open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
S ummar y Prospectu s
•
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information abou t t he Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) and other information about the Fund, includin g the Fund ’s ’s statement of additional information an d shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation at no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request t o i SharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated February ry 27, 2026, as amended and supplemented fr from time to time , are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on th e Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found a t https://www.i S hares.com .
The Securities and Exchan g e Commission has not approved or disapproved these securities or passed upo n the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense.
(as revised October 15, 2026)
iShares TLT Premium Income+ ETF | TLTW | Cboe BZX
Page 2
T ic k e r: TLT W Stock Exchan g e: Cboe BZ X
Investment Obj bj ect i v e
F ees and Expense s
The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory a g reement between iShares Trust (the “ Trust ” ) and BlackRock Fund Advisors ( “ BFA” A” ) (the “ Investment Advisory Agreement ” ) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition an d d isposition of portfolio securities and the execution of portfolio transactions, includin g brokera g e commissions, (v) distribution fees o r expenses, and (vi) litigation expenses and any extraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Ex p enses reflect the Fund’s pro ra ta share of the fees and expenses incurred indirectly by the Fund as a result of investin g in other investment companies. The impact o f Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included i n the Fund’s ratio of expenses to average net assets. Both figures are shown in th e Fi Financial Highlights section of the Fund’s prospectus (the “Prospectus” ).
Yo You may pay other fees , such as brokerage commissions and other fees to financial intermediaries , which are not reflected i n the tables and exam p les below . A nnual Fund Operatin g Expense s (ongoing expenses that you pay each year as a
1 p ercenta g e of the value of y our investments ) 1
M ana g emen t F ees
D is tr i but ion and Serv i ce ( 12b-1 ) Fees
O the r E x p enses
Ac q u i red Fun d F ees and Ex p enses
To Tota l Annua l Fu nd O perat i n g Ex p ense s 0. 20 % N o n e 0 . 00 % 0. 15% 0. 35 %
1 O peratin g expenses paid by BFA under the Investment Advisory A g reement exclude Acquired Fund Fees and Expenses, i f any . Example . This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds . 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 thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the s ame. Althou g h your actual costs may be h ig her or lower, based on these assumpt i ons, your costs would be:
1Y e ar 3 Y e ar s 5 Y e ar s 1 0Y e ar s $ 3 6 $ 113 $ 19 7 $ 44 3
S - 1
iSHARES ® TLT PREMIUM INCOME+ ETF
The iShares TLT Premium Income+ ETF (the “Fund”) seeks to track the investment results of an index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month call options to generate income.
Page 3
P o rtf o li o Turn o v e r . The Fund or the i S hares 20+ Year Treasur y Bond ETF (“TLT” or the “Underlyin g Fund”) may pay transactio n costs, such as comm i ss i ons, when i t buys and sells secur i t i es ( or “turns over” its port f olio). A hi g her port f olio turnover rate f or th e Fund or the Underly i n g Fund may i nd i cate h ig her transact i on costs and may cause the Fund or the Underly i n g Fund to i ncu r increased expenses. These costs, which are not re f lected in th e Annual Fund Operating Expenses or in the Example (except cost s to the Underlying Fund included as part o f Acquired Fund Fee s and Expenses), affect the Fund’s performance. During the mos t recent fiscal y ear, the Fund’s portfolio turnover rate was 2% of the average value o f its port f olio. To the extent the Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative e ff ect on the per f ormance o f the Fund .
S -2
Principal Investment Strategies
The Fund seeks to track the investment results of the Cboe TLT 2% OTM BuyWrite Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of holding the iShares 20+ Year Treasury Bond ETF (“TLT” or the “Underlying Fund”) while writing (selling) call options on the Underlying Fund to generate income. The Underlying Index consists of four tranches of options, each rolling on a weekly staggered schedule. A “Premium Income+” strategy is intended to reflect a focus on generating option premium income versus a greater mix of income and growth.
As of October 31, 2025, a significant portion of the Underlying Index is indirectly represented through its holdings in the Underlying Fund by publicly-issued U.S. Treasury securities. The components of the Underlying Index, including those indirectly represented through its holdings in the Underlying Fund, are likely to change over time.
The Underlying Fund
The Underlying Fund is an ETF that seeks to track the investment results of the ICE ® U.S. Treasury 20+ Year Bond Index (the “Underlying Fund’s underlying index”), which consists of publicly issued U.S. Treasury securities that have a remaining maturity greater than 20 years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System.
Index constituents also must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying Fund’s underlying index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee, original issue zero-coupon securities and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Fund’s underlying index is market value weighted, and its constituents are updated on the last calendar day of each month.
BFA is the investment adviser to the Underlying Fund and receives a management fee from the Underlying Fund. Shares of the Underlying Fund are listed on Cboe BZX.
The Written Call Options
The options in the index are referred to generally as Flexible Exchange Options (“FLEX Options”). FLEX Options provide the ability to customize key option contract terms such as strike price, style and expiration date. The Underlying Index utilizes
“European-style” call options, meaning they are exercisable at the strike price only on the expiration date. The Underlying Index utilizes four tranches of call options with staggered four-week expiration cycles and each tranche represents an equal share of the Underlying Index. Each call option in the Underlying Index has a strike price equal to 102% of the closing value of the Underlying Fund on the applicable roll date. If, on the business day prior to the applicable roll date, the premium percentage of the 102% call option is below five basis points of the closing price of the Underlying Fund on such business day, the Underlying Index will instead select a new call option with the strike price equal to 100% of the closing value of the Underlying Fund. The roll date is the day that the Underlying Index settles the expiring call option for the applicable tranche and writes a new call option for that tranche’s new four-week cycle scheduled to expire on the last trading day of the week falling four weeks from that roll date. Each tranche will have a roll date occurring on a different week from any other tranche. The Underlying Index is rebalanced weekly so that each tranche continues to represent an equal share of the Underlying Index at the close of trading on each weekly roll date.
By writing a call option, the Underlying Index receives a premium and gives up the economic exposure to increases in the value of the Underlying Fund above the strike price at expiration. By writing the call options, the Underlying Index will not participate in market gains of the Underlying Fund above the strike price but will fully participate in any market losses if the Underlying Fund declines in value.
Distributions
The Fund expects to make monthly distributions typically consisting of net investment income and amounts attributable to option premiums received by the Fund, generally up to the extrinsic value of such options when traded. The amount of the Fund’s monthly distribution will vary from month to month based on the amount of option premiums received, dividends received from the Underlying Fund and other Fund-specific and market factors. The Fund will also make distributions of net realized securities gains, if any, at least once per year. The Fund is likely to distribute an amount greater than its earnings and profits, resulting in a return of capital.
Indexing Strategy
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by
Page 4
S ummar y of Principal Risk s
As with an y investment, y ou could lose all or part o fy ou r investment in the Fund, and the Fund’s performance could trail that o f other investments. The Fund is sub j ect to certain risks , including the principal risks noted below, any of which ma y adversely affect the Fund’s net asset value per share ( “NAV” ) , trad i ng pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestment
unable to fully participate in the rebound if the rebound occur s immediately after the Fund’s roll date. In addition, if tradin g i s suspended, the Fund may be unable to purchase an o ff setting option for purposes of closing out an existing written option at th e or i g i nally scheduled t i me and date.
The Fund will be affected by movements in interest rates an d bond yields and the resulting share price o f the Underlying Fund . In a falling interest rate environment and other environments i n which credit spreads narrow, the Underlyin g Fund is g enerall y expected to appreciate in price, and the Fund may underperfor m the Underlying Fund as price appreciation for the Fund is limite d to the exercise prices o f the options written by the Fund . U.S. Treasury Obli lig igati tio ions Ri Ris isk. k. U.S. Treasury obligations may di ff er f rom other securities in their interest rates, maturities , times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Chan g es i n the U.S. government’s f inancial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direc t obligations o f the U.S. Treasury have historically involved little ris k of loss of principal if held to maturity, but the market value of suc h securities is not g uaranteed and may fluctuate. Althou g h U.S . Treasury obligations are backed by the f ull f aith and credit o f th e United States, circumstances could arise that could prevent th e timel y pa y ment o f interest or principal .
S - 3
BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.
The Fund intends for its short option position in the Underlying Fund to be fully offset, or “covered,” by the long position that the Fund holds in shares of the Underlying Fund. At times, however, there may be a notional mismatch due to differences between the Underlying Fund and the RUT with respect to pricing, tracking error, dividends, and other factors. Options written by the Fund are generally expected to be cash-settled upon expiration or closed out through offsetting transactions. The Fund does not expect to physically settle outstanding option positions. In addition, the Fund may write options on different dates than the Underlying Index’s roll date and may use strike prices, contract sizes, or maturity dates that are different than those for the options used in the Underlying Index. The Fund may also write options that are not on the Underlying Fund but that have investment and fundamental characteristics, in the aggregate, similar to the options used in the Underlying Index. In certain circumstances, the Fund may not write any options, primarily if the option is far “out of the money” ( , the strike price exceeds the price of the Underlying Fund) and
i.e. would generate minimal premium income.
In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of the Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.
The Underlying Index is a product of Cboe Global Indices, LLC (the “Index Provider” or “Cboe”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments ( , hold 25% or more of its total assets) in a
i.e. particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
objective. C ertain key risks are prioritized below ( with others following in alphabetical order), but the relative significance of an y risk is di ff icult to predict and may chan g e over time. You should review each risk f actor care f ull y.
C overed Call Op Op ti tio ion Ri Ris isk. k. By wr i t i ng covered call opt i ons i n return for the receipt of premiums, the Fund will g ive up the opportunit y to bene f it f rom potential increases in the value o f th e Underlying Fund above the exercise prices of the written options, but will continue to bear the risk o f declines in the value o f th e Underlying Fund. The premiums received from the options ma y not be sufficient to offset an y losses sustained from the volatilit y of the Underlying Fund over time. In addition, the Fund’s ability to sell shares of the Underlyin g Fund will be limited while the optio n i s in e ff ect unless the Fund extinguishes the option positio n through the purchase of an offsetting identical option prior to th e ex p iration of the written o p tion . The covered call strategy may be subject to imperfect matching o r pr i ce correlat i on between the wr i tten opt i ons and the Underly i n g Fund, which could reduce the Fund’s returns. Exchanges ma y suspend the tradin g of options (for example due to volatile markets or i f trading in the Underlying Fund is halted). I f trading i s suspended, the Fund may be unable to wr i te or purchase opt i on s at times that may be desirable or advanta g eous to the Fund to do so. If the Fund is unable to extinguish the option position before exerc i se, the Fund may be requ i red to del i ver the correspond i n g shares o f the Underlying Fund, resulting in increased transaction costs, track i ng error, under i nvestment, and potent i ally th e realization of capital g ains. Further, this could lead to re purchasing shares of the Underlying Fund or selling th e correspondin g options at a less favorable price than the fun d m i ght have rece i ved had the opt i ons been ext i ngu i shed. The Fund uses options which are struck once per month, and the timing o f chan g es in the price of the Underlyin g Fund may affect the Fund’ s performance. For example, if the Underlying Fund experiences a drop in price followed by a quick rebound, the Fund may be
i .e .
i .e .
Page 5
methodology may occur, and the Index Provider may not identi f y or correct them promptly or at all, wh i ch may have an adverse impact on the Fund and its shareholders. Because the Inde x Provider is relatively new to the creation of indexes, these risks may be greater w i th respect to the Underly i ng Index than i n th e case o f an index maintained by a long-standing index provider . Unusual market conditions or other unforeseen circumstances ( such as natural disasters, political unrest or war ) may impact th e Index Prov i der or a th i rd-part y data prov i der and could cause th e Index Prov i der to postpone a scheduled rebalance. Th i s coul d cause the Underlying Index to vary f rom its normal or expected compos i t i on . A sset Class Ri Ris isk. k. T he secur i t i es and other assets i n th e Underlying Index or in the Fund’s portfolio may underperform i n comparison to financial markets g enerally, a particular financia l market, another i ndex, or other asset classes.
A uthorized Particip ip ant Concentration Risk. A n “A u th o riz ed Participant” is a member or participant o f a clearing agency registered with the SEC, which has a written agreement with the Fund or one o f its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage i n creat i on or redempt i on transact i ons d i rectly w i t h the Fund. There are a limited number of institutions that may ac t as Authorized Participants f or the Fund, including on an agency
b asis on behal f o f other market participants. No Authorized Part i c i pant i s obl ig ated to en g a g e i n creat i on or redempt i o n transact i ons. To the extent that Author i zed Part i c i pants ex i t th e b usiness or do not place creation or redemption orders f or th e Fund and no other Author i zed Part i c ip ant p laces orders, Fund shares are more likel y to trade at a premium or discount to NAV and possibly f ace trading halts or delisting.
t o th ee xt e nt th a t th e F u n d ’ s inv es tm e nt sa r e co n ce ntr a t ed in th e securities or other assets of one or more issuers, countries o r other g eo g raph i c un i ts, markets, i ndustr i es, project types, o r asset c l asses . D e ri ri vati ti ve ves Ri Ris k. k. The Fund’s use of derivatives ( e. g ., futures , f orwards, swaps, options) may be riskier than other types o f investments and ma y not have the intended effect on the Fund’ s performance. Derivatives can be sensitive to chan g es in economic and market conditions, and they may increase the Fund ’s volat i l i t y . The Fund also ma y exper i ence reduced returns as a result o f transaction costs and losses on derivatives positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlyin g the derivative. Der i vat i ves may create i nvestment leverage, wh i ch could result in losses that si g nificantly exceed the Fund’s ori g inal investment . Derivatives are subject to the risk o f mispricing or imprope r valuation, particularly if there is not a liquid secondary market for the instrument. Certain derivatives are subject to counterpart y r i sk, wh i ch i s the r i sk that the other party i n the transact i on w i l l not fulfill its contractual obli g ations. The use of derivatives als o exposes the Fund to add i t i onal operat i onal and legal r i sks . D is istri rib ibuti tio ion Tax Ri Ris isk. k. T he Fund currently expects to make d i str i but i ons on a regular bas i s. Wh i le the Fund w i ll normally pay its income as distributions, the Fund’s distributions may excee d the Fund’s income and gains f or the Fund’s taxable year. The Fund ma y be required to reduce its distributions if it has insufficien t income. Distributions in excess o f the Fund’s current an d accumulated earnings and profits will be treated as a return of capital. Distributions in excess of the Fund’s minimum distributio n requirements, but not in excess o f the Fund’s earnings and pro f its , w i ll be taxable to Fund shareholders and w i ll not const i tut e nontaxable returns o f capital. A return o f capital distributio n generally will not be taxable but will reduce the shareholder’s cos t basis and will result in a hi g her capital g ain or lower capital los s when those Fund shares on wh i ch the d i str i but i on was rece i ved are sold. Once a Fund shareholder’s cost basis is reduced to zero , f urther distributions will be treated as capital gain, i f the Fund shareholder holds shares of the Fund as capital assets. Becaus e the Fund’s distributions may consist of return of capital, the Fun d may not be an appropriate investment f or investors who do no t want the i r pr i nc i pal i nvestment i n the Fund to decrease over t i me or who do not wish to receive return o f capital in a given period . In co m e Ri Ris k. k. The Fund’s income may decline due to fallin g interest rates or other f actors. This can occur because the Fund may be requ i red to i nvest i n lower-y i eld i ng bonds when a bond i n the Fund’s portfolio matures, is near maturit y , is called or i s prepa i d, when bonds i n the Underly i ng Index are subst i tuted, o r when the Fund otherw i se needs to purchase add i t i onal bonds. Th e Index Provider’s substitution o f bonds in the Underlying Index ma y
S -4
Co n ce ntrati tio nRi Ris k. k. The Fund may be suscept i ble to a n increased risk o f loss, including losses due to adverse events tha t a ff ect the Fund’s investments more than the market as a whole,
Int e re res t Rat e Ri Risk . Int e r es tr a t e ri s kr efe r s t o th e ri s k of f luctuations in the value o f a f ixed-income security due to changes in the g eneral level o f interest rates. Interest rate chan g es can be sudden and unpredictable and are in f luenced by a number o f f actors, includin gg overnment policy, monetary policy, in f latio n expectations, perceptions o f risk, and supply and demand f o r fixed-income securities. An increase in interest rates g enerally wil l cause the value o ff ixed-income securities to decline. Securitie s w i th longer matur i t i es generally are more sens i t i ve to i nterest rat e changes and subject to greater f luctuations in value. Changes i n interest rates ma y have unpredictable effects on fixed-income markets and result in hei g htened volatility and lower liquidity for certain instruments, which may adversely a ff ect a Fund’ s performance. During periods of very low or negative interes t rates, a Fund may be unable to ma i nta i n pos i t i ve returns or pa y d i v i dends to shareholders . Ma Market Ri Ris is k . The Fund could lose mone y over short per i ods du e to short-term market movements and over lon g er per i ods dur i n g m ore prolonged market downturns. Local, reg i onal or globa l events such as war, acts of terrorism, pandemics or other public h ealth issues, recessions, the prospect or occurrence o f a sovereign default or other financial crisis, or other events could h ave a si g nificant impact on the Fund and its investments and c ould result in increased premiums or discounts to the Fund’s NAV.
In Index-Related Ri Ris isk. k. The Index Prov i der may rely on var i ou s sources of information to assess the criteria of components of th e U nderlying Index, including in f ormation that may be based o n assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodolo g y or sources o f in f ormation will provide an accurate assessment o f included c omponents or w i ll result i n the Fund meet i ng i ts i nvestment o bject i ve. Errors i n i ndex data, i ndex computat i ons or the c onstruction of the Underlying Index in accordance with its
Page 6
rece i v i ng a d i sproport i onately large taxable d i str i but i on dur i ng o r w i th respect to such year. In some c i rcumstances, the Fund ma y hold a relatively lar g e proportion of its assets in cash i n anticipation o f large redemptions, diluting its investment returns. These lar g e redemptions may also force the Fund to sell portfolio s ecur i t i es or other assets when i tm i ght not otherw i se do so , which may negatively impact the Fund’s NAV, increase the Fund’s b rokera g e costs and/or have a material effect on the marke t price of Fund shares.
Manag age gement Risk . T he Fund g enerally does not attempt to tak e d efensive positions under any market conditions, includin g d eclinin g markets. As the Fund will not fully replicate the U nderly i ng Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i ng Index, i t i s subject to the r i sk that th e investment strate g y of BFA may not produce the intended results. There is no guarantee that the Fund’s investment results will hav e a hi g h de g ree of correlation to those of the Underlyin g Index or that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve.
Market Tradi din ing Ri Ris isk . T he Fund faces numerous market trading risks, including the potential lack o f an active market f or Fun d s hares (including through a trading halt), losses from trading i n s econdary markets, periods of hi g h volatility, and disruptions in the process o f creating and redeeming Fund shares. Any o f thes e factors, among others, may lead to the Fund’s shares trading in the secondary market at a prem i um or d i scount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund s hares at a t i me when the market p r i ce i s at a p rem i um to NAV or
Underly i ng Index and held by the Underly i ng Fund w i ll not cons i s t of stock, ordinary dividends from the Fund will not be eli g ible fo r the reduced rates applicable to “qualified dividend income” o r eli g ible for the dividends-received deduction. The Fund expect s that its ownership o f shares o f the Underlying Fund and sale o f call options thereon generally will constitute “ straddles ” (o ff setting positions with respect to personal property) under section 1092 o f the Internal Revenue Code (“IRC”). The straddl e rules generally do not apply if all the straddle’s offsetting positions consist of “qualified covered call options” and the stoc k to be purchased under the options, and the straddle is not part o f a lar g er straddle. Unlike certain other funds that utilize covere d call strate gi es, the Fund does not ant i c i pate that th i s except i o n w i ll be ava i lable because, as a g eneral matter, the call opt i ons it writes are not ex p ected to be treated as “ q ualified covered cal l options. ” The straddle rules usuall y will terminate the Fund ’s holding periods for its shares of the Underlying Fund that become part of a straddle before the long-term capital gain holding perio d (more than one year) has been reached, wh i ch i s expected t o eliminate the Fund’s ability to recognize long-term capital gain s from a sale or other disposition of such shares. The straddle rule s also usually will defer reco g nition of realized losses and requir e the capitalization of certain interest expenses and carryin g char g es. Similarly, “wash sale” rules may apply to defer th e reco g nition of loss by the Fund from the disposition of stock o r secur i t i es at a loss i n a case i n wh i ch i dent i cal or substant i all y i dent i cal stock or secur i t i es (or an opt i on to acqu i re suc h property) i s or has been acqu i red w i th i n a prescr i bed per i od. As a result o f the f oregoing, an investor may be subject to signi f icantl y greater amounts of tax as a result of the investment than woul d apply to an investment in a fund engaged in a different investmen t s t ra t egy. Tracking ng Error Ris k . T he Fund may be subject to “trackin g error,” which is the divergence o f the Fund’s per f ormance f rom that o f the Underlying Index. Tracking error may occur due to a number o f
S -5
Is Issuer Ri Ris is k . T he per f ormance o f the Fund depends on th e performance of individual securities or other assets to which th e Fund has exposure. The value of securities or other assets ma y decline, or per f orm di ff erentl yf rom the market as a whole, due t o changes in the financial condition or credit rating of the issuer or coun t erpar ty.
Large Shareholder and Large-Scale Redempti tio ion Ri Ris isk. C ertai n shareholders o f the Fund, including an Authorized Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to tim e own or manage a substantial amount o f Fund shares, or may hol d their investment in the Fund for a limited period of time. There ca n be no assurance that any large shareholder or large group o f shareholders would not redeem their investment. Redemptions o f a lar g e number of Fund shares could require the Fund to dispos e o f assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and caus e the Fund to make taxable d i str i but i ons to i ts shareholders earl i e r than the Fund otherw i se would have. In add i t i on, under certa in c i rcumstances, non-redeem i n g shareholders may be treated as
the expenses charged by the Underly i ng Fund, and an i nvestment in the Fund may entail more expenses than a direct investment i n the Underly i ng Fund .
ma y impair the Fund ’ s operations. While the Fund ’ s service prov i ders are requ i red to have appropr i ate operat i onal , information security and cybersecurity risk mana g ement policie s and procedures, their methods of risk management may diffe r from those of the Fund. Operational and technolo g y risks for the i ssuers i n wh i ch the Fund i nvests could also result i n mater i a l adverse consequences for such issuers and ma y cause the Fund’ s inv es tm e nt s in suc hi ssue r s t o l ose v a l ue . Risk of Investing in the U.S . Investing in U.S. issuers subjects the Fund to le g al, re g ulatory, pol i t i cal, currency, secur i ty, an d economic risks that are speci f ic to the U.S. Certain changes in th e U.S., such as a weakenin g of the U.S. economy or a decline in it s f inancial markets, ma y have an adverse e ff ect on U.S. issuers . Tax Ri Ris k . The tax rules and l i m i tat i ons that apply to the Fund w i l l cause some or all of its income and g ain to be taxable as ordinar y income or at ordinary income rates, may accelerate it s recognition o f income and gain, and may de f er its use o f losses , all o f which are expected to have negative tax consequences f o r the Fund and Fund i nvestors. Because the assets compr i s i ng th e
occur, for example, when the time to maturit y for the bond no lon g er matches the Underlyin g Index ’ s stated maturity g uidelines.
Investment in in Underly lyin ing Fund Ri Ris isk. Th e F u n di nv es t si n th e Underlying Fund, so the Fund’s investment per f ormance and risk s are likely to be directly related to those o f the Underlyin g Fund. The Fund’s NAV will chan g e with chan g es in the value of th e Underly i ng Fund and other assets that the Fund holds. The shares of the Underlyin g Fund may trade at a premium or discount to the Underlying Fund ’ s NAV. Investors in the Fund will indirectly bea r
sell Fund shares at a t i me when the market p r i ce i s at a d i scount to NAV, you may pay si g ni f icantly more or receive si g ni f icantl y less than the underlyin g value o f the Fund shares . Op Operational and Technology gy Risks ks . T he Fund i sd i rectly and i nd i rectly suscept i ble to operat i onal and technolo g yr i sks , includin g those related to human errors, processin g errors , communication errors, systems failures, cybersecurity incidents , and the use of artificial intelli g ence and machine learnin g (“AI”), which may result in losses f or the Fund and its shareholders o r
Page 7
Per f ormance In f ormatio n
The p erformance information below illustrates how the Fund’s p erformance has varied over different p eriods and p rovides some indicatio n o f the risks o f investing in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index an d the Underlying Index. Returns assume the reinvestment o f any dividends and distributions. The Fund’s returns re f lect the impact o f any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) d oes not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll f ree).
Calendar Year-by-Year Returns
15%
10%
5%
0%
-5%
2 0 2 3 2 0 2 4 2 0 2 5
0.75%
-2.12%
11.28%
R eturn ( % ) Per i od Ende d D ur i n g the per i ods shown i n the chart: B est Q uarter 9.11 % March 31 , 202 3 W orst Q uarter - 10.84% S e p tember 30, 2023
A verage Annua l Tota l Return s (for the periods ended December 31 , 2025 )
O ne Yea r
Since Fun d Ince p tio n ( Incept i on Date: 8/18/2022 ) Return Be f ore Taxe s 11.28 % -1.16 % Return A f ter Taxes on Distribution s 6 .99 % -5.25 % Return A f ter Taxes on Distributions and Sale o f Fund Share s 6 .58 % -2.59 % I C EB o fA US Br o ad Mark e t Ind ex ( Returns do not reflect deductions for fees, expenses or taxes ) 7. 15% 2 . 82% Cboe TLT 2% OTM Bu y Wr i te Inde x ( Returns do not re f lect deductions f or f ees, expenses or taxes ) 1 2.46 % -0.26 %
A f ter-tax returns in the table above are calculated using the historical highest individual U.S. f ederal marginal income tax rates and do no t reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and a f ter-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-de f erred arrangements , s uch as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assumin g that an investor has sufficient capital g ains of the same character from other investments to offset any capital losses f rom the sales o f Fund shares. As a result, Fund returns a f ter taxes on distributions and sales o f Fund shares may exceed Fund return s b efore taxes and/or returns after taxes on distributions .
S - 6
foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transaction s
shareholders; the acceptance o f custom baskets; chan g es to th e U nderlyin g Index; and impacts to the Fund o f complyin g with certa i n re g ulatory requ i rements or l i m i ts. Track i n g error r i sk may b e hei g htened durin g times o f increased market volatility or other u n usua lm a rk e t co n di t io n s .To To th ee xt e nt th a t th e F u n d see k s t o achieve its investment objective throu g h investments in the Underly i n g Fund, the Fund may exper i ence i ncreased track i n g error as compared to i nvest i n g d i rectly i n the secur i t i es or other assets included in the underlyin g index of the Underlyin g Fund. A Fund that tracks an i ndex w i th exposure to swaps, opt i ons , f utures and/or other derivatives may experience higher tracking error than ETFs that do not track such i ndexes.
assets held in the Fund’s p ortfolio and those included in th e Underlyin g Index; di ff erences in the timin g and methodolo g ie s used to value secur i t i es and other assets ; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x does not incur; the Fund’s holdin g o f uninvested cash; di ff erence s in the timin g of the accrual or the valuation of dividends or i nterest rece i ved by the Fund or d i str i but i ons pa i d to Fun d shareholders; tax gains or losses; di ff erences between the amount and/or timing o f withholding taxes on dividends re f lecte d in the Underlying Index f rom the Fund’s obligation, i f any, f o r
factors, includin g differences between the securities and othe r carried out to minimize the distribution of capital g ains to
Page 8
M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Erin Armstrong, Kyle Mc C lements and O rlando Montalvo (the “Port f olio Mana g ers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Armstrong, Mr. McClements and Mr. Montalvo have been Port f oli o M anagers of the Fund since 2025, 2025 and 2022, respectively .
Purchase and Sale o f Fund Share s
The Fund is an ETF. Individual shares of the Fund ma y onl y b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce greater than NAV (a prem i um) or les s than NAV ( ad i scount ) . An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund ( bid ) and the lowest price a selle r is willing to accept f or shares o f the Fund (ask) when buying o r s elling shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-deferred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons g enerally w i ll be taxed whe n withdrawn. Certain states and localities ma y exempt f rom ta x distributions attributable to interest from U.S. federal g overnmen t obl i gat i ons .
Payments to Broker-Dealers and Other F i nanc i a l Intermed i ar i e s
If you purchase shares of the Fund through a broker-dealer o r other financial intermediary ( such as a bank ) , BFA or other relate d companies may pay the intermediary for marketing activities an d presentations, educational trainin g pro g rams, conferences, th e development o f technology plat f orms and reporting systems o r other services related to the sale or promotion of the Fund. Thes e payments may create a conflict of interest by influencin g th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask y ou r salesperson or visit your f inancial intermediary’s website f or more information.
S -7
Page 9
[THIS PAGE INTENTIONALLY LEFT BLANK ]
Page 10
[THIS PAGE INTENTIONALLY LEFT BLANK ]
Page 11
[THIS PAGE INTENTIONALLY LEFT BLANK ]
Page 12
For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-09729
I S - S P - T LT LT W
G o paperless. . . I t’s Easy, Economical and G reen ! G o to www. i cs d e li very.com
1 0 2 6
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "8fdcf63d-5011-439b-a380-6e5bbd183550",
"date_created": "2026-10-15T22:47:01.093000Z",
"date_modified": "2026-10-15T22:47:01.093000Z",
"file_hash": "d678b2df774b8f9dc943cdc9fdcd8994393e6a1f41586c7c027a22383dd34511",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 12,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 26,
"width": 27,
"x": 112,
"y": 175
},
"id": "cf31d436-8b09-435a-b677-41dbb70e43e7",
"page_number": 1,
"text": "S"
},
{
"block_type": "box",
"box": {
"height": 19,
"width": 166,
"x": 143,
"y": 182
},
"id": "bca3a76c-704f-4233-9b01-905e95c7c73f",
"page_number": 1,
"text": "ummar"
},
{
"block_type": "box",
"box": {
"height": 26,
"width": 28,
"x": 311,
"y": 182
},
"id": "d71ab275-1c8c-49f1-8b89-61f7c6782727",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 32,
"width": 234,
"x": 354,
"y": 175
},
"id": "a0414862-b5a3-46cb-affc-696d3b4924e4",
"page_number": 1,
"text": "Prospectu"
},
{
"block_type": "box",
"box": {
"height": 19,
"width": 22,
"x": 591,
"y": 182
},
"id": "579c884b-ccfb-4e5b-8b41-efef31063733",
"page_number": 1,
"text": "s"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 6,
"x": 81,
"y": 256
},
"id": "bb996d02-9419-4097-b2dc-b7fa8767dbbf",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 394,
"x": 81,
"y": 299
},
"id": "31281d11-a9de-417c-b215-b59a622cfb9b",
"page_number": 1,
"text": "Before you invest, you may want to review the Fund"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 2,
"x": 477,
"y": 299
},
"id": "56d60768-d3da-4f16-b66f-5ec6afd24f90",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 407,
"x": 479,
"y": 299
},
"id": "e7b416f0-e5d1-4e21-a0f0-bb617a1fa6c9",
"page_number": 1,
"text": "\u2019s prospectus, which contains more information abou"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 888,
"y": 301
},
"id": "096cd952-6270-43cf-a2b9-df33ae4d70dd",
"page_number": 1,
"text": "t"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 81,
"y": 316
},
"id": "7c53ec9a-16ca-4146-937a-51e75ea271dc",
"page_number": 1,
"text": "t"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 439,
"x": 87,
"y": 315
},
"id": "020a5dcd-4b6b-43d3-b0c8-decb7aa1cf4f",
"page_number": 1,
"text": "he Fund and its risks. You can find the Fund\u2019s prospectus"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 5,
"x": 532,
"y": 315
},
"id": "2c4e77b9-8c5b-453c-a811-0a50bf7a8c35",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 62,
"x": 537,
"y": 315
},
"id": "d2041cfe-b765-4d0b-ab5c-11e49c9e0c0b",
"page_number": 1,
"text": "includin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 600,
"y": 318
},
"id": "c7676031-eee9-4bb0-8d8a-ad42114f0eb8",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 241,
"x": 615,
"y": 315
},
"id": "3a8e9041-c416-4c8d-a091-ae303741fd52",
"page_number": 1,
"text": "amendments and supplements"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 6,
"x": 856,
"y": 315
},
"id": "15ad6e3c-beef-4b01-8d88-9d500fc69d3b",
"page_number": 1,
"text": ")"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 29,
"x": 867,
"y": 315
},
"id": "3436b306-abe7-41e5-a163-89344e6b7b5e",
"page_number": 1,
"text": "and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 330,
"x": 81,
"y": 330
},
"id": "fc6dc813-db4a-49c2-8a93-175caa8da1ec",
"page_number": 1,
"text": "other information about the Fund, includin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 412,
"y": 333
},
"id": "fb073177-2b8e-4170-8a30-6fcdb645ffe4",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 69,
"x": 426,
"y": 331
},
"id": "a9d094a9-6903-4c80-9b97-d8b11057daf4",
"page_number": 1,
"text": "the Fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 497,
"y": 330
},
"id": "3d41dc93-a110-42aa-a538-fe31438fd4aa",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 312,
"x": 499,
"y": 330
},
"id": "17b11a3f-1cdc-491c-8def-5f8a3ba9406b",
"page_number": 1,
"text": "\u2019s statement of additional information an"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 813,
"y": 331
},
"id": "e3add875-a399-4418-9698-52bc44f22344",
"page_number": 1,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 645,
"x": 81,
"y": 346
},
"id": "96c83d8b-6451-450f-bdd9-0a2fad1af4e4",
"page_number": 1,
"text": "shareholder reports, online at https://www.blackrock.com/prospectus. You can also"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 731,
"y": 349
},
"id": "e4a289a0-8d02-434d-ba6f-9880fd2fb935",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 64,
"x": 742,
"y": 346
},
"id": "5009f8d2-7d06-4018-adee-8858a0e46f75",
"page_number": 1,
"text": "et this in"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 808,
"y": 346
},
"id": "f086fbf1-a939-4c9d-bf96-9083dd37e148",
"page_number": 1,
"text": "fo"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 90,
"x": 814,
"y": 346
},
"id": "8382692a-f047-494e-ac1e-46e5ff913b09",
"page_number": 1,
"text": "formation at"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 69,
"x": 81,
"y": 362
},
"id": "b8fcd9cc-9b0d-4ebb-8590-16453b50afd5",
"page_number": 1,
"text": "no cost by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 150,
"y": 364
},
"id": "baae33a1-7b9b-4126-a702-97ae1cc5c5fa",
"page_number": 1,
"text": "by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 40,
"x": 164,
"y": 362
},
"id": "848dd709-f97d-441f-a9da-69e294acfdde",
"page_number": 1,
"text": "callin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 206,
"y": 364
},
"id": "7614cf4c-d485-43d3-a5b9-d47705b00997",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 113,
"x": 220,
"y": 361
},
"id": "502ffc42-ffac-4ac7-8df6-840f34df636f",
"page_number": 1,
"text": "1-800-iShares"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 5,
"x": 339,
"y": 361
},
"id": "6664db01-adc8-4fc1-abcc-3397312c066b",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 135,
"x": 345,
"y": 361
},
"id": "940f45cb-a8c5-41df-aace-89339c78efd4",
"page_number": 1,
"text": "1-800-474-2737"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 5,
"x": 480,
"y": 361
},
"id": "a13e2500-7431-4447-a783-5d437a0cf424",
"page_number": 1,
"text": ")"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 28,
"x": 491,
"y": 362
},
"id": "bb95c06b-a2f0-493e-b640-1ff1b4bfed0a",
"page_number": 1,
"text": "or by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 519,
"y": 364
},
"id": "d3c86610-bf63-4cfb-9c06-fbc0c2857a31",
"page_number": 1,
"text": "by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 52,
"x": 532,
"y": 362
},
"id": "93a152b0-650c-4bba-9b1d-07b2b42c3ad7",
"page_number": 1,
"text": "sendin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 585,
"y": 364
},
"id": "b72cdc65-a5b0-40d3-a5ee-9b5e462cb5da",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 145,
"x": 600,
"y": 362
},
"id": "21f7f4f9-fda6-49c6-9b25-171e387e384d",
"page_number": 1,
"text": "an e-mail request t"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 8,
"x": 746,
"y": 364
},
"id": "4955c4bf-a7f9-474c-b0e1-10753a310d2d",
"page_number": 1,
"text": "o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 4,
"x": 81,
"y": 377
},
"id": "7ca1aeee-fc2c-425f-8477-cd84b2ccbcc8",
"page_number": 1,
"text": "i"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 573,
"x": 85,
"y": 377
},
"id": "4e255f21-8a6c-4f57-8eee-addb5eb94362",
"page_number": 1,
"text": "SharesETFs@blackrock.com, or from your financial professional. The Fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 660,
"y": 377
},
"id": "2ea94884-c8aa-456c-9a3d-fba4dc812354",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 229,
"x": 662,
"y": 377
},
"id": "85bb828a-d733-48cd-b841-2df932cb9299",
"page_number": 1,
"text": "\u2019s prospectus and statement o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 893,
"y": 377
},
"id": "6ce7b2a1-4496-4782-a57f-6423ab1940c8",
"page_number": 1,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 96,
"x": 81,
"y": 393
},
"id": "47292867-0e6e-4604-8212-e7cc7dd0e47e",
"page_number": 1,
"text": "additional in"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 6,
"x": 179,
"y": 392
},
"id": "89990f73-de45-4901-b454-4dfb639d6841",
"page_number": 1,
"text": "fo"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 228,
"x": 185,
"y": 393
},
"id": "4624d83e-1aa5-4dd2-8b40-0aebf4e50c43",
"page_number": 1,
"text": "formation, both dated February"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 412,
"y": 395
},
"id": "0537bf4e-d791-44f6-aeb0-48a7ec57018c",
"page_number": 1,
"text": "ry"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 323,
"x": 425,
"y": 392
},
"id": "25d0ddab-b4ef-45bc-9c65-8666cadde58c",
"page_number": 1,
"text": "27, 2026, as amended and supplemented"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 7,
"x": 753,
"y": 392
},
"id": "1022e27d-ff50-482f-acdf-24509747b115",
"page_number": 1,
"text": "fr"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 759,
"y": 393
},
"id": "a60547f4-b276-422b-b18d-6e3d2eff6880",
"page_number": 1,
"text": "from time to time"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 2,
"x": 887,
"y": 400
},
"id": "0c6fc272-2cd4-4521-9eed-8fafe53bdd7c",
"page_number": 1,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 142,
"x": 81,
"y": 408
},
"id": "661dcbae-d8ab-4a60-9861-ab2f407cac0f",
"page_number": 1,
"text": "are incorporated by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 222,
"y": 411
},
"id": "4f561a5b-3106-4919-b5ed-5fcc8d16c113",
"page_number": 1,
"text": "by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 106,
"x": 237,
"y": 408
},
"id": "db2fc779-8286-4ff5-ad11-5cdcda510339",
"page_number": 1,
"text": "reference into"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 5,
"x": 349,
"y": 408
},
"id": "2947b2fe-c77e-4f84-b601-8fd715da0488",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 12,
"x": 354,
"y": 408
},
"id": "3aa700d1-efde-4d91-a70b-b397b2294aef",
"page_number": 1,
"text": "le"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 367,
"y": 411
},
"id": "8d3b7b91-093d-4fa4-a5dd-5c1e6448e675",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 378,
"y": 408
},
"id": "10e2536d-e09f-4db6-8210-051f9e4c6b1b",
"page_number": 1,
"text": "ally"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 394,
"y": 411
},
"id": "d09c2203-bea5-48d6-9dcf-00564d6d30dd",
"page_number": 1,
"text": "ly"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 113,
"x": 409,
"y": 408
},
"id": "80b0e534-e304-44c1-aa6a-56ad7cc229d6",
"page_number": 1,
"text": "made a part of)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 5,
"x": 521,
"y": 408
},
"id": "5208bdce-5e75-405f-95a0-e011c50ba65c",
"page_number": 1,
"text": "f)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 100,
"x": 531,
"y": 408
},
"id": "88335c48-be4d-4cb4-93c8-53b44000adbb",
"page_number": 1,
"text": "this Summary"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 630,
"y": 411
},
"id": "45891354-6b25-45d0-baaa-cb3a5ca67dc8",
"page_number": 1,
"text": "ry"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 230,
"x": 644,
"y": 408
},
"id": "5e0f5385-b67a-46e8-ad85-0d4e4fb4829d",
"page_number": 1,
"text": "Prospectus. Information on th"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 876,
"y": 411
},
"id": "afff2d96-aecb-456e-8364-e493e8d70df8",
"page_number": 1,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 40,
"x": 81,
"y": 423
},
"id": "bc54eb3d-6380-41d0-a47b-b0b9b3a86805",
"page_number": 1,
"text": "Fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 2,
"x": 123,
"y": 423
},
"id": "9a84f509-9684-4e2e-ad8e-4efa3dcdab22",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 716,
"x": 125,
"y": 423
},
"id": "ce8e978a-9f9e-427c-bbb1-b8983da67f8b",
"page_number": 1,
"text": "\u2019s net asset value, market price, premiums and discounts, and bid-ask spreads can be found a"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 843,
"y": 424
},
"id": "afdd50cf-e1ba-448d-8d6c-a813e70821c4",
"page_number": 1,
"text": "t"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 106,
"x": 81,
"y": 439
},
"id": "39cf553a-6afe-4873-a73a-fed9ad01adb8",
"page_number": 1,
"text": "https://www.i"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 187,
"y": 439
},
"id": "05c7375d-a6fa-4d9d-8e34-dc8357f9ac35",
"page_number": 1,
"text": "S"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 198,
"y": 439
},
"id": "bd68f016-2dc3-4af3-9c39-68ffe7b6afca",
"page_number": 1,
"text": "hares.com"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 2,
"x": 279,
"y": 447
},
"id": "e8811ac8-f9fc-4022-84bc-f67a1ab38934",
"page_number": 1,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 205,
"x": 81,
"y": 891
},
"id": "abad046a-b28e-43aa-b2fd-80e2710d4bc6",
"page_number": 1,
"text": "The Securities and Exchan"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 289,
"y": 894
},
"id": "6b6f64a9-3d60-4e29-b6eb-21a5db4cec93",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 608,
"x": 299,
"y": 891
},
"id": "32965860-7ec4-4511-a0d2-957a6d46d45d",
"page_number": 1,
"text": "e Commission has not approved or disapproved these securities or passed upo"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 7,
"x": 910,
"y": 894
},
"id": "5bd378e1-0503-48b4-bd18-d153485933b6",
"page_number": 1,
"text": "n"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 97,
"x": 81,
"y": 907
},
"id": "bd8f43c0-1f3b-4bc4-b53c-64643ade4e9b",
"page_number": 1,
"text": "the adequac"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 179,
"y": 910
},
"id": "6058cc09-0398-4248-8953-91992c4a5853",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 8,
"x": 192,
"y": 909
},
"id": "27b69240-c9e6-431e-a308-b666d4f2ab92",
"page_number": 1,
"text": "o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 201,
"y": 907
},
"id": "3010f691-cced-4509-824e-48ccfcba3ea9",
"page_number": 1,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 150,
"x": 211,
"y": 907
},
"id": "948b0317-7341-47a7-a2f6-87c82230da47",
"page_number": 1,
"text": "this prospectus. An"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 362,
"y": 910
},
"id": "3000d625-61b7-4f89-8b1a-1643e5fd8f3c",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 226,
"x": 376,
"y": 907
},
"id": "2c902bf9-2b01-4f25-9716-ee118b6c8ba3",
"page_number": 1,
"text": "representation to the contrar"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 603,
"y": 910
},
"id": "902bfc4a-8f9e-4a60-aee2-847504f990f8",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 107,
"x": 617,
"y": 907
},
"id": "d4fd19e6-ad3d-4a0f-9004-b834b837dae4",
"page_number": 1,
"text": "is a criminal o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 12,
"x": 725,
"y": 907
},
"id": "fc47f1ab-523e-4e03-b971-2bccd800f23b",
"page_number": 1,
"text": "ff"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 39,
"x": 738,
"y": 909
},
"id": "2f689bf1-05d7-4f3d-bf91-938b06398847",
"page_number": 1,
"text": "ense."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 209,
"x": 710,
"y": 85
},
"id": "daa619fd-0fcd-4d55-a8c6-83814a280b6b",
"page_number": 1,
"text": "(as revised October 15, 2026)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 274,
"x": 102,
"y": 254
},
"id": "2f64f6bc-4d18-4ebc-a7ab-fededa44475e",
"page_number": 1,
"text": "iShares TLT Premium Income+ ETF"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 1,
"x": 382,
"y": 253
},
"id": "48e4a8ef-5f04-43b4-9ee9-1b14f0f80dfd",
"page_number": 1,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 44,
"x": 393,
"y": 254
},
"id": "f528959f-e804-48cb-8643-4f84d9405315",
"page_number": 1,
"text": "TLTW"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 1,
"x": 443,
"y": 253
},
"id": "e708ee36-884c-48bb-aca4-9920f2eac376",
"page_number": 1,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 76,
"x": 455,
"y": 254
},
"id": "08ab05ee-3272-4598-a8ac-c51ce4f520a5",
"page_number": 1,
"text": "Cboe BZX"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 254,
"y": 77
},
"id": "aeafdf3c-79b2-4d17-a70d-46a9a7a930c5",
"page_number": 2,
"text": "T"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 10,
"x": 263,
"y": 76
},
"id": "760ec864-f878-4f83-bddf-a21de8ba9e0f",
"page_number": 2,
"text": "ic"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 275,
"y": 77
},
"id": "ab05a6ec-2724-4615-b80c-932fc675ca9e",
"page_number": 2,
"text": "k"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 283,
"y": 79
},
"id": "dc0e5a18-f821-46d8-b2d6-bf07e0fe6329",
"page_number": 2,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 37,
"x": 292,
"y": 77
},
"id": "8cdfaf18-62dd-46e4-ad38-7b76186e6303",
"page_number": 2,
"text": "r: TLT"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 13,
"x": 330,
"y": 77
},
"id": "c8491441-d37b-43c8-a2aa-85d04a69bd41",
"page_number": 2,
"text": "W"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 94,
"x": 546,
"y": 76
},
"id": "47dc3cc0-e069-4c8e-bcfe-7dadab5d4f01",
"page_number": 2,
"text": "Stock Exchan"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 642,
"y": 79
},
"id": "85e34d95-4d41-4979-97c1-5771d6317e36",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 77,
"x": 651,
"y": 76
},
"id": "35ace40f-8421-428f-ae97-690a4292f442",
"page_number": 2,
"text": "e: Cboe BZ"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 728,
"y": 77
},
"id": "a81169f3-1ebf-47d9-8aca-d2a55752b030",
"page_number": 2,
"text": "X"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 125,
"x": 53,
"y": 114
},
"id": "f2686d0f-175d-4436-a2a4-a43275755336",
"page_number": 2,
"text": "Investment Obj"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 5,
"x": 177,
"y": 114
},
"id": "eb55439d-182f-4dea-94be-ec486748c75c",
"page_number": 2,
"text": "bj"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 26,
"x": 184,
"y": 115
},
"id": "07f861da-db71-49e7-bcae-0c29515e1f20",
"page_number": 2,
"text": "ect"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 3,
"x": 211,
"y": 114
},
"id": "578397ea-7df3-430a-a8c8-ad89ba2befe5",
"page_number": 2,
"text": "i"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 9,
"x": 216,
"y": 117
},
"id": "1c89153e-0359-4e7a-8fd2-b7b4cb7e59a3",
"page_number": 2,
"text": "v"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 9,
"x": 226,
"y": 117
},
"id": "b332d095-5909-42f1-8301-d9d6e05b8227",
"page_number": 2,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 9,
"x": 53,
"y": 183
},
"id": "0f0ebc87-35a9-48bd-9b04-bed5bd8ff7a2",
"page_number": 2,
"text": "F"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 143,
"x": 62,
"y": 183
},
"id": "f6066635-df76-42b0-9679-997bab155644",
"page_number": 2,
"text": "ees and Expense"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 8,
"x": 206,
"y": 185
},
"id": "8c59bb34-f28d-47a6-81b1-31fe4f4acee7",
"page_number": 2,
"text": "s"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 869,
"x": 52,
"y": 208
},
"id": "ec49b173-e5e4-4901-adee-c4432a754560",
"page_number": 2,
"text": "The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 659,
"x": 53,
"y": 222
},
"id": "584e5737-126e-4bea-a684-401ead6c65d1",
"page_number": 2,
"text": "are rounded to the nearest basis point, which in some cases may be \u201c0.00.\u201d The investment advisory a"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 713,
"y": 224
},
"id": "e1b55cc2-f114-4ad3-836d-72ca0149399d",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 198,
"x": 722,
"y": 222
},
"id": "7901b746-9f4a-4be3-a91f-6db9aabe57d8",
"page_number": 2,
"text": "reement between iShares Trust"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 24,
"x": 53,
"y": 236
},
"id": "52729102-fd32-4d26-986a-615aac7f133a",
"page_number": 2,
"text": "(the"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 82,
"y": 236
},
"id": "3533f72e-1deb-4a09-a9eb-a7a17cc4644f",
"page_number": 2,
"text": "\u201c"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 30,
"x": 88,
"y": 236
},
"id": "302f2dce-f5e9-4fbb-8d88-c83a616ed8c2",
"page_number": 2,
"text": "Trust"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 119,
"y": 236
},
"id": "7a40b2b1-4783-4dd0-923b-a8f175b2add7",
"page_number": 2,
"text": "\u201d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 204,
"x": 126,
"y": 236
},
"id": "5d88f2a1-a787-4fce-95ea-74b798d13f96",
"page_number": 2,
"text": ") and BlackRock Fund Advisors ("
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 4,
"x": 332,
"y": 236
},
"id": "a39b3475-6d53-43d3-b25b-82db826a69ae",
"page_number": 2,
"text": "\u201c"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 23,
"x": 338,
"y": 236
},
"id": "bad52c49-1589-493f-af9b-d3e14ae660cf",
"page_number": 2,
"text": "BFA\u201d"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 361,
"y": 236
},
"id": "9d42b50c-2b35-44f9-9bcd-c831a12817ab",
"page_number": 2,
"text": "A\u201d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 33,
"x": 367,
"y": 236
},
"id": "9c7c1ea5-d5ac-4982-b1cb-e2bc37fc07f1",
"page_number": 2,
"text": ") (the"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 405,
"y": 236
},
"id": "59b85fdd-73bf-493f-822c-7add6cc06f77",
"page_number": 2,
"text": "\u201c"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 203,
"x": 412,
"y": 236
},
"id": "232ac5b5-c736-4383-be23-7546c518f04f",
"page_number": 2,
"text": "Investment Advisory Agreement"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 616,
"y": 236
},
"id": "b54d795e-d4a0-4da0-ab2e-4427c635724d",
"page_number": 2,
"text": "\u201d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 320,
"x": 622,
"y": 236
},
"id": "3832196c-6a1a-47b4-bbe9-c3ac47343acf",
"page_number": 2,
"text": ") provides that BFA will pay all operating expenses"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 862,
"x": 53,
"y": 250
},
"id": "3c89bbda-9e67-4ae9-a0df-1df0442d343f",
"page_number": 2,
"text": "of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition an"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 917,
"y": 250
},
"id": "7ea1d42a-e254-4278-b9b2-3e9f26f0e401",
"page_number": 2,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 53,
"y": 264
},
"id": "aadf1559-55ef-4055-9b3b-32b53103c3bf",
"page_number": 2,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 536,
"x": 61,
"y": 264
},
"id": "3bc9cdc8-1ec7-49bb-bdda-26c139696344",
"page_number": 2,
"text": "isposition of portfolio securities and the execution of portfolio transactions, includin"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 598,
"y": 267
},
"id": "e684a046-8545-4508-862a-15f972a80a63",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 48,
"x": 610,
"y": 264
},
"id": "d9ee32ee-a82e-4bd6-9a97-1e77ad78f6a3",
"page_number": 2,
"text": "brokera"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 659,
"y": 267
},
"id": "c20e0eba-c852-4532-adf9-7f20745e5643",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 238,
"x": 667,
"y": 264
},
"id": "bdd6a61c-162a-4973-afd9-da85f8140882",
"page_number": 2,
"text": "e commissions, (v) distribution fees o"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 4,
"x": 907,
"y": 267
},
"id": "f6edf11b-1989-45e6-8f83-a84504aa261a",
"page_number": 2,
"text": "r"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 877,
"x": 53,
"y": 278
},
"id": "64787560-5142-4ac9-b291-f27da51ca0e7",
"page_number": 2,
"text": "expenses, and (vi) litigation expenses and any extraordinary expenses. The Fund may incur \u201cAcquired Fund Fees and Expenses.\u201d Acquired"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 111,
"x": 53,
"y": 293
},
"id": "1a20376c-b1d9-48bf-9f3c-1a7e40ff9f85",
"page_number": 2,
"text": "Fund Fees and Ex"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 6,
"x": 165,
"y": 295
},
"id": "95d987ba-9dd6-4537-9936-fb62ac893b14",
"page_number": 2,
"text": "p"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 152,
"x": 173,
"y": 293
},
"id": "1dad799d-f0c9-4a65-8fa8-63e9a2b3f83e",
"page_number": 2,
"text": "enses reflect the Fund\u2019s"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 37,
"x": 329,
"y": 295
},
"id": "99046edb-2481-4096-a411-a620d7fbbcb9",
"page_number": 2,
"text": "pro ra"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 11,
"x": 368,
"y": 293
},
"id": "a6fb8476-7acf-4584-b295-21d1ad9849ce",
"page_number": 2,
"text": "ta"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 538,
"x": 384,
"y": 293
},
"id": "c2051fce-6c62-4547-b07f-731353e4e33c",
"page_number": 2,
"text": "share of the fees and expenses incurred indirectly by the Fund as a result of investin"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 923,
"y": 295
},
"id": "1418c169-1053-43bb-a40c-949777603c4f",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 287,
"x": 53,
"y": 307
},
"id": "648d8f96-831a-4137-8634-b8745758eb12",
"page_number": 2,
"text": "in other investment companies. The impact o"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 341,
"y": 307
},
"id": "a7c936d3-7447-42f7-9536-b77d505945f6",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 582,
"x": 350,
"y": 307
},
"id": "c86fbe3a-2ac7-474c-81f4-9710949a52cd",
"page_number": 2,
"text": "Acquired Fund Fees and Expenses is included in the Fund\u2019s total return but is not included i"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 6,
"x": 934,
"y": 309
},
"id": "68581b4b-90e5-4482-ae5d-615742fe6cf6",
"page_number": 2,
"text": "n"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 509,
"x": 52,
"y": 321
},
"id": "e9d538d3-0973-4bbc-9c75-4d683f566b49",
"page_number": 2,
"text": "the Fund\u2019s ratio of expenses to average net assets. Both figures are shown in th"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 6,
"x": 563,
"y": 323
},
"id": "7e3fdeba-f1b9-459f-a2c5-40ddde25aefd",
"page_number": 2,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 9,
"x": 574,
"y": 321
},
"id": "a7ef6a22-d208-4e46-9331-2c20bed89ac6",
"page_number": 2,
"text": "Fi"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 114,
"x": 582,
"y": 321
},
"id": "9ce79548-9850-48bb-8579-29f074d22f91",
"page_number": 2,
"text": "Financial Highlights"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 238,
"x": 701,
"y": 321
},
"id": "be8fa22e-d702-417c-b785-10e8b7369e1d",
"page_number": 2,
"text": "section of the Fund\u2019s prospectus (the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 82,
"x": 53,
"y": 335
},
"id": "0f4dd326-f462-48e4-ab81-2b0770860b7d",
"page_number": 2,
"text": "\u201cProspectus\u201d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 7,
"x": 137,
"y": 335
},
"id": "1442aa5e-2d24-4131-8086-c8a391ced2c4",
"page_number": 2,
"text": ")."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 9,
"x": 52,
"y": 359
},
"id": "22b6faa5-6907-4d2f-9796-153c8a914237",
"page_number": 2,
"text": "Yo"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 156,
"x": 60,
"y": 358
},
"id": "60ee8577-ed00-4d86-b19f-de95f4a5c38f",
"page_number": 2,
"text": "You may pay other fees"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 3,
"x": 217,
"y": 365
},
"id": "9ffe24b8-3ef6-40ca-990b-57ff412f7994",
"page_number": 2,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 520,
"x": 226,
"y": 358
},
"id": "f8da7929-e787-4fb4-b10c-7c45eb6af75d",
"page_number": 2,
"text": "such as brokerage commissions and other fees to financial intermediaries"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 3,
"x": 747,
"y": 365
},
"id": "efdf37bc-bfce-48f0-ba96-7b8a6aa7d92d",
"page_number": 2,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 171,
"x": 755,
"y": 358
},
"id": "41c645f7-b1e2-4459-987e-8937471697f0",
"page_number": 2,
"text": "which are not reflected i"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 7,
"x": 928,
"y": 361
},
"id": "13c10b5e-1f10-4975-b6c2-7c10adab3e6b",
"page_number": 2,
"text": "n"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 142,
"x": 52,
"y": 373
},
"id": "bc81ebbc-8a6e-4eb6-bcbe-dd2e9d6cde6d",
"page_number": 2,
"text": "the tables and exam"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 196,
"y": 375
},
"id": "f9248481-5b73-4cc8-bab8-60b6706f8e2f",
"page_number": 2,
"text": "p"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 65,
"x": 205,
"y": 373
},
"id": "4787f1ee-07ca-492b-bab7-c09864025b51",
"page_number": 2,
"text": "les below"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 3,
"x": 270,
"y": 379
},
"id": "53062eb5-ec0e-4cde-857c-ed668bcfc16c",
"page_number": 2,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 8,
"x": 395,
"y": 393
},
"id": "6b9c9686-bd40-4b2d-be1d-2353ea821e2f",
"page_number": 2,
"text": "A"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 404,
"y": 393
},
"id": "2f623142-d999-4404-9a49-a6496598d125",
"page_number": 2,
"text": "nnual Fund Operatin"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 531,
"y": 395
},
"id": "47f1dd35-4026-43fe-aa12-8e2b017f759d",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 51,
"x": 543,
"y": 393
},
"id": "4170aa31-ea00-49db-9666-fe2cd252bb35",
"page_number": 2,
"text": "Expense"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 5,
"x": 595,
"y": 395
},
"id": "d280519d-e505-4b93-afbd-85d7a4cccb42",
"page_number": 2,
"text": "s"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 292,
"x": 352,
"y": 403
},
"id": "1a811ae2-73ff-4937-b3a0-ea9f586fcc0f",
"page_number": 2,
"text": "(ongoing expenses that you pay each year as a\r\n1"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 6,
"x": 355,
"y": 416
},
"id": "0e7bb908-3eda-4db4-b7ad-ec1913692c57",
"page_number": 2,
"text": "p"
},
...