width":384,"height":9}},{"id":"f3d41203-5175-4a10-9074-0e891af8110b","block_type":"box","text":"trading day of the Outcome Period, the Fund will file a prospectus","page_number":23,"box":{"x":83,"y":226,"width":418,"height":10}},{"id":"af5973f9-38d5-486c-bb39-ddc2ece83af2","block_type":"box","text":"supplement that discloses the Fund’s Approximate Cap (gross and","page_number":23,"box":{"x":83,"y":240,"width":424,"height":11}},{"id":"fd1fe2df-d363-407b-bc20-fc49b4f3219a","block_type":"box","text":"net of its management fee) for the next Outcome Period.","page_number":23,"box":{"x":83,"y":254,"width":361,"height":11}},{"id":"941956d0-d4ec-48e9-aa6b-74b227e5236d","block_type":"box","text":"Outcome Period","page_number":23,"box":{"x":83,"y":277,"width":111,"height":9}},{"id":"d080676f-cd6f-4b0a-ac1a-f91f39a3a669","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":23,"box":{"x":82,"y":300,"width":408,"height":11}},{"id":"1851f0c4-a8b2-430c-86bb-eb42a75d46b3","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":23,"box":{"x":83,"y":314,"width":396,"height":9}},{"id":"445e0b43-09d3-4f4c-b8d8-3cf1d8311a40","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":23,"box":{"x":83,"y":329,"width":415,"height":10}},{"id":"a46a6150-03cd-4b40-82a4-f11f131b5863","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":23,"box":{"x":83,"y":343,"width":398,"height":8}},{"id":"7e9422c6-42f9-4bf8-bd84-39bff086096e","block_type":"box","text":"may not fully realize the Outcomes for the Outcome Period and","page_number":23,"box":{"x":83,"y":357,"width":402,"height":11}},{"id":"52d0d97d-5fe1-49ef-afda-0977e42ebfa3","block_type":"box","text":"may be exposed to greater risk of loss and less potential gain.","page_number":23,"box":{"x":83,"y":371,"width":395,"height":11}},{"id":"11fce9a1-0fe1-466a-9bd8-f41e324b6462","block_type":"box","text":"This is because, while the Outcomes are fixed levels that are","page_number":23,"box":{"x":82,"y":385,"width":386,"height":11}},{"id":"e2529294-8b15-4f57-a0fb-7e89adf8a839","block_type":"box","text":"calculated in relation to the Underlying Fund’s price and the","page_number":23,"box":{"x":83,"y":400,"width":381,"height":10}},{"id":"37ef97e5-fad3-42e6-9fbf-d9f37f72d21c","block_type":"box","text":"Fund’s NAV at the start of each Outcome Period and generally","page_number":23,"box":{"x":84,"y":414,"width":395,"height":11}},{"id":"c4d5d389-1894-48dd-b838-1b1d874c9cd6","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":23,"box":{"x":83,"y":428,"width":419,"height":11}},{"id":"496cc402-6556-4d07-a735-5ebf4ad19b1d","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":23,"box":{"x":83,"y":442,"width":414,"height":11}},{"id":"0b449e88-fac6-4547-8a66-af4d53fef72a","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":23,"box":{"x":83,"y":456,"width":408,"height":11}},{"id":"e0562290-c153-44f1-868d-f8599eee8371","block_type":"box","text":"the Outcome Period.","page_number":23,"box":{"x":83,"y":470,"width":130,"height":9}},{"id":"606f8212-aac1-4523-b766-1d79e4a96087","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":23,"box":{"x":84,"y":494,"width":383,"height":11}},{"id":"e8032ebf-9740-4fa7-918a-df0f8c14377f","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":23,"box":{"x":83,"y":508,"width":420,"height":11}},{"id":"768d14db-a0ec-403a-8220-2e73cbe1fec5","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":23,"box":{"x":83,"y":522,"width":388,"height":11}},{"id":"f2ee1e68-b1e5-4c03-97b0-845b59b16060","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":23,"box":{"x":84,"y":536,"width":357,"height":11}},{"id":"635d7af7-80c4-4da8-acc2-b8a40daf63be","block_type":"box","text":"Approximate Cap and the investor may experience losses prior to","page_number":23,"box":{"x":82,"y":550,"width":419,"height":11}},{"id":"d95b7491-5128-4fc5-a3d1-043ec3631c22","block_type":"box","text":"reaching the downside protection offered by the Approximate","page_number":23,"box":{"x":83,"y":565,"width":393,"height":10}},{"id":"ae87da0c-073e-40fc-865a-91267baf7282","block_type":"box","text":"Buffer. Conversely, if an investor purchases Fund shares during an","page_number":23,"box":{"x":84,"y":579,"width":421,"height":11}},{"id":"8778c07a-bfd2-4bd2-934f-522c9e3efeee","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":23,"box":{"x":83,"y":593,"width":420,"height":11}},{"id":"2ae1dd1f-d801-4686-9a1b-65013f2acf8b","block_type":"box","text":"has decreased from its price at the beginning of the Outcome","page_number":23,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"a6fb1807-33e6-46c3-a313-43be25c152be","block_type":"box","text":"Period, the Fund may require a larger increase in the Underlying","page_number":23,"box":{"x":84,"y":621,"width":407,"height":11}},{"id":"61308f55-7d01-4fe9-9ade-4dbfc26a7227","block_type":"box","text":"Fund’s share price before it reaches the Approximate Cap.","page_number":23,"box":{"x":84,"y":635,"width":371,"height":11}},{"id":"a00118ca-c203-4e03-bcd7-d30a978b9184","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":23,"box":{"x":83,"y":659,"width":278,"height":10}},{"id":"5ae22e9d-1aed-418c-9551-b65f9d431d1c","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":23,"box":{"x":83,"y":682,"width":392,"height":11}},{"id":"4f9e3669-d926-47f7-97d6-c6fb2d5717c9","block_type":"box","text":"during an Outcome Period, the Fund will typically buy Underlying","page_number":23,"box":{"x":83,"y":696,"width":412,"height":11}},{"id":"d501cbe2-72bf-4a53-845a-1d371590babc","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and seek","page_number":23,"box":{"x":84,"y":710,"width":417,"height":11}},{"id":"61375680-5f56-41f1-afd6-576e6837321c","block_type":"box","text":"to enter into the combination of options transactions described","page_number":23,"box":{"x":83,"y":724,"width":404,"height":11}},{"id":"8ba77e86-8739-4ed6-a08e-95ea86d7c49a","block_type":"box","text":"above. This will occur even in circumstances where the Fund","page_number":23,"box":{"x":83,"y":739,"width":386,"height":8}},{"id":"32125edf-1c7c-4fc5-b22a-2cc4f28159c0","block_type":"box","text":"would receive a negligible premium for selling an out-of-the","page_number":23,"box":{"x":82,"y":753,"width":386,"height":11}},{"id":"ba00c0fc-2a37-4620-a211-1f4c637af0b0","block_type":"box","text":"money call, which may give up more sizable returns to the extent","page_number":23,"box":{"x":83,"y":767,"width":415,"height":11}},{"id":"8f9ab457-ebb8-461d-854c-92b7c4a40241","block_type":"box","text":"that the option later becomes in the money.","page_number":23,"box":{"x":83,"y":781,"width":279,"height":11}},{"id":"bdc363ce-a535-44a0-94d9-073ed797f02f","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":23,"box":{"x":84,"y":804,"width":414,"height":11}},{"id":"724f4be9-e41b-4546-aca6-5d7f3c5fc6cd","block_type":"box","text":"purchase the downside protection, the Fund’s performance is","page_number":23,"box":{"x":83,"y":819,"width":393,"height":10}},{"id":"031eb8ae-2b7f-4755-82a6-f6dc23fe2654","block_type":"box","text":"likely to be less than the Underlying Fund’s performance when (1)","page_number":23,"box":{"x":83,"y":833,"width":416,"height":11}},{"id":"416e261e-eb68-4f09-aa55-e5642fe5486b","block_type":"box","text":"distributions are considered and (2) the Underlying Fund’s","page_number":23,"box":{"x":83,"y":847,"width":371,"height":11}},{"id":"cf00f0f2-8544-4e9f-9ea2-c9d6ffb83acd","block_type":"box","text":"performance is positive. The Fund may also underperform the","page_number":23,"box":{"x":83,"y":861,"width":394,"height":11}},{"id":"237c6d18-03c0-4077-9009-6d3cd70325d3","block_type":"box","text":"Underlying Fund if the returns of the Underlying Fund exceed the","page_number":23,"box":{"x":550,"y":23,"width":413,"height":11}},{"id":"f66e21b3-7043-4b6a-a2c3-2f521440534e","block_type":"box","text":"Approximate Cap net of the distributions.","page_number":23,"box":{"x":549,"y":37,"width":263,"height":11}},{"id":"9304a51a-7596-4587-b074-5c5e6208af9b","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":23,"box":{"x":549,"y":61,"width":386,"height":10}},{"id":"a359c789-bda7-4c59-8880-47f8f9c3f015","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":23,"box":{"x":550,"y":75,"width":401,"height":11}},{"id":"adc516b3-6afc-4906-81ba-093f9bc9b3d8","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":23,"box":{"x":549,"y":89,"width":414,"height":11}},{"id":"05d0a19d-c3a8-497c-9b53-8ab41d411344","block_type":"box","text":"upside limit significantly below the Approximate Cap and to","page_number":23,"box":{"x":549,"y":103,"width":379,"height":11}},{"id":"2c648a4a-9192-41c3-a8da-58bf4cca4b42","block_type":"box","text":"significantly less downside protection than the Approximate","page_number":23,"box":{"x":549,"y":117,"width":383,"height":11}},{"id":"d6954d9c-9c7c-4274-a4ae-240eaa809318","block_type":"box","text":"Buffer. Investors may lose their entire investment, and an","page_number":23,"box":{"x":550,"y":131,"width":364,"height":11}},{"id":"9cf2fd53-491c-4da4-a3b8-03c6d864d82d","block_type":"box","text":"investment in the Fund is appropriate only for investors willing to","page_number":23,"box":{"x":549,"y":146,"width":414,"height":10}},{"id":"c2905a64-7d1e-4390-89e6-9e277a9d9630","block_type":"box","text":"bear those losses.","page_number":23,"box":{"x":549,"y":160,"width":115,"height":8}},{"id":"cb8d5dbe-dc76-4673-b3ae-8211cf02743e","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":23,"box":{"x":550,"y":183,"width":407,"height":11}},{"id":"dbbc48cb-6a79-4ccd-a8ce-b939bf65e72b","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":23,"box":{"x":549,"y":197,"width":389,"height":11}},{"id":"ed805237-7aeb-4ee9-98d8-0dbbdd7028c8","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":23,"box":{"x":550,"y":211,"width":396,"height":11}},{"id":"c7ec90d8-29ce-4c87-8edf-d71351a40f2d","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":23,"box":{"x":549,"y":226,"width":387,"height":10}},{"id":"ee1057bc-7359-4d6b-b755-5ffdbaae7197","block_type":"box","text":"purchase call options with a strike price that is very low","page_number":23,"box":{"x":586,"y":244,"width":355,"height":10}},{"id":"6e248518-4cfe-4398-8a2b-cb87d9d23067","block_type":"box","text":"(approximately 1% or less) relative to the Underlying Fund’s","page_number":23,"box":{"x":586,"y":258,"width":379,"height":11}},{"id":"6eace6ba-cc8e-43c1-a74c-ae4c83bf6394","block_type":"box","text":"share price on the day of purchase (a “zero strike call”);","page_number":23,"box":{"x":586,"y":272,"width":354,"height":11}},{"id":"224e4461-9f33-4898-bb89-d444a646dd63","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":23,"box":{"x":586,"y":290,"width":354,"height":11}},{"id":"97349a8e-cd3d-4013-aced-0fe38e07f5a0","block_type":"box","text":"Underlying Fund’s Index;","page_number":23,"box":{"x":586,"y":304,"width":156,"height":11}},{"id":"c7effd67-571d-4035-8e67-9d41a9bfb974","block_type":"box","text":"purchase equity securities (e.g., component securities of the","page_number":23,"box":{"x":586,"y":322,"width":387,"height":11}},{"id":"75d77732-6e65-4383-b1e3-116b183be815","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":23,"box":{"x":586,"y":336,"width":377,"height":11}},{"id":"65165d69-93d6-41cc-9341-176ce193ad82","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":23,"box":{"x":586,"y":351,"width":363,"height":10}},{"id":"553b1e3f-5b23-474e-be37-38a40e33dd2d","block_type":"box","text":"invest in U.S. Treasuries, money market funds and/or other","page_number":23,"box":{"x":586,"y":369,"width":380,"height":10}},{"id":"6cc76859-0e60-4f4c-b2c5-bc86ee065bca","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":23,"box":{"x":586,"y":383,"width":376,"height":11}},{"id":"b056dd88-aba5-4286-90f6-2adfa5893b50","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":23,"box":{"x":586,"y":397,"width":342,"height":11}},{"id":"9f9c1b84-b444-439c-9011-513cc3064976","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":23,"box":{"x":586,"y":411,"width":247,"height":11}},{"id":"863e8dc7-d18a-4e6d-ae93-fd7461ed5624","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":23,"box":{"x":550,"y":434,"width":413,"height":11}},{"id":"9013528b-23f7-4ca4-8b3c-62c253df3857","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":23,"box":{"x":550,"y":449,"width":409,"height":10}},{"id":"09229bf4-01db-483c-881f-4ecfc711228a","block_type":"box","text":"common stocks of companies held by the Underlying Fund that","page_number":23,"box":{"x":549,"y":463,"width":404,"height":11}},{"id":"cf822855-0f2f-4fa9-afbb-83b4630edd96","block_type":"box","text":"BFA believes will provide a risk/return profile similar to that of the","page_number":23,"box":{"x":550,"y":477,"width":421,"height":11}},{"id":"48535b6e-ebd5-4ca7-939a-b2177af58fe5","block_type":"box","text":"Underlying Fund.","page_number":23,"box":{"x":550,"y":491,"width":106,"height":11}},{"id":"3eea8937-40a8-4210-9e13-de3e09a2e9ff","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":23,"box":{"x":550,"y":514,"width":417,"height":10}},{"id":"e7c1b522-8606-422a-9693-2908d81ca8d4","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":23,"box":{"x":549,"y":528,"width":401,"height":11}},{"id":"5bd3a3a6-b5b0-4b39-9ef7-f5c75ed1dbb8","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":23,"box":{"x":549,"y":543,"width":424,"height":10}},{"id":"619ace58-273d-427b-9bc4-f2d996699f68","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":23,"box":{"x":549,"y":557,"width":356,"height":11}},{"id":"b140b42e-29c0-49fc-a13a-6d34feff07a4","block_type":"box","text":"Approximate Cap or the Approximate Buffer with respect to","page_number":23,"box":{"x":549,"y":571,"width":380,"height":11}},{"id":"c6f98f53-9f2b-458b-abd8-e103d348de2a","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":23,"box":{"x":549,"y":585,"width":410,"height":11}},{"id":"a3ed8446-f38c-4223-96dc-ef6d5ae77d67","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":23,"box":{"x":550,"y":599,"width":392,"height":11}},{"id":"265dddb1-027d-4a12-ac26-a17bfb2aba51","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":23,"box":{"x":549,"y":614,"width":410,"height":10}},{"id":"f4fc9f94-838a-4efa-92d7-38b5c8221b36","block_type":"box","text":"The Fund is classified as non-diversified under the Investment","page_number":23,"box":{"x":549,"y":637,"width":395,"height":8}},{"id":"bac5c816-bcbb-4cac-a7bd-53d911c72b91","block_type":"box","text":"Company Act of 1940, as amended (the “1940 Act”).","page_number":23,"box":{"x":549,"y":651,"width":334,"height":11}},{"id":"1ed49ce9-e8f9-471b-90e6-97179173fbed","block_type":"box","text":"Summary of Principal Risks","page_number":23,"box":{"x":549,"y":680,"width":235,"height":13}},{"id":"7b26341d-f5e9-44ab-802a-16e3548d57cb","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":23,"box":{"x":549,"y":705,"width":388,"height":11}},{"id":"c0ec4ea8-130f-42ee-a3aa-98921dd10bb7","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":23,"box":{"x":549,"y":719,"width":422,"height":11}},{"id":"28f20f9c-dec5-47ac-ba39-1cb81fa7a682","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":23,"box":{"x":549,"y":733,"width":399,"height":11}},{"id":"8284e7f3-3a5f-47cb-8ea3-79adfc912e07","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":23,"box":{"x":550,"y":748,"width":370,"height":10}},{"id":"0a0cf3c9-d7a8-4ab0-9430-38d1e4cf293f","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":23,"box":{"x":549,"y":762,"width":399,"height":11}},{"id":"7df2ae89-6fac-4363-8c3a-2d5f126a3e2d","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":23,"box":{"x":549,"y":776,"width":359,"height":11}},{"id":"7d6ad95a-e3e7-4afb-8099-7808c10eee90","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":23,"box":{"x":549,"y":790,"width":414,"height":11}},{"id":"3ed93c5e-f47f-4cc8-8aa1-72c586c376fc","block_type":"box","text":"affect the Fund’s NAV , trading price, yield, total return and ability","page_number":23,"box":{"x":549,"y":804,"width":418,"height":11}},{"id":"30e19ef6-7878-4ddb-9107-cbd82f6d745e","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":23,"box":{"x":549,"y":819,"width":413,"height":10}},{"id":"03a02e62-b9e5-405c-b097-9d16f8b5942a","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":23,"box":{"x":549,"y":833,"width":424,"height":11}},{"id":"5969c854-9f3f-4752-9e8e-6c18eca75417","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":23,"box":{"x":549,"y":847,"width":419,"height":11}},{"id":"1173aa53-5838-43b5-b61e-eb5cc08b8e39","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":23,"box":{"x":549,"y":861,"width":316,"height":11}},{"id":"00b619d7-55d9-4e1c-b30f-67dfafa6672a","block_type":"box","text":"S-12","page_number":23,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"5693f489-2020-4dfc-97d7-6ebfa699e4eb","block_type":"box","text":"Approximate Buffer Risk.","page_number":24,"box":{"x":81,"y":23,"width":170,"height":11}},{"id":"54425511-bb7a-4121-8f4b-0adc35597269","block_type":"box","text":"There can be no guarantee that the","page_number":24,"box":{"x":257,"y":23,"width":225,"height":11}},{"id":"daac940b-32c9-45df-aa33-7d06f0bce465","block_type":"box","text":"Fund will be successful in its strategy to provide downside","page_number":24,"box":{"x":84,"y":37,"width":370,"height":11}},{"id":"6b009443-da7a-418c-9bf6-2d809e7ab381","block_type":"box","text":"protection against Underlying Fund losses. The Fund does not","page_number":24,"box":{"x":83,"y":52,"width":394,"height":10}},{"id":"c4cf5107-ba03-43c2-b1c6-974be36cf100","block_type":"box","text":"provide principal protection or non-principal protection, and,","page_number":24,"box":{"x":83,"y":66,"width":386,"height":10}},{"id":"4e618550-264e-49ab-a6c5-8dbdb72a07d3","block_type":"box","text":"despite the Approximate Buffer, an investor may experience","page_number":24,"box":{"x":83,"y":80,"width":383,"height":11}},{"id":"72c0be5e-31c1-4c20-8da5-468bb3a7895c","block_type":"box","text":"significant losses on their investment, including the loss of their","page_number":24,"box":{"x":83,"y":94,"width":408,"height":11}},{"id":"2583bd13-fce0-442e-8645-be4fa33ec151","block_type":"box","text":"entire investment. If an investor purchases Fund shares after an","page_number":24,"box":{"x":83,"y":108,"width":408,"height":11}},{"id":"f1f61ba2-60b6-49ef-888e-4555772444e5","block_type":"box","text":"Outcome Period begins or sells Fund shares prior to the end of an","page_number":24,"box":{"x":83,"y":122,"width":419,"height":11}},{"id":"ad7b157a-dfc1-401a-b78d-53e5788752c5","block_type":"box","text":"Outcome Period, the Approximate Buffer that the Fund seeks to","page_number":24,"box":{"x":83,"y":137,"width":407,"height":10}},{"id":"759ada6d-3afb-4426-afc8-7b86807ef452","block_type":"box","text":"provide may not be available. In periods of extreme market","page_number":24,"box":{"x":83,"y":151,"width":376,"height":11}},{"id":"2effbed9-a373-47bb-af89-0ef13ebb194e","block_type":"box","text":"volatility, the Fund’s return may be subject to significantly less","page_number":24,"box":{"x":82,"y":165,"width":399,"height":11}},{"id":"c6350152-61db-4d7a-80e2-5dceb4884066","block_type":"box","text":"downside protection than the Approximate Buffer.","page_number":24,"box":{"x":83,"y":179,"width":319,"height":11}},{"id":"f3a53c50-4e28-4b6a-ab19-a11194229eaa","block_type":"box","text":"Approximate Cap Risk.","page_number":24,"box":{"x":81,"y":202,"width":154,"height":11}},{"id":"c9a05885-1d3f-46fc-a1fb-f8d73c99b023","block_type":"box","text":"The Fund’s strategy seeks to provide","page_number":24,"box":{"x":241,"y":202,"width":234,"height":11}},{"id":"1599ee20-9c87-4176-bdcf-57f0c9a9151f","block_type":"box","text":"returns that are subject to an Approximate Cap, whose level","page_number":24,"box":{"x":83,"y":217,"width":383,"height":10}},{"id":"7072f66c-aba4-4200-8e38-92b4906a3558","block_type":"box","text":"depends on prevailing market conditions (","page_number":24,"box":{"x":83,"y":231,"width":268,"height":11}},{"id":"b0c598b2-4ed3-4db5-afa4-a96b40173d64","block_type":"box","text":"e.g","page_number":24,"box":{"x":352,"y":233,"width":19,"height":9}},{"id":"70c985ef-4126-4f03-be34-f8eabd5423d7","block_type":"box","text":"., volatility, interest","page_number":24,"box":{"x":371,"y":231,"width":122,"height":10}},{"id":"1f86cf15-ecbb-4068-bfb4-f77fb2f60958","block_type":"box","text":"rates, dividends, and other factors) at the time that the","page_number":24,"box":{"x":83,"y":245,"width":351,"height":11}},{"id":"525f2b26-0878-4de0-8326-28975536e253","block_type":"box","text":"Approximate Cap is set. The Approximate Cap may rise or fall","page_number":24,"box":{"x":82,"y":259,"width":392,"height":11}},{"id":"e90584ab-3ea1-45dd-8138-2ed05adab830","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":24,"box":{"x":82,"y":273,"width":415,"height":11}},{"id":"700d3961-15a9-4712-866f-f1be16f1e001","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":24,"box":{"x":83,"y":287,"width":369,"height":11}},{"id":"4244b823-21f5-4beb-aeaa-4ce38b802f1e","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":24,"box":{"x":83,"y":302,"width":393,"height":10}},{"id":"07431b6b-1374-49f6-8465-6ebe35e1f7ec","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":24,"box":{"x":83,"y":316,"width":411,"height":11}},{"id":"b82abb77-a211-4419-88af-cac8d5042e39","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":24,"box":{"x":82,"y":330,"width":416,"height":11}},{"id":"1aafeabd-356b-44ce-8035-757079a15339","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":24,"box":{"x":82,"y":344,"width":391,"height":11}},{"id":"48748d7d-f262-44c3-bebf-d29a9addc84b","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":24,"box":{"x":83,"y":358,"width":417,"height":11}},{"id":"a56bfb4a-c8a4-4996-82e5-84e406c095e5","block_type":"box","text":"Approximate Cap.","page_number":24,"box":{"x":82,"y":373,"width":114,"height":10}},{"id":"10372113-b0c4-4fc2-a99b-6435c18b717e","block_type":"box","text":"Options Risk.","page_number":24,"box":{"x":83,"y":396,"width":88,"height":10}},{"id":"8ae33e06-28f2-4d9a-a71c-acb4905b5855","block_type":"box","text":"Investments in options are considered speculative.","page_number":24,"box":{"x":177,"y":396,"width":324,"height":10}},{"id":"9a515d69-896d-48e2-bb10-a7713e46b385","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":24,"box":{"x":82,"y":410,"width":364,"height":11}},{"id":"5872bd90-3477-43d7-a8bb-ffd306b2b060","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":24,"box":{"x":83,"y":424,"width":416,"height":11}},{"id":"ce6aea3b-2771-4983-aed8-7739f9232883","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":24,"box":{"x":83,"y":438,"width":397,"height":11}},{"id":"f82eb152-88b3-4715-aab5-176c10a1ad47","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":24,"box":{"x":83,"y":452,"width":393,"height":11}},{"id":"85e2786c-c47e-44ad-9f9a-1e6eaa268b51","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":24,"box":{"x":83,"y":467,"width":389,"height":10}},{"id":"4c363368-3032-4f40-a370-59ccd9f8089e","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":24,"box":{"x":83,"y":481,"width":424,"height":11}},{"id":"aa2eeeb2-ad7c-46d2-918d-47cb0301113c","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":24,"box":{"x":83,"y":495,"width":424,"height":11}},{"id":"1ba947f9-4982-4289-805e-725450e77eb8","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":24,"box":{"x":83,"y":509,"width":424,"height":11}},{"id":"f10f29f9-d9bf-456a-aa78-a9a33df91682","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":24,"box":{"x":83,"y":523,"width":405,"height":11}},{"id":"5ab83389-48a7-4ac1-a837-dce81e1c1dc8","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":24,"box":{"x":83,"y":537,"width":411,"height":11}},{"id":"e745d5c1-67c4-4ea1-8b70-30d92ef8c200","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":24,"box":{"x":83,"y":552,"width":400,"height":11}},{"id":"2a4af0a4-7337-4d51-bc7f-e3c6b190416f","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":24,"box":{"x":83,"y":566,"width":370,"height":11}},{"id":"bc09136c-6225-4016-ba80-6acc11c21c8f","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":24,"box":{"x":83,"y":580,"width":410,"height":11}},{"id":"d4fea8b1-820a-49c5-8ff7-bbe1df9133f1","block_type":"box","text":"would represent a loss to the Fund.","page_number":24,"box":{"x":82,"y":594,"width":225,"height":11}},{"id":"05b683a8-1887-49e5-854d-50b0fff9b485","block_type":"box","text":"FLEX Options Risk.","page_number":24,"box":{"x":83,"y":617,"width":116,"height":11}},{"id":"b94585c0-e7b7-4514-b1a2-e10aee6451ea","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":24,"box":{"x":206,"y":617,"width":291,"height":11}},{"id":"816b716e-ca70-46a1-a328-235096cabc43","block_type":"box","text":"may be less liquid than certain other instruments, such as","page_number":24,"box":{"x":83,"y":632,"width":369,"height":10}},{"id":"8b0bdad0-2b22-4be7-af56-54b44e038e12","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":24,"box":{"x":83,"y":646,"width":417,"height":11}},{"id":"fd5f4a99-c7df-4f1b-89b5-714a9c6866b6","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":24,"box":{"x":83,"y":660,"width":416,"height":11}},{"id":"ea4bb6be-ee2a-436c-866d-d0d4267a3829","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":24,"box":{"x":83,"y":674,"width":380,"height":11}},{"id":"f14c3649-886c-4711-890f-148dc0764920","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":24,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"2d77a8ac-5e1a-4267-8a91-69370de920a4","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":24,"box":{"x":83,"y":702,"width":416,"height":11}},{"id":"f449de45-6b42-4ced-97cf-638e5ac95bc0","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":24,"box":{"x":83,"y":717,"width":416,"height":11}},{"id":"664b67c6-465a-495f-bdef-5c7dafdbf796","block_type":"box","text":"in the Fund. There is also a risk that the Fund will be unable to","page_number":24,"box":{"x":83,"y":731,"width":395,"height":8}},{"id":"359916b3-eb4c-4847-8f26-fceaf89b78c9","block_type":"box","text":"maintain the proportional relationship based on the number of","page_number":24,"box":{"x":83,"y":745,"width":398,"height":11}},{"id":"c1091b20-31c9-4b28-9e08-526d4f045979","block_type":"box","text":"exchange-traded options in the Fund’s portfolio or that adverse","page_number":24,"box":{"x":83,"y":759,"width":404,"height":11}},{"id":"001d9daa-728f-4bc9-a066-0746b899fcd2","block_type":"box","text":"tax law changes will negatively impact the treatment of FLEX","page_number":24,"box":{"x":83,"y":773,"width":388,"height":11}},{"id":"6a740943-eb8c-4e0a-afab-707eb6d520ad","block_type":"box","text":"Options. Additionally, to the extent market participants are not","page_number":24,"box":{"x":83,"y":788,"width":401,"height":10}},{"id":"8cce4eda-8542-4e55-b6aa-a8036d1ea12d","block_type":"box","text":"willing or able to enter into FLEX Option transactions with the","page_number":24,"box":{"x":82,"y":802,"width":393,"height":11}},{"id":"2318e62f-b5d7-4eba-810f-3233d71bf8ad","block_type":"box","text":"Fund at prices that reflect the market price of Fund shares, the","page_number":24,"box":{"x":84,"y":816,"width":401,"height":11}},{"id":"9515f30f-3c0f-4643-b063-e91bad331521","block_type":"box","text":"Fund’s NAV and the share price of the Fund could be negatively","page_number":24,"box":{"x":84,"y":830,"width":403,"height":11}},{"id":"e3188de7-1e1b-4d4e-be28-0119f555d3d3","block_type":"box","text":"impacted.","page_number":24,"box":{"x":83,"y":844,"width":62,"height":11}},{"id":"5aed2453-25e2-40bf-aa2e-99b24ee10d7a","block_type":"box","text":"Risk of Investing in the U.S","page_number":24,"box":{"x":549,"y":23,"width":182,"height":11}},{"id":"6319f7c2-82fd-4e95-9df2-14b6406a452e","block_type":"box","text":".","page_number":24,"box":{"x":732,"y":30,"width":2,"height":2}},{"id":"028d4276-922d-4e3c-85ae-0658dc1b4f80","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":24,"box":{"x":740,"y":23,"width":210,"height":11}},{"id":"10221412-74b9-420b-b699-3595b97e865b","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":24,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"e62aa9e7-f9a7-4f38-bd55-79d4467f3579","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":24,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"4a07ba61-4157-403f-9f9d-de3287ce7ea9","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":24,"box":{"x":550,"y":66,"width":412,"height":11}},{"id":"40a25414-6544-4e17-86f8-837d0ace88cc","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":24,"box":{"x":549,"y":80,"width":396,"height":11}},{"id":"b1c3fa6c-ced4-47f7-988a-aa6fa6244f09","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":24,"box":{"x":549,"y":103,"width":252,"height":11}},{"id":"c13a8ea3-efe0-461c-b828-af7edc0bc7da","block_type":"box","text":"Large-capitalization","page_number":24,"box":{"x":808,"y":103,"width":124,"height":11}},{"id":"9c3004a6-0968-4c75-822b-11b1338e2d73","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":24,"box":{"x":549,"y":117,"width":352,"height":11}},{"id":"7f740d22-6fc8-4c48-b3fc-f03c4f1fefae","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":24,"box":{"x":549,"y":131,"width":352,"height":11}},{"id":"629d1d4c-d4b6-4298-b08e-6c47151c1f70","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":24,"box":{"x":549,"y":146,"width":405,"height":10}},{"id":"5a6fc1c4-2b51-4073-af99-98a5392ef53e","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":24,"box":{"x":549,"y":160,"width":371,"height":11}},{"id":"17250428-d7fe-4844-8064-8896e818f280","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":24,"box":{"x":549,"y":174,"width":340,"height":11}},{"id":"1b69f21e-2caa-46a5-913c-fbd2a6afc383","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":24,"box":{"x":549,"y":188,"width":390,"height":11}},{"id":"e751e870-446d-422c-b054-7a57073b4cb5","block_type":"box","text":"overall performance of the broader securities markets.","page_number":24,"box":{"x":549,"y":202,"width":349,"height":11}},{"id":"5c887c10-614c-4d27-a1da-ddbec67e780a","block_type":"box","text":"Market Risk","page_number":24,"box":{"x":549,"y":225,"width":82,"height":9}},{"id":"d229a8ba-b420-40f2-a8bf-471b3350c80d","block_type":"box","text":".","page_number":24,"box":{"x":631,"y":232,"width":3,"height":2}},{"id":"c9eaf447-4203-4877-baf2-90fb61cb7344","block_type":"box","text":"The Fund could lose money over short periods due","page_number":24,"box":{"x":639,"y":226,"width":322,"height":10}},{"id":"e5bcc3ca-6c43-4567-bb9a-87d861797f3d","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":24,"box":{"x":549,"y":240,"width":413,"height":11}},{"id":"a6f8f52b-ed7c-49d2-920f-a9eeddf8de1a","block_type":"box","text":"more prolonged market downturns. 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Only an Authorized Participant","page_number":24,"box":{"x":549,"y":635,"width":407,"height":11}},{"id":"a7f5b12b-30ed-4fae-a14c-6a913fcbdfb1","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":24,"box":{"x":549,"y":650,"width":409,"height":10}},{"id":"b9d31bc0-12fa-4143-baa3-5c3ffbc7d4cd","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":24,"box":{"x":549,"y":664,"width":412,"height":11}},{"id":"e76bacfe-eac5-4952-92dd-5e422d88802d","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":24,"box":{"x":549,"y":678,"width":403,"height":11}},{"id":"6c944838-6ccb-496a-8d86-b53de1fb9f54","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":24,"box":{"x":549,"y":692,"width":378,"height":11}},{"id":"be63600d-fe86-4532-82a4-880c98bc19c3","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":24,"box":{"x":550,"y":706,"width":379,"height":11}},{"id":"c995c984-6bec-4e0d-9073-a5956a904d86","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":24,"box":{"x":549,"y":721,"width":404,"height":10}},{"id":"0b2541ff-277c-4ea9-83e3-eb8f2cb8eb89","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":24,"box":{"x":549,"y":735,"width":399,"height":10}},{"id":"d5b0b5d8-e140-4695-8823-de95c95e4598","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":24,"box":{"x":550,"y":749,"width":391,"height":11}},{"id":"34debf3f-83f9-4100-b59b-f529fc1e8e42","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":24,"box":{"x":549,"y":763,"width":408,"height":11}},{"id":"72d05db1-7a35-40ed-b074-9a43c32a5314","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":24,"box":{"x":549,"y":777,"width":273,"height":11}},{"id":"a046f8ff-c012-4ae3-b12e-70ceb30b9804","block_type":"box","text":"Clearing Member Default Risk.","page_number":24,"box":{"x":549,"y":800,"width":207,"height":11}},{"id":"a5e5e8b8-d115-4714-8bb0-d2661dda0641","block_type":"box","text":"Transactions in some types of","page_number":24,"box":{"x":762,"y":800,"width":190,"height":11}},{"id":"038ae6f4-c841-40c1-b167-b65b70a86d08","block_type":"box","text":"derivatives, including FLEX Options and futures, are required to be","page_number":24,"box":{"x":549,"y":815,"width":423,"height":10}},{"id":"e496e8d6-e65e-4183-a2bd-ce506054ab51","block_type":"box","text":"centrally cleared (“cleared derivatives”). In a transaction involving","page_number":24,"box":{"x":549,"y":829,"width":419,"height":11}},{"id":"094bbad8-b47a-44cd-84c8-62e078e2a990","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":24,"box":{"x":549,"y":843,"width":408,"height":11}},{"id":"30681f55-7dfe-49d7-8860-fcdd8bcfc955","block_type":"box","text":"such as the OCC, rather than a bank or broker. Since the Fund is","page_number":24,"box":{"x":549,"y":857,"width":412,"height":10}},{"id":"58a1eda9-69ea-4a7c-a8e6-c01b3ffa69e4","block_type":"box","text":"not a member of clearing houses and only members of a clearing","page_number":24,"box":{"x":549,"y":871,"width":415,"height":11}},{"id":"648b8e81-256d-4f46-9dfa-4e05722a9cab","block_type":"box","text":"S-13","page_number":24,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"922aa917-177d-431d-8f71-81dedfc5f638","block_type":"box","text":"house (“clearing members”) can participate directly in the clearing","page_number":25,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"f32031b5-9b20-41ed-be8d-52a59c5bae9a","block_type":"box","text":"house, the Fund will hold cleared derivatives through accounts at","page_number":25,"box":{"x":83,"y":37,"width":416,"height":11}},{"id":"c3e36684-c4b7-4c77-b8ea-ddffa545c830","block_type":"box","text":"clearing members. In cleared derivatives positions, the Fund will","page_number":25,"box":{"x":83,"y":52,"width":409,"height":10}},{"id":"0c89274d-fe50-47c2-88a7-9cb369dfe5a7","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":25,"box":{"x":83,"y":66,"width":381,"height":11}},{"id":"c54069f2-6cb3-43b3-bc80-36c4eb05edb6","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":25,"box":{"x":83,"y":80,"width":371,"height":11}},{"id":"3b2a65b7-4851-4c50-ba87-7f5649e5cae1","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":25,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"ea17c7af-86a0-4a8c-a211-15d83df8ff28","block_type":"box","text":"in connection with any options contracts are held in a","page_number":25,"box":{"x":83,"y":108,"width":342,"height":11}},{"id":"3e70ed05-77f5-4b8b-8dd6-76454536a31b","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":25,"box":{"x":83,"y":122,"width":413,"height":11}},{"id":"ce889869-0219-4c64-b927-2079a8912fb8","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":25,"box":{"x":83,"y":137,"width":420,"height":10}},{"id":"dfa0a1c4-64ac-462e-b32a-53f568c44313","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":25,"box":{"x":83,"y":151,"width":400,"height":11}},{"id":"a0aade1c-94d3-48ce-af01-ad5094dacf58","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":25,"box":{"x":84,"y":165,"width":422,"height":11}},{"id":"2744cf8d-6e0f-4c91-813e-b00b37e5799b","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":25,"box":{"x":83,"y":179,"width":403,"height":11}},{"id":"beb8c1a2-1511-4c85-be28-7d5591f1b76e","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":25,"box":{"x":83,"y":193,"width":406,"height":11}},{"id":"a123e6d4-1a52-4b8f-a73f-2381a121e6f8","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":25,"box":{"x":83,"y":207,"width":418,"height":11}},{"id":"e3db8c71-cc8f-4a50-820f-1016f4a5d702","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":25,"box":{"x":83,"y":222,"width":422,"height":10}},{"id":"92b15d8c-ed2c-44f8-887e-c0ce93790c68","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":25,"box":{"x":83,"y":236,"width":412,"height":11}},{"id":"50d17678-2ddc-4db3-896a-83d665fbb17a","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":25,"box":{"x":83,"y":250,"width":420,"height":11}},{"id":"830c0169-8754-462f-a18f-668c9dd75e8d","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":25,"box":{"x":83,"y":264,"width":421,"height":11}},{"id":"f1ced13a-f380-4bf5-adc8-b52f6ae096ab","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":25,"box":{"x":83,"y":278,"width":411,"height":11}},{"id":"d50a6dc8-c4c1-475b-b55d-868c0bc75d5f","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":25,"box":{"x":82,"y":293,"width":381,"height":10}},{"id":"72f5747e-a862-4d43-87c6-5bca542cb62d","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":25,"box":{"x":83,"y":307,"width":394,"height":11}},{"id":"ccc41743-dd01-4183-94d4-ceaa74aab232","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":25,"box":{"x":82,"y":321,"width":401,"height":11}},{"id":"e390b9ba-4751-47f4-b836-39b61e3a12c3","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":25,"box":{"x":83,"y":335,"width":411,"height":11}},{"id":"51d5755e-9c57-4c8b-9551-f921c463601a","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":25,"box":{"x":83,"y":349,"width":423,"height":11}},{"id":"c82f314e-6e98-41ab-a14c-e2dc9ef2c56d","block_type":"box","text":"the clearing member. 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The OCC acts as guarantor and central counterparty","page_number":25,"box":{"x":83,"y":674,"width":424,"height":11}},{"id":"e0a3d89e-2d8e-4aeb-a140-a601ada25a6b","block_type":"box","text":"with respect to the FLEX Options. As a result, the ability of the","page_number":25,"box":{"x":82,"y":688,"width":398,"height":11}},{"id":"ee9f160e-649a-4c14-b8da-bf437468f5d9","block_type":"box","text":"Fund to meet its objective depends on the OCC being able to","page_number":25,"box":{"x":84,"y":703,"width":388,"height":10}},{"id":"95ea2d8d-07df-4a15-97e3-4c2b80f5ae1a","block_type":"box","text":"meet its obligations. In the unlikely event that the OCC becomes","page_number":25,"box":{"x":83,"y":717,"width":411,"height":11}},{"id":"c87af04d-bf1c-42e8-aca2-59819e2a7899","block_type":"box","text":"insolvent or is otherwise unable to meet its settlement","page_number":25,"box":{"x":83,"y":731,"width":348,"height":8}},{"id":"1c9a714f-12ef-481a-a695-137940581970","block_type":"box","text":"obligations, the Fund could suffer significant losses.","page_number":25,"box":{"x":83,"y":745,"width":331,"height":11}},{"id":"9d47ab38-8b8e-46b5-ad49-aaf791e3c023","block_type":"box","text":"Derivatives Risk.","page_number":25,"box":{"x":83,"y":768,"width":111,"height":9}},{"id":"0d8d3266-114a-4019-8eab-d60926fc6b8e","block_type":"box","text":"The Fund’s use of derivatives (","page_number":25,"box":{"x":200,"y":768,"width":193,"height":11}},{"id":"d51de92e-ae53-48f1-be1e-d318e746488a","block_type":"box","text":"e.g","page_number":25,"box":{"x":394,"y":771,"width":19,"height":8}},{"id":"0c23ae50-8fed-4798-8e27-25425be0a9c1","block_type":"box","text":"., futures,","page_number":25,"box":{"x":414,"y":768,"width":59,"height":10}},{"id":"41a19220-212b-4014-bc75-6052170f8e3d","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":25,"box":{"x":82,"y":782,"width":385,"height":11}},{"id":"d8e8ecd1-94cf-4297-9df7-b19422fab2ed","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":25,"box":{"x":83,"y":797,"width":411,"height":10}},{"id":"b7609b03-abb1-498c-aea3-790a9f5f9026","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":25,"box":{"x":83,"y":811,"width":424,"height":11}},{"id":"8a6b72a4-228f-49f0-a115-26e2aea1c437","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":25,"box":{"x":83,"y":825,"width":365,"height":11}},{"id":"7191e84d-dc2d-4fba-93ee-fc5e18dd67d4","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":25,"box":{"x":82,"y":839,"width":390,"height":11}},{"id":"73863b4e-9100-42dc-940c-22af83f86199","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":25,"box":{"x":83,"y":853,"width":398,"height":11}},{"id":"c62f8ad0-aed5-40af-9e8e-8ce831f0c60a","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":25,"box":{"x":82,"y":868,"width":407,"height":10}},{"id":"ee175108-3601-4ec1-87a5-d630b718bae9","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":25,"box":{"x":549,"y":23,"width":363,"height":11}},{"id":"5729c4bb-197c-41a6-af70-593b58f466a7","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":25,"box":{"x":550,"y":37,"width":418,"height":11}},{"id":"3070eee9-1690-4216-b243-a163c98dc35c","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":25,"box":{"x":549,"y":51,"width":400,"height":11}},{"id":"6350efa3-5f17-44c4-944b-a7aa9a86ee47","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":25,"box":{"x":550,"y":66,"width":380,"height":11}},{"id":"b1a33ad5-d091-491a-b923-86989ea9f31b","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":25,"box":{"x":548,"y":80,"width":419,"height":11}},{"id":"26902199-5c05-4130-b11d-41412e77e06b","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":25,"box":{"x":549,"y":94,"width":401,"height":11}},{"id":"4c6151fe-50e2-4774-9835-e21810433c9b","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":25,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"2d27d31e-b5ed-41ac-9616-77b24570d0e1","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":25,"box":{"x":549,"y":122,"width":402,"height":11}},{"id":"14f1ece6-77b0-4031-815c-23849d5bf706","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":25,"box":{"x":549,"y":137,"width":372,"height":10}},{"id":"a9f529db-8ddd-44ad-8680-0dccb114884f","block_type":"box","text":"Equity Securities Risk","page_number":25,"box":{"x":549,"y":160,"width":148,"height":11}},{"id":"6b60e3a7-3652-4632-82a1-af26ad759c2d","block_type":"box","text":".","page_number":25,"box":{"x":697,"y":166,"width":2,"height":2}},{"id":"48e77051-117c-4ce4-a35d-c202c4735b81","block_type":"box","text":"Equity securities are subject to changes","page_number":25,"box":{"x":705,"y":160,"width":254,"height":11}},{"id":"f27adc6b-68cc-4dbe-805b-e4098c860203","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":25,"box":{"x":549,"y":174,"width":422,"height":11}},{"id":"b3f0b9b1-d450-449c-b697-2c32c7b97967","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":25,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"fd6708f2-3f66-45e1-a8a8-1dbd6a45063c","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":25,"box":{"x":549,"y":202,"width":397,"height":11}},{"id":"fbac3039-8f15-433d-a235-de6d5c1ff47c","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":25,"box":{"x":549,"y":217,"width":359,"height":10}},{"id":"d111e789-5b83-4620-8c86-837d683c8ea4","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":25,"box":{"x":549,"y":231,"width":390,"height":10}},{"id":"d61e6de1-289c-42ff-8fc6-20071ad3fd92","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":25,"box":{"x":549,"y":245,"width":412,"height":11}},{"id":"d92545a2-8210-4eae-82e5-b0ac9774c1ec","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":25,"box":{"x":549,"y":259,"width":373,"height":11}},{"id":"3c10a487-b8c0-458e-8f52-0b85c17cf07a","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":25,"box":{"x":549,"y":273,"width":309,"height":11}},{"id":"281b52ed-e425-4185-ae32-ee539023a9cd","block_type":"box","text":"Futures Contract Risk.","page_number":25,"box":{"x":549,"y":296,"width":150,"height":9}},{"id":"048bab0e-e16d-4add-bc19-1c7d4de2d0e0","block_type":"box","text":"Futures contracts may involve risks","page_number":25,"box":{"x":706,"y":296,"width":225,"height":11}},{"id":"849fd12a-f36b-40d6-bb4b-4524dbd86965","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":25,"box":{"x":549,"y":311,"width":424,"height":10}},{"id":"c8a4d393-3bcc-4081-b40b-6763535f43cc","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":25,"box":{"x":549,"y":325,"width":369,"height":11}},{"id":"2e05c48a-5261-4ed4-9622-cc4aab3ef7ae","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":25,"box":{"x":549,"y":339,"width":411,"height":11}},{"id":"aa711900-92d7-4026-81cd-d560dfdc1c41","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":25,"box":{"x":549,"y":353,"width":407,"height":11}},{"id":"b0a22b00-6450-437d-926e-a07373eb9eaa","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":25,"box":{"x":549,"y":367,"width":424,"height":11}},{"id":"23b37568-aba4-4670-8d9b-967c5de377ed","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":25,"box":{"x":549,"y":381,"width":418,"height":11}},{"id":"5633a99c-7300-4d07-81ef-3295ba04ce99","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":25,"box":{"x":549,"y":396,"width":412,"height":11}},{"id":"d7ad0058-4657-4ce8-9b1a-34aae577c945","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":25,"box":{"x":549,"y":410,"width":389,"height":11}},{"id":"c5768d63-ac4a-4ef7-a53b-e956056d10ef","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":25,"box":{"x":549,"y":424,"width":393,"height":11}},{"id":"5d8fa258-eaf2-4378-937f-f146b199ea9f","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":25,"box":{"x":549,"y":438,"width":411,"height":11}},{"id":"c8f0783d-7b4b-4505-93d8-a7dd4f7d3700","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":25,"box":{"x":549,"y":452,"width":361,"height":11}},{"id":"8b3808c0-e7db-4d68-9f17-36ac83093932","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":25,"box":{"x":549,"y":467,"width":404,"height":10}},{"id":"833d97b3-db9a-4405-9718-de20235da284","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":25,"box":{"x":549,"y":481,"width":378,"height":11}},{"id":"fad2ed39-26f5-46a5-8764-b2b1a247e261","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":25,"box":{"x":549,"y":495,"width":407,"height":11}},{"id":"6927944b-2407-4b9b-856f-a3d3dd070d01","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":25,"box":{"x":549,"y":509,"width":423,"height":11}},{"id":"90c2c556-fd60-4444-ae9b-1c3884100c84","block_type":"box","text":"commodity to the Fund.","page_number":25,"box":{"x":549,"y":523,"width":151,"height":11}},{"id":"57d3300f-2bc1-4df4-96aa-b4b59053da94","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":25,"box":{"x":549,"y":546,"width":398,"height":11}},{"id":"5f8e1338-5193-475b-86ce-cf0462d0dc4d","block_type":"box","text":"(","page_number":25,"box":{"x":549,"y":561,"width":3,"height":10}},{"id":"b0f43376-a547-4398-97d1-0bd042a5ab4c","block_type":"box","text":"i.e","page_number":25,"box":{"x":553,"y":561,"width":14,"height":8}},{"id":"71a8f271-1d57-4cd8-95f6-391641227901","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":25,"box":{"x":569,"y":561,"width":356,"height":11}},{"id":"d281e572-588a-4a5d-85f4-3c3ab166340e","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":25,"box":{"x":549,"y":575,"width":373,"height":11}},{"id":"949be658-36ad-4ea0-b2f6-6f273a6e353f","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":25,"box":{"x":549,"y":589,"width":406,"height":11}},{"id":"4b533543-2b67-4543-805e-fad0f754c741","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":25,"box":{"x":549,"y":603,"width":424,"height":11}},{"id":"9d1274e8-7dc6-41d9-a8c9-8d84e5dfe8c2","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":25,"box":{"x":549,"y":617,"width":392,"height":11}},{"id":"cc5ffe6d-e64a-4a66-97ac-0db56a22848e","block_type":"box","text":"contract.","page_number":25,"box":{"x":549,"y":632,"width":56,"height":8}},{"id":"c2e2d5a0-d643-42a4-a16e-05575a0676f7","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":25,"box":{"x":549,"y":655,"width":244,"height":11}},{"id":"4d00d86b-0c5e-4dfb-bb2e-4f4842a4afaf","block_type":"box","text":"The Fund invests in the","page_number":25,"box":{"x":799,"y":655,"width":147,"height":8}},{"id":"63209d18-7a7d-483a-9241-7db32e7ceadb","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":25,"box":{"x":550,"y":669,"width":419,"height":11}},{"id":"6aaf0a7b-d8a6-4905-bf21-ecd31206a87e","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":25,"box":{"x":549,"y":683,"width":403,"height":11}},{"id":"4457c741-104d-41af-962a-6602ef5c5e0d","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":25,"box":{"x":549,"y":697,"width":381,"height":11}},{"id":"815f6d6f-dca4-4805-a3c6-64b6871d2f04","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":25,"box":{"x":550,"y":712,"width":419,"height":10}},{"id":"4ec65d8a-2491-40d7-b232-019672991a63","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":25,"box":{"x":549,"y":726,"width":419,"height":11}},{"id":"18923162-906f-438d-a4d5-6eda9e7b7d61","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":25,"box":{"x":550,"y":740,"width":407,"height":11}},{"id":"dbc6df46-ff1e-4877-af1c-343839e80ef8","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":25,"box":{"x":549,"y":754,"width":418,"height":11}},{"id":"a1fbbe1f-4989-47b5-a6b5-1cc887dd1dc8","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":25,"box":{"x":549,"y":768,"width":417,"height":11}},{"id":"99a6dc54-37ac-40cb-be10-bdcbd990a692","block_type":"box","text":"the Underlying Fund.","page_number":25,"box":{"x":549,"y":782,"width":132,"height":11}},{"id":"ad1e44c5-c246-4e15-b5d0-a328938b0c07","block_type":"box","text":"Issuer Risk","page_number":25,"box":{"x":549,"y":806,"width":75,"height":8}},{"id":"6b596412-3cbc-4b20-85b9-da99a957cf64","block_type":"box","text":".","page_number":25,"box":{"x":624,"y":812,"width":3,"height":2}},{"id":"3e4b4da9-5835-419a-b57f-f0a7231d8f38","block_type":"box","text":"The performance of the Fund depends on the","page_number":25,"box":{"x":632,"y":806,"width":288,"height":10}},{"id":"d4104a10-7a95-4c28-9abc-17f2de0961ba","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":25,"box":{"x":549,"y":820,"width":412,"height":11}},{"id":"b52fe377-a3dd-418e-a3f4-b1330c3ef29e","block_type":"box","text":"Fund has exposure. 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Redemptions of","page_number":26,"box":{"x":83,"y":122,"width":420,"height":11}},{"id":"b0b8ab4d-b489-4538-bc17-96fe04c07e4a","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":26,"box":{"x":83,"y":137,"width":413,"height":10}},{"id":"baad80e8-933b-4d91-b7f0-d3919d694fc6","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":26,"box":{"x":83,"y":151,"width":416,"height":11}},{"id":"e85102df-6beb-48cc-8bbb-81e54f775832","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":26,"box":{"x":83,"y":165,"width":411,"height":11}},{"id":"b14f2f7b-a1ce-44f4-804c-dd60718ca47f","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":26,"box":{"x":83,"y":179,"width":414,"height":9}},{"id":"4366c804-49aa-4d79-979d-991d11d9feec","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":26,"box":{"x":83,"y":193,"width":400,"height":10}},{"id":"b658293f-94e6-42c8-91e6-ac0871517f2c","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":26,"box":{"x":83,"y":208,"width":404,"height":10}},{"id":"58c02bcb-65b8-45d3-8ea3-4518b80a436f","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":26,"box":{"x":83,"y":222,"width":415,"height":10}},{"id":"d6555853-8b4c-4d02-94ad-dcfc40cfd915","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":26,"box":{"x":82,"y":236,"width":413,"height":11}},{"id":"cf72ec08-7f8d-4351-aaf6-1d6e4c0e5c2f","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":26,"box":{"x":83,"y":250,"width":352,"height":11}},{"id":"6486009d-dc54-4edd-ad6b-f20680ca18ed","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":26,"box":{"x":83,"y":264,"width":415,"height":11}},{"id":"b1bc8686-ccdd-4069-b6c1-dcbb84f9e5d3","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":26,"box":{"x":82,"y":278,"width":417,"height":11}},{"id":"e3ed1aae-a0ef-4f20-97cb-5ab316726944","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":26,"box":{"x":83,"y":293,"width":387,"height":10}},{"id":"ac14d1f5-022e-40ee-b2a6-4e2f1e9da67c","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":26,"box":{"x":82,"y":307,"width":419,"height":11}},{"id":"ba36b346-3a83-4f2e-b997-fbae28f677e8","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":26,"box":{"x":83,"y":321,"width":389,"height":11}},{"id":"ea8bc8fc-1958-488d-8fe4-3f2d69b2b39d","block_type":"box","text":"price of Fund shares.","page_number":26,"box":{"x":83,"y":335,"width":133,"height":11}},{"id":"f6bb9554-a8bb-4055-8fc3-6f3ab08e1db5","block_type":"box","text":"Management Risk.","page_number":26,"box":{"x":83,"y":358,"width":124,"height":11}},{"id":"4eac8ceb-c8d8-430c-8f00-e37c7107d3af","block_type":"box","text":"The Fund is subject to management risk,","page_number":26,"box":{"x":213,"y":358,"width":259,"height":11}},{"id":"4d6a1697-c339-45f6-8c83-44f4435fd2b4","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":26,"box":{"x":82,"y":373,"width":420,"height":10}},{"id":"221ce580-e650-4fd9-a923-1abba3e718b4","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":26,"box":{"x":83,"y":387,"width":412,"height":10}},{"id":"d4bafc4a-91a1-4b78-9bfc-64c4e0cf6f60","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":26,"box":{"x":83,"y":401,"width":417,"height":11}},{"id":"f6ec4f93-3758-41a3-8382-8ba29030a3f1","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":26,"box":{"x":83,"y":415,"width":374,"height":9}},{"id":"618fbc7a-3553-49aa-9375-3c0581af3dda","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":26,"box":{"x":83,"y":429,"width":390,"height":11}},{"id":"4fb1f696-4084-4ad4-acbe-5db3a9528605","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":26,"box":{"x":83,"y":443,"width":392,"height":11}},{"id":"62c0d632-7bf5-4c1d-9836-6d92d78b80e2","block_type":"box","text":"developments may affect the investment techniques available to","page_number":26,"box":{"x":83,"y":458,"width":412,"height":10}},{"id":"3ea3c801-8e02-4025-85c9-a9b681f1a76f","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":26,"box":{"x":84,"y":472,"width":394,"height":11}},{"id":"d7bbbaf3-e2be-48a7-84a4-cef251e4f00a","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":26,"box":{"x":83,"y":486,"width":410,"height":11}},{"id":"650ee85c-55da-4ea6-b8bf-3b9203121f22","block_type":"box","text":"Market Trading Risk","page_number":26,"box":{"x":83,"y":509,"width":136,"height":11}},{"id":"c97e2913-a950-440f-94f3-4165b31b5f85","block_type":"box","text":".","page_number":26,"box":{"x":219,"y":516,"width":2,"height":2}},{"id":"c6f2d957-c5d7-4f99-9791-861698238837","block_type":"box","text":"The Fund faces numerous market trading","page_number":26,"box":{"x":226,"y":509,"width":263,"height":11}},{"id":"b385530c-0be8-47b9-a4b7-0d8bea8c5d54","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":26,"box":{"x":83,"y":523,"width":394,"height":11}},{"id":"c7edea33-f3a3-4742-9cd3-fc79a519788e","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":26,"box":{"x":83,"y":537,"width":401,"height":11}},{"id":"7b1d4e9e-ba9a-418a-92cf-81cdfc7c72f9","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":26,"box":{"x":83,"y":552,"width":404,"height":11}},{"id":"7d32ef31-9841-4a29-b8be-2e2d72375022","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":26,"box":{"x":83,"y":566,"width":416,"height":11}},{"id":"66f583ca-5fa6-4d02-b5f5-5c509bb63cf4","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":26,"box":{"x":82,"y":580,"width":405,"height":11}},{"id":"a2e32b47-87bb-4e89-b8d0-a9d6f295ca8a","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":26,"box":{"x":83,"y":594,"width":411,"height":11}},{"id":"2b7f6814-98eb-42cb-a7d7-b8f800667400","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":26,"box":{"x":83,"y":608,"width":397,"height":11}},{"id":"6183b5d5-7516-43b4-9682-79132a94e6a4","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":26,"box":{"x":83,"y":623,"width":419,"height":10}},{"id":"94eb46d7-694a-4b9d-9591-83d8a4585e27","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":26,"box":{"x":83,"y":637,"width":412,"height":11}},{"id":"3fdd740e-cd80-4f95-b2b7-facab3b0646d","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":26,"box":{"x":83,"y":651,"width":397,"height":11}},{"id":"61d9a7be-b489-4e2a-90c5-97032a2ac930","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":26,"box":{"x":83,"y":665,"width":316,"height":11}},{"id":"be5b39f3-e7bc-47ac-9ed0-20ea9c0168e6","block_type":"box","text":"Non-Diversification Risk","page_number":26,"box":{"x":83,"y":688,"width":165,"height":9}},{"id":"7438368a-835d-4d63-8a9a-e1ba1e7f882b","block_type":"box","text":".","page_number":26,"box":{"x":248,"y":695,"width":2,"height":2}},{"id":"e54f5d32-855d-4afa-9e7c-485ab6792750","block_type":"box","text":"The Fund is classified as “non","page_number":26,"box":{"x":255,"y":688,"width":193,"height":9}},{"id":"b0490fdf-5d39-4519-b3d8-4cbe8f743cd6","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":26,"box":{"x":83,"y":702,"width":377,"height":11}},{"id":"f0f91c39-6c9f-4784-bd55-e3c856856d34","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":26,"box":{"x":83,"y":717,"width":358,"height":11}},{"id":"8595927d-a687-4fb6-9fc1-cba0f69ee0ca","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":26,"box":{"x":83,"y":731,"width":370,"height":11}},{"id":"fee59a96-7993-4b4e-b14d-19deed3e3b83","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":26,"box":{"x":83,"y":745,"width":422,"height":11}},{"id":"966d62b7-00e2-4a8f-8fc2-401337893bc5","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":26,"box":{"x":83,"y":759,"width":379,"height":11}},{"id":"23fc2e90-0625-481e-9b6c-ef1717e56cb2","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":26,"box":{"x":83,"y":773,"width":375,"height":11}},{"id":"5b3957ad-9815-4203-bcfc-4acc0f3fbda3","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":26,"box":{"x":83,"y":788,"width":418,"height":10}},{"id":"a0a1dc92-81a0-4f3f-bd63-ad75ab26a40b","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":26,"box":{"x":83,"y":802,"width":418,"height":11}},{"id":"5a074ad5-e568-4258-8239-852e94136937","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":26,"box":{"x":83,"y":816,"width":209,"height":11}},{"id":"c1b242a9-0f87-415b-9470-c8ae444ae677","block_type":"box","text":"Operational and Technology Risks","page_number":26,"box":{"x":83,"y":839,"width":230,"height":11}},{"id":"fe416810-0f7d-4270-8350-b21f209301cb","block_type":"box","text":".","page_number":26,"box":{"x":314,"y":846,"width":2,"height":2}},{"id":"0384de77-656d-4807-948c-6165f8eb88a6","block_type":"box","text":"The Fund is directly and","page_number":26,"box":{"x":321,"y":839,"width":151,"height":11}},{"id":"445f1736-fa4a-490c-b469-123c15398c35","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":26,"box":{"x":83,"y":853,"width":368,"height":11}},{"id":"5ed63f0b-390f-42ef-b966-db3e804c88a6","block_type":"box","text":"including those related to human errors, processing errors,","page_number":26,"box":{"x":83,"y":868,"width":376,"height":10}},{"id":"be35226b-d265-4cb9-ba40-0f9b3627ef6d","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":26,"box":{"x":549,"y":23,"width":413,"height":11}},{"id":"249e14eb-a44a-47dc-ae9a-a49dceb39d74","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":26,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"3e55eb72-564f-44b9-b4fe-ed93961993ab","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":26,"box":{"x":549,"y":51,"width":401,"height":11}},{"id":"91e90ebf-80c9-4191-b754-78956e53ff7f","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":26,"box":{"x":549,"y":66,"width":377,"height":10}},{"id":"651f3a26-679f-427a-a4f0-7507f08e65e6","block_type":"box","text":"providers are required to have appropriate operational,","page_number":26,"box":{"x":549,"y":80,"width":350,"height":11}},{"id":"561232ad-5e93-470c-bb58-4753fc018dc4","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":26,"box":{"x":549,"y":94,"width":414,"height":11}},{"id":"7a2d1370-21e3-4dbf-8ed8-69ded0eabe0c","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":26,"box":{"x":549,"y":108,"width":397,"height":11}},{"id":"f3f794fe-c857-4744-b0be-c8660ca218e0","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":26,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"df26a0c4-67df-44f7-97f6-de28dbab3d2e","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":26,"box":{"x":549,"y":137,"width":391,"height":8}},{"id":"9cfeb339-289e-491b-8f16-6319bd38f8ab","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":26,"box":{"x":549,"y":151,"width":422,"height":11}},{"id":"7bac2453-8a53-4029-be9e-6decd16450ee","block_type":"box","text":"investments in such issuers to lose value.","page_number":26,"box":{"x":549,"y":165,"width":264,"height":8}},{"id":"5d8a24cb-8810-4bc3-94de-3ed3f9ac42d5","block_type":"box","text":"Outcome Period Risk.","page_number":26,"box":{"x":549,"y":188,"width":145,"height":9}},{"id":"f461c08e-c3fe-4d9f-a03d-7f1b4b05dace","block_type":"box","text":"The Approximate Buffer and Approximate","page_number":26,"box":{"x":699,"y":188,"width":264,"height":11}},{"id":"887bd2e2-14db-4552-8c72-9356ea663d0a","block_type":"box","text":"Cap for an Outcome Period apply to Fund shares held over the","page_number":26,"box":{"x":549,"y":202,"width":398,"height":11}},{"id":"acb2611f-cd88-4404-9bd6-ef6a2481c0aa","block_type":"box","text":"entire Outcome Period. 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Securities lending involves the risk that the Fund may","page_number":26,"box":{"x":549,"y":296,"width":397,"height":11}},{"id":"efc40e49-ef53-4e14-aceb-affa2b823264","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":26,"box":{"x":549,"y":311,"width":418,"height":10}},{"id":"a6fce4be-6f9c-4931-98e2-b41cce64774c","block_type":"box","text":"return the securities in a timely manner or at all. 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In","page_number":26,"box":{"x":549,"y":791,"width":371,"height":11}},{"id":"a7894cae-6e3f-40df-9d82-076221f556a4","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":26,"box":{"x":549,"y":806,"width":412,"height":10}},{"id":"d0fe4e77-83b6-4be7-9d79-9bd498a9d6e3","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":26,"box":{"x":549,"y":820,"width":414,"height":11}},{"id":"cceac985-daab-43bc-9163-661fa4c47dd3","block_type":"box","text":"derivatives that the Fund will enter into. Based upon the language","page_number":26,"box":{"x":549,"y":834,"width":419,"height":11}},{"id":"9b8db610-0f61-43f2-9819-e3d2d81f807e","block_type":"box","text":"in the legislative history, the Fund intends to treat the reference","page_number":26,"box":{"x":549,"y":848,"width":408,"height":11}},{"id":"083ffc55-9358-45af-b8ee-2beed726b17a","block_type":"box","text":"asset","page_number":26,"box":{"x":549,"y":863,"width":33,"height":8}},{"id":"fb00af1e-0955-4807-bb1d-34a58214ac1d","block_type":"box","text":"(i.e","page_number":26,"box":{"x":587,"y":862,"width":19,"height":11}},{"id":"31450fe4-3f7e-4c58-99d2-6859268272cd","block_type":"box","text":"., the Underlying Fund) as the issuer of the options.","page_number":26,"box":{"x":608,"y":862,"width":326,"height":11}},{"id":"ce29af56-e8b9-46d0-a3db-c82c060ee80c","block_type":"box","text":"Assuming the reference asset qualifies as a RIC, the Fund could","page_number":26,"box":{"x":549,"y":877,"width":407,"height":10}},{"id":"df2f745f-7040-4328-b6b0-919a6f97b6be","block_type":"box","text":"S-15","page_number":26,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"3aa6b267-582a-4b36-891c-b0fafe9589fa","block_type":"box","text":"count the options as automatically diversified investments under","page_number":27,"box":{"x":83,"y":23,"width":414,"height":11}},{"id":"51b64d27-e65a-48ac-842f-e1115cb685d6","block_type":"box","text":"the RIC diversification requirements. The Fund intends to treat","page_number":27,"box":{"x":83,"y":37,"width":399,"height":11}},{"id":"48e965b2-d423-43e7-ac06-0685fdb03cc2","block_type":"box","text":"any income it may derive from the options as “qualifying income”","page_number":27,"box":{"x":83,"y":51,"width":415,"height":11}},{"id":"30f4ac13-3c74-4273-8db0-ec45ff8e368a","block_type":"box","text":"under the provisions of the Internal Revenue Code applicable to","page_number":27,"box":{"x":83,"y":66,"width":406,"height":10}},{"id":"f09e26af-8dd3-482b-aa58-7bd9ceaea85f","block_type":"box","text":"RICs. If the income is not qualifying income or the issuer of the","page_number":27,"box":{"x":83,"y":80,"width":401,"height":11}},{"id":"52af982b-6cc8-4475-b52a-9ee7f55fd9fa","block_type":"box","text":"options is not appropriately the reference asset, the Fund may not","page_number":27,"box":{"x":83,"y":94,"width":423,"height":11}},{"id":"c4583c37-d69c-4e4b-80f4-ceface9fd5e9","block_type":"box","text":"qualify, or may be disqualified, as a RIC. If the Fund does not","page_number":27,"box":{"x":83,"y":108,"width":386,"height":11}},{"id":"7c3c6315-e85a-4f13-9cc1-7d4108ae6b5d","block_type":"box","text":"qualify as a RIC for any taxable year and certain relief provisions","page_number":27,"box":{"x":83,"y":122,"width":410,"height":11}},{"id":"e34415ac-bd92-40ba-a562-43e11ddd763c","block_type":"box","text":"are not available, the Fund’s taxable income will be subject to tax","page_number":27,"box":{"x":83,"y":137,"width":417,"height":10}},{"id":"c48019d0-f3df-41ac-88ec-a3b8f526827c","block_type":"box","text":"at the Fund level and to a further tax at the shareholder level","page_number":27,"box":{"x":83,"y":151,"width":386,"height":8}},{"id":"3e66be8f-07d4-45d7-8215-bdd237570eab","block_type":"box","text":"when such income is distributed.","page_number":27,"box":{"x":82,"y":165,"width":210,"height":8}},{"id":"88ee861a-8e21-461a-b28c-42dc63cf78b9","block_type":"box","text":"Technology Companies Risk","page_number":27,"box":{"x":84,"y":188,"width":190,"height":11}},{"id":"742afa9d-251a-45e7-a18b-1163f764fd26","block_type":"box","text":".","page_number":27,"box":{"x":274,"y":195,"width":2,"height":2}},{"id":"d1641e66-ac21-43bb-addb-2aba332b33e1","block_type":"box","text":"Technology companies and","page_number":27,"box":{"x":281,"y":188,"width":172,"height":11}},{"id":"410aa765-60d3-407a-a1c4-efd41b11bfaa","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":27,"box":{"x":83,"y":202,"width":412,"height":11}},{"id":"e7cd1ddd-369d-4d36-bbe9-e85259d50d23","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":27,"box":{"x":83,"y":216,"width":414,"height":11}},{"id":"fbd73066-c181-4c97-b480-af9ad111a6e1","block_type":"box","text":"and personnel. These companies typically face intense","page_number":27,"box":{"x":83,"y":231,"width":348,"height":10}},{"id":"62ea91aa-39b5-4c19-85e8-b9e3814e1c22","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":27,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"8389cbbc-0d46-4bc8-ba80-5ba0fbdc961b","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":27,"box":{"x":83,"y":259,"width":381,"height":11}},{"id":"399907da-e36e-4558-9110-c0caf3fade24","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":27,"box":{"x":83,"y":273,"width":367,"height":11}},{"id":"c989e303-4c0f-47e7-8ebb-ca6d4d11bbea","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":27,"box":{"x":83,"y":287,"width":423,"height":11}},{"id":"57133212-e33c-4e32-86fb-850c47da070b","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":27,"box":{"x":82,"y":302,"width":369,"height":10}},{"id":"b91f1019-88d8-4776-968b-5bd8b903bb59","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":27,"box":{"x":83,"y":316,"width":384,"height":11}},{"id":"b81dc61e-03d9-49ab-8ff7-cb1e617fc495","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":27,"box":{"x":83,"y":330,"width":384,"height":11}},{"id":"e4fd22a0-961f-463a-a662-869007c36cb0","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":27,"box":{"x":83,"y":344,"width":397,"height":11}},{"id":"c1662da9-00f7-48e5-9d95-957e3917d5d8","block_type":"box","text":"government or legal action.","page_number":27,"box":{"x":83,"y":358,"width":174,"height":11}},{"id":"1e031089-34d4-49d8-91d4-3f52e8a4fc07","block_type":"box","text":"Valuation Risk","page_number":27,"box":{"x":84,"y":381,"width":96,"height":9}},{"id":"b5c65169-1320-42dc-94ee-552ca6713908","block_type":"box","text":".","page_number":27,"box":{"x":180,"y":388,"width":2,"height":2}},{"id":"3f542614-e4dc-4ded-8d21-e8965f757a7c","block_type":"box","text":"The price that the Fund could receive upon the","page_number":27,"box":{"x":187,"y":382,"width":298,"height":10}},{"id":"a7fcf744-ac15-4ef7-aa34-21b652195763","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":27,"box":{"x":83,"y":396,"width":408,"height":11}},{"id":"dca00db2-ae6d-4660-ba6f-554b5d071db4","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":27,"box":{"x":82,"y":410,"width":356,"height":11}},{"id":"8a64246e-1fb6-4538-bd27-afc78a2c2653","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":27,"box":{"x":83,"y":424,"width":418,"height":11}},{"id":"fd66b61f-22d7-457c-9da0-31450d374bdf","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":27,"box":{"x":83,"y":438,"width":347,"height":11}},{"id":"db72768e-92cc-47fb-9ada-065db6a0cc76","block_type":"box","text":"methodology. In addition, the value of the securities or other","page_number":27,"box":{"x":83,"y":452,"width":387,"height":11}},{"id":"4e70c6c8-f513-4957-9cd2-ba9ce9f92489","block_type":"box","text":"assets in the Fund’s portfolio may change on days or during time","page_number":27,"box":{"x":83,"y":467,"width":413,"height":10}},{"id":"b17ecc57-8fdb-4339-a9b9-8f693d01cabc","block_type":"box","text":"periods when investors are not able to purchase or sell Fund","page_number":27,"box":{"x":83,"y":481,"width":385,"height":11}},{"id":"fb03e1b6-79e3-4dcc-8233-ddf41189913d","block_type":"box","text":"shares. Authorized Participants that create or redeem Fund","page_number":27,"box":{"x":83,"y":495,"width":378,"height":11}},{"id":"ac180c77-11bb-4cb5-b611-6bdcbcb4c64f","block_type":"box","text":"shares on days when the Fund is holding fair-valued securities or","page_number":27,"box":{"x":83,"y":509,"width":413,"height":11}},{"id":"f05634cf-7ed7-40c0-be47-2e152b8da5eb","block_type":"box","text":"other assets may receive fewer or more shares, or lower or higher","page_number":27,"box":{"x":83,"y":523,"width":422,"height":11}},{"id":"8b695379-53c7-406a-9838-89c1a98eed89","block_type":"box","text":"redemption proceeds, than they would have received had the","page_number":27,"box":{"x":83,"y":538,"width":391,"height":10}},{"id":"1081274e-f794-4d57-845f-7212c77b1f63","block_type":"box","text":"securities or other assets not been fair valued or been valued","page_number":27,"box":{"x":83,"y":552,"width":390,"height":8}},{"id":"3ff8d552-6b7a-4d23-93dd-a1f217d340ea","block_type":"box","text":"using a different methodology. 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Please see below for the definitions of key terms.","page_number":28,"box":{"x":83,"y":119,"width":465,"height":10}},{"id":"2fb8edde-d31c-4f2f-a127-c5142b22e4c2","block_type":"box","text":"Underlying Fund","page_number":28,"box":{"x":120,"y":135,"width":113,"height":11}},{"id":"7cc81d2f-f11b-466b-b3db-1a2aecfae465","block_type":"box","text":": iShares Core S&P 500 ETF","page_number":28,"box":{"x":235,"y":135,"width":177,"height":9}},{"id":"b675342d-050d-4b05-93c2-121704330e86","block_type":"box","text":"Underlying Fund’s Index","page_number":28,"box":{"x":120,"y":152,"width":168,"height":11}},{"id":"c59de09d-61c9-4ec3-bf3d-69dfc2efda58","block_type":"box","text":": S&P 500 Index","page_number":28,"box":{"x":289,"y":152,"width":102,"height":9}},{"id":"fb8ba9cd-7504-4378-a1ff-d69f1bcf91da","block_type":"box","text":"Outcome Period","page_number":28,"box":{"x":120,"y":169,"width":111,"height":8}},{"id":"575569ce-c918-4a16-a2b3-2aaf8bfbb81e","block_type":"box","text":": July 1 through June 30","page_number":28,"box":{"x":233,"y":169,"width":149,"height":11}},{"id":"6b091f09-6c69-40db-ace7-45f5e09ea376","block_type":"box","text":"Approximate Cap","page_number":28,"box":{"x":119,"y":186,"width":120,"height":10}},{"id":"18d3b960-1bea-4073-a7d7-c6527905de3e","block_type":"box","text":": The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which","page_number":28,"box":{"x":240,"y":186,"width":726,"height":10}},{"id":"513e546b-5cb6-4e5b-9c3c-86e63046e219","block_type":"box","text":"will reset at the start of each Outcome Period","page_number":28,"box":{"x":119,"y":198,"width":290,"height":9}},{"id":"899cfdc4-08cf-4ebd-b223-788190a466a4","block_type":"box","text":"Approximate Buffer","page_number":28,"box":{"x":119,"y":215,"width":137,"height":11}},{"id":"95324f51-4e6c-40a0-a008-c701fd33be61","block_type":"box","text":": The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund","page_number":28,"box":{"x":257,"y":215,"width":713,"height":11}},{"id":"1547c33f-5496-4d0e-bf18-c92d5e659ce9","block_type":"box","text":"is held for the entire Outcome Period","page_number":28,"box":{"x":120,"y":228,"width":235,"height":9}},{"id":"d9044299-5ce7-448f-a64a-d6f8a58fbc7a","block_type":"box","text":"The Fund has characteristics unlike those of many investment products and may not be appropriate for all investors. The Outcomes sought","page_number":28,"box":{"x":82,"y":250,"width":889,"height":11}},{"id":"19ef7b1d-230a-4106-ba91-90e7cb8c8056","block_type":"box","text":"by the Fund’s strategy are not guaranteed.","page_number":28,"box":{"x":83,"y":263,"width":271,"height":11}},{"id":"44223df4-ab52-4c97-9913-807e20f7dab6","block_type":"box","text":"The Approximate Cap and the Approximate Buffer may not operate as anticipated, and investors may lose some or all their money.","page_number":28,"box":{"x":119,"y":280,"width":834,"height":10}},{"id":"13692598-af18-4544-8eb8-5144ecf5c9da","block_type":"box","text":"The Outcomes apply only to shares that are held for an entire Outcome Period.","page_number":28,"box":{"x":119,"y":296,"width":503,"height":11}},{"id":"9d708d1b-5955-4437-8075-b7ccdda1c0d3","block_type":"box","text":"An investor who buys Fund shares after the start of an Outcome Period or sells Fund shares before the end of an Outcome Period","page_number":28,"box":{"x":119,"y":313,"width":827,"height":11}},{"id":"6b3e7b08-0cc6-46e0-a187-80371672535c","block_type":"box","text":"may not fully realize the Approximate Cap or the Approximate Buffer and may be exposed to greater risk of loss.","page_number":28,"box":{"x":120,"y":326,"width":716,"height":11}},{"id":"d7d0bfa2-a61b-467b-98e0-41c032297109","block_type":"box","text":"The Approximate Buffer is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction","page_number":28,"box":{"x":119,"y":343,"width":849,"height":11}},{"id":"81061961-9af5-423e-b3d6-14eacc78a522","block_type":"box","text":"fees. 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The contractual waiver","page_number":28,"box":{"x":83,"y":719,"width":885,"height":11}},{"id":"f9fe75d3-efb9-4d18-8e80-bd6592872f87","block_type":"box","text":"may be terminated prior to November 30, 2029 only upon written agreement of the Trust and BFA.","page_number":28,"box":{"x":83,"y":733,"width":628,"height":11}},{"id":"aadd195f-831f-4ac3-9bc3-07e205e3f1a0","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":28,"box":{"x":82,"y":757,"width":883,"height":11}},{"id":"d8921863-ddb7-4aea-a3db-80d029771f60","block_type":"box","text":"the tables and examples below.","page_number":28,"box":{"x":83,"y":771,"width":220,"height":11}},{"id":"49bb757d-e29f-4345-a0a4-b81e13d93290","block_type":"box","text":"S-17","page_number":28,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"627c0aaa-2be5-4da9-8c8b-414f7fb7ae93","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":29,"box":{"x":83,"y":225,"width":862,"height":11}},{"id":"4871dc75-6c82-4fa1-b872-ca25b0897f23","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":29,"box":{"x":83,"y":239,"width":694,"height":11}},{"id":"ca114da1-148a-478b-8a7b-56042084df53","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":29,"box":{"x":195,"y":270,"width":668,"height":8}},{"id":"a5909aba-dbe6-4eca-9aed-8cf3e108356f","block_type":"box","text":"$51 $160 $283 $652","page_number":29,"box":{"x":203,"y":290,"width":648,"height":9}},{"id":"c4a858da-bb47-4abf-951a-f9aaf450beed","block_type":"box","text":"Portfolio Turnover.","page_number":29,"box":{"x":83,"y":330,"width":129,"height":8}},{"id":"e14a1f63-ee5c-4510-b36c-f9f3c4c6997e","block_type":"box","text":"The Fund or the Underlying Fund may pay","page_number":29,"box":{"x":216,"y":330,"width":266,"height":11}},{"id":"df1bfac0-684c-45db-84a6-135432ff5dc1","block_type":"box","text":"transaction costs, such as commissions, when they buy and sell","page_number":29,"box":{"x":83,"y":344,"width":407,"height":11}},{"id":"8c9d8f57-e638-48ea-b145-f3423a234000","block_type":"box","text":"securities (or “turn over” their portfolios). A higher portfolio","page_number":29,"box":{"x":83,"y":358,"width":380,"height":11}},{"id":"44f1816b-e50a-440e-abd2-a1f5340710fa","block_type":"box","text":"turnover rate for the Fund or the Underlying Fund may indicate","page_number":29,"box":{"x":83,"y":372,"width":400,"height":11}},{"id":"93004089-108e-472f-bba3-4d606f104e3b","block_type":"box","text":"higher transaction costs and may cause the Fund or the","page_number":29,"box":{"x":83,"y":386,"width":356,"height":11}},{"id":"1ab08139-22e6-4d68-be9e-63a7b4a75fd0","block_type":"box","text":"Underlying Fund to incur increased expenses. These costs, which","page_number":29,"box":{"x":83,"y":401,"width":416,"height":10}},{"id":"1a64fc0a-9711-48a4-8d18-d535b6b90f89","block_type":"box","text":"are not reflected in the Annual Fund Operating Expenses or in the","page_number":29,"box":{"x":83,"y":415,"width":418,"height":11}},{"id":"1412b1fa-d9e7-4200-9f3b-fd589eae0fe6","block_type":"box","text":"Example (except costs to the Underlying Fund included as part of","page_number":29,"box":{"x":84,"y":429,"width":416,"height":11}},{"id":"20f0ecf8-ae1b-4bec-9669-d7761578d00e","block_type":"box","text":"Acquired Fund Fees and Expenses), affect the Fund’s","page_number":29,"box":{"x":82,"y":443,"width":339,"height":11}},{"id":"799b8053-19eb-44c2-8e8c-17529f510ff4","block_type":"box","text":"performance. During the most recent fiscal year, the Fund’s","page_number":29,"box":{"x":83,"y":457,"width":381,"height":11}},{"id":"2d0ae087-4511-470e-a49f-4cb43754c540","block_type":"box","text":"portfolio turnover rate was 1% of the average value of its portfolio.","page_number":29,"box":{"x":83,"y":471,"width":422,"height":11}},{"id":"8b6f1fdb-0be5-4808-8fa0-6c543dcd1f9b","block_type":"box","text":"Principal Investment Strategies","page_number":29,"box":{"x":84,"y":501,"width":268,"height":13}},{"id":"0c19f750-4b28-421a-8577-378f489e9f01","block_type":"box","text":"The Fund seeks to provide certain pre-determined Outcomes","page_number":29,"box":{"x":82,"y":526,"width":390,"height":10}},{"id":"ec03fe4c-3074-4e88-95fe-5d57bf8d92ac","block_type":"box","text":"based on the performance of the Underlying Fund for investors","page_number":29,"box":{"x":83,"y":540,"width":402,"height":11}},{"id":"0804302f-00a6-4b82-9278-81c4db6d6285","block_type":"box","text":"who hold Fund shares over a 12-month period (the “Outcome","page_number":29,"box":{"x":82,"y":554,"width":391,"height":11}},{"id":"329ab4f8-26c7-401e-9f20-cd68577e80f4","block_type":"box","text":"Period”). 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Specifically, in order to hold Fund shares for the entirety","page_number":29,"box":{"x":84,"y":713,"width":408,"height":10}},{"id":"daf72649-531e-4595-9a5f-8bf8bba17511","block_type":"box","text":"of an Outcome Period, an investor must buy or continue holding","page_number":29,"box":{"x":83,"y":727,"width":408,"height":11}},{"id":"d898ed73-bfe9-429e-8d6e-e6b8cbb13427","block_type":"box","text":"shares at the close on the last trading day of the prior Outcome","page_number":29,"box":{"x":83,"y":741,"width":405,"height":11}},{"id":"9626b1ce-b97c-428b-9875-fdd3fd3daaef","block_type":"box","text":"Period and sell or continue holding the shares at the close on the","page_number":29,"box":{"x":84,"y":755,"width":414,"height":11}},{"id":"749ac4bc-e939-4975-bb0b-e17fa5bfd2c8","block_type":"box","text":"last trading day of the current Outcome Period. If investors buy","page_number":29,"box":{"x":83,"y":769,"width":403,"height":11}},{"id":"af38a177-ea6c-4d3e-910b-cb42ad37c9d9","block_type":"box","text":"Fund shares after the start of the Outcome Period or sell Fund","page_number":29,"box":{"x":84,"y":783,"width":395,"height":9}},{"id":"d5b82fbb-c142-445a-aa3f-52bb5c96f535","block_type":"box","text":"shares before the Outcome Period concludes, they may","page_number":29,"box":{"x":83,"y":798,"width":355,"height":10}},{"id":"3f55a2cc-fba8-447f-96cb-a33a8d427579","block_type":"box","text":"experience returns that differ significantly from the Outcomes.","page_number":29,"box":{"x":83,"y":812,"width":399,"height":11}},{"id":"69d67645-d824-4ec0-bc90-7e56d79aab08","block_type":"box","text":"These include experiencing little or no gains related to the","page_number":29,"box":{"x":82,"y":826,"width":371,"height":11}},{"id":"bdabaa3b-0bce-4968-a546-757080977d6f","block_type":"box","text":"Underlying Fund and little or no protection against losses of the","page_number":29,"box":{"x":83,"y":840,"width":406,"height":11}},{"id":"220982b4-b8d8-478b-8f52-791b1e857158","block_type":"box","text":"Underlying Fund. Investors may lose their entire investment, and","page_number":29,"box":{"x":83,"y":854,"width":412,"height":11}},{"id":"674a78b7-6cda-46a3-8395-b5dc6020f668","block_type":"box","text":"an investment in the Fund is appropriate only for investors willing","page_number":29,"box":{"x":83,"y":869,"width":417,"height":10}},{"id":"5014f144-d02e-4274-a4a3-24b4a6ac005f","block_type":"box","text":"to bear those losses. The Fund will be offered indefinitely and is","page_number":29,"box":{"x":549,"y":322,"width":406,"height":11}},{"id":"7766b3a6-046e-4879-9884-673cf3f4ab21","block_type":"box","text":"not intended to terminate after one or more Outcome Periods.","page_number":29,"box":{"x":549,"y":336,"width":397,"height":9}},{"id":"9a19353d-0aae-479a-9da4-92161eced950","block_type":"box","text":"The Current Outcome Period","page_number":29,"box":{"x":548,"y":359,"width":200,"height":9}},{"id":"0c529197-4812-4ac2-9502-e6804865346d","block_type":"box","text":"The current Outcome Period started on July 1, 2025 and ends on","page_number":29,"box":{"x":549,"y":383,"width":411,"height":10}},{"id":"2b0ca968-52fa-4a1a-b32a-0f63b4d43257","block_type":"box","text":"June 30, 2026. For the current Outcome Period, the Approximate","page_number":29,"box":{"x":548,"y":397,"width":417,"height":10}},{"id":"00747fc7-ffff-4a52-b7af-8f91133980eb","block_type":"box","text":"Cap is 7.56% before taking into account any fees or expenses","page_number":29,"box":{"x":549,"y":411,"width":391,"height":11}},{"id":"4ce02383-8b7e-4ee0-a914-ef2731da873e","block_type":"box","text":"charged to, or transaction costs incurred by, the Fund or the","page_number":29,"box":{"x":549,"y":425,"width":385,"height":11}},{"id":"c0ce149b-2e78-477f-a6fe-36f004afce58","block_type":"box","text":"Underlying Fund. When the Fund’s annualized management fee of","page_number":29,"box":{"x":550,"y":439,"width":418,"height":11}},{"id":"635b6122-2db0-42fc-8723-f498ccdf8ff2","block_type":"box","text":"0.50% of its average daily net assets is taken into account, the","page_number":29,"box":{"x":549,"y":453,"width":398,"height":11}},{"id":"d2f536be-6e07-4371-8512-54478acda2be","block_type":"box","text":"Approximate Cap for the current Outcome Period is reduced to","page_number":29,"box":{"x":549,"y":468,"width":402,"height":10}},{"id":"4b0c2947-73a2-4b0c-9985-0676b4c23d5c","block_type":"box","text":"7.06%. The returns that the Fund seeks to provide do not take into","page_number":29,"box":{"x":549,"y":482,"width":421,"height":11}},{"id":"ad2b6880-446b-487b-b2d8-d1805e03b381","block_type":"box","text":"account the costs associated with buying shares of the Underlying","page_number":29,"box":{"x":549,"y":496,"width":424,"height":11}},{"id":"832f9614-8fc3-44bc-b468-b6b8fea42327","block_type":"box","text":"Fund and any other expenses incurred by the Fund. Please visit","page_number":29,"box":{"x":550,"y":510,"width":402,"height":11}},{"id":"b2b89fba-70d3-4362-90c1-9e06f508150e","block_type":"box","text":"the Fund’s page on www.iShares.com for more information about","page_number":29,"box":{"x":549,"y":524,"width":417,"height":11}},{"id":"b8f9f9ba-e794-4956-a9ac-0b1b0f05e96c","block_type":"box","text":"the potential outcomes of an investment in the Fund during the","page_number":29,"box":{"x":549,"y":539,"width":403,"height":10}},{"id":"0386d5d1-5e28-4217-ab72-0d186266ddf6","block_type":"box","text":"current Outcome Period, including the remaining Approximate","page_number":29,"box":{"x":549,"y":553,"width":396,"height":11}},{"id":"a5a8d271-5e50-411c-aeff-94f5aaf0aac6","block_type":"box","text":"Cap.","page_number":29,"box":{"x":549,"y":567,"width":28,"height":11}},{"id":"8314b2b3-2c55-403d-96f0-daf05614cd5a","block_type":"box","text":"The Underlying Fund","page_number":29,"box":{"x":548,"y":590,"width":144,"height":11}},{"id":"74618740-2499-4318-ba37-e1ff9acce878","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":29,"box":{"x":549,"y":613,"width":393,"height":11}},{"id":"d1f732bb-b836-4c17-a5a5-b23811d4f0f0","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":29,"box":{"x":550,"y":627,"width":417,"height":11}},{"id":"64d74084-fd3c-4ba7-9170-3dc3fef0ca7c","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":29,"box":{"x":549,"y":642,"width":412,"height":10}},{"id":"c8f807dd-fe7f-44b6-959c-6e863fda7ab5","block_type":"box","text":"Index”), which measures the performance of the large","page_number":29,"box":{"x":550,"y":656,"width":348,"height":11}},{"id":"4c69b40d-91cb-44f2-abff-d76a8dee118d","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":29,"box":{"x":549,"y":670,"width":412,"height":11}},{"id":"22216222-1042-411e-92c4-3926a9748ff0","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":29,"box":{"x":549,"y":684,"width":389,"height":11}},{"id":"8c995b6f-385a-461c-85df-59c0bc59b579","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":29,"box":{"x":550,"y":698,"width":373,"height":11}},{"id":"1b2c89b8-bcb7-42c0-90df-f8fa695b71b5","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":29,"box":{"x":549,"y":713,"width":375,"height":10}},{"id":"50678dc9-d99c-4a7a-ab24-502fc67a102e","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":29,"box":{"x":549,"y":727,"width":396,"height":11}},{"id":"80707f21-dae3-4a36-97b2-e287898de179","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":29,"box":{"x":550,"y":741,"width":423,"height":11}},{"id":"90fec845-a05a-4f7d-9745-f838d8530034","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":29,"box":{"x":549,"y":755,"width":412,"height":11}},{"id":"ab73ceab-620c-488f-9be8-ecd84b044553","block_type":"box","text":"Underlying Fund.","page_number":29,"box":{"x":550,"y":769,"width":106,"height":11}},{"id":"3d6959ee-970d-4eeb-a6e4-59c9abc28275","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":29,"box":{"x":550,"y":792,"width":369,"height":11}},{"id":"770508d7-d137-49f9-9723-271ab748058f","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":29,"box":{"x":549,"y":807,"width":353,"height":10}},{"id":"0ee227d6-f2f0-4595-be20-378300dbbd56","block_type":"box","text":"representative sample of securities that collectively has an","page_number":29,"box":{"x":549,"y":821,"width":375,"height":11}},{"id":"d9ee7df8-3124-4c50-9a16-08dc11cbfcb5","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":29,"box":{"x":549,"y":835,"width":384,"height":11}},{"id":"b3302049-a1b2-441a-bb8f-8db8678473b9","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":29,"box":{"x":549,"y":849,"width":371,"height":11}},{"id":"b33ec5f9-cff5-4f19-8705-56f7c1f42510","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":29,"box":{"x":549,"y":863,"width":409,"height":11}},{"id":"ba496801-4927-4ed2-b012-c8747beee1a2","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":29,"box":{"x":549,"y":878,"width":382,"height":10}},{"id":"5b540d56-ebf5-47f9-8381-a68047cfc115","block_type":"box","text":"S-18","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"31240b52-da87-47aa-a047-42edc744a268","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":30,"box":{"x":83,"y":23,"width":408,"height":11}},{"id":"58319f0d-3c17-4127-9ce8-54e8391a51c6","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":30,"box":{"x":83,"y":37,"width":409,"height":11}},{"id":"aa256a00-7d5d-4437-812e-83e930c06169","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":30,"box":{"x":83,"y":51,"width":404,"height":11}},{"id":"afe2625d-5097-4550-8819-9227652e4553","block_type":"box","text":"Underlying Fund’s Index, which may cause the performance of the","page_number":30,"box":{"x":83,"y":66,"width":422,"height":11}},{"id":"8b0eebd2-0240-41b8-89f2-2e876730c6cd","block_type":"box","text":"Underlying Fund to diverge from that of the Underlying Fund’s","page_number":30,"box":{"x":83,"y":80,"width":395,"height":11}},{"id":"efa8b7b9-bf97-4d49-9bbd-3d4c6f8775fc","block_type":"box","text":"Index and produce “tracking error”. Tracking error risk may be","page_number":30,"box":{"x":83,"y":94,"width":396,"height":11}},{"id":"7e167cbf-388b-48cd-9170-19d71326edfc","block_type":"box","text":"heightened during times of increased market volatility or other","page_number":30,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"56622d4d-9d11-4c87-a09a-9ab6f4d91d93","block_type":"box","text":"unusual market conditions.","page_number":30,"box":{"x":83,"y":122,"width":172,"height":9}},{"id":"8b376ef4-67de-4d5e-afa6-b56e3414c7d7","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":30,"box":{"x":82,"y":146,"width":388,"height":10}},{"id":"596aa293-c3c7-487d-8803-8902424de6a2","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":30,"box":{"x":83,"y":160,"width":399,"height":11}},{"id":"e1327009-2ac3-4d31-ac6c-1ae14e9d0a3f","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":30,"box":{"x":83,"y":174,"width":290,"height":11}},{"id":"137f6672-c341-4f26-98b7-a368eaee0c6c","block_type":"box","text":"The Fund’s Use of Options","page_number":30,"box":{"x":82,"y":197,"width":183,"height":11}},{"id":"7c7a570d-8c0f-4842-b945-3d4beb443fc4","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":30,"box":{"x":82,"y":220,"width":385,"height":11}},{"id":"46b5fe9b-749a-4aa0-9b91-4ee0e9b021ba","block_type":"box","text":"customized put options thereon and sells call options that","page_number":30,"box":{"x":83,"y":235,"width":370,"height":10}},{"id":"c344b35b-eeb0-4eee-9eb1-9c749e6b385c","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":30,"box":{"x":83,"y":249,"width":392,"height":11}},{"id":"89492665-5ae0-4321-a8df-aa089739ef09","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":30,"box":{"x":83,"y":263,"width":387,"height":11}},{"id":"f7e0e850-5b56-4cf3-b238-480107963918","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":30,"box":{"x":83,"y":277,"width":414,"height":11}},{"id":"93a759f7-b1ef-4ee0-8e74-8f05ceed5806","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":30,"box":{"x":83,"y":291,"width":384,"height":11}},{"id":"94a0d5c2-2147-4ab3-967c-3b026c014869","block_type":"box","text":"traded options that reference the price performance of the","page_number":30,"box":{"x":83,"y":305,"width":375,"height":11}},{"id":"e163304f-b420-46b7-b023-616ed626772b","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index, or other ETFs that","page_number":30,"box":{"x":83,"y":320,"width":412,"height":10}},{"id":"0955605a-1369-4133-8bf9-ee4e1019c77b","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":30,"box":{"x":83,"y":334,"width":217,"height":11}},{"id":"751f28ee-6286-4fd2-bb7b-af88dd0d9200","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":30,"box":{"x":82,"y":357,"width":410,"height":11}},{"id":"014a0080-4b77-4024-ba4a-44a3a41243e8","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":30,"box":{"x":83,"y":371,"width":372,"height":11}},{"id":"c5f578bf-4c99-4145-bfbc-4f5e1e0411fb","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":30,"box":{"x":83,"y":385,"width":409,"height":11}},{"id":"54c4d022-8816-482c-9005-cc8bad025a92","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":30,"box":{"x":83,"y":400,"width":394,"height":10}},{"id":"3b48bb6b-f37b-4500-8112-fa07f69fc865","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":30,"box":{"x":82,"y":414,"width":397,"height":11}},{"id":"f6c2e6ea-d55d-4f41-876c-7ba8a9a30176","block_type":"box","text":"“strike price”. If the Fund buys a call option, it pays a premium","page_number":30,"box":{"x":83,"y":428,"width":397,"height":11}},{"id":"55a42e20-f8ca-4e73-b49d-7f3caaa41485","block_type":"box","text":"and receives the right, but not the obligation, to purchase shares","page_number":30,"box":{"x":83,"y":442,"width":413,"height":11}},{"id":"04a6dc61-0dde-493c-a44d-f542565761b9","block_type":"box","text":"of the Underlying Fund or other reference asset at a strike price","page_number":30,"box":{"x":83,"y":456,"width":407,"height":11}},{"id":"feed7809-5184-4b20-b6c6-f8186c0317c5","block_type":"box","text":"by or on the expiration date. When the Fund buys a put option, it","page_number":30,"box":{"x":83,"y":470,"width":411,"height":11}},{"id":"e94d59ec-4c35-4b01-a7eb-823b84c4e120","block_type":"box","text":"pays a premium and receives the right, but not the obligation, to","page_number":30,"box":{"x":83,"y":485,"width":410,"height":10}},{"id":"9d6be6f3-3531-4922-8956-908ee8257813","block_type":"box","text":"sell shares of the Underlying Fund or other reference asset at a","page_number":30,"box":{"x":83,"y":499,"width":403,"height":11}},{"id":"279981d0-1f0e-4f73-bcda-98e16950021c","block_type":"box","text":"strike price by or on the expiration date. When the Fund writes","page_number":30,"box":{"x":83,"y":513,"width":399,"height":11}},{"id":"6a52e8e0-dc19-4d0c-908f-578bb65727c5","block_type":"box","text":"(sells) a call option, it receives a premium and gives the purchaser","page_number":30,"box":{"x":83,"y":527,"width":423,"height":11}},{"id":"2d5a76f1-fe53-473d-956f-3f42f64a7c2e","block_type":"box","text":"of the option the right to purchase from the Fund shares of the","page_number":30,"box":{"x":83,"y":541,"width":400,"height":11}},{"id":"369e64d0-a642-45b3-b97b-f589e9a1b590","block_type":"box","text":"Underlying Fund or other reference asset at a strike price by or on","page_number":30,"box":{"x":83,"y":556,"width":422,"height":10}},{"id":"b3993b8d-f5f3-4a0f-a214-1bc479433f68","block_type":"box","text":"the expiration date. If the Fund writes (sells) a put option, it","page_number":30,"box":{"x":83,"y":570,"width":379,"height":11}},{"id":"c137dbf9-22cc-43ea-bb35-bdfcf1d63231","block_type":"box","text":"receives a premium and gives the purchaser of the option the","page_number":30,"box":{"x":83,"y":584,"width":392,"height":11}},{"id":"a35585bc-8450-427e-b062-adee1d19e6a8","block_type":"box","text":"right to sell to the Fund shares of the Underlying Fund or other","page_number":30,"box":{"x":83,"y":598,"width":400,"height":11}},{"id":"ac526c56-75ba-4b4f-8886-1bd46b80f2d8","block_type":"box","text":"reference asset at a strike price by or on expiration date.","page_number":30,"box":{"x":83,"y":612,"width":362,"height":11}},{"id":"5dc94d22-57ba-4a05-8637-59b172a8a4c6","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":30,"box":{"x":84,"y":635,"width":417,"height":11}},{"id":"14b55c33-7329-4ded-a5a1-80160a4d74a6","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":30,"box":{"x":83,"y":650,"width":413,"height":10}},{"id":"e4b117bb-6c9c-4704-8cd6-73bb8432341f","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":30,"box":{"x":83,"y":664,"width":403,"height":11}},{"id":"e5e58369-abef-4697-8b97-a84a6ac91567","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":30,"box":{"x":83,"y":678,"width":395,"height":11}},{"id":"27a1cd5b-f848-478c-ad20-a8af149e754f","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":30,"box":{"x":84,"y":692,"width":407,"height":11}},{"id":"52bc27e1-5e54-43b8-af78-e830247a649a","block_type":"box","text":"each Outcome Period.","page_number":30,"box":{"x":83,"y":706,"width":140,"height":9}},{"id":"0a2bd69d-6d01-4400-ab27-bcd948649a76","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":30,"box":{"x":82,"y":730,"width":378,"height":10}},{"id":"55ef712c-72a3-4388-89a1-a95064134ad7","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":30,"box":{"x":83,"y":744,"width":412,"height":11}},{"id":"ba3e1888-f8b1-4266-9d12-6343e079b8fa","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":30,"box":{"x":82,"y":758,"width":366,"height":11}},{"id":"5d98bded-4f56-4cee-8446-b1557b378e59","block_type":"box","text":"However, the value of the options may change because of factors","page_number":30,"box":{"x":84,"y":772,"width":417,"height":11}},{"id":"3f67a10c-29d3-40ce-8664-cb3e51bb257a","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":30,"box":{"x":83,"y":786,"width":421,"height":11}},{"id":"5168e33d-4805-47c9-a026-b813f06ea079","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":30,"box":{"x":83,"y":800,"width":385,"height":11}},{"id":"d13ce12c-cc54-4357-986d-ddf4a1549e95","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":30,"box":{"x":83,"y":815,"width":382,"height":10}},{"id":"a0662644-aec3-4ce7-be64-67328b25c47d","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":30,"box":{"x":83,"y":829,"width":367,"height":11}},{"id":"1b0599db-21b0-4d00-9835-24a266c6a9a9","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":30,"box":{"x":83,"y":843,"width":393,"height":11}},{"id":"0441c9a5-9adb-4d45-8f9e-40621e52c8a3","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":30,"box":{"x":82,"y":857,"width":396,"height":11}},{"id":"1a1f45a1-ecf4-44e2-a84d-0194164a196a","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":30,"box":{"x":83,"y":871,"width":424,"height":11}},{"id":"eee66dc0-a63e-45f3-86d2-5a25bb4012b7","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":30,"box":{"x":549,"y":23,"width":392,"height":11}},{"id":"0a20ce86-6db0-49a5-9479-1f71c163001e","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":30,"box":{"x":549,"y":37,"width":408,"height":11}},{"id":"9a486624-52e9-4e2c-a63c-7ec6daee50ea","block_type":"box","text":"the Underlying Fund’s share price.","page_number":30,"box":{"x":549,"y":51,"width":218,"height":11}},{"id":"acbc0536-980b-4c55-b5a2-3fd6d5de8628","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":30,"box":{"x":549,"y":75,"width":398,"height":11}},{"id":"6f100457-8885-4fde-bab4-bf69935ea84c","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":30,"box":{"x":548,"y":89,"width":421,"height":11}},{"id":"d51358e8-c1bf-480f-ab97-65004b774637","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":30,"box":{"x":549,"y":103,"width":384,"height":11}},{"id":"f71e3e15-ad1c-4912-a61a-5d7925aaad64","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":30,"box":{"x":549,"y":117,"width":405,"height":11}},{"id":"1ffd44e0-72d7-43eb-9e04-dec51bc24086","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":30,"box":{"x":549,"y":131,"width":420,"height":11}},{"id":"96b1da01-025e-4fd2-b962-3c858a9efdb8","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":30,"box":{"x":549,"y":146,"width":419,"height":10}},{"id":"db1a0ee2-1d16-424e-832b-2f409859ca74","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":30,"box":{"x":549,"y":160,"width":373,"height":11}},{"id":"521c78c0-ae04-4591-9d13-26041b15a813","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":30,"box":{"x":549,"y":174,"width":392,"height":11}},{"id":"aa0876e8-81b5-4185-8c72-742194d051bf","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":30,"box":{"x":549,"y":188,"width":415,"height":11}},{"id":"0360d020-fb1a-4ab1-a12e-08fe83665c2b","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":30,"box":{"x":549,"y":211,"width":222,"height":11}},{"id":"95dbc3d8-777d-4281-8ca1-41e58b1867a0","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":30,"box":{"x":550,"y":235,"width":420,"height":10}},{"id":"beb1e681-aa7c-4e6c-9596-d734f48900dd","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":30,"box":{"x":549,"y":249,"width":381,"height":11}},{"id":"7b55b76a-1e70-42e2-9906-e74ac90594af","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":30,"box":{"x":550,"y":263,"width":421,"height":11}},{"id":"86b376a4-c352-4a9b-9fe9-05e4f843e1fb","block_type":"box","text":"of the Underlying Fund’s Index. The Approximate Buffer and","page_number":30,"box":{"x":549,"y":277,"width":380,"height":11}},{"id":"7ceabb30-5a6c-4a18-8fa3-5adb8037c524","block_type":"box","text":"Approximate Cap are typically created by trading a combination of","page_number":30,"box":{"x":549,"y":291,"width":424,"height":11}},{"id":"1a95d7b6-95b9-464a-a1ba-c42e3fdf0cd7","block_type":"box","text":"put and call options, as described below, at the close of the last","page_number":30,"box":{"x":549,"y":305,"width":407,"height":11}},{"id":"4cef7abf-15a1-48a9-b24a-4843817220bc","block_type":"box","text":"trading day of the prior Outcome Period.","page_number":30,"box":{"x":549,"y":320,"width":257,"height":10}},{"id":"3f965259-735c-4e93-9403-e5deefa322ea","block_type":"box","text":"Approximate Buffer","page_number":30,"box":{"x":548,"y":343,"width":123,"height":11}},{"id":"9c609685-8eda-4e64-869a-990cbef7dd94","block_type":"box","text":". The Fund creates the Approximate Buffer by","page_number":30,"box":{"x":672,"y":343,"width":289,"height":11}},{"id":"e73f5552-2475-4b1d-9129-0f91662ae74e","block_type":"box","text":"buying a put option with a strike price that is approximately at","page_number":30,"box":{"x":549,"y":357,"width":401,"height":11}},{"id":"005967f6-2163-49aa-83df-8fb72fdfd255","block_type":"box","text":"the-money relative to the Underlying Fund’s share price. The","page_number":30,"box":{"x":549,"y":371,"width":386,"height":11}},{"id":"bdf68b98-8e41-44a6-8173-6ff9a1aef583","block_type":"box","text":"Approximate Buffer is against approximately 100% of the","page_number":30,"box":{"x":549,"y":385,"width":361,"height":11}},{"id":"f2ff67de-60c7-4244-8900-2482e7ef93c3","block_type":"box","text":"Underlying Fund’s losses for the applicable Outcome Period;","page_number":30,"box":{"x":550,"y":400,"width":384,"height":10}},{"id":"106ce068-0495-4bb7-880a-e39806256a9e","block_type":"box","text":"however, there is no guarantee that the Approximate Buffer will","page_number":30,"box":{"x":549,"y":414,"width":405,"height":11}},{"id":"797c3f1e-48bf-4c0b-b958-98b2e9bcac6e","block_type":"box","text":"succeed in providing the intended protection. The Approximate","page_number":30,"box":{"x":549,"y":428,"width":402,"height":11}},{"id":"f5c9d411-5c6e-440a-9f67-39e552e785bd","block_type":"box","text":"Buffer is provided prior to taking into account any fees or","page_number":30,"box":{"x":550,"y":442,"width":364,"height":11}},{"id":"914e1f44-1ae1-462d-ab74-ef71c4b32dca","block_type":"box","text":"expenses charged to the Fund. These fees and any expenses will","page_number":30,"box":{"x":549,"y":456,"width":412,"height":11}},{"id":"8284995d-ba6b-4bba-8843-652bd018dbae","block_type":"box","text":"reduce the Approximate Buffer amount for Fund shareholders for","page_number":30,"box":{"x":549,"y":470,"width":416,"height":11}},{"id":"df46dd9a-7b83-4772-bf67-dc1d0622628c","block_type":"box","text":"an Outcome Period. When the Fund’s annual management fee of","page_number":30,"box":{"x":549,"y":485,"width":412,"height":10}},{"id":"fb948989-e370-41aa-aba9-f4bcf99c9e16","block_type":"box","text":"0.50% of the Fund’s daily net assets is taken into account, the net","page_number":30,"box":{"x":549,"y":499,"width":420,"height":11}},{"id":"d00e0718-23a4-4cd7-bdf9-67e2bb37f28d","block_type":"box","text":"Approximate Buffer for the Outcome Period is 99.5%.","page_number":30,"box":{"x":549,"y":513,"width":338,"height":11}},{"id":"faa0f245-d39b-4e43-99c8-49ce5eb42562","block_type":"box","text":"While the Fund seeks to maximize protection against Underlying","page_number":30,"box":{"x":549,"y":536,"width":410,"height":11}},{"id":"b5f34815-cfd7-44fa-b81f-c194afe3ba74","block_type":"box","text":"Fund losses for the applicable Outcome Period, the Fund will","page_number":30,"box":{"x":550,"y":550,"width":385,"height":11}},{"id":"5c01eeda-177c-4a84-9c09-b39044eaf23c","block_type":"box","text":"reduce the Approximate Buffer below 100% in order to provide an","page_number":30,"box":{"x":549,"y":565,"width":416,"height":10}},{"id":"952cecef-36b6-4d2b-9485-caabd6996985","block_type":"box","text":"Approximate Cap of at least 2%. For example, if interest rates are","page_number":30,"box":{"x":549,"y":579,"width":416,"height":10}},{"id":"35e5e695-a24d-402f-b056-f7b8ddadf34f","block_type":"box","text":"low enough that providing protection against approximately 100%","page_number":30,"box":{"x":549,"y":593,"width":418,"height":11}},{"id":"8789041d-7728-4313-9e10-f7b71eac6bc1","block_type":"box","text":"of Underlying Fund losses would result in an Approximate Cap of","page_number":30,"box":{"x":549,"y":607,"width":413,"height":11}},{"id":"1234ab81-63b6-4ec4-b794-341111d3f212","block_type":"box","text":"less than 2%, the Fund would decrease the protection such that","page_number":30,"box":{"x":549,"y":621,"width":406,"height":11}},{"id":"9224f7b4-e376-4edc-9d2f-c6a1e5e25d3f","block_type":"box","text":"the Approximate Cap is at least 2%.","page_number":30,"box":{"x":549,"y":635,"width":225,"height":11}},{"id":"7fd0e0a9-1c45-4759-91bd-576d65044179","block_type":"box","text":"Approximate Cap","page_number":30,"box":{"x":548,"y":659,"width":109,"height":10}},{"id":"79c63bc7-2ea5-4bb6-b731-607f1aa0917b","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":30,"box":{"x":659,"y":659,"width":275,"height":10}},{"id":"b8ef91be-bd58-4d8a-903f-210041c37dc8","block_type":"box","text":"selling a call option with a higher strike price relative to the","page_number":30,"box":{"x":549,"y":673,"width":377,"height":11}},{"id":"549a6dcc-64ff-4fd5-9e23-4753d152bae7","block_type":"box","text":"Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":30,"box":{"x":550,"y":687,"width":370,"height":11}},{"id":"c8026f31-90ec-4b68-86b1-b5dd6bd15a11","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":30,"box":{"x":549,"y":701,"width":408,"height":11}},{"id":"d1a091b9-3da0-4c8b-aca1-ea5f5ea41d56","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":30,"box":{"x":549,"y":715,"width":422,"height":11}},{"id":"0204c93d-1b18-4217-b25f-f5bbb2ef81d5","block_type":"box","text":"that strike price. The Approximate Cap for each Outcome Period is","page_number":30,"box":{"x":549,"y":730,"width":424,"height":10}},{"id":"6c5dbc49-cfa6-4fbb-9ca9-4f5396e98262","block_type":"box","text":"based on the strike price of the Cap Option for that Outcome","page_number":30,"box":{"x":549,"y":744,"width":389,"height":11}},{"id":"07ce5ce5-518c-4ecf-ad36-c2c876854e91","block_type":"box","text":"Period. The strike price of the Cap Option depends on the market","page_number":30,"box":{"x":550,"y":758,"width":415,"height":11}},{"id":"9f5040e8-2b25-44b3-8d26-6e48b1e2df7c","block_type":"box","text":"conditions when the option is sold and likely will be different for","page_number":30,"box":{"x":549,"y":772,"width":408,"height":11}},{"id":"824fb273-fe1e-4bb8-a514-3dd762ef0fd4","block_type":"box","text":"each Outcome Period, resulting in a different Approximate Cap for","page_number":30,"box":{"x":549,"y":786,"width":423,"height":11}},{"id":"e3f75c6c-9eaa-408e-981d-135e23242c4d","block_type":"box","text":"each Outcome Period. The Fund uses the premium collected from","page_number":30,"box":{"x":549,"y":800,"width":419,"height":11}},{"id":"efd2e066-4896-43e1-94d9-0406d3f707d0","block_type":"box","text":"selling the Cap Option and the expected dividend distributions","page_number":30,"box":{"x":549,"y":815,"width":398,"height":10}},{"id":"b1440c94-b327-48a3-93b0-9375d4209fae","block_type":"box","text":"from the Underlying Fund to cover the premium that it pays to buy","page_number":30,"box":{"x":549,"y":829,"width":423,"height":11}},{"id":"91f12935-730f-40e2-baf0-32b08f658f1d","block_type":"box","text":"the options that create the Approximate Buffer.","page_number":30,"box":{"x":549,"y":843,"width":302,"height":11}},{"id":"6841d49e-6382-4fea-98ee-4f250f925357","block_type":"box","text":"The Fund’s Approximate Buffer and Approximate Cap (net of the","page_number":30,"box":{"x":549,"y":866,"width":409,"height":11}},{"id":"8700a78b-e2ad-42e4-83d6-25de15802720","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":30,"box":{"x":549,"y":880,"width":414,"height":11}},{"id":"8c1046b9-23dd-427c-af28-963d4fdc57fc","block_type":"box","text":"S-19","page_number":30,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"4bc801ab-91ae-4a02-9220-9564db88da83","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":31,"box":{"x":84,"y":23,"width":397,"height":11}},{"id":"003b3204-d639-4e11-91b9-6414638b26ae","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":31,"box":{"x":83,"y":37,"width":381,"height":11}},{"id":"94cd5bfc-c445-4edb-9a7f-175cc8a17734","block_type":"box","text":"Approximately one week prior to the end of each Outcome Period,","page_number":31,"box":{"x":82,"y":61,"width":423,"height":10}},{"id":"f9da3a15-2b92-429f-bb81-d1054c409b9b","block_type":"box","text":"the Fund expects to file a prospectus supplement that discloses","page_number":31,"box":{"x":83,"y":75,"width":409,"height":10}},{"id":"46ac4968-2d56-4a65-b49c-e889172a2c98","block_type":"box","text":"an estimated range (as estimated by BFA) for the Approximate","page_number":31,"box":{"x":83,"y":89,"width":398,"height":11}},{"id":"5382cb58-0f94-4ecc-8565-cbdb428006ae","block_type":"box","text":"Cap for the Fund’s next Outcome Period. On the last trading day","page_number":31,"box":{"x":83,"y":103,"width":410,"height":11}},{"id":"d2394a62-df09-43ac-8dca-51319655e303","block_type":"box","text":"of each Outcome Period, the Fund will trade a new set of options","page_number":31,"box":{"x":83,"y":117,"width":413,"height":11}},{"id":"c2343831-535c-4654-affa-dc8880c712ac","block_type":"box","text":"to create the Approximate Buffer and Approximate Cap for the","page_number":31,"box":{"x":83,"y":131,"width":398,"height":11}},{"id":"6c1b39cf-4260-493d-99e4-5480e8b61c68","block_type":"box","text":"next Outcome Period. After the close of business on the last","page_number":31,"box":{"x":83,"y":146,"width":384,"height":8}},{"id":"d89ee002-46b1-4f6e-96c1-7910111655df","block_type":"box","text":"trading day of the Outcome Period, the Fund will file a prospectus","page_number":31,"box":{"x":83,"y":160,"width":418,"height":11}},{"id":"5a329d40-a5b0-4124-8ed7-b6bf32c38894","block_type":"box","text":"supplement that discloses the Fund’s Approximate Cap (gross and","page_number":31,"box":{"x":83,"y":174,"width":424,"height":11}},{"id":"ac73a425-5423-4301-b973-33019beed937","block_type":"box","text":"net of its management fee) for the next Outcome Period.","page_number":31,"box":{"x":83,"y":188,"width":361,"height":11}},{"id":"b5c379b6-2e83-47f7-bbf3-d9f77acbc066","block_type":"box","text":"Outcome Period","page_number":31,"box":{"x":83,"y":211,"width":111,"height":9}},{"id":"13086457-c9ca-4bdd-bf24-47ae999f390b","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":31,"box":{"x":82,"y":235,"width":408,"height":10}},{"id":"c8dd0464-2fb9-49fc-a5f3-cb50e787bea0","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":31,"box":{"x":83,"y":249,"width":396,"height":8}},{"id":"aaf1b8f2-9afd-4772-8f22-486d762c8fcd","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":31,"box":{"x":83,"y":263,"width":415,"height":11}},{"id":"ea153362-a9a7-4081-af38-19a34a754019","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":31,"box":{"x":83,"y":277,"width":398,"height":9}},{"id":"64789d90-869d-4393-b1a5-b9ae4b53b35c","block_type":"box","text":"may not fully realize the Outcomes for the Outcome Period and","page_number":31,"box":{"x":83,"y":291,"width":402,"height":11}},{"id":"ba29d907-d92e-4d1b-8f78-114189f0f00d","block_type":"box","text":"may be exposed to greater risk of loss and less potential gain.","page_number":31,"box":{"x":83,"y":305,"width":395,"height":11}},{"id":"dc7ab514-25d4-412b-9241-fc182dd84da2","block_type":"box","text":"This is because, while the Outcomes are fixed levels that are","page_number":31,"box":{"x":82,"y":320,"width":386,"height":10}},{"id":"3b7ff73d-a339-477e-b63d-6746f218f293","block_type":"box","text":"calculated in relation to the Underlying Fund’s price and the","page_number":31,"box":{"x":83,"y":334,"width":381,"height":11}},{"id":"595dcb7f-e4dc-4818-8ad3-43f627652d7a","block_type":"box","text":"Fund’s NAV at the start of each Outcome Period and generally","page_number":31,"box":{"x":84,"y":348,"width":395,"height":11}},{"id":"1dc166ee-c008-4de5-8c87-bc99037e4c4c","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":31,"box":{"x":83,"y":362,"width":419,"height":11}},{"id":"2ac83f18-1230-46a5-b29e-33f20ac1c044","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":31,"box":{"x":83,"y":376,"width":414,"height":11}},{"id":"ddc9c2dc-03e3-4d8f-a951-d60878ad7be3","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":31,"box":{"x":83,"y":391,"width":408,"height":10}},{"id":"ee480706-983f-4b28-9468-1c4a9dca00b5","block_type":"box","text":"the Outcome Period.","page_number":31,"box":{"x":83,"y":405,"width":130,"height":8}},{"id":"554089f0-53db-4244-98fd-7f7036ffb1ad","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":31,"box":{"x":84,"y":428,"width":383,"height":11}},{"id":"51810169-9f8a-41ca-823a-1e72916e962e","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":31,"box":{"x":83,"y":442,"width":420,"height":11}},{"id":"61f76685-8326-4a9c-aa51-ab34e5086671","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":31,"box":{"x":83,"y":456,"width":388,"height":11}},{"id":"bec14fcf-cfa5-4da0-a684-64fd4f4d695d","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":31,"box":{"x":84,"y":470,"width":357,"height":11}},{"id":"301eb2bb-ced7-4257-8719-a1bd7c3232ea","block_type":"box","text":"Approximate Cap and the investor may experience losses prior to","page_number":31,"box":{"x":82,"y":485,"width":419,"height":10}},{"id":"dc576082-442f-4d0d-be7b-c2a536247b2c","block_type":"box","text":"reaching the downside protection offered by the Approximate","page_number":31,"box":{"x":83,"y":499,"width":393,"height":11}},{"id":"d422e4a1-be03-4d37-91ac-c785cd89cfbf","block_type":"box","text":"Buffer. Conversely, if an investor purchases Fund shares during an","page_number":31,"box":{"x":84,"y":513,"width":421,"height":11}},{"id":"c1701488-df91-4ba1-a69e-fb9765e7a651","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":31,"box":{"x":83,"y":527,"width":420,"height":11}},{"id":"f5b3732c-8e6e-47bb-af89-d5f576858fff","block_type":"box","text":"has decreased from its price at the beginning of the Outcome","page_number":31,"box":{"x":83,"y":541,"width":392,"height":11}},{"id":"d7175436-d588-4ce1-99b7-601f74058773","block_type":"box","text":"Period, the Fund may require a larger increase in the Underlying","page_number":31,"box":{"x":84,"y":556,"width":407,"height":10}},{"id":"0ee1eaac-b29b-4fdd-bd0b-847a5922499f","block_type":"box","text":"Fund’s share price before it reaches the Approximate Cap.","page_number":31,"box":{"x":84,"y":570,"width":371,"height":10}},{"id":"e9417844-666b-4bc6-af41-e17f1d8cada4","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":31,"box":{"x":83,"y":593,"width":278,"height":11}},{"id":"cec16dd3-199f-452e-955f-f5f4488817dc","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":31,"box":{"x":83,"y":616,"width":392,"height":11}},{"id":"44e43355-06fc-45c6-8f0a-2175688c2f6d","block_type":"box","text":"during an Outcome Period, the Fund will typically buy Underlying","page_number":31,"box":{"x":83,"y":630,"width":412,"height":11}},{"id":"444603dc-d209-490a-8e2c-13a34469244b","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and seek","page_number":31,"box":{"x":84,"y":644,"width":417,"height":11}},{"id":"f462cf7c-c95c-4a24-8889-ece50e2c3d59","block_type":"box","text":"to enter into the combination of options transactions described","page_number":31,"box":{"x":83,"y":659,"width":404,"height":10}},{"id":"0891979a-e6fe-4095-a6f0-29855c3642aa","block_type":"box","text":"above. This will occur even in circumstances where the Fund","page_number":31,"box":{"x":83,"y":673,"width":386,"height":8}},{"id":"269f1d15-fdd9-44fc-98b6-6ad016d1db8f","block_type":"box","text":"would receive a negligible premium for selling an out-of-the","page_number":31,"box":{"x":82,"y":687,"width":386,"height":11}},{"id":"bf1aa6c4-17ee-48b5-8a1c-d2bf2cc24bc7","block_type":"box","text":"money call, which may give up more sizable returns to the extent","page_number":31,"box":{"x":83,"y":701,"width":415,"height":11}},{"id":"74c135de-df2b-44b5-a15d-18ce17c431eb","block_type":"box","text":"that the option later becomes in the money.","page_number":31,"box":{"x":83,"y":715,"width":279,"height":11}},{"id":"161b3384-84de-42e3-8ab9-95042965c0ab","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":31,"box":{"x":84,"y":739,"width":414,"height":10}},{"id":"b0960519-8ae4-4249-9047-a969eafe28b9","block_type":"box","text":"purchase the downside protection, the Fund’s performance is","page_number":31,"box":{"x":83,"y":753,"width":393,"height":11}},{"id":"939bde14-a39e-4a29-9850-6719e71c08fe","block_type":"box","text":"likely to be less than the Underlying Fund’s performance when (1)","page_number":31,"box":{"x":83,"y":767,"width":416,"height":11}},{"id":"8f4c83a1-3f91-4c51-b304-b9cf379cd57d","block_type":"box","text":"distributions are considered and (2) the Underlying Fund’s","page_number":31,"box":{"x":83,"y":781,"width":371,"height":11}},{"id":"12cb23d5-28e8-4a80-b8d6-a728314aca0e","block_type":"box","text":"performance is positive. The Fund may also underperform the","page_number":31,"box":{"x":83,"y":795,"width":394,"height":11}},{"id":"29f61e1a-0df0-4b55-bf06-b5a075f692ec","block_type":"box","text":"Underlying Fund if the returns of the Underlying Fund exceed the","page_number":31,"box":{"x":83,"y":809,"width":414,"height":11}},{"id":"87ad4503-e8fc-495f-90cb-4d53eaaa9389","block_type":"box","text":"Approximate Cap net of the distributions.","page_number":31,"box":{"x":82,"y":824,"width":264,"height":10}},{"id":"87bd4a7d-a06c-4235-bd04-6417c6b138c8","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":31,"box":{"x":82,"y":847,"width":387,"height":11}},{"id":"aa9a467e-f466-4ee5-b121-37274edfbfb1","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":31,"box":{"x":83,"y":861,"width":402,"height":11}},{"id":"7b59aa4d-0f8c-4929-b6bc-c8d0d9276707","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":31,"box":{"x":83,"y":875,"width":414,"height":11}},{"id":"8dbf9055-b1eb-4228-aa33-9fa155766d64","block_type":"box","text":"upside limit significantly below the Approximate Cap and to","page_number":31,"box":{"x":549,"y":23,"width":379,"height":11}},{"id":"7347dcb5-5191-41d4-9b4d-ff687ebd60a1","block_type":"box","text":"significantly less downside protection than the Approximate","page_number":31,"box":{"x":549,"y":37,"width":383,"height":11}},{"id":"926af39e-5985-4b54-b021-906180df2676","block_type":"box","text":"Buffer. Investors may lose their entire investment, and an","page_number":31,"box":{"x":550,"y":51,"width":364,"height":11}},{"id":"95e8199d-bd37-4eeb-bfdb-ba5fc70a5717","block_type":"box","text":"investment in the Fund is appropriate only for investors willing to","page_number":31,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"95fb8a50-179b-49cd-809e-ad75fa1004bb","block_type":"box","text":"bear those losses.","page_number":31,"box":{"x":549,"y":80,"width":115,"height":8}},{"id":"9bb594b0-5799-4d1f-95d6-2dc0df3c5b42","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":31,"box":{"x":550,"y":103,"width":407,"height":11}},{"id":"fd6cd0c0-56bd-4873-999d-61c9de704f09","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":31,"box":{"x":549,"y":117,"width":389,"height":11}},{"id":"34f49bd8-2cb2-409a-b0cf-a18911e24787","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":31,"box":{"x":550,"y":131,"width":396,"height":11}},{"id":"5bd06901-a8bf-4431-b9c5-876a20d2142d","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":31,"box":{"x":549,"y":146,"width":387,"height":10}},{"id":"e72c087f-a415-4950-9d1f-2570df7d4fd5","block_type":"box","text":"purchase call options with a strike price that is very low","page_number":31,"box":{"x":586,"y":164,"width":355,"height":10}},{"id":"52e11e38-b388-4e73-bb2a-05215da3071c","block_type":"box","text":"(approximately 1% or less) relative to the Underlying Fund’s","page_number":31,"box":{"x":586,"y":178,"width":379,"height":11}},{"id":"ac773d69-3d8d-434e-a3ac-e8d61fcd4d60","block_type":"box","text":"share price on the day of purchase (a “zero strike call”);","page_number":31,"box":{"x":586,"y":192,"width":354,"height":11}},{"id":"32b3b2a8-f568-443b-b1c5-98522283b214","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":31,"box":{"x":586,"y":210,"width":354,"height":11}},{"id":"ab3dff4e-0f39-4738-bbd3-c92db999603f","block_type":"box","text":"Underlying Fund’s Index;","page_number":31,"box":{"x":586,"y":224,"width":156,"height":11}},{"id":"5b061a51-eda7-4508-9134-64ed91c133f9","block_type":"box","text":"purchase equity securities (e.g., component securities of the","page_number":31,"box":{"x":586,"y":242,"width":387,"height":11}},{"id":"fd9afb58-a01d-4a2b-b6da-32466c8b4682","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":31,"box":{"x":586,"y":256,"width":377,"height":11}},{"id":"d935d919-bc1a-4954-840f-ff2bd34d979a","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":31,"box":{"x":586,"y":271,"width":363,"height":10}},{"id":"41b21a81-d351-454e-82b7-68094da60821","block_type":"box","text":"invest in U.S. Treasuries, money market funds and/or other","page_number":31,"box":{"x":586,"y":289,"width":380,"height":11}},{"id":"0a7080e2-aefb-41d4-bd51-07d7f0c01f7b","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":31,"box":{"x":586,"y":303,"width":376,"height":11}},{"id":"bc74046f-f4fb-4dc9-9c2c-6aed05ec337e","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":31,"box":{"x":586,"y":317,"width":342,"height":11}},{"id":"c89b5440-7496-454f-884f-f193b019336b","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":31,"box":{"x":586,"y":331,"width":247,"height":11}},{"id":"04f9d03b-f73f-42b2-9b7c-47b615e390aa","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":31,"box":{"x":550,"y":354,"width":413,"height":11}},{"id":"67c2c076-820e-461a-942a-fba46afe749a","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":31,"box":{"x":550,"y":369,"width":409,"height":10}},{"id":"07b091df-4778-443d-9013-0d43cb6cc0de","block_type":"box","text":"common stocks of companies held by the Underlying Fund that","page_number":31,"box":{"x":549,"y":383,"width":404,"height":11}},{"id":"86a9568a-f187-43b4-8750-976573d60737","block_type":"box","text":"BFA believes will provide a risk/return profile similar to that of the","page_number":31,"box":{"x":550,"y":397,"width":421,"height":11}},{"id":"ec79abae-8f8d-43e4-9001-6e26f8913f8c","block_type":"box","text":"Underlying Fund.","page_number":31,"box":{"x":550,"y":411,"width":106,"height":11}},{"id":"cd093dce-3fef-4624-a59e-a3133e0f1786","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":31,"box":{"x":550,"y":434,"width":417,"height":11}},{"id":"a65a4fb5-5e88-44c7-9f09-0252fa454f45","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":31,"box":{"x":549,"y":449,"width":401,"height":10}},{"id":"059c1e09-e5c6-4a51-b15e-64907c0ef9fb","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":31,"box":{"x":549,"y":463,"width":424,"height":10}},{"id":"0cd6fbdd-e946-4442-bca3-0e8630426077","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":31,"box":{"x":549,"y":477,"width":356,"height":11}},{"id":"a6da9edd-0944-4ae5-864a-ce3c09be39a5","block_type":"box","text":"Approximate Cap or the Approximate Buffer with respect to","page_number":31,"box":{"x":549,"y":491,"width":380,"height":11}},{"id":"8045d1b6-6521-4eba-a8f7-62f3a1a34d83","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":31,"box":{"x":549,"y":505,"width":410,"height":11}},{"id":"7aba829c-b1d4-4d2b-b93e-bab92ebaf8a9","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":31,"box":{"x":550,"y":519,"width":392,"height":11}},{"id":"cad5320e-8183-4995-a377-ffa140076384","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":31,"box":{"x":549,"y":534,"width":410,"height":10}},{"id":"cfd666d6-c4d5-4a9a-8cf9-27963b161ddf","block_type":"box","text":"The Fund is classified as non-diversified under the Investment","page_number":31,"box":{"x":549,"y":557,"width":395,"height":8}},{"id":"0a488020-44a2-4229-b224-d998d1e4fa33","block_type":"box","text":"Company Act of 1940, as amended (the “1940 Act”).","page_number":31,"box":{"x":549,"y":571,"width":334,"height":11}},{"id":"42c415a9-ccb3-4511-b712-603ddcc64e9d","block_type":"box","text":"Summary of Principal Risks","page_number":31,"box":{"x":549,"y":600,"width":235,"height":13}},{"id":"74846d17-fb8c-4b62-9c2c-cb5a032e6c6b","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":31,"box":{"x":549,"y":625,"width":388,"height":11}},{"id":"4c5a8898-c72f-4559-9cd2-b87dcdd4d56a","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":31,"box":{"x":549,"y":639,"width":422,"height":11}},{"id":"580bc10b-a8a5-4c0c-bccb-8bf18b320440","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":31,"box":{"x":549,"y":654,"width":399,"height":10}},{"id":"78945ade-afba-418e-8c90-974d16d95f57","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":31,"box":{"x":550,"y":668,"width":370,"height":10}},{"id":"e1040b45-e672-45b8-bca6-db184e0bd6f2","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":31,"box":{"x":549,"y":682,"width":399,"height":11}},{"id":"2c5dc5de-7fe3-4715-a5c8-9078361f0e2a","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":31,"box":{"x":549,"y":696,"width":359,"height":11}},{"id":"d62192e3-b969-4435-8efb-70be5fc7670d","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":31,"box":{"x":549,"y":710,"width":414,"height":11}},{"id":"d33d9e3e-6dc9-419e-a9fb-a5ef798ef6ea","block_type":"box","text":"affect the Fund’s NAV , trading price, yield, total return and ability","page_number":31,"box":{"x":549,"y":724,"width":418,"height":11}},{"id":"a232e613-25b5-4e36-9f79-ea0129274cc6","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":31,"box":{"x":549,"y":739,"width":413,"height":10}},{"id":"2df408ed-c50f-4993-b37d-df321a8be5cd","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":31,"box":{"x":549,"y":753,"width":424,"height":11}},{"id":"8bd1b6cb-f5e5-4a72-8190-5de7bec53ca3","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":31,"box":{"x":549,"y":767,"width":419,"height":11}},{"id":"7cf405d2-cf3f-44ec-96ca-7260b89edb33","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":31,"box":{"x":549,"y":781,"width":316,"height":11}},{"id":"3ca2be2e-bce4-4be5-abeb-52c54aad6a85","block_type":"box","text":"Approximate Buffer Risk.","page_number":31,"box":{"x":548,"y":804,"width":170,"height":11}},{"id":"8d1d6894-4d9e-4ccf-9202-ba5c1f1c8118","block_type":"box","text":"There can be no guarantee that the","page_number":31,"box":{"x":723,"y":804,"width":225,"height":11}},{"id":"59bd318e-6251-4115-8f7d-067d8ee1c487","block_type":"box","text":"Fund will be successful in its strategy to provide downside","page_number":31,"box":{"x":550,"y":819,"width":370,"height":10}},{"id":"3120fa24-5d05-420a-9487-534b789e0862","block_type":"box","text":"protection against Underlying Fund losses. The Fund does not","page_number":31,"box":{"x":549,"y":833,"width":395,"height":11}},{"id":"f4a5e87b-8f72-4823-82f3-f4872e3758c8","block_type":"box","text":"provide principal protection or non-principal protection, and,","page_number":31,"box":{"x":549,"y":847,"width":386,"height":11}},{"id":"0ddc5151-0387-4048-a8b1-2976bcb59df1","block_type":"box","text":"despite the Approximate Buffer, an investor may experience","page_number":31,"box":{"x":549,"y":861,"width":383,"height":11}},{"id":"a936b5a3-6e2d-4e10-a136-866e63d7d9b3","block_type":"box","text":"significant losses on their investment, including the loss of their","page_number":31,"box":{"x":549,"y":875,"width":408,"height":11}},{"id":"12ab60a0-0b13-4119-aa23-2b3dd8d10f52","block_type":"box","text":"S-20","page_number":31,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5f49e166-8975-4820-a309-50f300273605","block_type":"box","text":"entire investment. If an investor purchases Fund shares after an","page_number":32,"box":{"x":83,"y":23,"width":408,"height":11}},{"id":"d39b2f1f-d18c-40f2-abc7-ccb7f9ae36e5","block_type":"box","text":"Outcome Period begins or sells Fund shares prior to the end of an","page_number":32,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"0cefa9ed-7321-4b6c-9ff4-8ffe3442c30a","block_type":"box","text":"Outcome Period, the Approximate Buffer that the Fund seeks to","page_number":32,"box":{"x":83,"y":51,"width":407,"height":11}},{"id":"04a9d738-5735-4c18-97df-76fdb1e5f9ab","block_type":"box","text":"provide may not be available. In periods of extreme market","page_number":32,"box":{"x":83,"y":66,"width":376,"height":10}},{"id":"a90e9304-5bf8-44e1-ba76-041e1c4cb03d","block_type":"box","text":"volatility, the Fund’s return may be subject to significantly less","page_number":32,"box":{"x":82,"y":80,"width":399,"height":11}},{"id":"a1df20f7-576a-40e4-8b6b-04cc6c261561","block_type":"box","text":"downside protection than the Approximate Buffer.","page_number":32,"box":{"x":83,"y":94,"width":319,"height":11}},{"id":"11dab05d-092f-415b-9ef7-371d2df2178f","block_type":"box","text":"Approximate Cap Risk.","page_number":32,"box":{"x":81,"y":117,"width":154,"height":11}},{"id":"aa9a2076-6f2b-44a2-97ef-a4014c590b36","block_type":"box","text":"The Fund’s strategy seeks to provide","page_number":32,"box":{"x":241,"y":117,"width":234,"height":11}},{"id":"8653f9ff-107e-42f5-935e-b63632b97945","block_type":"box","text":"returns that are subject to an Approximate Cap, whose level","page_number":32,"box":{"x":83,"y":131,"width":383,"height":11}},{"id":"ad8ad01b-fde5-4aab-a4df-0649c1cc6b91","block_type":"box","text":"depends on prevailing market conditions (","page_number":32,"box":{"x":83,"y":146,"width":268,"height":10}},{"id":"71586362-6ff6-4aef-9975-4e480816e195","block_type":"box","text":"e.g","page_number":32,"box":{"x":352,"y":148,"width":19,"height":8}},{"id":"f81f434d-54a0-4ec3-aee6-222e89a0f659","block_type":"box","text":"., volatility, interest","page_number":32,"box":{"x":371,"y":146,"width":122,"height":10}},{"id":"923e4023-1bc5-44f4-9f7a-fe49c70905e3","block_type":"box","text":"rates, dividends, and other factors) at the time that the","page_number":32,"box":{"x":83,"y":160,"width":351,"height":11}},{"id":"1b580e4b-b028-4ebb-b1c8-265f8885fdbb","block_type":"box","text":"Approximate Cap is set. The Approximate Cap may rise or fall","page_number":32,"box":{"x":82,"y":174,"width":392,"height":11}},{"id":"4b67c265-53a3-4047-bb5e-d02ce6c9e164","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":32,"box":{"x":82,"y":188,"width":415,"height":11}},{"id":"c7b3bf5f-8e1d-4140-a73d-8246e5ebec98","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":32,"box":{"x":83,"y":202,"width":369,"height":11}},{"id":"5900201e-166a-4ab9-8726-16cbc5682350","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":32,"box":{"x":83,"y":216,"width":393,"height":11}},{"id":"1baacb43-5e27-434d-b9c8-31acde3467fa","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":32,"box":{"x":83,"y":231,"width":411,"height":10}},{"id":"70862e49-5a7c-4988-991c-e6875ab58b0f","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":32,"box":{"x":82,"y":245,"width":416,"height":11}},{"id":"25f18dd9-2649-463c-8767-00d377c6e74b","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":32,"box":{"x":82,"y":259,"width":391,"height":11}},{"id":"5477c4ad-fd29-4ce7-9e61-336e9d4d8fce","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":32,"box":{"x":83,"y":273,"width":417,"height":11}},{"id":"dbdf89a1-5427-4dd5-8193-695f1c17b899","block_type":"box","text":"Approximate Cap.","page_number":32,"box":{"x":82,"y":287,"width":114,"height":11}},{"id":"a8801e96-6de5-4663-9415-35d05076ca34","block_type":"box","text":"Options Risk.","page_number":32,"box":{"x":83,"y":311,"width":88,"height":10}},{"id":"3368b6fd-605b-4a7b-a1f4-09a5c24cd4be","block_type":"box","text":"Investments in options are considered speculative.","page_number":32,"box":{"x":177,"y":311,"width":324,"height":10}},{"id":"4d251d6b-481a-4e6d-9d04-f1e681a67425","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":32,"box":{"x":82,"y":325,"width":364,"height":11}},{"id":"4916d22c-e8ee-435a-85cc-105b062ea7f2","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":32,"box":{"x":83,"y":339,"width":416,"height":11}},{"id":"bc8bf319-9a7c-4388-a5d7-44274d0fd37f","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":32,"box":{"x":83,"y":353,"width":397,"height":11}},{"id":"60a12a44-db86-412b-9ffe-23304dffb114","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":32,"box":{"x":83,"y":367,"width":393,"height":11}},{"id":"7c9ae8c3-5f4d-4801-a7b8-2d789af7af1b","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":32,"box":{"x":83,"y":382,"width":389,"height":10}},{"id":"aee402a2-1dc9-4e89-b876-45b881d1ebd6","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":32,"box":{"x":83,"y":396,"width":424,"height":10}},{"id":"2e97aacd-2590-4688-a09c-26cfc134a821","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":32,"box":{"x":83,"y":410,"width":424,"height":11}},{"id":"b406fbd5-1a9f-4f18-a23e-9b2050997f3d","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":32,"box":{"x":83,"y":424,"width":424,"height":11}},{"id":"36befbbc-266e-483d-8aa4-49580fdb4ec8","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":32,"box":{"x":83,"y":438,"width":405,"height":11}},{"id":"46acb5e5-be6c-4599-a65c-00389b8f743d","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":32,"box":{"x":83,"y":452,"width":411,"height":11}},{"id":"7a1ee480-5297-40f1-90b5-8be28afbd211","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":32,"box":{"x":83,"y":467,"width":400,"height":10}},{"id":"45166b2d-5e60-445c-95cb-03b640bf49af","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":32,"box":{"x":83,"y":481,"width":370,"height":11}},{"id":"8f7bd5fa-ab17-47a5-a725-a84cf80350d8","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":32,"box":{"x":83,"y":495,"width":410,"height":11}},{"id":"6765424c-4a79-42ac-8d4b-a61339b3b8a2","block_type":"box","text":"would represent a loss to the Fund.","page_number":32,"box":{"x":82,"y":509,"width":225,"height":11}},{"id":"9f962497-3023-4ea0-868e-55232303fddd","block_type":"box","text":"FLEX Options Risk.","page_number":32,"box":{"x":83,"y":532,"width":116,"height":11}},{"id":"0d7263f8-dda3-4eaf-a3be-333b21ca548c","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":32,"box":{"x":206,"y":532,"width":291,"height":11}},{"id":"86c85f1d-3684-4504-ae98-38bde6f447b1","block_type":"box","text":"may be less liquid than certain other instruments, such as","page_number":32,"box":{"x":83,"y":547,"width":369,"height":10}},{"id":"cd1ecff7-c6b1-487b-852d-4f6bb38e7f68","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":32,"box":{"x":83,"y":561,"width":417,"height":10}},{"id":"28b4ac16-3c5f-4b21-8d46-f163cb665f58","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":32,"box":{"x":83,"y":575,"width":416,"height":11}},{"id":"ce85b481-f2fe-4f7f-8910-b5f767077569","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":32,"box":{"x":83,"y":589,"width":380,"height":11}},{"id":"213e2c46-bb91-4908-babd-d81c2e35b4ed","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":32,"box":{"x":83,"y":603,"width":418,"height":11}},{"id":"6c57df7a-78cb-4229-8ace-9c54c3586752","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":32,"box":{"x":83,"y":617,"width":416,"height":11}},{"id":"8b0c6a76-ba50-4959-8ea9-dff2b3e403ce","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":32,"box":{"x":83,"y":632,"width":416,"height":10}},{"id":"54f00f13-a40e-4d34-b590-b538415efb20","block_type":"box","text":"in the Fund. There is also a risk that the Fund will be unable to","page_number":32,"box":{"x":83,"y":646,"width":395,"height":8}},{"id":"b894f0b4-0c70-44a5-b1a0-dc5d020f83b5","block_type":"box","text":"maintain the proportional relationship based on the number of","page_number":32,"box":{"x":83,"y":660,"width":398,"height":11}},{"id":"87efc395-5729-4773-a178-c94575b1d55b","block_type":"box","text":"exchange-traded options in the Fund’s portfolio or that adverse","page_number":32,"box":{"x":83,"y":674,"width":404,"height":11}},{"id":"3a9daec7-de37-4bf2-8fb1-0b9128c65a4e","block_type":"box","text":"tax law changes will negatively impact the treatment of FLEX","page_number":32,"box":{"x":83,"y":688,"width":388,"height":11}},{"id":"3a1026f9-e86f-4a35-92d6-d830d8742aac","block_type":"box","text":"Options. 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Large-capitalization companies may be","page_number":32,"box":{"x":549,"y":37,"width":405,"height":11}},{"id":"e64fa850-98a0-40d5-a312-434e840b7bdb","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":32,"box":{"x":549,"y":52,"width":371,"height":10}},{"id":"e83a8d05-d909-4cc1-beea-971c15c65c52","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":32,"box":{"x":549,"y":66,"width":340,"height":10}},{"id":"1ebcfd05-503f-490e-91a0-afdb9328ae95","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":32,"box":{"x":549,"y":80,"width":390,"height":11}},{"id":"3a93e2ae-808f-4bea-b551-17529a6fa56a","block_type":"box","text":"overall performance of the broader securities markets.","page_number":32,"box":{"x":549,"y":94,"width":349,"height":11}},{"id":"a0bc664e-c8fb-40d3-ae07-b09a94fb5aee","block_type":"box","text":"Market Risk","page_number":32,"box":{"x":549,"y":117,"width":82,"height":9}},{"id":"0a17db5d-704e-4ecd-b299-c9b723451c8d","block_type":"box","text":".","page_number":32,"box":{"x":631,"y":124,"width":3,"height":2}},{"id":"b0a8e795-f1a5-4573-a491-adafc62598ea","block_type":"box","text":"The Fund could lose money over short periods due","page_number":32,"box":{"x":639,"y":117,"width":322,"height":11}},{"id":"f25e2122-33aa-4be3-937d-60a06188b9e4","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":32,"box":{"x":549,"y":131,"width":413,"height":11}},{"id":"9a66813b-5702-48fc-af59-7e8584260fdc","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":32,"box":{"x":549,"y":146,"width":382,"height":10}},{"id":"0ddee0e9-a00b-430b-9948-f2d53e303bc5","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":32,"box":{"x":549,"y":160,"width":411,"height":11}},{"id":"6f321846-9acd-4af8-a2b7-76caf06710ec","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":32,"box":{"x":549,"y":174,"width":370,"height":11}},{"id":"eff4f687-8a65-4dea-9493-ee35122e5796","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":32,"box":{"x":549,"y":188,"width":404,"height":11}},{"id":"b75dec4d-6a84-4e85-8fe8-86b18198217b","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":32,"box":{"x":549,"y":202,"width":395,"height":11}},{"id":"fdf10b36-24bb-420b-ac77-ecd6bb602331","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":32,"box":{"x":549,"y":217,"width":395,"height":10}},{"id":"246f7a92-fc21-48f7-8788-cac6e1c787df","block_type":"box","text":"NAV.","page_number":32,"box":{"x":550,"y":231,"width":27,"height":8}},{"id":"0a0ad08b-c908-49cb-9380-44f453a0e8ed","block_type":"box","text":"Asset Class Risk.","page_number":32,"box":{"x":548,"y":254,"width":114,"height":8}},{"id":"de873637-01a4-41ae-a225-663034368740","block_type":"box","text":"The securities and other assets in the Fund’s","page_number":32,"box":{"x":668,"y":254,"width":285,"height":8}},{"id":"138ee91f-a414-48a3-889c-520f75fb1e68","block_type":"box","text":"portfolio may underperform in comparison to financial markets","page_number":32,"box":{"x":549,"y":268,"width":402,"height":11}},{"id":"3023c1fa-abce-4cea-b47d-a2e0bdb40257","block_type":"box","text":"generally, a particular financial market, an index, or other asset","page_number":32,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"d605d5f9-e49a-4f55-ac60-d1a86cb839ef","block_type":"box","text":"classes.","page_number":32,"box":{"x":549,"y":297,"width":50,"height":8}},{"id":"58bde93e-3abe-42f4-8b3d-ef90a8277211","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":32,"box":{"x":548,"y":320,"width":290,"height":10}},{"id":"6a3ea3e8-78b4-49f3-98a3-b76417b24744","block_type":"box","text":"An “Authorized","page_number":32,"box":{"x":847,"y":320,"width":93,"height":8}},{"id":"3d74c39d-9632-4d50-8620-f452f4958479","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":32,"box":{"x":550,"y":334,"width":379,"height":11}},{"id":"6df2bc7e-acfb-4233-ba5d-98408fe02b2b","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":32,"box":{"x":549,"y":348,"width":411,"height":11}},{"id":"8b3a4672-8231-42a0-9b69-b1b294217e98","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":32,"box":{"x":550,"y":362,"width":395,"height":11}},{"id":"3c4c4aff-8e54-48d9-9947-fe1178abfa3d","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":32,"box":{"x":550,"y":376,"width":399,"height":11}},{"id":"c14ab0df-432d-4999-ba92-c89cd0a99b1a","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":32,"box":{"x":549,"y":391,"width":407,"height":10}},{"id":"93a40bd2-27de-433d-bb66-06e891cc8f0b","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":32,"box":{"x":549,"y":405,"width":409,"height":11}},{"id":"a9b4941f-4dfa-4c7f-8b53-261633418135","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":32,"box":{"x":549,"y":419,"width":412,"height":11}},{"id":"861fe4ae-fb33-40b6-afc7-ea46f2624c5e","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":32,"box":{"x":549,"y":433,"width":403,"height":11}},{"id":"4be0e23c-8149-4c5d-a6f5-60ed2a30d3c2","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":32,"box":{"x":549,"y":447,"width":378,"height":11}},{"id":"feb40520-f0b6-4d9a-84ce-d2c087791d54","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":32,"box":{"x":550,"y":461,"width":379,"height":11}},{"id":"ef8d4f34-5995-4c51-9810-6a322e6ea651","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":32,"box":{"x":549,"y":476,"width":404,"height":10}},{"id":"3586d981-3d45-4d1b-81ee-7288992e01ec","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":32,"box":{"x":549,"y":490,"width":399,"height":11}},{"id":"cbd5e658-ad5c-48fc-b55c-75cf6d7b4085","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":32,"box":{"x":550,"y":504,"width":391,"height":11}},{"id":"fe0e5949-220e-4aaa-aa3f-bd069ecd3de7","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":32,"box":{"x":549,"y":518,"width":408,"height":11}},{"id":"a979ea11-e468-46bc-a4f3-c8f4f7fd1399","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":32,"box":{"x":549,"y":532,"width":273,"height":11}},{"id":"dc361abc-87cc-4be9-86da-e884581047a2","block_type":"box","text":"Clearing Member Default Risk.","page_number":32,"box":{"x":549,"y":555,"width":207,"height":11}},{"id":"807c2cdf-087f-4b39-910c-5b3c0bb47928","block_type":"box","text":"Transactions in some types of","page_number":32,"box":{"x":762,"y":556,"width":190,"height":10}},{"id":"4f0083bd-93ff-497e-b792-56eeed64b2c7","block_type":"box","text":"derivatives, including FLEX Options and futures, are required to be","page_number":32,"box":{"x":549,"y":570,"width":423,"height":11}},{"id":"d3efa0ae-7445-47c0-9f34-6e90ff150434","block_type":"box","text":"centrally cleared (“cleared derivatives”). In a transaction involving","page_number":32,"box":{"x":549,"y":584,"width":419,"height":11}},{"id":"0336ef93-a7e6-40f0-93fb-113023182bc2","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":32,"box":{"x":549,"y":598,"width":408,"height":11}},{"id":"01be24ec-0b96-46b4-9f8b-4b59c1fd2829","block_type":"box","text":"such as the OCC, rather than a bank or broker. Since the Fund is","page_number":32,"box":{"x":549,"y":612,"width":412,"height":10}},{"id":"e106d2e6-61d9-49ad-888e-7d0998656d15","block_type":"box","text":"not a member of clearing houses and only members of a clearing","page_number":32,"box":{"x":549,"y":626,"width":415,"height":11}},{"id":"b68b6e8e-893e-41fd-8254-fab3737db8ea","block_type":"box","text":"house (“clearing members”) can participate directly in the clearing","page_number":32,"box":{"x":549,"y":641,"width":424,"height":10}},{"id":"0d3fe48e-12dd-4fa2-9d90-9c3dfbef313f","block_type":"box","text":"house, the Fund will hold cleared derivatives through accounts at","page_number":32,"box":{"x":549,"y":655,"width":416,"height":11}},{"id":"52db2e6e-73c4-47f2-88de-a0e008742441","block_type":"box","text":"clearing members. In cleared derivatives positions, the Fund will","page_number":32,"box":{"x":549,"y":669,"width":409,"height":11}},{"id":"ad27551e-a792-40ab-b393-331c8dc027cb","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":32,"box":{"x":549,"y":683,"width":381,"height":11}},{"id":"21f01b15-151f-404c-88fe-b685f0ac4f32","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":32,"box":{"x":549,"y":697,"width":371,"height":11}},{"id":"424c53bc-67ea-457f-8d00-7f203eb7ffd8","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":32,"box":{"x":549,"y":712,"width":421,"height":10}},{"id":"2a508335-a570-4de2-a358-b0f95482c3b6","block_type":"box","text":"in connection with any options contracts are held in a","page_number":32,"box":{"x":549,"y":726,"width":342,"height":11}},{"id":"86739d92-9e01-42ba-b539-e888be002ffe","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":32,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"01a5a60d-b6e5-44c3-9713-d52bb4d6a632","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":32,"box":{"x":549,"y":754,"width":420,"height":11}},{"id":"e8126e17-6e66-47b9-b0e4-4016b4ec3d3c","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":32,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"1f7400e7-4857-4a72-be39-388e57418aa2","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":32,"box":{"x":550,"y":782,"width":422,"height":11}},{"id":"7b58cce1-fbef-41fa-8b2e-6f449b87eab7","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":32,"box":{"x":549,"y":797,"width":404,"height":10}},{"id":"ff48328d-63d6-48c3-a6ab-4912e7a9b186","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":32,"box":{"x":549,"y":811,"width":406,"height":11}},{"id":"8c85c9e1-85d2-4d77-8e2e-467b2c4b4ee1","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":32,"box":{"x":549,"y":825,"width":419,"height":11}},{"id":"0690968b-8dd4-4b5e-9429-2c1f5e4ee672","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":32,"box":{"x":550,"y":839,"width":422,"height":11}},{"id":"3408fb3f-db95-4f84-b545-327014739f3e","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":32,"box":{"x":549,"y":853,"width":413,"height":11}},{"id":"f7e2b052-bea0-48a6-8eef-4cc52feb6714","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":32,"box":{"x":549,"y":868,"width":420,"height":10}},{"id":"f03b5ae4-0a80-4207-9c19-2bd04fb9d47f","block_type":"box","text":"S-21","page_number":32,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"11c7225c-84f3-47ae-b501-5d7d56f7de6b","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":33,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"4e4af553-8dcc-41d4-8f5e-ec4f5a2ad681","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":33,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"ae8ab9ce-1824-4f4d-88ba-0c2d131c7ba8","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":33,"box":{"x":82,"y":51,"width":381,"height":11}},{"id":"c8733181-0f28-40cb-8ed3-cdbf91f13c7e","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":33,"box":{"x":83,"y":66,"width":394,"height":11}},{"id":"f2302800-5d36-4e23-9e20-41982a5d69f6","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":33,"box":{"x":82,"y":80,"width":401,"height":11}},{"id":"8d1e812d-dc56-47ed-a3ca-af096ea26019","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":33,"box":{"x":83,"y":94,"width":411,"height":11}},{"id":"0cf2e053-4f8d-4b51-8c88-2c093fefbea4","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":33,"box":{"x":83,"y":108,"width":423,"height":11}},{"id":"bfea402b-1a11-47de-b74f-e614b07b0679","block_type":"box","text":"the clearing member. If the Fund cannot find a clearing member to","page_number":33,"box":{"x":83,"y":122,"width":424,"height":11}},{"id":"6398aca3-8e96-42fd-abef-c1fa69813052","block_type":"box","text":"transact with on the Fund’s behalf, the Fund may be unable to","page_number":33,"box":{"x":83,"y":137,"width":395,"height":10}},{"id":"9f0442bf-60dc-4e15-86a0-de83dab5ed83","block_type":"box","text":"effectively implement its investment strategy.","page_number":33,"box":{"x":83,"y":151,"width":291,"height":11}},{"id":"c48b4654-7e17-47aa-80c3-873eb45b772e","block_type":"box","text":"Concentration Risk.","page_number":33,"box":{"x":83,"y":174,"width":132,"height":8}},{"id":"ace62470-3aa8-453a-ad20-c30100cd9125","block_type":"box","text":"The Fund may be susceptible to an","page_number":33,"box":{"x":220,"y":174,"width":222,"height":11}},{"id":"18ace4be-7bf9-4dcf-bce6-899699b9612b","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":33,"box":{"x":83,"y":188,"width":419,"height":11}},{"id":"4858817d-4e66-4692-9a34-89bd1951f7d6","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":33,"box":{"x":83,"y":202,"width":407,"height":10}},{"id":"947931a9-f5ed-4d1e-bf73-7256cb5fa5b7","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":33,"box":{"x":83,"y":217,"width":417,"height":8}},{"id":"5a7420e2-b7d4-4d56-ab44-27736c688aea","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":33,"box":{"x":83,"y":231,"width":395,"height":10}},{"id":"7e5eedf9-d327-4a35-adde-e63927d4c200","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":33,"box":{"x":83,"y":245,"width":388,"height":11}},{"id":"a9574512-d55e-4481-b76f-74282e2e133e","block_type":"box","text":"asset classes.","page_number":33,"box":{"x":83,"y":259,"width":88,"height":9}},{"id":"f10eb1e0-0801-438f-90f8-c1d8db3e0a00","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":33,"box":{"x":83,"y":282,"width":325,"height":11}},{"id":"d828b8d7-6b8c-474d-ab7d-29c1fe8cf822","block_type":"box","text":"Consumer","page_number":33,"box":{"x":414,"y":282,"width":65,"height":9}},{"id":"b36b392c-8d7f-44f1-bc24-03ec55f70f9d","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":33,"box":{"x":83,"y":296,"width":399,"height":11}},{"id":"3db350a0-48c5-467c-831a-3f61a9ea97d4","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":33,"box":{"x":83,"y":311,"width":420,"height":10}},{"id":"a36f28aa-35c3-4f09-80c8-fef8620850cf","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":33,"box":{"x":83,"y":325,"width":423,"height":11}},{"id":"41f93333-6bcc-416d-b36a-0b8360d0ad36","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":33,"box":{"x":83,"y":339,"width":403,"height":11}},{"id":"a76df220-a687-4713-898d-6c5399702419","block_type":"box","text":"other things.","page_number":33,"box":{"x":83,"y":353,"width":79,"height":11}},{"id":"77b3be00-be58-4b9f-966e-dc73ff20e02a","block_type":"box","text":"Counterparty Risk.","page_number":33,"box":{"x":83,"y":376,"width":125,"height":11}},{"id":"cfd5e8f9-535d-4395-850f-aba16f783e8d","block_type":"box","text":"Derivatives are subject to counterparty risk,","page_number":33,"box":{"x":215,"y":376,"width":280,"height":11}},{"id":"c291eace-b9b3-4c18-be75-a6eddc761cdc","block_type":"box","text":"which is the risk that the other party in the transaction will be","page_number":33,"box":{"x":82,"y":391,"width":393,"height":10}},{"id":"57849d1b-f2cf-47b5-b268-0ed30c9f916b","block_type":"box","text":"unable or unwilling to fulfill its contractual obligation, and the","page_number":33,"box":{"x":83,"y":405,"width":390,"height":11}},{"id":"8324d96c-cf27-4b4b-83db-0d932cc79ce5","block_type":"box","text":"related risks of having concentrated exposure to such a","page_number":33,"box":{"x":83,"y":419,"width":354,"height":11}},{"id":"beb40e26-c0ab-46ad-ab73-8abe48eb4cea","block_type":"box","text":"counterparty. The OCC acts as guarantor and central counterparty","page_number":33,"box":{"x":83,"y":433,"width":424,"height":11}},{"id":"21319a18-9e00-4e13-8fc5-41ee406fd516","block_type":"box","text":"with respect to the FLEX Options. As a result, the ability of the","page_number":33,"box":{"x":82,"y":447,"width":398,"height":11}},{"id":"0c4ff322-d9a7-4500-9562-e84584e1b72d","block_type":"box","text":"Fund to meet its objective depends on the OCC being able to","page_number":33,"box":{"x":84,"y":461,"width":388,"height":11}},{"id":"c5964253-f4fb-4bac-9506-4021356cec9f","block_type":"box","text":"meet its obligations. In the unlikely event that the OCC becomes","page_number":33,"box":{"x":83,"y":476,"width":411,"height":10}},{"id":"3ea0289c-d61d-4c16-91ca-6120573d68b6","block_type":"box","text":"insolvent or is otherwise unable to meet its settlement","page_number":33,"box":{"x":83,"y":490,"width":348,"height":8}},{"id":"2d351ebe-1fe8-42d7-843c-17956e43ec4a","block_type":"box","text":"obligations, the Fund could suffer significant losses.","page_number":33,"box":{"x":83,"y":504,"width":331,"height":11}},{"id":"6c2f7e40-99b8-43e5-b3eb-21d637ab37ab","block_type":"box","text":"Derivatives Risk.","page_number":33,"box":{"x":83,"y":527,"width":111,"height":9}},{"id":"c0f15e8f-3270-4a76-b000-e0471adb471d","block_type":"box","text":"The Fund’s use of derivatives (","page_number":33,"box":{"x":200,"y":527,"width":193,"height":11}},{"id":"8ab9df88-f9d8-4e7b-8342-754e9cb8846d","block_type":"box","text":"e.g","page_number":33,"box":{"x":394,"y":530,"width":19,"height":8}},{"id":"6ea06337-3fdc-4679-aaea-13d195ca8c9c","block_type":"box","text":"., futures,","page_number":33,"box":{"x":414,"y":527,"width":59,"height":10}},{"id":"f4d039c7-573a-42a5-979d-605de87bd350","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":33,"box":{"x":82,"y":541,"width":385,"height":11}},{"id":"578ff214-841e-4bd1-b60a-1693cbbdc42d","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":33,"box":{"x":83,"y":556,"width":411,"height":10}},{"id":"a798bec7-e427-4bbe-8444-3a132dacef73","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":33,"box":{"x":83,"y":570,"width":424,"height":11}},{"id":"7a457cfe-25be-4e3c-a7ba-1c68d45f78c9","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":33,"box":{"x":83,"y":584,"width":365,"height":11}},{"id":"3fe4103f-0b0a-485b-a2e2-d9fe1454cac9","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":33,"box":{"x":82,"y":598,"width":390,"height":11}},{"id":"d17c4b49-4519-4d50-8ce6-93950b2bc0ba","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":33,"box":{"x":83,"y":612,"width":398,"height":11}},{"id":"e9202337-0fa8-467d-97c3-58f84c978285","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":33,"box":{"x":82,"y":626,"width":407,"height":11}},{"id":"a2f6aa80-e800-47d9-8225-07a440ca6d27","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":33,"box":{"x":83,"y":641,"width":363,"height":10}},{"id":"64fb9195-7d98-42ba-ab8e-380425d0e894","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":33,"box":{"x":83,"y":655,"width":418,"height":11}},{"id":"303b1e17-aa82-4707-984e-4b4cfafc27c7","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":33,"box":{"x":83,"y":669,"width":400,"height":11}},{"id":"b8650ebf-74d8-4ce3-84b1-4aeaaaf4e94c","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":33,"box":{"x":83,"y":683,"width":381,"height":11}},{"id":"294d4aaa-02bf-4643-8e62-0ce6f98e105b","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":33,"box":{"x":82,"y":697,"width":418,"height":11}},{"id":"e109b8ad-6a51-4fe3-8f30-a0b1a45f09a9","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":33,"box":{"x":83,"y":712,"width":401,"height":10}},{"id":"66f7b9a9-6326-40be-b403-7ad5ec42944e","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":33,"box":{"x":83,"y":726,"width":403,"height":11}},{"id":"8f9c2986-2eac-4b7b-8e9a-5f9191503c07","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":33,"box":{"x":83,"y":740,"width":402,"height":11}},{"id":"844e166f-1a17-40d5-9876-f39b272db2ee","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":33,"box":{"x":83,"y":754,"width":371,"height":11}},{"id":"060b89e1-a321-404b-818c-8be29a1d009b","block_type":"box","text":"Equity Securities Risk","page_number":33,"box":{"x":83,"y":777,"width":147,"height":11}},{"id":"4f1194da-61bb-46bf-9141-10fab4ba6bff","block_type":"box","text":".","page_number":33,"box":{"x":230,"y":784,"width":3,"height":2}},{"id":"25100ddb-5966-4475-8a54-9a0644cb6bf9","block_type":"box","text":"Equity securities are subject to changes","page_number":33,"box":{"x":239,"y":777,"width":254,"height":11}},{"id":"e67c5e33-063b-43ad-8cbd-cdc32f60ca5b","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":33,"box":{"x":83,"y":791,"width":422,"height":11}},{"id":"3208c467-76a6-43ca-a71c-317d8527224e","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":33,"box":{"x":83,"y":806,"width":420,"height":10}},{"id":"5ba2f402-9287-4405-87a8-42874b68cceb","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":33,"box":{"x":83,"y":820,"width":396,"height":11}},{"id":"8e59dab4-b89e-4154-b032-de8fb91184ed","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":33,"box":{"x":83,"y":834,"width":359,"height":11}},{"id":"a983d9a6-b2b4-42d0-ba40-2bfc46fa4669","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":33,"box":{"x":83,"y":848,"width":390,"height":11}},{"id":"2906c9cf-ab9a-4c67-a56f-4397382c95c9","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":33,"box":{"x":83,"y":862,"width":412,"height":11}},{"id":"3eddd6d7-f155-4457-a3fd-6198b0e9139c","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":33,"box":{"x":549,"y":23,"width":373,"height":11}},{"id":"06463767-1468-4ce4-ac00-6cfca83cbc5a","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":33,"box":{"x":549,"y":37,"width":309,"height":11}},{"id":"e92547e5-5755-4f9f-b0b8-9bd6862351ec","block_type":"box","text":"Futures Contract Risk.","page_number":33,"box":{"x":549,"y":60,"width":150,"height":9}},{"id":"80ab4145-45a6-4273-a85d-586278de0f35","block_type":"box","text":"Futures contracts may involve risks","page_number":33,"box":{"x":706,"y":61,"width":225,"height":10}},{"id":"b34f461b-ebbf-4254-8854-e2882f3e4477","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":33,"box":{"x":549,"y":75,"width":424,"height":11}},{"id":"085a64bd-7a8b-4618-b13b-6e10ff062f66","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":33,"box":{"x":549,"y":89,"width":369,"height":11}},{"id":"0d6d5c15-70ab-4c66-82c1-2e7d450f6249","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":33,"box":{"x":549,"y":103,"width":411,"height":11}},{"id":"8474575f-6c51-4277-8531-c2f5d002ebc3","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":33,"box":{"x":549,"y":117,"width":407,"height":11}},{"id":"16d9f9fb-5e6c-4558-944f-ed6924dff25e","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":33,"box":{"x":549,"y":131,"width":424,"height":11}},{"id":"26421f0a-dee1-4463-9b6a-cbee24bb0419","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":33,"box":{"x":549,"y":146,"width":418,"height":10}},{"id":"6b7bcce0-c197-4d8d-94fb-b70b7098fe50","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":33,"box":{"x":549,"y":160,"width":412,"height":11}},{"id":"ad0a517f-d011-4135-8f43-74373f209efe","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":33,"box":{"x":549,"y":174,"width":389,"height":11}},{"id":"4ac57093-fb84-451e-89a7-8d39d2153bed","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":33,"box":{"x":549,"y":188,"width":393,"height":11}},{"id":"5dbd9a66-0b13-427a-95e2-4930dd4521ef","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":33,"box":{"x":549,"y":202,"width":411,"height":11}},{"id":"724fd94f-290c-4960-8522-6f94ce81031c","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":33,"box":{"x":549,"y":216,"width":361,"height":11}},{"id":"0891eb44-eda3-40f9-9a33-b48a88bb1a48","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":33,"box":{"x":549,"y":231,"width":404,"height":11}},{"id":"4b115e45-814c-46dc-9768-0435e672de16","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":33,"box":{"x":549,"y":245,"width":378,"height":11}},{"id":"f8d7ded9-b4eb-422a-bf4e-96a62c317b20","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":33,"box":{"x":549,"y":259,"width":407,"height":11}},{"id":"ad0df717-e2aa-4a2c-8e81-d495ca63d9d3","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":33,"box":{"x":549,"y":273,"width":423,"height":11}},{"id":"af47c6ee-d31b-47b0-a087-2ef168434a49","block_type":"box","text":"commodity to the Fund.","page_number":33,"box":{"x":549,"y":287,"width":151,"height":11}},{"id":"03eb58a9-892f-427e-ad1d-09d67ccb1d13","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":33,"box":{"x":549,"y":311,"width":398,"height":10}},{"id":"8ca5d89d-26cd-4c72-ba4c-7b5cde9cc12b","block_type":"box","text":"(","page_number":33,"box":{"x":549,"y":325,"width":3,"height":11}},{"id":"a24167c2-1300-4812-970d-8cf4e7797bb0","block_type":"box","text":"i.e","page_number":33,"box":{"x":553,"y":325,"width":14,"height":8}},{"id":"b20e1fdd-fbcb-4cba-bc89-cb7076535328","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":33,"box":{"x":569,"y":325,"width":356,"height":11}},{"id":"8cb8a5ad-8571-4276-ae13-5695ad6321ec","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":33,"box":{"x":549,"y":339,"width":373,"height":11}},{"id":"f40a6d9c-daf5-4ccf-9b08-8176cfe46387","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":33,"box":{"x":549,"y":353,"width":406,"height":11}},{"id":"ae56d4a1-79cd-4a66-b9a8-262541fbcfa3","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":33,"box":{"x":549,"y":367,"width":424,"height":11}},{"id":"08859a48-be83-4531-bb1f-356817b6d012","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":33,"box":{"x":549,"y":381,"width":392,"height":11}},{"id":"4c0ff023-d487-4a9b-8488-080b73f17816","block_type":"box","text":"contract.","page_number":33,"box":{"x":549,"y":397,"width":56,"height":7}},{"id":"ec1090df-ef14-4f8a-abb9-693aa8054fce","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":33,"box":{"x":549,"y":419,"width":244,"height":11}},{"id":"4d5b9686-ad77-4369-afb1-57fffa3d1ca2","block_type":"box","text":"The Fund invests in the","page_number":33,"box":{"x":799,"y":419,"width":147,"height":8}},{"id":"7577dbeb-b87c-44f1-8525-9fc90c9baa68","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":33,"box":{"x":550,"y":433,"width":419,"height":11}},{"id":"15c16014-f447-4016-869b-2936f3525cf9","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":33,"box":{"x":549,"y":447,"width":403,"height":11}},{"id":"d1adda01-2978-4d45-9ce0-dd718517fd37","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":33,"box":{"x":549,"y":461,"width":381,"height":11}},{"id":"1def3154-9e45-4248-a0d5-77ddd7b68223","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":33,"box":{"x":550,"y":476,"width":419,"height":10}},{"id":"2561db19-d34a-479c-95be-1be3697c4c10","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":33,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"78a89efe-4436-4ff4-8059-eeef158e1ad5","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":33,"box":{"x":550,"y":504,"width":407,"height":11}},{"id":"c9016a67-15a8-4435-88d0-4c36a14e4b48","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":33,"box":{"x":549,"y":518,"width":418,"height":11}},{"id":"a60775c6-2cf2-471a-b288-f2e9755ca945","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":33,"box":{"x":549,"y":532,"width":417,"height":11}},{"id":"b6107e9d-885d-4aff-b37a-7cc1291d3649","block_type":"box","text":"the Underlying Fund.","page_number":33,"box":{"x":549,"y":547,"width":132,"height":10}},{"id":"b4900478-76cd-4a31-8c7f-bdbc9b3d7eee","block_type":"box","text":"Issuer Risk","page_number":33,"box":{"x":549,"y":570,"width":75,"height":8}},{"id":"c84853dd-8549-4370-8e3c-3ef50ffada7a","block_type":"box","text":".","page_number":33,"box":{"x":624,"y":576,"width":3,"height":2}},{"id":"0b28251a-ccce-4652-95d7-827b1f71efd4","block_type":"box","text":"The performance of the Fund depends on the","page_number":33,"box":{"x":632,"y":570,"width":288,"height":10}},{"id":"01e17783-d409-4557-8d88-b33040f102aa","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":33,"box":{"x":549,"y":584,"width":412,"height":11}},{"id":"ea5718a3-b0a8-451d-b86c-398cd646bb74","block_type":"box","text":"Fund has exposure. 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Redemptions of","page_number":33,"box":{"x":549,"y":763,"width":421,"height":11}},{"id":"2ca8a52b-ead1-4eb3-beb2-044b65537317","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":33,"box":{"x":549,"y":777,"width":413,"height":11}},{"id":"73d7925b-c4b4-4b21-b5e6-ca68f4880a29","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":33,"box":{"x":549,"y":791,"width":416,"height":11}},{"id":"94a8e1b7-77ed-4864-ab0a-6d9543321bcd","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":33,"box":{"x":549,"y":806,"width":411,"height":10}},{"id":"d747570b-fe28-443a-b3c2-bd86a8119315","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":33,"box":{"x":549,"y":820,"width":415,"height":8}},{"id":"fa61bb81-770a-4bfc-a3ce-5c138f206c75","block_type":"box","text":"than the Fund otherwise would have. 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In some circumstances, the Fund may","page_number":33,"box":{"x":549,"y":877,"width":412,"height":10}},{"id":"db1dbff6-0e6f-424e-ae33-4729db603927","block_type":"box","text":"S-22","page_number":33,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"dc4f9ebd-9a04-489e-8f04-3430e8450c42","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":34,"box":{"x":83,"y":23,"width":352,"height":11}},{"id":"dc1cb6cd-95ef-4238-9ff3-88059c128c1a","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":34,"box":{"x":83,"y":37,"width":415,"height":11}},{"id":"3f338f14-22f3-4941-bf79-edfde4e9545c","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":34,"box":{"x":82,"y":51,"width":417,"height":11}},{"id":"7181e921-b53f-408c-a988-ad77d2cc9e67","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":34,"box":{"x":83,"y":66,"width":387,"height":11}},{"id":"1f4a56a3-cdd3-41af-b897-0b250272ef0e","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":34,"box":{"x":82,"y":80,"width":419,"height":11}},{"id":"e8c281ec-0258-4eb3-b4db-961e739d94d2","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":34,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"f9c521c8-f544-44bc-b354-c4af24f5ea75","block_type":"box","text":"price of Fund shares.","page_number":34,"box":{"x":83,"y":108,"width":133,"height":11}},{"id":"6182d921-d01e-4196-9b4e-3fc03727e332","block_type":"box","text":"Management Risk.","page_number":34,"box":{"x":83,"y":131,"width":124,"height":11}},{"id":"b75f5f78-d921-4096-9fa9-9ab3cb467561","block_type":"box","text":"The Fund is subject to management risk,","page_number":34,"box":{"x":213,"y":131,"width":259,"height":11}},{"id":"7e3d2488-662b-4c15-866a-c82b84381b4f","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":34,"box":{"x":82,"y":146,"width":420,"height":10}},{"id":"0ab246aa-7df0-49dd-8462-be9c9a095e90","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":34,"box":{"x":83,"y":160,"width":412,"height":11}},{"id":"06f6fa3b-c5d4-42d9-b705-4f29501de9ae","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":34,"box":{"x":83,"y":174,"width":417,"height":11}},{"id":"01ab3fbc-7302-4b58-b3e5-f3a1606bc31f","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":34,"box":{"x":83,"y":188,"width":374,"height":9}},{"id":"db4bb722-f10c-4aa7-a9b2-a31c5e659e5d","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":34,"box":{"x":83,"y":202,"width":390,"height":11}},{"id":"d8275060-11f7-4c99-a822-f4b0f278a337","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":34,"box":{"x":83,"y":217,"width":392,"height":10}},{"id":"e0c05608-61e9-4b20-bdab-bf6079bf4ea5","block_type":"box","text":"developments may affect the investment techniques available to","page_number":34,"box":{"x":83,"y":231,"width":412,"height":10}},{"id":"19d9feec-e79a-4124-9226-4e1d47eb643c","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":34,"box":{"x":84,"y":245,"width":394,"height":11}},{"id":"4dd671ea-265d-474d-99c2-c57422c24d99","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":34,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"3cfcf14e-ffc5-4509-afe8-9e1c5f71c510","block_type":"box","text":"Market Trading Risk","page_number":34,"box":{"x":83,"y":282,"width":136,"height":11}},{"id":"703baf9f-1339-44da-b38c-8b8df3bc5a61","block_type":"box","text":".","page_number":34,"box":{"x":219,"y":289,"width":2,"height":2}},{"id":"cfa21f13-460c-4ee9-ab0f-adffc6cfaea0","block_type":"box","text":"The Fund faces numerous market trading","page_number":34,"box":{"x":226,"y":282,"width":263,"height":11}},{"id":"c286a484-fd5d-4a45-b82a-a8984100a8ef","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":34,"box":{"x":83,"y":296,"width":394,"height":11}},{"id":"c3f6e097-db21-4fca-a136-2af207008641","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":34,"box":{"x":83,"y":311,"width":401,"height":10}},{"id":"d642ca2c-f698-4fca-9564-84e2e04a2d23","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":34,"box":{"x":83,"y":325,"width":404,"height":11}},{"id":"f5dc513a-4eab-47e2-9097-5c7b8ddb3f8c","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":34,"box":{"x":83,"y":339,"width":416,"height":11}},{"id":"b0475559-c1ad-4ddd-9d26-89db6643fcdb","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":34,"box":{"x":82,"y":353,"width":405,"height":11}},{"id":"4ae6dfa6-90ea-4407-80f0-a3bcf6ff1178","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":34,"box":{"x":83,"y":367,"width":411,"height":11}},{"id":"e3a8af9f-1931-48db-aaba-3a7639aac50b","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":34,"box":{"x":83,"y":382,"width":397,"height":10}},{"id":"113429d9-e3bb-42eb-a8ab-844803e84d5f","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":34,"box":{"x":83,"y":396,"width":419,"height":10}},{"id":"aa0e4a11-a6d6-4db7-b581-10274b386495","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":34,"box":{"x":83,"y":410,"width":412,"height":11}},{"id":"6f438ec9-5798-48fa-b2a5-160e354c39d7","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":34,"box":{"x":83,"y":424,"width":397,"height":11}},{"id":"9e8cab2e-a0c8-4cdd-943a-1f02f870fb88","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":34,"box":{"x":83,"y":438,"width":316,"height":11}},{"id":"159da22e-88d0-4fe0-b715-5632669ff58d","block_type":"box","text":"Non-Diversification Risk","page_number":34,"box":{"x":83,"y":461,"width":165,"height":9}},{"id":"7584a350-9791-4cec-88ec-0de8ce61b407","block_type":"box","text":".","page_number":34,"box":{"x":248,"y":468,"width":2,"height":2}},{"id":"176207be-0c63-41f8-ba12-ef7708fc66c0","block_type":"box","text":"The Fund is classified as “non","page_number":34,"box":{"x":255,"y":461,"width":193,"height":9}},{"id":"140afe50-dbb2-478b-aa27-b3b65f10474d","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":34,"box":{"x":83,"y":476,"width":377,"height":10}},{"id":"2b05bd01-4813-4830-bb39-686d2e2dbffb","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":34,"box":{"x":83,"y":490,"width":358,"height":11}},{"id":"e49bf5c4-1020-4b82-a37a-e654191c2839","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":34,"box":{"x":83,"y":504,"width":370,"height":11}},{"id":"c9193c24-5631-4b17-9091-6b3eef155436","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":34,"box":{"x":83,"y":518,"width":422,"height":11}},{"id":"1b122359-4f5c-4ed8-af5b-42126b066e0b","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":34,"box":{"x":83,"y":532,"width":379,"height":11}},{"id":"4d6340da-00f4-433b-a2d3-5066c43d5482","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":34,"box":{"x":83,"y":547,"width":375,"height":10}},{"id":"730aa20a-0d38-4289-9f5a-130f021ed7b7","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":34,"box":{"x":83,"y":561,"width":418,"height":11}},{"id":"50fd2c70-f837-4756-926c-67934fa3c7e7","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":34,"box":{"x":83,"y":575,"width":418,"height":11}},{"id":"28a2df6a-36f2-409a-9320-23e9457458a9","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":34,"box":{"x":83,"y":589,"width":209,"height":11}},{"id":"a97ca18a-445b-4c37-9837-af8c649bd2fe","block_type":"box","text":"Operational and Technology Risks","page_number":34,"box":{"x":83,"y":612,"width":230,"height":11}},{"id":"f4d7e338-f0d3-420c-a915-cac9804cd4d2","block_type":"box","text":".","page_number":34,"box":{"x":314,"y":619,"width":2,"height":2}},{"id":"26cf5abd-2492-4e43-b549-b9ab2e730271","block_type":"box","text":"The Fund is directly and","page_number":34,"box":{"x":321,"y":612,"width":151,"height":11}},{"id":"43ecc0a9-b95f-4a2d-8511-665b4a5fdcc5","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":34,"box":{"x":83,"y":626,"width":368,"height":11}},{"id":"8ce3198e-eaeb-4e43-98c4-9210a2a8baf6","block_type":"box","text":"including those related to human errors, processing errors,","page_number":34,"box":{"x":83,"y":641,"width":376,"height":10}},{"id":"f3f0e2e2-4157-45a7-9c19-57b8d203606e","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":34,"box":{"x":83,"y":655,"width":413,"height":11}},{"id":"c582ceb8-302b-4656-8944-d652981c94fc","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":34,"box":{"x":83,"y":669,"width":404,"height":11}},{"id":"031db61a-3b4e-478e-866a-5078c00e58f2","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":34,"box":{"x":82,"y":683,"width":402,"height":11}},{"id":"0d3e5913-89d7-49e0-b4d6-7b56162c38d7","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":34,"box":{"x":83,"y":697,"width":376,"height":11}},{"id":"027999a2-a250-4126-809f-8ee82c728f37","block_type":"box","text":"providers are required to have appropriate operational,","page_number":34,"box":{"x":83,"y":712,"width":350,"height":10}},{"id":"af859bab-ef55-48a9-9a62-cb2ecc7b1871","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":34,"box":{"x":83,"y":726,"width":414,"height":11}},{"id":"a0ddbabf-c763-4165-836c-6cc673359793","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":34,"box":{"x":83,"y":740,"width":397,"height":11}},{"id":"caf5e3d6-5cfc-4106-8f45-a616bd060d36","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":34,"box":{"x":82,"y":754,"width":411,"height":11}},{"id":"84b21f3d-f659-4bd1-88e8-8f6b039a5db9","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":34,"box":{"x":83,"y":768,"width":391,"height":9}},{"id":"58ad7bc6-5cd8-472a-aa97-5c00ff7ecf99","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":34,"box":{"x":83,"y":782,"width":421,"height":11}},{"id":"201eaf57-20d5-4ae1-8796-0594995bea72","block_type":"box","text":"investments in such issuers to lose value.","page_number":34,"box":{"x":83,"y":797,"width":264,"height":8}},{"id":"b0f83bfb-48af-407c-8292-8c01058d343c","block_type":"box","text":"Outcome Period Risk.","page_number":34,"box":{"x":83,"y":820,"width":145,"height":8}},{"id":"f3690ffe-4cdb-4bd7-a6b1-7902da64e4cc","block_type":"box","text":"The Approximate Buffer and Approximate","page_number":34,"box":{"x":233,"y":820,"width":264,"height":11}},{"id":"17396053-9769-43f3-a00f-b66d4e3d5d19","block_type":"box","text":"Cap for an Outcome Period apply to Fund shares held over the","page_number":34,"box":{"x":83,"y":834,"width":397,"height":11}},{"id":"6b9e3496-4014-4dc4-9948-2a260d4b7020","block_type":"box","text":"entire Outcome Period. 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In","page_number":34,"box":{"x":549,"y":433,"width":371,"height":11}},{"id":"e761a558-4f3b-4d36-b6a7-7d2948bfde38","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":34,"box":{"x":549,"y":447,"width":412,"height":11}},{"id":"70388d9a-3ca6-48b9-9ae8-90c104c1f8a0","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":34,"box":{"x":549,"y":461,"width":414,"height":11}},{"id":"af4f8734-799b-40e8-88fd-ef9cadf647d4","block_type":"box","text":"derivatives that the Fund will enter into. Based upon the language","page_number":34,"box":{"x":549,"y":476,"width":419,"height":10}},{"id":"fc801351-5b86-4fc6-9f0e-3e087fbb12d7","block_type":"box","text":"in the legislative history, the Fund intends to treat the reference","page_number":34,"box":{"x":549,"y":490,"width":408,"height":11}},{"id":"6382ed50-c911-4d93-97ea-421386245d38","block_type":"box","text":"asset","page_number":34,"box":{"x":549,"y":505,"width":33,"height":7}},{"id":"5cbcbfaf-67a2-48bc-b7e4-cbf0debc83f2","block_type":"box","text":"(i.e","page_number":34,"box":{"x":587,"y":504,"width":19,"height":11}},{"id":"ca4b62f2-2206-4ff9-9a38-827b49d2e971","block_type":"box","text":"., the Underlying Fund) as the issuer of the options.","page_number":34,"box":{"x":608,"y":504,"width":326,"height":11}},{"id":"9a1ae016-a184-4948-828c-4bb4d91c6b1a","block_type":"box","text":"Assuming the reference asset qualifies as a RIC, the Fund could","page_number":34,"box":{"x":549,"y":518,"width":407,"height":11}},{"id":"91ccdaa9-3c52-4071-be81-c6a2e793d687","block_type":"box","text":"count the options as automatically diversified investments under","page_number":34,"box":{"x":549,"y":532,"width":414,"height":11}},{"id":"fb33589b-a7a4-4ce6-888c-443f7b31e082","block_type":"box","text":"the RIC diversification requirements. The Fund intends to treat","page_number":34,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"46264f88-e950-456c-98b5-b79c43e3bdea","block_type":"box","text":"any income it may derive from the options as “qualifying income”","page_number":34,"box":{"x":549,"y":561,"width":415,"height":11}},{"id":"4e7fb0a9-ccc7-4bde-83b9-73814cc5e935","block_type":"box","text":"under the provisions of the Internal Revenue Code applicable to","page_number":34,"box":{"x":549,"y":575,"width":407,"height":11}},{"id":"9ca961c8-058a-40b6-9d85-43ee462fe866","block_type":"box","text":"RICs. 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If the Fund does not","page_number":34,"box":{"x":549,"y":617,"width":387,"height":11}},{"id":"40402a82-c62c-4b2e-bc83-b20dc3aa8c0e","block_type":"box","text":"qualify as a RIC for any taxable year and certain relief provisions","page_number":34,"box":{"x":549,"y":632,"width":410,"height":10}},{"id":"57621b65-9f3f-4fc0-aa76-185abd5274c0","block_type":"box","text":"are not available, the Fund’s taxable income will be subject to tax","page_number":34,"box":{"x":549,"y":646,"width":418,"height":10}},{"id":"b47a5066-a0af-47b9-a231-9b02440147b3","block_type":"box","text":"at the Fund level and to a further tax at the shareholder level","page_number":34,"box":{"x":549,"y":660,"width":386,"height":8}},{"id":"2ef4f25d-a3dc-407d-8950-c5ca27a08374","block_type":"box","text":"when such income is distributed.","page_number":34,"box":{"x":549,"y":674,"width":209,"height":9}},{"id":"e4daac27-f399-4f4e-92e0-6571ea53fd80","block_type":"box","text":"Technology Companies Risk","page_number":34,"box":{"x":550,"y":697,"width":190,"height":11}},{"id":"c294b124-c75e-4844-b709-35d93ab09009","block_type":"box","text":".","page_number":34,"box":{"x":740,"y":704,"width":3,"height":2}},{"id":"cf517e19-5e54-4b52-aa63-d03f28c44afd","block_type":"box","text":"Technology companies and","page_number":34,"box":{"x":748,"y":697,"width":172,"height":11}},{"id":"cd9c777c-807a-4454-ae9b-3512072e308d","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":34,"box":{"x":549,"y":712,"width":413,"height":10}},{"id":"2c3468cb-1cf0-4723-9674-7435c1fb912f","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":34,"box":{"x":549,"y":726,"width":414,"height":11}},{"id":"34046549-9309-468a-b283-945b7df82f50","block_type":"box","text":"and personnel. These companies typically face intense","page_number":34,"box":{"x":549,"y":740,"width":348,"height":11}},{"id":"13a488a2-5978-4232-9dea-4d9e1c7f2957","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":34,"box":{"x":549,"y":754,"width":418,"height":11}},{"id":"ada1fc9f-18db-4c15-b472-1579f8fe091e","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":34,"box":{"x":549,"y":768,"width":381,"height":11}},{"id":"57d43659-b2db-4227-a3bc-62d5d4e8534b","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":34,"box":{"x":549,"y":782,"width":367,"height":11}},{"id":"15ed6115-89ec-4009-9e1a-9888e6552c7f","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":34,"box":{"x":549,"y":797,"width":424,"height":10}},{"id":"2940b579-ad1f-4c43-b7ca-a67049ab9316","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":34,"box":{"x":549,"y":811,"width":368,"height":11}},{"id":"889ed55e-e9bf-4fba-9836-868f42435a49","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":34,"box":{"x":549,"y":825,"width":384,"height":11}},{"id":"388f6771-57f3-414f-93c7-adfbbc2de0fb","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":34,"box":{"x":549,"y":839,"width":384,"height":11}},{"id":"5138e4cb-bf2b-4cf9-a6b7-41433defe57d","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":34,"box":{"x":549,"y":853,"width":397,"height":11}},{"id":"4329b9f7-6049-41cc-863b-55682b834422","block_type":"box","text":"government or legal action.","page_number":34,"box":{"x":549,"y":868,"width":174,"height":10}},{"id":"40a88b5e-b74d-46cb-9a30-bb13f470d2d1","block_type":"box","text":"S-23","page_number":34,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1fe7bb80-d16a-41fd-ad78-c88dbdc84fa3","block_type":"box","text":"Valuation Risk","page_number":35,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"f6d285f6-3204-4e71-a606-7cb7d13880cd","block_type":"box","text":".","page_number":35,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"0080480d-49ab-4e2a-b846-8b48ef01981a","block_type":"box","text":"The price that the Fund could receive upon the","page_number":35,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"efd9880d-ae34-4477-a0bc-e0f773c32833","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":35,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"362d65a6-7935-4805-bce8-9a7096d3de39","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":35,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"d4c7148f-fbdd-41b5-bc0b-5f23a0ff041c","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":35,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"546e0c02-4312-45fa-a54d-532f63a7614c","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":35,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"81d38d99-6457-46bf-8a44-1ac1a88e8090","block_type":"box","text":"methodology. In addition, the value of the securities or other","page_number":35,"box":{"x":83,"y":94,"width":387,"height":11}},{"id":"e762575c-e9b9-47d7-94f1-81dccd9bed3d","block_type":"box","text":"assets in the Fund’s portfolio may change on days or during time","page_number":35,"box":{"x":83,"y":108,"width":413,"height":11}},{"id":"b91e426d-d6cd-415e-8cd5-4125028a36dc","block_type":"box","text":"periods when investors are not able to purchase or sell Fund","page_number":35,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"83415797-b2c1-4296-ab1d-d425ffcd72cb","block_type":"box","text":"shares. Authorized Participants that create or redeem Fund","page_number":35,"box":{"x":83,"y":137,"width":378,"height":10}},{"id":"0476edf7-c994-445f-bd0f-17a0f594de2f","block_type":"box","text":"shares on days when the Fund is holding fair-valued securities or","page_number":35,"box":{"x":83,"y":151,"width":413,"height":11}},{"id":"6f71e1a5-2221-4585-aa19-d80a345595af","block_type":"box","text":"other assets may receive fewer or more shares, or lower or higher","page_number":35,"box":{"x":83,"y":165,"width":422,"height":11}},{"id":"5a6cb6a5-c32f-4744-943a-dda9a1ff4fff","block_type":"box","text":"redemption proceeds, than they would have received had the","page_number":35,"box":{"x":83,"y":179,"width":391,"height":11}},{"id":"60c562cb-dd29-4bae-9062-a2791b174357","block_type":"box","text":"securities or other assets not been fair valued or been valued","page_number":35,"box":{"x":83,"y":193,"width":390,"height":9}},{"id":"8f7fc160-dcb2-4f6f-971d-ed0ba88b7ea7","block_type":"box","text":"using a different methodology. 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Please see below for the definitions of key terms.","page_number":36,"box":{"x":83,"y":119,"width":465,"height":10}},{"id":"f03f6ff4-911d-44c5-859a-21b28c522a09","block_type":"box","text":"Underlying Fund","page_number":36,"box":{"x":120,"y":135,"width":113,"height":11}},{"id":"fa211156-89e1-4024-bca9-3f18c916a8ad","block_type":"box","text":": iShares Core S&P 500 ETF","page_number":36,"box":{"x":235,"y":135,"width":177,"height":9}},{"id":"f585a5bb-1fe7-41c3-bb00-7398bd019faa","block_type":"box","text":"Underlying Fund’s Index","page_number":36,"box":{"x":120,"y":152,"width":168,"height":11}},{"id":"5512c285-4853-4b80-b9cf-4047c2e568f6","block_type":"box","text":": S&P 500 Index","page_number":36,"box":{"x":289,"y":152,"width":102,"height":9}},{"id":"5ee848e0-2ac4-4dee-802f-3523ea2f37d3","block_type":"box","text":"Outcome Period","page_number":36,"box":{"x":120,"y":169,"width":111,"height":8}},{"id":"db71cfe3-28d3-4860-9e95-837d1b611346","block_type":"box","text":": October 1 through September 30","page_number":36,"box":{"x":233,"y":169,"width":220,"height":11}},{"id":"b6ef6c70-420a-4c14-9aa3-c9dcf24ec758","block_type":"box","text":"Approximate Cap","page_number":36,"box":{"x":119,"y":186,"width":120,"height":10}},{"id":"f02655a1-33cc-4f83-bbe4-f1a8020bddb9","block_type":"box","text":": The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which","page_number":36,"box":{"x":240,"y":186,"width":726,"height":10}},{"id":"8f791d95-7643-48a2-a4cb-ef5bcd578048","block_type":"box","text":"will reset at the start of each Outcome Period","page_number":36,"box":{"x":119,"y":198,"width":290,"height":9}},{"id":"4a0b047b-d8f2-44fa-b729-86ce5e29bc58","block_type":"box","text":"Approximate Buffer","page_number":36,"box":{"x":119,"y":215,"width":137,"height":11}},{"id":"35a39311-0026-4b4d-a29c-b2fdc7aea911","block_type":"box","text":": The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund","page_number":36,"box":{"x":257,"y":215,"width":713,"height":11}},{"id":"f61ffa6c-2a6e-48db-ac7e-d638b9d41e5d","block_type":"box","text":"is held for the entire Outcome Period","page_number":36,"box":{"x":120,"y":228,"width":235,"height":9}},{"id":"f1e3eafd-51f6-4407-a910-a70aef0779c3","block_type":"box","text":"The Fund has characteristics unlike those of many investment products and may not be appropriate for all investors. The Outcomes sought","page_number":36,"box":{"x":82,"y":250,"width":889,"height":11}},{"id":"d9de1afa-4a62-4438-b760-6f3d23a2365f","block_type":"box","text":"by the Fund’s strategy are not guaranteed.","page_number":36,"box":{"x":83,"y":263,"width":271,"height":11}},{"id":"d831dfba-40ae-4302-833c-77431fbd7887","block_type":"box","text":"The Approximate Cap and the Approximate Buffer may not operate as anticipated, and investors may lose some or all their money.","page_number":36,"box":{"x":119,"y":280,"width":834,"height":10}},{"id":"4ac28f71-2e7a-43c7-a0e6-37e1f744ec06","block_type":"box","text":"The Outcomes apply only to shares that are held for an entire Outcome Period.","page_number":36,"box":{"x":119,"y":296,"width":503,"height":11}},{"id":"ec04a917-f629-4738-b6ff-65862eeaf78d","block_type":"box","text":"An investor who buys Fund shares after the start of an Outcome Period or sells Fund shares before the end of an Outcome Period","page_number":36,"box":{"x":119,"y":313,"width":827,"height":11}},{"id":"faed443d-5c66-4662-8736-6fe77aa85b27","block_type":"box","text":"may not fully realize the Approximate Cap or the Approximate Buffer and may be exposed to greater risk of loss.","page_number":36,"box":{"x":120,"y":326,"width":716,"height":11}},{"id":"03e54a95-b455-4e00-9977-a07014ef9362","block_type":"box","text":"The Approximate Buffer is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction","page_number":36,"box":{"x":119,"y":343,"width":849,"height":11}},{"id":"ba3627d6-645c-4820-bd74-a23fb96d9b44","block_type":"box","text":"fees. 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The impact of Acquired Fund Fees and","page_number":36,"box":{"x":83,"y":663,"width":890,"height":10}},{"id":"18e96b7f-80e2-477f-83c3-5e9f10b3a134","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":36,"box":{"x":84,"y":677,"width":868,"height":11}},{"id":"5cf3ae32-476e-463b-b565-48afa3b86b93","block_type":"box","text":"shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). 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any.","page_number":37,"box":{"x":103,"y":175,"width":712,"height":9}},{"id":"8e43d54f-1938-4d88-8c92-36bb66eef911","block_type":"box","text":"Example.","page_number":37,"box":{"x":83,"y":197,"width":62,"height":11}},{"id":"ce71614b-cd30-4b69-8a6d-f32f477f03f5","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 other funds.","page_number":37,"box":{"x":150,"y":197,"width":800,"height":11}},{"id":"1d32d087-b21a-4b1f-be86-c04107c7c2c4","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":37,"box":{"x":82,"y":210,"width":891,"height":12}},{"id":"12eb9dbc-2fc6-48cd-b5cc-ce657404ffbe","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":37,"box":{"x":83,"y":225,"width":862,"height":11}},{"id":"e4f1c949-255d-492f-b6d1-ad7bd0a67661","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":37,"box":{"x":83,"y":239,"width":694,"height":11}},{"id":"b93f7910-80ce-4d40-b2bb-cfde702fc7e5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":37,"box":{"x":195,"y":270,"width":668,"height":8}},{"id":"5bec581f-2bdb-4334-b40c-4dd1e2f0536c","block_type":"box","text":"$51 $160 $283 $652","page_number":37,"box":{"x":203,"y":290,"width":648,"height":9}},{"id":"c6db4429-e088-4126-b3de-2ce47ad83636","block_type":"box","text":"Portfolio Turnover.","page_number":37,"box":{"x":83,"y":330,"width":129,"height":8}},{"id":"2e922478-1dbe-496f-b855-fa4f9d65bdb3","block_type":"box","text":"The Fund or the Underlying Fund may pay","page_number":37,"box":{"x":216,"y":330,"width":266,"height":11}},{"id":"daa1bf41-7146-46b2-9d9f-20e5ca36d3e5","block_type":"box","text":"transaction costs, such as commissions, when they buy and sell","page_number":37,"box":{"x":83,"y":344,"width":407,"height":11}},{"id":"52a047d1-7ea3-4a9a-ab65-cea0ca3e2eba","block_type":"box","text":"securities (or “turn over” their portfolios). A higher portfolio","page_number":37,"box":{"x":83,"y":358,"width":380,"height":11}},{"id":"1422cb6d-5de7-42af-81ce-e82d2be5be28","block_type":"box","text":"turnover rate for the Fund or the Underlying Fund may indicate","page_number":37,"box":{"x":83,"y":372,"width":400,"height":11}},{"id":"4ae9dd71-b57b-4fcc-ad88-bf9488ae3b73","block_type":"box","text":"higher transaction costs and may cause the Fund or the","page_number":37,"box":{"x":83,"y":386,"width":356,"height":11}},{"id":"d2f1d51d-fba4-4853-959f-eebadf2bd7d3","block_type":"box","text":"Underlying Fund to incur increased expenses. These costs, which","page_number":37,"box":{"x":83,"y":401,"width":416,"height":10}},{"id":"de4f57ec-801e-4181-80a3-40891da165e6","block_type":"box","text":"are not reflected in the Annual Fund Operating Expenses or in the","page_number":37,"box":{"x":83,"y":415,"width":418,"height":11}},{"id":"900ef506-f587-4892-8fd0-d39d984e982d","block_type":"box","text":"Example (except costs to the Underlying Fund included as part of","page_number":37,"box":{"x":84,"y":429,"width":416,"height":11}},{"id":"5216897d-3648-44c4-accb-ca0a6cb3ca7f","block_type":"box","text":"Acquired Fund Fees and Expenses), affect the Fund’s","page_number":37,"box":{"x":82,"y":443,"width":339,"height":11}},{"id":"9d3a49a5-aa23-489f-ad36-0e69a6de8430","block_type":"box","text":"performance. From inception (September 30, 2024) to the most","page_number":37,"box":{"x":83,"y":457,"width":410,"height":11}},{"id":"20f67eef-4f92-463a-b759-f27c4e3a5f26","block_type":"box","text":"recent fiscal year end, the Fund’s portfolio turnover rate was 0% of","page_number":37,"box":{"x":83,"y":471,"width":425,"height":11}},{"id":"73b1daf6-cc59-4d4d-a165-b52aa8c2b174","block_type":"box","text":"the average value of its portfolio.","page_number":37,"box":{"x":83,"y":486,"width":209,"height":11}},{"id":"120d3e66-8a52-4b17-b978-b4b18d07b8af","block_type":"box","text":"Principal Investment Strategies","page_number":37,"box":{"x":84,"y":515,"width":268,"height":13}},{"id":"c13bce14-6b3e-4ab8-8b75-da1c1ae404b9","block_type":"box","text":"The Fund seeks to provide certain pre-determined Outcomes","page_number":37,"box":{"x":82,"y":540,"width":390,"height":11}},{"id":"b5cd76fb-c52a-4571-b36d-51b3fad9d9b0","block_type":"box","text":"based on the performance of the Underlying Fund for investors","page_number":37,"box":{"x":83,"y":554,"width":402,"height":11}},{"id":"3a331c17-9d6f-40e3-aa32-aa2b15a276b8","block_type":"box","text":"who hold Fund shares over a 12-month period (the “Outcome","page_number":37,"box":{"x":82,"y":568,"width":391,"height":11}},{"id":"6c1898d8-9d85-4233-aad6-924115b05617","block_type":"box","text":"Period”). The Outcomes sought by the Fund are:","page_number":37,"box":{"x":84,"y":582,"width":305,"height":11}},{"id":"e7e3839c-7683-4602-82f5-86cf8d1702d8","block_type":"box","text":"The share price return of the Underlying Fund capped at an","page_number":37,"box":{"x":119,"y":600,"width":377,"height":11}},{"id":"bd247717-dd97-4cfe-a17f-c9fba934d2aa","block_type":"box","text":"approximate upside limit (the “Approximate Cap”), and","page_number":37,"box":{"x":120,"y":615,"width":347,"height":10}},{"id":"ed177112-239c-4e3a-8124-14aedffb39f1","block_type":"box","text":"Protection against approximately 100% of the Underlying","page_number":37,"box":{"x":120,"y":633,"width":362,"height":10}},{"id":"3053d23c-a793-42b0-89f7-ea935a8aff45","block_type":"box","text":"Fund’s losses (the “Approximate Buffer”) over each Outcome","page_number":37,"box":{"x":120,"y":647,"width":387,"height":11}},{"id":"5e8da477-f027-4ad1-85d9-cc02ebea96e9","block_type":"box","text":"Period.","page_number":37,"box":{"x":120,"y":661,"width":43,"height":8}},{"id":"d6aa6525-9c11-439f-8365-7ecfec2cccf8","block_type":"box","text":"The Outcomes are intended to be realized only by investors who","page_number":37,"box":{"x":82,"y":684,"width":410,"height":11}},{"id":"3a7787ca-2424-48cf-af22-1ded3af064ca","block_type":"box","text":"hold Fund shares at the outset of the Outcome Period and","page_number":37,"box":{"x":83,"y":698,"width":370,"height":9}},{"id":"583ec638-83dd-45e5-a1f0-d060179685f6","block_type":"box","text":"continue to hold the shares through the end of the Outcome","page_number":37,"box":{"x":83,"y":713,"width":384,"height":10}},{"id":"3250ca3b-8a04-4b1e-8fc6-5e383303d1f2","block_type":"box","text":"Period. Specifically, in order to hold Fund shares for the entirety","page_number":37,"box":{"x":84,"y":727,"width":408,"height":11}},{"id":"f8d75e0b-1269-493a-85eb-7e79fbf06429","block_type":"box","text":"of an Outcome Period, an investor must buy or continue holding","page_number":37,"box":{"x":83,"y":741,"width":408,"height":11}},{"id":"30c3e61f-2548-402a-965a-bae7bdae298b","block_type":"box","text":"shares at the close on the last trading day of the prior Outcome","page_number":37,"box":{"x":83,"y":755,"width":405,"height":11}},{"id":"0f9eaeb5-bd77-4f29-9f50-3d08f6914b27","block_type":"box","text":"Period and sell or continue holding the shares at the close on the","page_number":37,"box":{"x":84,"y":769,"width":414,"height":11}},{"id":"85f3b214-cb37-4ac9-8008-25c535d7c5e9","block_type":"box","text":"last trading day of the current Outcome Period. If investors buy","page_number":37,"box":{"x":83,"y":783,"width":403,"height":11}},{"id":"f2c447f8-fddc-4671-9db8-384ddcf19de2","block_type":"box","text":"Fund shares after the start of the Outcome Period or sell Fund","page_number":37,"box":{"x":84,"y":798,"width":395,"height":8}},{"id":"b00b4a36-ae90-4ad7-8a5d-05fd563fb417","block_type":"box","text":"shares before the Outcome Period concludes, they may","page_number":37,"box":{"x":83,"y":812,"width":355,"height":11}},{"id":"d4cb7b61-bd78-462a-af95-6f147300e751","block_type":"box","text":"experience returns that differ significantly from the Outcomes.","page_number":37,"box":{"x":83,"y":826,"width":399,"height":11}},{"id":"64f26449-6b81-466a-a14c-edade4be1be1","block_type":"box","text":"These include experiencing little or no gains related to the","page_number":37,"box":{"x":82,"y":840,"width":371,"height":11}},{"id":"fda1f003-f884-4676-84e3-3037d8481f37","block_type":"box","text":"Underlying Fund and little or no protection against losses of the","page_number":37,"box":{"x":83,"y":854,"width":406,"height":11}},{"id":"199caf2e-8468-4d5c-af66-f5a1326b1d9a","block_type":"box","text":"Underlying Fund. Investors may lose their entire investment, and","page_number":37,"box":{"x":83,"y":869,"width":412,"height":10}},{"id":"277dec23-544e-4fe9-abd0-a9d0c57b8e12","block_type":"box","text":"an investment in the Fund is appropriate only for investors willing","page_number":37,"box":{"x":549,"y":322,"width":417,"height":11}},{"id":"d5939e4f-15a6-4438-b84b-a02edd9f1a57","block_type":"box","text":"to bear those losses. The Fund will be offered indefinitely and is","page_number":37,"box":{"x":549,"y":336,"width":406,"height":11}},{"id":"9f43d393-ad44-40ce-b203-7ee145f74c6f","block_type":"box","text":"not intended to terminate after one or more Outcome Periods.","page_number":37,"box":{"x":549,"y":350,"width":397,"height":9}},{"id":"c30ecb04-890d-41fa-a2a9-e40ebde53ac3","block_type":"box","text":"The Current Outcome Period","page_number":37,"box":{"x":548,"y":373,"width":200,"height":9}},{"id":"0917d201-8e73-4155-a443-4036426dcc1c","block_type":"box","text":"The current Outcome Period started on October 1, 2025 and ends","page_number":37,"box":{"x":549,"y":397,"width":420,"height":10}},{"id":"243d56d6-a0c3-4fcf-b1a2-498bd83be836","block_type":"box","text":"on September 30, 2026. For the current Outcome Period, the","page_number":37,"box":{"x":549,"y":411,"width":392,"height":11}},{"id":"b2a4f241-cfd3-4747-8756-3a30594866bc","block_type":"box","text":"Approximate Cap is 7.80% before taking into account any fees or","page_number":37,"box":{"x":549,"y":425,"width":413,"height":11}},{"id":"587cc64a-6df9-4e2d-bbc6-df2fdc1ead5c","block_type":"box","text":"expenses charged to, or transaction costs incurred by, the Fund","page_number":37,"box":{"x":549,"y":439,"width":408,"height":11}},{"id":"8e684e30-48ee-4784-a7e8-dd754c85f0c1","block_type":"box","text":"or the Underlying Fund. When the Fund’s annualized management","page_number":37,"box":{"x":549,"y":453,"width":420,"height":11}},{"id":"ef1712a2-1c38-4b2a-b3e9-a9e0ccc61883","block_type":"box","text":"fee of 0.50% of its average daily net assets is taken into account,","page_number":37,"box":{"x":549,"y":468,"width":414,"height":10}},{"id":"cb0cf4a3-0a45-4886-a4d7-7b93b24797db","block_type":"box","text":"the Approximate Cap for the current Outcome Period is reduced","page_number":37,"box":{"x":549,"y":482,"width":409,"height":11}},{"id":"3f087519-b581-457a-8936-0356e4efc54b","block_type":"box","text":"to 7.30%. The returns that the Fund seeks to provide do not take","page_number":37,"box":{"x":549,"y":496,"width":409,"height":11}},{"id":"9857e573-41cb-4857-a4c7-fc69582393a5","block_type":"box","text":"into account the costs associated with buying shares of the","page_number":37,"box":{"x":549,"y":510,"width":380,"height":11}},{"id":"60f73c52-b19e-4c7a-a71f-27b370fd0902","block_type":"box","text":"Underlying Fund and any other expenses incurred by the Fund.","page_number":37,"box":{"x":550,"y":524,"width":399,"height":11}},{"id":"6a245fe7-5ffb-4e0a-a8be-243df1004c3a","block_type":"box","text":"Please visit the Fund’s page on www.iShares.com for more","page_number":37,"box":{"x":550,"y":539,"width":373,"height":10}},{"id":"615cf390-395c-4215-8db5-01dcbb86b626","block_type":"box","text":"information about the potential outcomes of an investment in the","page_number":37,"box":{"x":549,"y":553,"width":417,"height":10}},{"id":"615299a4-e2c9-4d6d-b1fc-e85f038d1297","block_type":"box","text":"Fund during the current Outcome Period, including the remaining","page_number":37,"box":{"x":550,"y":567,"width":415,"height":11}},{"id":"275510c8-fc9f-4794-8c01-95f34c5b1425","block_type":"box","text":"Approximate Cap.","page_number":37,"box":{"x":549,"y":581,"width":113,"height":11}},{"id":"484d1cef-511e-41d6-b2f4-6078505cab11","block_type":"box","text":"The Underlying Fund","page_number":37,"box":{"x":548,"y":604,"width":144,"height":11}},{"id":"069ea4f4-f0c9-4bf6-ae46-6afb1fb5e29a","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":37,"box":{"x":549,"y":627,"width":393,"height":11}},{"id":"1e018bb6-cd06-4b29-b9b1-f910fcaf40b7","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":37,"box":{"x":550,"y":642,"width":417,"height":10}},{"id":"6a46dc0b-a151-4f0a-b24a-f3f742f1fa79","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":37,"box":{"x":549,"y":656,"width":412,"height":11}},{"id":"834d3d76-1d1d-40d4-a11f-a26823eef398","block_type":"box","text":"Index”), which measures the performance of the large","page_number":37,"box":{"x":550,"y":670,"width":348,"height":11}},{"id":"ef551545-ebd2-43d5-9579-67b7590141be","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":37,"box":{"x":549,"y":684,"width":412,"height":11}},{"id":"dd80bfec-3052-41bc-b1d9-7f7527a6abe7","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":37,"box":{"x":549,"y":698,"width":389,"height":11}},{"id":"4526bef9-ad25-448c-92a8-d4c2a2da61c0","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":37,"box":{"x":550,"y":713,"width":373,"height":10}},{"id":"d865df48-96be-4d05-9063-b9ad666dbf50","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":37,"box":{"x":549,"y":727,"width":375,"height":11}},{"id":"ec630b34-29b5-4d74-ab6f-2ced96e86180","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":37,"box":{"x":549,"y":741,"width":396,"height":11}},{"id":"e394986e-f567-4ae2-b0ac-88a2c1d1d25b","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":37,"box":{"x":550,"y":755,"width":423,"height":11}},{"id":"7c241dd7-c90a-4abc-9297-cd23607b3ab3","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":37,"box":{"x":549,"y":769,"width":412,"height":11}},{"id":"bc30aefd-dcd8-41cb-a9fe-da5e1cdfa47d","block_type":"box","text":"Underlying Fund.","page_number":37,"box":{"x":550,"y":783,"width":106,"height":11}},{"id":"a28bd50f-4c18-4452-b434-c4a4198a6b7f","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":37,"box":{"x":550,"y":807,"width":369,"height":10}},{"id":"31eb219d-7bdb-4119-84ac-116cfe93ef64","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":37,"box":{"x":549,"y":821,"width":353,"height":11}},{"id":"63a2e1bc-5727-48f6-8814-d6e8b008aa6e","block_type":"box","text":"representative sample of securities that collectively has an","page_number":37,"box":{"x":549,"y":835,"width":375,"height":11}},{"id":"de2b4251-a60e-469e-ad6b-78c0d9c79610","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":37,"box":{"x":549,"y":849,"width":384,"height":11}},{"id":"0198db46-aec4-4068-ab65-dd2cd44eb857","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":37,"box":{"x":549,"y":863,"width":371,"height":11}},{"id":"a083673e-e622-4615-94cb-6fc3fc7b0bd0","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":37,"box":{"x":549,"y":878,"width":409,"height":10}},{"id":"6e79fba6-c070-40ff-8af6-6ef0be9f7a9f","block_type":"box","text":"S-26","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"844efad0-f1ee-43dd-be20-dfed7b8cbafd","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":38,"box":{"x":83,"y":23,"width":382,"height":11}},{"id":"09ae0cb6-59eb-4a45-9b04-0a30b9ab7228","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":38,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"7142e9e7-5fef-48a8-a59c-5df1b93937e9","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":38,"box":{"x":83,"y":51,"width":409,"height":11}},{"id":"bd7dea77-38a4-44ed-98d6-360d5f490fcb","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":38,"box":{"x":83,"y":66,"width":404,"height":11}},{"id":"a87c275d-87fe-4a5e-a3a7-6e22fda15089","block_type":"box","text":"Underlying Fund’s Index, which may cause the performance of the","page_number":38,"box":{"x":83,"y":80,"width":422,"height":11}},{"id":"b3350f45-a277-4427-9953-4affe08ac0f5","block_type":"box","text":"Underlying Fund to diverge from that of the Underlying Fund’s","page_number":38,"box":{"x":83,"y":94,"width":395,"height":11}},{"id":"3cffb23d-fce1-4c18-a6d6-014a34efbdab","block_type":"box","text":"Index and produce “tracking error”. Tracking error risk may be","page_number":38,"box":{"x":83,"y":108,"width":396,"height":11}},{"id":"b2d940e2-038e-40af-a907-01bfdb9232bd","block_type":"box","text":"heightened during times of increased market volatility or other","page_number":38,"box":{"x":83,"y":122,"width":400,"height":11}},{"id":"483fb5b8-7706-44a2-a6bf-d44be920696c","block_type":"box","text":"unusual market conditions.","page_number":38,"box":{"x":83,"y":137,"width":172,"height":8}},{"id":"0eb3910e-6d0d-4468-b1bf-a578b47a5b0c","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":38,"box":{"x":82,"y":160,"width":388,"height":11}},{"id":"9a81c8a3-6912-4108-91a6-6affa859afef","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":38,"box":{"x":83,"y":174,"width":399,"height":11}},{"id":"8f42e49c-0493-435c-9764-f01c1f211394","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":38,"box":{"x":83,"y":188,"width":290,"height":11}},{"id":"62d1c4f0-b705-4b6c-8abe-4ca9d49ec417","block_type":"box","text":"The Fund’s Use of Options","page_number":38,"box":{"x":82,"y":211,"width":183,"height":11}},{"id":"385ff286-541e-4150-908a-6cb8a97d640e","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":38,"box":{"x":82,"y":235,"width":385,"height":10}},{"id":"29a8b2e0-fbc2-4b74-adc6-c2665b0fb0cb","block_type":"box","text":"customized put options thereon and sells call options that","page_number":38,"box":{"x":83,"y":249,"width":370,"height":10}},{"id":"8e4945a2-67dc-458a-9977-4fbd06508fc4","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":38,"box":{"x":83,"y":263,"width":392,"height":11}},{"id":"5d8f4ee6-354c-4d15-89dd-7f27ab88e872","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":38,"box":{"x":83,"y":277,"width":387,"height":11}},{"id":"b5c8b122-09a8-4106-96a0-329aa2a1ac4a","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":38,"box":{"x":83,"y":291,"width":414,"height":11}},{"id":"2808941a-243e-4305-9604-ca5f9b673cda","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":38,"box":{"x":83,"y":305,"width":384,"height":11}},{"id":"d863f928-33e2-45dc-9129-c8e8241d7e83","block_type":"box","text":"traded options that reference the price performance of the","page_number":38,"box":{"x":83,"y":320,"width":375,"height":10}},{"id":"dedc4621-9f1d-4300-a159-c367340f0887","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index, or other ETFs that","page_number":38,"box":{"x":83,"y":334,"width":412,"height":11}},{"id":"e9e86448-93b2-40a3-b253-085614a27c38","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":38,"box":{"x":83,"y":348,"width":217,"height":11}},{"id":"20b8909b-3bb2-4868-a4da-6d556a69ca16","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":38,"box":{"x":82,"y":371,"width":410,"height":11}},{"id":"52ab72d6-15f3-46e4-a438-608846c5c455","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":38,"box":{"x":83,"y":385,"width":372,"height":11}},{"id":"b01fa87d-3563-4705-abdd-591f0c8ea3ef","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":38,"box":{"x":83,"y":400,"width":409,"height":10}},{"id":"08d16ffc-475e-4754-af45-c7740d3ca812","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":38,"box":{"x":83,"y":414,"width":394,"height":11}},{"id":"f1ad5ac5-e420-4763-9cbc-5c0e78edc26a","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":38,"box":{"x":82,"y":428,"width":397,"height":11}},{"id":"a89a1882-771f-4dc9-802d-f126ffe08604","block_type":"box","text":"“strike price”. If the Fund buys a call option, it pays a premium","page_number":38,"box":{"x":83,"y":442,"width":397,"height":11}},{"id":"7b3b51ef-f871-481f-a732-ac7211082112","block_type":"box","text":"and receives the right, but not the obligation, to purchase shares","page_number":38,"box":{"x":83,"y":456,"width":413,"height":11}},{"id":"75b03ab3-536b-417f-b93e-ef2efa27e08b","block_type":"box","text":"of the Underlying Fund or other reference asset at a strike price","page_number":38,"box":{"x":83,"y":470,"width":407,"height":11}},{"id":"af6ddb48-2422-49b8-b983-f753b8511ced","block_type":"box","text":"by or on the expiration date. When the Fund buys a put option, it","page_number":38,"box":{"x":83,"y":485,"width":411,"height":10}},{"id":"d6b5b910-0193-4e36-8e4c-55749f9755fa","block_type":"box","text":"pays a premium and receives the right, but not the obligation, to","page_number":38,"box":{"x":83,"y":499,"width":410,"height":11}},{"id":"f27bbf87-e0ff-4959-833c-0aed1224ff94","block_type":"box","text":"sell shares of the Underlying Fund or other reference asset at a","page_number":38,"box":{"x":83,"y":513,"width":403,"height":11}},{"id":"ba0d9b42-4260-41e5-a25f-c1e599182d36","block_type":"box","text":"strike price by or on the expiration date. When the Fund writes","page_number":38,"box":{"x":83,"y":527,"width":399,"height":11}},{"id":"3f1b37fa-2602-4963-b915-8cdd95eb3bf5","block_type":"box","text":"(sells) a call option, it receives a premium and gives the purchaser","page_number":38,"box":{"x":83,"y":541,"width":423,"height":11}},{"id":"24d79da6-d26e-48b3-b9e4-e257bf4e3ffe","block_type":"box","text":"of the option the right to purchase from the Fund shares of the","page_number":38,"box":{"x":83,"y":556,"width":400,"height":10}},{"id":"5270c898-9b5c-4b74-99a7-76cda3985faf","block_type":"box","text":"Underlying Fund or other reference asset at a strike price by or on","page_number":38,"box":{"x":83,"y":570,"width":422,"height":11}},{"id":"e4022b2f-6a61-4d02-a280-d5c5e83ab33b","block_type":"box","text":"the expiration date. If the Fund writes (sells) a put option, it","page_number":38,"box":{"x":83,"y":584,"width":379,"height":11}},{"id":"c14d6cdf-b5ba-4d53-994a-251e69122204","block_type":"box","text":"receives a premium and gives the purchaser of the option the","page_number":38,"box":{"x":83,"y":598,"width":392,"height":11}},{"id":"cbede941-63a7-46de-aacb-c1307a7b04f8","block_type":"box","text":"right to sell to the Fund shares of the Underlying Fund or other","page_number":38,"box":{"x":83,"y":612,"width":400,"height":11}},{"id":"b0ee4d43-31a6-423b-85d3-ed3984a6165e","block_type":"box","text":"reference asset at a strike price by or on expiration date.","page_number":38,"box":{"x":83,"y":626,"width":362,"height":11}},{"id":"18b3e69c-b87b-490c-9e6d-b1e3b50f5592","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":38,"box":{"x":84,"y":650,"width":417,"height":10}},{"id":"07dec0b1-c7ad-4dfd-a082-1b470ec85b9a","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":38,"box":{"x":83,"y":664,"width":413,"height":11}},{"id":"42e7894c-4595-4bc1-92c5-2cedfb31e4a2","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":38,"box":{"x":83,"y":678,"width":403,"height":11}},{"id":"d6156303-b4b5-4f0d-afc3-52014ae8e98e","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":38,"box":{"x":83,"y":692,"width":395,"height":11}},{"id":"a14598f1-3691-47b0-a24f-1d5e40e1e22e","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":38,"box":{"x":84,"y":706,"width":407,"height":11}},{"id":"19902a89-257f-4b0f-9f82-159a2bb676f6","block_type":"box","text":"each Outcome Period.","page_number":38,"box":{"x":83,"y":721,"width":140,"height":8}},{"id":"69da1f51-ba9a-449f-b99e-9b3cec42af54","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":38,"box":{"x":82,"y":744,"width":378,"height":11}},{"id":"ac52ce63-8369-4c52-b0a0-c783a864c5b7","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":38,"box":{"x":83,"y":758,"width":412,"height":11}},{"id":"3efae495-1d5c-4c57-b637-bb905f3d23ab","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":38,"box":{"x":82,"y":772,"width":366,"height":11}},{"id":"854cd7b5-866b-424f-b4c6-af1fee5f4b0e","block_type":"box","text":"However, the value of the options may change because of factors","page_number":38,"box":{"x":84,"y":786,"width":417,"height":11}},{"id":"cdab0e05-0d05-443a-8141-82b9283bfcd3","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":38,"box":{"x":83,"y":800,"width":421,"height":11}},{"id":"fcb8f23d-b927-4298-9b06-68253122ad8e","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":38,"box":{"x":83,"y":815,"width":385,"height":10}},{"id":"be910de4-bbf1-4e22-9588-38a030ba8289","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":38,"box":{"x":83,"y":829,"width":382,"height":11}},{"id":"121463f1-05a4-4b2a-955e-f54b7aaaab1a","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":38,"box":{"x":83,"y":843,"width":367,"height":11}},{"id":"8269ba4a-e011-4c4d-b86b-abdb382f7d88","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":38,"box":{"x":83,"y":857,"width":393,"height":11}},{"id":"5f45e107-335b-4968-b315-9aef7e98f6d6","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":38,"box":{"x":82,"y":871,"width":396,"height":11}},{"id":"a2aa78eb-0b4e-4481-8146-237e2de5033a","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":38,"box":{"x":549,"y":23,"width":424,"height":11}},{"id":"42cef3dd-cb4e-4cfb-8acc-d74de0641c6f","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":38,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"83b8ecc8-4589-467c-a7eb-3c209cb49cd9","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":38,"box":{"x":549,"y":51,"width":408,"height":11}},{"id":"96472409-cc23-4383-a5b5-70b39cd7243f","block_type":"box","text":"the Underlying Fund’s share price.","page_number":38,"box":{"x":549,"y":66,"width":218,"height":11}},{"id":"bcee92a5-87c8-4eb4-b2c2-de91dd0ccc77","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":38,"box":{"x":549,"y":89,"width":398,"height":11}},{"id":"e6bb71a6-f00d-4b98-9555-c9ef274825e6","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":38,"box":{"x":548,"y":103,"width":421,"height":11}},{"id":"a4d423c8-8bbd-4949-ac14-da6e8bf9f7fc","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":38,"box":{"x":549,"y":117,"width":384,"height":11}},{"id":"22e10439-0e7e-4c99-b645-8eba55002960","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":38,"box":{"x":549,"y":131,"width":405,"height":11}},{"id":"795fd7e3-41f5-4d4e-a07c-d775c4247227","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":38,"box":{"x":549,"y":146,"width":420,"height":10}},{"id":"1d9a4b6a-0ef9-4fa0-9297-c4d9c7bdf4b0","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":38,"box":{"x":549,"y":160,"width":419,"height":11}},{"id":"a613df1e-1040-438e-987c-eb12cbade35b","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":38,"box":{"x":549,"y":174,"width":373,"height":11}},{"id":"505e2039-5d7f-43f7-818e-9e8c09eb4029","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":38,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"fff5e7dc-5ca8-44c9-bf47-531198a56388","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":38,"box":{"x":549,"y":202,"width":415,"height":11}},{"id":"09aa0dcc-60eb-46fd-9cb1-da8f6cbbbe90","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":38,"box":{"x":549,"y":226,"width":222,"height":10}},{"id":"6cf96efe-4c11-4fda-9ceb-4e89f00eb8c1","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":38,"box":{"x":550,"y":249,"width":420,"height":10}},{"id":"03110a6e-6b0a-467f-9926-6c275c1b1e71","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":38,"box":{"x":549,"y":263,"width":381,"height":11}},{"id":"657db2e4-babe-45b6-99e9-196748113577","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":38,"box":{"x":550,"y":277,"width":421,"height":11}},{"id":"856e38c9-afa9-4ac9-b1f8-e07ba10727a6","block_type":"box","text":"of the Underlying Fund’s Index. The Approximate Buffer and","page_number":38,"box":{"x":549,"y":291,"width":380,"height":11}},{"id":"934ce888-4c0d-42e4-9bfc-26b32a73bd49","block_type":"box","text":"Approximate Cap are typically created by trading a combination of","page_number":38,"box":{"x":549,"y":305,"width":424,"height":11}},{"id":"b33d60bd-1c43-4a8e-bb81-b62d178fedc7","block_type":"box","text":"put and call options, as described below, at the close of the last","page_number":38,"box":{"x":549,"y":320,"width":407,"height":10}},{"id":"14502b76-d95a-4eef-a436-69750feb2ada","block_type":"box","text":"trading day of the prior Outcome Period.","page_number":38,"box":{"x":549,"y":334,"width":257,"height":11}},{"id":"69ca3551-d1d1-4469-9b1f-17026a52c5a0","block_type":"box","text":"Approximate Buffer","page_number":38,"box":{"x":548,"y":357,"width":123,"height":11}},{"id":"3766043f-64e3-4dd7-af26-36040ee924c5","block_type":"box","text":". The Fund creates the Approximate Buffer by","page_number":38,"box":{"x":672,"y":357,"width":289,"height":11}},{"id":"e2d0d21c-4c8b-4753-b4fe-6194a8d480bc","block_type":"box","text":"buying a put option with a strike price that is approximately at","page_number":38,"box":{"x":549,"y":371,"width":401,"height":11}},{"id":"105f697c-06fa-452d-9ffa-b7a3ff76da43","block_type":"box","text":"the-money relative to the Underlying Fund’s share price. The","page_number":38,"box":{"x":549,"y":385,"width":386,"height":11}},{"id":"214ecab3-99bb-4285-adb0-258f70d4d0e6","block_type":"box","text":"Approximate Buffer is against approximately 100% of the","page_number":38,"box":{"x":549,"y":400,"width":361,"height":10}},{"id":"bcfa620d-154c-4043-a86c-f8c444e55d7b","block_type":"box","text":"Underlying Fund’s losses for the applicable Outcome Period;","page_number":38,"box":{"x":550,"y":414,"width":384,"height":11}},{"id":"1398721e-02c0-4816-ab42-d1929838b527","block_type":"box","text":"however, there is no guarantee that the Approximate Buffer will","page_number":38,"box":{"x":549,"y":428,"width":405,"height":11}},{"id":"e9346ca9-4e4c-4859-abff-b6915fff31bb","block_type":"box","text":"succeed in providing the intended protection. The Approximate","page_number":38,"box":{"x":549,"y":442,"width":402,"height":11}},{"id":"3805ff79-3e03-4ce1-b650-a110f7d0f832","block_type":"box","text":"Buffer is provided prior to taking into account any fees or","page_number":38,"box":{"x":550,"y":456,"width":364,"height":11}},{"id":"ede9415e-37dd-498d-bad8-256c594a17fa","block_type":"box","text":"expenses charged to the Fund. These fees and any expenses will","page_number":38,"box":{"x":549,"y":470,"width":412,"height":11}},{"id":"7aa158af-73b1-411e-92c8-53c77a08e48f","block_type":"box","text":"reduce the Approximate Buffer amount for Fund shareholders for","page_number":38,"box":{"x":549,"y":485,"width":416,"height":10}},{"id":"6d7d6793-9126-421b-b216-6601ba713905","block_type":"box","text":"an Outcome Period. When the Fund’s annual management fee of","page_number":38,"box":{"x":549,"y":499,"width":412,"height":11}},{"id":"8788e83b-143f-48b0-bbc0-4eeb6dd7b202","block_type":"box","text":"0.50% of the Fund’s daily net assets is taken into account, the net","page_number":38,"box":{"x":549,"y":513,"width":420,"height":11}},{"id":"0bd2d382-ca61-40af-b6cf-0edf54e42d87","block_type":"box","text":"Approximate Buffer for the Outcome Period is 99.5%.","page_number":38,"box":{"x":549,"y":527,"width":338,"height":11}},{"id":"5df17f9c-be9a-48c6-93c2-ba54e3abb6fd","block_type":"box","text":"While the Fund seeks to maximize protection against Underlying","page_number":38,"box":{"x":549,"y":550,"width":410,"height":11}},{"id":"1ed213ad-2d7f-4632-b752-bdea3f1f390b","block_type":"box","text":"Fund losses for the applicable Outcome Period, the Fund will","page_number":38,"box":{"x":550,"y":565,"width":385,"height":10}},{"id":"f4d24e1d-21cd-4e86-8f37-a9ce7480cf46","block_type":"box","text":"reduce the Approximate Buffer below 100% in order to provide an","page_number":38,"box":{"x":549,"y":579,"width":416,"height":10}},{"id":"f8933da3-e920-4577-801e-ee9a5e2704be","block_type":"box","text":"Approximate Cap of at least 2%. For example, if interest rates are","page_number":38,"box":{"x":549,"y":593,"width":416,"height":11}},{"id":"ad88b50c-2231-4f6f-859d-7d5a78f32ce4","block_type":"box","text":"low enough that providing protection against approximately 100%","page_number":38,"box":{"x":549,"y":607,"width":418,"height":11}},{"id":"be7b6744-3c25-4cbd-9a4b-eac5b54b9555","block_type":"box","text":"of Underlying Fund losses would result in an Approximate Cap of","page_number":38,"box":{"x":549,"y":621,"width":413,"height":11}},{"id":"071b1f79-b483-44f5-ad43-3370515cbe8e","block_type":"box","text":"less than 2%, the Fund would decrease the protection such that","page_number":38,"box":{"x":549,"y":635,"width":406,"height":11}},{"id":"e8cce7d5-70b3-418e-b363-4ea1c3bf3b43","block_type":"box","text":"the Approximate Cap is at least 2%.","page_number":38,"box":{"x":549,"y":650,"width":225,"height":10}},{"id":"8dec0562-05eb-4476-817b-f18b7524c816","block_type":"box","text":"Approximate Cap","page_number":38,"box":{"x":548,"y":673,"width":109,"height":11}},{"id":"053abd73-546e-4e77-bfea-927d99483a1c","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":38,"box":{"x":659,"y":673,"width":275,"height":11}},{"id":"ff1f9f41-22b6-4005-940e-131002bedb86","block_type":"box","text":"selling a call option with a higher strike price relative to the","page_number":38,"box":{"x":549,"y":687,"width":377,"height":11}},{"id":"626ffb85-d24f-470d-a8fc-8d1a12a5f6cf","block_type":"box","text":"Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":38,"box":{"x":550,"y":701,"width":370,"height":11}},{"id":"bf538403-c979-4139-8114-48ffce1355e3","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":38,"box":{"x":549,"y":715,"width":408,"height":11}},{"id":"9cda7ef9-41d8-4d85-9c50-18c85713dfc0","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":38,"box":{"x":549,"y":730,"width":422,"height":10}},{"id":"6583f54f-e487-4f4a-9f5c-0eff35d59985","block_type":"box","text":"that strike price. The Approximate Cap for each Outcome Period is","page_number":38,"box":{"x":549,"y":744,"width":424,"height":11}},{"id":"dc6e1889-ae81-4453-83dc-4c086031c290","block_type":"box","text":"based on the strike price of the Cap Option for that Outcome","page_number":38,"box":{"x":549,"y":758,"width":389,"height":11}},{"id":"4f399e32-c22a-4a13-ac04-851dee38c3af","block_type":"box","text":"Period. The strike price of the Cap Option depends on the market","page_number":38,"box":{"x":550,"y":772,"width":415,"height":11}},{"id":"4a9c2b95-1b40-4b74-86a8-7aae53ed492f","block_type":"box","text":"conditions when the option is sold and likely will be different for","page_number":38,"box":{"x":549,"y":786,"width":408,"height":11}},{"id":"d9315a6f-6a24-43f9-84ca-9843c0def9a6","block_type":"box","text":"each Outcome Period, resulting in a different Approximate Cap for","page_number":38,"box":{"x":549,"y":800,"width":423,"height":11}},{"id":"81b967df-7e6e-45b4-bb8f-0d2bdcd67516","block_type":"box","text":"each Outcome Period. The Fund uses the premium collected from","page_number":38,"box":{"x":549,"y":815,"width":419,"height":10}},{"id":"427ffd14-80e9-4487-b0b8-5622a9fc7eaf","block_type":"box","text":"selling the Cap Option and the expected dividend distributions","page_number":38,"box":{"x":549,"y":829,"width":398,"height":11}},{"id":"b1e2ad60-0133-42eb-947e-a4b34a9c8b95","block_type":"box","text":"from the Underlying Fund to cover the premium that it pays to buy","page_number":38,"box":{"x":549,"y":843,"width":423,"height":11}},{"id":"2d30084a-cc90-4a01-83ad-4777258cf7ac","block_type":"box","text":"the options that create the Approximate Buffer.","page_number":38,"box":{"x":549,"y":857,"width":302,"height":11}},{"id":"01439e12-6549-4096-a30d-86ee932514f3","block_type":"box","text":"S-27","page_number":38,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1a1731ac-3abd-4e0d-aff8-603de8aae272","block_type":"box","text":"The Fund’s Approximate Buffer and Approximate Cap (net of the","page_number":39,"box":{"x":82,"y":23,"width":410,"height":11}},{"id":"2d096a34-235a-4ac6-a8f3-1b25c6f42c65","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":39,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"5459a4b6-7509-4f91-b1bd-98e266388a84","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":39,"box":{"x":84,"y":52,"width":397,"height":10}},{"id":"797b6b59-c7cf-46e2-9de4-32ac14f900f4","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":39,"box":{"x":83,"y":66,"width":381,"height":11}},{"id":"cdceb5c6-5d07-4ccc-9530-60a69a09f0e4","block_type":"box","text":"Approximately one week prior to the end of each Outcome Period,","page_number":39,"box":{"x":82,"y":89,"width":423,"height":11}},{"id":"3fdb138e-9bb8-466a-ac08-abd66571f554","block_type":"box","text":"the Fund expects to file a prospectus supplement that discloses","page_number":39,"box":{"x":83,"y":103,"width":409,"height":11}},{"id":"98c8ec70-63db-4ff8-998d-4089f704fa4e","block_type":"box","text":"an estimated range (as estimated by BFA) for the Approximate","page_number":39,"box":{"x":83,"y":117,"width":398,"height":11}},{"id":"972e494b-f7d5-4a7a-9a78-4101e27c67eb","block_type":"box","text":"Cap for the Fund’s next Outcome Period. On the last trading day","page_number":39,"box":{"x":83,"y":131,"width":410,"height":11}},{"id":"84469c27-c6ee-44dd-be2e-9a0bd7a61619","block_type":"box","text":"of each Outcome Period, the Fund will trade a new set of options","page_number":39,"box":{"x":83,"y":146,"width":413,"height":10}},{"id":"a0c0f0be-1618-4726-b2b2-93897c69496c","block_type":"box","text":"to create the Approximate Buffer and Approximate Cap for the","page_number":39,"box":{"x":83,"y":160,"width":398,"height":11}},{"id":"037c3936-2f91-4e93-996c-fa4e26f7d365","block_type":"box","text":"next Outcome Period. After the close of business on the last","page_number":39,"box":{"x":83,"y":174,"width":384,"height":8}},{"id":"c3f65c44-6b74-448e-b131-e82d1e9088ac","block_type":"box","text":"trading day of the Outcome Period, the Fund will file a prospectus","page_number":39,"box":{"x":83,"y":188,"width":418,"height":11}},{"id":"07ade844-e36b-4ef9-bc17-af2f2ab68728","block_type":"box","text":"supplement that discloses the Fund’s Approximate Cap (gross and","page_number":39,"box":{"x":83,"y":202,"width":424,"height":11}},{"id":"ba8b902d-6eff-44f5-b445-2dbe7837aa61","block_type":"box","text":"net of its management fee) for the next Outcome Period.","page_number":39,"box":{"x":83,"y":216,"width":361,"height":11}},{"id":"aa71247f-01ee-4b0c-849f-df72489b93d1","block_type":"box","text":"Outcome Period","page_number":39,"box":{"x":83,"y":240,"width":111,"height":8}},{"id":"dbebcd3f-56f4-4f60-b54e-421ecd2782f6","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":39,"box":{"x":82,"y":263,"width":408,"height":11}},{"id":"c9615300-62d9-463d-8c77-f4b49edf0e9a","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":39,"box":{"x":83,"y":277,"width":396,"height":9}},{"id":"ba8d286b-d85b-49d5-ad21-c2a062e19425","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":39,"box":{"x":83,"y":291,"width":415,"height":11}},{"id":"b4df2547-5f25-4c25-adb0-175228ab8403","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":39,"box":{"x":83,"y":305,"width":398,"height":9}},{"id":"8ce172e4-6122-402e-b451-d6dc3e21bd47","block_type":"box","text":"may not fully realize the Outcomes for the Outcome Period and","page_number":39,"box":{"x":83,"y":320,"width":402,"height":10}},{"id":"c3968cfe-ef93-4e07-8a57-9cb79bcbfef9","block_type":"box","text":"may be exposed to greater risk of loss and less potential gain.","page_number":39,"box":{"x":83,"y":334,"width":395,"height":11}},{"id":"fef1fa5c-96c8-419f-a189-664985a64432","block_type":"box","text":"This is because, while the Outcomes are fixed levels that are","page_number":39,"box":{"x":82,"y":348,"width":386,"height":10}},{"id":"c5dc6c7e-0ec9-482a-9489-ab5ac18546c8","block_type":"box","text":"calculated in relation to the Underlying Fund’s price and the","page_number":39,"box":{"x":83,"y":362,"width":381,"height":11}},{"id":"51e390d7-b1df-4447-8b85-3c0e9052a850","block_type":"box","text":"Fund’s NAV at the start of each Outcome Period and generally","page_number":39,"box":{"x":84,"y":376,"width":395,"height":11}},{"id":"e8961a21-ccea-4dab-8d5e-8ce45e58b57d","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":39,"box":{"x":83,"y":391,"width":419,"height":10}},{"id":"fd6dc0ba-455f-4b0f-b281-ad6ffebef031","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":39,"box":{"x":83,"y":405,"width":414,"height":11}},{"id":"edd9e66c-1979-4f2f-bfb6-29af38d23378","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":39,"box":{"x":83,"y":419,"width":408,"height":11}},{"id":"f985af88-f778-442c-a249-130815535da1","block_type":"box","text":"the Outcome Period.","page_number":39,"box":{"x":83,"y":433,"width":130,"height":9}},{"id":"df65a7ee-8b0a-4b33-8703-6d4959e9d0b0","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":39,"box":{"x":84,"y":456,"width":383,"height":11}},{"id":"9d093312-1df7-47a9-a21a-5e98c43c8f16","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":39,"box":{"x":83,"y":470,"width":420,"height":11}},{"id":"60433d5f-50c2-4a79-bba4-835b9d1749a1","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":39,"box":{"x":83,"y":485,"width":388,"height":10}},{"id":"87da4eae-7f67-4514-b55c-4b6825986dd6","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":39,"box":{"x":84,"y":499,"width":357,"height":11}},{"id":"82fdca11-71f2-4daa-85c6-388ed87901db","block_type":"box","text":"Approximate Cap and the investor may experience losses prior to","page_number":39,"box":{"x":82,"y":513,"width":419,"height":11}},{"id":"ff5b5e53-093b-4082-a21e-525dfade7887","block_type":"box","text":"reaching the downside protection offered by the Approximate","page_number":39,"box":{"x":83,"y":527,"width":393,"height":11}},{"id":"c74b3f70-f18a-49e2-aa41-af84204ba850","block_type":"box","text":"Buffer. Conversely, if an investor purchases Fund shares during an","page_number":39,"box":{"x":84,"y":541,"width":421,"height":11}},{"id":"45abd484-8eba-4157-97ed-06e4533f016e","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":39,"box":{"x":83,"y":556,"width":420,"height":10}},{"id":"5b6fb53c-b7a7-4790-a488-8f8f01c6a22f","block_type":"box","text":"has decreased from its price at the beginning of the Outcome","page_number":39,"box":{"x":83,"y":570,"width":392,"height":11}},{"id":"deabae41-9303-481f-be09-eee8269b71d9","block_type":"box","text":"Period, the Fund may require a larger increase in the Underlying","page_number":39,"box":{"x":84,"y":584,"width":407,"height":11}},{"id":"b96effa6-7b90-4713-9d61-97a295592d8d","block_type":"box","text":"Fund’s share price before it reaches the Approximate Cap.","page_number":39,"box":{"x":84,"y":598,"width":371,"height":11}},{"id":"ea42aaac-3eef-44b6-95eb-1186bbcb3282","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":39,"box":{"x":83,"y":621,"width":278,"height":11}},{"id":"77e5c510-bb40-47b8-a33c-db39adfb4f30","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":39,"box":{"x":83,"y":644,"width":392,"height":11}},{"id":"a86f1e77-c481-421d-92a7-6020f2b5e999","block_type":"box","text":"during an Outcome Period, the Fund will typically buy Underlying","page_number":39,"box":{"x":83,"y":659,"width":412,"height":11}},{"id":"af58fada-76ec-4154-94e0-63181d27dd59","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and seek","page_number":39,"box":{"x":84,"y":673,"width":417,"height":11}},{"id":"e78d585c-1d5e-4f9d-8248-b2375251b137","block_type":"box","text":"to enter into the combination of options transactions described","page_number":39,"box":{"x":83,"y":687,"width":404,"height":11}},{"id":"820e70e7-7f61-4638-805d-33a443f66490","block_type":"box","text":"above. This will occur even in circumstances where the Fund","page_number":39,"box":{"x":83,"y":701,"width":386,"height":9}},{"id":"1338bb78-2ab4-486b-81ca-a869c609a5c0","block_type":"box","text":"would receive a negligible premium for selling an out-of-the","page_number":39,"box":{"x":82,"y":715,"width":386,"height":11}},{"id":"21bef34f-3d78-4b03-8aa7-6979abbd16ce","block_type":"box","text":"money call, which may give up more sizable returns to the extent","page_number":39,"box":{"x":83,"y":730,"width":415,"height":10}},{"id":"4052719a-2b08-4d1c-9921-c93781bf336d","block_type":"box","text":"that the option later becomes in the money.","page_number":39,"box":{"x":83,"y":744,"width":279,"height":11}},{"id":"31130f4f-085c-42fd-bea7-e9a9ea059a77","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":39,"box":{"x":84,"y":767,"width":414,"height":11}},{"id":"1ffc358a-64e9-4900-921a-48f5171cc393","block_type":"box","text":"purchase the downside protection, the Fund’s performance is","page_number":39,"box":{"x":83,"y":781,"width":393,"height":11}},{"id":"a0cd0591-28d7-48a3-bf6e-fe82c24e7487","block_type":"box","text":"likely to be less than the Underlying Fund’s performance when (1)","page_number":39,"box":{"x":83,"y":795,"width":416,"height":11}},{"id":"3ff54c26-cf4c-4b14-a6a4-0629dd507dbe","block_type":"box","text":"distributions are considered and (2) the Underlying Fund’s","page_number":39,"box":{"x":83,"y":810,"width":371,"height":10}},{"id":"d5ce94f9-ce71-4543-b0a4-104e0b7bff97","block_type":"box","text":"performance is positive. The Fund may also underperform the","page_number":39,"box":{"x":83,"y":824,"width":394,"height":10}},{"id":"1375657f-6c56-4c0b-b04b-e92f5c87194c","block_type":"box","text":"Underlying Fund if the returns of the Underlying Fund exceed the","page_number":39,"box":{"x":83,"y":838,"width":414,"height":11}},{"id":"2534607c-bf17-4129-b0ff-fe4908d7808b","block_type":"box","text":"Approximate Cap net of the distributions.","page_number":39,"box":{"x":82,"y":852,"width":264,"height":11}},{"id":"8ef8cc01-7bc4-4eea-9379-dced28e5fd81","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":39,"box":{"x":549,"y":23,"width":386,"height":11}},{"id":"e35cb6c6-359a-40c6-8ccb-0fd3b78efafc","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":39,"box":{"x":550,"y":37,"width":401,"height":11}},{"id":"661cc082-6972-4702-a215-a3a7f46072c0","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":39,"box":{"x":549,"y":51,"width":414,"height":11}},{"id":"383bd2e0-edc2-4453-b484-a8e78e9423fb","block_type":"box","text":"upside limit significantly below the Approximate Cap and to","page_number":39,"box":{"x":549,"y":66,"width":379,"height":11}},{"id":"299a19ad-b0e3-434b-9b29-a1281d10e4b3","block_type":"box","text":"significantly less downside protection than the Approximate","page_number":39,"box":{"x":549,"y":80,"width":383,"height":11}},{"id":"babdbd2b-2082-4ef9-883f-49f67ecf220f","block_type":"box","text":"Buffer. Investors may lose their entire investment, and an","page_number":39,"box":{"x":550,"y":94,"width":364,"height":11}},{"id":"234b4a14-5f68-46c8-959f-42a4fa52e5ff","block_type":"box","text":"investment in the Fund is appropriate only for investors willing to","page_number":39,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"5aada50f-3b83-4533-b063-bab3a59648d9","block_type":"box","text":"bear those losses.","page_number":39,"box":{"x":549,"y":123,"width":115,"height":8}},{"id":"bc62b0a9-f5f5-49bf-a1df-0d0840ed2adf","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":39,"box":{"x":550,"y":146,"width":407,"height":10}},{"id":"cb83cb41-636f-4ed0-9a69-11b6cec7b88e","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":39,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"391d433d-513a-45e6-8911-a34fa188ec57","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":39,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"aabe4844-dff8-4ce0-a5cf-786eb89d6b0f","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":39,"box":{"x":549,"y":188,"width":387,"height":11}},{"id":"a4c335b7-bcde-45ad-b9ff-fab623e5f9db","block_type":"box","text":"purchase call options with a strike price that is very low","page_number":39,"box":{"x":586,"y":206,"width":355,"height":11}},{"id":"88dff08a-d660-4538-9d1f-f259892395b7","block_type":"box","text":"(approximately 1% or less) relative to the Underlying Fund’s","page_number":39,"box":{"x":586,"y":220,"width":379,"height":11}},{"id":"df52ce0f-705d-4ec5-b97e-0002bcf4dfcb","block_type":"box","text":"share price on the day of purchase (a “zero strike call”);","page_number":39,"box":{"x":586,"y":235,"width":354,"height":10}},{"id":"26e50e8e-540a-4772-a59c-d9d3f5e0407e","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":39,"box":{"x":586,"y":253,"width":354,"height":10}},{"id":"95b4f8b6-768b-45ee-92c6-b998c20088fb","block_type":"box","text":"Underlying Fund’s Index;","page_number":39,"box":{"x":586,"y":267,"width":156,"height":11}},{"id":"87a51e16-dc2d-46e6-9801-2fcaa4550791","block_type":"box","text":"purchase equity securities (e.g., component securities of the","page_number":39,"box":{"x":586,"y":285,"width":387,"height":11}},{"id":"2973a6c2-9955-4ec0-9f2d-9f4d72f5c6e2","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":39,"box":{"x":586,"y":299,"width":377,"height":11}},{"id":"4550350b-52b1-4ac4-b4b5-cc379294c9b2","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":39,"box":{"x":586,"y":313,"width":363,"height":11}},{"id":"d9872953-a40a-4601-b86f-b597769ad0ca","block_type":"box","text":"invest in U.S. Treasuries, money market funds and/or other","page_number":39,"box":{"x":586,"y":331,"width":380,"height":11}},{"id":"31c6aa10-3669-4469-9588-7f492d06c2d8","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":39,"box":{"x":586,"y":345,"width":376,"height":11}},{"id":"1a2f34c5-a4e6-4181-ab86-3809c6679f3c","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":39,"box":{"x":586,"y":360,"width":342,"height":10}},{"id":"1bf42815-cf8a-4b01-9af3-c22777a98f67","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":39,"box":{"x":586,"y":374,"width":247,"height":11}},{"id":"ce254e40-d593-4305-a225-45399a9c361e","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":39,"box":{"x":550,"y":397,"width":413,"height":11}},{"id":"dca7bcc2-e0b7-4380-8576-ae7d65be1a75","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":39,"box":{"x":550,"y":411,"width":409,"height":11}},{"id":"9d5751e5-9a07-4d5c-8c40-c4dcb43c98a5","block_type":"box","text":"common stocks of companies held by the Underlying Fund that","page_number":39,"box":{"x":549,"y":425,"width":404,"height":11}},{"id":"6480595f-1747-4732-816f-f6f1da915062","block_type":"box","text":"BFA believes will provide a risk/return profile similar to that of the","page_number":39,"box":{"x":550,"y":440,"width":421,"height":10}},{"id":"fee29386-9908-42c4-a1c7-4cb1af900158","block_type":"box","text":"Underlying Fund.","page_number":39,"box":{"x":550,"y":454,"width":106,"height":11}},{"id":"ddb723c4-7fd1-4360-896a-682a4016ba55","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":39,"box":{"x":550,"y":477,"width":417,"height":10}},{"id":"07990545-b52d-444e-abd1-ec55e5233027","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":39,"box":{"x":549,"y":491,"width":401,"height":11}},{"id":"7451fab5-c2d6-413b-85fd-91fad0657415","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":39,"box":{"x":549,"y":505,"width":424,"height":11}},{"id":"2a32ba27-c385-4c9e-8833-25390cdf3dfc","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":39,"box":{"x":549,"y":519,"width":356,"height":11}},{"id":"d08fbb26-4b91-4b56-ac06-aa53fab6d1f3","block_type":"box","text":"Approximate Cap or the Approximate Buffer with respect to","page_number":39,"box":{"x":549,"y":534,"width":380,"height":10}},{"id":"5ada5542-09ac-472e-9915-e253f0c9985e","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":39,"box":{"x":549,"y":548,"width":410,"height":11}},{"id":"037cc859-beab-48b0-a084-085337472d26","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":39,"box":{"x":550,"y":562,"width":392,"height":11}},{"id":"a07601a6-1559-484d-b8c7-d721b9804945","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":39,"box":{"x":549,"y":576,"width":410,"height":11}},{"id":"b1778c58-2b03-43b0-ab2d-26ebe16eb9d9","block_type":"box","text":"The Fund is classified as non-diversified under the Investment","page_number":39,"box":{"x":549,"y":599,"width":395,"height":9}},{"id":"d3f58503-43b0-4cf3-97b5-92d8954a5dde","block_type":"box","text":"Company Act of 1940, as amended (the “1940 Act”).","page_number":39,"box":{"x":549,"y":614,"width":334,"height":10}},{"id":"9a659d6d-6e64-4a01-afb1-5fe27e91f5e9","block_type":"box","text":"Summary of Principal Risks","page_number":39,"box":{"x":549,"y":643,"width":235,"height":13}},{"id":"79dba82d-fbad-4105-a2a9-779113d6c444","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":39,"box":{"x":549,"y":668,"width":388,"height":11}},{"id":"bd00d261-5cb0-403d-9727-b94f1179bb80","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":39,"box":{"x":549,"y":682,"width":422,"height":11}},{"id":"d24fa738-6037-44a0-b983-e649bab155a8","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":39,"box":{"x":549,"y":696,"width":399,"height":11}},{"id":"6df2037c-dd16-4b08-a6e2-9f28bfb0f8d9","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":39,"box":{"x":550,"y":710,"width":370,"height":11}},{"id":"7c4918d8-d414-4215-aab8-8d7c3c7bd09d","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":39,"box":{"x":549,"y":724,"width":399,"height":11}},{"id":"c29d6153-25a4-4f06-9065-45dd2e27d89c","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":39,"box":{"x":549,"y":739,"width":359,"height":10}},{"id":"5191e839-27d2-47b7-ac2e-cda80fda14ff","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":39,"box":{"x":549,"y":753,"width":414,"height":11}},{"id":"cbdeeb4f-a4b0-4673-974b-45f5654263c7","block_type":"box","text":"affect the Fund’s NAV , trading price, yield, total return and ability","page_number":39,"box":{"x":549,"y":767,"width":418,"height":11}},{"id":"1993c178-ebf5-47ef-8fc2-cfc69e3b37e0","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":39,"box":{"x":549,"y":781,"width":413,"height":11}},{"id":"9675c688-883f-4156-a0e3-575d90560621","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":39,"box":{"x":549,"y":795,"width":424,"height":11}},{"id":"adffaf13-468c-4cd7-ad31-f06548f430e2","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":39,"box":{"x":549,"y":809,"width":419,"height":11}},{"id":"f43574d1-a464-4770-ad7c-c7b82292af5f","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":39,"box":{"x":549,"y":824,"width":316,"height":11}},{"id":"676eb78d-7818-47cf-a5d5-e2c18b1c6db0","block_type":"box","text":"Approximate Buffer Risk.","page_number":39,"box":{"x":548,"y":847,"width":170,"height":11}},{"id":"8e7088cd-343d-4ee4-adec-7f64475035b4","block_type":"box","text":"There can be no guarantee that the","page_number":39,"box":{"x":723,"y":847,"width":225,"height":11}},{"id":"1ce49c0f-0730-4907-8e0b-9c5527588c60","block_type":"box","text":"Fund will be successful in its strategy to provide downside","page_number":39,"box":{"x":550,"y":861,"width":370,"height":11}},{"id":"e7d694a8-c763-4c91-a773-2a5ba7eef063","block_type":"box","text":"protection against Underlying Fund losses. The Fund does not","page_number":39,"box":{"x":549,"y":875,"width":395,"height":11}},{"id":"777857cf-82ab-44f6-903a-70a3150e904d","block_type":"box","text":"S-28","page_number":39,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8b07569d-6e39-4cf9-aaa3-b82eb1ac1688","block_type":"box","text":"provide principal protection or non-principal protection, and,","page_number":40,"box":{"x":83,"y":23,"width":386,"height":11}},{"id":"0bf286f3-d8af-46d3-8d8a-04ea41276e5b","block_type":"box","text":"despite the Approximate Buffer, an investor may experience","page_number":40,"box":{"x":83,"y":37,"width":383,"height":11}},{"id":"7a70f2ba-1d87-446c-8910-c86cc2071e71","block_type":"box","text":"significant losses on their investment, including the loss of their","page_number":40,"box":{"x":83,"y":51,"width":408,"height":11}},{"id":"e7279733-762f-4be9-abf9-7f34ef672a7f","block_type":"box","text":"entire investment. If an investor purchases Fund shares after an","page_number":40,"box":{"x":83,"y":66,"width":408,"height":10}},{"id":"e218d117-0bae-4ce9-843a-d897e99a462a","block_type":"box","text":"Outcome Period begins or sells Fund shares prior to the end of an","page_number":40,"box":{"x":83,"y":80,"width":419,"height":11}},{"id":"2bd98391-22fd-4281-8b9a-6ef12743b652","block_type":"box","text":"Outcome Period, the Approximate Buffer that the Fund seeks to","page_number":40,"box":{"x":83,"y":94,"width":407,"height":11}},{"id":"f191a43d-1b42-44b9-a560-6f0b58cb344f","block_type":"box","text":"provide may not be available. In periods of extreme market","page_number":40,"box":{"x":83,"y":108,"width":376,"height":11}},{"id":"2d68ec18-2acc-4e7c-a945-a4b12c585ae0","block_type":"box","text":"volatility, the Fund’s return may be subject to significantly less","page_number":40,"box":{"x":82,"y":122,"width":399,"height":11}},{"id":"c83aeb08-9692-4242-954d-80aa926d24e3","block_type":"box","text":"downside protection than the Approximate Buffer.","page_number":40,"box":{"x":83,"y":137,"width":319,"height":10}},{"id":"c0dd5d04-9e25-4f72-b995-203a46e98b68","block_type":"box","text":"Approximate Cap Risk.","page_number":40,"box":{"x":81,"y":160,"width":154,"height":10}},{"id":"fe7b21de-ca23-4173-96d5-000d8f16e716","block_type":"box","text":"The Fund’s strategy seeks to provide","page_number":40,"box":{"x":241,"y":160,"width":234,"height":11}},{"id":"d74af393-4fe5-4a95-87e7-570923e19c30","block_type":"box","text":"returns that are subject to an Approximate Cap, whose level","page_number":40,"box":{"x":83,"y":174,"width":383,"height":11}},{"id":"e8b5390d-a9f7-421a-a012-e3ee77352076","block_type":"box","text":"depends on prevailing market conditions (","page_number":40,"box":{"x":83,"y":188,"width":268,"height":11}},{"id":"1b186a67-159c-45ff-bd68-e9299e1cecc4","block_type":"box","text":"e.g","page_number":40,"box":{"x":352,"y":191,"width":19,"height":8}},{"id":"3152b649-5ad2-48bd-b6ca-dbde8a2b6a55","block_type":"box","text":"., volatility, interest","page_number":40,"box":{"x":371,"y":188,"width":122,"height":11}},{"id":"25a6bec8-54d2-4be4-b62d-cb49522549e6","block_type":"box","text":"rates, dividends, and other factors) at the time that the","page_number":40,"box":{"x":83,"y":202,"width":351,"height":11}},{"id":"17c4a63b-2a6d-4da3-aaac-7842a4b6b9ee","block_type":"box","text":"Approximate Cap is set. The Approximate Cap may rise or fall","page_number":40,"box":{"x":82,"y":216,"width":392,"height":11}},{"id":"f39b7ddd-795d-4c18-91b2-49992a983b79","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":40,"box":{"x":82,"y":231,"width":415,"height":11}},{"id":"0302f792-a7dd-4cb7-88d5-33c92854f2b8","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":40,"box":{"x":83,"y":245,"width":369,"height":11}},{"id":"cf5e1f15-e5ed-44ec-8f8f-5895d1d7683f","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":40,"box":{"x":83,"y":259,"width":393,"height":11}},{"id":"53379ca2-78c3-4fe4-85fe-836c98547eab","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":40,"box":{"x":83,"y":273,"width":411,"height":11}},{"id":"f93c596e-0317-4b2e-baf2-f121bb0829f3","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":40,"box":{"x":82,"y":287,"width":416,"height":11}},{"id":"e78b5df6-c882-4e9c-b4b8-aefe66909331","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":40,"box":{"x":82,"y":302,"width":391,"height":10}},{"id":"f32cca4f-be6e-4a7b-954b-2b94284b0f45","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":40,"box":{"x":83,"y":316,"width":417,"height":11}},{"id":"3aaad442-f7e2-4571-bf6d-7eccd9e61f75","block_type":"box","text":"Approximate Cap.","page_number":40,"box":{"x":82,"y":330,"width":114,"height":11}},{"id":"515248f3-09bc-49c3-9d50-1c7e4afb17ff","block_type":"box","text":"Options Risk.","page_number":40,"box":{"x":83,"y":353,"width":88,"height":11}},{"id":"83e72e9e-4c41-4cf5-b4c2-86833c40769b","block_type":"box","text":"Investments in options are considered speculative.","page_number":40,"box":{"x":177,"y":353,"width":324,"height":11}},{"id":"8b18bf44-ecec-41ba-bd3b-89ab56bcee76","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":40,"box":{"x":82,"y":367,"width":364,"height":11}},{"id":"a3ee8a66-28d7-4cd5-bf3d-e0de42d7e0a6","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":40,"box":{"x":83,"y":382,"width":416,"height":10}},{"id":"6ecdedd5-f664-42d1-b52c-aeead1aa4ab7","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":40,"box":{"x":83,"y":396,"width":397,"height":10}},{"id":"7fa2ccae-422a-41fa-af62-a587c20b7aca","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":40,"box":{"x":83,"y":410,"width":393,"height":11}},{"id":"6ca42abe-55a4-4cf9-b8ae-923ff215c570","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":40,"box":{"x":83,"y":424,"width":389,"height":11}},{"id":"33c3a345-145a-4a6a-a496-4968d68bf6f8","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":40,"box":{"x":83,"y":438,"width":424,"height":11}},{"id":"d0a7f0fe-ff16-43cd-96d5-fb474f22cd7d","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":40,"box":{"x":83,"y":452,"width":424,"height":11}},{"id":"cb5055e3-b526-45ef-9625-30849ea5562e","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":40,"box":{"x":83,"y":467,"width":424,"height":10}},{"id":"2b81da6b-e9b7-49e2-8578-c400d0ae09b5","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":40,"box":{"x":83,"y":481,"width":405,"height":11}},{"id":"cba2715c-0a80-4ad4-9cd6-aeed84c5e684","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":40,"box":{"x":83,"y":495,"width":411,"height":11}},{"id":"0d18ab10-cef2-44b6-a96f-839c14b8c789","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":40,"box":{"x":83,"y":509,"width":400,"height":11}},{"id":"95f1185c-06f0-4cc5-ad1f-76ae4687b00b","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":40,"box":{"x":83,"y":523,"width":370,"height":11}},{"id":"a17bd675-a533-4be6-ab53-fdd5881dea64","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":40,"box":{"x":83,"y":538,"width":410,"height":10}},{"id":"ce6fbef0-f18c-44c7-8cb5-31b721c5758f","block_type":"box","text":"would represent a loss to the Fund.","page_number":40,"box":{"x":82,"y":552,"width":225,"height":10}},{"id":"56828ae1-d69d-438b-ac7a-2421549a6c88","block_type":"box","text":"FLEX Options Risk.","page_number":40,"box":{"x":83,"y":575,"width":116,"height":11}},{"id":"e1742cd3-5c71-423f-9519-260d8872ba52","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":40,"box":{"x":206,"y":575,"width":291,"height":11}},{"id":"b53f98b1-6c5e-48c1-9f7b-40d0a6cc7bbd","block_type":"box","text":"may be less liquid than certain other instruments, such as","page_number":40,"box":{"x":83,"y":589,"width":369,"height":11}},{"id":"1507cfa8-8e9b-40b7-82d7-b31dc618ebd0","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":40,"box":{"x":83,"y":603,"width":417,"height":11}},{"id":"0a0dc7ee-30e9-493d-8726-b81608341a03","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":40,"box":{"x":83,"y":617,"width":416,"height":11}},{"id":"5e23e2f4-f06a-4c57-976b-9dae738674a1","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":40,"box":{"x":83,"y":632,"width":380,"height":10}},{"id":"efdfbfa4-22ab-42d4-9149-54f2b8ff7975","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":40,"box":{"x":83,"y":646,"width":418,"height":11}},{"id":"8a44ec51-8999-4003-a965-3e952346287c","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":40,"box":{"x":83,"y":660,"width":416,"height":11}},{"id":"25837518-30a9-4125-9493-c0a8e728b938","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":40,"box":{"x":83,"y":674,"width":416,"height":11}},{"id":"a493ad45-e4b2-4dc2-a7ec-1e74274ba77f","block_type":"box","text":"in the Fund. There is also a risk that the Fund will be unable to","page_number":40,"box":{"x":83,"y":688,"width":395,"height":9}},{"id":"a8d57a47-7bad-4a9a-a28e-ef84126afd40","block_type":"box","text":"maintain the proportional relationship based on the number of","page_number":40,"box":{"x":83,"y":702,"width":398,"height":11}},{"id":"e8a5fd48-149c-4b1b-9d78-7907432d5369","block_type":"box","text":"exchange-traded options in the Fund’s portfolio or that adverse","page_number":40,"box":{"x":83,"y":717,"width":404,"height":11}},{"id":"b046c78a-03f9-461b-8c1e-d58f427b0074","block_type":"box","text":"tax law changes will negatively impact the treatment of FLEX","page_number":40,"box":{"x":83,"y":731,"width":388,"height":11}},{"id":"cd6512ab-0ec4-4585-99ab-18a5bf317a20","block_type":"box","text":"Options. 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Large-capitalization companies may be","page_number":40,"box":{"x":549,"y":103,"width":405,"height":11}},{"id":"7a59a99b-be8b-4782-946a-a6862caa09c5","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":40,"box":{"x":549,"y":117,"width":371,"height":11}},{"id":"e062c93b-6c93-4ac1-a22e-4143463a7b01","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":40,"box":{"x":549,"y":131,"width":340,"height":11}},{"id":"91206903-bd35-42c6-9639-820fb5b51651","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":40,"box":{"x":549,"y":146,"width":390,"height":10}},{"id":"1970e894-0783-4d25-89ee-1f088d7eda4e","block_type":"box","text":"overall performance of the broader securities markets.","page_number":40,"box":{"x":549,"y":160,"width":349,"height":11}},{"id":"3ed56792-dfd9-4d9f-9a22-c8c5232c6d60","block_type":"box","text":"Market Risk","page_number":40,"box":{"x":549,"y":183,"width":82,"height":8}},{"id":"68517604-8ba8-421e-af56-76c79922cb03","block_type":"box","text":".","page_number":40,"box":{"x":631,"y":190,"width":3,"height":1}},{"id":"06dca90d-58d7-45d4-b1de-4513c8a8f779","block_type":"box","text":"The Fund could lose money over short periods due","page_number":40,"box":{"x":639,"y":183,"width":322,"height":11}},{"id":"5f97d912-cd18-4855-af81-6e3dc0ed5b50","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":40,"box":{"x":549,"y":197,"width":413,"height":11}},{"id":"00b66077-8f54-49b2-a7b3-288f127d5170","block_type":"box","text":"more prolonged market downturns. 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There can be no assurance that","page_number":40,"box":{"x":549,"y":456,"width":418,"height":9}},{"id":"a810b5bb-325c-401f-9f1b-1749aa333161","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":40,"box":{"x":549,"y":470,"width":410,"height":11}},{"id":"cec989bc-47c3-4101-9d3c-a510744ed769","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":40,"box":{"x":549,"y":485,"width":383,"height":10}},{"id":"2d55ad63-1c87-4dc1-bb9c-b5c31164cdb1","block_type":"box","text":"negatively impact the Fund.","page_number":40,"box":{"x":549,"y":499,"width":175,"height":11}},{"id":"812aeee6-7658-4e0d-b49a-1bb064e2e7ac","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":40,"box":{"x":548,"y":522,"width":290,"height":11}},{"id":"733eef2a-c178-438a-9949-040507f71ce4","block_type":"box","text":"An “Authorized","page_number":40,"box":{"x":847,"y":522,"width":93,"height":8}},{"id":"576fb638-2b71-4947-9e28-47451767cb84","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":40,"box":{"x":550,"y":536,"width":379,"height":11}},{"id":"e4112dd5-097d-4af0-87ee-adccf73705ce","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":40,"box":{"x":549,"y":550,"width":411,"height":11}},{"id":"ea014c27-aad1-4477-93f0-4f31f98b32a2","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":40,"box":{"x":550,"y":565,"width":395,"height":10}},{"id":"25d92c3c-047c-42d4-ab14-d6edc9884476","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":40,"box":{"x":550,"y":579,"width":399,"height":10}},{"id":"478197b2-c65d-4487-b50c-a94fc00a22a2","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":40,"box":{"x":549,"y":593,"width":407,"height":11}},{"id":"41d3a5ad-6505-43d6-88d6-346564ba6abe","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":40,"box":{"x":549,"y":607,"width":409,"height":11}},{"id":"80352e9f-7196-40fa-b5b5-26d86fa08234","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":40,"box":{"x":549,"y":621,"width":412,"height":11}},{"id":"e9cab03a-d5d5-4b6f-a3e1-ea649239dd6c","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":40,"box":{"x":549,"y":635,"width":403,"height":11}},{"id":"70626c05-71a0-4d64-877c-66c16b9dec6c","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":40,"box":{"x":549,"y":650,"width":378,"height":10}},{"id":"fb535aa2-666d-45d1-9fb5-da8869056f94","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":40,"box":{"x":550,"y":664,"width":379,"height":11}},{"id":"233a049b-132a-416e-82bf-d9eaab18245b","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":40,"box":{"x":549,"y":678,"width":404,"height":11}},{"id":"7e3d3e2b-05ee-4efa-a6f5-bcaffc8700d6","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":40,"box":{"x":549,"y":692,"width":399,"height":11}},{"id":"28d30dcd-fd1e-49f3-bce8-8df0bf397d95","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":40,"box":{"x":550,"y":706,"width":391,"height":11}},{"id":"1269c3e8-e8b7-4259-bbdb-f6d8d4d28ecd","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":40,"box":{"x":549,"y":721,"width":408,"height":10}},{"id":"17294fdf-bd23-4044-bb9b-711c856584f8","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":40,"box":{"x":549,"y":735,"width":273,"height":11}},{"id":"5b258529-f135-4e6a-8c82-61a0b0ee404e","block_type":"box","text":"Clearing Member Default Risk.","page_number":40,"box":{"x":549,"y":758,"width":207,"height":11}},{"id":"89f983df-3778-44ab-bcc1-0d8b1702701b","block_type":"box","text":"Transactions in some types of","page_number":40,"box":{"x":762,"y":758,"width":190,"height":11}},{"id":"72b66547-05a6-41fb-bf6c-06fe2228b315","block_type":"box","text":"derivatives, including FLEX Options and futures, are required to be","page_number":40,"box":{"x":549,"y":772,"width":423,"height":11}},{"id":"81f32e6a-6399-44b7-9553-8e8a58f2be04","block_type":"box","text":"centrally cleared (“cleared derivatives”). In a transaction involving","page_number":40,"box":{"x":549,"y":786,"width":419,"height":11}},{"id":"953de39c-21ac-494b-bd4d-fbcacd436fcc","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":40,"box":{"x":549,"y":800,"width":408,"height":11}},{"id":"864ee098-1be7-4997-b180-b17b48b939ae","block_type":"box","text":"such as the OCC, rather than a bank or broker. Since the Fund is","page_number":40,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"6e17d5ce-9b6d-4d87-a7b3-e309faf39695","block_type":"box","text":"not a member of clearing houses and only members of a clearing","page_number":40,"box":{"x":549,"y":829,"width":415,"height":11}},{"id":"a523b9fa-d798-4907-a703-75a204c116f4","block_type":"box","text":"house (“clearing members”) can participate directly in the clearing","page_number":40,"box":{"x":549,"y":843,"width":424,"height":11}},{"id":"cf87dffb-e8a9-4302-ab16-b606fc9ba5f2","block_type":"box","text":"house, the Fund will hold cleared derivatives through accounts at","page_number":40,"box":{"x":549,"y":857,"width":416,"height":11}},{"id":"4df14da4-c7c3-415b-b350-a83e71c53f3a","block_type":"box","text":"clearing members. In cleared derivatives positions, the Fund will","page_number":40,"box":{"x":549,"y":871,"width":409,"height":11}},{"id":"8895084e-3f6f-4fe2-adf9-598e07cd1f23","block_type":"box","text":"S-29","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"59780f15-1ec3-4783-b249-ba44a9faea99","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":41,"box":{"x":83,"y":23,"width":381,"height":11}},{"id":"077ea49c-e92b-4e59-b9d5-08d89ed759f7","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":41,"box":{"x":83,"y":37,"width":371,"height":11}},{"id":"76f57bd4-c81c-4183-b819-99e0e20cb967","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":41,"box":{"x":83,"y":51,"width":420,"height":11}},{"id":"79a72a29-2a57-4744-8951-16830a3f2e5e","block_type":"box","text":"in connection with any options contracts are held in a","page_number":41,"box":{"x":83,"y":66,"width":342,"height":10}},{"id":"b8711052-7878-435d-bd4a-f0ed58bddae6","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":41,"box":{"x":83,"y":80,"width":413,"height":11}},{"id":"21f0e63c-4e4f-4fae-86e1-21a146d934a6","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":41,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"76567830-3a55-4418-aa27-516550686319","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":41,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"22760b52-134a-42c3-8f86-e14eee452857","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":41,"box":{"x":84,"y":122,"width":422,"height":11}},{"id":"b804f29a-37d8-414e-b1eb-232b4751dc22","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":41,"box":{"x":83,"y":137,"width":403,"height":10}},{"id":"fac0805b-ec06-4cff-bffe-1fd886d6b8bb","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":41,"box":{"x":83,"y":151,"width":406,"height":11}},{"id":"a9747b02-85b8-4bc8-9089-6f54b29e3df7","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":41,"box":{"x":83,"y":165,"width":418,"height":11}},{"id":"014f49ee-7497-4b8a-b7a0-16966011f501","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":41,"box":{"x":83,"y":179,"width":422,"height":11}},{"id":"d8dec13e-0c4a-428a-b80f-faecec475399","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":41,"box":{"x":83,"y":193,"width":412,"height":11}},{"id":"73b3cf40-52e5-460e-b5e8-b3fcfe31a8ca","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":41,"box":{"x":83,"y":207,"width":420,"height":11}},{"id":"7110419f-8cdf-47d5-8fca-080028602c0e","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":41,"box":{"x":83,"y":222,"width":421,"height":10}},{"id":"c5726c51-6bb1-4d4b-a52c-495adb4464a6","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":41,"box":{"x":83,"y":236,"width":411,"height":11}},{"id":"3868a208-08c5-4cb3-a0a4-bd12c8fde570","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":41,"box":{"x":82,"y":250,"width":381,"height":11}},{"id":"429fee53-dbab-4a90-b5c9-52e3159bc9ba","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":41,"box":{"x":83,"y":264,"width":394,"height":11}},{"id":"0643b97c-9607-48bd-957b-ec55ba2c77e0","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":41,"box":{"x":82,"y":278,"width":401,"height":11}},{"id":"516d42fd-3afd-44b4-8744-c0d51d22803f","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":41,"box":{"x":83,"y":293,"width":411,"height":10}},{"id":"90bdae9f-39f6-467e-9bdf-fc61046610c1","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":41,"box":{"x":83,"y":307,"width":423,"height":11}},{"id":"f66cf428-3b74-4d69-8652-c2fddf192449","block_type":"box","text":"the clearing member. If the Fund cannot find a clearing member to","page_number":41,"box":{"x":83,"y":321,"width":424,"height":11}},{"id":"978603e8-7993-47cd-9f8f-88393b2670a3","block_type":"box","text":"transact with on the Fund’s behalf, the Fund may be unable to","page_number":41,"box":{"x":83,"y":335,"width":395,"height":11}},{"id":"4c6edf30-f7cc-4c64-9009-80dd91455f26","block_type":"box","text":"effectively implement its investment strategy.","page_number":41,"box":{"x":83,"y":349,"width":291,"height":11}},{"id":"eccda916-46fb-445e-877c-b694df91eaf7","block_type":"box","text":"Concentration Risk.","page_number":41,"box":{"x":83,"y":372,"width":132,"height":9}},{"id":"a8418469-36dd-4e26-a470-192ec556003d","block_type":"box","text":"The Fund may be susceptible to an","page_number":41,"box":{"x":220,"y":373,"width":222,"height":10}},{"id":"3638f4d0-f2c7-4cff-9444-aada95ee24c3","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":41,"box":{"x":83,"y":387,"width":419,"height":11}},{"id":"fdfba72b-e4e4-498d-83e0-bccac16dbfeb","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":41,"box":{"x":83,"y":401,"width":407,"height":10}},{"id":"4e8e1f4a-529b-4e8f-b6b3-f0cc80807015","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":41,"box":{"x":83,"y":415,"width":417,"height":9}},{"id":"2213b504-ddaf-4412-b186-ac319a9a992b","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":41,"box":{"x":83,"y":429,"width":395,"height":10}},{"id":"9e036db2-a817-430a-b6e3-47c3f70bcbdb","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":41,"box":{"x":83,"y":443,"width":388,"height":11}},{"id":"7757409c-983b-4b74-a2dc-9bd008a29caf","block_type":"box","text":"asset classes.","page_number":41,"box":{"x":83,"y":458,"width":88,"height":8}},{"id":"c6f2a116-0818-4665-a4cd-b19bbe28dad8","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":41,"box":{"x":83,"y":481,"width":325,"height":10}},{"id":"72bac4b5-de1c-4a07-a9ad-a20dc72fe3fd","block_type":"box","text":"Consumer","page_number":41,"box":{"x":414,"y":481,"width":65,"height":8}},{"id":"534e8f65-a48f-46f4-9e8f-e8467be8a3ad","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":41,"box":{"x":83,"y":495,"width":399,"height":11}},{"id":"94e89b43-6e59-41ec-afdd-ce0c92d74707","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":41,"box":{"x":83,"y":509,"width":420,"height":11}},{"id":"95c1cc6c-9261-4605-8c9f-e751e75f808e","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":41,"box":{"x":83,"y":523,"width":423,"height":11}},{"id":"2508cd38-08c2-45b7-ae45-2984cc714647","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":41,"box":{"x":83,"y":538,"width":403,"height":10}},{"id":"0d701d9e-be9e-4265-81fb-105cfd82fee6","block_type":"box","text":"other things.","page_number":41,"box":{"x":83,"y":552,"width":79,"height":11}},{"id":"eee12b5b-2cd2-4aa2-836d-f4a55399946e","block_type":"box","text":"Counterparty Risk.","page_number":41,"box":{"x":83,"y":575,"width":125,"height":11}},{"id":"16372f1f-a647-40ab-b12c-9632e63436b8","block_type":"box","text":"Derivatives are subject to counterparty risk,","page_number":41,"box":{"x":215,"y":575,"width":280,"height":11}},{"id":"fcc142f2-75f2-46ab-84ae-4b90e01c21af","block_type":"box","text":"which is the risk that the other party in the transaction will be","page_number":41,"box":{"x":82,"y":589,"width":393,"height":11}},{"id":"fa7e01b9-518f-484b-9a99-4dd9fc73674b","block_type":"box","text":"unable or unwilling to fulfill its contractual obligation, and the","page_number":41,"box":{"x":83,"y":603,"width":390,"height":11}},{"id":"c7b404ee-3b19-4f5c-a0cb-a727e9d3c9b5","block_type":"box","text":"related risks of having concentrated exposure to such a","page_number":41,"box":{"x":83,"y":617,"width":354,"height":11}},{"id":"eccab8d6-d3a0-4d24-880c-f1e352efa3b5","block_type":"box","text":"counterparty. The OCC acts as guarantor and central counterparty","page_number":41,"box":{"x":83,"y":632,"width":424,"height":10}},{"id":"dadf224f-08a3-4c53-a1f5-9f95c21593ec","block_type":"box","text":"with respect to the FLEX Options. As a result, the ability of the","page_number":41,"box":{"x":82,"y":646,"width":398,"height":11}},{"id":"7e8a8cd3-db17-49b7-a2d9-601a66b779d3","block_type":"box","text":"Fund to meet its objective depends on the OCC being able to","page_number":41,"box":{"x":84,"y":660,"width":388,"height":11}},{"id":"a14b3c70-03ec-47c5-b5b5-e636f93693d2","block_type":"box","text":"meet its obligations. In the unlikely event that the OCC becomes","page_number":41,"box":{"x":83,"y":674,"width":411,"height":11}},{"id":"65e6f20e-8129-499c-9673-48e8dc83ded9","block_type":"box","text":"insolvent or is otherwise unable to meet its settlement","page_number":41,"box":{"x":83,"y":688,"width":348,"height":9}},{"id":"0e4b5913-357b-4f20-aeba-0744001f3edd","block_type":"box","text":"obligations, the Fund could suffer significant losses.","page_number":41,"box":{"x":83,"y":702,"width":331,"height":11}},{"id":"1f408cb0-730d-4d26-8d0c-c90f56b68838","block_type":"box","text":"Derivatives Risk.","page_number":41,"box":{"x":83,"y":726,"width":111,"height":8}},{"id":"6c1761e0-cc2b-4c12-bf30-5ff9f692252d","block_type":"box","text":"The Fund’s use of derivatives (","page_number":41,"box":{"x":200,"y":726,"width":193,"height":11}},{"id":"a3d79f6c-bc3e-449b-a3df-92bcd0cbd73f","block_type":"box","text":"e.g","page_number":41,"box":{"x":394,"y":728,"width":19,"height":9}},{"id":"a863d4a0-dd22-4ab2-8db7-287f9a9940c7","block_type":"box","text":"., futures,","page_number":41,"box":{"x":414,"y":726,"width":59,"height":10}},{"id":"d0473412-fef3-4a1c-997b-b5e3c4c201f3","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":41,"box":{"x":82,"y":740,"width":385,"height":11}},{"id":"416a042c-097a-434f-b519-97341e1e3f5c","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":41,"box":{"x":83,"y":754,"width":411,"height":11}},{"id":"6d80879e-6a08-4fb9-b8ee-f5986e02759b","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":41,"box":{"x":83,"y":768,"width":424,"height":11}},{"id":"57dcfd02-e31b-4b5b-9790-5af9c5efc26f","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":41,"box":{"x":83,"y":782,"width":365,"height":11}},{"id":"b54e0fcf-c869-4775-b3a3-ea74759a4784","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":41,"box":{"x":82,"y":797,"width":390,"height":10}},{"id":"799bdc18-3984-40be-981f-0f4e1d055b34","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":41,"box":{"x":83,"y":811,"width":398,"height":11}},{"id":"271547a2-26b4-4ea6-a64e-99ad33639bdb","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":41,"box":{"x":82,"y":825,"width":407,"height":11}},{"id":"5346c22e-d97b-4b21-a1d9-2f39ccd6dcda","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":41,"box":{"x":83,"y":839,"width":363,"height":11}},{"id":"0d6926ac-49d2-4159-b7bd-dc9271d5596e","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":41,"box":{"x":83,"y":853,"width":418,"height":11}},{"id":"dfc4f505-8ba8-4b2e-b8d5-0eecfe0ba379","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":41,"box":{"x":83,"y":868,"width":400,"height":10}},{"id":"43043602-3000-47da-872b-65aa063ce72a","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":41,"box":{"x":550,"y":23,"width":380,"height":11}},{"id":"5bd54482-4191-45d3-b760-923067f2bb2b","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":41,"box":{"x":548,"y":37,"width":419,"height":11}},{"id":"bc937205-1aae-4c78-8a86-141b02742701","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":41,"box":{"x":549,"y":51,"width":401,"height":11}},{"id":"597f47cc-76f8-4684-a57a-8724daf4c948","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":41,"box":{"x":549,"y":66,"width":404,"height":10}},{"id":"b58c700a-f8d5-4b09-b752-a97a80177a3d","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":41,"box":{"x":549,"y":80,"width":402,"height":11}},{"id":"681f2581-4c8c-429b-a68f-0c1693457a3e","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":41,"box":{"x":549,"y":94,"width":372,"height":11}},{"id":"8b5fbd21-95e2-4c3e-bf8d-ff1a07a1a447","block_type":"box","text":"Equity Securities Risk","page_number":41,"box":{"x":549,"y":117,"width":148,"height":11}},{"id":"b2d52eed-4418-428d-ba8d-7969b6a6139b","block_type":"box","text":".","page_number":41,"box":{"x":697,"y":124,"width":2,"height":2}},{"id":"06db4f12-bb2c-4044-aabc-75972606517e","block_type":"box","text":"Equity securities are subject to changes","page_number":41,"box":{"x":705,"y":117,"width":254,"height":11}},{"id":"583a9078-2ddb-4ea1-867c-8b5fe45850a6","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":41,"box":{"x":549,"y":131,"width":422,"height":11}},{"id":"e45323fa-139f-4f35-8ddf-0b501aaff565","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":41,"box":{"x":549,"y":146,"width":420,"height":10}},{"id":"256383c8-92d7-4b2b-8502-e1a3dfc2d8d6","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":41,"box":{"x":549,"y":160,"width":397,"height":11}},{"id":"2c078a85-c599-44f4-8651-414dd877629b","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":41,"box":{"x":549,"y":174,"width":359,"height":11}},{"id":"e1ad5051-3a9c-4522-bfa3-c6cd21898ee3","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":41,"box":{"x":549,"y":188,"width":390,"height":11}},{"id":"df13dce4-0ce4-4f2c-aeee-61e67a0d1717","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":41,"box":{"x":549,"y":202,"width":412,"height":11}},{"id":"faec7bd2-2fb2-43a8-ae30-edf5256c5fa3","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":41,"box":{"x":549,"y":217,"width":373,"height":10}},{"id":"620706b9-b1cd-4bbe-88c8-e7824007cb2f","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":41,"box":{"x":549,"y":231,"width":309,"height":10}},{"id":"a0599719-7924-49b7-a53d-818b03c43ad1","block_type":"box","text":"Futures Contract Risk.","page_number":41,"box":{"x":549,"y":254,"width":150,"height":8}},{"id":"6050451b-89cb-4156-bff1-05683ad5d715","block_type":"box","text":"Futures contracts may involve risks","page_number":41,"box":{"x":706,"y":254,"width":225,"height":11}},{"id":"471f1735-6714-456f-924f-3cffeb4047c2","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":41,"box":{"x":549,"y":268,"width":424,"height":11}},{"id":"8c3f7ff8-9eca-47a1-a5c7-71afac91c50d","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":41,"box":{"x":549,"y":282,"width":369,"height":11}},{"id":"4c328c4f-a732-4799-94a3-079481e1187f","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":41,"box":{"x":549,"y":296,"width":411,"height":11}},{"id":"07f5ee28-7460-4971-8094-8dd7f11fdda3","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":41,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"a1635511-131d-4af7-b268-b9d60839c2d9","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":41,"box":{"x":549,"y":325,"width":424,"height":11}},{"id":"6b867dc3-e8b1-4c26-a68a-743624626c0c","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":41,"box":{"x":549,"y":339,"width":418,"height":11}},{"id":"b9cf989c-a816-446d-b640-9c12a7db7bc2","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":41,"box":{"x":549,"y":353,"width":412,"height":11}},{"id":"ffbbd89f-4145-46dc-8c5a-65389bdb0cb7","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":41,"box":{"x":549,"y":367,"width":389,"height":11}},{"id":"c4ed45e5-b82d-4ffa-b0a9-7218136a53f1","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":41,"box":{"x":549,"y":382,"width":393,"height":10}},{"id":"a4401197-1718-460b-9d21-a011571c61eb","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":41,"box":{"x":549,"y":396,"width":411,"height":10}},{"id":"064ce667-c8c1-4d96-bf90-47f2850d29ef","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":41,"box":{"x":549,"y":410,"width":361,"height":11}},{"id":"f012bbd1-0f95-49ca-9113-4259536c4352","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":41,"box":{"x":549,"y":424,"width":404,"height":11}},{"id":"ee037947-ad60-43d9-90e0-18158d25b37c","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":41,"box":{"x":549,"y":438,"width":378,"height":11}},{"id":"ef2ed248-5479-4147-9c09-48d8be5b871a","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":41,"box":{"x":549,"y":452,"width":407,"height":11}},{"id":"a6cacb16-3e3c-43e0-aefd-8e34d94b310a","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":41,"box":{"x":549,"y":467,"width":423,"height":10}},{"id":"6dfca104-df18-4bf8-8b16-3a60c589dc37","block_type":"box","text":"commodity to the Fund.","page_number":41,"box":{"x":549,"y":481,"width":151,"height":11}},{"id":"457dd8bf-8989-49b0-bbdc-ad9900c4d3bf","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":41,"box":{"x":549,"y":504,"width":398,"height":11}},{"id":"a5cf7b4b-dc05-4357-9d7f-b898b3851313","block_type":"box","text":"(","page_number":41,"box":{"x":549,"y":518,"width":3,"height":11}},{"id":"ecf27b2f-d772-4c08-a45c-d78f7e485540","block_type":"box","text":"i.e","page_number":41,"box":{"x":553,"y":518,"width":14,"height":9}},{"id":"dedcb4c8-27d5-4266-931d-b24a6150197e","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":41,"box":{"x":569,"y":518,"width":356,"height":11}},{"id":"ab1ffba1-370a-4c18-a234-9fa7eb3bd3f1","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":41,"box":{"x":549,"y":532,"width":373,"height":11}},{"id":"aa984ce0-7158-4f16-a183-5613ff715073","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":41,"box":{"x":549,"y":546,"width":406,"height":11}},{"id":"c34025ee-9ce6-4bef-97e7-0e1f8a20fe76","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":41,"box":{"x":549,"y":561,"width":424,"height":10}},{"id":"cdec99ba-092f-4cba-8472-3fb64ea68649","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":41,"box":{"x":549,"y":575,"width":392,"height":11}},{"id":"3997eb1e-fac0-4097-bdd1-593418926cce","block_type":"box","text":"contract.","page_number":41,"box":{"x":549,"y":590,"width":56,"height":8}},{"id":"b1b280d8-84f7-4251-ad58-d336be5e7e8c","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":41,"box":{"x":549,"y":612,"width":244,"height":11}},{"id":"4c51be38-efc9-4c4f-801e-9b7e8c7ee8c1","block_type":"box","text":"The Fund invests in the","page_number":41,"box":{"x":799,"y":612,"width":147,"height":9}},{"id":"daffc01e-b211-4763-bd3b-77c1711be6c0","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":41,"box":{"x":550,"y":626,"width":419,"height":11}},{"id":"5103e9da-90c1-4f01-9bca-ef9337dd6014","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":41,"box":{"x":549,"y":641,"width":403,"height":10}},{"id":"b01d33d2-3aab-4f71-a08f-460ec44cfdc0","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":41,"box":{"x":549,"y":655,"width":381,"height":11}},{"id":"e68a11e2-64ee-4064-a567-7b45a8725fc2","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":41,"box":{"x":550,"y":669,"width":419,"height":11}},{"id":"72ca5ac2-cb0e-48d9-9114-e4a4b6c8d057","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":41,"box":{"x":549,"y":683,"width":419,"height":11}},{"id":"620d2617-0b77-4bb7-a246-cc2044fc5558","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":41,"box":{"x":550,"y":697,"width":407,"height":11}},{"id":"7d60d9d5-6f2a-4a76-a455-204b462fbf62","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":41,"box":{"x":549,"y":712,"width":418,"height":10}},{"id":"2bc17e46-aae4-48c3-9ee8-72c8cab73095","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":41,"box":{"x":549,"y":726,"width":417,"height":11}},{"id":"00d9e7c5-e1af-4544-af6f-b9b3b4e94a69","block_type":"box","text":"the Underlying Fund.","page_number":41,"box":{"x":549,"y":740,"width":132,"height":11}},{"id":"16442a25-5cfd-4dec-bca6-575da41f8569","block_type":"box","text":"Issuer Risk","page_number":41,"box":{"x":549,"y":763,"width":75,"height":9}},{"id":"54fd675d-e709-4eec-a00f-90b2eb8d1327","block_type":"box","text":".","page_number":41,"box":{"x":624,"y":770,"width":3,"height":2}},{"id":"be6f06ca-59a3-4b41-bc84-36e6c449406e","block_type":"box","text":"The performance of the Fund depends on the","page_number":41,"box":{"x":632,"y":763,"width":288,"height":11}},{"id":"d9fed380-e7a6-4ea3-ac07-19a86d489427","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":41,"box":{"x":549,"y":777,"width":412,"height":11}},{"id":"55272f0e-a918-44bf-a4d0-f23e82b4a4ee","block_type":"box","text":"Fund has exposure. 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Redemptions of","page_number":42,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"a8fecdb2-647b-49be-99b6-0c47fae4d967","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":42,"box":{"x":83,"y":108,"width":413,"height":11}},{"id":"999d511f-9485-48aa-8f10-95c532d3cd7d","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":42,"box":{"x":83,"y":122,"width":416,"height":11}},{"id":"9f53e01f-51ef-4780-bcce-b2aa40aec2e3","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":42,"box":{"x":83,"y":137,"width":411,"height":10}},{"id":"d48f7294-cb8c-4d97-bd64-1c621893b520","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":42,"box":{"x":83,"y":151,"width":414,"height":8}},{"id":"e48f2a42-ae9c-47e3-9e67-c5ddecb91393","block_type":"box","text":"than the Fund otherwise would have. 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The securities or other assets selected by BFA may result","page_number":42,"box":{"x":83,"y":373,"width":417,"height":10}},{"id":"e44fd02b-6fd8-4bba-a615-d6565288e591","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":42,"box":{"x":83,"y":387,"width":374,"height":8}},{"id":"da721ad3-7e03-4c36-9e54-f4867f87096f","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":42,"box":{"x":83,"y":401,"width":390,"height":11}},{"id":"631f276d-c527-4313-ad62-3e393df9c4cc","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":42,"box":{"x":83,"y":415,"width":392,"height":11}},{"id":"fc3363c2-e66d-4b54-83da-2b5601127d84","block_type":"box","text":"developments may affect the investment techniques available to","page_number":42,"box":{"x":83,"y":429,"width":412,"height":11}},{"id":"3af4063f-4791-4e5b-ae3a-91bb66c74327","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":42,"box":{"x":84,"y":443,"width":394,"height":11}},{"id":"6bfe356c-f645-4dd4-b3c3-25c5fcb4ff74","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":42,"box":{"x":83,"y":458,"width":410,"height":10}},{"id":"ac576ea6-c06a-4a96-b738-943d733c2723","block_type":"box","text":"Market Trading Risk","page_number":42,"box":{"x":83,"y":481,"width":136,"height":11}},{"id":"1d2ed596-b965-42b2-955c-1cfcede619a7","block_type":"box","text":".","page_number":42,"box":{"x":219,"y":487,"width":2,"height":2}},{"id":"4070f53a-588a-48db-bafb-f2089a57b2cc","block_type":"box","text":"The Fund faces numerous market trading","page_number":42,"box":{"x":226,"y":481,"width":263,"height":11}},{"id":"7deecc12-e4c1-4f5c-ab93-3dbc993146fd","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":42,"box":{"x":83,"y":495,"width":394,"height":11}},{"id":"dc4bcd72-e04e-493c-a9d3-14d94a445724","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":42,"box":{"x":83,"y":509,"width":401,"height":11}},{"id":"0c09ca40-c99d-4caf-bd8e-a1287b2830a4","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":42,"box":{"x":83,"y":523,"width":404,"height":11}},{"id":"1b590322-87fb-49ee-b481-3458756da017","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":42,"box":{"x":83,"y":537,"width":416,"height":11}},{"id":"8d747b32-044e-42c8-97eb-376615be08bd","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":42,"box":{"x":82,"y":552,"width":405,"height":11}},{"id":"a88c8abb-5d32-4a18-82bb-407efe996527","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":42,"box":{"x":83,"y":566,"width":411,"height":11}},{"id":"65b4b24e-1343-4dfa-9324-3251cbec8e28","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":42,"box":{"x":83,"y":580,"width":397,"height":11}},{"id":"e4e3a249-c00a-44a2-a5c9-8dbdfa2fa486","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":42,"box":{"x":83,"y":594,"width":419,"height":11}},{"id":"4a5c5b2e-23eb-4b23-95e7-5a124f242913","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":42,"box":{"x":83,"y":608,"width":412,"height":11}},{"id":"74d5394f-d0a6-4e69-bd63-cadde918c037","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":42,"box":{"x":83,"y":623,"width":397,"height":10}},{"id":"ff0cc310-1866-431d-b01c-faf3163562a0","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":42,"box":{"x":83,"y":637,"width":316,"height":11}},{"id":"7bb292fa-2483-40ad-b7d5-7241dfda6324","block_type":"box","text":"Non-Diversification Risk","page_number":42,"box":{"x":83,"y":660,"width":165,"height":8}},{"id":"eeb4985b-e20a-425b-a7b2-ea3d1f17094a","block_type":"box","text":".","page_number":42,"box":{"x":248,"y":667,"width":2,"height":1}},{"id":"9a79778e-bfc8-4103-ab7d-52b0d86dd87d","block_type":"box","text":"The Fund is classified as “non","page_number":42,"box":{"x":255,"y":660,"width":193,"height":8}},{"id":"de609ab2-dd1f-4c82-807d-fa97ad3f1575","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":42,"box":{"x":83,"y":674,"width":377,"height":11}},{"id":"77f50ec3-ddf7-418b-9b95-fa1edffe116a","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":42,"box":{"x":83,"y":688,"width":358,"height":11}},{"id":"3b3731bf-361f-449b-8a26-135b5ae106d7","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":42,"box":{"x":83,"y":702,"width":370,"height":11}},{"id":"093a57c9-80db-4ac2-8e97-8fe93c581c96","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":42,"box":{"x":83,"y":717,"width":422,"height":11}},{"id":"a42c6e03-3c6d-4426-adea-2a7a1960530a","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":42,"box":{"x":83,"y":731,"width":379,"height":11}},{"id":"3220647f-0114-4534-8328-0ff8ca5e17f3","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":42,"box":{"x":83,"y":745,"width":375,"height":11}},{"id":"0bf43ef9-033e-4a63-88df-4cad0ee76b14","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":42,"box":{"x":83,"y":759,"width":418,"height":11}},{"id":"4e9db2d0-188e-480f-a89c-8906d5b02bc0","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":42,"box":{"x":83,"y":773,"width":418,"height":11}},{"id":"05370c19-6e6d-49d2-ba55-35ec2ec608ba","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":42,"box":{"x":83,"y":788,"width":209,"height":10}},{"id":"8347c960-75f4-46be-8f08-e4c633b13b80","block_type":"box","text":"Operational and Technology Risks","page_number":42,"box":{"x":83,"y":811,"width":230,"height":11}},{"id":"bd4f2f31-c44b-4fed-b99f-09ca27978bab","block_type":"box","text":".","page_number":42,"box":{"x":314,"y":817,"width":2,"height":2}},{"id":"a70473b3-2735-4eb9-a350-13fcedc1fa5f","block_type":"box","text":"The Fund is directly and","page_number":42,"box":{"x":321,"y":811,"width":151,"height":11}},{"id":"9dee0491-1fb3-4eac-b387-05dea3344c74","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":42,"box":{"x":83,"y":825,"width":368,"height":11}},{"id":"106facf1-3905-40e7-bc64-1d4616afac13","block_type":"box","text":"including those related to human errors, processing errors,","page_number":42,"box":{"x":83,"y":839,"width":376,"height":11}},{"id":"0edccfb8-43ea-4b51-bdf1-71eb149be0da","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":42,"box":{"x":83,"y":853,"width":413,"height":11}},{"id":"e664b4c5-2479-46e2-89d2-bcff9760b73c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":42,"box":{"x":83,"y":868,"width":404,"height":10}},{"id":"9c5774f2-2d6d-4ad6-91ab-22948dcdea5f","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":42,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"f038ea1b-5170-4063-a6e3-fdb6eaa702ea","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":42,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"10d53f14-b566-45bf-9467-ea91d01fc7d3","block_type":"box","text":"providers are required to have appropriate operational,","page_number":42,"box":{"x":549,"y":52,"width":350,"height":10}},{"id":"e0e63ffa-9955-44bd-a651-d36d16a10ab1","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":42,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"0d1ec445-8287-44ef-9944-d2e328a77c52","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":42,"box":{"x":549,"y":80,"width":397,"height":11}},{"id":"f1430e10-82f0-46e1-8112-cdbc28cd2ac7","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":42,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"a56d698b-b8b6-4cd7-9c79-6f11fa6f8a77","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":42,"box":{"x":549,"y":108,"width":391,"height":9}},{"id":"5234c76f-a065-4c97-b8cc-0b7ec6fc555d","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":42,"box":{"x":549,"y":122,"width":422,"height":11}},{"id":"52c494a0-83a7-471e-9340-0b13eeac67a1","block_type":"box","text":"investments in such issuers to lose value.","page_number":42,"box":{"x":549,"y":137,"width":264,"height":8}},{"id":"38b99a10-b1c0-4817-8119-ebe006df9061","block_type":"box","text":"Outcome Period Risk.","page_number":42,"box":{"x":549,"y":160,"width":145,"height":8}},{"id":"f09bab18-ea5f-40de-adb8-8794b91db0a2","block_type":"box","text":"The Approximate Buffer and Approximate","page_number":42,"box":{"x":699,"y":160,"width":264,"height":11}},{"id":"bd4613b4-5f64-4ffb-ae83-ad9177235151","block_type":"box","text":"Cap for an Outcome Period apply to Fund shares held over the","page_number":42,"box":{"x":549,"y":174,"width":398,"height":11}},{"id":"38884772-8f45-47b0-b99c-e342260726f2","block_type":"box","text":"entire Outcome Period. 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In","page_number":42,"box":{"x":549,"y":626,"width":371,"height":11}},{"id":"dc0d880e-fa7b-478f-a408-dd060bd05996","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":42,"box":{"x":549,"y":641,"width":412,"height":10}},{"id":"3523ec6d-3c2f-450b-847e-bc94d9d1a6a1","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":42,"box":{"x":549,"y":655,"width":414,"height":11}},{"id":"7a1de1e4-9ac5-4c58-a238-92976b2441dc","block_type":"box","text":"derivatives that the Fund will enter into. Based upon the language","page_number":42,"box":{"x":549,"y":669,"width":419,"height":11}},{"id":"e1223c8a-d5cc-4e2b-a735-b6bfce1bd83e","block_type":"box","text":"in the legislative history, the Fund intends to treat the reference","page_number":42,"box":{"x":549,"y":683,"width":408,"height":11}},{"id":"77ff66c8-677b-409f-b837-263c3bdf60a5","block_type":"box","text":"asset","page_number":42,"box":{"x":549,"y":698,"width":33,"height":8}},{"id":"4b0efb41-f734-438e-a74c-7590e00d1083","block_type":"box","text":"(i.e","page_number":42,"box":{"x":587,"y":697,"width":19,"height":11}},{"id":"4aaa73d3-808d-42a3-a103-0a70d5d42345","block_type":"box","text":"., the Underlying Fund) as the issuer of the options.","page_number":42,"box":{"x":608,"y":697,"width":326,"height":11}},{"id":"c6205dd2-1152-462a-b8c4-7471e621af71","block_type":"box","text":"Assuming the reference asset qualifies as a RIC, the Fund could","page_number":42,"box":{"x":549,"y":712,"width":407,"height":10}},{"id":"1c9d8d42-9d8c-4c28-a25d-53aca72724a9","block_type":"box","text":"count the options as automatically diversified investments under","page_number":42,"box":{"x":549,"y":726,"width":414,"height":11}},{"id":"7e7fdd08-e2b7-418e-acf1-7b6f0166943c","block_type":"box","text":"the RIC diversification requirements. The Fund intends to treat","page_number":42,"box":{"x":549,"y":740,"width":399,"height":11}},{"id":"7f09ce33-d2c5-45ed-a41e-3db3eef90066","block_type":"box","text":"any income it may derive from the options as “qualifying income”","page_number":42,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"eb0134e7-4cd2-420e-a96c-a5cdcb283aa2","block_type":"box","text":"under the provisions of the Internal Revenue Code applicable to","page_number":42,"box":{"x":549,"y":768,"width":407,"height":11}},{"id":"3db17fc6-4a7b-40d5-bbe1-d132cc2a1984","block_type":"box","text":"RICs. 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If the Fund does not","page_number":42,"box":{"x":549,"y":811,"width":387,"height":11}},{"id":"6666c185-ee2b-4e0a-8347-7a765a5ef5b2","block_type":"box","text":"qualify as a RIC for any taxable year and certain relief provisions","page_number":42,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"cd657a3b-5fc4-4f84-8e9f-85e733379697","block_type":"box","text":"are not available, the Fund’s taxable income will be subject to tax","page_number":42,"box":{"x":549,"y":839,"width":418,"height":11}},{"id":"9802194f-116d-4f11-8801-4ded98a4e319","block_type":"box","text":"at the Fund level and to a further tax at the shareholder level","page_number":42,"box":{"x":549,"y":853,"width":386,"height":9}},{"id":"c0a56f2b-380f-4395-b2cb-ebcf68111005","block_type":"box","text":"when such income is distributed.","page_number":42,"box":{"x":549,"y":868,"width":209,"height":8}},{"id":"662e5672-a5b4-4ed8-9a31-e94ce9ed42c1","block_type":"box","text":"S-31","page_number":42,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"92ec44a2-4c67-4add-8cb8-fdb4fd6db7c2","block_type":"box","text":"Technology Companies Risk","page_number":43,"box":{"x":84,"y":23,"width":190,"height":11}},{"id":"11c50a4d-ff08-4dc7-8744-03ffd64068fb","block_type":"box","text":".","page_number":43,"box":{"x":274,"y":30,"width":2,"height":2}},{"id":"06751d9f-42ee-42ab-b42c-3e86319a29e7","block_type":"box","text":"Technology companies and","page_number":43,"box":{"x":281,"y":23,"width":172,"height":11}},{"id":"813f8df7-a3b6-496c-b62d-6a05d1476ab0","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":43,"box":{"x":83,"y":37,"width":412,"height":11}},{"id":"260f8578-6864-4c1d-ba0f-0db179b36cf1","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":43,"box":{"x":83,"y":51,"width":414,"height":11}},{"id":"b8aee644-3be0-4955-9e61-ae459064fb3f","block_type":"box","text":"and personnel. 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Technology companies may face","page_number":43,"box":{"x":83,"y":165,"width":384,"height":11}},{"id":"e93cc4d9-f485-406c-a5a7-02715d7e4b6e","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":43,"box":{"x":83,"y":179,"width":397,"height":11}},{"id":"806fcd7b-aceb-456f-9ee3-d9f7e87d27a1","block_type":"box","text":"government or legal action.","page_number":43,"box":{"x":83,"y":193,"width":174,"height":11}},{"id":"75ebb925-4851-43c1-912d-f31282f49ed7","block_type":"box","text":"Valuation Risk","page_number":43,"box":{"x":84,"y":216,"width":96,"height":9}},{"id":"05b642e5-79c6-44db-94f3-eea7b29ce264","block_type":"box","text":".","page_number":43,"box":{"x":180,"y":223,"width":2,"height":2}},{"id":"e87c701d-0955-4b0a-acb3-0aa74bbbc379","block_type":"box","text":"The price that the Fund could receive upon the","page_number":43,"box":{"x":187,"y":217,"width":298,"height":10}},{"id":"6b44c430-0aa8-49e2-8f2e-370409a6a9fd","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":43,"box":{"x":83,"y":231,"width":408,"height":10}},{"id":"8ef1f1c0-4a7b-4f35-b736-05ed650c1313","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":43,"box":{"x":82,"y":245,"width":356,"height":11}},{"id":"2e78e75a-2b7f-468b-b437-489ed247e9a0","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":43,"box":{"x":83,"y":259,"width":418,"height":11}},{"id":"690180dd-95f9-4ea6-b87c-25bb7221b541","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":43,"box":{"x":83,"y":273,"width":347,"height":11}},{"id":"3f1cd1c6-a78c-4e7a-b65f-c84663656338","block_type":"box","text":"methodology. In addition, the value of the securities or other","page_number":43,"box":{"x":83,"y":287,"width":387,"height":11}},{"id":"60ebcf64-a959-43a3-9b57-5ffb85d93592","block_type":"box","text":"assets in the Fund’s portfolio may change on days or during time","page_number":43,"box":{"x":83,"y":302,"width":413,"height":10}},{"id":"555c427b-9176-4a1c-b192-c8fee2299c08","block_type":"box","text":"periods when investors are not able to purchase or sell Fund","page_number":43,"box":{"x":83,"y":316,"width":385,"height":11}},{"id":"932cedd7-4eb9-433e-9744-4df986ffe1c5","block_type":"box","text":"shares. Authorized Participants that create or redeem Fund","page_number":43,"box":{"x":83,"y":330,"width":378,"height":11}},{"id":"a0f2301e-a7b2-4c2d-8ae4-a681d208185a","block_type":"box","text":"shares on days when the Fund is holding fair-valued securities or","page_number":43,"box":{"x":83,"y":344,"width":413,"height":11}},{"id":"48e1f81a-bc37-4f19-9e01-a7844cf8bc2c","block_type":"box","text":"other assets may receive fewer or more shares, or lower or higher","page_number":43,"box":{"x":83,"y":358,"width":422,"height":11}},{"id":"fc17fcc7-7ea4-4f97-a096-44770ded1305","block_type":"box","text":"redemption proceeds, than they would have received had the","page_number":43,"box":{"x":83,"y":373,"width":391,"height":10}},{"id":"67b3de40-2113-46fa-9a83-966253da400b","block_type":"box","text":"securities or other assets not been fair valued or been valued","page_number":43,"box":{"x":83,"y":387,"width":390,"height":8}},{"id":"f0ec0595-bf1c-4261-b046-30f390fc191d","block_type":"box","text":"using a different methodology. 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Please see below for the definitions of key terms.","page_number":44,"box":{"x":83,"y":119,"width":465,"height":10}},{"id":"05622aaa-fd3d-44d0-92b5-62a92839ee90","block_type":"box","text":"Underlying Fund","page_number":44,"box":{"x":120,"y":135,"width":113,"height":11}},{"id":"a4d1a8a1-5b35-4493-975f-37b9a250578b","block_type":"box","text":": iShares Core S&P 500 ETF","page_number":44,"box":{"x":235,"y":135,"width":177,"height":9}},{"id":"6df745dd-b0ad-4491-8bde-c33149b5dadd","block_type":"box","text":"Underlying Fund’s Index","page_number":44,"box":{"x":120,"y":152,"width":168,"height":11}},{"id":"ae8061bf-efc1-40a5-aff4-2456bf8c1f47","block_type":"box","text":": S&P 500 Index","page_number":44,"box":{"x":289,"y":152,"width":102,"height":9}},{"id":"00a3668b-ffac-4c6c-aa70-e2aa2e8ac613","block_type":"box","text":"Outcome Period","page_number":44,"box":{"x":120,"y":169,"width":111,"height":8}},{"id":"164d43cf-153d-41d9-8e0e-f3d7967fc22f","block_type":"box","text":": January 1 through December 31","page_number":44,"box":{"x":233,"y":169,"width":209,"height":11}},{"id":"32c71a77-3950-4b69-b28f-7119516eb876","block_type":"box","text":"Approximate Cap","page_number":44,"box":{"x":119,"y":186,"width":120,"height":10}},{"id":"f653f409-cfb5-4746-91d1-b369acf6a10e","block_type":"box","text":": The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which","page_number":44,"box":{"x":240,"y":186,"width":726,"height":10}},{"id":"7195c964-abc7-41a3-b958-79732405d9eb","block_type":"box","text":"will reset at the start of each Outcome Period","page_number":44,"box":{"x":119,"y":198,"width":290,"height":9}},{"id":"1ca86795-f2b5-4f08-ab6a-f5688d3ac278","block_type":"box","text":"Approximate Buffer","page_number":44,"box":{"x":119,"y":215,"width":137,"height":11}},{"id":"77375ceb-604e-4b34-b7f6-eacb204046af","block_type":"box","text":": The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund","page_number":44,"box":{"x":257,"y":215,"width":713,"height":11}},{"id":"298b3ba1-b636-4ad7-9d8c-8fee212f9c4c","block_type":"box","text":"is held for the entire Outcome Period","page_number":44,"box":{"x":120,"y":228,"width":235,"height":9}},{"id":"0b925355-ec25-429b-a977-59dcf0f26726","block_type":"box","text":"The Fund has characteristics unlike those of many investment products and may not be appropriate for all investors. The Outcomes sought","page_number":44,"box":{"x":82,"y":250,"width":889,"height":11}},{"id":"ef02108b-a7a5-4736-afd5-9ca24e177ae4","block_type":"box","text":"by the Fund’s strategy are not guaranteed.","page_number":44,"box":{"x":83,"y":263,"width":271,"height":11}},{"id":"276063e1-cef8-4855-a709-f69ba62e7796","block_type":"box","text":"The Approximate Cap and the Approximate Buffer may not operate as anticipated, and investors may lose some or all their money.","page_number":44,"box":{"x":119,"y":280,"width":834,"height":10}},{"id":"6698b611-935a-4471-9702-9d1e789c09d9","block_type":"box","text":"The Outcomes apply only to shares that are held for an entire Outcome Period.","page_number":44,"box":{"x":119,"y":296,"width":503,"height":11}},{"id":"08b8f89f-4ea5-4281-a73b-f9d8a768269a","block_type":"box","text":"An investor who buys Fund shares after the start of an Outcome Period or sells Fund shares before the end of an Outcome Period","page_number":44,"box":{"x":119,"y":313,"width":827,"height":11}},{"id":"96601a04-69a2-4572-a512-bf321a294c43","block_type":"box","text":"may not fully realize the Approximate Cap or the Approximate Buffer and may be exposed to greater risk of loss.","page_number":44,"box":{"x":120,"y":326,"width":716,"height":11}},{"id":"265dab81-05c2-475e-80d9-39a07b1a7eff","block_type":"box","text":"The Approximate Buffer is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction","page_number":44,"box":{"x":119,"y":343,"width":849,"height":11}},{"id":"665f2148-7bbb-4608-bc0a-2e64659e439b","block_type":"box","text":"fees. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":45,"box":{"x":83,"y":239,"width":694,"height":11}},{"id":"b3d6dad4-1592-46e2-bf29-ebc1cfc59a2d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":45,"box":{"x":195,"y":270,"width":668,"height":8}},{"id":"8f890f84-5808-4d41-9da9-ab76111a9974","block_type":"box","text":"$51 $160 $283 $652","page_number":45,"box":{"x":203,"y":290,"width":648,"height":9}},{"id":"8b2ba8e1-e7ff-4f2e-865b-21e40e8fcd14","block_type":"box","text":"Portfolio Turnover.","page_number":45,"box":{"x":83,"y":330,"width":129,"height":8}},{"id":"e11b4d92-fc02-406d-8bf3-a03a5fb837fa","block_type":"box","text":"The Fund or the Underlying Fund may pay","page_number":45,"box":{"x":216,"y":330,"width":266,"height":11}},{"id":"09f78775-ce51-4010-91e7-223aab0bd693","block_type":"box","text":"transaction costs, such as commissions, when they buy and sell","page_number":45,"box":{"x":83,"y":344,"width":407,"height":11}},{"id":"c0865dc2-c065-4652-a6bf-d0cd3f1f764c","block_type":"box","text":"securities (or “turn over” their portfolios). 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If investors buy","page_number":45,"box":{"x":83,"y":783,"width":403,"height":11}},{"id":"e15570c6-9f0c-4f13-89fb-8ed47cfcc70d","block_type":"box","text":"Fund shares after the start of the Outcome Period or sell Fund","page_number":45,"box":{"x":84,"y":798,"width":395,"height":8}},{"id":"ba042ef1-3e7b-4d1e-9ece-9547a41cf97f","block_type":"box","text":"shares before the Outcome Period concludes, they may","page_number":45,"box":{"x":83,"y":812,"width":355,"height":11}},{"id":"00807ad6-11dc-4df6-8c16-ae7937e37f75","block_type":"box","text":"experience returns that differ significantly from the Outcomes.","page_number":45,"box":{"x":83,"y":826,"width":399,"height":11}},{"id":"7a7c4ffd-b15d-4f23-b2bf-a995e9271798","block_type":"box","text":"These include experiencing little or no gains related to the","page_number":45,"box":{"x":82,"y":840,"width":371,"height":11}},{"id":"76644d01-7539-43bc-9472-f38178772596","block_type":"box","text":"Underlying Fund and little or no protection against losses of the","page_number":45,"box":{"x":83,"y":854,"width":406,"height":11}},{"id":"3515a1f6-cb8c-4ba9-a900-cd905d03e112","block_type":"box","text":"Underlying Fund. 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The Fund will be offered indefinitely and is","page_number":45,"box":{"x":549,"y":336,"width":406,"height":11}},{"id":"a52316ef-54fe-48fa-9746-59e0e4c000f2","block_type":"box","text":"not intended to terminate after one or more Outcome Periods.","page_number":45,"box":{"x":549,"y":350,"width":397,"height":9}},{"id":"03de1684-2792-4f5b-974f-9da641855a95","block_type":"box","text":"The Current Outcome Period","page_number":45,"box":{"x":548,"y":373,"width":200,"height":9}},{"id":"bba70fbc-7590-49f0-afff-303f638ad9e6","block_type":"box","text":"The current Outcome Period started on January 1, 2025 and ends","page_number":45,"box":{"x":549,"y":397,"width":416,"height":11}},{"id":"354b0339-f2fc-4028-ac79-0e998e912580","block_type":"box","text":"on December 31, 2025. For the current Outcome Period, the","page_number":45,"box":{"x":549,"y":411,"width":385,"height":10}},{"id":"61e444a4-c012-4efd-a71f-9f2f3437805b","block_type":"box","text":"Approximate Cap is 108.40% before taking into account any fees","page_number":45,"box":{"x":549,"y":425,"width":413,"height":11}},{"id":"442c209e-e600-49b4-bb93-08bc571435b1","block_type":"box","text":"or expenses charged to, or transaction costs incurred by, the","page_number":45,"box":{"x":549,"y":439,"width":390,"height":11}},{"id":"52dfdf3c-1add-4553-8719-9b848f834517","block_type":"box","text":"Fund or the Underlying Fund. When the Fund’s annualized","page_number":45,"box":{"x":550,"y":453,"width":367,"height":11}},{"id":"a7d5dc3a-e506-4c9a-bafd-fd8e25c8beb0","block_type":"box","text":"management fee of 0.50% of its average daily net assets is taken","page_number":45,"box":{"x":549,"y":468,"width":414,"height":10}},{"id":"dc76cec9-4e78-43e6-a178-ccaf70075a14","block_type":"box","text":"into account, the Approximate Cap for the current Outcome","page_number":45,"box":{"x":549,"y":482,"width":382,"height":11}},{"id":"10c27b46-fdf5-4491-b7dc-7055ad8d8014","block_type":"box","text":"Period is reduced to 107.90%. 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Please visit the Fund’s page on www.iShares.com for","page_number":45,"box":{"x":549,"y":539,"width":402,"height":10}},{"id":"c5a27d01-e588-4344-b06a-ed805e0128d3","block_type":"box","text":"more information about the potential outcomes of an investment","page_number":45,"box":{"x":549,"y":553,"width":415,"height":10}},{"id":"a67e4e28-ec97-4bc7-8580-4abd4f49f4e1","block_type":"box","text":"in the Fund during the current Outcome Period, including the","page_number":45,"box":{"x":549,"y":567,"width":388,"height":11}},{"id":"bd3ccbe1-e06c-4d97-844b-d4b456384998","block_type":"box","text":"remaining Approximate Cap.","page_number":45,"box":{"x":549,"y":581,"width":181,"height":11}},{"id":"2f3c7411-c054-4b4d-9747-742bc2facd9b","block_type":"box","text":"The Underlying Fund","page_number":45,"box":{"x":548,"y":604,"width":144,"height":11}},{"id":"1d6095de-c7ae-4ace-884f-72754fca7d9d","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":45,"box":{"x":549,"y":627,"width":393,"height":11}},{"id":"a56d560c-0d1b-4573-8656-94598700b439","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":45,"box":{"x":550,"y":642,"width":417,"height":10}},{"id":"07b84dbc-3868-4d4f-985e-25f6b1f70429","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":45,"box":{"x":549,"y":656,"width":412,"height":11}},{"id":"8a660c56-7b93-4d03-9e18-ae5b8a4559bc","block_type":"box","text":"Index”), which measures the performance of the large","page_number":45,"box":{"x":550,"y":670,"width":348,"height":11}},{"id":"1c0ad3e3-eb2c-49c8-b585-59a708d177fc","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":45,"box":{"x":549,"y":684,"width":412,"height":11}},{"id":"07d9dc62-0a0b-4426-b723-8db817283d63","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":45,"box":{"x":549,"y":698,"width":389,"height":11}},{"id":"ef015e08-64e7-40f1-9351-6cbf7024db23","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":45,"box":{"x":550,"y":713,"width":373,"height":10}},{"id":"a951f636-335f-4fcd-b7f8-c5995f21fc5f","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":45,"box":{"x":549,"y":727,"width":375,"height":11}},{"id":"b693722e-67a2-4067-9530-7f217d1c8b0c","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":45,"box":{"x":549,"y":741,"width":396,"height":11}},{"id":"aeb885ac-970c-4226-9943-be65f4ffcbff","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":45,"box":{"x":550,"y":755,"width":423,"height":11}},{"id":"ab86e2a9-edbc-4d94-9516-067927f294bd","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":45,"box":{"x":549,"y":769,"width":412,"height":11}},{"id":"6ea9c8e8-71bd-4fcb-ada3-03b699a9eda2","block_type":"box","text":"Underlying Fund.","page_number":45,"box":{"x":550,"y":783,"width":106,"height":11}},{"id":"6d31cfea-ebd0-4a6a-b957-77400570270b","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":45,"box":{"x":550,"y":807,"width":369,"height":10}},{"id":"545520c9-ee8b-4d4e-83de-ae116d46b713","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":45,"box":{"x":549,"y":821,"width":353,"height":11}},{"id":"9c8327ab-8bf7-4779-b762-f4114a2e0a1c","block_type":"box","text":"representative sample of securities that collectively has an","page_number":45,"box":{"x":549,"y":835,"width":375,"height":11}},{"id":"5fcf8d36-b4d7-4178-ae9e-d3ebea768a57","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":45,"box":{"x":549,"y":849,"width":384,"height":11}},{"id":"0a1bc5cc-cd4e-4e0c-ab9e-b648bcdf7451","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":45,"box":{"x":549,"y":863,"width":371,"height":11}},{"id":"a48cc14b-73eb-4c43-920e-fcf7ae16e0ec","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":45,"box":{"x":549,"y":878,"width":409,"height":10}},{"id":"1b0976cd-b070-4ed0-a45b-9c68755f5a1e","block_type":"box","text":"S-34","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e1458aad-e500-4710-9203-8a4069361131","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":46,"box":{"x":83,"y":23,"width":382,"height":11}},{"id":"8b22ae1e-d615-4191-a5b2-cd20a8e10d88","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":46,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"ba0b1d88-7e8d-4d11-8fb9-e9016eb26229","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":46,"box":{"x":83,"y":51,"width":409,"height":11}},{"id":"75dc0533-0ed9-45b8-bd50-ddee37307c13","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":46,"box":{"x":83,"y":66,"width":404,"height":11}},{"id":"bd8c1c90-bee8-41b3-b730-4ebe71d679b1","block_type":"box","text":"Underlying Fund’s Index, which may cause the performance of the","page_number":46,"box":{"x":83,"y":80,"width":422,"height":11}},{"id":"482d6900-5db4-4ca0-b590-3aae7554df1c","block_type":"box","text":"Underlying Fund to diverge from that of the Underlying Fund’s","page_number":46,"box":{"x":83,"y":94,"width":395,"height":11}},{"id":"a5a24001-4a7c-4063-94ee-a66982faab86","block_type":"box","text":"Index and produce “tracking error”. Tracking error risk may be","page_number":46,"box":{"x":83,"y":108,"width":396,"height":11}},{"id":"14ef8098-c738-4344-8ecd-7fbc93c01c51","block_type":"box","text":"heightened during times of increased market volatility or other","page_number":46,"box":{"x":83,"y":122,"width":400,"height":11}},{"id":"edcc0c40-45fb-4b00-aeac-8da6e2df6a54","block_type":"box","text":"unusual market conditions.","page_number":46,"box":{"x":83,"y":137,"width":172,"height":8}},{"id":"101b7f3a-b1ca-44fa-9229-470a4e33d314","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":46,"box":{"x":82,"y":160,"width":388,"height":11}},{"id":"a34bfdeb-91ce-43e4-a449-3707ccf65602","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":46,"box":{"x":83,"y":174,"width":399,"height":11}},{"id":"b1c73cbd-18e9-45de-8c20-feb93ba61e46","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":46,"box":{"x":83,"y":188,"width":290,"height":11}},{"id":"63d23932-9770-4a24-87a4-b389a0ad8fa1","block_type":"box","text":"The Fund’s Use of Options","page_number":46,"box":{"x":82,"y":211,"width":183,"height":11}},{"id":"8eb2d9c3-1bbf-4c41-9e82-a25a73c2fc55","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":46,"box":{"x":82,"y":235,"width":385,"height":10}},{"id":"2e45edf1-81f0-40b2-9dd1-1b233ee35e93","block_type":"box","text":"customized put options thereon and sells call options that","page_number":46,"box":{"x":83,"y":249,"width":370,"height":10}},{"id":"575ec2dd-d1eb-41b6-9a59-56997f1f7a9a","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":46,"box":{"x":83,"y":263,"width":392,"height":11}},{"id":"e451a01a-1fcc-4129-9c7e-726c2bd9bb71","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":46,"box":{"x":83,"y":277,"width":387,"height":11}},{"id":"b4e0f376-6aa1-4b81-bdb8-1c7054568cdc","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":46,"box":{"x":83,"y":291,"width":414,"height":11}},{"id":"8cf3692f-f237-4424-8fc9-2fbf7cdb301b","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":46,"box":{"x":83,"y":305,"width":384,"height":11}},{"id":"177f2e5a-58df-40d8-bb02-df0907697e83","block_type":"box","text":"traded options that reference the price performance of the","page_number":46,"box":{"x":83,"y":320,"width":375,"height":10}},{"id":"f000bd31-ba7c-48cc-9585-25c49e08773d","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index, or other ETFs that","page_number":46,"box":{"x":83,"y":334,"width":412,"height":11}},{"id":"0400974b-781b-4794-ab53-c61258f4e1cc","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":46,"box":{"x":83,"y":348,"width":217,"height":11}},{"id":"ecc32e75-8fae-4f39-b912-e45376c8c45e","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":46,"box":{"x":82,"y":371,"width":410,"height":11}},{"id":"1e8ed654-8f35-45e5-8b5c-9a55d91a75ae","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":46,"box":{"x":83,"y":385,"width":372,"height":11}},{"id":"f57c07de-b952-40a4-8db2-714e516120da","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":46,"box":{"x":83,"y":400,"width":409,"height":10}},{"id":"83ce260f-15b0-4f7e-b14e-42609cb8d2e6","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":46,"box":{"x":83,"y":414,"width":394,"height":11}},{"id":"8cc1ee7f-b029-401f-ab32-be748eaedcb4","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":46,"box":{"x":82,"y":428,"width":397,"height":11}},{"id":"4f100663-9fe0-4c5b-bcd0-95d66e56a24e","block_type":"box","text":"“strike price”. If the Fund buys a call option, it pays a premium","page_number":46,"box":{"x":83,"y":442,"width":397,"height":11}},{"id":"49c457e6-0515-4a4d-9f5a-2434a463b4c0","block_type":"box","text":"and receives the right, but not the obligation, to purchase shares","page_number":46,"box":{"x":83,"y":456,"width":413,"height":11}},{"id":"042c2c53-3d8d-4b3c-a0df-46114abeb976","block_type":"box","text":"of the Underlying Fund or other reference asset at a strike price","page_number":46,"box":{"x":83,"y":470,"width":407,"height":11}},{"id":"5d9364b4-9e1a-4e8a-95f2-ac0bd21a737d","block_type":"box","text":"by or on the expiration date. When the Fund buys a put option, it","page_number":46,"box":{"x":83,"y":485,"width":411,"height":10}},{"id":"26227fad-c037-43dc-8e56-cd4c7cfdd3d9","block_type":"box","text":"pays a premium and receives the right, but not the obligation, to","page_number":46,"box":{"x":83,"y":499,"width":410,"height":11}},{"id":"ce1cdf55-29c2-421d-b245-590df59d4eb1","block_type":"box","text":"sell shares of the Underlying Fund or other reference asset at a","page_number":46,"box":{"x":83,"y":513,"width":403,"height":11}},{"id":"6b86a252-2b82-4c72-b31f-9fad924bc1c3","block_type":"box","text":"strike price by or on the expiration date. When the Fund writes","page_number":46,"box":{"x":83,"y":527,"width":399,"height":11}},{"id":"b9b9d144-3c25-4a73-9015-aed825815cc5","block_type":"box","text":"(sells) a call option, it receives a premium and gives the purchaser","page_number":46,"box":{"x":83,"y":541,"width":423,"height":11}},{"id":"fee9d848-f47f-4bbe-9f1d-6b3a31cfe2ad","block_type":"box","text":"of the option the right to purchase from the Fund shares of the","page_number":46,"box":{"x":83,"y":556,"width":400,"height":10}},{"id":"26c4a52c-06d3-47c2-972c-f5d5be8e7ceb","block_type":"box","text":"Underlying Fund or other reference asset at a strike price by or on","page_number":46,"box":{"x":83,"y":570,"width":422,"height":11}},{"id":"7554682f-0eb8-451c-8429-35d065d2207f","block_type":"box","text":"the expiration date. If the Fund writes (sells) a put option, it","page_number":46,"box":{"x":83,"y":584,"width":379,"height":11}},{"id":"2fa82162-4416-46af-8549-da34567b8dd8","block_type":"box","text":"receives a premium and gives the purchaser of the option the","page_number":46,"box":{"x":83,"y":598,"width":392,"height":11}},{"id":"4582526f-da5a-4b2c-8223-d6192ee8eff2","block_type":"box","text":"right to sell to the Fund shares of the Underlying Fund or other","page_number":46,"box":{"x":83,"y":612,"width":400,"height":11}},{"id":"2d5ac170-dada-4ec3-8cfb-4b34388ec3b2","block_type":"box","text":"reference asset at a strike price by or on expiration date.","page_number":46,"box":{"x":83,"y":626,"width":362,"height":11}},{"id":"bb2e0fcb-944d-453a-a8c2-b4813ef1377a","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":46,"box":{"x":84,"y":650,"width":417,"height":10}},{"id":"a2623935-95c4-4eb0-910f-c212fafd76ef","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":46,"box":{"x":83,"y":664,"width":413,"height":11}},{"id":"479c513a-70e2-4443-a340-cd1a8179f668","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":46,"box":{"x":83,"y":678,"width":403,"height":11}},{"id":"f8b35884-7a8e-45fa-ad9f-dea92308a39f","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":46,"box":{"x":83,"y":692,"width":395,"height":11}},{"id":"6c127766-23b0-4169-bfeb-62ab25971868","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":46,"box":{"x":84,"y":706,"width":407,"height":11}},{"id":"68ed5fe3-8da5-4f4a-97fa-fd2133bb6b5b","block_type":"box","text":"each Outcome Period.","page_number":46,"box":{"x":83,"y":721,"width":140,"height":8}},{"id":"dd96276b-f1fa-439e-b13b-16ada593a6a5","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":46,"box":{"x":82,"y":744,"width":378,"height":11}},{"id":"94128c33-083e-45cf-bf6d-ef7b6c61e8d3","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":46,"box":{"x":83,"y":758,"width":412,"height":11}},{"id":"a04ea3cf-d9f3-4bb0-8e24-a63c4b439774","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":46,"box":{"x":82,"y":772,"width":366,"height":11}},{"id":"367e9243-0649-4092-98f1-4eef823a6e9b","block_type":"box","text":"However, the value of the options may change because of factors","page_number":46,"box":{"x":84,"y":786,"width":417,"height":11}},{"id":"3b08ac33-1685-4686-a579-bd965797f806","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":46,"box":{"x":83,"y":800,"width":421,"height":11}},{"id":"26a27ad6-d7bf-455b-9f5b-46aacbc2abda","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":46,"box":{"x":83,"y":815,"width":385,"height":10}},{"id":"48a093aa-cccb-4aed-8680-b19dd7f3855b","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":46,"box":{"x":83,"y":829,"width":382,"height":11}},{"id":"eacb0088-9c99-459e-913c-082553d64300","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":46,"box":{"x":83,"y":843,"width":367,"height":11}},{"id":"57363216-aa53-4897-b175-b0aa92a40898","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":46,"box":{"x":83,"y":857,"width":393,"height":11}},{"id":"43b2e5eb-4b9e-44f3-a734-e3dca5d88ebb","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":46,"box":{"x":82,"y":871,"width":396,"height":11}},{"id":"58e4b7c3-5cc0-4e33-83de-6e079017bd69","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":46,"box":{"x":549,"y":23,"width":424,"height":11}},{"id":"f10b69e2-8e08-4f0b-8a6e-3ccc71a6df16","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":46,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"3c13a739-f002-4ede-81e2-7fc08a7d0e13","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":46,"box":{"x":549,"y":51,"width":408,"height":11}},{"id":"2f44abe1-ba9f-4ef5-9688-79b6d9d4f768","block_type":"box","text":"the Underlying Fund’s share price.","page_number":46,"box":{"x":549,"y":66,"width":218,"height":11}},{"id":"66c1fe8d-0b75-4dff-979b-5e4df74396dc","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":46,"box":{"x":549,"y":89,"width":398,"height":11}},{"id":"60308ee7-0fb7-421d-9f14-966553229db2","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":46,"box":{"x":548,"y":103,"width":421,"height":11}},{"id":"a84bf949-653b-4981-98c5-217132c49db5","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":46,"box":{"x":549,"y":117,"width":384,"height":11}},{"id":"3bcd2b96-f1c5-45bd-aaa1-42314156e973","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":46,"box":{"x":549,"y":131,"width":405,"height":11}},{"id":"bbdfc9ed-740d-481d-a51c-1f007e150024","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":46,"box":{"x":549,"y":146,"width":420,"height":10}},{"id":"6654fb84-bd3f-4520-8440-c58082b9bd22","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":46,"box":{"x":549,"y":160,"width":419,"height":11}},{"id":"3f6fe7ac-8bf8-4778-b601-1fc0e033d965","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":46,"box":{"x":549,"y":174,"width":373,"height":11}},{"id":"d81d3b4e-6b88-46b6-b38a-cb4e9b179eb5","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":46,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"77e1cc52-244b-4304-b53b-d4af5f11710e","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":46,"box":{"x":549,"y":202,"width":415,"height":11}},{"id":"8b1375b6-572a-4ae6-8e74-ecf4b022c3d3","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":46,"box":{"x":549,"y":226,"width":222,"height":10}},{"id":"69330a92-9364-4351-8b08-f0476116cc34","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":46,"box":{"x":550,"y":249,"width":420,"height":10}},{"id":"078780cc-d0b4-47fc-acdc-d97794cae157","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":46,"box":{"x":549,"y":263,"width":381,"height":11}},{"id":"b8584ea9-051d-4e3e-9bb6-8fb2c3528461","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":46,"box":{"x":550,"y":277,"width":421,"height":11}},{"id":"a7241c5b-5ce2-4b8d-8389-0b838f4f73ec","block_type":"box","text":"of the Underlying Fund’s Index. The Approximate Buffer and","page_number":46,"box":{"x":549,"y":291,"width":380,"height":11}},{"id":"ad21f4fa-afb7-4203-8456-3eb3ba9e6905","block_type":"box","text":"Approximate Cap are typically created by trading a combination of","page_number":46,"box":{"x":549,"y":305,"width":424,"height":11}},{"id":"4c3e7c7e-a689-4bdd-bc38-4b04beb6fc65","block_type":"box","text":"put and call options, as described below, at the close of the last","page_number":46,"box":{"x":549,"y":320,"width":407,"height":10}},{"id":"2ddbc677-6ab0-4e2c-8d9c-6e63bc595198","block_type":"box","text":"trading day of the prior Outcome Period.","page_number":46,"box":{"x":549,"y":334,"width":257,"height":11}},{"id":"50a6452e-210f-4382-bcf1-ccede4a5f70d","block_type":"box","text":"Approximate Buffer","page_number":46,"box":{"x":548,"y":357,"width":123,"height":11}},{"id":"5948463d-5d12-41a0-bd9b-2d4f5afebe4c","block_type":"box","text":". The Fund creates the Approximate Buffer by","page_number":46,"box":{"x":672,"y":357,"width":289,"height":11}},{"id":"6545dd43-4643-4215-b0f7-0e22e1ccc193","block_type":"box","text":"buying a put option with a strike price that is approximately at","page_number":46,"box":{"x":549,"y":371,"width":401,"height":11}},{"id":"58e79b57-fb98-44f5-9e1c-76bffc1b477e","block_type":"box","text":"the-money relative to the Underlying Fund’s share price. The","page_number":46,"box":{"x":549,"y":385,"width":386,"height":11}},{"id":"8ea61b5f-70b8-4fce-80e3-c8fa6d121d5d","block_type":"box","text":"Approximate Buffer is against approximately 100% of the","page_number":46,"box":{"x":549,"y":400,"width":361,"height":10}},{"id":"50e1b286-c8dd-4022-808b-9949eece1c4e","block_type":"box","text":"Underlying Fund’s losses for the applicable Outcome Period;","page_number":46,"box":{"x":550,"y":414,"width":384,"height":11}},{"id":"36c3d4a8-ff35-4ad1-a896-605401e622d2","block_type":"box","text":"however, there is no guarantee that the Approximate Buffer will","page_number":46,"box":{"x":549,"y":428,"width":405,"height":11}},{"id":"da301db9-c2b4-47ad-aa58-a40211256b1b","block_type":"box","text":"succeed in providing the intended protection. The Approximate","page_number":46,"box":{"x":549,"y":442,"width":402,"height":11}},{"id":"240b601a-6dbf-4711-8604-0bf2c4755e13","block_type":"box","text":"Buffer is provided prior to taking into account any fees or","page_number":46,"box":{"x":550,"y":456,"width":364,"height":11}},{"id":"a727de97-e86e-414e-be4a-b8510319d14a","block_type":"box","text":"expenses charged to the Fund. These fees and any expenses will","page_number":46,"box":{"x":549,"y":470,"width":412,"height":11}},{"id":"d82dac57-6644-498f-9fec-6218cad433d1","block_type":"box","text":"reduce the Approximate Buffer amount for Fund shareholders for","page_number":46,"box":{"x":549,"y":485,"width":416,"height":10}},{"id":"2326ef7e-4254-447f-8bb5-a1b465256f5e","block_type":"box","text":"an Outcome Period. When the Fund’s annual management fee of","page_number":46,"box":{"x":549,"y":499,"width":412,"height":11}},{"id":"fd6abc78-496e-49ef-ae46-67b18bbc239b","block_type":"box","text":"0.50% of the Fund’s daily net assets is taken into account, the net","page_number":46,"box":{"x":549,"y":513,"width":420,"height":11}},{"id":"ab62d992-f41a-4c18-a1a9-f3127c836808","block_type":"box","text":"Approximate Buffer for the Outcome Period is 99.5%.","page_number":46,"box":{"x":549,"y":527,"width":338,"height":11}},{"id":"93515b3a-bb98-4f1b-8362-48508bb4cc98","block_type":"box","text":"While the Fund seeks to maximize protection against Underlying","page_number":46,"box":{"x":549,"y":550,"width":410,"height":11}},{"id":"863b1d9a-0ff7-4bcc-9a83-686ba190acd7","block_type":"box","text":"Fund losses for the applicable Outcome Period, the Fund will","page_number":46,"box":{"x":550,"y":565,"width":385,"height":10}},{"id":"9859137f-e0a7-4544-90fc-6cc45d9345da","block_type":"box","text":"reduce the Approximate Buffer below 100% in order to provide an","page_number":46,"box":{"x":549,"y":579,"width":416,"height":10}},{"id":"6850534c-ee2b-4a8e-b98c-002be24b9800","block_type":"box","text":"Approximate Cap of at least 2%. For example, if interest rates are","page_number":46,"box":{"x":549,"y":593,"width":416,"height":11}},{"id":"5c401094-7267-40de-9fa4-ce99d9ce94ee","block_type":"box","text":"low enough that providing protection against approximately 100%","page_number":46,"box":{"x":549,"y":607,"width":418,"height":11}},{"id":"22f70866-a47d-47da-bc5e-611e9b4cfb79","block_type":"box","text":"of Underlying Fund losses would result in an Approximate Cap of","page_number":46,"box":{"x":549,"y":621,"width":413,"height":11}},{"id":"18a1f458-6c39-4f6c-8df9-718ed827f411","block_type":"box","text":"less than 2%, the Fund would decrease the protection such that","page_number":46,"box":{"x":549,"y":635,"width":406,"height":11}},{"id":"0276729a-5fce-4e1b-938c-5078936099df","block_type":"box","text":"the Approximate Cap is at least 2%.","page_number":46,"box":{"x":549,"y":650,"width":225,"height":10}},{"id":"b3a3c90a-f839-4e1d-aecf-5e733a4c34e8","block_type":"box","text":"Approximate Cap","page_number":46,"box":{"x":548,"y":673,"width":109,"height":11}},{"id":"d19faeec-e039-43f0-85de-36ee5a763591","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":46,"box":{"x":659,"y":673,"width":275,"height":11}},{"id":"e46b1f05-6331-462e-88a6-f03358e9611b","block_type":"box","text":"selling a call option with a higher strike price relative to the","page_number":46,"box":{"x":549,"y":687,"width":377,"height":11}},{"id":"0d8cf10c-cd1a-4bbb-8857-6ddef0c09355","block_type":"box","text":"Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":46,"box":{"x":550,"y":701,"width":370,"height":11}},{"id":"c9bc0a12-a81f-46f4-8c45-aa06609c1472","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":46,"box":{"x":549,"y":715,"width":408,"height":11}},{"id":"944935a3-50cb-4b66-b3bf-7d2033972a50","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":46,"box":{"x":549,"y":730,"width":422,"height":10}},{"id":"ceac7347-0cc5-43e1-8928-4fb8fe10544a","block_type":"box","text":"that strike price. The Approximate Cap for each Outcome Period is","page_number":46,"box":{"x":549,"y":744,"width":424,"height":11}},{"id":"3e9ba17e-ded7-4063-bfc5-bc5a900b5120","block_type":"box","text":"based on the strike price of the Cap Option for that Outcome","page_number":46,"box":{"x":549,"y":758,"width":389,"height":11}},{"id":"377a6436-cb76-4c14-a366-c3e61f9813d2","block_type":"box","text":"Period. The strike price of the Cap Option depends on the market","page_number":46,"box":{"x":550,"y":772,"width":415,"height":11}},{"id":"44770ef5-f860-465c-8ff2-62dd8efb3a7d","block_type":"box","text":"conditions when the option is sold and likely will be different for","page_number":46,"box":{"x":549,"y":786,"width":408,"height":11}},{"id":"1b87751b-0cbf-4b6c-91d8-f2103388bfa0","block_type":"box","text":"each Outcome Period, resulting in a different Approximate Cap for","page_number":46,"box":{"x":549,"y":800,"width":423,"height":11}},{"id":"9f4324b9-e3a8-412c-9d61-04fd0ec79d4d","block_type":"box","text":"each Outcome Period. The Fund uses the premium collected from","page_number":46,"box":{"x":549,"y":815,"width":419,"height":10}},{"id":"49c3ac41-5ad6-493c-918d-1c1e9708a08c","block_type":"box","text":"selling the Cap Option and the expected dividend distributions","page_number":46,"box":{"x":549,"y":829,"width":398,"height":11}},{"id":"2aa375df-2232-416a-a2b4-b58b00787564","block_type":"box","text":"from the Underlying Fund to cover the premium that it pays to buy","page_number":46,"box":{"x":549,"y":843,"width":423,"height":11}},{"id":"50ca9e89-616b-4afd-af62-6f868c17d943","block_type":"box","text":"the options that create the Approximate Buffer.","page_number":46,"box":{"x":549,"y":857,"width":302,"height":11}},{"id":"ffb527e9-d5a1-43e4-b070-5e7eeaa5d2fe","block_type":"box","text":"S-35","page_number":46,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"121c6b7b-54ff-4527-9d95-a5af09564222","block_type":"box","text":"The Fund’s Approximate Buffer and Approximate Cap (net of the","page_number":47,"box":{"x":82,"y":23,"width":410,"height":11}},{"id":"8152455e-b86b-4fc5-8f25-3d8a0ca7d3d4","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":47,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"86699d9b-0ca4-4347-bbbe-fad22704d556","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":47,"box":{"x":84,"y":52,"width":397,"height":10}},{"id":"2ed85342-4dfd-47d6-aa9f-bc4ab24e5a52","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":47,"box":{"x":83,"y":66,"width":381,"height":11}},{"id":"7581f2d2-92c4-4b3b-bb1f-a53c77438f3b","block_type":"box","text":"Approximately one week prior to the end of each Outcome Period,","page_number":47,"box":{"x":82,"y":89,"width":423,"height":11}},{"id":"4ae0d8d4-03ab-4a6b-9005-4d2ba18dbe96","block_type":"box","text":"the Fund expects to file a prospectus supplement that discloses","page_number":47,"box":{"x":83,"y":103,"width":409,"height":11}},{"id":"03b38e2e-06ab-4b68-bc70-e0d6dfae9a98","block_type":"box","text":"an estimated range (as estimated by BFA) for the Approximate","page_number":47,"box":{"x":83,"y":117,"width":398,"height":11}},{"id":"5aed4b3e-768c-411f-98ae-8db4e64e2e62","block_type":"box","text":"Cap for the Fund’s next Outcome Period. On the last trading day","page_number":47,"box":{"x":83,"y":131,"width":410,"height":11}},{"id":"98259e10-59c0-406f-9863-ee2826944acb","block_type":"box","text":"of each Outcome Period, the Fund will trade a new set of options","page_number":47,"box":{"x":83,"y":146,"width":413,"height":10}},{"id":"64caad3a-f839-43a2-a13f-13958dcee1a5","block_type":"box","text":"to create the Approximate Buffer and Approximate Cap for the","page_number":47,"box":{"x":83,"y":160,"width":398,"height":11}},{"id":"e2ad7d5c-b5e3-4c28-ad13-1fc240efa595","block_type":"box","text":"next Outcome Period. After the close of business on the last","page_number":47,"box":{"x":83,"y":174,"width":384,"height":8}},{"id":"f35ea047-d2af-45e0-be63-9f6c2252c9f7","block_type":"box","text":"trading day of the Outcome Period, the Fund will file a prospectus","page_number":47,"box":{"x":83,"y":188,"width":418,"height":11}},{"id":"e934d5b1-4930-418d-abb2-655ac2ef8d85","block_type":"box","text":"supplement that discloses the Fund’s Approximate Cap (gross and","page_number":47,"box":{"x":83,"y":202,"width":424,"height":11}},{"id":"a703503a-ebe0-433f-a466-9b5d0beca3dc","block_type":"box","text":"net of its management fee) for the next Outcome Period.","page_number":47,"box":{"x":83,"y":216,"width":361,"height":11}},{"id":"beea08a9-ba89-4c2b-8bf0-2e44624ded1f","block_type":"box","text":"Outcome Period","page_number":47,"box":{"x":83,"y":240,"width":111,"height":8}},{"id":"b8d016b4-7e18-4d2e-9072-f8cfa7e10679","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":47,"box":{"x":82,"y":263,"width":408,"height":11}},{"id":"c537df97-cc2a-47d4-baa9-f4094679fef5","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":47,"box":{"x":83,"y":277,"width":396,"height":9}},{"id":"4427b321-44f8-42dd-93ea-a7d26b101c8e","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":47,"box":{"x":83,"y":291,"width":415,"height":11}},{"id":"76d1eee4-214e-4660-aa8a-6467ff56ac86","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":47,"box":{"x":83,"y":305,"width":398,"height":9}},{"id":"4523db5e-bdd2-4e0b-b8be-fb80b0604697","block_type":"box","text":"may not fully realize the Outcomes for the Outcome Period and","page_number":47,"box":{"x":83,"y":320,"width":402,"height":10}},{"id":"1b1f0a3a-37de-4529-b17e-3db10efc7a59","block_type":"box","text":"may be exposed to greater risk of loss and less potential gain.","page_number":47,"box":{"x":83,"y":334,"width":395,"height":11}},{"id":"daae14df-ae76-475b-9976-efd3ae668f8c","block_type":"box","text":"This is because, while the Outcomes are fixed levels that are","page_number":47,"box":{"x":82,"y":348,"width":386,"height":10}},{"id":"88bf11e4-17f0-48f4-bfc4-a9f14c30b3bd","block_type":"box","text":"calculated in relation to the Underlying Fund’s price and the","page_number":47,"box":{"x":83,"y":362,"width":381,"height":11}},{"id":"7a27ee0d-b04e-4595-a342-330f22e8cc23","block_type":"box","text":"Fund’s NAV at the start of each Outcome Period and generally","page_number":47,"box":{"x":84,"y":376,"width":395,"height":11}},{"id":"b7f9743b-6200-4ecf-a824-91983b58b4ec","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":47,"box":{"x":83,"y":391,"width":419,"height":10}},{"id":"3eca8f41-f499-4918-8199-45684aa93b07","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":47,"box":{"x":83,"y":405,"width":414,"height":11}},{"id":"933e7c8a-705f-48aa-bae9-f236bddd748a","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":47,"box":{"x":83,"y":419,"width":408,"height":11}},{"id":"1725b3da-2681-4c90-a1eb-d37b9bec9939","block_type":"box","text":"the Outcome Period.","page_number":47,"box":{"x":83,"y":433,"width":130,"height":9}},{"id":"9bd75578-71b7-4026-bb9a-a33294677060","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":47,"box":{"x":84,"y":456,"width":383,"height":11}},{"id":"08849499-2a1d-4452-9dca-3ebf2c3057df","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":47,"box":{"x":83,"y":470,"width":420,"height":11}},{"id":"b48b0a4f-9ef3-410f-b7d4-2156a77e12af","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":47,"box":{"x":83,"y":485,"width":388,"height":10}},{"id":"3c04de93-f107-4450-a9f3-297cc49f42ae","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":47,"box":{"x":84,"y":499,"width":357,"height":11}},{"id":"265bc8d5-9d9b-41b2-be59-0a5ab10213d6","block_type":"box","text":"Approximate Cap and the investor may experience losses prior to","page_number":47,"box":{"x":82,"y":513,"width":419,"height":11}},{"id":"7c49e45c-4328-4698-a154-7e15b58ca753","block_type":"box","text":"reaching the downside protection offered by the Approximate","page_number":47,"box":{"x":83,"y":527,"width":393,"height":11}},{"id":"064b5533-7a21-461c-8e0c-e6d971d76771","block_type":"box","text":"Buffer. Conversely, if an investor purchases Fund shares during an","page_number":47,"box":{"x":84,"y":541,"width":421,"height":11}},{"id":"d7bed259-160d-4fc1-b795-0b87f522802a","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":47,"box":{"x":83,"y":556,"width":420,"height":10}},{"id":"d05b12ac-481f-403a-b826-15d60d3b7767","block_type":"box","text":"has decreased from its price at the beginning of the Outcome","page_number":47,"box":{"x":83,"y":570,"width":392,"height":11}},{"id":"75e40b43-c15c-45a2-8c21-43775c6c5ac2","block_type":"box","text":"Period, the Fund may require a larger increase in the Underlying","page_number":47,"box":{"x":84,"y":584,"width":407,"height":11}},{"id":"ca4e33dc-85d5-41f3-8db4-3eebb85ddaa0","block_type":"box","text":"Fund’s share price before it reaches the Approximate Cap.","page_number":47,"box":{"x":84,"y":598,"width":371,"height":11}},{"id":"0a1d37ab-8cc7-491c-938d-1ba257215282","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":47,"box":{"x":83,"y":621,"width":278,"height":11}},{"id":"d978396d-92b9-4884-9262-81839114820c","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":47,"box":{"x":83,"y":644,"width":392,"height":11}},{"id":"41046233-9598-4dcc-91d6-4b029622fca3","block_type":"box","text":"during an Outcome Period, the Fund will typically buy Underlying","page_number":47,"box":{"x":83,"y":659,"width":412,"height":11}},{"id":"1ed216a0-d329-4cde-bcf7-357f5bdb89c6","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and seek","page_number":47,"box":{"x":84,"y":673,"width":417,"height":11}},{"id":"b0ab639e-5dc7-40f4-bd66-e982496a93e2","block_type":"box","text":"to enter into the combination of options transactions described","page_number":47,"box":{"x":83,"y":687,"width":404,"height":11}},{"id":"5f3df2ae-6cbd-47f0-b98b-e7f8b2e50faf","block_type":"box","text":"above. This will occur even in circumstances where the Fund","page_number":47,"box":{"x":83,"y":701,"width":386,"height":9}},{"id":"75980572-ae40-431d-90b5-63578ee7a3ed","block_type":"box","text":"would receive a negligible premium for selling an out-of-the","page_number":47,"box":{"x":82,"y":715,"width":386,"height":11}},{"id":"9a4080ab-2956-46c3-80ca-d6ed2047425f","block_type":"box","text":"money call, which may give up more sizable returns to the extent","page_number":47,"box":{"x":83,"y":730,"width":415,"height":10}},{"id":"95085572-741a-45f1-a6db-cd71dff04bc5","block_type":"box","text":"that the option later becomes in the money.","page_number":47,"box":{"x":83,"y":744,"width":279,"height":11}},{"id":"c05fa86c-e2b7-4081-ba9e-c0a53a6de003","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":47,"box":{"x":84,"y":767,"width":414,"height":11}},{"id":"0d1f7927-269d-4bea-9d4b-6817ceef018e","block_type":"box","text":"purchase the downside protection, the Fund’s performance is","page_number":47,"box":{"x":83,"y":781,"width":393,"height":11}},{"id":"02c9a8fb-cd3f-4624-9ce5-dda9134bb59a","block_type":"box","text":"likely to be less than the Underlying Fund’s performance when (1)","page_number":47,"box":{"x":83,"y":795,"width":416,"height":11}},{"id":"2fc38ddf-09a6-40c4-88a3-f2fba67e25ae","block_type":"box","text":"distributions are considered and (2) the Underlying Fund’s","page_number":47,"box":{"x":83,"y":810,"width":371,"height":10}},{"id":"76260bfc-8748-4c47-94ce-1a15314edd48","block_type":"box","text":"performance is positive. The Fund may also underperform the","page_number":47,"box":{"x":83,"y":824,"width":394,"height":10}},{"id":"c692bf23-25e5-444c-b179-2e75ed6097c9","block_type":"box","text":"Underlying Fund if the returns of the Underlying Fund exceed the","page_number":47,"box":{"x":83,"y":838,"width":414,"height":11}},{"id":"9c7e6598-0f89-4ecd-8af7-72dbaed044fa","block_type":"box","text":"Approximate Cap net of the distributions.","page_number":47,"box":{"x":82,"y":852,"width":264,"height":11}},{"id":"6be74167-800b-4260-a58e-6ee65597e430","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":47,"box":{"x":549,"y":23,"width":386,"height":11}},{"id":"cc1b87d6-9e62-47cb-ae74-51b4b3c5b6e9","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":47,"box":{"x":550,"y":37,"width":401,"height":11}},{"id":"e00fbbab-8a0a-4751-9e32-a853833c3471","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":47,"box":{"x":549,"y":51,"width":414,"height":11}},{"id":"e94fe8d1-a956-4832-8989-3bf621b71959","block_type":"box","text":"upside limit significantly below the Approximate Cap and to","page_number":47,"box":{"x":549,"y":66,"width":379,"height":11}},{"id":"e3c36809-0888-4e5e-b968-4a1220ef5aa8","block_type":"box","text":"significantly less downside protection than the Approximate","page_number":47,"box":{"x":549,"y":80,"width":383,"height":11}},{"id":"2cc92736-fa6d-4ee6-b811-2eba5c6b182b","block_type":"box","text":"Buffer. Investors may lose their entire investment, and an","page_number":47,"box":{"x":550,"y":94,"width":364,"height":11}},{"id":"79d77189-a614-4a84-bfa0-c193ae646c9f","block_type":"box","text":"investment in the Fund is appropriate only for investors willing to","page_number":47,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"f032e69d-c113-41e0-8467-3bdcb672f4cb","block_type":"box","text":"bear those losses.","page_number":47,"box":{"x":549,"y":123,"width":115,"height":8}},{"id":"a401662e-c98b-47ef-b3fa-6846aa354d40","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":47,"box":{"x":550,"y":146,"width":407,"height":10}},{"id":"56583c87-c756-4163-ad0d-a4c43b864d81","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":47,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"04ba141d-8747-4e81-950f-ab2d22699e56","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":47,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"3ed082f8-8ca6-4558-b3c6-a87eff317ff1","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":47,"box":{"x":549,"y":188,"width":387,"height":11}},{"id":"1a74ba92-3df6-41cd-a4ce-795b3173704f","block_type":"box","text":"purchase call options with a strike price that is very low","page_number":47,"box":{"x":586,"y":206,"width":355,"height":11}},{"id":"f4071b9f-f9af-422d-b5ef-6277b8a9e4bb","block_type":"box","text":"(approximately 1% or less) relative to the Underlying Fund’s","page_number":47,"box":{"x":586,"y":220,"width":379,"height":11}},{"id":"b7c87f60-562b-445a-9ffe-734d990b5013","block_type":"box","text":"share price on the day of purchase (a “zero strike call”);","page_number":47,"box":{"x":586,"y":235,"width":354,"height":10}},{"id":"3f027e77-7147-4a40-ae08-e54e263ef222","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":47,"box":{"x":586,"y":253,"width":354,"height":10}},{"id":"60e692c1-78a5-4fe9-9dee-8e4c422a1e5a","block_type":"box","text":"Underlying Fund’s Index;","page_number":47,"box":{"x":586,"y":267,"width":156,"height":11}},{"id":"6f731d02-2a73-4145-8aa3-12a77c1416b4","block_type":"box","text":"purchase equity securities (e.g., component securities of the","page_number":47,"box":{"x":586,"y":285,"width":387,"height":11}},{"id":"0bd387dc-10ed-4e0a-b9f5-e883b9b5934a","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":47,"box":{"x":586,"y":299,"width":377,"height":11}},{"id":"5755d273-39e3-450d-a6cc-42473d48cfcc","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":47,"box":{"x":586,"y":313,"width":363,"height":11}},{"id":"8ce0c45e-68b9-45ed-8094-947bee4a24f4","block_type":"box","text":"invest in U.S. Treasuries, money market funds and/or other","page_number":47,"box":{"x":586,"y":331,"width":380,"height":11}},{"id":"d011563e-2b0d-48b5-b3da-1446bf7b774c","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":47,"box":{"x":586,"y":345,"width":376,"height":11}},{"id":"0ab645cf-2c2a-4ef2-9db6-b0d9a5f94481","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":47,"box":{"x":586,"y":360,"width":342,"height":10}},{"id":"d4dcfa2f-911e-4827-b9b0-a0c9bee23e83","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":47,"box":{"x":586,"y":374,"width":247,"height":11}},{"id":"86e3a2f9-dc19-468c-9b0b-4833eda7030f","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":47,"box":{"x":550,"y":397,"width":413,"height":11}},{"id":"31d690bb-1c90-4a3c-97b4-cff55e5ff2cf","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":47,"box":{"x":550,"y":411,"width":409,"height":11}},{"id":"131cab25-db90-4eae-8632-81c98722c9d7","block_type":"box","text":"common stocks of companies held by the Underlying Fund that","page_number":47,"box":{"x":549,"y":425,"width":404,"height":11}},{"id":"8b984d90-3f2b-4487-90b0-fb237d3b8829","block_type":"box","text":"BFA believes will provide a risk/return profile similar to that of the","page_number":47,"box":{"x":550,"y":440,"width":421,"height":10}},{"id":"c2cfde87-9b5c-4ddc-91d6-436287f28a07","block_type":"box","text":"Underlying Fund.","page_number":47,"box":{"x":550,"y":454,"width":106,"height":11}},{"id":"3a0a366a-1640-4a3c-88c8-9e6da63e36f2","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":47,"box":{"x":550,"y":477,"width":417,"height":10}},{"id":"67407f94-22b6-4495-a3dd-7c422d99e5c8","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":47,"box":{"x":549,"y":491,"width":401,"height":11}},{"id":"23fc69fc-d53e-4d5b-aaca-e8c0fad6cfa2","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":47,"box":{"x":549,"y":505,"width":424,"height":11}},{"id":"18e03d0e-f352-4209-9487-fd4e15332d6a","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":47,"box":{"x":549,"y":519,"width":356,"height":11}},{"id":"222739c1-488d-47c7-9a77-8906fc0ab05c","block_type":"box","text":"Approximate Cap or the Approximate Buffer with respect to","page_number":47,"box":{"x":549,"y":534,"width":380,"height":10}},{"id":"87137c85-ed0a-4d3b-9a90-7f3278a18210","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":47,"box":{"x":549,"y":548,"width":410,"height":11}},{"id":"c2bafe64-7166-4e79-a403-1bdcce47deae","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":47,"box":{"x":550,"y":562,"width":392,"height":11}},{"id":"ce33c462-4266-4fd9-b6be-f604b0b4dc8e","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":47,"box":{"x":549,"y":576,"width":410,"height":11}},{"id":"42c4d8a7-a319-44e2-bcb5-04a1af608911","block_type":"box","text":"The Fund is classified as non-diversified under the Investment","page_number":47,"box":{"x":549,"y":599,"width":395,"height":9}},{"id":"cf363c79-4c53-4b5a-b75d-b8ebf717c3e5","block_type":"box","text":"Company Act of 1940, as amended (the “1940 Act”).","page_number":47,"box":{"x":549,"y":614,"width":334,"height":10}},{"id":"5517f644-fcb5-469c-b05f-e231306322b1","block_type":"box","text":"Summary of Principal Risks","page_number":47,"box":{"x":549,"y":643,"width":235,"height":13}},{"id":"b77f0364-9eca-4317-adce-cd7addf74a6b","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":47,"box":{"x":549,"y":668,"width":388,"height":11}},{"id":"92e80182-cf4a-4bff-b207-e6d3ce068d7a","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":47,"box":{"x":549,"y":682,"width":422,"height":11}},{"id":"c0afbeb1-8236-4ea7-b7b9-ae8700cbfad9","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":47,"box":{"x":549,"y":696,"width":399,"height":11}},{"id":"044b5eb1-aff0-4f69-ad08-509192f24fa2","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":47,"box":{"x":550,"y":710,"width":370,"height":11}},{"id":"aa1afa81-a6fe-4938-a840-a4ee21b4dbd8","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":47,"box":{"x":549,"y":724,"width":399,"height":11}},{"id":"ec84654b-602d-45ad-8d05-66b05871e603","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":47,"box":{"x":549,"y":739,"width":359,"height":10}},{"id":"512b6b2d-ee45-4078-a0f7-3b0ea62182e2","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":47,"box":{"x":549,"y":753,"width":414,"height":11}},{"id":"9b1f3061-2b7c-4251-8487-debb2d511f38","block_type":"box","text":"affect the Fund’s NAV , trading price, yield, total return and ability","page_number":47,"box":{"x":549,"y":767,"width":418,"height":11}},{"id":"a5c8f7d8-9f35-4bdd-bee0-a42ea4968e6c","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":47,"box":{"x":549,"y":781,"width":413,"height":11}},{"id":"10182dc6-d712-4db4-8693-344c25e1be85","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":47,"box":{"x":549,"y":795,"width":424,"height":11}},{"id":"a930e29e-9ccf-4da6-846e-1cfa198679eb","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":47,"box":{"x":549,"y":809,"width":419,"height":11}},{"id":"9f358275-ec45-447b-8a19-bd026ca9b2d5","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":47,"box":{"x":549,"y":824,"width":316,"height":11}},{"id":"e747e594-d658-419f-8df1-81ed284bb120","block_type":"box","text":"Approximate Buffer Risk.","page_number":47,"box":{"x":548,"y":847,"width":170,"height":11}},{"id":"f499e71a-a0e6-40db-afe0-26c4cdb325b8","block_type":"box","text":"There can be no guarantee that the","page_number":47,"box":{"x":723,"y":847,"width":225,"height":11}},{"id":"304cb947-891c-4859-a281-ba130bdf5e9e","block_type":"box","text":"Fund will be successful in its strategy to provide downside","page_number":47,"box":{"x":550,"y":861,"width":370,"height":11}},{"id":"0d40afd8-ff1f-44ec-8d0a-ab12a9066357","block_type":"box","text":"protection against Underlying Fund losses. The Fund does not","page_number":47,"box":{"x":549,"y":875,"width":395,"height":11}},{"id":"a831edb8-3f30-4b37-ae91-e7f9064eda5a","block_type":"box","text":"S-36","page_number":47,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d1fe0f8d-cdcf-4896-9fb1-984ded085fb4","block_type":"box","text":"provide principal protection or non-principal protection, and,","page_number":48,"box":{"x":83,"y":23,"width":386,"height":11}},{"id":"3e0217b9-470f-4239-b5a3-e128fd3346f3","block_type":"box","text":"despite the Approximate Buffer, an investor may experience","page_number":48,"box":{"x":83,"y":37,"width":383,"height":11}},{"id":"43e322c5-b4b6-42ba-94bf-f2d710b7ad73","block_type":"box","text":"significant losses on their investment, including the loss of their","page_number":48,"box":{"x":83,"y":51,"width":408,"height":11}},{"id":"d13e52a9-d214-4a22-a31e-f61b90071070","block_type":"box","text":"entire investment. If an investor purchases Fund shares after an","page_number":48,"box":{"x":83,"y":66,"width":408,"height":10}},{"id":"2323f792-a994-471b-9591-6797019bd30f","block_type":"box","text":"Outcome Period begins or sells Fund shares prior to the end of an","page_number":48,"box":{"x":83,"y":80,"width":419,"height":11}},{"id":"ef03b194-3537-47c1-968d-0db23d7368ae","block_type":"box","text":"Outcome Period, the Approximate Buffer that the Fund seeks to","page_number":48,"box":{"x":83,"y":94,"width":407,"height":11}},{"id":"59916f04-17be-40d2-838a-5591691260c0","block_type":"box","text":"provide may not be available. In periods of extreme market","page_number":48,"box":{"x":83,"y":108,"width":376,"height":11}},{"id":"a80bf774-5a4d-425d-8f4d-f0bde31b133a","block_type":"box","text":"volatility, the Fund’s return may be subject to significantly less","page_number":48,"box":{"x":82,"y":122,"width":399,"height":11}},{"id":"c329ef01-e379-4c35-a439-0ac518c3144d","block_type":"box","text":"downside protection than the Approximate Buffer.","page_number":48,"box":{"x":83,"y":137,"width":319,"height":10}},{"id":"65e207b9-1904-47f8-b619-334f5752435f","block_type":"box","text":"Approximate Cap Risk.","page_number":48,"box":{"x":81,"y":160,"width":154,"height":10}},{"id":"43d11b0b-0f90-4e8d-8452-9a73da08bb7a","block_type":"box","text":"The Fund’s strategy seeks to provide","page_number":48,"box":{"x":241,"y":160,"width":234,"height":11}},{"id":"220f27bc-aeae-4425-8ba3-8d2daf9bbbf2","block_type":"box","text":"returns that are subject to an Approximate Cap, whose level","page_number":48,"box":{"x":83,"y":174,"width":383,"height":11}},{"id":"3552c308-2a89-4bb3-8af0-54feb3a2e771","block_type":"box","text":"depends on prevailing market conditions (","page_number":48,"box":{"x":83,"y":188,"width":268,"height":11}},{"id":"12aa85bd-8146-473b-99bc-1ad8b0b6dc1c","block_type":"box","text":"e.g","page_number":48,"box":{"x":352,"y":191,"width":19,"height":8}},{"id":"d6252cfd-825c-4c7f-bf3d-3f742c83985d","block_type":"box","text":"., volatility, interest","page_number":48,"box":{"x":371,"y":188,"width":122,"height":11}},{"id":"fd454d4f-f964-45d4-b3b2-e3b004e1343d","block_type":"box","text":"rates, dividends, and other factors) at the time that the","page_number":48,"box":{"x":83,"y":202,"width":351,"height":11}},{"id":"b1e895cc-5225-4adb-a06c-c2d932b45f3d","block_type":"box","text":"Approximate Cap is set. The Approximate Cap may rise or fall","page_number":48,"box":{"x":82,"y":216,"width":392,"height":11}},{"id":"794ad035-c602-4ad7-b567-ed5b6e9ba71c","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":48,"box":{"x":82,"y":231,"width":415,"height":11}},{"id":"1e4a26e2-b4cb-43d0-8b56-df6ee8e1466f","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":48,"box":{"x":83,"y":245,"width":369,"height":11}},{"id":"eb936f91-57c3-4dbc-b259-f3cb75553f26","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":48,"box":{"x":83,"y":259,"width":393,"height":11}},{"id":"81599aea-3ab5-4caa-b152-063e87f22400","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":48,"box":{"x":83,"y":273,"width":411,"height":11}},{"id":"de974a73-d46a-4a73-92c1-8618064deecb","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":48,"box":{"x":82,"y":287,"width":416,"height":11}},{"id":"4fecc828-2bfd-444b-a168-1259d58f4db9","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":48,"box":{"x":82,"y":302,"width":391,"height":10}},{"id":"9752fb1c-1bd3-4ed2-98c1-fdaae883533e","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":48,"box":{"x":83,"y":316,"width":417,"height":11}},{"id":"6e424138-b36e-482d-b549-9286ab92af4b","block_type":"box","text":"Approximate Cap.","page_number":48,"box":{"x":82,"y":330,"width":114,"height":11}},{"id":"ca09b59a-392e-4d5f-8c23-8fe7050cc913","block_type":"box","text":"Options Risk.","page_number":48,"box":{"x":83,"y":353,"width":88,"height":11}},{"id":"4f576bcc-8d1a-45c2-8398-b44fcec5f5f3","block_type":"box","text":"Investments in options are considered speculative.","page_number":48,"box":{"x":177,"y":353,"width":324,"height":11}},{"id":"8752d8dd-2113-426b-a38f-855a32313477","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":48,"box":{"x":82,"y":367,"width":364,"height":11}},{"id":"cff1046c-463e-49fe-b14e-29a58f5b3d80","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":48,"box":{"x":83,"y":382,"width":416,"height":10}},{"id":"df12277a-f933-427b-9b00-e6e064d45612","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":48,"box":{"x":83,"y":396,"width":397,"height":10}},{"id":"7a9ffcc1-89c4-4006-9e01-fd0d80826a2c","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":48,"box":{"x":83,"y":410,"width":393,"height":11}},{"id":"47b99cb0-348a-40ce-b945-4a02ae223465","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":48,"box":{"x":83,"y":424,"width":389,"height":11}},{"id":"948b6ed9-bf18-4cd8-8748-4080a0b483aa","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":48,"box":{"x":83,"y":438,"width":424,"height":11}},{"id":"05d6d4b7-78ba-41b6-80bc-b50205805167","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":48,"box":{"x":83,"y":452,"width":424,"height":11}},{"id":"e8697641-8089-4793-bc75-38cb1c89878f","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":48,"box":{"x":83,"y":467,"width":424,"height":10}},{"id":"60b66c04-7e20-4901-8424-760d5cbcd17f","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":48,"box":{"x":83,"y":481,"width":405,"height":11}},{"id":"ae876a90-a531-4315-83ed-6f5e7fb6b75a","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":48,"box":{"x":83,"y":495,"width":411,"height":11}},{"id":"ded8b140-f152-4d8c-9a39-c52ad7b2b4a3","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":48,"box":{"x":83,"y":509,"width":400,"height":11}},{"id":"5ab80fb3-eb1e-4849-bffd-1f0d85006897","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":48,"box":{"x":83,"y":523,"width":370,"height":11}},{"id":"ce522655-8603-49bb-96d6-634c2b3e524d","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":48,"box":{"x":83,"y":538,"width":410,"height":10}},{"id":"bb550624-8786-4906-bfcb-6225f325c824","block_type":"box","text":"would represent a loss to the Fund.","page_number":48,"box":{"x":82,"y":552,"width":225,"height":10}},{"id":"1c8bc39a-5b41-430f-9ba5-f87dc9de74db","block_type":"box","text":"FLEX Options Risk.","page_number":48,"box":{"x":83,"y":575,"width":116,"height":11}},{"id":"8a4b1143-bf0a-4fc9-bbe4-c7b7c952b4c7","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":48,"box":{"x":206,"y":575,"width":291,"height":11}},{"id":"1f1ee6df-bf12-4c2f-bce5-8004f9dad023","block_type":"box","text":"may be less liquid than certain other instruments, such as","page_number":48,"box":{"x":83,"y":589,"width":369,"height":11}},{"id":"c49be1f1-9bcf-4aef-b7c2-495ea649239f","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":48,"box":{"x":83,"y":603,"width":417,"height":11}},{"id":"8083fb01-9d30-43e8-8928-61eab4861f5a","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":48,"box":{"x":83,"y":617,"width":416,"height":11}},{"id":"ec6342bd-c37c-41f4-b34f-4825d83a0fe5","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":48,"box":{"x":83,"y":632,"width":380,"height":10}},{"id":"d662ce92-89a2-4e63-90af-6e4ff57648f0","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":48,"box":{"x":83,"y":646,"width":418,"height":11}},{"id":"22a54c43-ca73-46f6-b813-de88d0bfc85d","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":48,"box":{"x":83,"y":660,"width":416,"height":11}},{"id":"94de96a5-9bb7-453d-a8cf-8d528a31515f","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":48,"box":{"x":83,"y":674,"width":416,"height":11}},{"id":"8228ebbe-7bc4-4aa6-a54c-789a6ce559f6","block_type":"box","text":"in the Fund. There is also a risk that the Fund will be unable to","page_number":48,"box":{"x":83,"y":688,"width":395,"height":9}},{"id":"31d7d4eb-9fae-43c7-a0a0-c4f77bfdbf0e","block_type":"box","text":"maintain the proportional relationship based on the number of","page_number":48,"box":{"x":83,"y":702,"width":398,"height":11}},{"id":"d506a556-e2fd-4257-af5a-a768f3e491da","block_type":"box","text":"exchange-traded options in the Fund’s portfolio or that adverse","page_number":48,"box":{"x":83,"y":717,"width":404,"height":11}},{"id":"44269334-1943-4163-9690-daeb52944ec8","block_type":"box","text":"tax law changes will negatively impact the treatment of FLEX","page_number":48,"box":{"x":83,"y":731,"width":388,"height":11}},{"id":"d77c8e52-6b41-463a-adc3-73786851b9dd","block_type":"box","text":"Options. 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Large-capitalization companies may be","page_number":48,"box":{"x":549,"y":103,"width":405,"height":11}},{"id":"3e4381ca-4ee8-4f29-a991-260b992ecdb7","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":48,"box":{"x":549,"y":117,"width":371,"height":11}},{"id":"a41fabdf-dd4d-4f3e-ad76-573ab79f2580","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":48,"box":{"x":549,"y":131,"width":340,"height":11}},{"id":"e25ae9e3-922d-47b8-8caf-e8d3375e8f63","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":48,"box":{"x":549,"y":146,"width":390,"height":10}},{"id":"1a6ff2df-8ae5-459a-be7f-acf2c2ba9486","block_type":"box","text":"overall performance of the broader securities markets.","page_number":48,"box":{"x":549,"y":160,"width":349,"height":11}},{"id":"36509a1b-cab6-40ea-992d-40d0c676a02d","block_type":"box","text":"Market Risk","page_number":48,"box":{"x":549,"y":183,"width":82,"height":8}},{"id":"c7158be8-f386-4928-8a70-4117b4725b45","block_type":"box","text":".","page_number":48,"box":{"x":631,"y":190,"width":3,"height":1}},{"id":"20c1b0dc-b210-439e-afd2-7d6471b577ff","block_type":"box","text":"The Fund could lose money over short periods due","page_number":48,"box":{"x":639,"y":183,"width":322,"height":11}},{"id":"edaaa57b-b50d-448a-96e6-aaedae886a25","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":48,"box":{"x":549,"y":197,"width":413,"height":11}},{"id":"be7aa250-ebb2-4b78-b2e5-edd04f0aeeae","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":48,"box":{"x":549,"y":211,"width":382,"height":11}},{"id":"41ef197f-1936-4073-ad8c-277327877688","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":48,"box":{"x":549,"y":226,"width":411,"height":10}},{"id":"abe72585-6a86-4767-a357-cc31b55be87a","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":48,"box":{"x":549,"y":240,"width":370,"height":10}},{"id":"e13e7c66-fcec-4411-98c9-0a56564675bd","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":48,"box":{"x":549,"y":254,"width":404,"height":11}},{"id":"b68d86ba-d76e-4554-bf40-15cc3adb02f1","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":48,"box":{"x":549,"y":268,"width":395,"height":11}},{"id":"c966c4c3-d129-4e26-bbf6-a5cbbfe85b6b","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":48,"box":{"x":549,"y":282,"width":395,"height":11}},{"id":"174c34ef-ab46-442c-aa3d-6688d3bbb9bf","block_type":"box","text":"NAV.","page_number":48,"box":{"x":550,"y":297,"width":27,"height":8}},{"id":"f1405289-b3bb-4369-b3f4-dbf72d7c15e3","block_type":"box","text":"Asset Class Risk.","page_number":48,"box":{"x":548,"y":320,"width":114,"height":8}},{"id":"7ab45361-6341-4e67-bd40-a50acb2ec717","block_type":"box","text":"The securities and other assets in the Fund’s","page_number":48,"box":{"x":668,"y":320,"width":285,"height":8}},{"id":"d3441124-9f79-4cc9-8ced-1637f128c2ce","block_type":"box","text":"portfolio may underperform in comparison to financial markets","page_number":48,"box":{"x":549,"y":334,"width":402,"height":11}},{"id":"fe39de14-bd8b-41e2-9299-f674f8b69473","block_type":"box","text":"generally, a particular financial market, an index, or other asset","page_number":48,"box":{"x":549,"y":348,"width":404,"height":11}},{"id":"b09e8f77-c46d-4cdc-9ca6-4fbdc7dc4d9e","block_type":"box","text":"classes.","page_number":48,"box":{"x":549,"y":362,"width":50,"height":9}},{"id":"8972f902-549d-4f3c-8e76-1c023b3805b1","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":48,"box":{"x":548,"y":385,"width":290,"height":11}},{"id":"e06a018d-726d-4cfa-ae4a-12cec362ed94","block_type":"box","text":"An “Authorized","page_number":48,"box":{"x":847,"y":385,"width":93,"height":9}},{"id":"fc35e2a8-1da0-458a-b6f6-c71b7450005c","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":48,"box":{"x":550,"y":400,"width":379,"height":10}},{"id":"379c4c19-7012-4146-b3c6-ccee78e3d406","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":48,"box":{"x":549,"y":414,"width":411,"height":11}},{"id":"953879a6-6ca9-432c-8c24-141960e734a5","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":48,"box":{"x":550,"y":428,"width":395,"height":11}},{"id":"76f84870-a462-4c71-8b29-cf047482eaff","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":48,"box":{"x":550,"y":442,"width":399,"height":11}},{"id":"99f06c89-f8b8-4f6c-b500-921bd636671d","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":48,"box":{"x":549,"y":456,"width":407,"height":11}},{"id":"b421e220-1655-4609-802e-205423d6e0fb","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":48,"box":{"x":549,"y":470,"width":409,"height":11}},{"id":"2aebbda9-e433-4d8b-ad59-52077bfab7b9","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":48,"box":{"x":549,"y":485,"width":412,"height":10}},{"id":"88e55141-b41b-48f1-aa9a-dc4ba5e6d241","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":48,"box":{"x":549,"y":499,"width":403,"height":11}},{"id":"ff126bc5-d1bc-4911-8395-152bd5a4eefa","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":48,"box":{"x":549,"y":513,"width":378,"height":11}},{"id":"82c266ae-49f6-49b3-af40-c41a2a175775","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":48,"box":{"x":550,"y":527,"width":379,"height":11}},{"id":"70338fdc-e8a9-4f98-ab0e-86436a01ee33","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":48,"box":{"x":549,"y":541,"width":404,"height":11}},{"id":"d354f231-688c-42ca-ae55-3bb9fca34064","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":48,"box":{"x":549,"y":556,"width":399,"height":10}},{"id":"b1abde02-2534-4dbc-8312-f04cda64e9fa","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":48,"box":{"x":550,"y":570,"width":391,"height":10}},{"id":"cc6312f6-b4eb-4cc1-a217-a707023c199e","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":48,"box":{"x":549,"y":584,"width":408,"height":11}},{"id":"ee055bc6-9e32-4e90-ac09-146c45076430","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":48,"box":{"x":549,"y":598,"width":273,"height":11}},{"id":"99927700-731e-45e9-8e6b-ea3966a0e35d","block_type":"box","text":"Clearing Member Default Risk.","page_number":48,"box":{"x":549,"y":621,"width":207,"height":11}},{"id":"6a424dee-0ccc-4a15-9c74-15e918ade0ad","block_type":"box","text":"Transactions in some types of","page_number":48,"box":{"x":762,"y":621,"width":190,"height":11}},{"id":"3d27d5ee-46c3-4932-bb1d-c2ea5fa4512a","block_type":"box","text":"derivatives, including FLEX Options and futures, are required to be","page_number":48,"box":{"x":549,"y":635,"width":423,"height":11}},{"id":"d739050c-b771-4274-b9bc-77b9ed8a6bff","block_type":"box","text":"centrally cleared (“cleared derivatives”). In a transaction involving","page_number":48,"box":{"x":549,"y":650,"width":419,"height":10}},{"id":"94b83053-185e-4113-89f3-5fcf9a070468","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":48,"box":{"x":549,"y":664,"width":408,"height":11}},{"id":"78c793c6-e10b-40d0-86af-f3f1c8ffc848","block_type":"box","text":"such as the OCC, rather than a bank or broker. Since the Fund is","page_number":48,"box":{"x":549,"y":678,"width":412,"height":10}},{"id":"f4c67613-ac50-4bfd-b8ae-b3e8674b4514","block_type":"box","text":"not a member of clearing houses and only members of a clearing","page_number":48,"box":{"x":549,"y":692,"width":415,"height":11}},{"id":"fa093cd4-61f9-4f38-a50a-a71f267b3508","block_type":"box","text":"house (“clearing members”) can participate directly in the clearing","page_number":48,"box":{"x":549,"y":706,"width":424,"height":11}},{"id":"8f32ecac-ca34-4d30-8685-27f791ebfee6","block_type":"box","text":"house, the Fund will hold cleared derivatives through accounts at","page_number":48,"box":{"x":549,"y":721,"width":416,"height":10}},{"id":"c141ace9-cb0a-47b7-95f8-a7148cb7a033","block_type":"box","text":"clearing members. In cleared derivatives positions, the Fund will","page_number":48,"box":{"x":549,"y":735,"width":409,"height":11}},{"id":"3d9e83c4-5a82-4b0d-ad9c-6c7046b7c741","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":48,"box":{"x":549,"y":749,"width":381,"height":11}},{"id":"a0de0aff-9a26-406b-8bb0-7e2aec6b73a7","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":48,"box":{"x":549,"y":763,"width":371,"height":11}},{"id":"e4ec7e53-47b2-47bf-905b-acd7405df336","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":48,"box":{"x":549,"y":777,"width":421,"height":11}},{"id":"cd397fa8-4d8c-4594-bc98-2449c052c099","block_type":"box","text":"in connection with any options contracts are held in a","page_number":48,"box":{"x":549,"y":791,"width":342,"height":11}},{"id":"4f93ddd5-cfdc-4657-97c6-f4b7105a5814","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":48,"box":{"x":549,"y":806,"width":414,"height":10}},{"id":"b04485db-8859-419c-a988-9bac9615bf98","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":48,"box":{"x":549,"y":820,"width":420,"height":11}},{"id":"caceeb5c-c9b4-4bf1-9b2d-34cb61961d05","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":48,"box":{"x":549,"y":834,"width":400,"height":11}},{"id":"0a8d96ba-6893-4bc5-bee4-64d10cbac971","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":48,"box":{"x":550,"y":848,"width":422,"height":11}},{"id":"d2342a2d-0236-49d9-95d4-3e45d86e3778","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":48,"box":{"x":549,"y":862,"width":404,"height":11}},{"id":"f6ffb49c-fef3-4bd2-8008-ea4a1bbc3c2e","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":48,"box":{"x":549,"y":877,"width":406,"height":10}},{"id":"c8a47197-0fc1-4b60-98fa-7dc310e1a095","block_type":"box","text":"S-37","page_number":48,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8c4ba36b-b4bc-4be6-9e2b-e5834f43e308","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":49,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"46b28a11-88b1-4f9c-b65d-1a124aa852cb","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":49,"box":{"x":83,"y":37,"width":422,"height":11}},{"id":"9cb43a2d-fe43-4e38-9c2d-ea061cfd18f0","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":49,"box":{"x":83,"y":51,"width":412,"height":11}},{"id":"4e04aba3-1d07-466a-8f52-245bf6c95950","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":49,"box":{"x":83,"y":66,"width":420,"height":11}},{"id":"b6c6d34b-eff5-4f70-946b-ccbd5e6866d6","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":49,"box":{"x":83,"y":80,"width":421,"height":11}},{"id":"d1724331-f818-4761-a39f-9413dfb2ac7a","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":49,"box":{"x":83,"y":94,"width":411,"height":11}},{"id":"9b591c81-6d40-4134-be9b-f490ec21f1dd","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":49,"box":{"x":82,"y":108,"width":381,"height":11}},{"id":"ec0e5d1d-82a7-4053-a7b8-af639c33b5fc","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":49,"box":{"x":83,"y":122,"width":394,"height":11}},{"id":"107c0461-ca38-4f8c-97d6-be99e3360fe0","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":49,"box":{"x":82,"y":137,"width":401,"height":10}},{"id":"f788266c-d18c-4e74-b035-84958d964551","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":49,"box":{"x":83,"y":151,"width":411,"height":11}},{"id":"3ccfce77-09a5-4ffe-8af9-dcc32a22768a","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":49,"box":{"x":83,"y":165,"width":423,"height":11}},{"id":"60cdb1ae-6051-43e2-9491-10c3d186154e","block_type":"box","text":"the clearing member. If the Fund cannot find a clearing member to","page_number":49,"box":{"x":83,"y":179,"width":424,"height":11}},{"id":"2db32e53-3b6d-44c6-9702-56fdf1e5bf65","block_type":"box","text":"transact with on the Fund’s behalf, the Fund may be unable to","page_number":49,"box":{"x":83,"y":193,"width":395,"height":11}},{"id":"85858df0-5f49-46fa-ab60-c3e340001d1e","block_type":"box","text":"effectively implement its investment strategy.","page_number":49,"box":{"x":83,"y":207,"width":291,"height":11}},{"id":"377bc8f5-2070-46bb-9e1a-3fd8ee80bca5","block_type":"box","text":"Concentration Risk.","page_number":49,"box":{"x":83,"y":231,"width":132,"height":8}},{"id":"92d9030a-4226-45cf-a8ae-29c52b4b21bd","block_type":"box","text":"The Fund may be susceptible to an","page_number":49,"box":{"x":220,"y":231,"width":222,"height":10}},{"id":"111a73f2-b7a1-41b9-b69b-1bfcd8773bc8","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":49,"box":{"x":83,"y":245,"width":419,"height":11}},{"id":"0d53292c-e868-477e-b669-1c7241fb59a2","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":49,"box":{"x":83,"y":259,"width":407,"height":10}},{"id":"7148f38e-69ad-434b-8348-1a7e15e012bd","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":49,"box":{"x":83,"y":273,"width":417,"height":9}},{"id":"f06e9444-059e-485c-af1c-926ba3620d19","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":49,"box":{"x":83,"y":287,"width":395,"height":11}},{"id":"85b9f443-1c41-43ce-9efd-e07bf7417c73","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":49,"box":{"x":83,"y":302,"width":388,"height":10}},{"id":"6b8dba2e-fbdf-45a5-be48-84d7c32315e8","block_type":"box","text":"asset classes.","page_number":49,"box":{"x":83,"y":316,"width":88,"height":8}},{"id":"3b06a2d6-25b3-4d93-bd2c-3b32f487d6bd","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":49,"box":{"x":83,"y":339,"width":325,"height":11}},{"id":"5d8e9ecc-7091-4c88-9bf8-f0b08b8afa38","block_type":"box","text":"Consumer","page_number":49,"box":{"x":414,"y":339,"width":65,"height":8}},{"id":"33513a82-3e25-45bf-938f-39e2c8288ced","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":49,"box":{"x":83,"y":353,"width":399,"height":11}},{"id":"27f05827-ce98-4503-82cc-b3f106485300","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":49,"box":{"x":83,"y":367,"width":420,"height":11}},{"id":"ee3a1d07-aa0f-4594-8602-84493a117e7b","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":49,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"7eeb9f55-1b8d-45d5-bce6-5b3a0b840202","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":49,"box":{"x":83,"y":396,"width":403,"height":11}},{"id":"56fe40e6-eb91-425b-98e7-66ccfb2c3bbf","block_type":"box","text":"other things.","page_number":49,"box":{"x":83,"y":410,"width":79,"height":11}},{"id":"6b9b7e27-a619-4559-ad75-6736baa304b3","block_type":"box","text":"Counterparty Risk.","page_number":49,"box":{"x":83,"y":433,"width":125,"height":11}},{"id":"ea659a14-0a36-42dc-9726-3391499ce026","block_type":"box","text":"Derivatives are subject to counterparty risk,","page_number":49,"box":{"x":215,"y":433,"width":280,"height":11}},{"id":"09e63f39-a9ac-4f63-81e7-4dc2cff4f5e1","block_type":"box","text":"which is the risk that the other party in the transaction will be","page_number":49,"box":{"x":82,"y":447,"width":393,"height":11}},{"id":"ffebaf7f-e81e-441d-bc20-5522ff3c8c4d","block_type":"box","text":"unable or unwilling to fulfill its contractual obligation, and the","page_number":49,"box":{"x":83,"y":461,"width":390,"height":11}},{"id":"26d9e038-e8cb-4bb8-bb13-131dc4f7e735","block_type":"box","text":"related risks of having concentrated exposure to such a","page_number":49,"box":{"x":83,"y":476,"width":354,"height":10}},{"id":"a60ff393-393f-451b-95be-ac1ee573f54f","block_type":"box","text":"counterparty. The OCC acts as guarantor and central counterparty","page_number":49,"box":{"x":83,"y":490,"width":424,"height":11}},{"id":"af0a0445-ca39-4d86-af28-c276a5d4f5e5","block_type":"box","text":"with respect to the FLEX Options. As a result, the ability of the","page_number":49,"box":{"x":82,"y":504,"width":398,"height":11}},{"id":"d6bd09cc-792b-4dc8-9090-a4eeafbccd50","block_type":"box","text":"Fund to meet its objective depends on the OCC being able to","page_number":49,"box":{"x":84,"y":518,"width":388,"height":11}},{"id":"562e3224-ca50-41a7-bb9b-b5b44610f2a2","block_type":"box","text":"meet its obligations. In the unlikely event that the OCC becomes","page_number":49,"box":{"x":83,"y":532,"width":411,"height":11}},{"id":"afb8d86d-57ae-4d47-b7f0-bfb840ca6937","block_type":"box","text":"insolvent or is otherwise unable to meet its settlement","page_number":49,"box":{"x":83,"y":547,"width":348,"height":8}},{"id":"cfe51426-a9dd-448c-83e5-864c889615f9","block_type":"box","text":"obligations, the Fund could suffer significant losses.","page_number":49,"box":{"x":83,"y":561,"width":331,"height":11}},{"id":"bfe280ba-0c45-4f34-89f7-74b17dba360f","block_type":"box","text":"Derivatives Risk.","page_number":49,"box":{"x":83,"y":584,"width":111,"height":8}},{"id":"e0a9f20b-4197-4570-9384-83fc78dbb469","block_type":"box","text":"The Fund’s use of derivatives (","page_number":49,"box":{"x":200,"y":584,"width":193,"height":11}},{"id":"ee5895a2-a51b-4859-8885-3ca4f33ec39f","block_type":"box","text":"e.g","page_number":49,"box":{"x":394,"y":586,"width":19,"height":9}},{"id":"32b5a9a6-94be-4701-9571-f26d4795f13b","block_type":"box","text":"., futures,","page_number":49,"box":{"x":414,"y":584,"width":59,"height":10}},{"id":"f1ea8851-afea-4c69-bf11-94f4ed564a67","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":49,"box":{"x":82,"y":598,"width":385,"height":11}},{"id":"55136fb9-be88-4629-b15c-363f247b2f22","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":49,"box":{"x":83,"y":612,"width":411,"height":11}},{"id":"5ef7f58b-6644-4e99-bc14-fd23b8dcc3de","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":49,"box":{"x":83,"y":626,"width":424,"height":11}},{"id":"0a0643b5-f764-43d1-a38d-1e5332bc7019","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":49,"box":{"x":83,"y":641,"width":365,"height":10}},{"id":"bdccabc7-387e-4c93-9f14-8aeeade1111d","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":49,"box":{"x":82,"y":655,"width":390,"height":11}},{"id":"92c4996b-24e4-49c6-922a-5b4dbe35b0e7","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":49,"box":{"x":83,"y":669,"width":398,"height":11}},{"id":"4caf1fb8-8175-48fc-a643-22165fbe0fc4","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":49,"box":{"x":82,"y":683,"width":407,"height":11}},{"id":"6a6358de-339e-4a01-9734-b0f6cb87ae83","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":49,"box":{"x":83,"y":697,"width":363,"height":11}},{"id":"6331b9e8-6b0d-4cf0-bf4d-a90cf294deb6","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":49,"box":{"x":83,"y":712,"width":418,"height":10}},{"id":"8ec2eb93-7a71-4bd5-8339-1ad8aa06b162","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":49,"box":{"x":83,"y":726,"width":400,"height":11}},{"id":"2af0eeae-031f-4c07-a57b-1d3add4f9793","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":49,"box":{"x":83,"y":740,"width":381,"height":11}},{"id":"6d877693-66e2-4500-b964-ceb56c9ed0d0","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":49,"box":{"x":82,"y":754,"width":418,"height":11}},{"id":"d2e3a6d5-6264-4e0a-8ac6-892e325222f3","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":49,"box":{"x":83,"y":768,"width":401,"height":11}},{"id":"0b5e80a5-9d57-4179-933f-fc106ea40034","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":49,"box":{"x":83,"y":782,"width":403,"height":11}},{"id":"27119461-dc76-4f58-a1c5-98233db3da2a","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":49,"box":{"x":83,"y":797,"width":402,"height":10}},{"id":"85286acd-81ab-450d-9b5e-d3639ca44db2","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":49,"box":{"x":83,"y":811,"width":371,"height":11}},{"id":"595429ad-e159-4e8e-9f79-fb9c619868bb","block_type":"box","text":"Equity Securities Risk","page_number":49,"box":{"x":83,"y":834,"width":147,"height":11}},{"id":"0aec2e55-f1db-4747-852c-64fdbe0f813c","block_type":"box","text":".","page_number":49,"box":{"x":230,"y":841,"width":3,"height":1}},{"id":"584ba16c-48e2-4051-a013-eb56c30e7e2b","block_type":"box","text":"Equity securities are subject to changes","page_number":49,"box":{"x":239,"y":834,"width":254,"height":11}},{"id":"845f5356-6ba1-4336-8330-5fa9683e73fb","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":49,"box":{"x":83,"y":848,"width":422,"height":11}},{"id":"8c087933-f086-4ab4-8efe-41073d40e2c6","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":49,"box":{"x":83,"y":862,"width":420,"height":11}},{"id":"5791f249-6cd4-4414-abbf-2d4bf64094e8","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":49,"box":{"x":83,"y":877,"width":396,"height":10}},{"id":"14484b84-dbea-4f5f-a886-ccd1ca9146fa","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":49,"box":{"x":549,"y":23,"width":359,"height":11}},{"id":"08f5e6c2-45a8-4f1d-a493-990453ca92da","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":49,"box":{"x":549,"y":37,"width":390,"height":11}},{"id":"d1d62cf8-14b0-4025-a03b-1e49ca311a0c","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":49,"box":{"x":549,"y":51,"width":412,"height":11}},{"id":"39fc6114-14fe-4ab6-9ea8-c2b4ad548a3e","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":49,"box":{"x":549,"y":66,"width":373,"height":11}},{"id":"e21dd70c-fb3a-443a-a191-f282e181e169","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":49,"box":{"x":549,"y":80,"width":309,"height":11}},{"id":"59f61379-3c9d-47fa-9d4d-91b5a9291be6","block_type":"box","text":"Futures Contract Risk.","page_number":49,"box":{"x":549,"y":103,"width":150,"height":9}},{"id":"744bc978-eeb7-4ba4-a397-70ecdc08fe10","block_type":"box","text":"Futures contracts may involve risks","page_number":49,"box":{"x":706,"y":103,"width":225,"height":11}},{"id":"28b8cf16-81ad-44b1-bede-456cae363791","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":49,"box":{"x":549,"y":117,"width":424,"height":11}},{"id":"31d9c93f-3a61-4902-9b78-af9921635733","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":49,"box":{"x":549,"y":131,"width":369,"height":11}},{"id":"411cc5a4-d28f-4daa-b869-eb8376053bf4","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":49,"box":{"x":549,"y":146,"width":411,"height":10}},{"id":"c97c4a19-e8e6-4191-b3f9-75c57706bd19","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":49,"box":{"x":549,"y":160,"width":407,"height":11}},{"id":"c8c2128e-82b0-4374-a90c-10ca2ef848b0","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":49,"box":{"x":549,"y":174,"width":424,"height":11}},{"id":"65aa9575-6070-48c0-ba65-c46562819bb5","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":49,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"dbd8a3d5-5232-42c7-a902-2de64207400c","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":49,"box":{"x":549,"y":202,"width":412,"height":11}},{"id":"1572f7b6-3413-42f8-a925-7273743118e9","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":49,"box":{"x":549,"y":216,"width":389,"height":11}},{"id":"185137c7-c0e1-490d-86f4-de52aeb58505","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":49,"box":{"x":549,"y":231,"width":393,"height":10}},{"id":"10cf6c9d-feaf-4d34-895b-121946ed00b6","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":49,"box":{"x":549,"y":245,"width":411,"height":11}},{"id":"2b4f46b4-35b4-4c21-b59c-c52308c2092c","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":49,"box":{"x":549,"y":259,"width":361,"height":11}},{"id":"fed3435b-3a7b-4948-8700-3aeac4926c5e","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":49,"box":{"x":549,"y":273,"width":404,"height":11}},{"id":"54a28fa4-9cdb-4f86-97d3-2437a20fa561","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":49,"box":{"x":549,"y":287,"width":378,"height":11}},{"id":"068fa2c6-2d90-43e5-b219-c4ad2ad42cdc","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":49,"box":{"x":549,"y":302,"width":407,"height":10}},{"id":"493b7687-d2ed-4b0e-8f66-c548cd4f2e11","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":49,"box":{"x":549,"y":316,"width":423,"height":11}},{"id":"58c73f47-cbb5-4db3-bb2b-594d762a81b9","block_type":"box","text":"commodity to the Fund.","page_number":49,"box":{"x":549,"y":330,"width":151,"height":11}},{"id":"51f12338-416f-461b-8367-53c861a54d01","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":49,"box":{"x":549,"y":353,"width":398,"height":11}},{"id":"cda8c3b8-5fd5-4c0d-9b1b-12c542a29e3c","block_type":"box","text":"(","page_number":49,"box":{"x":549,"y":367,"width":3,"height":11}},{"id":"8c5e133b-deee-46fb-8ec9-6a87067c8e22","block_type":"box","text":"i.e","page_number":49,"box":{"x":553,"y":367,"width":14,"height":9}},{"id":"07c023f5-ce7b-408c-8964-412b35dda4c1","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":49,"box":{"x":569,"y":367,"width":356,"height":11}},{"id":"1e631129-ef3b-4f13-9be9-c3b3e8c2f45d","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":49,"box":{"x":549,"y":382,"width":373,"height":10}},{"id":"089921b7-5878-4b33-9013-37c093727d3a","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":49,"box":{"x":549,"y":396,"width":406,"height":10}},{"id":"5334ef75-266c-4f05-b707-92861d98d9e6","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":49,"box":{"x":549,"y":410,"width":424,"height":11}},{"id":"a1d1cc6e-b365-4790-82fd-893d00d33665","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":49,"box":{"x":549,"y":424,"width":392,"height":11}},{"id":"f00a3f2e-9771-47d8-818a-9b5768fba8ec","block_type":"box","text":"contract.","page_number":49,"box":{"x":549,"y":439,"width":56,"height":8}},{"id":"2f810b9b-320d-48cf-b5fc-f77477ae753c","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":49,"box":{"x":549,"y":461,"width":244,"height":11}},{"id":"4d54231e-567c-47cf-9292-6158b43e2585","block_type":"box","text":"The Fund invests in the","page_number":49,"box":{"x":799,"y":461,"width":147,"height":9}},{"id":"b2793189-403b-427a-98fb-6ab6404520a5","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":49,"box":{"x":550,"y":476,"width":419,"height":10}},{"id":"205f75cf-8dc8-490f-a6bd-90d8ab1033b3","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":49,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"e525c3c9-58f7-4008-8cfe-a97c2c4faad5","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":49,"box":{"x":549,"y":504,"width":381,"height":11}},{"id":"4e0bb33a-80d6-4086-8636-125fb536878f","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":49,"box":{"x":550,"y":518,"width":419,"height":11}},{"id":"cd847360-82d3-4ed4-8ef6-988428232322","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":49,"box":{"x":549,"y":532,"width":419,"height":11}},{"id":"e731892e-725e-4871-98be-45431fa1e33d","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":49,"box":{"x":550,"y":547,"width":407,"height":10}},{"id":"e08689ce-037d-4f89-954c-d563dea2cbbd","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":49,"box":{"x":549,"y":561,"width":418,"height":11}},{"id":"7dd18018-8b4f-4cc7-8217-d04c2109e788","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":49,"box":{"x":549,"y":575,"width":417,"height":11}},{"id":"1f53ee11-1b53-43c9-8aea-10c503fdd84e","block_type":"box","text":"the Underlying Fund.","page_number":49,"box":{"x":549,"y":589,"width":132,"height":11}},{"id":"f6cb5477-ab89-468f-b9f9-5c1f1cb9645d","block_type":"box","text":"Issuer Risk","page_number":49,"box":{"x":549,"y":612,"width":75,"height":9}},{"id":"25918c9b-6198-46e7-b998-ddcf579191f3","block_type":"box","text":".","page_number":49,"box":{"x":624,"y":619,"width":3,"height":2}},{"id":"b67b9741-734f-4d67-a258-1c31245103bc","block_type":"box","text":"The performance of the Fund depends on the","page_number":49,"box":{"x":632,"y":612,"width":288,"height":11}},{"id":"417a92fa-127c-4328-bc61-639bc1de8fda","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":49,"box":{"x":549,"y":626,"width":412,"height":11}},{"id":"ec7bfa44-a36b-4f78-948a-5bac5fa2a2a5","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":49,"box":{"x":550,"y":641,"width":402,"height":10}},{"id":"6277e567-47dc-44a6-90d3-7a5e6d5b77dd","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":49,"box":{"x":549,"y":655,"width":418,"height":11}},{"id":"0b26dfcf-8d51-4594-9abf-9cb53a276fea","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":49,"box":{"x":549,"y":669,"width":414,"height":11}},{"id":"5c005484-f495-4fbe-a0ed-743193b001ba","block_type":"box","text":"counterparty.","page_number":49,"box":{"x":549,"y":684,"width":84,"height":10}},{"id":"dbec5c21-5415-4216-b937-1a703c74bf30","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":49,"box":{"x":549,"y":706,"width":360,"height":11}},{"id":"0b7dd294-3c7a-4664-b7c9-f514845f2550","block_type":"box","text":"Certain","page_number":49,"box":{"x":915,"y":706,"width":45,"height":9}},{"id":"ff19cd25-f72e-4715-a572-762e47a97bb7","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":49,"box":{"x":549,"y":721,"width":405,"height":10}},{"id":"dea660e3-685b-447b-91a3-8c3c8065fe7c","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":49,"box":{"x":549,"y":735,"width":409,"height":11}},{"id":"bf4cbd9c-6b0c-46b1-b5bd-002c3a47d478","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":49,"box":{"x":549,"y":749,"width":419,"height":11}},{"id":"d431144c-ffa2-47dd-a255-60e3b1ac0f22","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":49,"box":{"x":549,"y":763,"width":417,"height":11}},{"id":"af74f327-f6ea-4380-9686-2b46ed76da0d","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":49,"box":{"x":549,"y":806,"width":421,"height":10}},{"id":"a71e52af-4d02-47d1-aeea-d38558c3f041","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":49,"box":{"x":549,"y":820,"width":413,"height":11}},{"id":"2c6eb8c4-885a-488d-895c-24cf1281d279","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":49,"box":{"x":549,"y":834,"width":416,"height":11}},{"id":"76ae78ea-e377-4ae8-928e-23d4221f9e1e","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":49,"box":{"x":549,"y":848,"width":411,"height":11}},{"id":"53537677-1b67-44bc-be03-40d6395ce12a","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":49,"box":{"x":549,"y":862,"width":415,"height":9}},{"id":"a936c5bc-9321-4ad2-a8e1-13e8404fa8c9","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":49,"box":{"x":549,"y":877,"width":400,"height":10}},{"id":"343a7ca9-3c0f-44ab-998a-c9e18289ae9f","block_type":"box","text":"S-38","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e4056084-2237-42c8-972d-06b98ed53355","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":50,"box":{"x":83,"y":23,"width":404,"height":11}},{"id":"63c20906-4477-4790-98e8-6f45e130047e","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":50,"box":{"x":83,"y":37,"width":415,"height":11}},{"id":"be992063-88eb-4b10-94e3-d8c979e3232b","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":50,"box":{"x":82,"y":52,"width":413,"height":10}},{"id":"565be04f-e626-4df3-aeab-44ad9d68d107","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":50,"box":{"x":83,"y":66,"width":352,"height":11}},{"id":"90d9373b-d743-4977-b234-5fb391c1a1eb","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":50,"box":{"x":83,"y":80,"width":415,"height":11}},{"id":"f25ef87b-3562-48a7-a160-907ef68c5205","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":50,"box":{"x":82,"y":94,"width":417,"height":11}},{"id":"c20e5f93-98d3-4869-b7b4-61b49488f365","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":50,"box":{"x":83,"y":108,"width":387,"height":11}},{"id":"de8fadd9-603a-44d1-a2aa-0dbd3def90c9","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":50,"box":{"x":82,"y":122,"width":419,"height":11}},{"id":"1125d823-d62f-4350-8767-8ab1124c6977","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":50,"box":{"x":83,"y":137,"width":389,"height":10}},{"id":"8b663c4d-d28d-4a28-86cb-f358cf9b038d","block_type":"box","text":"price of Fund shares.","page_number":50,"box":{"x":83,"y":151,"width":133,"height":11}},{"id":"dbb2078a-965c-4fdd-a36c-27ba70b23da5","block_type":"box","text":"Management Risk.","page_number":50,"box":{"x":83,"y":174,"width":124,"height":11}},{"id":"c882702a-023f-4efb-9fc9-63e7340f384b","block_type":"box","text":"The Fund is subject to management risk,","page_number":50,"box":{"x":213,"y":174,"width":259,"height":11}},{"id":"d45e459e-9530-4e3a-bc5c-45afa9bcaf72","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":50,"box":{"x":82,"y":188,"width":420,"height":11}},{"id":"317a9af9-8108-43c5-b10b-7ea456fc9c37","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":50,"box":{"x":83,"y":202,"width":412,"height":11}},{"id":"ae1c550b-e9d4-4a9c-9fc3-51dc62b9c85d","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":50,"box":{"x":83,"y":217,"width":417,"height":10}},{"id":"98489e80-e7b0-4c85-b7b3-1f44f7b91787","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":50,"box":{"x":83,"y":231,"width":374,"height":8}},{"id":"a9b06942-95d7-4166-a688-c9bbb626082e","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":50,"box":{"x":83,"y":245,"width":390,"height":11}},{"id":"9e6674e5-b9b4-4c5a-940e-6335c479df4c","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":50,"box":{"x":83,"y":259,"width":392,"height":11}},{"id":"1cb005e5-7806-464e-825f-6aa00fa43969","block_type":"box","text":"developments may affect the investment techniques available to","page_number":50,"box":{"x":83,"y":273,"width":412,"height":11}},{"id":"a1d7b093-18af-4e0e-b19f-a59ea1452c17","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":50,"box":{"x":84,"y":287,"width":394,"height":11}},{"id":"03a110c6-36e5-4fe7-83b5-96913739b8ac","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":50,"box":{"x":83,"y":302,"width":410,"height":10}},{"id":"f6597a74-898b-4230-b5c1-7e1faddf4408","block_type":"box","text":"Market Trading Risk","page_number":50,"box":{"x":83,"y":325,"width":136,"height":11}},{"id":"9cf3f245-403b-4956-bedf-079a9358db94","block_type":"box","text":".","page_number":50,"box":{"x":219,"y":331,"width":2,"height":2}},{"id":"3dcc4532-334a-4f65-b50d-086293c0a191","block_type":"box","text":"The Fund faces numerous market trading","page_number":50,"box":{"x":226,"y":325,"width":263,"height":11}},{"id":"2295fa71-b41c-4e5a-8eae-b0cbceb3e633","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":50,"box":{"x":83,"y":339,"width":394,"height":11}},{"id":"4ed60a18-8b1e-4f73-923b-c87ee701ad5e","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":50,"box":{"x":83,"y":353,"width":401,"height":11}},{"id":"ff1aecaf-9ef5-4071-bb45-f12571b90874","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":50,"box":{"x":83,"y":367,"width":404,"height":11}},{"id":"2720ddda-3b41-4505-93a1-124df2b7c3b7","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":50,"box":{"x":83,"y":382,"width":416,"height":10}},{"id":"0b15761d-c23b-4759-b12a-227d0287a9ce","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":50,"box":{"x":82,"y":396,"width":405,"height":11}},{"id":"d7875a4d-7289-4afe-bfd0-1dd32ddbc37e","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":50,"box":{"x":83,"y":410,"width":411,"height":11}},{"id":"35010b48-a43a-467a-8ea1-54be9e7a9d12","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":50,"box":{"x":83,"y":424,"width":397,"height":11}},{"id":"25550d31-ba1f-4f6e-b39b-492d9ea8d904","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":50,"box":{"x":83,"y":438,"width":419,"height":11}},{"id":"8be1218a-d908-400f-928a-ff25b3f2c3ea","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":50,"box":{"x":83,"y":452,"width":412,"height":11}},{"id":"23d25679-9125-4313-af43-2206ffe60219","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":50,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"6a543a1a-98d6-491c-9290-bba80dc63268","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":50,"box":{"x":83,"y":481,"width":316,"height":11}},{"id":"101f07f9-ba52-4688-ac55-8527c78eba87","block_type":"box","text":"Non-Diversification Risk","page_number":50,"box":{"x":83,"y":504,"width":165,"height":8}},{"id":"ec6f21f5-b679-4da7-8d48-19cda4217f52","block_type":"box","text":".","page_number":50,"box":{"x":248,"y":511,"width":2,"height":1}},{"id":"42dd2344-12a0-4e63-a882-ee102c8f9f4c","block_type":"box","text":"The Fund is classified as “non","page_number":50,"box":{"x":255,"y":504,"width":193,"height":8}},{"id":"e6bc16e1-bc49-46d7-9d01-2b66635f65b2","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":50,"box":{"x":83,"y":518,"width":377,"height":11}},{"id":"7dea4047-39b7-49e7-9f63-bc9fb0b57dac","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":50,"box":{"x":83,"y":532,"width":358,"height":11}},{"id":"18ac1d6c-87f2-4e53-91b2-b40136ff53c4","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":50,"box":{"x":83,"y":547,"width":370,"height":10}},{"id":"06097cae-b58b-429e-a785-71ac8aa2018e","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":50,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"e50734dc-c9f5-44b9-968c-1702ac633dfd","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":50,"box":{"x":83,"y":575,"width":379,"height":11}},{"id":"0a682ccc-d43c-4313-9086-1800f5ad810a","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":50,"box":{"x":83,"y":589,"width":375,"height":11}},{"id":"e6add19b-bcaf-41b1-aecf-3263cc5bd909","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":50,"box":{"x":83,"y":603,"width":418,"height":11}},{"id":"9ac7d178-d18a-4bda-aecc-44f9eb605fa6","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":50,"box":{"x":83,"y":617,"width":418,"height":11}},{"id":"589e4cab-615b-4a28-9229-c5c6d761bd9f","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":50,"box":{"x":83,"y":632,"width":209,"height":10}},{"id":"b08ccdf6-90d8-4f13-aae4-50b541e6dac8","block_type":"box","text":"Operational and Technology Risks","page_number":50,"box":{"x":83,"y":655,"width":230,"height":11}},{"id":"d2ff2405-b3cf-4a15-882d-7d18c6ee56a6","block_type":"box","text":".","page_number":50,"box":{"x":314,"y":661,"width":2,"height":2}},{"id":"f68fbc3f-38cc-4c99-80bf-42b3b5ad11b5","block_type":"box","text":"The Fund is directly and","page_number":50,"box":{"x":321,"y":655,"width":151,"height":11}},{"id":"ca5b25f9-01fb-4f9b-ab1a-1fde92cbcbe5","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":50,"box":{"x":83,"y":669,"width":368,"height":11}},{"id":"634c9840-c945-47d9-bb58-1a03c13e1168","block_type":"box","text":"including those related to human errors, processing errors,","page_number":50,"box":{"x":83,"y":683,"width":376,"height":11}},{"id":"39849adb-c3bb-4ff3-bb72-7de0acacab2f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":50,"box":{"x":83,"y":697,"width":413,"height":11}},{"id":"640bc337-2267-400f-b236-2b936c2f5f05","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":50,"box":{"x":83,"y":712,"width":404,"height":10}},{"id":"f7b4019c-bd59-4619-8812-54e4df3b2d3f","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":50,"box":{"x":82,"y":726,"width":402,"height":11}},{"id":"1f383df9-41ad-464d-b2ab-1350ac62a97c","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":50,"box":{"x":83,"y":740,"width":376,"height":11}},{"id":"b706aeed-443d-4051-9f2d-331ebb2a3dfb","block_type":"box","text":"providers are required to have appropriate operational,","page_number":50,"box":{"x":83,"y":754,"width":350,"height":11}},{"id":"3d620607-c89c-425e-b3b9-5c7f5411bda8","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":50,"box":{"x":83,"y":768,"width":414,"height":11}},{"id":"d023b7f8-557f-44a8-9466-0b0a0e29cc48","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":50,"box":{"x":83,"y":782,"width":397,"height":11}},{"id":"af03b763-e27e-4af2-8c37-47c6012df0a8","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":50,"box":{"x":82,"y":797,"width":411,"height":10}},{"id":"a061d309-23d0-4f5e-9b50-adf1221366d0","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":50,"box":{"x":83,"y":811,"width":391,"height":8}},{"id":"e377c387-11b4-4877-8ace-86efdeb10b58","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":50,"box":{"x":83,"y":825,"width":421,"height":11}},{"id":"b305dd16-823b-44cd-a288-5f13af89fe9e","block_type":"box","text":"investments in such issuers to lose value.","page_number":50,"box":{"x":83,"y":839,"width":264,"height":9}},{"id":"2565f3cf-607d-40fd-93c0-2e189b7cad16","block_type":"box","text":"Outcome Period Risk.","page_number":50,"box":{"x":83,"y":862,"width":145,"height":9}},{"id":"a737a843-978f-46e9-ae96-ae1839507ebd","block_type":"box","text":"The Approximate Buffer and Approximate","page_number":50,"box":{"x":233,"y":862,"width":264,"height":11}},{"id":"b3f09420-bece-4d23-aba4-0646b738fcef","block_type":"box","text":"Cap for an Outcome Period apply to Fund shares held over the","page_number":50,"box":{"x":83,"y":877,"width":397,"height":10}},{"id":"ee3e631c-f261-4f69-9f69-1410101eb3f9","block_type":"box","text":"entire Outcome Period. 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In","page_number":50,"box":{"x":549,"y":461,"width":371,"height":11}},{"id":"6ad54955-d07e-4a7d-83e4-8b5748757344","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":50,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"d1f9b5ca-a084-49c4-982d-42411664d711","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":50,"box":{"x":549,"y":490,"width":414,"height":11}},{"id":"0cb6dbb1-9d76-470b-ad33-d9c56406c939","block_type":"box","text":"derivatives that the Fund will enter into. Based upon the language","page_number":50,"box":{"x":549,"y":504,"width":419,"height":11}},{"id":"dca5b2fa-9a7c-4a8b-9234-b95b8e81394d","block_type":"box","text":"in the legislative history, the Fund intends to treat the reference","page_number":50,"box":{"x":549,"y":518,"width":408,"height":11}},{"id":"b9171fb4-024d-49b0-82ac-eb51f781ac03","block_type":"box","text":"asset","page_number":50,"box":{"x":549,"y":533,"width":33,"height":8}},{"id":"e4584464-f7b4-4345-874f-d05a5fc60c78","block_type":"box","text":"(i.e","page_number":50,"box":{"x":587,"y":532,"width":19,"height":11}},{"id":"e8844c82-52dc-4af0-a12c-b75b6f460e29","block_type":"box","text":"., the Underlying Fund) as the issuer of the options.","page_number":50,"box":{"x":608,"y":532,"width":326,"height":11}},{"id":"a1c2fa7e-18f3-4737-b239-04b2f369d07c","block_type":"box","text":"Assuming the reference asset qualifies as a RIC, the Fund could","page_number":50,"box":{"x":549,"y":546,"width":407,"height":11}},{"id":"22e78e0f-61d8-4704-ba4b-fdb328b64cb2","block_type":"box","text":"count the options as automatically diversified investments under","page_number":50,"box":{"x":549,"y":561,"width":414,"height":11}},{"id":"275693aa-0b19-49a1-b46f-467a526ac9ed","block_type":"box","text":"the RIC diversification requirements. The Fund intends to treat","page_number":50,"box":{"x":549,"y":575,"width":399,"height":11}},{"id":"dc70c18d-245f-444f-9dc0-4c7202e46601","block_type":"box","text":"any income it may derive from the options as “qualifying income”","page_number":50,"box":{"x":549,"y":589,"width":415,"height":11}},{"id":"1c0534fc-0f9d-4e7a-ac74-4842e4900286","block_type":"box","text":"under the provisions of the Internal Revenue Code applicable to","page_number":50,"box":{"x":549,"y":603,"width":407,"height":11}},{"id":"106cd773-de8e-4339-bb21-f797101461c6","block_type":"box","text":"RICs. 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If the Fund does not","page_number":50,"box":{"x":549,"y":646,"width":387,"height":11}},{"id":"c4ac40ff-aac5-48e6-842b-507ca9249bc8","block_type":"box","text":"qualify as a RIC for any taxable year and certain relief provisions","page_number":50,"box":{"x":549,"y":660,"width":410,"height":11}},{"id":"6cab589f-fcd2-4f74-a803-1725e894412b","block_type":"box","text":"are not available, the Fund’s taxable income will be subject to tax","page_number":50,"box":{"x":549,"y":674,"width":418,"height":11}},{"id":"e7f5db18-41d2-4589-9811-e713ef8a5272","block_type":"box","text":"at the Fund level and to a further tax at the shareholder level","page_number":50,"box":{"x":549,"y":688,"width":386,"height":9}},{"id":"ac839f0f-418f-4915-877c-3bc844fe1642","block_type":"box","text":"when such income is distributed.","page_number":50,"box":{"x":549,"y":703,"width":209,"height":8}},{"id":"de459541-94c7-482c-b417-15eb41c40324","block_type":"box","text":"Technology Companies Risk","page_number":50,"box":{"x":550,"y":726,"width":190,"height":10}},{"id":"baacf2e8-ad22-44c5-9e5e-c90f96821af1","block_type":"box","text":".","page_number":50,"box":{"x":740,"y":732,"width":3,"height":2}},{"id":"92531a84-0efe-471f-ac2f-ab17300f888c","block_type":"box","text":"Technology companies and","page_number":50,"box":{"x":748,"y":726,"width":172,"height":11}},{"id":"de34c81c-0dc9-4afe-9c6e-9554d2914837","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":50,"box":{"x":549,"y":740,"width":413,"height":11}},{"id":"26b1c80d-8838-43a9-b31a-ee56fa7ece72","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":50,"box":{"x":549,"y":754,"width":414,"height":11}},{"id":"4521bd51-f933-4911-b012-7b4ae51993ec","block_type":"box","text":"and personnel. These companies typically face intense","page_number":50,"box":{"x":549,"y":768,"width":348,"height":11}},{"id":"11d7731b-4264-494d-9d6a-e5427b67bd45","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":50,"box":{"x":549,"y":782,"width":418,"height":11}},{"id":"d022ce0e-7fc2-436f-b0ba-bdfae31d4a60","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":50,"box":{"x":549,"y":797,"width":381,"height":10}},{"id":"27dfed2e-9a3b-45fd-94ad-990c36c45744","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":50,"box":{"x":549,"y":811,"width":367,"height":11}},{"id":"a9b07227-b875-4933-a627-f24b56406d7c","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":50,"box":{"x":549,"y":825,"width":424,"height":11}},{"id":"76e38dc6-3c20-4098-91c4-0d3b2eace911","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":50,"box":{"x":549,"y":839,"width":368,"height":11}},{"id":"4d5bde76-a79e-4746-9844-179dd07bd260","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":50,"box":{"x":549,"y":853,"width":384,"height":11}},{"id":"0fcb5168-1c2c-48d3-892d-e3901581fe72","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":50,"box":{"x":549,"y":867,"width":384,"height":11}},{"id":"ed29ba70-0576-40b6-89dc-4b81743250f1","block_type":"box","text":"S-39","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a238a545-ab6f-4b0b-902f-2f1849d5d5af","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":51,"box":{"x":83,"y":23,"width":397,"height":11}},{"id":"771883d1-9c97-4780-a5ee-e804a446c266","block_type":"box","text":"government or legal action.","page_number":51,"box":{"x":83,"y":37,"width":174,"height":11}},{"id":"acc9c7af-a80f-418f-aac0-17536cc660b3","block_type":"box","text":"Valuation Risk","page_number":51,"box":{"x":84,"y":60,"width":96,"height":9}},{"id":"c3f7ce24-bc72-48f8-a1f4-aef741fabeb7","block_type":"box","text":".","page_number":51,"box":{"x":180,"y":67,"width":2,"height":2}},{"id":"57536589-880f-4947-81a3-ecaf0ea3b60d","block_type":"box","text":"The price that the Fund could receive upon the","page_number":51,"box":{"x":187,"y":61,"width":298,"height":10}},{"id":"6ae74f53-a85c-4340-be00-743ada67f2e9","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":51,"box":{"x":83,"y":75,"width":408,"height":11}},{"id":"e16da950-653d-40a4-9553-f513dce5bcda","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":51,"box":{"x":82,"y":89,"width":356,"height":11}},{"id":"ec1eacb6-2d6d-460c-aa97-9daa6f06a2e2","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":51,"box":{"x":83,"y":103,"width":418,"height":11}},{"id":"1e519dc9-973a-4e69-a3e7-99fcd5554afc","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":51,"box":{"x":83,"y":117,"width":347,"height":11}},{"id":"bb593c5b-a3c5-418e-9e1c-42ae82f225b1","block_type":"box","text":"methodology. In addition, the value of the securities or other","page_number":51,"box":{"x":83,"y":131,"width":387,"height":11}},{"id":"fcbbbadb-47f4-4128-b466-e4e7f85ce9ff","block_type":"box","text":"assets in the Fund’s portfolio may change on days or during time","page_number":51,"box":{"x":83,"y":146,"width":413,"height":10}},{"id":"b5ae798c-c6c2-470b-a909-8991978a1ab2","block_type":"box","text":"periods when investors are not able to purchase or sell Fund","page_number":51,"box":{"x":83,"y":160,"width":385,"height":11}},{"id":"b87d874f-078d-4819-8be6-5c61f8fc362a","block_type":"box","text":"shares. Authorized Participants that create or redeem Fund","page_number":51,"box":{"x":83,"y":174,"width":378,"height":11}},{"id":"3f7eeb5f-23a9-456b-badf-3a50a276226c","block_type":"box","text":"shares on days when the Fund is holding fair-valued securities or","page_number":51,"box":{"x":83,"y":188,"width":413,"height":11}},{"id":"c8422eb5-164e-491e-a207-d1b0a7dc8e20","block_type":"box","text":"other assets may receive fewer or more shares, or lower or higher","page_number":51,"box":{"x":83,"y":202,"width":422,"height":11}},{"id":"4929455a-78d1-4a91-8f2b-d7ddae1f131b","block_type":"box","text":"redemption proceeds, than they would have received had the","page_number":51,"box":{"x":83,"y":217,"width":391,"height":10}},{"id":"b6dc16ae-f2a6-44bf-9e1e-636f39622cdb","block_type":"box","text":"securities or other assets not been fair valued or been valued","page_number":51,"box":{"x":83,"y":231,"width":390,"height":8}},{"id":"a2858d2d-cb2f-452b-a608-6b0abdfb9dfa","block_type":"box","text":"using a different methodology. 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In periods of extreme market volatility, a Fund’s return may be significantly below the Approximate Cap.","page_number":54,"box":{"x":77,"y":417,"width":775,"height":10}},{"id":"d24fd4f6-0f9a-42bf-b953-cc4867bce673","block_type":"box","text":"Asset Class Risk.","page_number":54,"box":{"x":76,"y":440,"width":117,"height":8}},{"id":"9d8adfa3-c88e-492c-b55e-257cb4011cae","block_type":"box","text":"The securities and other assets in a Fund’s portfolio may underperform in comparison to indexes that track, or assets that","page_number":54,"box":{"x":198,"y":440,"width":782,"height":11}},{"id":"87329715-292f-4b56-b203-fb9111289256","block_type":"box","text":"represent, other countries or geographic units, industries, markets, market segments, or asset classes. Various types of securities, other","page_number":54,"box":{"x":77,"y":454,"width":874,"height":11}},{"id":"b3b3b591-195f-4a4b-a484-3b9ed51c2e32","block_type":"box","text":"assets and indexes may experience cycles of outperformance and underperformance in comparison to financial markets generally. This","page_number":54,"box":{"x":76,"y":468,"width":866,"height":11}},{"id":"929cd422-7607-4069-8993-b29f3d4a8e37","block_type":"box","text":"divergence may be due to a number of factors including, among other things, inflation, interest rates, productivity, global demand for local","page_number":54,"box":{"x":76,"y":482,"width":883,"height":11}},{"id":"4ce20784-bc3d-46ac-b0c5-62ac35bb47ee","block_type":"box","text":"products or resources, and regulation and governmental controls. This may cause a Fund to underperform other investment vehicles that","page_number":54,"box":{"x":76,"y":497,"width":878,"height":10}},{"id":"e78a311a-54e7-4422-8126-72bdfd00e9ac","block_type":"box","text":"invest in different asset classes.","page_number":54,"box":{"x":76,"y":511,"width":204,"height":8}},{"id":"583b71f1-dc2d-4682-a315-2dffbe22c360","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":54,"box":{"x":76,"y":534,"width":273,"height":11}},{"id":"8bb146bc-0610-4034-994f-c4f0b7c30584","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":54,"box":{"x":355,"y":534,"width":613,"height":11}},{"id":"6b1a40ff-b0ce-4795-afab-f1df7e506f26","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":54,"box":{"x":76,"y":548,"width":879,"height":11}},{"id":"9b320f22-f55d-4a66-8791-fedf4fe7a780","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":54,"box":{"x":76,"y":562,"width":841,"height":11}},{"id":"69f2a3de-5c2d-49cc-9935-378ad9d7e4bd","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":54,"box":{"x":76,"y":577,"width":426,"height":10}},{"id":"01ee8cba-646e-44db-b5c4-8f3a5344ea44","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":54,"box":{"x":76,"y":600,"width":296,"height":10}},{"id":"54a5c635-82e6-4ad7-8a16-c910a35f31e8","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":54,"box":{"x":378,"y":600,"width":578,"height":11}},{"id":"0f0d1336-c12f-4f87-a991-4d524f381c01","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":54,"box":{"x":76,"y":614,"width":894,"height":11}},{"id":"4910dfbe-1fe8-4308-9bb1-5bee8836ee81","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":54,"box":{"x":76,"y":628,"width":882,"height":11}},{"id":"119c976e-f26d-4ce2-ae6c-be1b932ffa2f","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":54,"box":{"x":76,"y":642,"width":888,"height":11}},{"id":"b1064934-a9e9-43bf-9a0b-52ea6e8bef53","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":54,"box":{"x":76,"y":656,"width":889,"height":11}},{"id":"d38bedfb-1600-418c-8aa3-e8c8c56df805","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":54,"box":{"x":77,"y":671,"width":885,"height":10}},{"id":"685294cf-bdbb-4597-8a51-3449a6e21743","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":54,"box":{"x":76,"y":685,"width":893,"height":11}},{"id":"4d81da2b-94b6-40f5-bf03-504be41321da","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":54,"box":{"x":76,"y":699,"width":521,"height":11}},{"id":"e64aae6c-e168-469a-a42c-052e11f1c367","block_type":"box","text":"Clearing Member Default Risk.","page_number":54,"box":{"x":76,"y":722,"width":211,"height":11}},{"id":"839b068d-2f6b-41d0-b948-5ce587b4bd72","block_type":"box","text":"Transactions in some types of derivatives, including FLEX Options and futures, are required to be centrally","page_number":54,"box":{"x":292,"y":722,"width":680,"height":11}},{"id":"bfcbfc1e-fd80-40d1-9f5f-c02ecc151dcd","block_type":"box","text":"cleared (“cleared derivatives”). In a transaction involving cleared derivatives, a Fund’s counterparty is a clearing house, such as the OCC,","page_number":54,"box":{"x":76,"y":736,"width":874,"height":11}},{"id":"11a53681-97f4-40d7-ae9f-79b42ae34965","block_type":"box","text":"rather than a bank or broker. Since a Fund is not a member of clearing houses and only members of a clearing house (“clearing members”)","page_number":54,"box":{"x":77,"y":751,"width":885,"height":10}},{"id":"b50f8aab-3434-45d0-8e5c-c2c10d6d1036","block_type":"box","text":"can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared","page_number":54,"box":{"x":76,"y":765,"width":852,"height":11}},{"id":"a351e8e7-dd2a-42d1-98ff-4c0b5829c0f0","block_type":"box","text":"derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their","page_number":54,"box":{"x":76,"y":779,"width":904,"height":11}},{"id":"d76ec04e-78b5-48bb-9512-654c38bb4776","block_type":"box","text":"accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a","page_number":54,"box":{"x":76,"y":793,"width":847,"height":11}},{"id":"2dd2b9c2-40bf-4330-863d-0ed89cae6f08","block_type":"box","text":"commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets","page_number":54,"box":{"x":76,"y":807,"width":839,"height":11}},{"id":"b1f3e770-da54-4b3c-b654-771d759f6ad9","block_type":"box","text":"deposited by a Fund with any clearing member as margin for FLEX Options or futures may, in certain circumstances, be used to satisfy losses","page_number":54,"box":{"x":76,"y":821,"width":904,"height":11}},{"id":"2f78921e-3dd2-4b58-ae0f-1a87ebdecf4d","block_type":"box","text":"of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to","page_number":54,"box":{"x":76,"y":836,"width":899,"height":10}},{"id":"7886780d-1f1c-4b4b-81f8-f7a2c80f8f5e","block_type":"box","text":"an Underlying Fund, a Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not be fully protected","page_number":54,"box":{"x":76,"y":850,"width":895,"height":11}},{"id":"228cfe0a-1b0b-410a-877e-fd0942a40318","block_type":"box","text":"in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds","page_number":54,"box":{"x":76,"y":864,"width":865,"height":11}},{"id":"b694482c-5a35-41b4-b86e-58ca3059c9eb","block_type":"box","text":"segregated on behalf of the clearing member’s customers for the relevant account class. A Fund is also subject to the risk that a limited","page_number":54,"box":{"x":76,"y":878,"width":869,"height":11}},{"id":"cf684094-2fab-41f1-a2a5-b7589ec194b1","block_type":"box","text":"3","page_number":54,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"ea532c14-6fc0-463a-9b61-2bdb88c0715c","block_type":"box","text":"Accelerated Return Risk.","page_number":54,"box":{"x":76,"y":186,"width":171,"height":8}},{"id":"0f38fb49-61b7-498f-a652-5ade3c865375","block_type":"box","text":"For a Fund that seeks to provide a return that is greater than the positive share price return, if any, of an","page_number":54,"box":{"x":253,"y":186,"width":665,"height":11}},{"id":"c98e57da-7480-4bf6-a2f7-b96ba2700e08","block_type":"box","text":"Underlying Fund, there can be no guarantee that the Fund will be successful in its strategy","page_number":54,"box":{"x":77,"y":200,"width":577,"height":11}},{"id":"5b1e900a-4e08-43a6-a56c-d937b6355d98","block_type":"box","text":". If an investor purchases Fund shares after the","page_number":54,"box":{"x":656,"y":200,"width":300,"height":11}},{"id":"a2dce6fb-f8b5-47cc-a0ab-cee0d779de8f","block_type":"box","text":"beginning of an Outcome Period or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by the","page_number":54,"box":{"x":76,"y":214,"width":870,"height":11}},{"id":"c407493e-048c-40b2-b4d8-951b607abab1","block_type":"box","text":"investor may not match those that the Fund seeks to achieve.","page_number":54,"box":{"x":76,"y":228,"width":394,"height":11}},{"id":"dd88d05c-5a7b-42d4-b585-f4bc613d5d0f","block_type":"box","text":"number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s","page_number":55,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"7643060c-78f5-4f2f-b580-b4763640cd09","block_type":"box","text":"default. If a clearing member defaults, a Fund could lose some or all of the benefits of a transaction entered into by the Fund with the","page_number":55,"box":{"x":76,"y":37,"width":851,"height":11}},{"id":"ec0beedb-bf67-48cd-bca7-e18bd630eccd","block_type":"box","text":"clearing member. If a Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively","page_number":55,"box":{"x":76,"y":51,"width":857,"height":11}},{"id":"965e96a8-55b9-438e-bb97-1da701a497be","block_type":"box","text":"implement its investment strategy.","page_number":55,"box":{"x":76,"y":66,"width":221,"height":11}},{"id":"6a128314-78ed-41b0-8d08-ff6df55c608a","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":55,"box":{"x":76,"y":89,"width":336,"height":8}},{"id":"1c0bd206-92fd-4a05-a04b-e01ffe042135","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":55,"box":{"x":418,"y":89,"width":562,"height":11}},{"id":"b907ad0f-b85b-464a-83dc-2916d15bb9ba","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":55,"box":{"x":76,"y":103,"width":880,"height":11}},{"id":"11b437c0-5d76-4846-894a-dff38fa784b3","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":55,"box":{"x":76,"y":117,"width":881,"height":11}},{"id":"e7d774a2-8d5a-466b-bf96-707710b74386","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":55,"box":{"x":76,"y":131,"width":896,"height":11}},{"id":"c5bf989d-4f9b-44fd-8512-173501fde6d6","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":55,"box":{"x":76,"y":146,"width":889,"height":10}},{"id":"e73db9b5-42ae-4e7d-b165-1a10edfa30c9","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":55,"box":{"x":76,"y":160,"width":903,"height":11}},{"id":"7d248a56-ae15-44f0-b2f7-110a3bd9ed36","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":55,"box":{"x":76,"y":174,"width":231,"height":8}},{"id":"4e77f056-811e-4a1e-8582-19f5f5de67f2","block_type":"box","text":"Communications Companies Risk.","page_number":55,"box":{"x":76,"y":197,"width":236,"height":11}},{"id":"d8d56f38-625c-400e-8eb5-82ff1513fa45","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":55,"box":{"x":317,"y":197,"width":633,"height":11}},{"id":"7fe7dc99-9179-4e65-b37c-a2c84410d1a9","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":55,"box":{"x":76,"y":211,"width":863,"height":11}},{"id":"0b49a693-34e7-47db-a511-94c490624470","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":55,"box":{"x":76,"y":226,"width":897,"height":10}},{"id":"b29f632b-cd01-4366-9534-a45dfe5b8d8b","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":55,"box":{"x":76,"y":240,"width":868,"height":11}},{"id":"4feb0d5d-52af-4026-ba64-c1b628487460","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":55,"box":{"x":76,"y":254,"width":881,"height":11}},{"id":"aaf38840-d148-44bf-bd7b-a922d0e1011c","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":55,"box":{"x":76,"y":268,"width":694,"height":11}},{"id":"9aae5039-08d5-4748-a6e5-3e5ceeadc182","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":55,"box":{"x":76,"y":291,"width":880,"height":11}},{"id":"d473fa9b-0834-44c0-a881-85790324ed9e","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":55,"box":{"x":76,"y":305,"width":897,"height":11}},{"id":"fc723f1b-bb32-4649-b381-397f212c7205","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":55,"box":{"x":76,"y":320,"width":898,"height":10}},{"id":"7168eaba-4f2d-4e07-9527-f8be6a3b336d","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":55,"box":{"x":76,"y":334,"width":805,"height":11}},{"id":"f04fea20-9c94-4526-a487-cdc1cab15092","block_type":"box","text":"Concentration Risk.","page_number":55,"box":{"x":76,"y":357,"width":136,"height":9}},{"id":"26de30b1-a7ab-4173-ab6b-39f1630d973c","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":55,"box":{"x":217,"y":357,"width":744,"height":11}},{"id":"85074b68-6cb6-4b2e-94d3-80768fdee688","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":55,"box":{"x":76,"y":371,"width":903,"height":10}},{"id":"32a987f6-94d6-4874-89db-d5a4e031c519","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":55,"box":{"x":76,"y":385,"width":853,"height":11}},{"id":"72437c39-6bb5-45f0-bccc-eba3645a8d77","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":55,"box":{"x":76,"y":400,"width":897,"height":10}},{"id":"a20b0544-e0fa-4c71-b677-112e8755adff","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":55,"box":{"x":76,"y":414,"width":905,"height":11}},{"id":"3f59b3d4-23f4-461a-8168-edd0d1401ee8","block_type":"box","text":"its investments.","page_number":55,"box":{"x":76,"y":428,"width":100,"height":8}},{"id":"2068493f-ebe4-40eb-9ade-760514c04702","block_type":"box","text":"Consumer Goods and Services Com","page_number":55,"box":{"x":76,"y":451,"width":247,"height":9}},{"id":"b0e30ad5-82a6-426f-a4a2-2c841c4785ee","block_type":"box","text":"panies Risk.","page_number":55,"box":{"x":325,"y":451,"width":83,"height":11}},{"id":"a2421e59-3ba0-4249-95b2-1891ee1848c5","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":55,"box":{"x":414,"y":451,"width":561,"height":11}},{"id":"11b4d4af-f967-4908-8e48-3fc00be56273","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":55,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"d5fdf062-26a7-4627-ba5e-83b14239a3d2","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":55,"box":{"x":76,"y":479,"width":860,"height":11}},{"id":"d2b1a7d7-eca8-4995-9216-7f3be5eae68d","block_type":"box","text":"adverse impact on consumer companies.","page_number":55,"box":{"x":76,"y":494,"width":262,"height":10}},{"id":"aca4e532-5668-4202-8a6d-744a5ef8f7a4","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":55,"box":{"x":76,"y":517,"width":849,"height":11}},{"id":"e75ff9bf-1b38-4278-b502-ef186c26b061","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":55,"box":{"x":76,"y":531,"width":883,"height":11}},{"id":"afcfc879-8236-4950-ae65-e7c244c3d441","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":55,"box":{"x":76,"y":545,"width":856,"height":11}},{"id":"60466eac-d043-40fd-ab2b-7015b830d223","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":55,"box":{"x":76,"y":559,"width":561,"height":11}},{"id":"b53c0c0b-b87a-431b-895a-a5b42117e5b7","block_type":"box","text":"Counterparty Risk.","page_number":55,"box":{"x":76,"y":583,"width":129,"height":10}},{"id":"41001c9d-9eac-44f4-82f1-b4caa0af1875","block_type":"box","text":"Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or","page_number":55,"box":{"x":211,"y":583,"width":743,"height":10}},{"id":"cdab4fe9-e48b-48b8-9efb-e06c17228731","block_type":"box","text":"unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as","page_number":55,"box":{"x":77,"y":597,"width":885,"height":11}},{"id":"81c7082e-9cce-487e-aed8-92636389ac04","block_type":"box","text":"guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of a Fund to meet its objective depends on the","page_number":55,"box":{"x":76,"y":611,"width":888,"height":11}},{"id":"767f1451-d282-4cb9-b53d-0456b6133864","block_type":"box","text":"OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement","page_number":55,"box":{"x":76,"y":625,"width":886,"height":11}},{"id":"d4aa1ab8-991d-491a-bf19-7d46bd684cbc","block_type":"box","text":"obligations, a Fund could suffer significant losses.","page_number":55,"box":{"x":76,"y":639,"width":318,"height":11}},{"id":"16b6592e-aefc-4009-bfc2-92be33be5e8a","block_type":"box","text":"Derivatives Risk.","page_number":55,"box":{"x":77,"y":663,"width":115,"height":8}},{"id":"058714d1-39da-492b-a43b-79111fa363e9","block_type":"box","text":"A Fund’s use of derivatives (","page_number":55,"box":{"x":197,"y":663,"width":179,"height":10}},{"id":"c03252a2-0607-4c3e-b57b-b3b8b256b966","block_type":"box","text":"e.g.","page_number":55,"box":{"x":377,"y":665,"width":21,"height":8}},{"id":"fa3e7169-9e05-4b46-a751-312660e3291e","block_type":"box","text":", futures, forwards, swaps, options) may be riskier than other types of investments and","page_number":55,"box":{"x":400,"y":663,"width":555,"height":10}},{"id":"8fc016c4-2682-455b-bf3b-60d3414e1907","block_type":"box","text":"may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and","page_number":55,"box":{"x":76,"y":677,"width":896,"height":11}},{"id":"cda58922-fef2-4a21-91b9-9d790d6bf831","block_type":"box","text":"they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives","page_number":55,"box":{"x":76,"y":691,"width":891,"height":11}},{"id":"51388a65-67ea-446c-b20a-454abd437f9a","block_type":"box","text":"positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative.","page_number":55,"box":{"x":76,"y":705,"width":841,"height":11}},{"id":"f061dff2-9420-4d8a-99a1-83e2d41f092f","block_type":"box","text":"Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their","page_number":55,"box":{"x":77,"y":719,"width":891,"height":11}},{"id":"c1eea85e-12be-4ae5-b7ed-9868d004138b","block_type":"box","text":"complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for","page_number":55,"box":{"x":76,"y":733,"width":845,"height":11}},{"id":"7e59cdd1-d2bc-4d78-9f7e-be68625e5233","block_type":"box","text":"derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make","page_number":55,"box":{"x":76,"y":748,"width":904,"height":10}},{"id":"fdfde6d5-dfcd-41bb-98dd-7ef8e0c5b393","block_type":"box","text":"derivatives more difficult for a Fund to value accurately.","page_number":55,"box":{"x":76,"y":762,"width":355,"height":11}},{"id":"9e9c7992-ce92-4e07-8725-a74aa4041ea0","block_type":"box","text":"Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual","page_number":55,"box":{"x":76,"y":785,"width":863,"height":11}},{"id":"09d8b800-f5cb-40c2-85eb-e1ccb08947a4","block_type":"box","text":"obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard","page_number":55,"box":{"x":76,"y":799,"width":895,"height":11}},{"id":"b37cf6f0-e782-4d38-8cdb-517f92e9d68b","block_type":"box","text":"to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory","page_number":55,"box":{"x":76,"y":813,"width":838,"height":11}},{"id":"4cbdc943-39ae-470f-9e71-0cd030fe0146","block_type":"box","text":"requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact","page_number":55,"box":{"x":77,"y":828,"width":888,"height":10}},{"id":"f1dcc253-e267-414d-80ea-1055ec684330","block_type":"box","text":"the Fund.","page_number":55,"box":{"x":76,"y":842,"width":59,"height":8}},{"id":"250877e8-2533-4592-b796-798f67d776b9","block_type":"box","text":"The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate","page_number":55,"box":{"x":76,"y":865,"width":863,"height":11}},{"id":"846f36da-de12-4d61-8463-a9866bc0a372","block_type":"box","text":"controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a","page_number":55,"box":{"x":76,"y":879,"width":872,"height":11}},{"id":"f9e3dae2-cebb-421e-9865-e26d7d11c7a6","block_type":"box","text":"4","page_number":55,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"399b2a0b-401f-419f-bbc5-c6df320f42d7","block_type":"box","text":"counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential","page_number":56,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"aed9d666-a132-40b8-8036-5bb84405b140","block_type":"box","text":"liquidity demands for a Fund to make margin, collateral, or settlement payments.","page_number":56,"box":{"x":77,"y":37,"width":515,"height":11}},{"id":"1a1a0242-c7d5-49ac-8dc1-9b006cba45dd","block_type":"box","text":"Equity Securities Risk.","page_number":56,"box":{"x":77,"y":61,"width":154,"height":10}},{"id":"cef1ad18-6697-4060-9dc5-1ec88c165e52","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":56,"box":{"x":237,"y":61,"width":732,"height":10}},{"id":"dd4ad606-3b00-4446-92fa-1cd1e4e89011","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":56,"box":{"x":76,"y":75,"width":877,"height":11}},{"id":"8e4829fe-d4b7-4ca4-9deb-f595ec289bc9","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":56,"box":{"x":76,"y":89,"width":905,"height":11}},{"id":"ea20a6ed-11c6-4e02-88f1-cb6a5cbd8c62","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":56,"box":{"x":76,"y":103,"width":875,"height":11}},{"id":"f4f21e49-c113-4cf2-824f-888083ea37be","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":56,"box":{"x":76,"y":117,"width":812,"height":11}},{"id":"a3d2a904-ad39-412e-aaae-5bb4239458d1","block_type":"box","text":"Financial Companies Risk.","page_number":56,"box":{"x":77,"y":140,"width":180,"height":11}},{"id":"c60aac24-ff02-4c62-82c4-674cb795cafd","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":56,"box":{"x":263,"y":140,"width":689,"height":11}},{"id":"30cad067-b766-438c-80e7-e6d6a2d492ce","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":56,"box":{"x":76,"y":155,"width":892,"height":10}},{"id":"3505cfb4-d8fc-4b60-a097-765bb5157e3a","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":56,"box":{"x":76,"y":169,"width":891,"height":11}},{"id":"52abbf0a-ddc1-43b5-be75-ca209252d85e","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":56,"box":{"x":76,"y":183,"width":888,"height":11}},{"id":"c16159e7-271e-4dcc-b3ef-fb2e7a84c73a","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":56,"box":{"x":77,"y":197,"width":870,"height":11}},{"id":"6a2a41d4-a741-431e-8b58-59036eb0f759","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":56,"box":{"x":77,"y":211,"width":766,"height":11}},{"id":"a7c94a26-1f2f-4b84-b384-e436dc8f5b2e","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":56,"box":{"x":77,"y":235,"width":890,"height":10}},{"id":"7680d7f4-be2a-40bf-aa82-9ed748db8728","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":56,"box":{"x":76,"y":249,"width":848,"height":11}},{"id":"8696dc36-a30e-43ad-b3be-a82f6b2313e2","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":56,"box":{"x":76,"y":263,"width":884,"height":11}},{"id":"d2cfd412-a692-418e-8b84-7db8f6ed3634","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":56,"box":{"x":76,"y":277,"width":889,"height":11}},{"id":"ea22a13a-ef95-4431-873d-27536ad2bbb0","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":56,"box":{"x":76,"y":291,"width":856,"height":11}},{"id":"46ea7438-e62e-4456-86d1-63030a9cc391","block_type":"box","text":"financial sector generally.","page_number":56,"box":{"x":76,"y":305,"width":162,"height":11}},{"id":"ffa2e0a7-13f6-4e60-bdd5-33d5a1826e4e","block_type":"box","text":"Futures Contract Risk.","page_number":56,"box":{"x":77,"y":329,"width":154,"height":8}},{"id":"fe88c9d9-4a49-4b35-bc8c-0e02a39263c2","block_type":"box","text":"Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing","page_number":56,"box":{"x":237,"y":329,"width":718,"height":10}},{"id":"3f0e8398-57b4-44ef-bd89-60b8bd705756","block_type":"box","text":"directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely impacted by these risks. The primary","page_number":56,"box":{"x":76,"y":343,"width":901,"height":11}},{"id":"706c08df-3077-4b2d-b34e-8602dad5c71c","block_type":"box","text":"risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and that of the underlying asset; (ii)","page_number":56,"box":{"x":77,"y":357,"width":890,"height":11}},{"id":"f50ca603-1d9a-46fa-a552-a96b4f1743b5","block_type":"box","text":"resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses","page_number":56,"box":{"x":77,"y":371,"width":873,"height":11}},{"id":"9e9f813e-7028-4939-8fd2-c823a13ddc65","block_type":"box","text":"from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of","page_number":56,"box":{"x":76,"y":385,"width":886,"height":11}},{"id":"d735b6cc-74cc-4b8c-91a2-e345c32ae6ca","block_type":"box","text":"futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the","page_number":56,"box":{"x":76,"y":400,"width":845,"height":10}},{"id":"9cf1a14b-c9fd-432a-b4c3-a3374730140a","block_type":"box","text":"obligation to make daily cash payments to maintain the required margin for the futures contract; and (vii) the possibility that a failure to close","page_number":56,"box":{"x":76,"y":414,"width":904,"height":11}},{"id":"74b66e7d-5cdc-42bd-a811-82a20dd670b4","block_type":"box","text":"a position may result in delivery of an illiquid commodity.","page_number":56,"box":{"x":76,"y":428,"width":362,"height":11}},{"id":"919e4c75-df43-4759-9394-af42f1120c76","block_type":"box","text":"A Fund that rolls futures contracts is subject to additional risk. If the market for the futures contracts is in “contango,” meaning that the price","page_number":56,"box":{"x":76,"y":451,"width":904,"height":11}},{"id":"4d8e2ba6-d493-4836-8abd-0996d2de805d","block_type":"box","text":"of futures contracts in nearer months is lower than the price of contracts in distant months, the sale of a near-term month contract will be at","page_number":56,"box":{"x":76,"y":465,"width":901,"height":11}},{"id":"a836934a-8baa-4f1c-920f-6c0e27447097","block_type":"box","text":"a lower price than the cost of the longer-term contract, resulting in a cost to roll the contract. A Fund may also lose money in rolling a","page_number":56,"box":{"x":76,"y":479,"width":858,"height":11}},{"id":"17d1f0b2-cf1a-437b-b71b-2331bff568d9","block_type":"box","text":"futures contract if the two contracts are trading at different prices as compared to fair value – for example, if the futures contract held by the","page_number":56,"box":{"x":76,"y":494,"width":903,"height":11}},{"id":"4ca46979-5f0e-4bf6-a6cb-8a5d6580026c","block_type":"box","text":"Fund is trading at a discount to fair value and the new contract being rolled into is trading at a premium to fair value. A Fund may not roll","page_number":56,"box":{"x":77,"y":508,"width":871,"height":11}},{"id":"ef9c052b-7cd6-4c39-8356-edb60bad9eef","block_type":"box","text":"futures contracts on a predefined schedule; instead, BFA may determine to roll to another futures contract in an attempt to generate","page_number":56,"box":{"x":76,"y":522,"width":849,"height":11}},{"id":"372e3d3a-ce89-444b-9c68-ae96492ae269","block_type":"box","text":"maximum yield. There can be no guarantee that such a strategy will produce the desired results.","page_number":56,"box":{"x":76,"y":536,"width":615,"height":11}},{"id":"ac395fe4-ec41-45d1-a2f8-719acb0d01ff","block_type":"box","text":"In addition, U.S. regulations limit the types of foreign-listed futures contracts that U.S. investors are allowed to invest in. As a result, a Fund","page_number":56,"box":{"x":77,"y":559,"width":891,"height":11}},{"id":"058e03f7-8820-4ef7-ab4b-316e16623f7a","block_type":"box","text":"may not be able to gain the exposure it seeks through certain non-U.S. futures contracts.","page_number":56,"box":{"x":76,"y":574,"width":570,"height":10}},{"id":"a5d6b592-5149-470c-b29e-936393197652","block_type":"box","text":"Geographic and Security Risks.","page_number":56,"box":{"x":76,"y":597,"width":216,"height":11}},{"id":"0b253b54-9d34-4253-90a6-87a5f840374d","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":56,"box":{"x":298,"y":597,"width":668,"height":11}},{"id":"6f37b810-1dbb-4584-94f8-1f57b5700188","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":56,"box":{"x":76,"y":611,"width":885,"height":11}},{"id":"d5504c59-db09-44a3-aa42-34c7507db3a2","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":56,"box":{"x":76,"y":625,"width":840,"height":11}},{"id":"4def0c7c-01ff-470b-8121-e3fce3b701b8","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":56,"box":{"x":76,"y":639,"width":845,"height":11}},{"id":"b45f7d9f-5f35-4465-8e85-d4d89173a51f","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":56,"box":{"x":76,"y":654,"width":570,"height":10}},{"id":"3196e9bf-dffb-49d3-8f61-8c893751da2a","block_type":"box","text":"Healthcare Companies Risk.","page_number":56,"box":{"x":77,"y":677,"width":194,"height":10}},{"id":"32ac28ed-6d4d-4192-9f9b-58d14e824690","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":56,"box":{"x":276,"y":677,"width":688,"height":11}},{"id":"48d8251d-b6a0-4e6a-b1f0-2034fe67b2b5","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":56,"box":{"x":76,"y":691,"width":879,"height":11}},{"id":"88e0712e-392c-4421-a2d6-53f0fddc2479","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":56,"box":{"x":76,"y":705,"width":899,"height":11}},{"id":"0ed46f42-a0a7-48f5-9c5b-d3366fe916ae","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":56,"box":{"x":76,"y":719,"width":888,"height":11}},{"id":"97281e11-c9c6-435e-bc3c-5326063eb5f1","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":56,"box":{"x":76,"y":733,"width":891,"height":11}},{"id":"9fa3429f-de68-4a4e-991e-cb7687e02bda","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":56,"box":{"x":76,"y":748,"width":882,"height":10}},{"id":"6cc1cd00-8bab-4109-a2aa-cd94ed5b3154","block_type":"box","text":"product liability and similar claims.","page_number":56,"box":{"x":76,"y":762,"width":221,"height":11}},{"id":"a5c62ea6-2f42-4e34-8884-be9dcabaadaf","block_type":"box","text":"Illiquid Investments Risk.","page_number":56,"box":{"x":77,"y":785,"width":174,"height":11}},{"id":"7de4c5c8-d5fa-402a-9cc1-be93b1f7f72f","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":56,"box":{"x":256,"y":785,"width":719,"height":11}},{"id":"a3df3aa3-a5ca-4c62-9012-1b8699229d14","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":56,"box":{"x":76,"y":799,"width":883,"height":11}},{"id":"97324c35-3a41-44c0-87d3-1a97db50d602","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":56,"box":{"x":76,"y":813,"width":885,"height":11}},{"id":"1d5a8dd5-826a-47df-b9a0-2c6202d8f30f","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":56,"box":{"x":76,"y":828,"width":902,"height":10}},{"id":"5bf9c06d-4b85-49fd-ab69-753e08653262","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":56,"box":{"x":76,"y":842,"width":890,"height":10}},{"id":"faa02230-5972-414e-807c-dfe8809a21c5","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":56,"box":{"x":77,"y":856,"width":751,"height":11}},{"id":"bf3e4815-d304-4941-a5f4-9e13f6746612","block_type":"box","text":"5","page_number":56,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"0cc95e46-10a4-472e-bf15-a2af6628f35d","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":57,"box":{"x":77,"y":23,"width":884,"height":11}},{"id":"797cef5c-2670-4580-92db-87a72f7f093e","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":57,"box":{"x":76,"y":37,"width":900,"height":11}},{"id":"67d2d2ad-0b0e-4020-80db-7a340a6c5a43","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":57,"box":{"x":76,"y":52,"width":867,"height":10}},{"id":"ab6c5d58-d0ea-4368-bc37-be5505906983","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":57,"box":{"x":77,"y":75,"width":900,"height":11}},{"id":"b569542c-cff9-4dbc-9d12-5afdd425cc00","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":57,"box":{"x":76,"y":89,"width":890,"height":11}},{"id":"6f5d93d5-8198-4d18-9998-12c566edeb00","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":57,"box":{"x":76,"y":103,"width":828,"height":11}},{"id":"0bc771bf-8515-4d4d-a0d4-c004291587d9","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":57,"box":{"x":77,"y":117,"width":873,"height":11}},{"id":"2a57ee00-a783-42f4-96b3-d66652b3249f","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":57,"box":{"x":77,"y":131,"width":887,"height":11}},{"id":"5460ce1a-fc8e-4006-bce1-f2d686a42d5e","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":57,"box":{"x":77,"y":146,"width":896,"height":10}},{"id":"c8a42e99-d60c-4f6f-97c6-bb0b8e8f361e","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":57,"box":{"x":76,"y":160,"width":869,"height":11}},{"id":"289d5aea-0207-4796-833a-1af2c1fe8c94","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":57,"box":{"x":77,"y":174,"width":886,"height":11}},{"id":"4d1cb8e3-c67f-4f9d-813b-707278f885d2","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":57,"box":{"x":77,"y":188,"width":858,"height":11}},{"id":"7b80158a-6dff-46dd-a2b7-813a54671a04","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":57,"box":{"x":76,"y":202,"width":254,"height":11}},{"id":"aa2ac1b2-8264-49b7-b60f-2a363f2a9ed8","block_type":"box","text":"Industrial Companies Risk.","page_number":57,"box":{"x":77,"y":226,"width":184,"height":10}},{"id":"f431ba01-b54a-47f5-afde-5b2e8294ac10","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":57,"box":{"x":267,"y":226,"width":673,"height":10}},{"id":"2bbf87da-d885-4c89-81c3-f223253f3cc1","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":57,"box":{"x":76,"y":240,"width":889,"height":11}},{"id":"8ca61171-d562-4cb8-b96a-3f3b9c49fff3","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":57,"box":{"x":76,"y":254,"width":878,"height":11}},{"id":"74038ecf-f495-47cf-a458-1369712f06dc","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":57,"box":{"x":76,"y":268,"width":873,"height":11}},{"id":"c50e6143-5872-45d5-a7f1-d7ad3d5461ee","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":57,"box":{"x":76,"y":282,"width":902,"height":11}},{"id":"aff3e867-c973-435e-8379-b63646bd3171","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":57,"box":{"x":76,"y":296,"width":872,"height":11}},{"id":"241974ea-c3e6-4acd-a7a0-2ca28505e52e","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":57,"box":{"x":77,"y":311,"width":881,"height":10}},{"id":"1b736ba9-cfc4-4304-9ec4-565cfb6d8c07","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":57,"box":{"x":76,"y":325,"width":892,"height":11}},{"id":"5420a1af-1e2c-4ac0-b220-d9aa1ce9c579","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":57,"box":{"x":76,"y":339,"width":322,"height":11}},{"id":"7a496e9b-3f9b-44c2-a11f-75995cda1b87","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":57,"box":{"x":77,"y":362,"width":251,"height":11}},{"id":"777e493a-cbed-42a8-a388-4635ad55dca0","block_type":"box","text":"For a Fund that invests in an Underlying Fund, the Fund’s investment performance and risks are","page_number":57,"box":{"x":334,"y":362,"width":612,"height":11}},{"id":"ce74b5f9-84f6-4f11-88d8-3c5112878d47","block_type":"box","text":"likely to be directly related to those of the Underlying Fund. A Fund’s NAV will change with changes in the value of an Underlying Fund and","page_number":57,"box":{"x":77,"y":376,"width":881,"height":11}},{"id":"5a84afbc-c6b7-41bf-b651-d38533bfbbdf","block_type":"box","text":"other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV.","page_number":57,"box":{"x":76,"y":391,"width":856,"height":10}},{"id":"948e927b-ff7a-472a-9e62-0fa83e5cfeb0","block_type":"box","text":"Investors in a Fund that invests in an Underlying Fund will indirectly bear the expenses charged by the Underlying Fund, and an investment in","page_number":57,"box":{"x":77,"y":405,"width":900,"height":11}},{"id":"c9f5ddba-96f2-47df-9d8c-08639fcfe174","block_type":"box","text":"the Fund may entail more expenses than a direct investment in the Underlying Fund (except to the extent that certain fees are waived by","page_number":57,"box":{"x":76,"y":419,"width":875,"height":11}},{"id":"84c11a3c-d06e-4876-a327-17a4e6d17099","block_type":"box","text":"BFA). An investor in such a Fund may receive taxable gains from portfolio transactions by an Underlying Fund, as well as taxable gains from","page_number":57,"box":{"x":77,"y":433,"width":888,"height":11}},{"id":"49146fb0-76a9-4ec3-9103-cefca8d71ae6","block_type":"box","text":"transactions in the shares of an Underlying Fund that are held by the Fund.","page_number":57,"box":{"x":76,"y":447,"width":478,"height":11}},{"id":"88d3f602-2ee7-4994-a21a-19d9f28f51c9","block_type":"box","text":"Issuer Risk.","page_number":57,"box":{"x":77,"y":470,"width":79,"height":9}},{"id":"ddd36d1a-9e9e-46db-9a78-5904546a37b1","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":57,"box":{"x":161,"y":470,"width":755,"height":11}},{"id":"9dac0f8e-34f0-4a45-8134-533761ad70c5","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":57,"box":{"x":76,"y":485,"width":861,"height":10}},{"id":"80e422ff-941d-4aa4-b567-5f812e294206","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":57,"box":{"x":76,"y":499,"width":406,"height":11}},{"id":"0acccecc-ef55-4d79-9ea7-6b2729ea8c12","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":57,"box":{"x":77,"y":522,"width":256,"height":11}},{"id":"ba8af6c9-a716-4c87-aec3-7f3abd41d1b7","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":57,"box":{"x":340,"y":522,"width":630,"height":11}},{"id":"01e48f93-52cb-4416-968f-5093172eff3e","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":57,"box":{"x":76,"y":536,"width":881,"height":11}},{"id":"f203e318-9b33-4b63-be2a-1d0c75d5b41f","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":57,"box":{"x":76,"y":550,"width":890,"height":11}},{"id":"e504fa8b-f90b-4054-a280-ebb97d6864ae","block_type":"box","text":"performance of the broader securities markets.","page_number":57,"box":{"x":76,"y":565,"width":303,"height":10}},{"id":"b5eabd7c-f0bf-4249-9ba9-d875355524fa","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":57,"box":{"x":77,"y":588,"width":368,"height":11}},{"id":"937916d6-f318-4eae-b685-ad39af1d644c","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":57,"box":{"x":450,"y":588,"width":518,"height":11}},{"id":"f9a8d784-9961-4d65-8d7c-3d0a3c5dd01c","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":57,"box":{"x":76,"y":602,"width":875,"height":11}},{"id":"4c4f7c10-0e1a-455a-9e39-f3655f08bf11","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":57,"box":{"x":76,"y":616,"width":899,"height":11}},{"id":"43347409-cf4c-4e8f-98d0-5de3bb4b3900","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":57,"box":{"x":76,"y":630,"width":901,"height":11}},{"id":"dc5826d9-7b9c-4081-8511-08f36a97e188","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":57,"box":{"x":76,"y":644,"width":888,"height":11}},{"id":"226f7de7-7421-4099-bfad-94057b4c22af","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":57,"box":{"x":76,"y":659,"width":882,"height":11}},{"id":"4b45b08a-1457-4c61-a9e7-967295dc7bec","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":57,"box":{"x":76,"y":673,"width":889,"height":11}},{"id":"ab73b3fc-8604-41a5-bbec-c4d209582453","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":57,"box":{"x":76,"y":687,"width":906,"height":11}},{"id":"04f4d0da-e0bc-49c7-92d7-cde418e2e043","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":57,"box":{"x":76,"y":701,"width":904,"height":11}},{"id":"73fa6f57-7f86-4271-b53c-9450302997c8","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":57,"box":{"x":76,"y":715,"width":855,"height":11}},{"id":"24ee1953-0b18-403b-812f-2ca453949a5a","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":57,"box":{"x":77,"y":730,"width":892,"height":10}},{"id":"5b2b3631-fda3-4943-b76f-ed734737ca0d","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":57,"box":{"x":77,"y":744,"width":901,"height":11}},{"id":"52949d71-417c-433f-8457-dfeb5e1749f2","block_type":"box","text":"to price.","page_number":57,"box":{"x":76,"y":758,"width":52,"height":11}},{"id":"815ed860-fbe6-4d1f-ae48-42254557c001","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":57,"box":{"x":76,"y":781,"width":840,"height":11}},{"id":"4d4cf401-d8ff-4399-bc7b-738a12bb67b6","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":57,"box":{"x":76,"y":795,"width":898,"height":11}},{"id":"63dc6c24-c0c5-4860-9748-d4d424a08ec3","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":57,"box":{"x":76,"y":809,"width":878,"height":11}},{"id":"4aabbfd7-d987-4794-95ec-41e95f78fa9c","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":57,"box":{"x":76,"y":824,"width":792,"height":11}},{"id":"08909bed-6aed-4158-85fc-a59ceb7c4f73","block_type":"box","text":"Management Risk.","page_number":57,"box":{"x":77,"y":847,"width":126,"height":11}},{"id":"c5046b88-ecae-404a-8b4e-0f16329b3893","block_type":"box","text":"A Fund that is actively managed or that has an outcome strategy is subject to the risk that BFA’s investment process,","page_number":57,"box":{"x":208,"y":847,"width":749,"height":11}},{"id":"e3e227f3-636f-4676-a8b8-f75c35ee2c3d","block_type":"box","text":"techniques, models and/or and risk analyses in making investment decisions for the Fund will not produce the desired results. The securities","page_number":57,"box":{"x":76,"y":861,"width":903,"height":11}},{"id":"83627e76-9936-4d69-9a4b-325701d778e8","block_type":"box","text":"or other assets selected by BFA may result in returns that are inconsistent with the Fund’s investment objective, and the Fund may","page_number":57,"box":{"x":76,"y":875,"width":837,"height":11}},{"id":"1946bdff-1e22-422c-8783-3a595da82cc8","block_type":"box","text":"6","page_number":57,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"afc852d4-fbc0-4941-a9ee-fd64f00e5c1d","block_type":"box","text":"underperform the market or any relevant benchmark. In addition, legislative, regulatory, or tax developments may affect the investment","page_number":58,"box":{"x":77,"y":23,"width":867,"height":11}},{"id":"080f27d9-5e9f-4dad-97f5-d87d5213bd78","block_type":"box","text":"techniques available to BFA in connection with managing such a Fund and may also adversely affect the ability of the Fund to achieve its","page_number":58,"box":{"x":76,"y":37,"width":871,"height":11}},{"id":"afb77bf7-44ff-4bb1-8b5b-daf11736fc42","block_type":"box","text":"investment objective.","page_number":58,"box":{"x":76,"y":52,"width":136,"height":10}},{"id":"dca659be-be26-4b5c-9007-8b07dfb81b1e","block_type":"box","text":"Market Risk.","page_number":58,"box":{"x":77,"y":75,"width":85,"height":8}},{"id":"c721a4d3-adf8-48ed-b5e5-224d4084f0d3","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":58,"box":{"x":167,"y":75,"width":764,"height":11}},{"id":"5ddb2c1b-926f-44a0-ad11-d3e70c856db1","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":58,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"f552e5fd-676e-4125-8a6e-bc7229f15d21","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":58,"box":{"x":76,"y":103,"width":884,"height":11}},{"id":"af8d0d8e-dede-4b57-b301-6c64bdbeec72","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":58,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"87a04761-6c71-4ca6-a8b5-85e4272f5a86","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":58,"box":{"x":76,"y":131,"width":858,"height":11}},{"id":"7f8908eb-624e-463b-bb44-9f1c9a828a0a","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":58,"box":{"x":76,"y":146,"width":869,"height":10}},{"id":"4eb1d8c4-594a-412b-b13b-525fc71a2c84","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":58,"box":{"x":76,"y":160,"width":885,"height":11}},{"id":"2c0abe93-9a08-473d-99a2-a1885094514e","block_type":"box","text":"and assets.","page_number":58,"box":{"x":76,"y":174,"width":71,"height":8}},{"id":"bbd0a539-6a6a-4d73-9ee6-febc0b25b200","block_type":"box","text":"Market Trading Risk.","page_number":58,"box":{"x":77,"y":197,"width":140,"height":11}},{"id":"ae7a8f24-eddf-4881-9950-a776ba202586","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":58,"box":{"x":222,"y":197,"width":753,"height":11}},{"id":"17b833b2-d748-4ffe-b5f6-9e8a1ef41d0b","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":58,"box":{"x":76,"y":211,"width":896,"height":11}},{"id":"7e8269c1-61af-46e1-a740-7d17476fc2da","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":58,"box":{"x":76,"y":226,"width":877,"height":10}},{"id":"932dbb9b-8d8f-4bd0-9a68-22bee6e05d7c","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":58,"box":{"x":77,"y":240,"width":446,"height":11}},{"id":"0fe81937-c916-4539-8785-fd268db85d74","block_type":"box","text":"Absence of an Active Primary Market.","page_number":58,"box":{"x":75,"y":263,"width":236,"height":11}},{"id":"06749546-68ed-42b1-8b65-3d5cc73be0e7","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":58,"box":{"x":317,"y":263,"width":663,"height":11}},{"id":"cc73ed70-a797-4ab0-8179-67114ae33f23","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":58,"box":{"x":76,"y":277,"width":826,"height":11}},{"id":"ccd405fd-33cb-4fa1-b1be-e8eab8691cdc","block_type":"box","text":"Secondary Listing Risks.","page_number":58,"box":{"x":76,"y":300,"width":151,"height":11}},{"id":"af218d6d-c0fe-4313-b723-4196ae1123a0","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":58,"box":{"x":233,"y":300,"width":732,"height":11}},{"id":"3d11b487-2b99-4998-8ce7-4818bde7da61","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":58,"box":{"x":76,"y":314,"width":841,"height":11}},{"id":"34412396-c204-4b22-9830-fc9ee29c8d90","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":58,"box":{"x":76,"y":329,"width":890,"height":10}},{"id":"682676fe-e7c8-4750-be63-f572acc63f35","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":58,"box":{"x":76,"y":343,"width":880,"height":11}},{"id":"15fe2015-ada3-45d1-8e11-1a09df9aaba0","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":58,"box":{"x":76,"y":357,"width":872,"height":11}},{"id":"2f6e927e-452f-4a0a-b579-1f417304cd15","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":58,"box":{"x":76,"y":371,"width":897,"height":11}},{"id":"a8b95a8b-bf9f-4f56-bc53-4dccc63d8245","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":58,"box":{"x":76,"y":385,"width":862,"height":11}},{"id":"fbeaefa1-887c-4909-9200-4f3a2042afb4","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":58,"box":{"x":76,"y":400,"width":579,"height":10}},{"id":"339199f2-a06e-43be-88e2-898ade5a237e","block_type":"box","text":"Secondary Market Trading Risk.","page_number":58,"box":{"x":76,"y":423,"width":196,"height":11}},{"id":"6acfcecc-b423-4bf1-8998-dd0fe421e500","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":58,"box":{"x":279,"y":423,"width":703,"height":11}},{"id":"8aa3aa3f-320b-426d-bcfc-e5fc50ced42e","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":58,"box":{"x":76,"y":437,"width":896,"height":11}},{"id":"200f34ca-70ad-4a2b-9e8c-4338583ae143","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":58,"box":{"x":76,"y":451,"width":880,"height":11}},{"id":"b9cdcaca-dce3-4985-87fc-404f5f7f178b","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":58,"box":{"x":76,"y":465,"width":900,"height":11}},{"id":"3b4fc48e-4e5f-4e57-9753-551f8c3d8417","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":58,"box":{"x":76,"y":479,"width":893,"height":11}},{"id":"751ddce9-f941-4864-a78c-8fcbd57f7f77","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":58,"box":{"x":76,"y":494,"width":581,"height":11}},{"id":"6438a7d7-1d3c-40d2-9c0f-11c61bc98f12","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":58,"box":{"x":77,"y":517,"width":900,"height":11}},{"id":"0f0da7a8-5a54-470a-a8f9-8e66ae69c6db","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":58,"box":{"x":76,"y":531,"width":547,"height":11}},{"id":"2984ea99-3bb3-4263-9772-2b4144f960d1","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":58,"box":{"x":76,"y":554,"width":894,"height":11}},{"id":"ba727b8f-18e6-4f08-894c-ca0434345a02","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":58,"box":{"x":76,"y":568,"width":905,"height":11}},{"id":"7255f9f9-9cf0-4eff-a17f-4caad59f2d8f","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":58,"box":{"x":77,"y":583,"width":874,"height":10}},{"id":"cd515822-ff3d-4ce9-a231-01b7c8ed6b4d","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":58,"box":{"x":76,"y":597,"width":890,"height":11}},{"id":"44d85f68-e2b8-411a-96a8-2cd861ffbf49","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":58,"box":{"x":76,"y":611,"width":857,"height":11}},{"id":"76a22c99-6263-4ef3-baf2-4eb35bfe4cba","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":58,"box":{"x":76,"y":625,"width":891,"height":11}},{"id":"d0ebdffe-172b-4cb8-ae75-34b3c8fa218a","block_type":"box","text":"substantial trading losses.","page_number":58,"box":{"x":76,"y":639,"width":166,"height":11}},{"id":"bbe3b566-e617-4263-b983-2755068c9b49","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":58,"box":{"x":76,"y":663,"width":874,"height":10}},{"id":"e920ab50-8e68-4248-9f62-89c4fe7b48d5","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":58,"box":{"x":76,"y":677,"width":893,"height":11}},{"id":"d1d91a2c-b09e-4956-b52d-19ac10282de3","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":58,"box":{"x":76,"y":691,"width":658,"height":11}},{"id":"3b2e218c-4e5a-483d-9dfe-51b1ec31f77f","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":58,"box":{"x":76,"y":714,"width":310,"height":11}},{"id":"dcabfb2e-77cd-4121-9484-32fe20cdfd42","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":58,"box":{"x":385,"y":714,"width":572,"height":11}},{"id":"74e524bf-d5d6-45e7-80cd-98b66bac9542","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":58,"box":{"x":77,"y":728,"width":852,"height":11}},{"id":"3f7b396b-6bca-45f7-892a-e3a87eff1cb4","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":58,"box":{"x":76,"y":742,"width":892,"height":11}},{"id":"900dcbaa-5afe-4862-915b-7bad2ee6baab","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":58,"box":{"x":77,"y":757,"width":885,"height":10}},{"id":"b34d93b4-c78f-4cb1-ba7b-d0eca621fd54","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":58,"box":{"x":76,"y":771,"width":792,"height":11}},{"id":"f83a82fd-f67f-4576-98f9-6e2113b20ed0","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":58,"box":{"x":77,"y":794,"width":886,"height":11}},{"id":"376c957c-52eb-4f19-a04f-0dd8f4664073","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":58,"box":{"x":77,"y":808,"width":891,"height":11}},{"id":"3274b320-be19-4118-86b5-e763e27aa73d","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":58,"box":{"x":76,"y":822,"width":899,"height":11}},{"id":"3f5fabd9-ce91-4f7b-89a5-43ab2e0e6126","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":58,"box":{"x":77,"y":837,"width":899,"height":10}},{"id":"cb58114f-5699-4ee8-b93c-ca95e4a13acf","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":58,"box":{"x":76,"y":851,"width":878,"height":11}},{"id":"8a3df79e-49df-47f0-a154-f232b4c5ec61","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":58,"box":{"x":76,"y":865,"width":902,"height":11}},{"id":"acc47c1a-ccef-4fcf-92d3-bb69c4fddf18","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":58,"box":{"x":76,"y":879,"width":891,"height":11}},{"id":"a9791f58-98f6-4927-b298-657e8133cfb9","block_type":"box","text":"7","page_number":58,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"99fc8eae-7e89-41ad-b62b-2173fc4b0064","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":59,"box":{"x":76,"y":23,"width":849,"height":11}},{"id":"bc97a250-ef12-41e3-8b5d-be54d051875d","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":59,"box":{"x":76,"y":37,"width":622,"height":11}},{"id":"21a6175c-919a-452f-b1bb-ff4479c67aa6","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":59,"box":{"x":76,"y":60,"width":245,"height":11}},{"id":"6ede6370-55f0-4789-955f-e5d22369d9ef","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":59,"box":{"x":328,"y":61,"width":636,"height":10}},{"id":"313e1e70-545d-4d88-b1ab-590094977fee","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":59,"box":{"x":76,"y":75,"width":853,"height":11}},{"id":"0da6abd6-6cb4-412c-a903-1ed0645fefe6","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":59,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"bdf2c87e-8800-4c2d-ae73-d595283f4ac5","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":59,"box":{"x":76,"y":103,"width":865,"height":11}},{"id":"eb0d4569-4328-4a3e-8f28-07bf60a93443","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":59,"box":{"x":76,"y":117,"width":885,"height":11}},{"id":"cdb46964-8cfd-41d6-b7c6-0ef4bd9dc9c2","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":59,"box":{"x":77,"y":131,"width":891,"height":11}},{"id":"a1216b3a-d6fc-42a6-a2ad-c824ad39360a","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":59,"box":{"x":76,"y":146,"width":901,"height":10}},{"id":"706857b9-ec7f-40a5-850b-fac8a2776125","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":59,"box":{"x":76,"y":160,"width":858,"height":11}},{"id":"75ab8fcc-ead9-4758-8d5e-2bb104388b21","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":59,"box":{"x":77,"y":174,"width":418,"height":11}},{"id":"f7e490b0-ef8e-48cc-a277-2bce48fbe131","block_type":"box","text":"Non-Diversification Risk.","page_number":59,"box":{"x":77,"y":197,"width":170,"height":9}},{"id":"3e7dae58-7aab-40b3-8580-7a434788d13d","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":59,"box":{"x":252,"y":197,"width":711,"height":11}},{"id":"9d06efe6-5587-44cb-9d5c-9f64ae1606ae","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":59,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"6e6b6f2d-489e-42f0-9dc0-80e529a05e16","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":59,"box":{"x":76,"y":226,"width":886,"height":10}},{"id":"dc7a544d-4a1e-4939-a809-2046bd824659","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":59,"box":{"x":76,"y":240,"width":879,"height":11}},{"id":"605e5d9d-20d7-4cc1-a71a-522d0fd6724d","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":59,"box":{"x":77,"y":254,"width":390,"height":11}},{"id":"5a30293d-f0b8-4a54-8d35-958cb3eec1c1","block_type":"box","text":"Operational and Technology Risks.","page_number":59,"box":{"x":76,"y":277,"width":239,"height":11}},{"id":"b46ecdc4-d5de-4a85-93f9-6af6aacecdb9","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":59,"box":{"x":320,"y":277,"width":648,"height":11}},{"id":"2c42d4c1-2785-415c-b378-c99eadc0e159","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":59,"box":{"x":76,"y":291,"width":842,"height":11}},{"id":"0db69aef-68d5-4f11-9b1b-ee296c065f24","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":59,"box":{"x":76,"y":305,"width":877,"height":11}},{"id":"cc1e48c4-6570-4a72-a557-bfb9991b4374","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":59,"box":{"x":76,"y":320,"width":844,"height":10}},{"id":"13543a54-bab2-4149-966b-b6ec7efece00","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":59,"box":{"x":76,"y":334,"width":866,"height":11}},{"id":"867d2e0a-131d-4799-8ddf-5fc5154f095e","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":59,"box":{"x":76,"y":348,"width":892,"height":11}},{"id":"ee106f85-7c3b-4864-9c2a-b70e7ddabed5","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":59,"box":{"x":76,"y":362,"width":889,"height":11}},{"id":"50cf479f-2573-4e98-9d38-4c0ce304d495","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":59,"box":{"x":76,"y":376,"width":870,"height":11}},{"id":"1e8d66a0-dca6-46eb-ba43-caa03f85d314","block_type":"box","text":"risks.","page_number":59,"box":{"x":77,"y":391,"width":32,"height":8}},{"id":"9b27cca0-8f7c-4ba1-9c19-37452ac2807c","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":59,"box":{"x":76,"y":414,"width":895,"height":11}},{"id":"4bbd0229-5d94-43dd-9eb0-30fdb66550b5","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":59,"box":{"x":76,"y":428,"width":878,"height":11}},{"id":"892f1b98-8290-4e45-aae2-f18b74eaaab1","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":59,"box":{"x":76,"y":442,"width":905,"height":11}},{"id":"da6f8862-88ce-44fe-a7c2-429c983de19e","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":59,"box":{"x":76,"y":456,"width":885,"height":11}},{"id":"8b6c5c04-1d90-4f92-a6df-54423185f734","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":59,"box":{"x":76,"y":470,"width":828,"height":11}},{"id":"90f3987b-ad51-432e-ad93-a29390ee8e19","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":59,"box":{"x":76,"y":485,"width":898,"height":10}},{"id":"b384ba75-4bf1-45b4-9fa1-dfb7bb81ead3","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":59,"box":{"x":76,"y":499,"width":884,"height":11}},{"id":"976caf37-267f-4526-8e65-08e972bf5656","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":59,"box":{"x":77,"y":513,"width":880,"height":11}},{"id":"85f0b736-7734-49af-95ff-b7bc17c7be53","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":59,"box":{"x":77,"y":527,"width":898,"height":11}},{"id":"a7b2a03e-66ea-44aa-9d9c-e07fb8b1cd04","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":59,"box":{"x":76,"y":541,"width":866,"height":11}},{"id":"def324bc-cd6f-4e4d-a70a-fd8c8ba5d67a","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":59,"box":{"x":76,"y":556,"width":906,"height":10}},{"id":"99c68019-1c80-468d-ae20-6eaf710f0333","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":59,"box":{"x":76,"y":570,"width":904,"height":11}},{"id":"20252805-416d-4cad-be4f-9e91f3f56995","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":59,"box":{"x":76,"y":584,"width":885,"height":11}},{"id":"93fe0d64-09ac-4310-aafd-7b30935b22ec","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":59,"box":{"x":77,"y":598,"width":872,"height":11}},{"id":"1cac3158-4236-49b8-b58c-79b43e6a571f","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":59,"box":{"x":76,"y":612,"width":855,"height":11}},{"id":"957f9fbc-4523-4a0d-80a4-24eb5eb9fa17","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":59,"box":{"x":76,"y":626,"width":857,"height":11}},{"id":"606483fb-52d2-4b4d-9555-c1ff1759f1c8","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":59,"box":{"x":76,"y":641,"width":897,"height":10}},{"id":"ac2deb46-92c0-49ab-84b1-b07d6eb6e19b","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":59,"box":{"x":76,"y":655,"width":886,"height":11}},{"id":"4d5629e3-ef92-4b2f-9dc4-6f079f498894","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":59,"box":{"x":76,"y":669,"width":876,"height":11}},{"id":"1efc1a58-b884-4eb1-b1f4-76f724549771","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":59,"box":{"x":76,"y":683,"width":585,"height":11}},{"id":"1d769610-7d4a-4464-a882-dd8b44a06957","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":59,"box":{"x":76,"y":706,"width":864,"height":11}},{"id":"e354f35a-a0e3-46b5-9ed3-ca1f79808f80","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":59,"box":{"x":76,"y":721,"width":889,"height":10}},{"id":"43e0cd12-c074-4cda-9de1-35b8a388ba80","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":59,"box":{"x":77,"y":735,"width":839,"height":11}},{"id":"76c19809-9ce7-411e-b7f3-cbe8a3cbda7e","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":59,"box":{"x":76,"y":749,"width":862,"height":11}},{"id":"e86e17c7-f601-4b45-89d7-e0662117bf1d","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":59,"box":{"x":77,"y":763,"width":863,"height":11}},{"id":"5a8eca28-2e5a-4955-a3ff-d2062e48f482","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":59,"box":{"x":76,"y":777,"width":871,"height":11}},{"id":"9eae5bd6-79bb-46a3-b310-fe4ea49c1f01","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":59,"box":{"x":76,"y":791,"width":895,"height":11}},{"id":"76196787-04ce-4967-b826-c3350275710a","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":59,"box":{"x":76,"y":806,"width":882,"height":10}},{"id":"96e34695-4b07-411f-bc80-39566fdee075","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":59,"box":{"x":76,"y":820,"width":659,"height":11}},{"id":"184bd237-c449-49fd-9403-2689bd34ad95","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":59,"box":{"x":77,"y":843,"width":830,"height":11}},{"id":"3279edbd-eb78-4580-90c8-fd82d12832d1","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":59,"box":{"x":75,"y":857,"width":905,"height":11}},{"id":"0de81357-e76d-4abd-ae3a-4f2ea7931a4c","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":59,"box":{"x":77,"y":871,"width":756,"height":11}},{"id":"9adbf482-4b84-4485-a994-0c8a2e57561b","block_type":"box","text":"8","page_number":59,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"33cf1452-825f-4594-9317-98d9c5c2d6d5","block_type":"box","text":"Options Risk","page_number":60,"box":{"x":76,"y":23,"width":88,"height":11}},{"id":"f094f75e-cb40-4811-be0d-672d10e02541","block_type":"box","text":".","page_number":60,"box":{"x":164,"y":30,"width":3,"height":2}},{"id":"403098ce-adff-4ded-a2a8-dea6c6c1fe44","block_type":"box","text":"Investments in options are considered speculative. When a Fund purchases an option, it may lose the total premium paid for it","page_number":60,"box":{"x":173,"y":23,"width":807,"height":11}},{"id":"e6545da5-0302-402c-a595-db36beb058cb","block_type":"box","text":"if the price of the underlying security or other reference asset related to the option decreased, remained the same or failed to increase to a","page_number":60,"box":{"x":76,"y":37,"width":890,"height":11}},{"id":"bf8fcb06-4ca5-431f-b7c3-5c42ba544d14","block_type":"box","text":"level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below","page_number":60,"box":{"x":77,"y":51,"width":900,"height":11}},{"id":"32c29b23-e397-414a-a202-2d9ff34282ad","block_type":"box","text":"the exercise price (in the case of a put option). When a Fund sells an option, it may experience a substantial loss if the price of the underlying","page_number":60,"box":{"x":76,"y":66,"width":903,"height":11}},{"id":"3fe7dda9-d247-45f6-b82c-882a013ef589","block_type":"box","text":"security or other reference asset increased to a level significantly above the exercise price (in the case of a call option) or decreased to a","page_number":60,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"42732208-4619-4676-9cc8-c3f039add442","block_type":"box","text":"level significantly below the exercise price (in the case of a put option). If a put or call option purchased by a Fund were permitted to expire","page_number":60,"box":{"x":77,"y":94,"width":888,"height":11}},{"id":"0d09e82c-8e50-4f4f-b0cc-bbf797bf94b9","block_type":"box","text":"without being sold or exercised, its premium would represent a loss to the Fund.","page_number":60,"box":{"x":76,"y":108,"width":513,"height":11}},{"id":"2bc4e896-ce84-4f14-82e5-01b2f15e76c6","block_type":"box","text":"FLEX Options Risk.","page_number":60,"box":{"x":76,"y":131,"width":117,"height":11}},{"id":"9897a744-c9e9-4707-bd96-ab998fd7a19a","block_type":"box","text":"FLEX Options are subject to the risk that they may be less liquid than certain other instruments, such as standardized","page_number":60,"box":{"x":200,"y":131,"width":750,"height":11}},{"id":"7dad5c6a-9629-4a79-a6ba-5f638bcc6130","block_type":"box","text":"options. In less liquid markets for the FLEX Options, terminating FLEX Options may require the payment of a premium or acceptance of a","page_number":60,"box":{"x":76,"y":146,"width":875,"height":10}},{"id":"24b45f93-3e83-4bf5-aee1-0ddddde947c4","block_type":"box","text":"discounted price and may take longer to complete. In a less liquid market for FLEX Options, the liquidation of a large number of options may","page_number":60,"box":{"x":76,"y":160,"width":897,"height":11}},{"id":"aad565b1-c1aa-4dbd-ad2f-aa7c6aa59004","block_type":"box","text":"significantly impact the price of the options and may adversely impact the value of an investment in a Fund. There is also a risk that a Fund","page_number":60,"box":{"x":76,"y":174,"width":887,"height":11}},{"id":"62544d5b-b160-49b1-8965-a665155e1c60","block_type":"box","text":"will be unable to maintain the proportional relationship based on the number of exchange-traded options in the Fund’s portfolio or that","page_number":60,"box":{"x":76,"y":188,"width":861,"height":11}},{"id":"3345dcde-67f2-4e82-9c38-ee52255bb816","block_type":"box","text":"adverse tax law changes will negatively impact the treatment of FLEX Options. Additionally, to the extent market participants are not willing","page_number":60,"box":{"x":76,"y":202,"width":893,"height":11}},{"id":"03aa324a-f368-4eb6-a249-6dd84e945c3d","block_type":"box","text":"or able to enter into FLEX Option transactions with a Fund at prices that reflect the market price of Fund shares, the Fund’s NAV and the","page_number":60,"box":{"x":76,"y":216,"width":872,"height":11}},{"id":"f3a87ef2-f54e-4070-8b8e-f856b874a038","block_type":"box","text":"share price of the Fund could be negatively impacted.","page_number":60,"box":{"x":76,"y":231,"width":342,"height":11}},{"id":"040e2a2c-b140-468a-90a9-055f6b4f26ab","block_type":"box","text":"Outcome Period Risk.","page_number":60,"box":{"x":76,"y":254,"width":149,"height":8}},{"id":"6f7b01f7-37bd-40a7-bbc8-6ecb6560781b","block_type":"box","text":"The Approximate Buffer and Approximate Cap for an Outcome Period apply to Fund shares held over the entire","page_number":60,"box":{"x":230,"y":254,"width":709,"height":11}},{"id":"909d9745-2c88-4132-8ca7-363ed0e39357","block_type":"box","text":"Outcome Period. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome","page_number":60,"box":{"x":76,"y":268,"width":887,"height":11}},{"id":"2a7240c9-249d-4638-b18e-6adc7e366a8a","block_type":"box","text":"Period, the returns realized by the investor will not match those that the Fund seeks to provide.","page_number":60,"box":{"x":77,"y":282,"width":607,"height":11}},{"id":"4978a043-adfd-4d17-8cad-8add220b94df","block_type":"box","text":"Ownership Limitations Risk.","page_number":60,"box":{"x":76,"y":305,"width":195,"height":11}},{"id":"908206e9-ac05-481e-afd0-9bc5e8a8faf6","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":60,"box":{"x":277,"y":305,"width":697,"height":11}},{"id":"02d77ec2-7110-49df-9d70-363ceda4968a","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":60,"box":{"x":77,"y":320,"width":900,"height":10}},{"id":"55d222da-612b-48d4-b914-8898e9d2ed57","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":60,"box":{"x":76,"y":334,"width":851,"height":11}},{"id":"f7a8617a-69b5-4874-880a-3b89d9b948d2","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":60,"box":{"x":77,"y":348,"width":866,"height":11}},{"id":"612db877-ef85-4b0e-9c3a-0028e02e52ae","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":60,"box":{"x":76,"y":362,"width":903,"height":11}},{"id":"f04cebda-9e53-460e-bc2e-ffb6070bb24f","block_type":"box","text":"holdings.","page_number":60,"box":{"x":77,"y":376,"width":55,"height":11}},{"id":"029bc02e-9cca-42a5-9ba9-e093a972c548","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":60,"box":{"x":77,"y":400,"width":851,"height":10}},{"id":"6c7c96b1-c4a0-459a-82c8-4314362dcd9c","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":60,"box":{"x":76,"y":414,"width":890,"height":11}},{"id":"6c98d4c3-a98d-4c9e-b57b-b1ab098a8d0e","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":60,"box":{"x":76,"y":428,"width":870,"height":11}},{"id":"61604f1f-092f-4146-95ae-bcc9ded73cc5","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":60,"box":{"x":76,"y":442,"width":884,"height":11}},{"id":"056f434a-be69-4d62-9036-034d4405e680","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":60,"box":{"x":76,"y":456,"width":906,"height":11}},{"id":"77c8489d-2e2a-4ae2-b07e-0489cd99c112","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":60,"box":{"x":76,"y":470,"width":886,"height":11}},{"id":"1277d911-b8f8-4a57-bb3f-11736c6d2d16","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":60,"box":{"x":76,"y":485,"width":896,"height":10}},{"id":"b0b7737f-9bdb-48f8-9e0b-b6ec5d6d128d","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":60,"box":{"x":76,"y":508,"width":885,"height":11}},{"id":"c4a7cc40-7408-4793-9980-5df7531285e9","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":60,"box":{"x":76,"y":522,"width":854,"height":11}},{"id":"3a7668d4-d988-48fd-a3d2-ececebffa6c7","block_type":"box","text":"disapproval that was obtained.","page_number":60,"box":{"x":76,"y":536,"width":195,"height":11}},{"id":"9e8f2284-9211-4d36-ba77-d61c81898df3","block_type":"box","text":"Risk of Investing in the U.S.","page_number":60,"box":{"x":77,"y":559,"width":190,"height":11}},{"id":"b1ca9a2c-2af1-41ca-8831-287e2f8b2dcf","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":60,"box":{"x":273,"y":559,"width":683,"height":11}},{"id":"79ca87ac-075f-45d6-864d-e2963f20b169","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":60,"box":{"x":76,"y":574,"width":897,"height":10}},{"id":"85becaa2-1312-45f2-8e89-9ad1fed10309","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":60,"box":{"x":76,"y":588,"width":902,"height":11}},{"id":"50733989-695e-4a87-9301-61dd76f878a4","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":60,"box":{"x":76,"y":602,"width":887,"height":11}},{"id":"a685a607-8cbe-4316-9a85-d5be97f134ef","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":60,"box":{"x":76,"y":616,"width":894,"height":11}},{"id":"3bdc0fae-fa1b-4500-a170-b819aebd96b1","block_type":"box","text":"financial markets or issuers.","page_number":60,"box":{"x":76,"y":630,"width":179,"height":9}},{"id":"6f61b4e9-c3d0-4de7-ac21-bccd33e49fae","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":60,"box":{"x":76,"y":654,"width":868,"height":10}},{"id":"db5065d2-eaa8-42be-8cd2-9c90eeb5e952","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":60,"box":{"x":77,"y":668,"width":867,"height":11}},{"id":"b2e94bf4-e741-4f1d-8de2-a3e7c216322d","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":60,"box":{"x":76,"y":682,"width":868,"height":11}},{"id":"b0163121-d5e9-417f-b1ac-ff8f2fff3566","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":60,"box":{"x":77,"y":696,"width":899,"height":11}},{"id":"5be1c934-6b56-4ebf-a929-5ac9f5ea61a6","block_type":"box","text":"system.","page_number":60,"box":{"x":76,"y":711,"width":49,"height":10}},{"id":"c07daf35-d4ae-42a1-a740-efcc7da98f4b","block_type":"box","text":"Securities Lending Risk.","page_number":60,"box":{"x":76,"y":733,"width":166,"height":11}},{"id":"772507e5-0d70-4a4a-a649-4610977ab524","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":60,"box":{"x":247,"y":733,"width":730,"height":11}},{"id":"86b93f32-6249-4a4b-9ae1-f8da2ae394b4","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":60,"box":{"x":76,"y":748,"width":898,"height":10}},{"id":"b6517741-f645-4818-9dd6-f8c9b8d2b7ff","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":60,"box":{"x":76,"y":762,"width":892,"height":11}},{"id":"ac527f52-d8f5-40bb-ab36-dd6d086680ab","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":60,"box":{"x":76,"y":776,"width":403,"height":11}},{"id":"ab93f220-073b-422d-a538-bdac50672cb6","block_type":"box","text":"Small Fund Risk.","page_number":60,"box":{"x":76,"y":799,"width":114,"height":9}},{"id":"14a387aa-47f4-446c-a8b6-2b17f589ef2c","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":60,"box":{"x":195,"y":799,"width":704,"height":11}},{"id":"f2b281b7-2dd0-4946-8c34-7728f4b6ecd8","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":60,"box":{"x":76,"y":813,"width":904,"height":11}},{"id":"11b05513-baec-40a0-b1f1-78d3406a4014","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":60,"box":{"x":76,"y":828,"width":898,"height":10}},{"id":"b09bfd32-cf43-4d5c-8cc1-22bd1a40ff49","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":60,"box":{"x":76,"y":842,"width":873,"height":11}},{"id":"587221a0-ebdb-4401-9fa2-9f83519b4277","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":60,"box":{"x":77,"y":856,"width":710,"height":11}},{"id":"1052d03f-e94f-4a07-96a2-3c0c3f8d78cd","block_type":"box","text":"9","page_number":60,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"88081590-1efa-4b52-b4d4-386b946533f4","block_type":"box","text":"Tax Risk.","page_number":61,"box":{"x":76,"y":23,"width":59,"height":9}},{"id":"4a89dff2-f45f-4e27-8020-745e56579ed2","block_type":"box","text":"The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code. As a","page_number":61,"box":{"x":140,"y":23,"width":824,"height":11}},{"id":"4237122a-3801-4a85-9316-e7f209407a42","block_type":"box","text":"RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gains that it","page_number":61,"box":{"x":77,"y":37,"width":836,"height":11}},{"id":"f21f686b-8c2f-4d27-812c-9300e8c82717","block_type":"box","text":"distributes to shareholders, provided that it satisfies certain requirements of the Internal Revenue Code. However, the federal income tax","page_number":61,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"db96437e-9b0e-44e2-9644-6414830d2f02","block_type":"box","text":"treatment of certain aspects of the Fund’s operations are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its","page_number":61,"box":{"x":76,"y":66,"width":889,"height":11}},{"id":"c7d12e46-7e33-4cbd-b4b8-610e63cd8c59","block_type":"box","text":"hedging strategy, the application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code.","page_number":61,"box":{"x":77,"y":80,"width":791,"height":11}},{"id":"ac8b9f6a-abeb-483d-b352-65f4e66e702e","block_type":"box","text":"To qualify and maintain its status as a RIC, the Fund must meet certain income, diversification and distributions tests. For purposes of the","page_number":61,"box":{"x":76,"y":103,"width":880,"height":11}},{"id":"b990e9ba-269e-4132-a18c-36823dff642b","block_type":"box","text":"diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and","page_number":61,"box":{"x":76,"y":117,"width":892,"height":11}},{"id":"b7ba4883-12d6-4d73-90f2-485c3dfc7f8f","block_type":"box","text":"conditions of that investment. There is no published IRS guidance or case law on how to determine the “issuer” of certain derivatives that the","page_number":61,"box":{"x":76,"y":131,"width":904,"height":11}},{"id":"d9f43376-386a-45fe-b57a-6b17295da715","block_type":"box","text":"Fund will enter into. Therefore, there is a risk that the Fund will not meet the Internal Revenue Code’s diversification requirements and will","page_number":61,"box":{"x":77,"y":146,"width":882,"height":10}},{"id":"fd2e2377-18de-461a-b360-4746acbb024c","block_type":"box","text":"not qualify, or will be disqualified, as a RIC. The Fund intends to treat the reference asset (","page_number":61,"box":{"x":76,"y":160,"width":576,"height":11}},{"id":"72ee5465-7d94-4fc2-b9b7-ccac55c61cbb","block_type":"box","text":"i.e","page_number":61,"box":{"x":652,"y":160,"width":15,"height":8}},{"id":"083aa5d1-46f6-4962-8eb7-a2e2c92839e8","block_type":"box","text":"., the Underlying Fund) as the issuer of the","page_number":61,"box":{"x":668,"y":160,"width":271,"height":11}},{"id":"4bca6498-a4ea-4506-b195-67ebe7d2511c","block_type":"box","text":"options. Assuming the reference asset qualifies as a RIC, the Fund could count the options as automatically diversified investments under the","page_number":61,"box":{"x":76,"y":174,"width":906,"height":11}},{"id":"e8040462-d91b-4d37-b566-f82d47683a82","block_type":"box","text":"Internal Revenue Code’s diversification requirements. In addition, the Fund intends to treat any income it may derive from the options as","page_number":61,"box":{"x":77,"y":188,"width":873,"height":11}},{"id":"54e97756-255c-4a65-b5ce-df33d0537328","block_type":"box","text":"“qualifying income” under the provisions of the Internal Revenue Code applicable to RICs. If the income is not qualifying income or if the","page_number":61,"box":{"x":76,"y":202,"width":870,"height":11}},{"id":"c7eec7ca-b329-4d15-b2ff-18fae9b6fa43","block_type":"box","text":"options are not treated as issued by the reference asset for diversification test purposes, there is a risk that the Fund could lose its RIC","page_number":61,"box":{"x":76,"y":216,"width":865,"height":11}},{"id":"3fdd675e-9d17-4f7b-b6d2-17166271af06","block_type":"box","text":"status. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income","page_number":61,"box":{"x":76,"y":231,"width":875,"height":10}},{"id":"0c6e7a3d-a84c-40f2-b957-473cc232c054","block_type":"box","text":"would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order","page_number":61,"box":{"x":76,"y":245,"width":903,"height":10}},{"id":"9abd71e3-a451-4b45-88a1-07d05dd7a219","block_type":"box","text":"to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make","page_number":61,"box":{"x":76,"y":259,"width":873,"height":11}},{"id":"a9e90004-a237-4b60-a52a-efc774722e65","block_type":"box","text":"certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a","page_number":61,"box":{"x":76,"y":273,"width":868,"height":11}},{"id":"b5de9447-5aa6-4c88-90b8-67899468504b","block_type":"box","text":"negative impact on Fund returns. In such event, the Fund may reorganize, close or materially change its investment objective and strategies.","page_number":61,"box":{"x":76,"y":287,"width":898,"height":11}},{"id":"e6abc032-b7f0-4acd-be90-91972e931af7","block_type":"box","text":"The Fund’s investments in offsetting positions with respect to the Underlying Fund may affect the character of gains or losses realized by the","page_number":61,"box":{"x":76,"y":311,"width":901,"height":10}},{"id":"42efc337-9e84-4fff-8a26-9f1f1bd82c04","block_type":"box","text":"Fund under the Internal Revenue Code’s “straddle” rules and may increase the amount of short-term capital gains realized by the Fund. Such","page_number":61,"box":{"x":77,"y":325,"width":899,"height":11}},{"id":"38064e5e-7f9a-47b3-b589-125380b4eb08","block_type":"box","text":"short-term capital gains are taxed as ordinary income when distributed to U.S. shareholders in a non-liquidating distribution. As a result, if","page_number":61,"box":{"x":76,"y":339,"width":885,"height":11}},{"id":"1d7afd52-ef98-4ac4-8059-6000e3a27895","block_type":"box","text":"the Fund makes a non-liquidating distribution of short-term capital gains, the amount that U.S. shareholders must treat as ordinary income","page_number":61,"box":{"x":76,"y":353,"width":889,"height":11}},{"id":"e3bbd3aa-40c5-4710-887d-13db736f75f9","block_type":"box","text":"may be substantially greater than for shareholders of a fund that does not engage in such transactions. Accordingly, shareholders could have","page_number":61,"box":{"x":76,"y":367,"width":903,"height":11}},{"id":"6fa23773-8dcb-41dd-9630-6ee552ee9d76","block_type":"box","text":"a lower after-tax return from investing in the Fund than investing directly in the Underlying Fund.","page_number":61,"box":{"x":76,"y":382,"width":616,"height":10}},{"id":"95b9fb1a-0996-4d27-925f-260e218c1183","block_type":"box","text":"The options included in the Fund’s portfolio are exchange-traded options. The tax treatment of certain derivatives contracts, including listed","page_number":61,"box":{"x":76,"y":405,"width":894,"height":11}},{"id":"0b532d94-30e2-4b3b-a607-ab4af83fcac6","block_type":"box","text":"non-equity options written or purchased by the Fund on U.S. exchanges (such as options on futures contracts, broad-based equity indices","page_number":61,"box":{"x":76,"y":419,"width":883,"height":11}},{"id":"1808a13b-8596-45ae-a604-2e2d05438264","block_type":"box","text":"and debt securities), may be governed by Section 1256 of the Internal Revenue Code (“Section 1256 Contracts”). Section 1256 Contracts are","page_number":61,"box":{"x":76,"y":433,"width":903,"height":11}},{"id":"f2459cfb-4d80-4d40-b301-abc003060ad4","block_type":"box","text":"treated as if they were sold (","page_number":61,"box":{"x":76,"y":447,"width":182,"height":11}},{"id":"a35a07aa-4376-4b55-bc9c-5e5532541838","block_type":"box","text":"i.e","page_number":61,"box":{"x":258,"y":447,"width":15,"height":9}},{"id":"cc05e4fe-6fc0-463d-96c5-6c420d1d749a","block_type":"box","text":"., “marked to market”) at the end of each year. Gain or loss is recognized on this deemed sale. Such treatment","page_number":61,"box":{"x":274,"y":447,"width":704,"height":11}},{"id":"2840c113-7d7b-4ecd-808c-0a86a8be8096","block_type":"box","text":"could cause the Fund to recognize taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute","page_number":61,"box":{"x":76,"y":461,"width":897,"height":11}},{"id":"fb269df2-f80e-4537-8056-42e55c034da5","block_type":"box","text":"at least 90% of its income annually. If options held by the Fund were deemed to be Section 1256 Contracts, and if the Fund were unable to","page_number":61,"box":{"x":76,"y":476,"width":884,"height":10}},{"id":"58c515a4-8d9d-460a-aaa9-c97356566daa","block_type":"box","text":"distribute marked-to-market gains to its shareholders, the Fund may lose its RIC qualification and be taxed as a regular corporation. 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The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":61,"box":{"x":76,"y":772,"width":857,"height":11}},{"id":"749a115a-574e-4901-94fa-65e9a66f7a56","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":61,"box":{"x":76,"y":786,"width":898,"height":11}},{"id":"f6da16cc-e1e5-4367-9be2-93b90dedc629","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":61,"box":{"x":76,"y":800,"width":849,"height":11}},{"id":"440df6a5-a6bf-4824-b6bd-813ffe8e8bb5","block_type":"box","text":"purchase or sell Fund shares.","page_number":61,"box":{"x":76,"y":815,"width":187,"height":10}},{"id":"0dd04bf4-3e04-4ec7-8a05-a1de03bf3d9b","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":61,"box":{"x":77,"y":838,"width":886,"height":11}},{"id":"945fe292-36f0-4e8b-8c82-2feb1cd686f5","block_type":"box","text":"dollars at the prevailing market rates. 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The ability to value","page_number":62,"box":{"x":77,"y":37,"width":857,"height":11}},{"id":"38552739-0725-4de3-acf9-e5f532ff1e7d","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":62,"box":{"x":76,"y":52,"width":772,"height":10}},{"id":"e18ae230-8852-4771-a6bb-62aee0b71ce5","block_type":"box","text":"Portfolio Holdings Information","page_number":62,"box":{"x":78,"y":80,"width":296,"height":17}},{"id":"2daf3fd7-00b0-450f-a361-a842c0d7ac46","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":62,"box":{"x":76,"y":109,"width":896,"height":11}},{"id":"d47db07b-99fb-4aa0-a16d-5ad515a49c6e","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":63,"box":{"x":77,"y":631,"width":855,"height":11}},{"id":"32d5828c-9c1e-4c1e-aac4-7ce59e67c3ac","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":63,"box":{"x":76,"y":645,"width":868,"height":11}},{"id":"5cd2f5a2-efda-46e7-97ce-9c604a715e42","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":63,"box":{"x":76,"y":659,"width":855,"height":11}},{"id":"f348a50e-f9a0-44d5-a736-dde076f52c78","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":63,"box":{"x":76,"y":674,"width":861,"height":10}},{"id":"f02def5b-4456-4df5-a484-eb96ba713ba9","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":63,"box":{"x":76,"y":688,"width":411,"height":11}},{"id":"c8e6d02b-5b13-4986-8b07-79ec323bd42e","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":63,"box":{"x":76,"y":711,"width":891,"height":11}},{"id":"f5971b55-317f-497f-a1f6-59bd5be41f03","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":63,"box":{"x":76,"y":725,"width":864,"height":11}},{"id":"f85db59c-132a-47fc-8b72-14c3d0f89242","block_type":"box","text":"compensated for providing advisory, cash management or other services. 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Orlando Montalvo has been employed by BFA or its affiliates as a senior portfolio","page_number":63,"box":{"x":76,"y":149,"width":840,"height":11}},{"id":"82b9b394-e011-4ade-af94-05056c8a6ccc","block_type":"box","text":"manager since 2009. He is a Managing Director of BlackRock, Inc. Kyle McClements, CFA, has been employed by BFA or its affiliates","page_number":63,"box":{"x":76,"y":164,"width":847,"height":10}},{"id":"7fb7efa8-4073-4da2-b59c-34957e1ad122","block_type":"box","text":"since 2004. He is a Managing Director of BlackRock, Inc.","page_number":63,"box":{"x":76,"y":178,"width":362,"height":11}},{"id":"3d9e9475-81b4-47ec-a035-67b85075a828","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":64,"box":{"x":77,"y":23,"width":888,"height":11}},{"id":"2b1dee9f-e7d8-421a-af9f-4f1f9e0947f5","block_type":"box","text":"interest. 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The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":64,"box":{"x":76,"y":89,"width":851,"height":11}},{"id":"7fda3fb8-4e34-4233-a648-5cfed4398997","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":64,"box":{"x":76,"y":103,"width":440,"height":11}},{"id":"97c6500f-93ea-4350-b574-b4c1562dc6a3","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":64,"box":{"x":76,"y":126,"width":901,"height":11}},{"id":"3b226f17-9cf4-47c1-bef7-4495834e0d81","block_type":"box","text":"such restrictions.","page_number":64,"box":{"x":76,"y":140,"width":110,"height":9}},{"id":"6bbb5a3a-165d-4919-8976-7027ddcc64c6","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":64,"box":{"x":77,"y":164,"width":863,"height":10}},{"id":"e8aab5f8-39c7-42ec-8492-d37b7c86153d","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. 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BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":64,"box":{"x":77,"y":272,"width":854,"height":11}},{"id":"64a0589e-bc04-45f8-844a-2948c5a018d0","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":64,"box":{"x":76,"y":286,"width":894,"height":11}},{"id":"671f3e8c-7868-430c-bab4-86aa9801db68","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":64,"box":{"x":76,"y":300,"width":871,"height":11}},{"id":"21aca336-6dbc-42b4-a393-d2df926e8dfe","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":64,"box":{"x":76,"y":314,"width":848,"height":11}},{"id":"cd29330c-809d-47ea-a991-9946ac653d11","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":64,"box":{"x":77,"y":329,"width":342,"height":10}},{"id":"61447a4e-2436-48b6-a2c2-d019ea36ce8a","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":64,"box":{"x":77,"y":352,"width":893,"height":11}},{"id":"ba0fe5a8-729b-46ae-a1bd-b192f24901ec","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":64,"box":{"x":76,"y":366,"width":885,"height":11}},{"id":"742dca47-94cd-427a-9d08-d5d27ac6a524","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":64,"box":{"x":76,"y":380,"width":897,"height":11}},{"id":"3b167926-2f00-40b0-8d70-e743c149457f","block_type":"box","text":"licensees.","page_number":64,"box":{"x":77,"y":394,"width":61,"height":9}},{"id":"74a18a18-355e-49eb-85ac-169d0f3a42d8","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":64,"box":{"x":76,"y":418,"width":875,"height":10}},{"id":"13948e4a-3f5f-4ab0-86be-0a30fd91460b","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":64,"box":{"x":76,"y":432,"width":886,"height":11}},{"id":"8be6acdd-d770-4dc0-8c88-8a65558fe212","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":64,"box":{"x":76,"y":446,"width":326,"height":8}},{"id":"859c2eae-1bfd-4083-b633-d624d239cd40","block_type":"box","text":"Shareholder Information","page_number":64,"box":{"x":77,"y":475,"width":240,"height":13}},{"id":"cd407b5b-71cf-46de-9e92-aaed31ac66a0","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":64,"box":{"x":75,"y":504,"width":821,"height":11}},{"id":"6b9f7fb4-6488-4b87-9d2a-6e971daec38e","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":64,"box":{"x":78,"y":518,"width":383,"height":11}},{"id":"0ac4e74e-ec92-4740-b019-fb6294381b07","block_type":"box","text":"Buying and Selling Shares","page_number":64,"box":{"x":77,"y":541,"width":180,"height":11}},{"id":"8013cb4b-cbd8-464f-85a6-0990a3f78857","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":64,"box":{"x":76,"y":565,"width":839,"height":10}},{"id":"77122632-4c03-4493-8181-70d3154b5372","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":64,"box":{"x":76,"y":579,"width":584,"height":11}},{"id":"65a04ee6-1a19-42df-962d-69562b926678","block_type":"box","text":"i.e","page_number":64,"box":{"x":661,"y":579,"width":14,"height":8}},{"id":"f79d2025-aaed-4ab0-9067-ac6622d7fb0e","block_type":"box","text":"., financial institutions that are authorized to","page_number":64,"box":{"x":677,"y":579,"width":282,"height":10}},{"id":"33e00c25-78b6-4608-a52e-675546964151","block_type":"box","text":"participate in such transactions), as described in the","page_number":64,"box":{"x":76,"y":593,"width":335,"height":11}},{"id":"56df7a26-861a-4506-b412-1ef5163973e5","block_type":"box","text":"Creations and Redemptions","page_number":64,"box":{"x":417,"y":593,"width":173,"height":11}},{"id":"48faedba-1527-47a5-ad0f-d7f1a6ab87fd","block_type":"box","text":"section below.","page_number":64,"box":{"x":595,"y":593,"width":90,"height":8}},{"id":"cdc36dab-95b4-46de-ae8d-5f88bf7fc11f","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":64,"box":{"x":77,"y":616,"width":904,"height":11}},{"id":"4de5409a-2f18-4428-814c-68b1075689b2","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":64,"box":{"x":77,"y":630,"width":860,"height":11}},{"id":"0065e0a4-b3df-4372-b3d6-6d83b7b7fe9e","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":64,"box":{"x":76,"y":644,"width":857,"height":11}},{"id":"84cf2054-7ebc-4586-9562-e08584b3e5a7","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":64,"box":{"x":76,"y":659,"width":598,"height":11}},{"id":"9d198496-686a-4dae-b759-7081c2209463","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":64,"box":{"x":77,"y":682,"width":899,"height":11}},{"id":"cf425b17-20a5-44f3-a87c-707cfeeb1bb8","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":64,"box":{"x":76,"y":696,"width":869,"height":11}},{"id":"b789daa0-730e-4531-81eb-783dd36bb143","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":64,"box":{"x":76,"y":710,"width":888,"height":11}},{"id":"84475e91-71e6-43e2-aa6c-1eafdd255a55","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":64,"box":{"x":76,"y":724,"width":884,"height":11}},{"id":"96ad7143-5988-44d7-901f-a921ab8b0ebc","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":64,"box":{"x":76,"y":739,"width":904,"height":10}},{"id":"6cf909e6-03de-4663-a8b6-39e5f9e12523","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":64,"box":{"x":76,"y":753,"width":897,"height":11}},{"id":"55a53b6a-160f-4fd5-8670-b45b6f2f7e71","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":64,"box":{"x":76,"y":767,"width":887,"height":11}},{"id":"c6ab3993-38b9-4c3a-b3c8-fa4c109654af","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":64,"box":{"x":76,"y":781,"width":713,"height":11}},{"id":"b82c6858-f23d-4ab3-bbf1-50395fbb4eb6","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":64,"box":{"x":76,"y":804,"width":902,"height":11}},{"id":"469b7f7b-b776-40e5-a6fc-704ab4d86654","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":64,"box":{"x":76,"y":819,"width":856,"height":10}},{"id":"cf2cfdba-c5d0-4de0-a702-6a6ee5e2e99a","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":64,"box":{"x":77,"y":833,"width":612,"height":11}},{"id":"fc243197-00d0-4ee8-b2da-7c3e837873bd","block_type":"box","text":"13","page_number":64,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"fc5fa851-2191-4d20-ab30-dfb7fe760807","block_type":"box","text":"Investments in Investment Companies","page_number":65,"box":{"x":77,"y":23,"width":268,"height":11}},{"id":"5739f6c5-abcc-4d62-af80-104ae24ef1a6","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":65,"box":{"x":76,"y":46,"width":873,"height":11}},{"id":"0eb1f90a-5e4a-49d3-911c-69984d09c3ad","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":65,"box":{"x":76,"y":61,"width":889,"height":10}},{"id":"a9c59acd-9245-441a-a6a4-1581768cfd93","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":65,"box":{"x":76,"y":75,"width":847,"height":11}},{"id":"e184589b-be93-4326-9eeb-326c4ff2ef83","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":65,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"6acbb759-24a0-4b04-bb82-eba55145d035","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":65,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"734fb74d-b436-401a-9ef9-86a099baed37","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":65,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"4cb04faf-0713-401a-be41-6f3312206611","block_type":"box","text":"investment companies and companies controlled by them.","page_number":65,"box":{"x":76,"y":131,"width":374,"height":11}},{"id":"6e0dbcf6-7be8-4bde-a38c-2e77a3ef1019","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":65,"box":{"x":77,"y":155,"width":867,"height":10}},{"id":"0328d41d-6e5e-4045-9c77-66a43e6d1d4f","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":65,"box":{"x":78,"y":169,"width":871,"height":11}},{"id":"dd0820e6-f4a9-4534-a16f-edecb4969580","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":65,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"45f3da80-ceb1-464d-ad1d-cebc07b1ec99","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":65,"box":{"x":76,"y":197,"width":874,"height":11}},{"id":"f0b0d26d-31c1-4679-a024-25e7f7e4d6b5","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":65,"box":{"x":78,"y":211,"width":894,"height":11}},{"id":"8fb51725-4ffa-4af9-a7d5-cfad5a5279f3","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA. Acquiring Funds must adhere to the Section 12(d)(1) limits when investing in the","page_number":65,"box":{"x":76,"y":226,"width":883,"height":10}},{"id":"ad79ff05-8370-44e5-8cdf-98afb582964a","block_type":"box","text":"Funds, which invest in one or more Underlying Funds.","page_number":65,"box":{"x":77,"y":240,"width":340,"height":11}},{"id":"0ab0170e-9a59-406c-8d29-f2914dd5cdb3","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":65,"box":{"x":77,"y":263,"width":883,"height":11}},{"id":"a190442a-d17e-45b1-a14e-2dc4fc7902e3","block_type":"box","text":"SEC no-action relief.","page_number":65,"box":{"x":76,"y":277,"width":130,"height":9}},{"id":"1f11a198-b44f-4b33-8267-0a11a58cc9b1","block_type":"box","text":"Book Entry","page_number":65,"box":{"x":77,"y":300,"width":76,"height":11}},{"id":"affc95f1-930f-42fe-acff-7787b7c00720","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":65,"box":{"x":76,"y":323,"width":892,"height":11}},{"id":"29affc55-31b5-432f-9f8d-cf337455da36","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":65,"box":{"x":76,"y":338,"width":832,"height":11}},{"id":"ef8761ad-b16d-4bc5-8af5-b51b91a138d1","block_type":"box","text":"outstanding shares of the Funds.","page_number":65,"box":{"x":76,"y":352,"width":209,"height":11}},{"id":"22a621d6-5e52-4d65-a321-67a3bc43bc93","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":65,"box":{"x":77,"y":375,"width":885,"height":11}},{"id":"d46f077e-fa2c-4cbe-8898-05d2f7534e90","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":65,"box":{"x":76,"y":389,"width":863,"height":11}},{"id":"e4511e4d-df1e-4c48-9005-c31f29c6c100","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":65,"box":{"x":77,"y":403,"width":888,"height":11}},{"id":"cfc4fa85-ac33-4923-91cd-dd1b4fc984b9","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":65,"box":{"x":76,"y":418,"width":874,"height":10}},{"id":"894b3081-e062-4d2e-99df-4b83609484c9","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":65,"box":{"x":77,"y":432,"width":899,"height":11}},{"id":"e1f12888-1189-4be1-bdab-a4d60c164a12","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":65,"box":{"x":76,"y":446,"width":330,"height":11}},{"id":"e5421026-0d49-491f-811e-6bcd41ceb230","block_type":"box","text":"Share Prices","page_number":65,"box":{"x":76,"y":469,"width":87,"height":9}},{"id":"5e26a8d1-dad0-4d30-97b6-1ca47b87f9ad","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":65,"box":{"x":76,"y":492,"width":894,"height":11}},{"id":"753826a8-ab13-48c4-8f47-085bb633fca3","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":65,"box":{"x":76,"y":507,"width":876,"height":10}},{"id":"5e831c24-b851-4f1c-9f6f-0a4c25f39dd1","block_type":"box","text":"conditions.","page_number":65,"box":{"x":76,"y":521,"width":69,"height":8}},{"id":"bc2078e7-dcac-4893-9882-685dc559887d","block_type":"box","text":"Determination of Net Asset Value","page_number":65,"box":{"x":77,"y":544,"width":233,"height":8}},{"id":"b062576d-fd22-4f3c-b228-874badf94382","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":65,"box":{"x":76,"y":567,"width":872,"height":11}},{"id":"d5f3a861-7e14-4762-ab46-3b8fc841accb","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":65,"box":{"x":76,"y":581,"width":904,"height":11}},{"id":"227c5a8d-ffc3-4fb9-a0f8-89cd76b18e42","block_type":"box","text":"on prices at the time of closing.","page_number":65,"box":{"x":76,"y":596,"width":201,"height":10}},{"id":"89af819a-8465-40c3-a642-307765804f32","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":65,"box":{"x":76,"y":619,"width":883,"height":11}},{"id":"3a675359-cf94-4b23-b6ec-3d79d0e3cc24","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":65,"box":{"x":76,"y":633,"width":554,"height":11}},{"id":"b61b0677-ccc6-40f8-9e03-aff693be6b76","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":65,"box":{"x":76,"y":656,"width":501,"height":11}},{"id":"0b1e595f-9093-4da2-af6e-f70ba13cd3ca","block_type":"box","text":"i.e","page_number":65,"box":{"x":578,"y":656,"width":14,"height":9}},{"id":"c5173080-971c-4c63-9960-5a964b95027d","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":65,"box":{"x":594,"y":656,"width":353,"height":11}},{"id":"ef545214-791f-413e-8dfe-2957dca802cf","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":65,"box":{"x":77,"y":670,"width":857,"height":11}},{"id":"3eaa51fe-37e0-4192-a0f8-faca66768160","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":65,"box":{"x":77,"y":684,"width":883,"height":11}},{"id":"39b2f7e1-a277-4762-ad56-a911a3e2f059","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":65,"box":{"x":77,"y":699,"width":881,"height":10}},{"id":"055d7b1f-7ce8-4b87-a2c1-85dd3f94067b","block_type":"box","text":"14","page_number":65,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"52f8e17b-07ca-4965-8365-9fa8e2af6dcb","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":65,"box":{"x":77,"y":722,"width":857,"height":11}},{"id":"f3ba18a3-bc55-426f-beb2-312a955d35d9","block_type":"box","text":"quotations are readily available are valued at market value, which is generally","page_number":65,"box":{"x":76,"y":736,"width":489,"height":11}},{"id":"d93a5341-1b6f-4a00-ad04-22f34325a566","block_type":"box","text":"determined using the last reported official closing price or, if a","page_number":65,"box":{"x":569,"y":736,"width":393,"height":11}},{"id":"de9cd786-f873-408d-9210-cb4b3b33e389","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or","page_number":65,"box":{"x":77,"y":750,"width":497,"height":11}},{"id":"fe227189-7404-4d6a-afb1-5e8629f5bb96","block_type":"box","text":"market on which the security or instrument is primarily traded","page_number":65,"box":{"x":578,"y":750,"width":391,"height":11}},{"id":"1e9ddd47-c70f-482b-a0e7-2dd5609f5090","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money","page_number":65,"box":{"x":76,"y":764,"width":500,"height":11}},{"id":"a0a6e1db-6f93-4c9f-8f67-88c3a640752b","block_type":"box","text":"market funds) that are not traded on an exchange are valued at","page_number":65,"box":{"x":580,"y":764,"width":400,"height":11}},{"id":"2bc982bd-1b03-4d87-b4f0-19d841c81b7e","block_type":"box","text":"net asset value. Shares of underlying ETFs and closed-end funds that trade","page_number":65,"box":{"x":76,"y":779,"width":473,"height":10}},{"id":"4bb9d569-abcc-45ae-8d59-f55575d0b88c","block_type":"box","text":"on exchanges are valued at their most recent market closing price.","page_number":65,"box":{"x":554,"y":779,"width":422,"height":10}},{"id":"4ddefea9-e3b3-4513-b587-622c566d114c","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided","page_number":65,"box":{"x":76,"y":802,"width":885,"height":11}},{"id":"e374c541-08f4-48a9-989a-2fa8c0cbad2b","block_type":"box","text":"by dealers or prices (including","page_number":65,"box":{"x":76,"y":816,"width":191,"height":11}},{"id":"58831ee5-fc18-45ae-aa24-2d0a86188453","block_type":"box","text":"evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in","page_number":65,"box":{"x":272,"y":816,"width":634,"height":11}},{"id":"89de14de-ca94-47fa-b304-8b50a2e32309","block_type":"box","text":"accordance with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain","page_number":65,"box":{"x":76,"y":830,"width":869,"height":11}},{"id":"cd407ae8-9b1f-4c5f-98d8-6988a723e6cd","block_type":"box","text":"inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an","page_number":65,"box":{"x":76,"y":844,"width":851,"height":11}},{"id":"9095285c-0018-43ae-93b0-669f733b360e","block_type":"box","text":"institutional round lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset","page_number":65,"box":{"x":76,"y":859,"width":890,"height":10}},{"id":"d9644579-9b54-4028-8b23-7463c24ebfab","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ","page_number":65,"box":{"x":76,"y":873,"width":870,"height":11}},{"id":"84683877-8474-4964-b7a7-09dc8706ad52","block_type":"box","text":"Generally, trading in certain instruments (","page_number":66,"box":{"x":76,"y":61,"width":265,"height":10}},{"id":"8e7761fd-ca5e-42d4-b507-fcf0fd3cc8fc","block_type":"box","text":"e.g","page_number":66,"box":{"x":343,"y":63,"width":19,"height":8}},{"id":"c5183bf1-a649-4235-a24b-90857e32220b","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":66,"box":{"x":362,"y":61,"width":599,"height":10}},{"id":"cba936bf-2c80-432e-821c-2e9db9e3845d","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":66,"box":{"x":76,"y":75,"width":869,"height":11}},{"id":"fcf0eac1-679f-4d0d-b113-e4453bd948cd","block_type":"box","text":"determined as of such times.","page_number":66,"box":{"x":76,"y":89,"width":185,"height":8}},{"id":"7da46a0b-cd6a-4183-b75f-285bec6af6a9","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":66,"box":{"x":77,"y":112,"width":885,"height":11}},{"id":"2246e966-61e7-4425-8bd7-951b7598ced2","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":66,"box":{"x":76,"y":126,"width":901,"height":11}},{"id":"057a4dc2-bf76-4719-a107-57aed3aff66a","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":66,"box":{"x":76,"y":140,"width":904,"height":11}},{"id":"c0fc6e21-c377-4dd4-ae62-1bd9e6ecf1ec","block_type":"box","text":"a Fund’s pricing time.","page_number":66,"box":{"x":76,"y":155,"width":136,"height":10}},{"id":"68cd3b53-f8a6-41d2-9958-759653b3ceea","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":66,"box":{"x":76,"y":215,"width":837,"height":11}},{"id":"02775d8f-9bac-4f03-a9bb-a5c88a0e6f09","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":66,"box":{"x":76,"y":229,"width":874,"height":11}},{"id":"fc75ed97-3682-46c1-8ba2-75e54d39c6c6","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":66,"box":{"x":76,"y":244,"width":879,"height":10}},{"id":"32936d80-23fd-4375-81b2-eb40671f3707","block_type":"box","text":"length transaction.","page_number":66,"box":{"x":77,"y":258,"width":118,"height":11}},{"id":"a49d5471-4150-4acc-901f-ea4e6634d77f","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":66,"box":{"x":77,"y":281,"width":531,"height":11}},{"id":"b1e9cfe1-593a-4292-a1eb-b8dee841a344","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":66,"box":{"x":113,"y":299,"width":582,"height":11}},{"id":"48d5c0de-494f-47a6-b094-f4dc6cfa1f39","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":66,"box":{"x":113,"y":317,"width":767,"height":11}},{"id":"fab8548f-2b57-4859-813d-69d822ba56ac","block_type":"box","text":"An asset or liability is thinly traded;","page_number":66,"box":{"x":113,"y":335,"width":223,"height":11}},{"id":"c41c3bef-ebdb-4aa6-998a-7ae94ed962c7","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":66,"box":{"x":113,"y":353,"width":508,"height":11}},{"id":"9b500d2b-4152-4623-aee7-011f91301736","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":66,"box":{"x":113,"y":371,"width":853,"height":11}},{"id":"5a26500e-82ab-4745-bce7-72bb61f5a872","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":66,"box":{"x":76,"y":394,"width":874,"height":11}},{"id":"4606b82d-769c-4707-9208-c7b02bdfbaf1","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":66,"box":{"x":76,"y":409,"width":876,"height":10}},{"id":"aafb1b08-e81e-417f-9b25-0c80c7833ba0","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":66,"box":{"x":76,"y":423,"width":246,"height":8}},{"id":"760f7cdd-89f3-4c88-a7ec-26e01c5137b4","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":66,"box":{"x":76,"y":446,"width":890,"height":11}},{"id":"0af34f87-d957-409b-9dc1-1ec2f9bcfe18","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":66,"box":{"x":76,"y":460,"width":888,"height":11}},{"id":"6ce70f9e-95df-41ef-b8c0-a26893a0dcd6","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":66,"box":{"x":76,"y":474,"width":896,"height":11}},{"id":"439fb63d-0e47-4874-bbed-d14c5e05e74b","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":66,"box":{"x":77,"y":489,"width":870,"height":10}},{"id":"86ca78ce-ac75-439a-8295-5683dd9f248a","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":66,"box":{"x":77,"y":503,"width":414,"height":11}},{"id":"ef7d16e6-db87-4630-bff2-0d3134c61bb0","block_type":"box","text":"Dividends and Distributions","page_number":66,"box":{"x":77,"y":526,"width":192,"height":8}},{"id":"2e26aa87-6281-42e8-b1dd-3cd1381ebf47","block_type":"box","text":"General Policies.","page_number":66,"box":{"x":76,"y":549,"width":103,"height":9}},{"id":"6f368dcd-3845-4e74-a520-ab299e3006fb","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":66,"box":{"x":185,"y":549,"width":782,"height":11}},{"id":"105a552e-1333-4b52-ad76-a176bb9f119e","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":66,"box":{"x":77,"y":563,"width":887,"height":11}},{"id":"7c1e64af-b29b-494c-89b6-0685c19e06f0","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":66,"box":{"x":76,"y":577,"width":904,"height":11}},{"id":"21ff4f77-5fab-4c3e-a626-30d3650b929f","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":66,"box":{"x":76,"y":592,"width":893,"height":10}},{"id":"6893a01f-dd6a-4934-947e-0d73416919e7","block_type":"box","text":"or realized gains.","page_number":66,"box":{"x":76,"y":606,"width":107,"height":11}},{"id":"fed749da-5579-4a40-b0c5-e4560906ab2d","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":66,"box":{"x":77,"y":629,"width":885,"height":11}},{"id":"82345d7c-2314-41c2-ba3b-d91e21708908","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":66,"box":{"x":76,"y":643,"width":856,"height":11}},{"id":"b6493d98-4e74-4cc7-9bd1-fb0d9ff3d1ea","block_type":"box","text":"received from the Funds.","page_number":66,"box":{"x":77,"y":657,"width":157,"height":9}},{"id":"44692bc6-d2e5-4cc5-ab01-becafbc2d453","block_type":"box","text":"Dividend Reinvestment Service.","page_number":66,"box":{"x":76,"y":681,"width":197,"height":8}},{"id":"357cd476-785b-4021-ac15-2a301b26a307","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":66,"box":{"x":280,"y":681,"width":667,"height":10}},{"id":"12a945ae-4069-4f20-a1e5-79d2cab494cd","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":66,"box":{"x":77,"y":695,"width":899,"height":11}},{"id":"ce069026-a3d5-4a0d-9b56-c0e1a3659de3","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":66,"box":{"x":76,"y":709,"width":869,"height":11}},{"id":"1e0a81ad-84f1-4314-a1cb-e74d4019f1ea","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":66,"box":{"x":76,"y":723,"width":895,"height":11}},{"id":"f135b295-0b5f-48fd-9bff-d502f10febf7","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":66,"box":{"x":76,"y":737,"width":617,"height":11}},{"id":"783a4db3-b274-4e78-a98a-813cd1003abb","block_type":"box","text":"Note on Tax Information.","page_number":66,"box":{"x":76,"y":760,"width":167,"height":9}},{"id":"cf7405fd-f144-4dea-bd35-bfd89eca4914","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":66,"box":{"x":249,"y":761,"width":723,"height":10}},{"id":"7fe88103-9ef2-45ae-a04e-55dd486a1e79","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":66,"box":{"x":76,"y":775,"width":905,"height":10}},{"id":"47aae549-93ef-47c6-a152-70973a301d44","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":66,"box":{"x":76,"y":789,"width":893,"height":11}},{"id":"02c4d39d-6c71-47a8-89a4-f4fe4776b223","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":66,"box":{"x":76,"y":803,"width":893,"height":11}},{"id":"f06248ac-39a6-4343-93e6-4582d76ffa8e","block_type":"box","text":"laws.","page_number":66,"box":{"x":76,"y":817,"width":30,"height":9}},{"id":"5ce40bad-8aec-47ad-a691-18448a215367","block_type":"box","text":"Taxes","page_number":66,"box":{"x":76,"y":841,"width":38,"height":8}},{"id":"2797f17e-9a3d-4d65-9a18-67779b139acb","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":66,"box":{"x":76,"y":864,"width":874,"height":10}},{"id":"9474c7ae-2e34-4d1a-9a64-a2ca1048ca15","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":66,"box":{"x":76,"y":878,"width":877,"height":11}},{"id":"85b7d991-49a3-4c74-b73a-ab2fa506ae62","block_type":"box","text":"15","page_number":66,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"eea09643-6f73-41cc-b53f-a3128ab0e190","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":66,"box":{"x":76,"y":178,"width":877,"height":11}},{"id":"31c1d446-a2c2-4967-b8e3-1b50eecf2c6f","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":66,"box":{"x":76,"y":192,"width":392,"height":11}},{"id":"efe9ccc9-7ddf-49cd-91ed-adb1663fd089","block_type":"box","text":"from the prices used by a Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or","page_number":66,"box":{"x":76,"y":23,"width":854,"height":11}},{"id":"05d9d1ee-18ee-4280-b7b1-2a56708b7633","block_type":"box","text":"less remaining to maturity unless BFA","page_number":66,"box":{"x":77,"y":37,"width":239,"height":11}},{"id":"eeec67f3-b7a5-4c81-a920-a9013e49c1bf","block_type":"box","text":"determines in good faith that such method does not represent fair value.","page_number":66,"box":{"x":321,"y":37,"width":463,"height":11}},{"id":"7f454be6-48f5-4c0a-85a4-6fd80978ad33","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":67,"box":{"x":76,"y":23,"width":895,"height":11}},{"id":"44803677-48ea-438f-8f1b-c80959e57b9b","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":67,"box":{"x":76,"y":37,"width":594,"height":11}},{"id":"d7f1c166-caac-4d6b-90ab-3f500dc1aa26","block_type":"box","text":"Taxes on Fund Distributions","page_number":67,"box":{"x":76,"y":61,"width":194,"height":8}},{"id":"e19a6aad-8010-4f8c-bb3e-b0c344a3f4d2","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":67,"box":{"x":76,"y":84,"width":863,"height":11}},{"id":"2d371406-5929-4557-8716-c60ee65fe0e2","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":67,"box":{"x":76,"y":98,"width":873,"height":11}},{"id":"fd2c5dc5-6443-492d-bc61-26a9480fdbcb","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":67,"box":{"x":76,"y":112,"width":713,"height":11}},{"id":"be0a16eb-76c8-44b4-a665-29ba8264027e","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":67,"box":{"x":77,"y":135,"width":902,"height":11}},{"id":"68310c9c-8ff3-499d-974c-e2a14f7fa9ed","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":67,"box":{"x":76,"y":149,"width":365,"height":11}},{"id":"0c65a384-e125-4637-a598-5e65b63b4222","block_type":"box","text":"Capital Gains.","page_number":67,"box":{"x":76,"y":173,"width":86,"height":10}},{"id":"cd3ae82a-9671-40eb-99dd-88567fa50627","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":67,"box":{"x":169,"y":173,"width":785,"height":10}},{"id":"6c77dea0-7f17-4b8b-8e11-7ca1f0db1978","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":67,"box":{"x":76,"y":187,"width":857,"height":11}},{"id":"7a019b82-840d-4bd0-ad25-64ec0aa7e646","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":67,"box":{"x":76,"y":201,"width":878,"height":11}},{"id":"4fe35225-ed0b-472d-8e86-757dc06775ee","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":67,"box":{"x":77,"y":215,"width":871,"height":11}},{"id":"14ad4444-d8e3-42a4-be98-534cb89e51e2","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":67,"box":{"x":76,"y":229,"width":892,"height":11}},{"id":"1cbdc38a-6cd0-4792-8366-440841cab0e0","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":67,"box":{"x":76,"y":244,"width":878,"height":10}},{"id":"5a8a519e-8c78-43cf-bbab-9559eda8a35f","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":67,"box":{"x":77,"y":258,"width":289,"height":11}},{"id":"a5de7ce7-ee4f-4516-bc38-2712a878f46c","block_type":"box","text":"Return of Capital.","page_number":67,"box":{"x":76,"y":281,"width":108,"height":11}},{"id":"8c665853-3b10-4649-b2e8-25434769caf4","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":67,"box":{"x":191,"y":281,"width":775,"height":11}},{"id":"3ca44a47-f482-4599-abd3-dc9f36e2e212","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":67,"box":{"x":76,"y":295,"width":904,"height":11}},{"id":"38317ff8-cb17-4e2d-98aa-9aac4cbf8735","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":67,"box":{"x":76,"y":309,"width":888,"height":11}},{"id":"067f8629-8ea8-47f5-9e97-fa0c4ef78705","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":67,"box":{"x":76,"y":323,"width":843,"height":11}},{"id":"e675d5dd-e29d-4213-ba64-918c927a0a1e","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":67,"box":{"x":76,"y":338,"width":874,"height":10}},{"id":"e8ea8ca5-6613-4da7-a5bb-d8eb83fdbba8","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":67,"box":{"x":76,"y":352,"width":803,"height":11}},{"id":"c9ce16d7-f093-4573-a7c2-5eb63fcdd645","block_type":"box","text":"Qualified Dividend Income.","page_number":67,"box":{"x":76,"y":375,"width":167,"height":9}},{"id":"5716e697-aefd-4ea9-ae2f-5a6f08abf4d5","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":67,"box":{"x":249,"y":375,"width":702,"height":11}},{"id":"8c0c05fc-b7b4-41fe-bfbd-44a02323932b","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":67,"box":{"x":76,"y":389,"width":848,"height":11}},{"id":"8da95c46-4bc0-4099-a5b8-90b03e9d5645","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":67,"box":{"x":76,"y":403,"width":846,"height":11}},{"id":"5a271f45-0d71-4d7a-83e6-e8f57103b6b4","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":67,"box":{"x":76,"y":418,"width":872,"height":10}},{"id":"06571336-0b28-4d06-8c87-8f4929e41a96","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":67,"box":{"x":76,"y":432,"width":892,"height":11}},{"id":"5fda2203-5486-42a3-bc87-6f7b478e9167","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":67,"box":{"x":76,"y":446,"width":886,"height":11}},{"id":"7dc0b197-089d-40d9-8ec7-9d5fd2df3a3b","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":67,"box":{"x":76,"y":460,"width":854,"height":11}},{"id":"1ff411d2-5f17-4912-aed3-efff6633e58d","block_type":"box","text":"company.","page_number":67,"box":{"x":76,"y":477,"width":60,"height":8}},{"id":"69aad9c5-d78c-4b1f-8f14-e8f3e8d32527","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":67,"box":{"x":77,"y":498,"width":904,"height":10}},{"id":"79f0b085-b02a-418e-a64b-7e10cdf350f7","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":67,"box":{"x":76,"y":512,"width":901,"height":11}},{"id":"f62eef74-e872-488e-9b75-783ee387740d","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":67,"box":{"x":76,"y":526,"width":865,"height":11}},{"id":"8460d663-b336-4c03-8fed-2386a2446218","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":67,"box":{"x":76,"y":540,"width":895,"height":11}},{"id":"0fb52f21-5c95-4705-9416-d47f7d6d56fe","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":67,"box":{"x":76,"y":554,"width":428,"height":11}},{"id":"01f5f505-7549-4e6b-b481-f6faa6363e66","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":67,"box":{"x":77,"y":577,"width":891,"height":11}},{"id":"f81ddd2c-cbfc-4ed0-a264-6540be281afc","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":67,"box":{"x":77,"y":592,"width":861,"height":10}},{"id":"2dbb0b57-93a0-4265-a7c4-37606e7d6377","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":67,"box":{"x":76,"y":606,"width":883,"height":11}},{"id":"c8d02697-864b-4de7-b206-5e6e266b1522","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":67,"box":{"x":76,"y":620,"width":682,"height":11}},{"id":"a8d2c53d-cf2d-451d-a4a4-59e8663597df","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":67,"box":{"x":77,"y":643,"width":872,"height":11}},{"id":"0110a31b-d75d-4b6a-a188-9c27d8047eec","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":67,"box":{"x":77,"y":657,"width":603,"height":11}},{"id":"953dd149-bff9-439d-ac93-2062360b2304","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":67,"box":{"x":76,"y":681,"width":876,"height":10}},{"id":"5642a8c9-e34f-4dee-aefb-acd9d2071fa1","block_type":"box","text":"Medicare Tax.","page_number":67,"box":{"x":76,"y":704,"width":85,"height":8}},{"id":"79dfc98f-cfab-4e81-a765-e65681dad0be","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":67,"box":{"x":167,"y":704,"width":791,"height":11}},{"id":"295e3743-4227-4515-8e0e-a49780778c4b","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":67,"box":{"x":76,"y":717,"width":876,"height":12}},{"id":"0711114b-08f9-46f3-814f-8a4c686ec2b5","block_type":"box","text":"trusts.","page_number":67,"box":{"x":76,"y":733,"width":40,"height":8}},{"id":"0fffe039-4836-414d-94d7-c6f459e9cb34","block_type":"box","text":"Alternative Minimum Tax.","page_number":67,"box":{"x":75,"y":755,"width":157,"height":9}},{"id":"9ff71d4d-5cfe-4cd7-a2ba-d3525811c5af","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":67,"box":{"x":238,"y":755,"width":738,"height":11}},{"id":"72fd5543-8bcb-4306-89bc-0da757ae827e","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":67,"box":{"x":76,"y":770,"width":833,"height":10}},{"id":"a77ce08d-a35e-4d18-9175-36df176edc2d","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":67,"box":{"x":76,"y":784,"width":877,"height":11}},{"id":"18c20586-54cc-4aaa-8c7a-86aa63ca6101","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":67,"box":{"x":77,"y":798,"width":903,"height":11}},{"id":"01a33987-d30d-4879-9779-04dc06e31510","block_type":"box","text":"liability and the regular income tax liability.","page_number":67,"box":{"x":77,"y":812,"width":271,"height":11}},{"id":"ce684ddc-327d-40d6-9cad-9f8880afe847","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":67,"box":{"x":76,"y":835,"width":406,"height":11}},{"id":"b430059f-a59e-4578-b0a5-e692e3680ce4","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":67,"box":{"x":76,"y":858,"width":892,"height":11}},{"id":"4f254d67-5e79-4659-99fa-db5d7b53ae0e","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":67,"box":{"x":76,"y":873,"width":874,"height":11}},{"id":"1a6b7519-298a-489b-9828-462e978a21f1","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":67,"box":{"x":76,"y":887,"width":864,"height":11}},{"id":"415d30ce-ff3b-4aaf-899e-5905f49b3058","block_type":"box","text":"16","page_number":67,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"d747af7a-3b1f-479d-8cf9-e8f3626a023a","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":68,"box":{"x":76,"y":23,"width":895,"height":11}},{"id":"993dee5e-3d9f-449b-bb02-c3c3c1280c95","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":68,"box":{"x":77,"y":37,"width":896,"height":11}},{"id":"72d0fd9b-c8c8-4ce1-8b44-5f51e7abb56c","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":68,"box":{"x":76,"y":51,"width":905,"height":11}},{"id":"79b6c0f7-cdec-4a3d-a3e8-7e7e3b22c2f3","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":68,"box":{"x":76,"y":66,"width":707,"height":10}},{"id":"738700f2-f4f2-411e-9771-b2e6724e1217","block_type":"box","text":"Market Discount Bonds","page_number":68,"box":{"x":77,"y":89,"width":162,"height":8}},{"id":"25d4c5de-d452-4bfc-8981-be6e61fa5f15","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":68,"box":{"x":76,"y":112,"width":898,"height":11}},{"id":"d59edd9c-13f4-4184-bcf8-a7e2d082616b","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":68,"box":{"x":76,"y":126,"width":903,"height":11}},{"id":"b8be2fc9-d1d4-45a5-b5bb-4a16e250aa79","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":68,"box":{"x":76,"y":140,"width":898,"height":11}},{"id":"5489986f-b5a8-4d5e-9b2f-0575b0cdb6c9","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":68,"box":{"x":76,"y":155,"width":626,"height":10}},{"id":"9007c87c-74f6-41dd-a503-22243206c8d5","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":68,"box":{"x":77,"y":178,"width":307,"height":11}},{"id":"87ffd52b-edce-4206-9159-c00be38bd9f0","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":68,"box":{"x":76,"y":201,"width":874,"height":11}},{"id":"978109cd-7b3a-4e68-b354-9ef369a6c8a0","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":68,"box":{"x":76,"y":215,"width":860,"height":11}},{"id":"43bfb1c9-cb7c-44f8-885d-da2dee04b3c8","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":68,"box":{"x":77,"y":229,"width":852,"height":11}},{"id":"33a9e2a3-221e-43b1-9d93-04b4824d4cc5","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":68,"box":{"x":76,"y":244,"width":863,"height":10}},{"id":"e5a06b82-b725-4d6b-b8c6-feec00c82fe6","block_type":"box","text":"Treatment of Options.","page_number":68,"box":{"x":77,"y":267,"width":133,"height":10}},{"id":"ee38b367-866d-4fc5-aae5-7bec0482d34b","block_type":"box","text":"A Fund’s investments in offsetting positions with respect to an Underlying Fund may be “straddles” (","page_number":68,"box":{"x":216,"y":267,"width":641,"height":11}},{"id":"7eab3d54-0260-466b-99b5-610fc826ad68","block_type":"box","text":"i.e","page_number":68,"box":{"x":858,"y":267,"width":14,"height":8}},{"id":"170579cc-a906-47ac-b5ba-d572832d5fea","block_type":"box","text":"., offsetting","page_number":68,"box":{"x":874,"y":267,"width":72,"height":11}},{"id":"488afb59-739a-42de-8335-dd0e6e296057","block_type":"box","text":"positions with respect to personal property) for U.S. federal income tax purposes. The straddle rules may affect the character of gains (or","page_number":68,"box":{"x":76,"y":281,"width":879,"height":11}},{"id":"30b86aaa-0ead-4c95-81d0-4786a7215858","block_type":"box","text":"losses) realized by a Fund, and losses realized by a Fund on positions that are part of a straddle may be deferred under the straddle rules,","page_number":68,"box":{"x":77,"y":295,"width":878,"height":11}},{"id":"d6ff2085-861a-47c9-b5d3-20d2aa3c2df3","block_type":"box","text":"rather than being taken into account in calculating taxable income for the taxable year in which the losses are realized. In addition, certain","page_number":68,"box":{"x":77,"y":309,"width":882,"height":11}},{"id":"1fc371c8-7490-460f-b124-0e168b13cdd0","block_type":"box","text":"carrying charges (including interest expense) associated with positions in a straddle may be required to be capitalized rather than deducted","page_number":68,"box":{"x":76,"y":324,"width":893,"height":10}},{"id":"0a8046ce-b282-4308-8226-659013d64d73","block_type":"box","text":"currently. Certain elections that a Fund may make with respect to its straddle positions may also affect the amount, character and timing of","page_number":68,"box":{"x":76,"y":338,"width":893,"height":11}},{"id":"6f98210b-4aca-46b9-a5cc-5837684cf06f","block_type":"box","text":"the recognition of gains or losses from the affected positions.","page_number":68,"box":{"x":76,"y":352,"width":393,"height":11}},{"id":"68a50122-000b-4a76-afc5-c5aecaeda79f","block_type":"box","text":"The tax consequences of straddle transactions to a Fund are not entirely clear in all situations under currently available authority. The","page_number":68,"box":{"x":76,"y":374,"width":853,"height":11}},{"id":"34c64397-cc02-4a68-ae30-433603693ef6","block_type":"box","text":"straddle rules may increase the amount of short-term capital gains realized by a Fund, which are taxed as ordinary income when distributed","page_number":68,"box":{"x":76,"y":388,"width":893,"height":11}},{"id":"644c8823-f76e-4e4d-b79c-ad7453d2f32f","block_type":"box","text":"to U.S. shareholders in a non-liquidating distribution. Because the application of the straddle rules may affect the character of gains or","page_number":68,"box":{"x":76,"y":402,"width":861,"height":11}},{"id":"df5571f0-442e-4e22-b2fa-17bdcc809c3a","block_type":"box","text":"losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, if a Fund makes a non","page_number":68,"box":{"x":77,"y":416,"width":849,"height":11}},{"id":"01a72e9b-849e-41f8-a0a9-2b0a5e9b7ae6","block_type":"box","text":"liquidating distribution of its short-term capital gains, the amount that U.S. shareholders must treat as ordinary income may be substantially","page_number":68,"box":{"x":77,"y":430,"width":896,"height":11}},{"id":"1364674f-caa6-4f22-8d79-dbceef1242d5","block_type":"box","text":"greater or less as compared to a fund that did not engage in such transactions.","page_number":68,"box":{"x":76,"y":445,"width":504,"height":11}},{"id":"0e3d9b34-7b89-48e5-a534-0b6c85b8c459","block_type":"box","text":"Under Section 1256 of the Internal Revenue Code, certain types of exchange-traded options are treated as if they were sold (","page_number":68,"box":{"x":77,"y":467,"width":799,"height":10}},{"id":"8c2e5a4c-a92a-4b10-b3cc-025df8bea607","block_type":"box","text":"i.e","page_number":68,"box":{"x":877,"y":467,"width":14,"height":8}},{"id":"71c5ed6f-2223-4db9-abdc-7e2211ab5f7f","block_type":"box","text":"., “marked to","page_number":68,"box":{"x":893,"y":467,"width":80,"height":10}},{"id":"d0d4d614-164b-48d4-850a-520f998a561f","block_type":"box","text":"market”) at the end of each year. The Funds do not believe that the positions held by the Funds will be subject to Section 1256, which means","page_number":68,"box":{"x":76,"y":481,"width":900,"height":11}},{"id":"c47c4edf-8f1a-44ab-9d81-4ce0e9d080c8","block_type":"box","text":"that the positions will not be marked to market, but the positions will be subject to the straddle rules.","page_number":68,"box":{"x":76,"y":495,"width":648,"height":11}},{"id":"343d3a0d-1de1-442c-bef4-946c8e446ec3","block_type":"box","text":"Non-U.S. Income Taxes","page_number":68,"box":{"x":77,"y":518,"width":158,"height":9}},{"id":"2d9d5ec5-4dc9-4afd-a1db-e74b6823d8cd","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":68,"box":{"x":77,"y":541,"width":837,"height":11}},{"id":"e786eb74-7715-4acd-8ffc-c745ba1b8571","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":68,"box":{"x":76,"y":556,"width":863,"height":10}},{"id":"462fface-1f9e-4e5d-90e0-5cb0e89afa60","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":68,"box":{"x":77,"y":570,"width":865,"height":11}},{"id":"de84a2b0-a694-4ea2-a249-abdd5cf07ee2","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":68,"box":{"x":77,"y":584,"width":875,"height":11}},{"id":"3041383f-6bce-4a19-aef5-1e96e643937e","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":68,"box":{"x":77,"y":598,"width":895,"height":11}},{"id":"6e7260d8-235f-4370-aaa6-a1b67af85012","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":68,"box":{"x":76,"y":612,"width":888,"height":11}},{"id":"9494db54-777f-4ef2-bbfd-12a2e0db3ca5","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":68,"box":{"x":76,"y":626,"width":875,"height":11}},{"id":"fb951962-a8a5-4aa1-951d-91c72fbcbc84","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":68,"box":{"x":76,"y":641,"width":896,"height":10}},{"id":"54e62fec-1e9a-49fd-acab-62bf57f4290d","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":68,"box":{"x":76,"y":655,"width":635,"height":11}},{"id":"4686970b-6678-4357-8556-ea3c52b7492d","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":68,"box":{"x":77,"y":678,"width":896,"height":11}},{"id":"28e813b2-10d1-4d27-ac68-8c40f6416107","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":68,"box":{"x":76,"y":692,"width":903,"height":11}},{"id":"ea1f79d5-3486-4adc-89fe-6f13b218ac1b","block_type":"box","text":"could be reduced.","page_number":68,"box":{"x":76,"y":706,"width":114,"height":9}},{"id":"97c82909-af06-4287-bae2-d745049b3a4d","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":68,"box":{"x":77,"y":730,"width":853,"height":10}},{"id":"9b3e4924-3996-4cac-acb9-2c301dfdd3cc","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":68,"box":{"x":76,"y":744,"width":900,"height":11}},{"id":"bad8911a-cd4c-4c54-876a-81a61b104425","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":68,"box":{"x":76,"y":758,"width":876,"height":11}},{"id":"b481253a-663a-4381-be36-72d4765e8976","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":68,"box":{"x":76,"y":772,"width":509,"height":11}},{"id":"02160937-3ad3-4b19-9933-124cc6e299ff","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":68,"box":{"x":77,"y":795,"width":879,"height":11}},{"id":"05e0be81-4c8b-4023-9d00-18f5ee28efaa","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":68,"box":{"x":76,"y":809,"width":407,"height":11}},{"id":"549ab044-0617-46b6-b9a6-c73e8d3fc8cd","block_type":"box","text":"Non-U.S. Shareholders","page_number":68,"box":{"x":77,"y":833,"width":156,"height":8}},{"id":"305fdc87-e786-495f-8f26-97aaeef24931","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":68,"box":{"x":77,"y":856,"width":888,"height":11}},{"id":"f340f44a-ea61-455e-b805-4f100fd7bec2","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":68,"box":{"x":77,"y":870,"width":904,"height":11}},{"id":"280c3252-dcaa-4d5f-9f58-665a78d59f03","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":68,"box":{"x":77,"y":884,"width":868,"height":11}},{"id":"de2ce026-935d-4925-973a-c64819d92869","block_type":"box","text":"17","page_number":68,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"059fab49-ff6b-4ee1-bf2b-1aeff0b84afd","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":69,"box":{"x":76,"y":23,"width":886,"height":11}},{"id":"d41621b8-28b4-4eeb-adf4-a84eb25870d1","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":69,"box":{"x":76,"y":37,"width":499,"height":11}},{"id":"ba7a59dd-12ea-440d-80a3-9cce692dace8","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":69,"box":{"x":76,"y":61,"width":896,"height":10}},{"id":"7b855f8f-c5e7-41ac-a497-6cf9073fbc9a","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":69,"box":{"x":76,"y":75,"width":894,"height":11}},{"id":"c69fe77f-e7a7-4615-afbc-ec040564dc57","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":69,"box":{"x":77,"y":89,"width":262,"height":11}},{"id":"8d426c17-8bde-47a9-8be8-b3ee3e51e9b6","block_type":"box","text":"Backup Withholding","page_number":69,"box":{"x":77,"y":112,"width":139,"height":11}},{"id":"e2dc1ce0-ef5d-4876-b0f4-5a01fb7b5418","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":69,"box":{"x":77,"y":135,"width":890,"height":11}},{"id":"8fcac0c2-1a99-47c2-a1cd-c1b8367757cd","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":69,"box":{"x":76,"y":149,"width":789,"height":11}},{"id":"5d912626-78ca-4649-ae42-0460cfb39c13","block_type":"box","text":"Securities Lending","page_number":69,"box":{"x":76,"y":173,"width":129,"height":10}},{"id":"df59317b-e44d-45bc-9bcb-6ba8edb18fcc","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":69,"box":{"x":77,"y":196,"width":901,"height":11}},{"id":"2f525c85-e541-47d2-94d5-93eb400cfbaa","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":69,"box":{"x":76,"y":210,"width":892,"height":11}},{"id":"ec2ed50e-39ca-4783-b1ea-ff6f230e8548","block_type":"box","text":"through by the Fund.","page_number":69,"box":{"x":76,"y":224,"width":132,"height":11}},{"id":"13176fa5-87df-46fe-b04b-71773580a1c5","block_type":"box","text":"Fund of Funds","page_number":69,"box":{"x":77,"y":247,"width":98,"height":9}},{"id":"ca343c93-8ba3-4733-854e-1db38901af29","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":69,"box":{"x":77,"y":271,"width":844,"height":10}},{"id":"949d0f54-d5ff-4ef9-b434-8865ee0d609c","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":69,"box":{"x":76,"y":285,"width":870,"height":11}},{"id":"db3c18f7-fe20-4b1d-be37-7944b7436daa","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":69,"box":{"x":77,"y":299,"width":864,"height":11}},{"id":"5be2a399-4732-43f4-b1eb-94f08c754af1","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":69,"box":{"x":76,"y":313,"width":643,"height":11}},{"id":"fd7345a1-e9a5-41eb-a1f0-e429cc7650ec","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":69,"box":{"x":76,"y":336,"width":350,"height":11}},{"id":"9e6ce585-7502-4f3a-b1b4-0f84ed3826fe","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":69,"box":{"x":76,"y":360,"width":876,"height":10}},{"id":"81b38bc6-8950-4620-b5f1-21db124d6596","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":69,"box":{"x":77,"y":374,"width":896,"height":11}},{"id":"630e371c-96f9-46e8-ab37-c59c7437b1b8","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":69,"box":{"x":76,"y":388,"width":870,"height":11}},{"id":"7232dc97-4342-4c49-93aa-adb29d8bf8ae","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":69,"box":{"x":77,"y":402,"width":892,"height":11}},{"id":"65ea6087-ffba-40a1-b1ff-627e17ebc04b","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":69,"box":{"x":76,"y":416,"width":892,"height":11}},{"id":"66cb7174-189f-4cee-ac88-0c5354e747cf","block_type":"box","text":"contribution tax mentioned above.","page_number":69,"box":{"x":76,"y":431,"width":219,"height":8}},{"id":"35088722-6f0a-487e-a53f-c19e26862fb9","block_type":"box","text":"Creations and Redemptions","page_number":69,"box":{"x":76,"y":454,"width":193,"height":10}},{"id":"3af5038e-fc23-46e9-87bd-bca2ca429040","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":69,"box":{"x":77,"y":477,"width":693,"height":11}},{"id":"688de2ce-e7b4-4443-a1a0-fa481e8ca5bd","block_type":"box","text":"i.e.","page_number":69,"box":{"x":771,"y":477,"width":17,"height":8}},{"id":"ce3f8f11-b252-44f9-a4fe-9e0b147ad16c","block_type":"box","text":", market makers, large","page_number":69,"box":{"x":790,"y":477,"width":143,"height":11}},{"id":"d2956017-d675-49cf-bac6-a38e506fbc96","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":69,"box":{"x":76,"y":491,"width":866,"height":11}},{"id":"d713db9e-7693-4c81-ba03-541b21c227ca","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":69,"box":{"x":76,"y":505,"width":650,"height":11}},{"id":"fdae7d0e-028e-45db-97ba-69f762350b2b","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":69,"box":{"x":77,"y":528,"width":832,"height":11}},{"id":"30de0679-869d-4b92-ba65-76b172020efc","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":69,"box":{"x":76,"y":543,"width":891,"height":10}},{"id":"c8550ab9-3d7c-4d00-a046-798f4180ff60","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":69,"box":{"x":76,"y":557,"width":874,"height":11}},{"id":"881be324-92bd-4bff-92d9-d52607514fb9","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":69,"box":{"x":76,"y":571,"width":904,"height":11}},{"id":"e3945e21-bcd9-4020-8f13-f107782c730e","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":69,"box":{"x":76,"y":594,"width":875,"height":11}},{"id":"84eebdc3-53fc-49bd-ab09-3ba6f5a9df6c","block_type":"box","text":"cash.","page_number":69,"box":{"x":76,"y":609,"width":33,"height":8}},{"id":"35de39e4-8121-47d6-93e0-156909908f76","block_type":"box","text":"In-Kind","page_number":69,"box":{"x":76,"y":632,"width":45,"height":8}},{"id":"2076d72d-24e1-48c1-ab84-83b6376edea6","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":69,"box":{"x":122,"y":632,"width":860,"height":10}},{"id":"7376955f-fd8b-413f-85bb-314ed9bde1d2","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":69,"box":{"x":76,"y":646,"width":898,"height":11}},{"id":"49a2630a-590b-480a-863c-6f81987e4a51","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":69,"box":{"x":77,"y":660,"width":851,"height":11}},{"id":"ae3e878e-75e7-48c9-b621-0620abb1b2aa","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":69,"box":{"x":76,"y":674,"width":686,"height":11}},{"id":"c649d635-8dec-4033-927c-e75c182c2d0d","block_type":"box","text":"Partial Cash","page_number":69,"box":{"x":76,"y":697,"width":74,"height":9}},{"id":"30e25d9d-4557-4821-851c-eee714b2e20b","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":69,"box":{"x":152,"y":697,"width":806,"height":11}},{"id":"9529218b-8c46-4223-b810-148e7a0ce7a6","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":69,"box":{"x":76,"y":712,"width":870,"height":10}},{"id":"4bf460d1-aa46-40ae-a3c7-1fe9c14ffeb2","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":69,"box":{"x":77,"y":726,"width":870,"height":11}},{"id":"d0e7241d-927f-4982-aa12-311a6ae3c994","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":69,"box":{"x":77,"y":740,"width":380,"height":11}},{"id":"a4da49e8-be45-40a4-9e3d-f1506bef9a08","block_type":"box","text":"All Cash","page_number":69,"box":{"x":75,"y":763,"width":51,"height":9}},{"id":"23429337-aeb5-493a-aaf3-b1e726fc6cb6","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":69,"box":{"x":128,"y":763,"width":833,"height":11}},{"id":"7340bfda-5c52-4abf-9208-2b5bd3fb600d","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":69,"box":{"x":76,"y":777,"width":869,"height":11}},{"id":"23235f24-2861-4d12-b8b7-ca0ed1c9bdfc","block_type":"box","text":"specified amount of cash.","page_number":69,"box":{"x":76,"y":791,"width":164,"height":11}},{"id":"701ab7b9-aed1-43a9-b79c-39ee3d0a1b33","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":69,"box":{"x":76,"y":815,"width":845,"height":10}},{"id":"b6262f69-0d66-4b01-a607-65cd1bbfce8b","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":69,"box":{"x":76,"y":829,"width":408,"height":11}},{"id":"c0c51444-2dc7-4fe5-873d-5b0112253172","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":69,"box":{"x":77,"y":852,"width":855,"height":11}},{"id":"7efd8adb-0f89-4fd8-99b8-69347f1ed405","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":69,"box":{"x":76,"y":866,"width":455,"height":11}},{"id":"0dc84424-d3be-47f4-9250-cb208883fb34","block_type":"box","text":"e.g.","page_number":69,"box":{"x":532,"y":869,"width":21,"height":8}},{"id":"d447b72b-97d6-438a-bde6-3d2fdf87f818","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":69,"box":{"x":555,"y":866,"width":354,"height":11}},{"id":"1b7363c9-8513-4db5-9b1c-6b1e3ed7b4fa","block_type":"box","text":"18","page_number":69,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"cf1bf2a9-a061-4d06-a970-5fde3c5b9500","block_type":"box","text":"Fund","page_number":70,"box":{"x":87,"y":40,"width":33,"height":9}},{"id":"0b7f0562-e7c2-4fe4-9777-aa3293a07a0c","block_type":"box","text":"In-Kind Partial All Cash","page_number":70,"box":{"x":621,"y":40,"width":296,"height":9}},{"id":"eaaf71ee-1471-48cd-ab01-d24391d04553","block_type":"box","text":"iShares Large Cap Accelerated Outcome ETF","page_number":70,"box":{"x":87,"y":58,"width":286,"height":11}},{"id":"a4ba4a4b-3cbb-47d6-8922-d36db611ed2e","block_type":"box","text":"iShares Large Cap Max Buffer Mar ETF","page_number":70,"box":{"x":87,"y":76,"width":245,"height":11}},{"id":"e20a6a50-8d2f-4d6e-9fda-4308ba0406ed","block_type":"box","text":"iShares Large Cap Max Buffer Jun ETF","page_number":70,"box":{"x":87,"y":94,"width":241,"height":11}},{"id":"6a9dfb76-a490-4c80-9330-99573bb8bbeb","block_type":"box","text":"iShares Large Cap Max Buffer Sep ETF","page_number":70,"box":{"x":87,"y":112,"width":245,"height":11}},{"id":"3a4715f1-a241-4a70-98f2-74de60e1a68f","block_type":"box","text":"iShares Large Cap Max Buffer Dec ETF","page_number":70,"box":{"x":87,"y":130,"width":245,"height":11}},{"id":"c36333ac-9736-487d-8b6b-4d48c552f7e6","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":70,"box":{"x":76,"y":160,"width":897,"height":11}},{"id":"f89ee2cc-7839-4e54-ba2b-fcdf7bbd8973","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":70,"box":{"x":76,"y":175,"width":905,"height":10}},{"id":"562d202d-3a9e-4c37-b1e9-fdc3c9287bac","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":70,"box":{"x":76,"y":189,"width":849,"height":11}},{"id":"3980fb08-7ef4-49e0-9b88-d4c8c7b8cb16","block_type":"box","text":"instructions or may not be executed at all.","page_number":70,"box":{"x":76,"y":203,"width":269,"height":11}},{"id":"3f165ad2-d56a-463f-9f5e-afd2be4e8619","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":70,"box":{"x":76,"y":226,"width":854,"height":11}},{"id":"0b5cadc4-7470-4856-aaa5-3a1e316551ad","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":70,"box":{"x":77,"y":240,"width":310,"height":11}},{"id":"59109486-8f85-47a9-9a47-be8e40685b8f","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. 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