{"annotation_id":"0a0a6c43-87f8-41a4-bfeb-c8d727873d50","file_hash":"556d0a1b74768ce911418eccd67078e1b4c3c7596df07da031a93eef574e4350","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"e5a7347d-7903-440e-b730-64b07338bd4b","block_type":"box","text":"iShares, Inc.","page_number":1,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"303be6d7-5ed9-4037-a1bc-1c245f76048f","block_type":"box","text":"Supplement dated October 23, 2026","page_number":1,"box":{"x":367,"y":91,"width":269,"height":12}},{"id":"beb40c3d-d9ff-40a7-96aa-4fa331ec883b","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":1,"box":{"x":268,"y":106,"width":467,"height":13}},{"id":"22d274f6-8400-4aee-aae4-d3de495df5db","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":300,"y":122,"width":403,"height":12}},{"id":"4aa382ba-0af9-492e-9f5c-06b87264f834","block_type":"box","text":"iShares MSCI Germany ETF (EWG) (the “Fund”)","page_number":1,"box":{"x":328,"y":137,"width":349,"height":13}},{"id":"6b0d4ede-adfb-4c0d-aae8-2fd65b6bc92c","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":159,"width":760,"height":13}},{"id":"6b4bb452-5618-413d-8666-711f75311196","block_type":"box","text":"on or around December 1, 2026:","page_number":1,"box":{"x":116,"y":174,"width":241,"height":12}},{"id":"ae2ecbd6-3987-41e3-9e12-7efc02d65c6b","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":1,"box":{"x":118,"y":196,"width":712,"height":13}},{"id":"b36b5b6b-3b3f-4931-b874-3477f4116cfd","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":1,"box":{"x":151,"y":212,"width":499,"height":12}},{"id":"c2d93833-6fd0-4f70-b9b6-5cf46609dcd5","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":1,"box":{"x":236,"y":231,"width":552,"height":12}},{"id":"966c51b1-9f96-425b-a47d-e669161ec93b","block_type":"box","text":"MSCI Germany Index MSCI Germany 25/50 Index","page_number":1,"box":{"x":257,"y":251,"width":549,"height":13}},{"id":"e24ae969-9f60-4e92-ac80-ffe0eb7514e3","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":1,"box":{"x":117,"y":281,"width":767,"height":12}},{"id":"b66cb061-362c-4bd2-92a0-17542fe6acd0","block_type":"box","text":"will be deleted and replaced with the following:","page_number":1,"box":{"x":149,"y":296,"width":346,"height":13}},{"id":"15f99fcf-923f-4630-af15-5a367c7e2f7a","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Germany 25/50 Index (the “Underlying","page_number":1,"box":{"x":149,"y":318,"width":723,"height":12}},{"id":"98b437e9-9fbf-4bc9-a847-e0d850006630","block_type":"box","text":"Index”), which is a free float-adjusted market capitalization-weighted index that is designed to","page_number":1,"box":{"x":151,"y":333,"width":686,"height":13}},{"id":"3065579a-8941-4d77-aed4-1bc6fe2d111c","block_type":"box","text":"measure the performance of the large- and mid-capitalization segments of the equity market in","page_number":1,"box":{"x":151,"y":349,"width":695,"height":13}},{"id":"e0da445b-a048-4eb7-b587-fac749d23376","block_type":"box","text":"Germany. The Underlying Index is rebalanced quarterly using an optimization process that aims to","page_number":1,"box":{"x":150,"y":364,"width":716,"height":13}},{"id":"c01b22f5-fb8c-415f-af42-b6252e0ad8f2","block_type":"box","text":"minimize the constituent weight differences between the Underlying Index and the MSCI Germany","page_number":1,"box":{"x":151,"y":380,"width":717,"height":13}},{"id":"999d2e1a-9d55-41f6-9b8c-98b7af3e0cfd","block_type":"box","text":"Index. The Underlying Index uses a capping methodology that limits the weight of any single “group","page_number":1,"box":{"x":151,"y":395,"width":729,"height":13}},{"id":"271d219e-971e-4725-853c-e7492a97fdbb","block_type":"box","text":"entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":1,"box":{"x":150,"y":411,"width":732,"height":13}},{"id":"4b3fd148-da16-4313-82a7-afa79575421d","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":1,"box":{"x":151,"y":426,"width":721,"height":13}},{"id":"bd941882-c2e2-4ff7-bf98-f74ddb8ed849","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":1,"box":{"x":150,"y":442,"width":711,"height":13}},{"id":"1cf62731-4fb7-48b0-9b4d-c6187f5ece6f","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":1,"box":{"x":150,"y":457,"width":718,"height":13}},{"id":"0258628f-00fb-4836-9c39-c86554e2b25d","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":1,"box":{"x":150,"y":473,"width":721,"height":13}},{"id":"10f470c3-0f9a-49a8-9ac7-aaeefc66c7f9","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":1,"box":{"x":150,"y":488,"width":726,"height":13}},{"id":"c7e54a97-932d-4db9-b9b4-965a756152fd","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":1,"box":{"x":150,"y":504,"width":736,"height":13}},{"id":"d20d6f56-8c4e-4b28-be9e-db8e5bba2d56","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":1,"box":{"x":150,"y":519,"width":705,"height":13}},{"id":"077081d8-2d9b-4399-94fc-70552422d8ba","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":1,"box":{"x":150,"y":535,"width":297,"height":10}},{"id":"377f6a0b-9af8-4ab6-9858-a10e0c19db16","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 52 constituents, and a significant","page_number":1,"box":{"x":150,"y":557,"width":710,"height":12}},{"id":"26872293-a97e-49aa-9e50-668838c2ecba","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the financials,","page_number":1,"box":{"x":150,"y":572,"width":674,"height":13}},{"id":"dcb9745d-b3c0-407f-8b6c-609017950e03","block_type":"box","text":"industrials and technology industries or sectors. The components of the Underlying Index are likely","page_number":1,"box":{"x":150,"y":588,"width":721,"height":12}},{"id":"53981292-11a9-4937-a8d9-1dfc4fe86955","block_type":"box","text":"to change over time.","page_number":1,"box":{"x":149,"y":603,"width":154,"height":13}},{"id":"6cd368a8-eecf-4e28-929f-77c5937398b1","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":1,"box":{"x":149,"y":625,"width":724,"height":12}},{"id":"e0974161-5596-4de5-9e76-b1d9a01f7c65","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":1,"box":{"x":149,"y":640,"width":620,"height":13}},{"id":"a0b058b6-490b-428d-9c93-e0b3a1c1bc71","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":1,"box":{"x":150,"y":656,"width":726,"height":12}},{"id":"31d30e90-ddc8-45cb-9192-27ecfbd65d36","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":1,"box":{"x":150,"y":671,"width":715,"height":13}},{"id":"6321ca02-0ba8-45b0-bbf6-01a2950f2223","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":1,"box":{"x":150,"y":687,"width":716,"height":12}},{"id":"d14819c3-87bd-41f7-97d4-2f55401fc289","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":1,"box":{"x":150,"y":702,"width":726,"height":13}},{"id":"a9eeaaf4-ff4c-4737-a4e9-dc30ff4921dd","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":1,"box":{"x":150,"y":718,"width":705,"height":12}},{"id":"874080d1-ed4b-4c76-9d9d-48a23ee56c53","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":1,"box":{"x":149,"y":733,"width":727,"height":13}},{"id":"5d2530bd-f74c-4cb5-80ab-b99d312d625d","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":1,"box":{"x":151,"y":749,"width":707,"height":12}},{"id":"a0f01f23-e8cb-41e3-9a88-185850b79a01","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":1,"box":{"x":149,"y":764,"width":650,"height":13}},{"id":"747c2c9c-1099-4af1-8683-5c9ae3433bf1","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":1,"box":{"x":150,"y":780,"width":722,"height":12}},{"id":"81384f05-08b9-4bf3-b4a7-a25bf209c562","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":1,"box":{"x":150,"y":795,"width":707,"height":13}},{"id":"03df44c6-a808-41dc-b246-08551d2e63b8","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":1,"box":{"x":150,"y":811,"width":705,"height":12}},{"id":"dc38567a-3478-4261-9a71-05a20c52bebc","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":1,"box":{"x":150,"y":826,"width":730,"height":13}},{"id":"96a33883-f54c-4179-841f-9bf15115fcee","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":1,"box":{"x":151,"y":842,"width":724,"height":12}},{"id":"c272fc55-dbc8-43d4-9295-608fb3148e63","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":1,"box":{"x":151,"y":857,"width":337,"height":13}},{"id":"1786b0d5-527d-4fce-ad64-37f04a80b254","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":1,"box":{"x":151,"y":879,"width":729,"height":13}},{"id":"2c0e0f06-e448-4ba7-9171-809ba601544c","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":1,"box":{"x":150,"y":894,"width":700,"height":13}},{"id":"944cae23-04d4-424a-a7bc-0cb90251ee67","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":1,"box":{"x":150,"y":910,"width":730,"height":13}},{"id":"00ecef12-5972-47be-80f9-c6357c1d6675","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":1,"box":{"x":151,"y":925,"width":692,"height":10}},{"id":"672c066a-3064-46a3-a6fa-43bb3a0f3b68","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":2,"box":{"x":150,"y":69,"width":694,"height":13}},{"id":"6ab62b23-32ef-413e-991b-a6f5655dbcb5","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":2,"box":{"x":151,"y":85,"width":727,"height":12}},{"id":"c9389204-5dd5-4b68-8215-bc018ea805ff","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60","page_number":2,"box":{"x":150,"y":100,"width":733,"height":13}},{"id":"407728ac-b697-4b56-81b3-445a85a87a83","block_type":"box","text":"days’ notice to shareholders.","page_number":2,"box":{"x":150,"y":116,"width":211,"height":12}},{"id":"e762c99a-90d5-4dd0-bc62-c1b788a6ac44","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":2,"box":{"x":149,"y":139,"width":703,"height":13}},{"id":"221d5223-74e8-4ea3-b28c-2279e7702484","block_type":"box","text":"(including the value of any collateral received).","page_number":2,"box":{"x":151,"y":154,"width":341,"height":13}},{"id":"59abd53f-fbad-46ca-ab63-c198243d8206","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":2,"box":{"x":149,"y":178,"width":658,"height":12}},{"id":"d6e32c52-9caa-4c90-b6dd-3921c2b1f627","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":2,"box":{"x":150,"y":193,"width":690,"height":13}},{"id":"2932b05f-4116-4e2e-a43f-d65dd9aa7e2d","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":2,"box":{"x":149,"y":209,"width":729,"height":12}},{"id":"33ad5dc9-d82b-4661-afcf-6c67334a7756","block_type":"box","text":"value of the Underlying Index.","page_number":2,"box":{"x":149,"y":224,"width":221,"height":13}},{"id":"8d91fde4-4b51-41f6-b146-c127742b454d","block_type":"box","text":"Industry Concentration Policy.","page_number":2,"box":{"x":151,"y":247,"width":229,"height":13}},{"id":"96fb6478-f0d5-4693-be67-c676199a1864","block_type":"box","text":"The Fund will concentrate its investments (i.e., hold 25% or more of","page_number":2,"box":{"x":381,"y":247,"width":501,"height":13}},{"id":"ca4a8e5f-74ea-43c2-9730-e4995efcc05e","block_type":"box","text":"its total assets) in a particular industry or group of industries to approximately the same extent that","page_number":2,"box":{"x":150,"y":263,"width":724,"height":13}},{"id":"861f2e71-a84c-43bb-ae4d-bd71b79e577c","block_type":"box","text":"the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S.","page_number":2,"box":{"x":149,"y":278,"width":653,"height":13}},{"id":"34c4ded9-e4a1-4583-8de0-fe6142a2f5fc","block_type":"box","text":"government (including its agencies and instrumentalities) and repurchase agreements collateralized","page_number":2,"box":{"x":150,"y":294,"width":730,"height":13}},{"id":"b4a1e49a-cb96-4bd3-88be-603b88993550","block_type":"box","text":"by U.S. government securities are not considered to be issued by members of any industry.","page_number":2,"box":{"x":151,"y":309,"width":661,"height":13}},{"id":"4f013574-d356-4c08-8d4b-efffc2e64e82","block_type":"box","text":"3. In the SAI, the index description for the MSCI Germany Index will be deleted and replaced with the","page_number":2,"box":{"x":116,"y":333,"width":749,"height":12}},{"id":"cab9de31-5042-4dbc-a6f7-38a1038d5506","block_type":"box","text":"following:","page_number":2,"box":{"x":150,"y":348,"width":75,"height":13}},{"id":"42357885-eee7-4df1-8ba7-e3e1d3c7446d","block_type":"box","text":"MSCI Germany 25/50 Index","page_number":2,"box":{"x":150,"y":371,"width":215,"height":13}},{"id":"bcd95e22-00ba-46be-a19f-78a1d0ff4c37","block_type":"box","text":"Index Description.","page_number":2,"box":{"x":151,"y":395,"width":138,"height":12}},{"id":"0cd19634-5ff4-48a5-8c36-6734fc8136d1","block_type":"box","text":"The MSCI Germany 25/50 Index is designed to measure the performance of the","page_number":2,"box":{"x":289,"y":395,"width":589,"height":12}},{"id":"ce940c25-17d5-46d7-a69f-3a2460ec90a3","block_type":"box","text":"large- and mid-capitalization segments of the equity market in Germany. The Underlying Index is","page_number":2,"box":{"x":151,"y":410,"width":705,"height":13}},{"id":"80f9cd59-2116-4a5c-bb1a-1569edacb026","block_type":"box","text":"rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":2,"box":{"x":151,"y":426,"width":704,"height":12}},{"id":"b5b47952-0753-4ba0-b6e8-6b67b53b6b1c","block_type":"box","text":"differences between the Underlying Index and the MSCI Germany Index.","page_number":2,"box":{"x":150,"y":441,"width":527,"height":13}},{"id":"62479c10-4ca8-40bf-926c-08bc00eddb3f","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":2,"box":{"x":149,"y":464,"width":736,"height":13}},{"id":"100f9765-68c2-4403-a16e-2da958d4d39e","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":2,"box":{"x":151,"y":480,"width":679,"height":13}},{"id":"9d6ebb6e-8381-4464-b60c-30ab1ceeb625","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":2,"box":{"x":151,"y":495,"width":721,"height":13}},{"id":"6ec88748-2819-44e6-af35-0f5ac6058a29","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":2,"box":{"x":150,"y":511,"width":711,"height":13}},{"id":"aeeeed3d-fe0e-4325-a91f-70fa8bda258e","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":2,"box":{"x":150,"y":526,"width":718,"height":13}},{"id":"c5ac0383-5e2b-4d24-8028-e74dca4a67f8","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":2,"box":{"x":150,"y":542,"width":721,"height":13}},{"id":"67aea94c-88d9-4eae-b9d3-a3753b883484","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":2,"box":{"x":150,"y":557,"width":726,"height":13}},{"id":"9e0dfbeb-8b18-4a9d-b543-8d72a5684800","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":2,"box":{"x":150,"y":573,"width":736,"height":13}},{"id":"884f1b80-6331-466a-8dd2-bfad03438b81","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":2,"box":{"x":150,"y":589,"width":705,"height":12}},{"id":"70cf749f-02e4-4b2d-9f9a-8adbbde0b753","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":2,"box":{"x":150,"y":604,"width":297,"height":10}},{"id":"9dc69078-b915-4b7a-96c6-c7d9cffe33d7","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":2,"box":{"x":116,"y":627,"width":749,"height":13}},{"id":"54915242-56de-45d5-9464-276447cd10ce","block_type":"box","text":"deleted and replaced with the following:","page_number":2,"box":{"x":150,"y":643,"width":295,"height":12}},{"id":"63a8caad-2c81-4760-9c4d-a6d244f28927","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":2,"box":{"x":151,"y":666,"width":701,"height":13}},{"id":"ac485f10-8c36-4da3-b9a9-10f63de0739c","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":2,"box":{"x":150,"y":682,"width":699,"height":12}},{"id":"36a2f811-0846-4726-a65f-695f2de740e2","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":2,"box":{"x":150,"y":697,"width":665,"height":13}},{"id":"4dcb715e-4b7b-4788-a753-b152383ba7da","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":2,"box":{"x":151,"y":713,"width":691,"height":12}},{"id":"1525638a-1946-40cc-97d2-b6b3d1347b0c","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":2,"box":{"x":150,"y":728,"width":657,"height":13}},{"id":"b05fad3c-5b6c-40be-9bda-5ce51ed48603","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":2,"box":{"x":150,"y":744,"width":711,"height":12}},{"id":"9edfd87e-8293-41e9-97c0-c3b17e448b8c","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":2,"box":{"x":151,"y":759,"width":665,"height":13}},{"id":"775dcd93-37c3-4903-9af2-942ff91bc462","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":2,"box":{"x":150,"y":775,"width":714,"height":12}},{"id":"fbafd8f9-27e2-4e5d-8dc3-d2cd5a438a1c","block_type":"box","text":"having jurisdiction, from time to time.","page_number":2,"box":{"x":151,"y":790,"width":271,"height":13}},{"id":"9e07de66-81b1-4966-b5ff-da09dce5ddd4","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":813,"width":516,"height":13}},{"id":"a03550c1-f3a3-4d33-b296-b61cafa342c8","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c3c78dde-3e35-41fd-a277-c050f8bd199f","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"b6531ecb-c1ab-414b-a62a-97d914277337","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":"70372c5c-161b-4e35-bcd0-3c67a0ec942b","block_type":"box","text":"IS-SUPP-EWG-1026","page_number":2,"box":{"x":768,"y":887,"width":115,"height":8}},{"id":"205471ec-df4d-465c-aff0-6a067f019a8d","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"0c063993-fc12-4134-b6cc-1329539f3317","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"2b848247-d160-4c62-afc2-df02e6c1c0c8","block_type":"box","text":"iShares","page_number":3,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"fce6788f-da69-4cb6-89aa-3b8a2d84b00b","block_type":"box","text":"®","page_number":3,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"a34db605-8c6e-4835-bb24-06b9628823ed","block_type":"box","text":"iShares, Inc.","page_number":3,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"3cf50a7e-1117-41a3-a804-08328ea516c1","block_type":"box","text":"iShares Trust","page_number":3,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"7b211982-a0b1-4294-9500-f9aa93ef341b","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":3,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"da3dab3d-8011-4e8d-a4d1-035784271076","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":3,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"f043becf-1b29-45f8-a0ac-f4b81acd67a3","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":3,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"d38c954e-ba07-424b-91c5-648499a084bf","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":3,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"7f4771ce-7efc-4b95-bcbe-65bb1be4925b","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":3,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"7a235aae-4f68-405d-9394-b23290ac8baa","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":3,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"da1e96ec-72c3-48ef-84f2-af2ac927e859","block_type":"box","text":"is checked for the applicable Fund.","page_number":3,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"c05d2c60-45dc-47dd-aca5-1cd8a94192e1","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":3,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"915e02c3-7dd6-402d-b741-4a6af9e034b0","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":3,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"3fdba8a2-147e-4dd2-bc28-90195021835c","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":3,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"3952bfab-cf44-4c35-921a-220f324ac177","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":3,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"e937c6a9-f1c9-42cd-b5fb-570e3346071e","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":3,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"5f7f2894-032e-41e2-ac40-a3e72f3852ac","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":3,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"647b80b3-42f1-414c-be69-a9402d241b63","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":3,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"35a38b2c-2f09-4834-87d6-0de1ebf64aa6","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":3,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"cadcde5a-0415-4721-927a-bcc9b80d16ca","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":3,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"b22212fc-cd93-42c6-8b0e-be6fc57eef5b","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":3,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"caa0ea0c-f1b4-46b9-9010-175429aa9fdc","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":3,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"3f090aa2-f785-4ad7-a69d-f18504c2e117","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":3,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"d62799f7-f4bf-4eee-bea9-ddef03f7a833","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":3,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"58d241dd-48c6-4e08-82db-07eb749e1dfa","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":3,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"4c1a27f4-4550-4491-a85e-76951ef18be7","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":3,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"986bf6c6-3017-4922-b3a4-4b1407b884d5","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":3,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"6d47b66e-997a-4173-bba5-fc78ea0b7e38","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":3,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"6a1e429f-9945-4804-9087-248dc2fdf7d5","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":3,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"2c17122d-4459-4e0c-a060-e58931f39db4","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":3,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"e93d94b7-752e-45fe-8700-5c72fb201197","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":3,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"18188f58-82e5-491b-afd1-5fda3b68733e","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":3,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"207f2d98-031c-49e2-a9ce-a78c8d944546","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":3,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"cbde25fa-bb92-4aec-862a-8fbd60575ca5","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":3,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"9c6f9968-a65c-4492-9a41-dc2e03b19edb","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":3,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"70787a31-c41e-4762-92dd-bb62580fe790","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":3,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"9383917f-6449-44de-b49e-4484fd2b7983","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":3,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"4846c4e0-d6c8-44ff-9286-5a09edd5bb89","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":3,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"d3dd94ee-59bd-4494-8c48-18ccbdd5e823","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":3,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"2e865cfc-18de-43b4-9ef9-f139aea90f00","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":3,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"1d12b2f3-ddf0-4059-8618-9dbf0f96d56e","block_type":"box","text":":","page_number":3,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"1b460f90-032b-4816-9b4b-43cc7e25f923","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":3,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"3c1afc93-cf0f-48e6-8818-784317111aae","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":3,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"c696d5c2-527b-4481-b52c-b386b87f3c8a","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":3,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"b4835288-661c-4302-abca-ae5b17f7da90","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":3,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"04d14705-cf97-46d5-b953-f38c8531d9cd","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":3,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"3f619ce5-2ea6-49ac-8ecb-a9fdc1dd7bb4","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":3,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"d4dfc94b-0b26-4ecc-aa31-85016a07b9cf","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":3,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"034e2706-f59c-48a4-a96d-181219148cff","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":3,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"ace39827-1faa-416e-b65c-d9b30c6822cd","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":3,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"e6e9071f-9666-49d9-b387-b1655cb6495a","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":3,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"218b7879-ecf3-4d56-9946-850d32aaff15","block_type":"box","text":"by such custodian.","page_number":3,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"8d6801a8-4c03-4ab2-afe7-1df5317ade79","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":4,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"28e53aab-8810-47fb-9439-665cb2423a29","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":4,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"d732f8ce-e461-4e28-bdd7-888f7a52190d","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":4,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"5eb50f75-04f1-464a-8240-b606326ad9e7","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":4,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"a82ec868-16c1-4002-9fac-fe9e618bb755","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":4,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"9937045c-9caf-41fa-96ec-baf8327b4029","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":4,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"3f4ce08c-7f27-4519-8956-65094e0b5bc4","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":4,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"0855e092-c315-400d-864c-b7ba164b5668","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":4,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"a55c3f39-c440-499f-a00f-a5457fe8018a","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":4,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"e49ca15f-0bf4-41fb-a432-26a1339fa945","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":4,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"6390d75e-5277-4687-ac7d-87c877defd0d","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":4,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"3d83bc25-ea6e-4bc2-b0d3-9261e1c4c307","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":4,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"9bff5335-3e5d-41ad-b855-48ed38e58dce","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":4,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"343247be-350d-4def-9d25-6cb709e83855","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":4,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"5136ecc9-e5c1-4ebe-9949-96264ce2e362","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":4,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"c132bbbd-37e4-460d-ab56-905c25184332","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":4,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"fdceddaf-08ec-4f2a-a2e8-647eeddff6dd","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":4,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"b8d091e8-86b9-4a5b-922c-d2602d13632d","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":4,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"ad51e003-ee4b-4921-9c07-9eb0983911d3","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":4,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"b0c35d4b-2130-4487-89c3-323908907aca","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":4,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"a3ae5fb5-c7da-44bc-8088-48584b6a7d36","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":4,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"48edd895-4910-40b8-867c-c6d7bddee295","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":4,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"a478d951-f193-4d1a-8a61-df27d686550b","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":4,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"bb1d4e97-0d78-43bb-a411-9756360a2e6e","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":4,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"524aac94-3d68-4f4f-b412-eb9010948d22","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":4,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"83a24a78-8a3b-4c12-a0fc-7b7c1469831e","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":4,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"ee8869a7-8a75-4300-b867-4b99f5c6d9aa","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":4,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"ae0c0c5f-5024-4b45-b655-01643e01b50c","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":4,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"884189c5-02d8-456a-a534-e6aac5d63d1f","block_type":"box","text":"Fund","page_number":4,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"4cfef185-09af-4f78-b540-59e749f34050","block_type":"box","text":"Standard Creation","page_number":4,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"01bd08ea-aa24-4060-b492-0fd77ec5a938","block_type":"box","text":"Transaction Fee","page_number":4,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"fa6df8ed-22b3-49cf-8f75-849b7ab363d0","block_type":"box","text":"Maximum Additional","page_number":4,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"ebae0b32-4548-47b7-8ffe-64074ee7408e","block_type":"box","text":"Charge*","page_number":4,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"ef78fd4a-b406-472b-9a09-952974d8c4c3","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":4,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"6eef65b6-dcb4-47dd-a497-5f4073da9279","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":4,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"39e75015-a9ca-4833-bf54-f923aef2b9a9","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":4,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"aa1876d8-ff44-4f97-8a03-93d69e7a05ac","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":4,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"8448b0af-a882-49d5-9ee6-b08b07dd01e0","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":4,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"730d192c-88d2-40cd-a58a-e9f1543cc88d","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":4,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"a6caefe9-8ec0-49b2-b984-bf67a60800c3","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":4,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"49f50f6d-9d11-4200-9e8b-c65739ca28f4","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":4,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"d087d182-1b9c-4fd1-b649-dd6903685909","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":4,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"7e38cb61-92cc-46b9-b28b-ff9802883e5f","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":4,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"109d1e8b-7cbf-444e-bee0-9d401223ca1e","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":4,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"6273f0c1-755b-4c07-8f2c-a1f9144b774f","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":4,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"f1dec406-4976-46ff-97a9-23d4986cf5a8","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":4,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"c98c8caa-2777-4a4f-898c-bc20793feaa8","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":4,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"5473c851-8e86-4f97-b94e-533fa9929c88","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":4,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"31c6fcc6-01b0-4351-8eac-c58dff2a4d91","block_type":"box","text":"iShares MSCI Canada ETF $630 3.0%","page_number":4,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"f885d891-9823-4a93-b29d-1c9166b07c99","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":4,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"76dead53-9807-4b6d-895e-2eb1f98ea604","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":4,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"92525ec9-fe58-4e5a-9d87-46216d191173","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":4,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"80756949-465d-42a4-addd-f1b4413472a1","block_type":"box","text":"Fund","page_number":5,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"d768f13f-ba0f-4a09-b992-f41be31c1bb1","block_type":"box","text":"Standard Creation","page_number":5,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"379963f2-80e7-4a97-a750-6d3901bd0fff","block_type":"box","text":"Transaction Fee","page_number":5,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"fa9731d4-507d-4b53-9b84-f918abe69d94","block_type":"box","text":"Maximum Additional","page_number":5,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"7e6b4a27-4205-4faa-85b2-e03ca9843105","block_type":"box","text":"Charge*","page_number":5,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"c200a9bf-37cd-4531-9887-2bb78e7295cd","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 5.0%","page_number":5,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"070e492a-4a44-4152-9667-1449e2d06b3c","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 7.0%","page_number":5,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"e76ce4a7-1827-4698-b353-f1cede9422f3","block_type":"box","text":"iShares MSCI Denmark ETF $470 3.0%","page_number":5,"box":{"x":184,"y":138,"width":668,"height":10}},{"id":"ad1a1d54-fa78-42b5-95ce-133f4de6de6e","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 7.0%","page_number":5,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"aa5b9b45-47f5-40dc-91c7-858ed81a9721","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":5,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"3a3d290f-53e2-4f71-ad6a-eba829d3fb50","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":5,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"c5bcb6a0-f1db-45d6-8ecf-f90c383583db","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":5,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"7c7c53f6-abbc-47fb-8c5e-7ad2fbe87f0f","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":5,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"d690fc96-9fb0-4556-8775-73a68df48d43","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":5,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"277abc42-7736-469b-8e8e-8ded1416bfef","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":5,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"325593e2-099a-4dbc-ab22-0949a508bd07","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":5,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"3ff5ac25-bffa-4e99-82d9-403c8f47273b","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":5,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"0699cbc0-0a67-4f7f-a0f3-045062f97db1","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":5,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"cd916b76-ddf0-417d-8b83-c06be4c63e33","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 7.0%","page_number":5,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"90227b22-6c6d-40f6-a8bf-1e7f96d92248","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 7.0%","page_number":5,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"938e4fc3-2bd4-46a5-853a-7b9fb6492b98","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":5,"box":{"x":184,"y":390,"width":384,"height":12}},{"id":"ca75384e-54a4-4c48-a61c-74eee2fef6f0","block_type":"box","text":"ETF $1,420 7.0%","page_number":5,"box":{"x":201,"y":405,"width":651,"height":12}},{"id":"928c21ce-3231-4c9e-a841-b73bfbe3f3b7","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 7.0%","page_number":5,"box":{"x":184,"y":424,"width":668,"height":13}},{"id":"a6f7a010-31c8-435c-b81c-02b7b6262fd4","block_type":"box","text":"iShares MSCI India ETF $1,230 3.0%","page_number":5,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"04bc17ab-8ea3-4d1e-aa65-789a0efff7a0","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":5,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"054e478b-d5fe-4447-805b-fa1c1f57fc8d","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":5,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"ce983af8-c51d-435c-8ac6-289e6c5e483e","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":5,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"ea5c016d-ee7d-426b-92b8-b25ba2d0634a","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":5,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"e860247c-9a1c-420a-958a-d67cfc3e9fd1","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":5,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"c2872f5e-b575-4b88-8e57-516c96e9ddd7","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":5,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"32326bfb-4bc7-4b0a-9168-62a7c087662e","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":5,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"2a19557b-3b26-4aed-83c7-e0a1cef86548","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":5,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"887e391a-9e37-4e8d-ba2c-f9a60b973e66","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":5,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"6028cfd0-77e0-4a8c-a7e2-96dbafac86c0","block_type":"box","text":"iShares MSCI Malaysia ETF $900 3.0%","page_number":5,"box":{"x":184,"y":638,"width":668,"height":12}},{"id":"e97cfad0-aba3-4251-8d08-07eac7a3255c","block_type":"box","text":"iShares MSCI New Zealand ETF $500 3.0%","page_number":5,"box":{"x":184,"y":657,"width":668,"height":11}},{"id":"88820824-b310-44e3-9a10-a457a7e0454c","block_type":"box","text":"iShares MSCI Norway ETF $770 3.0%","page_number":5,"box":{"x":184,"y":676,"width":663,"height":13}},{"id":"6a948d38-386a-4c8f-97f7-cfeee80129f0","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 7.0%","page_number":5,"box":{"x":184,"y":696,"width":663,"height":12}},{"id":"990b0250-a054-4885-b22d-75fc819a8224","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 3.0%","page_number":5,"box":{"x":184,"y":715,"width":663,"height":13}},{"id":"502422c0-5750-4d2a-a631-42946b6bc207","block_type":"box","text":"iShares MSCI Philippines ETF $800 3.0%","page_number":5,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"4dd40f44-51a2-44a5-88f7-d0a76ed1cdc1","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":5,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"a786e611-05a2-4cfc-a0e3-81a35c2028c9","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":5,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"0c8d69cc-55a5-450f-b231-d8d7bde378c4","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":5,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"3bb2c73d-4f7c-44d9-b9b8-842f00eba285","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":5,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"2d5b739a-05f6-4af9-b2e6-91bb48e45564","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":5,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"6adf1d67-534b-4a98-aee2-9bde0075bdb3","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":5,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"5c1891ee-475f-4f60-8e47-1f9c1b2a9b1f","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":5,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"66c579d6-b4d7-4685-a08a-ba2f9a927d84","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":5,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"51afaa4e-d5ed-4240-9569-50e4927fb4ce","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":5,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"e31db90a-fbe9-4ed4-9e63-63edd7a90e31","block_type":"box","text":"Fund","page_number":6,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"6ded79ab-4ff0-4d89-82f1-4de083d0304d","block_type":"box","text":"Standard Creation","page_number":6,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"3b2e10f1-58f7-4a2d-b113-59af298f31bd","block_type":"box","text":"Transaction Fee","page_number":6,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"60d21f76-2827-4471-9718-2bc86aacde13","block_type":"box","text":"Maximum Additional","page_number":6,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"6efdda39-2773-44c4-b29e-364e7674726e","block_type":"box","text":"Charge*","page_number":6,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"4d8d3df6-8986-47a5-888a-b4cc5b68b46e","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":6,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"94724915-7600-4084-9532-4d818e91435d","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":6,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"f8d902c8-6a5b-4ba2-a8a7-e0a48cc499ec","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":6,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"2510052b-4953-4f7d-8b7d-b16c1b0139e2","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":6,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"20eb544f-babf-4375-8a86-71faf3f802da","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":6,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"8d45acc7-1269-4381-8501-53c628b51b29","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":6,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"212c66c5-fb90-479c-8100-0c0b6cd5fae7","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":6,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"b7ade208-e8e0-43aa-b22c-6a3e06ac8c72","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":6,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"4b5248be-90d0-4354-a18a-eec6e4dc1d0d","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":6,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"02c5a8c9-351d-4c3e-9818-10a97739c31c","block_type":"box","text":":","page_number":6,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"3a6d9ce8-88a1-4c77-bcb2-966e206b3059","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":6,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"8aa41293-8080-49c2-bfb6-5b741dd672ef","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":6,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"86c91e2d-97d8-4c5f-8d30-6db90d121e91","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":6,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"d4bb36b1-a82c-4ca8-9ede-7e4922ce5efc","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":6,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"9ec5a354-b2a4-41a2-90b9-31506bf27e93","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":6,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"5ed7f57a-6644-4f14-b10f-d2bb3f78ebfe","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":6,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"710612c1-6399-43e5-9434-1a5a9beb6c23","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":6,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"2bc8ca00-2064-4d9e-b4d2-1a8e61b8af90","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":6,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"ef79f607-d627-4ee7-8fe5-c83796de488d","block_type":"box","text":"amounts invoiced by such custodian.","page_number":6,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"f99aae78-86b4-480b-a533-a76cf4ba3e4c","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":6,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"ee3e973d-8eb8-4ac3-8416-05ea8e95eb7a","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":6,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"b976d5fd-b133-48a0-a372-ee14292ce505","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":6,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"9747cbe3-b73b-44b3-a1ea-c7ecd714d211","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":6,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"cbf871ed-3673-4437-84c8-0b8c4a53bfb7","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":6,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"731f5f73-0ac2-440c-ba6f-631779817a9b","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":6,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"e11ea97b-19a9-4beb-90eb-1e827c4dae5e","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":6,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"5ca2b094-3955-42f5-8c1e-bcc34ae77c99","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":6,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"d074e1ba-0b9c-4a9b-a584-47f6d7e97d40","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":6,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"fcdc9474-76f9-47e2-bcf7-856df59998d2","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":6,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"666416af-6e7a-4584-ab13-c33de70414e0","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":6,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"4e7a47eb-56aa-419b-9665-01be211b7857","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":6,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"aee6d2da-109f-44c1-87d3-8eb260d62659","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":6,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"1d3216eb-e7a6-4a24-8d08-d7277c0f956f","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":6,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"ba7bab5c-63dc-4b9d-afcf-3e094878ed5d","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":6,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"06392095-f848-49ab-8a07-6def5dad5a79","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":6,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"941dc0f3-e4dc-48c8-bf82-3336a3f00aad","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":6,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"cf63c737-037a-431a-ba58-90451fc8250c","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":6,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"8102caed-b9b9-46d6-8416-6f9b6af2e6bc","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":6,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"5752e9c3-8ea1-4962-a2b3-0cd2b70a932b","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":6,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"5832676c-87be-4d68-9c25-4fc5cbb08aee","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":6,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"ad70073a-32ce-45bc-993c-bcd384855143","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":6,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"29a1b0f4-9d94-47fe-8c2c-b0cd61a65a7b","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":6,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"09304124-8f78-48b9-ac75-88cb5273666f","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":6,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"5178bf78-f286-4553-a4d9-975dd69cad6d","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":6,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"f9fab858-d9d9-401d-8f76-ff395965d007","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":6,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"b87b2a01-19e6-48be-a271-dd59caf1f03f","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":7,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"53e59e27-66a1-4026-b9b5-1ce1ad0bdd86","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":7,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"c54026f9-dd36-46e5-a340-68859b4f2ea7","block_type":"box","text":"Fund","page_number":7,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"2e3b0434-8b9d-4d53-90d4-21c7e77aa237","block_type":"box","text":"Standard Redemption","page_number":7,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"3f2b39f8-0f50-4828-a085-c3e426c056a7","block_type":"box","text":"Transaction Fee","page_number":7,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"d9b43b16-a21e-4d7d-83b3-faddbc0ca3d2","block_type":"box","text":"Maximum Additional","page_number":7,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"0f8815a7-5c08-4e0e-8645-37937b3f2758","block_type":"box","text":"Charge*","page_number":7,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"888f8053-8c4b-4620-abc4-f3d87bf812a9","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":7,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"ffbf90c8-c3a8-4618-9b8f-f513647d4779","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":7,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"af8f2f0b-d71a-4c93-9172-e9f87a97c0b4","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":7,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"522b896d-47b2-4fa1-8841-8be356897122","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":7,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"4e6000ef-172c-44df-96a1-54d7c3ea19d2","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":7,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"a0356e7a-ea45-48d1-9c67-7fbcd73e1964","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":7,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"c8f148a7-0c64-4ae1-82be-5e8917cafe1d","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":7,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"b75fe689-9f36-4854-8830-7d68a0d39959","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":7,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"a09a510b-81ec-424b-9812-1ffbb3f90044","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":7,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"65bb7376-49f7-44a2-a7bb-4553103de544","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":7,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"1d95e5e0-a142-4054-a6de-7a2c6b78989f","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":7,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"e830496a-2285-4066-91f9-875912bad312","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":7,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"3b4b192d-d57d-4b5b-ae53-cc1437ffe5cb","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":7,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"d88ec3f8-9d2c-4ebc-b965-9d0134f9553f","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":7,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"2814b378-fc00-44e7-9273-c54815551a5f","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":7,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"f1358ab9-70fd-49d1-8b38-fc683a11e3fe","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":7,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"37279721-1ddf-4f29-b458-91a2697a726a","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":7,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"e77b93d4-61d7-4499-b3a6-33a7899efbbb","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":7,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"f9e44a30-15d8-4f13-8f7a-9e7fa59be01a","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":7,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"a74550ac-a1f3-4001-9322-f8442fb82758","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":7,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"eea2dee9-0a9d-4edf-8732-a07bb8880ff6","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":7,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"a11ea9d2-f373-4843-8619-5fd57c9e8796","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":7,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"0972c91e-fd33-4c39-8158-28a20d875751","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":7,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"e583c6b7-b2e9-4a71-9f95-937a6d1d6260","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":7,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"1ea21c85-e4da-42e9-9392-66632067b2bd","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":7,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"c1b660aa-b6c1-49ba-8762-1de2c740206c","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":7,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"fd822d88-1b5f-4092-99bb-80e630de2dfe","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":7,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"2fb36b45-5aa1-4e15-b3a6-6a0bdefaab3b","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":7,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"944acc74-32fd-479d-97ff-22e2c7c57c33","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":7,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"0f7e1dd3-806d-443a-b025-69c95d3bec06","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":7,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"efabd90d-64fd-4f00-b72c-e407d1bb6c07","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":7,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"d22a0a41-2830-4968-a69f-caafeafedfb0","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":7,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"6a8cb99e-f230-46af-a396-ebc78c58ed50","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":7,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"17a65ff8-1256-4adc-8b51-4dc534619d1c","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":7,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"71476d3e-0217-48ec-b0cd-82ede464b446","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":7,"box":{"x":184,"y":790,"width":379,"height":12}},{"id":"48b7c803-39e7-46a8-8dd5-cb9385838ed4","block_type":"box","text":"ETF","page_number":7,"box":{"x":201,"y":806,"width":26,"height":9}},{"id":"a29b6d03-47c7-4f57-8a71-cd07cc317003","block_type":"box","text":"$1,420 2.0%","page_number":7,"box":{"x":627,"y":805,"width":220,"height":12}},{"id":"91fd3a51-5adb-4e2b-8597-3b49043a4d43","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 2.0%","page_number":7,"box":{"x":184,"y":824,"width":663,"height":13}},{"id":"660e4678-6992-4305-a000-b27713681caf","block_type":"box","text":"iShares MSCI India ETF $1,230 2.0%","page_number":7,"box":{"x":184,"y":843,"width":668,"height":12}},{"id":"a2c2fc5e-03bf-4eda-af8b-2744b63166d5","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 2.0%","page_number":7,"box":{"x":184,"y":863,"width":668,"height":12}},{"id":"35ad84b9-12ff-45fa-8494-0288be386563","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 2.0%","page_number":7,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"e9d2c4cd-1bf8-4496-853b-c78f3d07d089","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":7,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"f4d152d6-4382-4899-a8d9-8c2c47ec9257","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":7,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"ddc385ac-6a96-40c7-a303-d2aec7acddd4","block_type":"box","text":"Fund","page_number":8,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"fbbfc03a-d020-47bd-8e96-f8be381998f3","block_type":"box","text":"Standard Redemption","page_number":8,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"ce950a03-1afa-4865-92fd-6bfa868e81df","block_type":"box","text":"Transaction Fee","page_number":8,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"313edd0c-43cc-4046-bbd9-491a8f7329d1","block_type":"box","text":"Maximum Additional","page_number":8,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"28cea6e0-ed75-4544-bcc6-1b0dae6e8b01","block_type":"box","text":"Charge*","page_number":8,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"c20d2dff-c2b6-49fd-b255-e12681929e95","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 2.0%","page_number":8,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"3a77b113-d644-4a58-a82c-9d2890baf636","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 2.0%","page_number":8,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"2527b0a1-5453-48fc-9980-b1576e245029","block_type":"box","text":"iShares MSCI Japan Value ETF $580 2.0%","page_number":8,"box":{"x":184,"y":138,"width":668,"height":12}},{"id":"3c2435f0-e259-4ab2-8a8c-ece598820bcb","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 2.0%","page_number":8,"box":{"x":184,"y":157,"width":668,"height":12}},{"id":"e8798881-28d9-4c31-b5f7-ec689ae1c6f6","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 2.0%","page_number":8,"box":{"x":184,"y":176,"width":668,"height":12}},{"id":"109eb8e9-4d0c-4269-bed4-155527e65661","block_type":"box","text":"iShares MSCI Malaysia ETF $900 2.0%","page_number":8,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"3c588526-ffbe-41a5-973a-1d0b2bb7e6bb","block_type":"box","text":"iShares MSCI New Zealand ETF $500 2.0%","page_number":8,"box":{"x":184,"y":215,"width":668,"height":11}},{"id":"ba14c982-9bb5-49b2-8faf-d94e70b68c4b","block_type":"box","text":"iShares MSCI Norway ETF $770 2.0%","page_number":8,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"c02f1589-28bb-493c-b97b-b1f829ac1ac3","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 2.0%","page_number":8,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"e06f6c1e-8cba-4476-968c-9a505a3366cb","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 2.0%","page_number":8,"box":{"x":184,"y":273,"width":668,"height":13}},{"id":"541c2a7b-aaa0-48ad-8f28-45a3c1a8edb2","block_type":"box","text":"iShares MSCI Philippines ETF $800 2.0%","page_number":8,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"338e4a1b-cd6a-466e-805a-a22e51dd7345","block_type":"box","text":"iShares MSCI Poland ETF $530 2.0%","page_number":8,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"578a6ccd-7bdb-4d27-a70f-37c288267e22","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 2.0%","page_number":8,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"fc081699-820b-4e03-a599-093840520e1c","block_type":"box","text":"iShares MSCI Singapore ETF $480 2.0%","page_number":8,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"86831b26-0e75-488d-9724-48bce7b1c878","block_type":"box","text":"iShares MSCI South Africa ETF $550 2.0%","page_number":8,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"87318edb-d59a-4c74-8da4-7027c7348f39","block_type":"box","text":"iShares MSCI South Korea ETF $850 2.0%","page_number":8,"box":{"x":184,"y":390,"width":668,"height":10}},{"id":"80622df5-eea7-4688-a006-ac81a310e240","block_type":"box","text":"iShares MSCI Spain ETF $360 2.0%","page_number":8,"box":{"x":184,"y":409,"width":668,"height":13}},{"id":"f70f31ff-8305-4242-8de8-e5b415d219d1","block_type":"box","text":"iShares MSCI Sweden ETF $480 2.0%","page_number":8,"box":{"x":184,"y":428,"width":668,"height":11}},{"id":"1b1561e4-4734-4498-8dc2-a59ad645e1a5","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 2.0%","page_number":8,"box":{"x":184,"y":448,"width":668,"height":11}},{"id":"128be882-012e-4178-b54d-e496c792e323","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 2.0%","page_number":8,"box":{"x":184,"y":467,"width":668,"height":13}},{"id":"9d378409-c7a6-4123-86c8-c21ae952e4a0","block_type":"box","text":"iShares MSCI World ETF $4,480 2.0%","page_number":8,"box":{"x":184,"y":486,"width":668,"height":12}},{"id":"0c036981-af71-42d1-957e-49971b1efe62","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":8,"box":{"x":184,"y":506,"width":668,"height":12}},{"id":"e0eeec03-3909-452e-b1e5-1c891e0f2fc4","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World","page_number":8,"box":{"x":184,"y":525,"width":387,"height":13}},{"id":"762377b0-27cf-4cdd-8fe4-982e6992f25d","block_type":"box","text":"ex USA ETF $2,140 2.0%","page_number":8,"box":{"x":201,"y":541,"width":651,"height":11}},{"id":"516cc2bf-205d-4ddc-afb3-a5099cc04a82","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 2.0%","page_number":8,"box":{"x":184,"y":560,"width":668,"height":11}},{"id":"4452d36d-1bbb-4c40-a21c-327ee0b1f208","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":8,"box":{"x":184,"y":589,"width":445,"height":12}},{"id":"6b529c58-8661-475d-a8ab-b9d15bf34386","block_type":"box","text":"Appendix A","page_number":9,"box":{"x":455,"y":69,"width":93,"height":13}},{"id":"91b68887-b26a-40ac-b7b0-2eef96299ec1","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":9,"box":{"x":117,"y":92,"width":220,"height":10}},{"id":"e784b84b-4c32-49d6-83ed-bff4beb0f5cd","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":9,"box":{"x":117,"y":108,"width":281,"height":10}},{"id":"6b5a640e-de8c-4e57-8256-6cc67479ce86","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":9,"box":{"x":117,"y":123,"width":268,"height":10}},{"id":"c1a8fc7c-2dc7-4ebc-911e-f5df245df46a","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF","page_number":9,"box":{"x":117,"y":139,"width":255,"height":10}},{"id":"f84ea6e1-4ef2-4df9-acac-ddd611bc4d14","block_type":"box","text":"iShares ESG Aware MSCI EM ETF","page_number":9,"box":{"x":117,"y":154,"width":242,"height":10}},{"id":"1cec9542-91d1-4707-adfd-97e245211525","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":9,"box":{"x":117,"y":170,"width":252,"height":10}},{"id":"e50bc3d6-2810-4caa-9078-0d37a88a2827","block_type":"box","text":"iShares JPX-Nikkei 400 ETF","page_number":9,"box":{"x":117,"y":185,"width":198,"height":12}},{"id":"7184f49a-2f63-4ee1-afde-8e65bab3f4ed","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF","page_number":9,"box":{"x":117,"y":201,"width":347,"height":13}},{"id":"9fdf5994-2b6c-4dff-a38f-35902dfa2596","block_type":"box","text":"iShares MSCI ACWI ETF","page_number":9,"box":{"x":117,"y":216,"width":175,"height":10}},{"id":"acce5de3-cb58-400e-9b1d-2666ffc61070","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF","page_number":9,"box":{"x":117,"y":232,"width":228,"height":10}},{"id":"88f4e04f-e2f9-4fea-8984-84a6052297f2","block_type":"box","text":"iShares MSCI Agriculture Producers ETF","page_number":9,"box":{"x":117,"y":247,"width":293,"height":13}},{"id":"7e7bf47c-c345-407a-a3c3-d69375d83962","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":9,"box":{"x":117,"y":263,"width":193,"height":13}},{"id":"c11f7ab8-1161-42a6-bdea-b23df862537b","block_type":"box","text":"iShares MSCI BIC ETF","page_number":9,"box":{"x":117,"y":278,"width":158,"height":10}},{"id":"f8a5df4c-d9cf-4bdc-a5a2-93a74aa29eaf","block_type":"box","text":"iShares MSCI Brazil ETF","page_number":9,"box":{"x":117,"y":294,"width":172,"height":10}},{"id":"4ca7a4b0-6a4e-4b83-8d5e-820a33b6296a","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF","page_number":9,"box":{"x":117,"y":309,"width":252,"height":13}},{"id":"a340bae8-98ba-47b1-941c-e12584ac6880","block_type":"box","text":"iShares MSCI Canada ETF","page_number":9,"box":{"x":117,"y":325,"width":189,"height":10}},{"id":"1e5d5403-12bb-4551-b9d1-881d528ca4bc","block_type":"box","text":"iShares MSCI Chile ETF","page_number":9,"box":{"x":117,"y":340,"width":170,"height":10}},{"id":"57916d05-9c69-4c58-b67f-444811a28187","block_type":"box","text":"iShares MSCI China A ETF","page_number":9,"box":{"x":117,"y":356,"width":191,"height":10}},{"id":"c698ec98-adcd-48d3-b531-595f990f5fe4","block_type":"box","text":"iShares MSCI China ETF","page_number":9,"box":{"x":117,"y":371,"width":176,"height":10}},{"id":"68bdd346-e80e-4af0-a40e-befc0ce90e13","block_type":"box","text":"iShares MSCI China Multisector Tech ETF","page_number":9,"box":{"x":117,"y":387,"width":303,"height":10}},{"id":"8214135c-e007-4645-9709-5486925486cb","block_type":"box","text":"iShares MSCI China Small-Cap ETF","page_number":9,"box":{"x":117,"y":402,"width":255,"height":13}},{"id":"e995ce29-bbee-46a0-b94d-cbc1d40c3b07","block_type":"box","text":"iShares MSCI Denmark ETF","page_number":9,"box":{"x":117,"y":418,"width":201,"height":10}},{"id":"30855238-80b8-4150-8893-529ddcc3c3a6","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF","page_number":9,"box":{"x":117,"y":433,"width":250,"height":13}},{"id":"0a1b194a-e714-4430-86ab-8ba4038a0f5c","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF","page_number":9,"box":{"x":117,"y":449,"width":302,"height":13}},{"id":"58e710bf-b558-4b0d-9248-5aa6af984345","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor","page_number":9,"box":{"x":117,"y":464,"width":347,"height":13}},{"id":"5e510e67-1763-477b-8137-b1aa93e1a4ac","block_type":"box","text":"ETF","page_number":9,"box":{"x":134,"y":481,"width":30,"height":9}},{"id":"4467836b-85e6-44f7-ab19-eac3ce6c69ff","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF","page_number":9,"box":{"x":117,"y":495,"width":374,"height":13}},{"id":"8654f104-bc28-4919-970c-8684bbcc9283","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF","page_number":9,"box":{"x":117,"y":511,"width":346,"height":13}},{"id":"1d84965b-478a-40c4-aa65-1866522205cb","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF","page_number":9,"box":{"x":117,"y":526,"width":363,"height":13}},{"id":"c1a52a4c-c1a5-4423-9a61-c5a14cd38ff7","block_type":"box","text":"iShares MSCI France ETF","page_number":9,"box":{"x":117,"y":542,"width":183,"height":10}},{"id":"67c4c2ea-7c06-486c-8ee4-bdcf54dc385f","block_type":"box","text":"iShares MSCI Germany ETF","page_number":9,"box":{"x":117,"y":557,"width":201,"height":13}},{"id":"6de83a80-64e0-4ddf-9187-6c7ebcd6ee7d","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":9,"box":{"x":117,"y":573,"width":273,"height":10}},{"id":"af2a7616-522b-4012-a623-52cefff31f84","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF","page_number":9,"box":{"x":117,"y":589,"width":291,"height":9}},{"id":"797722a0-c2fd-40c8-a5cf-aacfae02463b","block_type":"box","text":"iShares MSCI Global Quality Factor ETF","page_number":9,"box":{"x":117,"y":604,"width":287,"height":13}},{"id":"7a30ec1a-21d8-46e4-835a-132d0dccf756","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":9,"box":{"x":511,"y":92,"width":363,"height":10}},{"id":"861e4f5c-d7c3-41c4-8c93-8ee36fcd6ae4","block_type":"box","text":"iShares MSCI Global Sustainable Development","page_number":9,"box":{"x":511,"y":108,"width":339,"height":13}},{"id":"da2a0b7b-d3c9-4c19-b369-8fc0f9ee102b","block_type":"box","text":"Goals ETF","page_number":9,"box":{"x":527,"y":123,"width":76,"height":10}},{"id":"99f3a1e9-38dd-4f9a-b087-0c1e6523afa9","block_type":"box","text":"iShares MSCI Hong Kong ETF","page_number":9,"box":{"x":511,"y":139,"width":216,"height":13}},{"id":"6a0c8b5b-a7dd-4436-a358-9e1bf1b56099","block_type":"box","text":"iShares MSCI India ETF","page_number":9,"box":{"x":511,"y":154,"width":169,"height":10}},{"id":"7a4abd3e-0e6f-4534-84a6-3aea359080d5","block_type":"box","text":"iShares MSCI India Small-Cap ETF","page_number":9,"box":{"x":511,"y":170,"width":249,"height":13}},{"id":"831d0a2a-0237-4c27-b134-95f52dbcecf3","block_type":"box","text":"iShares MSCI Indonesia ETF","page_number":9,"box":{"x":511,"y":185,"width":204,"height":10}},{"id":"3b58ecbd-eb26-4857-af20-c772d89dceb3","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF","page_number":9,"box":{"x":511,"y":201,"width":298,"height":10}},{"id":"4b12e6fb-b648-4fc4-89d8-f8c75971af36","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF","page_number":9,"box":{"x":511,"y":216,"width":264,"height":13}},{"id":"5aa122aa-42fe-467b-bc9e-142a0d830889","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":9,"box":{"x":511,"y":232,"width":253,"height":10}},{"id":"c2982edd-9ef3-43d2-aa08-ef3c7846fcd9","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF","page_number":9,"box":{"x":511,"y":247,"width":253,"height":13}},{"id":"af914c6f-8bc5-4f22-9e5c-c3ab0753dbbc","block_type":"box","text":"iShares MSCI Japan Value ETF","page_number":9,"box":{"x":511,"y":263,"width":219,"height":13}},{"id":"8e634305-3cf4-4765-8cbb-1d63e7c64ec7","block_type":"box","text":"iShares MSCI Kokusai ETF","page_number":9,"box":{"x":511,"y":278,"width":191,"height":10}},{"id":"84843a61-580b-4b3c-b1ca-b87ede7f4785","block_type":"box","text":"iShares MSCI Kuwait ETF","page_number":9,"box":{"x":511,"y":294,"width":184,"height":10}},{"id":"7ee38cda-2000-4cc9-8756-b82aa40867a2","block_type":"box","text":"iShares MSCI Malaysia ETF","page_number":9,"box":{"x":511,"y":309,"width":198,"height":13}},{"id":"b48ce5d4-a9f3-4322-9b26-7831f491ce12","block_type":"box","text":"iShares MSCI New Zealand ETF","page_number":9,"box":{"x":511,"y":325,"width":229,"height":10}},{"id":"2f5c7066-80ef-4548-aa7f-0e2ba4ed64cb","block_type":"box","text":"iShares MSCI Norway ETF","page_number":9,"box":{"x":511,"y":340,"width":190,"height":13}},{"id":"725b0bdd-132e-413a-a4b0-e55b131b52ca","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":9,"box":{"x":511,"y":356,"width":246,"height":13}},{"id":"ab01ded6-3f16-42d5-b5bc-fa67454d8c31","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF","page_number":9,"box":{"x":511,"y":371,"width":321,"height":13}},{"id":"ed475ae1-bf45-4c0d-b2e2-b421be427c7c","block_type":"box","text":"iShares MSCI Philippines ETF","page_number":9,"box":{"x":511,"y":387,"width":212,"height":13}},{"id":"bcf5170b-c05c-4ff6-9636-b6bb0bae6512","block_type":"box","text":"iShares MSCI Poland ETF","page_number":9,"box":{"x":511,"y":402,"width":184,"height":10}},{"id":"e8b03fe5-5fe8-4910-aadd-a2583dceae89","block_type":"box","text":"iShares MSCI Qatar ETF","page_number":9,"box":{"x":511,"y":418,"width":175,"height":11}},{"id":"e08d89a9-d0d3-44a9-a07a-351fcd0dce9d","block_type":"box","text":"iShares MSCI Singapore ETF","page_number":9,"box":{"x":511,"y":433,"width":207,"height":13}},{"id":"2b437316-caa0-4423-be6b-8391f8f453bb","block_type":"box","text":"iShares MSCI South Africa ETF","page_number":9,"box":{"x":511,"y":449,"width":224,"height":10}},{"id":"9514e101-b1ea-4992-92e6-42f720b85800","block_type":"box","text":"iShares MSCI South Korea ETF","page_number":9,"box":{"x":511,"y":464,"width":223,"height":10}},{"id":"ce199e80-a407-4c02-b305-d3c986fd29bb","block_type":"box","text":"iShares MSCI Spain ETF","page_number":9,"box":{"x":511,"y":480,"width":174,"height":13}},{"id":"4a788c13-10ce-4a42-9530-d7d2884e6bf1","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":9,"box":{"x":511,"y":495,"width":191,"height":10}},{"id":"fc426ce3-0393-4de6-a19a-d47a86c727d5","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":9,"box":{"x":511,"y":511,"width":197,"height":10}},{"id":"723086eb-5eea-436e-b339-575f1c923691","block_type":"box","text":"iShares MSCI United Kingdom ETF","page_number":9,"box":{"x":511,"y":526,"width":252,"height":13}},{"id":"1ab00e3c-6c7a-4a61-85ee-bf762c5a018f","block_type":"box","text":"iShares MSCI World ETF","page_number":9,"box":{"x":511,"y":542,"width":178,"height":10}},{"id":"f9e89350-63e7-4caa-af8c-28135f322d94","block_type":"box","text":"iShares MSCI World Small-Cap ETF","page_number":9,"box":{"x":511,"y":557,"width":257,"height":13}},{"id":"38863a43-3b3e-46b7-8c58-f12789e5da18","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI","page_number":9,"box":{"x":511,"y":573,"width":338,"height":13}},{"id":"45710792-f7ff-4834-8727-6f0bc8542052","block_type":"box","text":"World ex USA ETF","page_number":9,"box":{"x":527,"y":589,"width":135,"height":9}},{"id":"a5e50986-1086-440c-9cf7-28128462f51b","block_type":"box","text":"iShares U.S. Power Infrastructure ETF","page_number":9,"box":{"x":511,"y":604,"width":273,"height":10}},{"id":"a58322e0-4cb5-468e-8c85-f796156dbfc4","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":9,"box":{"x":117,"y":627,"width":521,"height":13}},{"id":"6db25696-5183-44a0-af12-3ea9026d5986","block_type":"box","text":"iShares","page_number":9,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"28f2e3a4-4f9d-4588-8399-f3ed344540f0","block_type":"box","text":"®","page_number":9,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"cd9c8d4d-96a9-404d-8710-3161e47c4d48","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":9,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"a1d8d283-21a6-4a7a-af2f-e47bf8fdb707","block_type":"box","text":"IS-A-CITI-0226","page_number":9,"box":{"x":796,"y":887,"width":87,"height":8}},{"id":"ad710fbd-be38-4736-8a40-8f7327501cb4","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":9,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"4fb27ed4-615e-437c-afc4-2576e383bb05","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":9,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"1ac66fca-0404-491c-8a87-f95cd305422e","block_type":"box","text":"DECEMBER 30, 2025","page_number":10,"box":{"x":774,"y":31,"width":174,"height":12}},{"id":"49d3bc38-5a85-491b-b966-2272ff8a76ab","block_type":"box","text":"Prospectus","page_number":10,"box":{"x":145,"y":177,"width":259,"height":32}},{"id":"4a10e21c-4b72-40c6-bec0-bdc9ef491f16","block_type":"box","text":"iShares, Inc.","page_number":10,"box":{"x":112,"y":278,"width":93,"height":11}},{"id":"17cfe6e8-cbad-4a64-9254-9f5509ce2555","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":300,"width":6,"height":4}},{"id":"eafb2c8a-5d7c-4359-a24a-6929166ac73f","block_type":"box","text":"iShares MSCI Austria ETF","page_number":10,"box":{"x":132,"y":298,"width":170,"height":8}},{"id":"5be79aa7-01df-43b0-a189-1f2eaf401964","block_type":"box","text":"|","page_number":10,"box":{"x":312,"y":296,"width":1,"height":12}},{"id":"afd53bec-8028-4876-be05-6a060738e2ce","block_type":"box","text":"EWO","page_number":10,"box":{"x":322,"y":298,"width":32,"height":8}},{"id":"40ab7c63-1c01-4482-a87e-c2d5aab1cb85","block_type":"box","text":"|","page_number":10,"box":{"x":364,"y":296,"width":1,"height":12}},{"id":"347c9ae9-f503-4f75-97e0-b60a8823cedb","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":375,"y":298,"width":69,"height":8}},{"id":"87dd2ca8-0d2a-494e-afaa-477ad88f82bf","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":316,"width":6,"height":4}},{"id":"6fe5eea4-13c6-41f0-860b-0b8230f910b3","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":10,"box":{"x":132,"y":314,"width":179,"height":10}},{"id":"cbfcf54f-5a90-420e-8f90-f53cc93a90a9","block_type":"box","text":"|","page_number":10,"box":{"x":320,"y":312,"width":1,"height":13}},{"id":"a111d7e3-62a4-43d3-b2fd-07cb8af35fae","block_type":"box","text":"EWK","page_number":10,"box":{"x":331,"y":314,"width":31,"height":8}},{"id":"5933bab7-7205-42e2-bd5a-19711fe52a59","block_type":"box","text":"|","page_number":10,"box":{"x":371,"y":312,"width":1,"height":13}},{"id":"6aa92de5-c6e7-44db-af67-54035f0214c1","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":381,"y":314,"width":69,"height":8}},{"id":"98e41d5d-34ab-4073-9e86-c12f35d8f7ef","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":332,"width":6,"height":4}},{"id":"3abb706d-a75b-4de6-aec6-101849163636","block_type":"box","text":"iShares MSCI Canada ETF","page_number":10,"box":{"x":132,"y":330,"width":175,"height":8}},{"id":"fb9976b1-4755-4ca7-8af9-abd7f7c4e93b","block_type":"box","text":"|","page_number":10,"box":{"x":316,"y":329,"width":1,"height":12}},{"id":"426ea05d-fae0-4564-aeb8-bf7f08550001","block_type":"box","text":"EWC","page_number":10,"box":{"x":327,"y":330,"width":31,"height":8}},{"id":"869cd4d1-ff06-4296-85ad-d1efdeb4cf60","block_type":"box","text":"|","page_number":10,"box":{"x":367,"y":329,"width":1,"height":12}},{"id":"24badfb6-4da4-4b36-8606-44d8e44fe83f","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":378,"y":330,"width":69,"height":8}},{"id":"0522ff5d-5567-45bd-90a0-7daf6c7b5464","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":349,"width":6,"height":4}},{"id":"489bb3e6-fea4-41b3-8f94-af0baa129ed3","block_type":"box","text":"iShares MSCI Eurozone ETF","page_number":10,"box":{"x":132,"y":346,"width":187,"height":8}},{"id":"490dd13f-3034-4086-9ac8-c73add4a42f6","block_type":"box","text":"|","page_number":10,"box":{"x":328,"y":345,"width":1,"height":12}},{"id":"fbbb5744-574a-44f8-a71b-92a369d7c658","block_type":"box","text":"EZU","page_number":10,"box":{"x":339,"y":346,"width":26,"height":8}},{"id":"84c2f373-2be0-4018-86e3-f6b051ccfb2f","block_type":"box","text":"|","page_number":10,"box":{"x":375,"y":345,"width":1,"height":12}},{"id":"96a45540-2c62-4bbb-bb6d-5825c5225281","block_type":"box","text":"Cboe BZX","page_number":10,"box":{"x":386,"y":346,"width":64,"height":8}},{"id":"eb767cd7-8566-49fd-b45f-6970bf148be5","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":365,"width":6,"height":4}},{"id":"674c222d-2de6-423c-bdaa-1c397f9551f7","block_type":"box","text":"iShares MSCI France ETF","page_number":10,"box":{"x":132,"y":362,"width":169,"height":8}},{"id":"e752e408-9f5f-48d8-b5c4-1dd221bbf704","block_type":"box","text":"|","page_number":10,"box":{"x":310,"y":361,"width":1,"height":12}},{"id":"97d5f8c9-1893-4eec-b284-cc96879ec734","block_type":"box","text":"EWQ","page_number":10,"box":{"x":321,"y":362,"width":31,"height":9}},{"id":"0cc14a09-692c-44f1-8b50-86776885d938","block_type":"box","text":"|","page_number":10,"box":{"x":362,"y":361,"width":1,"height":12}},{"id":"29526f9b-06d8-43e1-b82f-82737970f3da","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":373,"y":362,"width":69,"height":8}},{"id":"250c3828-f205-4b9e-a74c-da303e6aaf1f","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":381,"width":6,"height":4}},{"id":"6b7bb060-46b5-4b16-92d2-802b47da4af1","block_type":"box","text":"iShares MSCI Germany ETF","page_number":10,"box":{"x":132,"y":378,"width":184,"height":10}},{"id":"9c40cd9d-b1b8-486d-982e-9c7ed8dc8e99","block_type":"box","text":"|","page_number":10,"box":{"x":325,"y":377,"width":1,"height":12}},{"id":"0f36174f-cf6e-4e8e-9449-03418da2bb3f","block_type":"box","text":"EWG","page_number":10,"box":{"x":336,"y":378,"width":31,"height":8}},{"id":"2d4b6412-5b9d-452e-9eac-58a2f795779f","block_type":"box","text":"|","page_number":10,"box":{"x":377,"y":377,"width":1,"height":12}},{"id":"d426fae2-770b-4fac-9392-542a73552535","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":388,"y":378,"width":69,"height":8}},{"id":"c9be54c4-e7c8-4863-b278-fd8d4c893b4a","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":397,"width":6,"height":4}},{"id":"69e5c523-d8e4-429b-b226-63d8267913c6","block_type":"box","text":"iShares MSCI Israel ETF","page_number":10,"box":{"x":132,"y":394,"width":160,"height":8}},{"id":"1dabb4c8-c42b-46e8-8890-468f662d122b","block_type":"box","text":"|","page_number":10,"box":{"x":301,"y":393,"width":1,"height":12}},{"id":"4286a37a-6abd-4ba4-8a79-025e3600d242","block_type":"box","text":"EIS","page_number":10,"box":{"x":312,"y":394,"width":20,"height":8}},{"id":"b30b15d0-902b-44f3-9fef-5ab22c919adc","block_type":"box","text":"|","page_number":10,"box":{"x":342,"y":393,"width":1,"height":12}},{"id":"28463ae7-3ab6-4d2e-aa47-da21eb1708ae","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":353,"y":394,"width":69,"height":8}},{"id":"a1550368-f517-4ca7-92a0-5bf642d8383e","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":413,"width":6,"height":4}},{"id":"ff26dbe3-dd95-4cd0-b9be-3237e913b884","block_type":"box","text":"iShares MSCI Italy ETF","page_number":10,"box":{"x":132,"y":410,"width":152,"height":11}},{"id":"60f53333-fb06-4cc7-a96c-d27b5c54d16a","block_type":"box","text":"|","page_number":10,"box":{"x":293,"y":409,"width":1,"height":12}},{"id":"87798a75-6d57-4134-9c05-d9059b55deb6","block_type":"box","text":"EWI","page_number":10,"box":{"x":304,"y":411,"width":24,"height":7}},{"id":"1af83d1c-ac29-4ff6-b316-1ccf043961e3","block_type":"box","text":"|","page_number":10,"box":{"x":338,"y":409,"width":1,"height":12}},{"id":"5f378d1e-d7bc-479b-ac51-360cb6b930ab","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":349,"y":410,"width":69,"height":8}},{"id":"b4608558-3aa8-49ba-91d7-b901fd93a64b","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":429,"width":6,"height":4}},{"id":"d09b951b-564a-4368-b9f4-d674ab4eae62","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":10,"box":{"x":132,"y":427,"width":206,"height":7}},{"id":"8b8d22a3-8442-4385-a53a-d1c953b58af0","block_type":"box","text":"|","page_number":10,"box":{"x":347,"y":425,"width":1,"height":12}},{"id":"3089b1e3-1c18-4090-bd10-16454365b56b","block_type":"box","text":"EWN","page_number":10,"box":{"x":358,"y":427,"width":31,"height":7}},{"id":"17327bcd-c8e0-48f5-b676-f9996c1f64f9","block_type":"box","text":"|","page_number":10,"box":{"x":400,"y":425,"width":1,"height":12}},{"id":"fd6ff296-b8e2-4c38-b32e-efcd1e2c7ce7","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":410,"y":427,"width":69,"height":7}},{"id":"7fcc3f81-b76a-428a-be69-72f92ab212b3","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":445,"width":6,"height":4}},{"id":"e776d34a-e8da-40bf-ab8a-a278357d9213","block_type":"box","text":"iShares MSCI Spain ETF","page_number":10,"box":{"x":132,"y":443,"width":162,"height":9}},{"id":"8abe7a96-d563-41fc-b1e9-fd047c94a58a","block_type":"box","text":"|","page_number":10,"box":{"x":303,"y":441,"width":1,"height":12}},{"id":"92229306-239f-4029-beee-b8027422e1a6","block_type":"box","text":"EWP","page_number":10,"box":{"x":314,"y":443,"width":30,"height":7}},{"id":"fc46466f-7355-41aa-8b3c-3ce82f5b7735","block_type":"box","text":"|","page_number":10,"box":{"x":353,"y":441,"width":1,"height":12}},{"id":"eedeffe0-6a82-4f40-a3bc-455db97be0da","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":364,"y":443,"width":69,"height":8}},{"id":"b3a7e986-7b48-4061-9131-990ddb125b75","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":461,"width":6,"height":4}},{"id":"66674856-b92a-4b35-ac78-4707bf62021b","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":10,"box":{"x":132,"y":459,"width":175,"height":8}},{"id":"2c0bd72f-4f04-4c47-a0ac-c40645d1d1f8","block_type":"box","text":"|","page_number":10,"box":{"x":317,"y":457,"width":1,"height":13}},{"id":"0a490161-be5b-444b-b896-88fb889d92f4","block_type":"box","text":"EWD","page_number":10,"box":{"x":328,"y":459,"width":30,"height":8}},{"id":"60b3bf32-ce0d-4c95-a823-21e54d1777a6","block_type":"box","text":"|","page_number":10,"box":{"x":369,"y":457,"width":0,"height":13}},{"id":"3ec5b707-f0bc-40ba-8462-2c98b2c3c73c","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":379,"y":459,"width":69,"height":8}},{"id":"9ef54f57-9ab1-4be5-90b0-94e34f5233cb","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":478,"width":6,"height":3}},{"id":"1e374355-d31c-4391-a9f6-d152ad10552d","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":10,"box":{"x":132,"y":475,"width":201,"height":8}},{"id":"93b828c0-3235-4e8e-9473-24e9fa420789","block_type":"box","text":"|","page_number":10,"box":{"x":343,"y":474,"width":0,"height":12}},{"id":"2dc70ea3-4b09-4d0e-a6b8-68d5467fca47","block_type":"box","text":"EWL","page_number":10,"box":{"x":353,"y":475,"width":30,"height":8}},{"id":"c88d2a9d-bd76-4908-81d4-1da5d406674e","block_type":"box","text":"|","page_number":10,"box":{"x":393,"y":474,"width":1,"height":12}},{"id":"c182aebb-3b99-4c14-9d7c-1451749f903f","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":403,"y":475,"width":69,"height":8}},{"id":"4606aab8-7d93-468f-8bb5-2dc7310600c4","block_type":"box","text":"•","page_number":10,"box":{"x":111,"y":494,"width":6,"height":4}},{"id":"818252ea-281e-4560-8a58-8ba24dbda2cc","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":10,"box":{"x":132,"y":491,"width":262,"height":10}},{"id":"ee54dd36-e11a-447f-a13c-0c0da0b2cf89","block_type":"box","text":"|","page_number":10,"box":{"x":403,"y":490,"width":1,"height":12}},{"id":"cbb9695f-0997-46a6-9252-c52b9fcac177","block_type":"box","text":"EUSA","page_number":10,"box":{"x":414,"y":491,"width":36,"height":8}},{"id":"71e7c394-a0c0-43b9-a850-538d764942d6","block_type":"box","text":"|","page_number":10,"box":{"x":462,"y":490,"width":1,"height":12}},{"id":"184693d1-fb55-4540-99d4-2a4f54ed000c","block_type":"box","text":"NYSE Arca","page_number":10,"box":{"x":473,"y":491,"width":69,"height":8}},{"id":"562ce15c-7726-452d-a2c5-4411a80ef15c","block_type":"box","text":"The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of","page_number":10,"box":{"x":111,"y":894,"width":834,"height":10}},{"id":"f17b0a5d-890d-411a-9990-d483cc7ead66","block_type":"box","text":"this prospectus. Any representation to the contrary is a criminal offense.","page_number":10,"box":{"x":111,"y":906,"width":453,"height":9}},{"id":"fc6f0988-71a1-4e35-885b-f3900e94c3a2","block_type":"box","text":"iShares MSCI Austria ETF","page_number":11,"box":{"x":198,"y":96,"width":270,"height":14}},{"id":"7aabda19-2510-425a-9170-ee80c9cf1576","block_type":"box","text":".....................................................","page_number":11,"box":{"x":475,"y":109,"width":439,"height":1}},{"id":"931d9988-7004-444a-9d55-a8cad124d177","block_type":"box","text":"S-1","page_number":11,"box":{"x":947,"y":96,"width":31,"height":14}},{"id":"eb37d016-e414-4976-b59d-82c35256d4f5","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":11,"box":{"x":198,"y":123,"width":281,"height":18}},{"id":"339da544-e12a-40a8-beb7-7c0d9874e6ea","block_type":"box","text":"....................................................","page_number":11,"box":{"x":483,"y":136,"width":431,"height":1}},{"id":"5cf05731-5669-4151-a2ef-1ceea3e94109","block_type":"box","text":"S-7","page_number":11,"box":{"x":947,"y":123,"width":34,"height":14}},{"id":"0b05e52e-17cf-4efa-a384-7a7b1761bef3","block_type":"box","text":"iShares MSCI Canada ETF","page_number":11,"box":{"x":198,"y":150,"width":276,"height":14}},{"id":"f5bc9935-6aa8-490d-b3bc-dae2d080550d","block_type":"box","text":"....................................................","page_number":11,"box":{"x":483,"y":163,"width":431,"height":1}},{"id":"5fd49899-c442-4a4f-b937-b4e2c35c71e3","block_type":"box","text":"S-13","page_number":11,"box":{"x":936,"y":150,"width":45,"height":14}},{"id":"d3fa4c9b-a818-4582-b6d3-baa7ec65c90c","block_type":"box","text":"iShares MSCI Eurozone ETF","page_number":11,"box":{"x":198,"y":177,"width":294,"height":15}},{"id":"7e146f4b-3c6d-43ff-a7be-956cca5060ba","block_type":"box","text":"..................................................","page_number":11,"box":{"x":500,"y":190,"width":414,"height":1}},{"id":"bd8d9e12-8455-4040-98ef-f425a5e1a949","block_type":"box","text":"S-19","page_number":11,"box":{"x":936,"y":177,"width":45,"height":15}},{"id":"681ecf36-94d3-486b-9e57-5a15439be117","block_type":"box","text":"iShares MSCI France ETF","page_number":11,"box":{"x":198,"y":205,"width":267,"height":14}},{"id":"5d5290f2-4801-4626-8ce6-64c918328087","block_type":"box","text":".....................................................","page_number":11,"box":{"x":475,"y":217,"width":439,"height":2}},{"id":"4657c6b9-022f-4fc9-b0fd-15d60b8523c2","block_type":"box","text":"S-25","page_number":11,"box":{"x":933,"y":205,"width":48,"height":14}},{"id":"115d91a1-7160-4a0e-95be-70ab155aa5e9","block_type":"box","text":"iShares MSCI Germany ETF","page_number":11,"box":{"x":198,"y":232,"width":291,"height":18}},{"id":"b3fbb3f2-1a10-44ec-a2a8-d1800118f0d3","block_type":"box","text":"...................................................","page_number":11,"box":{"x":491,"y":244,"width":423,"height":2}},{"id":"e265f98b-5532-4546-9740-f3bacce71a4f","block_type":"box","text":"S-31","page_number":11,"box":{"x":935,"y":232,"width":43,"height":14}},{"id":"d2e55dbc-6b4b-49ae-a650-97291a1659f6","block_type":"box","text":"iShares MSCI Israel ETF","page_number":11,"box":{"x":198,"y":259,"width":253,"height":14}},{"id":"de790c44-a8cb-4321-a144-5deea187a8bf","block_type":"box","text":".......................................................","page_number":11,"box":{"x":458,"y":271,"width":456,"height":2}},{"id":"d8b324c8-a324-4b57-950a-1d55d9c899b6","block_type":"box","text":"S-37","page_number":11,"box":{"x":933,"y":259,"width":48,"height":14}},{"id":"0cabcc15-4ca0-42c1-9970-a08a77086086","block_type":"box","text":"iShares MSCI Italy ETF","page_number":11,"box":{"x":198,"y":286,"width":240,"height":18}},{"id":"091f85e0-ae65-40e6-84a0-08842ca4dce4","block_type":"box","text":".........................................................","page_number":11,"box":{"x":441,"y":298,"width":473,"height":2}},{"id":"6d6c95fb-7586-47c6-b2f6-a201295dcbdf","block_type":"box","text":"S-43","page_number":11,"box":{"x":933,"y":286,"width":48,"height":14}},{"id":"7af1d0b2-abff-4452-ad07-37f202d8e0e4","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":11,"box":{"x":198,"y":313,"width":326,"height":14}},{"id":"7e7f2b69-e534-4f1f-b533-40cd27cff337","block_type":"box","text":"..............................................","page_number":11,"box":{"x":533,"y":325,"width":381,"height":2}},{"id":"c2322d98-c688-4904-831d-51e1a7c4b73b","block_type":"box","text":"S-49","page_number":11,"box":{"x":933,"y":313,"width":48,"height":14}},{"id":"3b010ff8-6845-480e-8ba2-6efcc30d9ba3","block_type":"box","text":"iShares MSCI Spain ETF","page_number":11,"box":{"x":198,"y":340,"width":255,"height":18}},{"id":"28bf8141-c6e9-4521-94c3-e97403748715","block_type":"box","text":".......................................................","page_number":11,"box":{"x":458,"y":352,"width":456,"height":2}},{"id":"6ee8a98d-ce25-4a30-bd46-d7168aaa9698","block_type":"box","text":"S-55","page_number":11,"box":{"x":933,"y":340,"width":48,"height":14}},{"id":"a1a46546-43cf-42f6-aeef-cf6540f3f025","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":11,"box":{"x":198,"y":367,"width":280,"height":14}},{"id":"a8e24b14-c305-4b8e-b759-3e1a734f053a","block_type":"box","text":"....................................................","page_number":11,"box":{"x":483,"y":379,"width":431,"height":2}},{"id":"c8a6f404-f1a8-49c0-b93a-ef56e62cf023","block_type":"box","text":"S-61","page_number":11,"box":{"x":935,"y":367,"width":43,"height":14}},{"id":"437b315e-c763-4634-be21-7d7600844466","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":11,"box":{"x":198,"y":394,"width":319,"height":14}},{"id":"00d58352-7320-4016-955f-be09f72d5a9e","block_type":"box","text":"...............................................","page_number":11,"box":{"x":525,"y":406,"width":389,"height":2}},{"id":"6f3924f6-b28f-4e0f-bac2-08719bbcc81b","block_type":"box","text":"S-67","page_number":11,"box":{"x":933,"y":394,"width":48,"height":14}},{"id":"ae82ee24-6656-44e6-ae65-4b3531e6414d","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":11,"box":{"x":198,"y":421,"width":413,"height":18}},{"id":"b61c66a3-a140-4824-9a61-ee0e536bc30d","block_type":"box","text":"....................................","page_number":11,"box":{"x":617,"y":434,"width":297,"height":1}},{"id":"ab284ea5-2ee3-4101-97b7-e8388fe1c7de","block_type":"box","text":"S-73","page_number":11,"box":{"x":933,"y":421,"width":48,"height":14}},{"id":"1d6b076d-aa09-46f1-95a8-8bfb1e3c6854","block_type":"box","text":"More Information About the Funds","page_number":11,"box":{"x":158,"y":448,"width":366,"height":14}},{"id":"46961257-e59e-4534-8185-8e39f5615348","block_type":"box","text":"..............................................","page_number":11,"box":{"x":533,"y":461,"width":381,"height":1}},{"id":"d2fbd08a-dbb3-4367-bfcf-f44be0744186","block_type":"box","text":"1","page_number":11,"box":{"x":973,"y":449,"width":5,"height":13}},{"id":"51862e85-259a-46d5-8779-364354742d0d","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":11,"box":{"x":157,"y":475,"width":487,"height":14}},{"id":"42698019-b866-4fbc-888e-007598045a76","block_type":"box","text":"................................","page_number":11,"box":{"x":651,"y":488,"width":263,"height":1}},{"id":"60970c33-b3fd-4a32-8432-c93e9866b73f","block_type":"box","text":"3","page_number":11,"box":{"x":970,"y":476,"width":11,"height":13}},{"id":"4f214024-205e-4578-84ae-30b4315e77dc","block_type":"box","text":"Portfolio Holdings Information","page_number":11,"box":{"x":158,"y":502,"width":318,"height":18}},{"id":"9176a9bf-9026-426e-a951-4eb610d0baca","block_type":"box","text":"....................................................","page_number":11,"box":{"x":483,"y":515,"width":431,"height":1}},{"id":"ffbf9333-ffe4-4338-b0cd-7ebd08abd655","block_type":"box","text":"21","page_number":11,"box":{"x":958,"y":503,"width":20,"height":13}},{"id":"1d108f45-87a5-43fb-931e-088f583f4fad","block_type":"box","text":"Management of the Funds","page_number":11,"box":{"x":158,"y":529,"width":277,"height":18}},{"id":"d042dd26-e55a-4e26-a894-59b973327b46","block_type":"box","text":".........................................................","page_number":11,"box":{"x":441,"y":542,"width":473,"height":1}},{"id":"b6ba904b-78ee-405a-af3b-05b4fa1f2094","block_type":"box","text":"21","page_number":11,"box":{"x":958,"y":530,"width":20,"height":13}},{"id":"8c0b5b5f-a82f-4c14-a187-85dd99bf2e3b","block_type":"box","text":"Shareholder Information","page_number":11,"box":{"x":157,"y":556,"width":258,"height":15}},{"id":"72229969-3092-477b-993d-af123d12b365","block_type":"box","text":"...........................................................","page_number":11,"box":{"x":424,"y":569,"width":490,"height":1}},{"id":"742c901b-a80b-4216-a7ea-e512c77f4abe","block_type":"box","text":"24","page_number":11,"box":{"x":956,"y":557,"width":25,"height":13}},{"id":"ec765ec9-49d6-4c59-80a9-0e5e75535759","block_type":"box","text":"Distribution","page_number":11,"box":{"x":158,"y":584,"width":121,"height":14}},{"id":"3d4fe62d-7a41-4113-ad98-dadca41f7fb8","block_type":"box","text":"...........................................................................","page_number":11,"box":{"x":290,"y":596,"width":624,"height":2}},{"id":"7ec239f3-b210-44ca-acc0-91e904c1d3f6","block_type":"box","text":"30","page_number":11,"box":{"x":956,"y":584,"width":25,"height":14}},{"id":"86d92395-80f7-48a7-ad1d-a424885868fe","block_type":"box","text":"Financial Highlights","page_number":11,"box":{"x":158,"y":611,"width":206,"height":18}},{"id":"9dfdcdae-88d5-4832-be9b-f6928ffb5c84","block_type":"box","text":".................................................................","page_number":11,"box":{"x":374,"y":623,"width":540,"height":2}},{"id":"314e6275-be31-47d6-b685-9cd2c976da88","block_type":"box","text":"30","page_number":11,"box":{"x":956,"y":611,"width":25,"height":14}},{"id":"55b1bd94-5059-4312-91bc-3cb787f9b4b3","block_type":"box","text":"Index Provider and Disclaimers","page_number":11,"box":{"x":158,"y":638,"width":328,"height":14}},{"id":"36d6aa18-7b6d-4e23-adf5-d6b8c03e44b4","block_type":"box","text":"...................................................","page_number":11,"box":{"x":491,"y":650,"width":423,"height":2}},{"id":"2a8c3996-7758-4106-ae12-bb7725655eec","block_type":"box","text":"38","page_number":11,"box":{"x":956,"y":638,"width":25,"height":14}},{"id":"934625f6-b066-46cb-b3f0-bafed4ee2083","block_type":"box","text":"Table of Contents","page_number":11,"box":{"x":76,"y":23,"width":296,"height":23}},{"id":"105d4ccd-e2ef-4bc4-a969-2696cccd4a36","block_type":"box","text":"Fund Summaries","page_number":11,"box":{"x":158,"y":69,"width":177,"height":14}},{"id":"ddb68328-80c1-43d4-b8e1-9180bf233879","block_type":"box","text":"i","page_number":11,"box":{"x":528,"y":910,"width":2,"height":8}},{"id":"3e21b943-174f-4318-9389-6e5eadda27b1","block_type":"box","text":"iSHARES","page_number":12,"box":{"x":329,"y":24,"width":119,"height":15}},{"id":"ae201ed6-1518-4d83-9a10-1d34f71def33","block_type":"box","text":"®","page_number":12,"box":{"x":451,"y":17,"width":11,"height":8}},{"id":"e517c82a-ad41-4b34-84d7-2e5b07532917","block_type":"box","text":"MSCI AUSTRIA ETF","page_number":12,"box":{"x":473,"y":24,"width":256,"height":15}},{"id":"71e9d86a-03c8-4d3a-9dcc-681b98405e38","block_type":"box","text":"Ticker: EWO Stock Exchange: NYSE Arca","page_number":12,"box":{"x":283,"y":53,"width":485,"height":12}},{"id":"4112ce78-bc33-4b98-9d0d-ceded52e846a","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"bb24a80b-3838-41b2-8694-12d21b97403b","block_type":"box","text":"The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities.","page_number":12,"box":{"x":82,"y":116,"width":867,"height":11}},{"id":"b8e40362-b1b1-460e-a2da-20b5d2b12d7a","block_type":"box","text":"Fees and Expenses","page_number":12,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"c183a143-12a6-463e-9749-046be29ae39b","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":12,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"9ca4e1b2-c540-4f54-8f3e-ac1eb693e392","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":12,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"0ffb0892-dca3-4d21-882c-49d43bad88b1","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":12,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"2109fab1-1ffb-4f60-b8d1-f6dfa136fd7c","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":12,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"64dc514f-ff1d-4d84-8ff2-d5820f225078","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":12,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"f8c4602d-07f6-4c03-8a98-59a92e9cde42","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":12,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"d219ba9a-4260-4706-8a8c-b76b21eb05f1","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":12,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"99ca3153-acdb-4213-a0b8-b0e3270e9ba3","block_type":"box","text":"the tables and examples below.","page_number":12,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"db65246e-aec1-4471-9a8d-4bdb18ddbebc","block_type":"box","text":"Annual Fund Operating Expenses","page_number":12,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"27437da2-f68c-4214-803b-8d3ed941ee72","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":12,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"95c36bcb-eecc-4bb3-940a-bfdef64964f9","block_type":"box","text":"percentage of the value of your investments)","page_number":12,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"f1c99acd-b414-407d-b988-1c82f7362a25","block_type":"box","text":"1","page_number":12,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"331b809d-b492-4c46-a814-175a254c1c2a","block_type":"box","text":"Management","page_number":12,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"ba9dde86-15bf-4e2c-95d1-b91417e628d8","block_type":"box","text":"Fees","page_number":12,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"ce18a8cd-e1bf-448c-9594-821ae891ba5d","block_type":"box","text":"Distribution","page_number":12,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"b84a28b9-1441-446a-bb19-18fd8b551046","block_type":"box","text":"and Service","page_number":12,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"f81a6d40-8e31-4b12-8f74-dbbe223b12be","block_type":"box","text":"(12b-1) Fees","page_number":12,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"74498a27-8e3c-4f13-86a3-c20e59ee5f9d","block_type":"box","text":"Other","page_number":12,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"dac07d08-83ea-445c-ad88-626fec82fcd9","block_type":"box","text":"Expenses","page_number":12,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"d3110434-aba2-460c-aa7f-d8e83fd578e9","block_type":"box","text":"Total Annual","page_number":12,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"5aa231cf-cc08-4b22-8bde-78383566688d","block_type":"box","text":"Fund","page_number":12,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"f08550b9-b5f4-465b-9b64-f27b9e42ff56","block_type":"box","text":"Operating","page_number":12,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"5b93adfe-42ff-4c65-a4d3-efb493596ce5","block_type":"box","text":"Expenses","page_number":12,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"9bfcffd7-0eb5-4f94-9b4b-7fbff3d22814","block_type":"box","text":"0.49% None 0.00% 0.49%","page_number":12,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"e9f9fbc7-5c0d-4143-908d-33c87deaf250","block_type":"box","text":"1","page_number":12,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"a800b85e-3522-47b4-93fa-8e740c16b2f9","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":12,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"3fd6ec4e-1e2d-4e74-bad8-25ae50122395","block_type":"box","text":"Example.","page_number":12,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"f3776c48-ffa3-486b-9cac-280db6838589","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":12,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"51dbb787-2e00-4394-9b2a-4cb149faf0eb","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":12,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"6a30ef17-f082-4017-bb7c-d95e39eea296","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":12,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"84d131c5-25e5-47f2-8fd2-b5a8e5710900","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":12,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"d3f5a451-2bb0-46f9-9638-bacebacaf339","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":12,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"5b544d8a-cc96-4368-9d55-9aaabdea6259","block_type":"box","text":"$50 $157 $274 $616","page_number":12,"box":{"x":202,"y":534,"width":647,"height":9}},{"id":"3a1aafbf-1895-472e-8b1f-9c26cb5060c7","block_type":"box","text":"Portfolio Turnover.","page_number":12,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"c3011296-2a4e-448f-ac56-25ffef526cf2","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":12,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"9dd865c4-85c2-431d-b2b1-71dcacaf7fae","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":12,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"e70f5f37-9042-4279-84e3-3f1d8290d65f","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":12,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"4decb43a-1eee-418e-8099-dae47b6bd543","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":12,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"552a7f13-50bf-4146-983d-4d51fb6e5bf2","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":12,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"1fef2423-40e1-4763-9141-1a638bee1a36","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":12,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"c6e1500c-f8c7-4a4b-ab73-4004cb0d8d64","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":12,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"b2b65fc3-ec8d-499a-815d-c1b416648106","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 24% of the","page_number":12,"box":{"x":82,"y":673,"width":385,"height":11}},{"id":"f17c6740-3c38-45b6-95d3-6cf840b3a8e6","block_type":"box","text":"average value of its portfolio.","page_number":12,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"57bd2641-ce2d-4e10-8385-d7443b747cb0","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"b89b64be-4318-4101-a7e5-d52488541d0c","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":12,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"b19a183a-ee4b-46e7-837d-34b296cf4c08","block_type":"box","text":"Austria IMI 25/50 Index (the “Underlying Index”), which is a free","page_number":12,"box":{"x":82,"y":755,"width":413,"height":11}},{"id":"53c5a346-b216-44bc-8095-522b150128d2","block_type":"box","text":"float-adjusted market capitalization-weighted index that is","page_number":12,"box":{"x":82,"y":770,"width":373,"height":10}},{"id":"d53acd7d-bbe1-43d3-8c2e-b3cd2ca19c07","block_type":"box","text":"designed to measure the performance of the large-, mid- and","page_number":12,"box":{"x":83,"y":784,"width":389,"height":11}},{"id":"0125ece3-22e8-4d77-8861-731868b6c9fd","block_type":"box","text":"small-capitalization segments of the equity market in Austria. The","page_number":12,"box":{"x":83,"y":798,"width":418,"height":11}},{"id":"fe045f30-50c4-4db0-b9ad-b2cceb15ccd1","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization","page_number":12,"box":{"x":83,"y":812,"width":397,"height":11}},{"id":"734c5a0b-5454-472a-887f-15cea8eaafca","block_type":"box","text":"process that aims to minimize the constituent weight differences","page_number":12,"box":{"x":83,"y":826,"width":415,"height":11}},{"id":"f53869f7-3354-4b18-a128-029e33bf3a44","block_type":"box","text":"between the Underlying Index and the MSCI Austria Index (the","page_number":12,"box":{"x":83,"y":840,"width":399,"height":11}},{"id":"13dfede0-8a1f-4002-84c9-4078a7d81697","block_type":"box","text":"“Parent Index”).","page_number":12,"box":{"x":83,"y":855,"width":99,"height":10}},{"id":"e2b960d2-10f7-4878-9f7e-8bba7acee4f9","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":12,"box":{"x":549,"y":566,"width":413,"height":11}},{"id":"65a4157f-afef-4eab-97f2-73e069f86ed3","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":12,"box":{"x":549,"y":580,"width":375,"height":11}},{"id":"d42edb6d-154e-4bec-9933-2254f73520dc","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":12,"box":{"x":549,"y":594,"width":409,"height":11}},{"id":"2ff40dc3-36b0-4ea8-997a-90b8c7245890","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":12,"box":{"x":549,"y":608,"width":422,"height":11}},{"id":"55354f84-7251-40e7-ba53-a048427373dd","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":12,"box":{"x":549,"y":623,"width":421,"height":10}},{"id":"416547ae-b08a-44f7-930d-c9d4c0de1f95","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":12,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"9e4b9c5c-bd29-4b0f-adb3-a3855c9bdc7a","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":12,"box":{"x":549,"y":651,"width":364,"height":11}},{"id":"089f0367-b51e-44b9-820d-0650bc2c4457","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":12,"box":{"x":549,"y":665,"width":416,"height":11}},{"id":"89b946e7-88f1-4f9f-a5cb-6fb0dfd0e20c","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":12,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"1d8cc645-5a7e-4a88-9f99-02dd20b8ac4e","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":12,"box":{"x":549,"y":694,"width":398,"height":10}},{"id":"c943e950-73db-497c-a8e9-97d7033c62bd","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":12,"box":{"x":549,"y":708,"width":390,"height":11}},{"id":"49cd94b8-a1ac-4dcd-9e9f-1be0c2a99471","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":12,"box":{"x":549,"y":722,"width":408,"height":11}},{"id":"188290ca-0a51-4704-9c6d-5b86e0bd50fc","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":12,"box":{"x":549,"y":736,"width":411,"height":11}},{"id":"e69930f1-74ec-482b-b9ad-c2b163d43bca","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":12,"box":{"x":549,"y":750,"width":417,"height":11}},{"id":"c9b8f345-d160-44d6-b22b-3c5a2aaa63c3","block_type":"box","text":"are reviewed on an annual basis.","page_number":12,"box":{"x":549,"y":764,"width":208,"height":9}},{"id":"05925a3d-5ee9-45ba-8af1-115adcca62c1","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":12,"box":{"x":549,"y":786,"width":389,"height":11}},{"id":"cfdbad66-7b8c-4981-9301-f1de18df0515","block_type":"box","text":"Index is represented by securities of companies in the financials","page_number":12,"box":{"x":550,"y":800,"width":409,"height":11}},{"id":"730eec27-32d5-40f4-b5a1-8b1263531fb1","block_type":"box","text":"and industrials industries or sectors. The components of the","page_number":12,"box":{"x":549,"y":815,"width":384,"height":10}},{"id":"784124d7-ceea-4130-85be-8a5a88e60886","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":12,"box":{"x":550,"y":829,"width":302,"height":11}},{"id":"605600bb-5512-4bba-a109-702f216a89fa","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":12,"box":{"x":550,"y":852,"width":376,"height":11}},{"id":"5b9aa40b-fe0d-4ef5-a897-6e7bad07d984","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":12,"box":{"x":549,"y":866,"width":417,"height":11}},{"id":"c95dc1f6-3fd2-44aa-8eca-b97ffb1cd254","block_type":"box","text":"S-1","page_number":12,"box":{"x":526,"y":920,"width":18,"height":9}},{"id":"7ee4d3c6-2214-4da1-a99b-564135d6e980","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":13,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"8d92d7fb-f35f-4033-9717-ba6df6f7e087","block_type":"box","text":"markets decline or appear overvalued.","page_number":13,"box":{"x":83,"y":37,"width":244,"height":11}},{"id":"4578bd3c-50ed-4f03-af6c-f0370b58cb20","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":13,"box":{"x":83,"y":61,"width":421,"height":10}},{"id":"840fe815-de13-4d2f-9195-b1c2da684f2a","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":13,"box":{"x":83,"y":75,"width":421,"height":11}},{"id":"2f727c7f-06d2-4341-bd0e-3ba39323b698","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":13,"box":{"x":83,"y":89,"width":386,"height":11}},{"id":"c8285eee-f6d6-4e99-ac13-07d2302a8569","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":13,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"06283239-1874-463a-9a86-1bda9d824a31","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":13,"box":{"x":83,"y":117,"width":356,"height":11}},{"id":"f06ec3e2-943f-4561-9fe8-27d9e5c1f85c","block_type":"box","text":"comparison to actively managed investment companies.","page_number":13,"box":{"x":83,"y":131,"width":359,"height":11}},{"id":"d5c38dd7-4762-4b17-af7f-260a6330f1ff","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":13,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"bcc12b47-3487-498e-b2a1-74e33bcab0f7","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":13,"box":{"x":83,"y":169,"width":411,"height":11}},{"id":"772e680c-86ab-4f7b-95ad-6092661cc967","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":13,"box":{"x":83,"y":183,"width":424,"height":11}},{"id":"2e2a23cc-78f9-4b6e-bf5f-d7efc5764847","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":13,"box":{"x":83,"y":197,"width":410,"height":11}},{"id":"3f770a12-190c-4802-b051-c2408d74b027","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":13,"box":{"x":83,"y":211,"width":408,"height":11}},{"id":"c9ec8ab2-9494-48e9-a1e1-e99b048ee61a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":13,"box":{"x":83,"y":226,"width":423,"height":10}},{"id":"0d37dd4f-ba09-401b-8ecd-c39d0e53231c","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":13,"box":{"x":83,"y":240,"width":386,"height":11}},{"id":"379350c7-6672-443d-a04e-5e3e590e1c94","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":13,"box":{"x":82,"y":254,"width":360,"height":11}},{"id":"12100059-8aa3-4b70-abdc-a42cf65f57bd","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":13,"box":{"x":82,"y":268,"width":414,"height":11}},{"id":"610b408b-7e1b-4c52-b372-997abcd61e80","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":13,"box":{"x":83,"y":282,"width":410,"height":11}},{"id":"ca96bedf-4899-47b8-bc43-049f34fb74cb","block_type":"box","text":"the components of the Underlying Index.","page_number":13,"box":{"x":83,"y":296,"width":259,"height":11}},{"id":"7065a322-df9f-40d5-8164-fb4275af3b98","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":13,"box":{"x":82,"y":320,"width":390,"height":10}},{"id":"e775a68c-2852-48b7-825f-36c83c61b23b","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":13,"box":{"x":83,"y":334,"width":410,"height":11}},{"id":"8b31de2e-0dd7-43a7-a748-be2d430c9db9","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":13,"box":{"x":83,"y":348,"width":421,"height":11}},{"id":"0a840695-b038-40c1-9713-a7a040a39fe0","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":13,"box":{"x":83,"y":362,"width":335,"height":11}},{"id":"842fcc68-fa01-47b0-960a-e221234f91bb","block_type":"box","text":"i.e","page_number":13,"box":{"x":419,"y":362,"width":14,"height":9}},{"id":"74fabc9b-3f98-491d-9f57-9dcca6ff8d38","block_type":"box","text":".,","page_number":13,"box":{"x":435,"y":369,"width":6,"height":3}},{"id":"a1ca7367-8f7b-4a04-91b0-c854a14c4366","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":13,"box":{"x":83,"y":376,"width":388,"height":11}},{"id":"de46de93-aefa-45f3-85ee-d923a457b26d","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":13,"box":{"x":83,"y":391,"width":403,"height":10}},{"id":"7fad05a1-8a0b-4c17-a7f9-4ae9f2408cba","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":13,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"2f4b311b-5dde-4958-9975-b9c51556a166","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":13,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"6e9ffa94-a2b8-4c0d-9d1e-50d45231c5cf","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":13,"box":{"x":82,"y":433,"width":389,"height":11}},{"id":"794ee12a-0d34-4e65-8dc2-d6a8f3c9950d","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":13,"box":{"x":82,"y":447,"width":415,"height":11}},{"id":"f37851f6-e2f2-4909-a401-5cc1783e879f","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":13,"box":{"x":83,"y":461,"width":360,"height":11}},{"id":"35c72169-55dc-43b0-860c-f7f2c0082d55","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":13,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"8a24282b-efa7-4a3b-bc73-4ed60fd52909","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":13,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"fcbc7ac0-263f-4ea4-91a4-68b2bc578144","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":13,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"482a6427-e648-4271-ba03-eb1320a00d41","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":13,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"36359ece-6d03-4e62-9b64-67f57beafa5b","block_type":"box","text":"Fund.","page_number":13,"box":{"x":84,"y":532,"width":33,"height":9}},{"id":"148323f9-3000-44d6-b1ab-534341f2bfc3","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":13,"box":{"x":82,"y":556,"width":412,"height":10}},{"id":"9e4304fb-cc09-4097-a736-366b320f56f5","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":13,"box":{"x":82,"y":570,"width":371,"height":11}},{"id":"e588103a-4252-413f-ba2d-b46c3e3816fa","block_type":"box","text":"collateral received).","page_number":13,"box":{"x":83,"y":584,"width":125,"height":11}},{"id":"f7d97c26-6400-4a2d-8898-885173ef6c73","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":13,"box":{"x":82,"y":607,"width":380,"height":11}},{"id":"f28a4d96-d4ff-4235-8f15-be55f7dea30f","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":13,"box":{"x":84,"y":621,"width":411,"height":11}},{"id":"fbc68475-5958-4f54-b3cb-e165c6af38d9","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":13,"box":{"x":82,"y":636,"width":381,"height":10}},{"id":"875ff6bd-9205-4a2a-84ce-13d2adaf143f","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":13,"box":{"x":82,"y":650,"width":420,"height":10}},{"id":"ce1b370e-0ed5-47d0-a778-5905a77e5296","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":13,"box":{"x":83,"y":664,"width":405,"height":11}},{"id":"8fbf04ef-be7b-4158-a5a7-d70696a44f56","block_type":"box","text":"Industry Concentration Policy.","page_number":13,"box":{"x":83,"y":687,"width":210,"height":11}},{"id":"33c4de09-a8db-4bae-a999-46616a436901","block_type":"box","text":"The Fund will concentrate its","page_number":13,"box":{"x":298,"y":687,"width":184,"height":9}},{"id":"b8e26e7b-0397-4006-9388-817b849ddf02","block_type":"box","text":"investments (","page_number":13,"box":{"x":83,"y":701,"width":85,"height":11}},{"id":"0d0d64bb-93d0-446e-9195-6248d86f57ae","block_type":"box","text":"i.e.","page_number":13,"box":{"x":169,"y":701,"width":17,"height":9}},{"id":"fb1f8c14-6f63-4c4c-978c-caaaa2cd2322","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":13,"box":{"x":189,"y":701,"width":264,"height":11}},{"id":"988a00c8-00db-4012-8b77-77682572a8cd","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":13,"box":{"x":83,"y":715,"width":394,"height":11}},{"id":"48b9f013-3ece-4b5c-a1be-ba664e66b545","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":13,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"6c719d30-8108-4733-8177-da3121475b2e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":13,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"c7a70cdd-9d69-4ac8-92ea-2c1a2f36ace8","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":13,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"ee4fde38-9e49-4278-994b-37c205707f76","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":13,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"7649f101-7975-4d2f-a563-d8c5cc8d309d","block_type":"box","text":"considered to be issued by members of any industry.","page_number":13,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"11749b0d-c2e9-4a17-ba8f-0927dc1e5ba5","block_type":"box","text":"Summary of Principal Risks","page_number":13,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"75e97fdf-f0b8-4494-b376-2cd752889a03","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":13,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"66a0836e-1bdc-41dd-b852-87489f7705fe","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":13,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"d09bb7da-879c-40a8-af41-7d31abca6777","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":13,"box":{"x":83,"y":869,"width":396,"height":10}},{"id":"c20c60b9-5962-4897-a04d-648e23a4499a","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":13,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"cbfb0af0-6480-4b7c-b1e2-2f9cf9820a55","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":13,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"a94b40d3-19e7-4129-b3d1-c06c41524b85","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":13,"box":{"x":549,"y":52,"width":416,"height":10}},{"id":"c17bcb28-2034-48e9-8fbe-bd7a0e8db419","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":13,"box":{"x":549,"y":66,"width":388,"height":10}},{"id":"6b264c90-dce3-43ef-b754-743f52321236","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":13,"box":{"x":549,"y":80,"width":425,"height":11}},{"id":"4e811da2-f61c-4cd3-833e-6ef7499ba69a","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":13,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"cea7ce70-6d98-4d89-8757-11b7b89207b7","block_type":"box","text":"review each risk factor carefully.","page_number":13,"box":{"x":549,"y":108,"width":206,"height":11}},{"id":"adaa3e81-7ef1-455e-9fe0-16173ae19117","block_type":"box","text":"Risk of Investing in Austria.","page_number":13,"box":{"x":549,"y":131,"width":184,"height":11}},{"id":"c2159138-9b32-4144-b3aa-2e0df5cd4fc1","block_type":"box","text":"Investments in Austrian issuers will","page_number":13,"box":{"x":740,"y":131,"width":224,"height":9}},{"id":"53c3c83d-24e7-4aaf-afc4-3c47de35ccc9","block_type":"box","text":"subject the Fund to legal, regulatory, political, currency, security,","page_number":13,"box":{"x":549,"y":146,"width":415,"height":10}},{"id":"acadd49b-e843-479d-b8c3-c7129c3cad68","block_type":"box","text":"and economic risk specific to Austria. The Austrian economy is","page_number":13,"box":{"x":549,"y":160,"width":401,"height":11}},{"id":"6a818f8b-058f-41cf-ab6d-b0b9ad6dd018","block_type":"box","text":"heavily dependent on trade with other European countries. A","page_number":13,"box":{"x":549,"y":174,"width":388,"height":11}},{"id":"45ccdaef-6dbf-4319-9826-35f49fb2f441","block_type":"box","text":"downturn in the European economy or depreciation of the euro","page_number":13,"box":{"x":549,"y":188,"width":402,"height":11}},{"id":"23a55c15-5ac7-4c25-98ac-00afcd62a55d","block_type":"box","text":"could adversely affect the Austrian economy.","page_number":13,"box":{"x":549,"y":202,"width":287,"height":11}},{"id":"c03672e8-3a86-450b-8a8c-cc5ad188d485","block_type":"box","text":"Non-U.S. Securities Risk","page_number":13,"box":{"x":549,"y":226,"width":165,"height":8}},{"id":"e59616db-9fa6-48ee-a09e-f75264d67e5a","block_type":"box","text":".","page_number":13,"box":{"x":714,"y":232,"width":2,"height":2}},{"id":"e90755a3-a132-4b87-be25-2c4505f4f2e6","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":13,"box":{"x":722,"y":226,"width":236,"height":10}},{"id":"b1bd46cd-35d7-4f20-befd-4328d2473766","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":13,"box":{"x":549,"y":240,"width":382,"height":11}},{"id":"438a223e-c4c3-42d5-b6d8-49445f0a865f","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":13,"box":{"x":549,"y":254,"width":406,"height":11}},{"id":"cada675b-df3f-4aa5-a3b0-1ba2da58b168","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":13,"box":{"x":549,"y":268,"width":369,"height":11}},{"id":"df616b7c-c86a-4a78-ad99-31b57fd457be","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":13,"box":{"x":548,"y":282,"width":356,"height":11}},{"id":"de8c4b36-8d51-4e8a-8437-f29dcbd0bfa2","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":13,"box":{"x":549,"y":296,"width":407,"height":11}},{"id":"bbca87ca-596b-43d0-91c2-607eca704d1c","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":13,"box":{"x":549,"y":311,"width":397,"height":10}},{"id":"bb811206-517d-463f-8d1f-8deb49ced477","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":13,"box":{"x":549,"y":325,"width":403,"height":11}},{"id":"2bfa2be9-b12b-4c56-b06c-7bd448fb5cb9","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":13,"box":{"x":549,"y":339,"width":371,"height":11}},{"id":"461a1227-9161-4213-b0b2-346bbdee7848","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":13,"box":{"x":549,"y":353,"width":386,"height":11}},{"id":"901372d9-f7a2-4b2d-adb3-a0f37d195004","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":13,"box":{"x":549,"y":367,"width":391,"height":11}},{"id":"f8d7185a-a0e1-44d2-b32f-04fd9cce6be3","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":13,"box":{"x":549,"y":381,"width":351,"height":11}},{"id":"c16b0588-c5cc-4c31-bb9d-e69565133d00","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":13,"box":{"x":549,"y":396,"width":413,"height":11}},{"id":"d3c60200-e2b0-40be-91d7-0b20d34343bd","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":13,"box":{"x":549,"y":410,"width":405,"height":11}},{"id":"34dd7835-7e3a-46e9-9331-4c1c1fa8beea","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":13,"box":{"x":549,"y":424,"width":372,"height":10}},{"id":"bee784a0-ca64-42a5-87da-60155a16fc73","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":13,"box":{"x":549,"y":438,"width":395,"height":11}},{"id":"52174480-85c6-4ad5-8073-2841e6b115e5","block_type":"box","text":"Fund is specifically exposed to","page_number":13,"box":{"x":550,"y":452,"width":194,"height":11}},{"id":"77914142-68b5-45bf-926b-5dcbfa6b32ba","block_type":"box","text":"European Economic Risk","page_number":13,"box":{"x":750,"y":452,"width":171,"height":11}},{"id":"0485987c-201e-407e-ad8c-476cecddb12e","block_type":"box","text":".","page_number":13,"box":{"x":922,"y":459,"width":2,"height":2}},{"id":"277570b8-4d8d-472f-b246-e01d37f1898a","block_type":"box","text":"Equity Securities Risk","page_number":13,"box":{"x":549,"y":476,"width":148,"height":10}},{"id":"cf062b2c-9f51-4070-9cd0-f1d8bdeb66ee","block_type":"box","text":".","page_number":13,"box":{"x":697,"y":482,"width":2,"height":2}},{"id":"06590adb-c008-427b-8871-22358319dba5","block_type":"box","text":"Equity securities are subject to changes","page_number":13,"box":{"x":705,"y":476,"width":254,"height":10}},{"id":"25037dc5-8ecf-41a2-b074-acbdd3b3c941","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":13,"box":{"x":549,"y":490,"width":422,"height":11}},{"id":"a2b9deba-942c-48e8-8c11-c0d223155125","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":13,"box":{"x":549,"y":504,"width":420,"height":11}},{"id":"e9678378-e64c-4990-bfc5-5e703afa14d4","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":13,"box":{"x":549,"y":518,"width":397,"height":11}},{"id":"cbb3f7fb-9c3d-4ee5-a5cf-4a197afe59ed","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":13,"box":{"x":549,"y":532,"width":359,"height":11}},{"id":"f02832e5-598d-40d2-a28d-a4d7edf08504","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":13,"box":{"x":549,"y":547,"width":390,"height":10}},{"id":"1546e309-0c12-4e7c-9234-69fd1e3b381c","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":13,"box":{"x":549,"y":561,"width":412,"height":11}},{"id":"55ea2a1a-ef1d-47cb-8a8c-671f2fdae53d","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":13,"box":{"x":549,"y":575,"width":373,"height":11}},{"id":"89a1c78d-d2bb-47e1-815b-9a00d716ac41","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":13,"box":{"x":549,"y":589,"width":309,"height":11}},{"id":"47834a83-ded6-4ec3-9688-2d2c5ffa7b56","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":549,"y":612,"width":82,"height":9}},{"id":"92363adc-7205-4cd0-be73-db4dffae0124","block_type":"box","text":".","page_number":13,"box":{"x":631,"y":619,"width":3,"height":2}},{"id":"9fb24a8e-4390-4a4e-b1b2-3f5c18341999","block_type":"box","text":"The Fund could lose money over short periods due","page_number":13,"box":{"x":639,"y":612,"width":322,"height":11}},{"id":"08b4d537-1f8d-409f-a83c-5789be097929","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":13,"box":{"x":549,"y":626,"width":413,"height":11}},{"id":"c0980247-0835-417c-a85b-841a22a05fae","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":13,"box":{"x":549,"y":641,"width":382,"height":10}},{"id":"87b1c385-a4c7-47d9-9d17-8d1adf0f2312","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":13,"box":{"x":549,"y":655,"width":411,"height":11}},{"id":"d82c0003-893e-4e2f-8f41-2016893c5a76","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":13,"box":{"x":549,"y":669,"width":370,"height":11}},{"id":"dddf7b86-c808-422a-bfd8-89d9b4d33707","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":13,"box":{"x":549,"y":683,"width":404,"height":11}},{"id":"d37738b4-46ff-40b7-9266-c1f3470f7dfd","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":13,"box":{"x":549,"y":697,"width":395,"height":11}},{"id":"e8d09382-f79e-4482-839a-f1ba164aafdc","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":13,"box":{"x":549,"y":712,"width":395,"height":10}},{"id":"da1e8347-10c3-44a4-a834-8b5d70d0a97a","block_type":"box","text":"NAV.","page_number":13,"box":{"x":550,"y":726,"width":27,"height":8}},{"id":"a767f946-2cd7-4d67-8106-20746145bec1","block_type":"box","text":"Index-Related Risk.","page_number":13,"box":{"x":549,"y":749,"width":129,"height":8}},{"id":"66e17d16-fbd7-4b44-8c9e-55cb33eaa6ee","block_type":"box","text":"The Index Provider may rely on various","page_number":13,"box":{"x":683,"y":749,"width":247,"height":11}},{"id":"76ce9c87-2bd6-4717-ad06-4c3f7ba11066","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":13,"box":{"x":549,"y":763,"width":423,"height":11}},{"id":"75d876cc-ecf5-494e-84de-29b14f9dc053","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":13,"box":{"x":550,"y":777,"width":391,"height":11}},{"id":"ce64f62e-1020-4085-8241-d581c0c9d502","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":13,"box":{"x":549,"y":791,"width":406,"height":11}},{"id":"a4502e48-ce81-45c3-ac0f-608448fc74b8","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":13,"box":{"x":549,"y":806,"width":408,"height":10}},{"id":"2d42ba29-ec72-4ed3-bd58-bddeca503a4e","block_type":"box","text":"information will provide an accurate assessment of included","page_number":13,"box":{"x":549,"y":820,"width":384,"height":11}},{"id":"9c62ddd4-ce75-4fa2-884f-3b3fe3262196","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":13,"box":{"x":549,"y":834,"width":388,"height":11}},{"id":"b24839ef-9353-4e80-ac8a-1b318d399155","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":13,"box":{"x":549,"y":848,"width":366,"height":11}},{"id":"b9435195-6461-4a58-ad22-9821c5868fd5","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":13,"box":{"x":549,"y":862,"width":377,"height":11}},{"id":"44280ec4-1b18-4a7e-b793-4bc6ecfeddc6","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":13,"box":{"x":549,"y":877,"width":413,"height":10}},{"id":"03fe364a-4221-43e7-b21b-4981ec5bce1f","block_type":"box","text":"S-2","page_number":13,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"bc94e293-694f-427b-9b5d-563de37c291e","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":14,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"a58c03f3-e57b-43f8-a67a-4d3584e13075","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":14,"box":{"x":83,"y":37,"width":367,"height":11}},{"id":"a91025fb-5a7d-45ca-9248-0acbdc575b99","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":14,"box":{"x":83,"y":51,"width":400,"height":11}},{"id":"f37f9ea3-e986-40df-a06f-636de3e77b87","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":14,"box":{"x":83,"y":66,"width":409,"height":10}},{"id":"1a781818-573e-4f0d-8981-ea51777baa57","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":14,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"f95b4041-5525-405d-aa3f-448b22823e28","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":14,"box":{"x":83,"y":94,"width":362,"height":11}},{"id":"ac1cfe5f-3cba-48b0-9a5a-a59a86863f80","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":14,"box":{"x":83,"y":108,"width":423,"height":11}},{"id":"7a8fa0f5-7f71-48f0-ba2d-946288b38d49","block_type":"box","text":"Asset Class Risk.","page_number":14,"box":{"x":81,"y":131,"width":115,"height":9}},{"id":"8691e9a4-6ba2-441c-96b0-566efbe41b98","block_type":"box","text":"The securities and other assets in the","page_number":14,"box":{"x":202,"y":131,"width":239,"height":9}},{"id":"4150b03e-841b-463c-b9b0-947202217c5e","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":14,"box":{"x":83,"y":146,"width":406,"height":10}},{"id":"ca397a12-870b-45d6-93c4-6ebafe06f452","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":14,"box":{"x":83,"y":160,"width":405,"height":11}},{"id":"3979a2b9-02d3-459a-a3d0-0ab6019ee912","block_type":"box","text":"market, another index, or other asset classes.","page_number":14,"box":{"x":83,"y":174,"width":292,"height":10}},{"id":"988d669a-9acc-4786-9ba2-a1aa5f56503f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":14,"box":{"x":81,"y":197,"width":290,"height":11}},{"id":"0b8bd178-04cf-455c-a318-33db26e696b4","block_type":"box","text":"An “Authorized","page_number":14,"box":{"x":381,"y":197,"width":93,"height":9}},{"id":"4d3b01d1-9073-45fd-b12d-c92c2d45ea8a","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":14,"box":{"x":84,"y":211,"width":379,"height":11}},{"id":"fef047d7-71a5-4957-9b85-e0aede73af9b","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":14,"box":{"x":83,"y":226,"width":411,"height":10}},{"id":"4fa1037a-4500-4a2c-b79a-d5de0f60ea25","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":14,"box":{"x":84,"y":240,"width":395,"height":10}},{"id":"c7602e55-69f1-4490-9b4a-6425c6ac6618","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":14,"box":{"x":84,"y":254,"width":399,"height":11}},{"id":"8ac2ae26-c1c7-4399-a03d-adb4b485c0ef","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":14,"box":{"x":83,"y":268,"width":407,"height":11}},{"id":"17dc25ee-14d1-47a3-bb48-483c6050f655","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":14,"box":{"x":83,"y":282,"width":409,"height":11}},{"id":"11b64c06-36c4-4101-a231-64d3a35312cc","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":14,"box":{"x":83,"y":296,"width":412,"height":11}},{"id":"7e1ff642-5ab0-4916-a2df-0e922b2e8950","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":14,"box":{"x":83,"y":311,"width":403,"height":10}},{"id":"a603f551-80cc-428d-ad6b-0a8180f2e86c","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":14,"box":{"x":83,"y":325,"width":378,"height":11}},{"id":"201ec087-d130-42d3-ab43-ef6f57a5e3e9","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":14,"box":{"x":84,"y":339,"width":379,"height":11}},{"id":"c675757a-774f-48b2-8258-a356b259bf79","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":14,"box":{"x":83,"y":353,"width":404,"height":11}},{"id":"bf40f435-a54c-4ec2-9569-189013c01f91","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":14,"box":{"x":83,"y":367,"width":399,"height":11}},{"id":"07e79709-5e07-4a29-bf88-075454b2ba29","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":14,"box":{"x":84,"y":382,"width":391,"height":10}},{"id":"2f37abd5-ed7b-4a65-9c85-238c79335326","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":14,"box":{"x":83,"y":396,"width":408,"height":11}},{"id":"80427cbc-95bd-4a08-a7f6-bab414298289","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":14,"box":{"x":83,"y":410,"width":273,"height":11}},{"id":"34e3647b-6e3f-4e62-a692-ae29ccf57421","block_type":"box","text":"Concentration Risk.","page_number":14,"box":{"x":83,"y":433,"width":132,"height":9}},{"id":"c984b81f-ece0-4d59-8a9e-1b6f759679cd","block_type":"box","text":"The Fund may be susceptible to an","page_number":14,"box":{"x":220,"y":433,"width":222,"height":11}},{"id":"25e23da9-e8a8-466c-9a01-abafe2ad8abe","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":14,"box":{"x":83,"y":447,"width":419,"height":11}},{"id":"d94afdc5-54b5-4668-b093-7ce239d75497","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":14,"box":{"x":83,"y":461,"width":407,"height":11}},{"id":"6c21cc2c-05fa-479a-8cba-eba2dbd0af5d","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":14,"box":{"x":83,"y":476,"width":417,"height":8}},{"id":"4bd1de73-b525-4510-a0ae-f389f2b8510e","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":14,"box":{"x":83,"y":490,"width":395,"height":10}},{"id":"080afdcd-3a93-447d-8e8d-442558eb36a1","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":14,"box":{"x":83,"y":504,"width":388,"height":11}},{"id":"155c5c08-9184-4c14-a61a-0b5cc2dc92ad","block_type":"box","text":"asset classes.","page_number":14,"box":{"x":83,"y":518,"width":88,"height":9}},{"id":"a5522842-1973-49a7-954d-0a8519afd869","block_type":"box","text":"Currency Risk","page_number":14,"box":{"x":83,"y":541,"width":95,"height":11}},{"id":"dd03a650-3a2b-4868-ba72-dfc995a0a121","block_type":"box","text":".","page_number":14,"box":{"x":179,"y":548,"width":2,"height":2}},{"id":"25db3268-1604-4d84-bfcf-78cf6608fe25","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":14,"box":{"x":187,"y":541,"width":292,"height":9}},{"id":"84f1f5a3-3b35-4888-b371-2f0285038fdc","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":14,"box":{"x":83,"y":556,"width":388,"height":10}},{"id":"f3716a1e-772a-4912-a117-4b21df4be1b3","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":14,"box":{"x":83,"y":570,"width":395,"height":11}},{"id":"e21afa0b-98a7-45d2-80c5-8d3146a25888","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":14,"box":{"x":83,"y":584,"width":415,"height":11}},{"id":"b8e328da-a29f-49e2-8b6a-19c37a548b7e","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":14,"box":{"x":83,"y":598,"width":404,"height":11}},{"id":"375096db-d0ae-4ffb-9939-e59beba156a8","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":14,"box":{"x":83,"y":612,"width":394,"height":11}},{"id":"0013bfb2-e542-4136-bfb9-c3f8387518f5","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":14,"box":{"x":83,"y":626,"width":398,"height":11}},{"id":"b099d16c-251a-4ccd-ad1c-8a9862b0a83f","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":14,"box":{"x":83,"y":641,"width":392,"height":10}},{"id":"e19ce4bc-226d-43fa-b0b4-fd6868883c07","block_type":"box","text":"dollars and foreign currencies.","page_number":14,"box":{"x":83,"y":655,"width":193,"height":11}},{"id":"68941f23-aa7e-4916-a2fc-8fa37d92b036","block_type":"box","text":"Financial Companies Risk","page_number":14,"box":{"x":83,"y":678,"width":174,"height":11}},{"id":"855bd3c8-3416-4ac0-8aee-180dcea9093d","block_type":"box","text":".","page_number":14,"box":{"x":257,"y":685,"width":3,"height":1}},{"id":"d0df616d-e681-4d3d-af42-ee424ecb3961","block_type":"box","text":"Financial services companies are","page_number":14,"box":{"x":266,"y":678,"width":211,"height":11}},{"id":"23fff992-60f1-4103-9016-e0b33810e173","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":14,"box":{"x":83,"y":692,"width":400,"height":11}},{"id":"deec50ac-4bae-469f-bb15-17b90a4e850e","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":14,"box":{"x":82,"y":706,"width":405,"height":11}},{"id":"8513a37a-cfa7-4ba5-8433-8548f3b748ed","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":14,"box":{"x":83,"y":721,"width":405,"height":10}},{"id":"a700c161-1b27-41e2-8a91-0e24f86d041b","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":14,"box":{"x":83,"y":735,"width":385,"height":11}},{"id":"8bbb0668-3fc8-4bd4-9fa1-3a10dfaddd5d","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":14,"box":{"x":83,"y":749,"width":395,"height":11}},{"id":"b38e96f7-9b9d-4d91-84aa-eb8a61a69a6c","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":14,"box":{"x":83,"y":763,"width":367,"height":11}},{"id":"633f3eae-9519-41e7-9ca2-e123f9ac1222","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":14,"box":{"x":83,"y":777,"width":343,"height":11}},{"id":"c96efd78-0f58-4d47-a097-93edc787b3e3","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":14,"box":{"x":83,"y":791,"width":410,"height":11}},{"id":"d3895a2b-dce4-46d1-8237-7ca0f7c7a8e6","block_type":"box","text":"and counterparty risk.","page_number":14,"box":{"x":83,"y":806,"width":140,"height":10}},{"id":"23f6fdaa-b127-4ac8-997d-a8cf562ae0f1","block_type":"box","text":"Industrial Companies Risk.","page_number":14,"box":{"x":83,"y":829,"width":180,"height":11}},{"id":"fbf6a639-d56a-45f8-b543-33f72b59c325","block_type":"box","text":"Industrial companies face a number","page_number":14,"box":{"x":270,"y":829,"width":229,"height":11}},{"id":"eb99e8f4-ebc3-4a86-b21f-bbc7407f94fd","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":14,"box":{"x":83,"y":843,"width":378,"height":11}},{"id":"10febdf6-361a-41ad-9aef-dc2559963cda","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":14,"box":{"x":83,"y":857,"width":415,"height":11}},{"id":"4d382b62-b48a-4887-9f5e-9b0edbaec6fd","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":14,"box":{"x":83,"y":871,"width":380,"height":11}},{"id":"5fb41a40-4ef4-4cdc-a263-dbc3900e44c0","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":14,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"1265da21-8940-4507-8898-1c0fa74fc42e","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":14,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"25d3b789-ca41-41be-a8ea-13481b72e4a5","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":14,"box":{"x":549,"y":51,"width":388,"height":11}},{"id":"ecb6c96f-9ac2-4f3a-bd12-01ef02a76d98","block_type":"box","text":"affected by technological developments, labor relations,","page_number":14,"box":{"x":549,"y":66,"width":358,"height":11}},{"id":"ad956b5a-abf2-492d-bd1b-c557beb35913","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":14,"box":{"x":549,"y":80,"width":420,"height":11}},{"id":"8fe2e0be-e150-42a2-adc8-880203f3dc0e","block_type":"box","text":"and changes in domestic and international economies.","page_number":14,"box":{"x":549,"y":94,"width":348,"height":11}},{"id":"e0d99a5e-0b89-4e5d-81ed-20a2c7ba898c","block_type":"box","text":"Issuer Risk","page_number":14,"box":{"x":549,"y":117,"width":75,"height":9}},{"id":"b3376ec1-4912-45b0-a716-5e627dc99192","block_type":"box","text":".","page_number":14,"box":{"x":624,"y":124,"width":3,"height":2}},{"id":"32aaa53f-7eee-46d9-8521-cda93ecbbc9d","block_type":"box","text":"The performance of the Fund depends on the","page_number":14,"box":{"x":632,"y":117,"width":288,"height":11}},{"id":"beae19e9-304e-45c1-9bfb-0dca833db699","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":14,"box":{"x":549,"y":131,"width":412,"height":11}},{"id":"9dcebe7f-e068-4abe-82a3-5bc77141c771","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":14,"box":{"x":550,"y":146,"width":402,"height":10}},{"id":"b7aacd9f-8a92-4635-aa75-5e168e8b5ead","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":14,"box":{"x":549,"y":160,"width":418,"height":11}},{"id":"a26fefbd-cafd-4d5d-9732-9b9243f402d4","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":14,"box":{"x":549,"y":174,"width":414,"height":11}},{"id":"fa7df7f7-54f1-4a58-804b-047d9ccb9a0f","block_type":"box","text":"counterparty.","page_number":14,"box":{"x":549,"y":189,"width":84,"height":10}},{"id":"b3966607-e24f-414e-a293-d3d32efe6c15","block_type":"box","text":"Management Risk","page_number":14,"box":{"x":549,"y":211,"width":123,"height":11}},{"id":"745c4c3d-536e-4a34-9369-6999d68aebc2","block_type":"box","text":".","page_number":14,"box":{"x":672,"y":218,"width":2,"height":2}},{"id":"b9b16871-0f9b-4183-b635-1b6366c9e32b","block_type":"box","text":"The Fund generally does not attempt to take","page_number":14,"box":{"x":679,"y":211,"width":283,"height":11}},{"id":"80a0e9fb-caf7-4efb-b96a-274062a05f92","block_type":"box","text":"defensive positions under any market conditions, including","page_number":14,"box":{"x":549,"y":226,"width":376,"height":10}},{"id":"1bd28b73-aac0-40ea-8e4d-4ae12b06564a","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":14,"box":{"x":549,"y":240,"width":362,"height":11}},{"id":"43f32f43-48a2-4441-bc2d-3e34952e149e","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":14,"box":{"x":550,"y":254,"width":387,"height":11}},{"id":"e3070e7f-04f4-495e-8f1a-571f4ad7da03","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":14,"box":{"x":549,"y":268,"width":409,"height":11}},{"id":"78864b4d-cbfd-4ae8-a52c-723a39b3bd75","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":14,"box":{"x":549,"y":282,"width":419,"height":11}},{"id":"27c3830e-e75f-4e05-afa1-b779e2453b58","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":14,"box":{"x":549,"y":296,"width":420,"height":11}},{"id":"f012f451-70d4-42a8-b4b9-b4b97f218290","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":14,"box":{"x":549,"y":311,"width":403,"height":10}},{"id":"058e690c-5116-436f-af94-62caf6b4c2db","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":14,"box":{"x":549,"y":325,"width":323,"height":10}},{"id":"862b6682-1889-431c-9acf-a1504839bac7","block_type":"box","text":"Market Trading Risk","page_number":14,"box":{"x":549,"y":348,"width":136,"height":11}},{"id":"6f00b96c-cd4e-4203-8cda-67e308f2ceae","block_type":"box","text":".","page_number":14,"box":{"x":685,"y":355,"width":2,"height":1}},{"id":"fc159d1d-b75d-4343-82f0-db3f1302c4fb","block_type":"box","text":"The Fund faces numerous market trading","page_number":14,"box":{"x":692,"y":348,"width":264,"height":11}},{"id":"f3f99f29-40bf-40bd-8bcf-82285d1ed30f","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":14,"box":{"x":549,"y":362,"width":394,"height":11}},{"id":"71b8c76c-6788-4343-8c69-7a6f50d97df8","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":14,"box":{"x":549,"y":376,"width":401,"height":11}},{"id":"fcb042da-68cf-4562-b322-6777af1ee16a","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":14,"box":{"x":549,"y":391,"width":404,"height":10}},{"id":"2a9287c3-b3a9-4b95-90f3-86f42a322255","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":14,"box":{"x":549,"y":405,"width":416,"height":11}},{"id":"fe346579-a3bc-4d6c-ad64-19f58e21ccdf","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":14,"box":{"x":549,"y":419,"width":404,"height":11}},{"id":"746e6a43-7cd6-418b-96aa-5baa16ff79fa","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":14,"box":{"x":549,"y":433,"width":411,"height":11}},{"id":"3655eb10-16bd-431a-a939-7ff903bdf50c","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":14,"box":{"x":549,"y":447,"width":397,"height":11}},{"id":"34015037-854f-43bf-9aa1-e8b74ef7d65c","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":14,"box":{"x":549,"y":461,"width":419,"height":11}},{"id":"8a0927c7-925c-420c-a462-57175233a7f9","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":14,"box":{"x":549,"y":476,"width":413,"height":10}},{"id":"eec4baed-5c43-47db-8b28-410e806f3955","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":14,"box":{"x":549,"y":490,"width":397,"height":11}},{"id":"cd023422-8842-4457-b864-a22aa060c8f6","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":14,"box":{"x":549,"y":504,"width":316,"height":11}},{"id":"2e9cad0f-ff8d-436a-a07f-a20640969c6c","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":14,"box":{"x":549,"y":527,"width":238,"height":11}},{"id":"df19e18f-461f-4a12-9ad6-95238cb4e566","block_type":"box","text":".","page_number":14,"box":{"x":787,"y":534,"width":3,"height":2}},{"id":"2f78cc19-6651-483d-8f27-2af5eed9d855","block_type":"box","text":"Compared to large","page_number":14,"box":{"x":795,"y":527,"width":124,"height":11}},{"id":"717405fc-9be0-42f6-97bb-c4398ecd8c93","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":14,"box":{"x":549,"y":541,"width":403,"height":11}},{"id":"8fefe6dc-c325-4ad1-a41e-dbde5b6f6095","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":14,"box":{"x":549,"y":556,"width":405,"height":10}},{"id":"21c62250-a603-4730-9736-c94a6daaae53","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":14,"box":{"x":549,"y":570,"width":407,"height":11}},{"id":"0d89f3e5-f2c7-447d-99f6-b90be0bf4528","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":14,"box":{"x":549,"y":584,"width":414,"height":11}},{"id":"9a9788f4-33eb-405f-b937-24092f7dd126","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":14,"box":{"x":549,"y":598,"width":413,"height":11}},{"id":"14e37bd7-ab01-4e55-9b2d-343c01c64d9f","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":14,"box":{"x":549,"y":612,"width":386,"height":11}},{"id":"d74a29ba-ba23-43dc-b007-d3f8411cdd78","block_type":"box","text":"National Closed Market Trading Risk.","page_number":14,"box":{"x":549,"y":635,"width":250,"height":11}},{"id":"ec2370c1-caac-4cf2-8cf3-15ec52bcc9d6","block_type":"box","text":"To the extent that","page_number":14,"box":{"x":805,"y":636,"width":113,"height":8}},{"id":"7c8893af-aa92-4b34-8a99-9a953ab55d87","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":14,"box":{"x":549,"y":650,"width":378,"height":10}},{"id":"b641cf1a-5bdd-4711-ae04-3da485a9befe","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":14,"box":{"x":549,"y":664,"width":393,"height":11}},{"id":"09f1e615-8313-4748-bce4-0859447a299b","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":14,"box":{"x":549,"y":678,"width":396,"height":11}},{"id":"6b1f9279-f8b4-4b7d-82cd-93c1fb415b08","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":14,"box":{"x":549,"y":692,"width":392,"height":11}},{"id":"8f340cb5-e4b9-4f70-b398-d90d51fb010c","block_type":"box","text":"price and its last quoted price (","page_number":14,"box":{"x":549,"y":706,"width":198,"height":11}},{"id":"59db982e-9310-406c-b49a-041212bc0912","block_type":"box","text":"i.e","page_number":14,"box":{"x":748,"y":706,"width":14,"height":9}},{"id":"4375a081-6fdf-4a68-8e8d-756f2834fb1c","block_type":"box","text":"., the quote from the closed","page_number":14,"box":{"x":764,"y":706,"width":176,"height":11}},{"id":"3905a034-b94d-4521-8e52-d99233d156fe","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":14,"box":{"x":549,"y":721,"width":376,"height":10}},{"id":"bebd6a33-a027-48c5-817e-4115f5545bb2","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":14,"box":{"x":549,"y":735,"width":420,"height":11}},{"id":"71e08802-a9aa-45a7-a8a5-47291cd9998e","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":14,"box":{"x":549,"y":749,"width":403,"height":11}},{"id":"714863ac-a499-4010-9519-eb2eb9491a07","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":14,"box":{"x":549,"y":763,"width":360,"height":11}},{"id":"125c75f6-7197-484c-b3d1-bfcd018c0ca0","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":14,"box":{"x":549,"y":777,"width":398,"height":11}},{"id":"b207938c-5ed0-443a-b57d-e486ec39fb84","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":14,"box":{"x":550,"y":791,"width":410,"height":11}},{"id":"c3ce9cdc-093f-4d9f-8c19-812339ad35ca","block_type":"box","text":"Non-Diversification Risk","page_number":14,"box":{"x":549,"y":815,"width":165,"height":8}},{"id":"f2c32068-6223-4ade-9bee-f5ec34dc6c6d","block_type":"box","text":".","page_number":14,"box":{"x":714,"y":821,"width":2,"height":2}},{"id":"097f98f0-b8e5-4319-a55e-fb5ea9dfaea6","block_type":"box","text":"The Fund is classified as “non","page_number":14,"box":{"x":721,"y":815,"width":194,"height":8}},{"id":"f62d7e9c-a024-4927-96f0-2ed88f29dd96","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":14,"box":{"x":549,"y":829,"width":377,"height":11}},{"id":"dc44e6f3-1403-42fc-a73c-9d9e5892f3f6","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":14,"box":{"x":549,"y":843,"width":358,"height":11}},{"id":"dfd9c9dd-e4b6-4228-97b2-8a5b90f4f5b1","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":14,"box":{"x":549,"y":857,"width":370,"height":11}},{"id":"7be98be2-9e35-422a-97ce-70ac42d1f0b2","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":14,"box":{"x":549,"y":871,"width":423,"height":11}},{"id":"a8e78e8b-1a8e-4954-9f3a-d8412d92cd9e","block_type":"box","text":"S-3","page_number":14,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"59f8ef9d-c831-4016-a178-61fc3ec111fb","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":15,"box":{"x":83,"y":23,"width":379,"height":11}},{"id":"74df8c73-e5f9-4200-befc-77cbc8140865","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":15,"box":{"x":83,"y":37,"width":375,"height":11}},{"id":"f060d1d9-76ae-4a2d-b149-27cbf1317cce","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":15,"box":{"x":83,"y":51,"width":418,"height":11}},{"id":"5bbf2a72-99c8-40a0-a49d-0eb21c7013eb","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":15,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"0d81d697-5326-40fd-a053-abd379b0edc5","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":15,"box":{"x":83,"y":80,"width":209,"height":11}},{"id":"9755dda0-45e9-4177-a2bc-e8b390463868","block_type":"box","text":"Operational and Technology Risks","page_number":15,"box":{"x":83,"y":103,"width":230,"height":11}},{"id":"4981ef3a-3712-4352-8223-4bf23001cb89","block_type":"box","text":".","page_number":15,"box":{"x":314,"y":110,"width":2,"height":1}},{"id":"7dfee037-9e15-44ca-bf29-7f385810e29c","block_type":"box","text":"The Fund is directly and","page_number":15,"box":{"x":321,"y":103,"width":151,"height":11}},{"id":"f83bec0e-87ae-4b73-92ff-daa271b6b6e9","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":15,"box":{"x":83,"y":117,"width":368,"height":11}},{"id":"5d88e286-c97e-4585-a16c-ac877866514b","block_type":"box","text":"including those related to human errors, processing errors,","page_number":15,"box":{"x":83,"y":131,"width":376,"height":11}},{"id":"09beaed9-1ab4-4a0e-a711-1a1b9756174e","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":15,"box":{"x":83,"y":146,"width":413,"height":10}},{"id":"5be17d13-5805-49ab-8174-807a551db20d","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":15,"box":{"x":83,"y":160,"width":404,"height":11}},{"id":"877a9044-4f64-4d1d-aeb4-f30a7cf737ac","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":15,"box":{"x":82,"y":174,"width":402,"height":11}},{"id":"726cd15b-afa4-40e6-846d-46fb0eb5dd02","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":15,"box":{"x":83,"y":188,"width":376,"height":11}},{"id":"1ed932e0-161b-40d1-8f3d-532a230dc576","block_type":"box","text":"providers are required to have appropriate operational,","page_number":15,"box":{"x":83,"y":202,"width":350,"height":11}},{"id":"ddd08194-9cc4-4986-9839-74fc79982993","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":15,"box":{"x":83,"y":216,"width":414,"height":11}},{"id":"4328b126-c1e0-42a0-b588-8077f30cb051","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":15,"box":{"x":83,"y":231,"width":397,"height":11}},{"id":"4ee6024d-2eba-462e-b695-99d93baf9ac2","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":15,"box":{"x":82,"y":245,"width":411,"height":11}},{"id":"bb6c1a46-7fa1-43c9-a9b7-fa153c78eeac","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":15,"box":{"x":83,"y":259,"width":391,"height":9}},{"id":"743c287f-0283-43e3-ad13-93c7fd1f9649","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":15,"box":{"x":83,"y":273,"width":421,"height":11}},{"id":"3ef60f16-cbe4-42e3-81f6-4dbf7544490a","block_type":"box","text":"investments in such issuers to lose value.","page_number":15,"box":{"x":83,"y":287,"width":264,"height":9}},{"id":"b789eb46-5aa8-4a8b-9830-67f203e50e15","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":15,"box":{"x":83,"y":311,"width":228,"height":10}},{"id":"795cf6c6-22d4-4fc8-bdde-3c0642abc26b","block_type":"box","text":".","page_number":15,"box":{"x":311,"y":317,"width":2,"height":2}},{"id":"f610069f-b6d2-4562-a50b-53149cbc2edc","block_type":"box","text":"The Fund invests in a country","page_number":15,"box":{"x":318,"y":311,"width":188,"height":10}},{"id":"d6bcbad0-7493-49a3-965c-6732c14ce3e7","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":15,"box":{"x":82,"y":325,"width":381,"height":11}},{"id":"3706d082-2e97-4051-9720-086aec121f08","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":15,"box":{"x":83,"y":339,"width":380,"height":11}},{"id":"a643b0f0-705e-4de5-8918-bc94a81bbef8","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":15,"box":{"x":83,"y":353,"width":370,"height":11}},{"id":"0f2047e2-3dbb-4d5e-9484-804d1e8c17a6","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":15,"box":{"x":83,"y":367,"width":403,"height":11}},{"id":"c7c539c6-0c09-48ad-95fd-f150a7267dfa","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":15,"box":{"x":82,"y":382,"width":326,"height":11}},{"id":"f9c1a963-0069-462b-a964-e93d98f19f8d","block_type":"box","text":"and","page_number":15,"box":{"x":413,"y":382,"width":22,"height":8}},{"id":"6cf94bad-3a22-44cc-9e98-db735749f786","block_type":"box","text":"U.S.","page_number":15,"box":{"x":441,"y":382,"width":26,"height":8}},{"id":"f6cf0846-ad39-483e-936e-ce8318a7452c","block_type":"box","text":"Economic Risk","page_number":15,"box":{"x":83,"y":396,"width":101,"height":8}},{"id":"52d86b6c-48fd-43a9-b6a0-654bd5f446f0","block_type":"box","text":".","page_number":15,"box":{"x":186,"y":403,"width":1,"height":1}},{"id":"23f2ad16-6033-45c0-b5b0-15aec36708dc","block_type":"box","text":"Securities Lending Risk.","page_number":15,"box":{"x":82,"y":419,"width":162,"height":11}},{"id":"2787dc58-477e-4332-a6cf-b1bf57476ec8","block_type":"box","text":"The Fund may engage in securities","page_number":15,"box":{"x":249,"y":419,"width":221,"height":11}},{"id":"bf9076b7-1989-42fb-84c4-696d5e3c0d86","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":15,"box":{"x":83,"y":433,"width":396,"height":11}},{"id":"045ecaa7-16c0-498d-92c2-3ee9a16e0d2a","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":15,"box":{"x":83,"y":447,"width":418,"height":11}},{"id":"f12e2181-0b18-4b89-9868-9fe7a44d19e0","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":15,"box":{"x":83,"y":461,"width":408,"height":11}},{"id":"62fad51e-0cbd-4c4f-946a-517debc5daa4","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":15,"box":{"x":83,"y":476,"width":416,"height":10}},{"id":"18882a31-3b2f-4e03-ae9e-c8b9499a0b79","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":15,"box":{"x":83,"y":490,"width":389,"height":11}},{"id":"bb3684bc-228a-4efb-9469-fa9891b7e2ef","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":15,"box":{"x":83,"y":504,"width":406,"height":8}},{"id":"a279349f-c52e-4792-9baf-0d1461d3c9be","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":15,"box":{"x":83,"y":518,"width":301,"height":11}},{"id":"9bab6b4e-b121-4133-a283-b9269a998893","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":15,"box":{"x":82,"y":541,"width":250,"height":11}},{"id":"c9742a6c-6745-42b7-8224-2358c33576f5","block_type":"box","text":".","page_number":15,"box":{"x":332,"y":548,"width":3,"height":2}},{"id":"a79cd5ba-7b1e-430d-b95a-cd77ae13f5cd","block_type":"box","text":"Compared to mid- and","page_number":15,"box":{"x":340,"y":541,"width":143,"height":11}},{"id":"4e1bbc76-d866-4404-823d-5f09b5dd4e7b","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":15,"box":{"x":83,"y":556,"width":400,"height":10}},{"id":"9a58fcb4-9a92-40f7-a30a-38b35007bd23","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":15,"box":{"x":83,"y":570,"width":330,"height":11}},{"id":"a5819704-0ef2-47f8-aca6-efb23ab59438","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":15,"box":{"x":83,"y":584,"width":404,"height":11}},{"id":"8c689cc4-993b-4571-a2af-c3f65cf3c1bc","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":15,"box":{"x":83,"y":598,"width":417,"height":11}},{"id":"112d6ba3-60c0-4705-9c8a-68f08d69fb5e","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":15,"box":{"x":83,"y":612,"width":415,"height":11}},{"id":"dcac209b-2087-4a24-919e-1bae9631fbe0","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":15,"box":{"x":83,"y":626,"width":407,"height":11}},{"id":"ea3de79f-5388-47fb-9ee9-f01503ad7501","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":15,"box":{"x":83,"y":641,"width":220,"height":10}},{"id":"7b2821a3-4c62-433f-bfc8-3efd47e60361","block_type":"box","text":"Tracking Error Risk","page_number":15,"box":{"x":550,"y":23,"width":128,"height":11}},{"id":"30eb96ec-d90b-4bfd-a6a5-4f02c689711b","block_type":"box","text":".","page_number":15,"box":{"x":678,"y":30,"width":3,"height":2}},{"id":"818e9f01-1770-4acc-af88-462b442d9107","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":15,"box":{"x":686,"y":23,"width":284,"height":11}},{"id":"df17fa5d-9ed7-4d47-82ee-cb9edfd63a10","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":15,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"0bd69742-2680-45a3-8e67-aa7173a9fe96","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":15,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"5522b604-98c8-469b-bd3b-d259e0cc4f31","block_type":"box","text":"factors, including differences between the securities and other","page_number":15,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"4f2ee4e7-fb9a-4a6f-8860-1c9989e000c8","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":15,"box":{"x":549,"y":80,"width":381,"height":11}},{"id":"66a9dfed-18f6-40fb-94e4-346dddeaee8c","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":15,"box":{"x":550,"y":94,"width":396,"height":11}},{"id":"5026286c-1b45-4fce-9db4-95115030696e","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":15,"box":{"x":549,"y":108,"width":407,"height":10}},{"id":"4f939e54-32cc-4bfb-b467-b7e45bfdf232","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":15,"box":{"x":549,"y":122,"width":400,"height":11}},{"id":"c7d62b40-f3d9-4457-b279-abb75cc17279","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":15,"box":{"x":549,"y":137,"width":421,"height":10}},{"id":"38b46630-da25-46a5-9327-9b74407b657b","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":15,"box":{"x":549,"y":151,"width":374,"height":11}},{"id":"c780351d-d140-4c11-8dda-894afb828cc6","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":15,"box":{"x":549,"y":165,"width":370,"height":11}},{"id":"e88c6f6d-f24e-40db-abad-c0031669ed0b","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":15,"box":{"x":549,"y":179,"width":372,"height":11}},{"id":"0e74acd9-84ff-4c4f-8bfb-cb4c0f28a858","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":15,"box":{"x":549,"y":193,"width":420,"height":11}},{"id":"4ef62ac6-ef56-4d38-ae6a-db972620d44c","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":15,"box":{"x":549,"y":207,"width":387,"height":11}},{"id":"f844e29d-eea8-4a0e-850c-6078e6f18382","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":15,"box":{"x":549,"y":222,"width":377,"height":10}},{"id":"e0275131-0a99-4f25-a004-633ecb0fd824","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":15,"box":{"x":549,"y":236,"width":380,"height":11}},{"id":"08e73d21-436d-473c-9971-2eaa38169aca","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":15,"box":{"x":549,"y":250,"width":366,"height":11}},{"id":"153160a7-bba1-4498-9758-08a5640c2fb8","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":15,"box":{"x":549,"y":264,"width":414,"height":11}},{"id":"63f411fb-74f4-437c-b1c6-3581299dad78","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":15,"box":{"x":550,"y":278,"width":386,"height":11}},{"id":"8d58c0af-a285-4835-87a9-9b5dbf397215","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":15,"box":{"x":549,"y":293,"width":414,"height":10}},{"id":"e979a438-4bf3-4864-b3ae-f83c9d23ad47","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":15,"box":{"x":549,"y":307,"width":420,"height":11}},{"id":"b144ef21-1157-4cc3-b215-f970baf05d39","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":15,"box":{"x":549,"y":321,"width":383,"height":8}},{"id":"13ef3a9e-a14a-492d-b4de-c990c254aa11","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":15,"box":{"x":549,"y":335,"width":390,"height":11}},{"id":"308acd40-f310-4578-be12-3b9143eda2a3","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":15,"box":{"x":549,"y":349,"width":299,"height":9}},{"id":"80f8ea16-a37e-47a5-9d5e-6e02deb6292b","block_type":"box","text":"Valuation Risk","page_number":15,"box":{"x":550,"y":372,"width":96,"height":9}},{"id":"4974f186-135a-4e1a-b871-61f9a1681ba3","block_type":"box","text":".","page_number":15,"box":{"x":646,"y":379,"width":2,"height":2}},{"id":"18888241-c4f5-40ef-9413-0791621042e8","block_type":"box","text":"The price that the Fund could receive upon the","page_number":15,"box":{"x":653,"y":373,"width":298,"height":10}},{"id":"6c67a975-6b46-4c68-92cc-49c100786671","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":15,"box":{"x":549,"y":387,"width":408,"height":10}},{"id":"efaa035a-ef0a-4ecc-93db-981fd1cc9e62","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":15,"box":{"x":549,"y":401,"width":355,"height":11}},{"id":"76d9b554-bfd4-4e72-8266-2bd5f8c337a1","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":15,"box":{"x":549,"y":415,"width":418,"height":11}},{"id":"af144bd5-73e7-4e8c-9d19-22d9c8099c92","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":15,"box":{"x":549,"y":429,"width":347,"height":11}},{"id":"fa32f35e-546e-432b-8464-c97707a97e5d","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":15,"box":{"x":549,"y":443,"width":418,"height":11}},{"id":"39690d0f-1e5b-4635-a454-9ff96dae811c","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":15,"box":{"x":549,"y":458,"width":406,"height":10}},{"id":"02dabf2e-f338-49d7-8bf3-e27ea6c67c99","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":15,"box":{"x":549,"y":472,"width":411,"height":11}},{"id":"3b18cf73-b5b1-4eda-b08e-0551e781f3fa","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":15,"box":{"x":549,"y":486,"width":392,"height":11}},{"id":"ec07fb82-062d-4017-bc25-598809257cf8","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":15,"box":{"x":549,"y":500,"width":414,"height":11}},{"id":"d046bd01-8949-4c0d-aac1-09086f245fb4","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":15,"box":{"x":549,"y":514,"width":394,"height":11}},{"id":"0b32ddb0-a9e2-44c5-a4e0-f0d229d12066","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":15,"box":{"x":548,"y":528,"width":383,"height":11}},{"id":"aba1feb6-4784-4266-8009-0fb440862bb0","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":15,"box":{"x":549,"y":543,"width":414,"height":10}},{"id":"b50674be-6959-4b63-a2ff-13892600a2cd","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":15,"box":{"x":549,"y":557,"width":392,"height":8}},{"id":"22706d7d-4ef2-4de4-8354-e560e1bb87dc","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":15,"box":{"x":548,"y":571,"width":425,"height":11}},{"id":"e13d4a22-c7de-434c-94d0-a99c6e1c0e3d","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":15,"box":{"x":548,"y":585,"width":400,"height":11}},{"id":"20e49269-964b-4853-b461-554820da6a6b","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":15,"box":{"x":549,"y":599,"width":405,"height":11}},{"id":"362915ee-6d68-4f9b-a98e-0a57b1383971","block_type":"box","text":"S-4","page_number":15,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"d806b43d-aab5-406d-971c-b809be80408d","block_type":"box","text":"Performance Information","page_number":16,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8f15ba2f-63b9-4939-98a6-6721e927ff09","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":16,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"b3784195-12fc-4282-9a21-9ef1c48bb619","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":16,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"b7cb2fdf-cd4c-47bd-9969-f0d4e2132bda","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":16,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3aa3973a-5796-4311-976e-5f041dd97dec","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":16,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"1673d1da-21bf-43af-8d7a-8b760c6584b8","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":16,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"0c4cd085-1b4c-41b0-bafc-85818c5226c2","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":16,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"2331776f-f36e-4504-9a35-58f833ab9d91","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":16,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"38be867c-c6d6-4a53-922f-fffa2c773fb1","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":16,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"e21ca38b-c7ba-42ea-b78d-bc73a014fe77","block_type":"box","text":"75%","page_number":16,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"c8eb45a8-5c5b-42bd-b884-a125e1ac50c5","block_type":"box","text":"50%","page_number":16,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"3cc6ef02-5ef0-4640-bf3e-409761d54efb","block_type":"box","text":"25%","page_number":16,"box":{"x":333,"y":240,"width":20,"height":7}},{"id":"e680681a-2ee0-4d8c-adc4-98572d73b6c6","block_type":"box","text":"0%","page_number":16,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"f2df4636-c770-4203-909c-ac34175c8249","block_type":"box","text":"-25%","page_number":16,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"12bc7e0d-fedb-4d73-906b-63679a64e2f9","block_type":"box","text":"-50%","page_number":16,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"6e5b5561-5995-42f2-a911-25e3b80561bc","block_type":"box","text":"2","page_number":16,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"8b888c5c-cfa2-4a68-8636-8fb5d3640208","block_type":"box","text":"0","page_number":16,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"5ff3b55f-9a01-487d-aa99-5b98b386e2fb","block_type":"box","text":"1","page_number":16,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"e6f511a0-7b21-42cb-b178-aee41e350175","block_type":"box","text":"5","page_number":16,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"8c4f6f48-d374-4e9f-97cb-e13ef9b6cee4","block_type":"box","text":"2","page_number":16,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"452fcc15-5cc5-4ab2-ab1c-628767d8335c","block_type":"box","text":"0","page_number":16,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"b2eac82b-d587-4560-b42a-22bdc05f022c","block_type":"box","text":"1","page_number":16,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"164c0dcd-a0da-4867-8686-36e29a9f44b8","block_type":"box","text":"6","page_number":16,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"33d79d08-2357-47d1-871c-77d1b5c31acd","block_type":"box","text":"2","page_number":16,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"d6736647-6645-4f70-97aa-5079bd67e8c4","block_type":"box","text":"0","page_number":16,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"b94b30aa-c13c-4766-92af-2d4c8f3f41da","block_type":"box","text":"17 2","page_number":16,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"7d6cb8aa-e411-42d3-b439-f635ff90c18a","block_type":"box","text":"0","page_number":16,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"5178205d-5697-4901-b7cf-344591234e59","block_type":"box","text":"1","page_number":16,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"14d85f44-193d-4270-937b-4b506876d945","block_type":"box","text":"8","page_number":16,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"ab5d1d05-3b13-4ff0-be08-12a095e91059","block_type":"box","text":"2","page_number":16,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"aade9a5f-5836-48c5-9c7b-b295c9de1ddb","block_type":"box","text":"0","page_number":16,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"b9ccb695-f99f-46b4-bdce-afe54367e06a","block_type":"box","text":"1","page_number":16,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"95c12fd2-2d01-478d-92fa-b5b596ec5b42","block_type":"box","text":"9","page_number":16,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"cc1dc202-58b1-4eef-8fd9-26d0e5741fe7","block_type":"box","text":"2","page_number":16,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"a8eae28c-f986-405b-9145-60cd0b034dcf","block_type":"box","text":"0","page_number":16,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"85f30321-0bda-41bd-b536-1f74d29482b7","block_type":"box","text":"2","page_number":16,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"06e7acd2-29e6-440c-ac06-d394dae6f6d2","block_type":"box","text":"0","page_number":16,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"27d003b7-b4e1-4e70-8743-32bfc62a7a1b","block_type":"box","text":"2","page_number":16,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"4f18864e-db02-4dc6-a7f4-ff723a272e65","block_type":"box","text":"0","page_number":16,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"1c3c4d22-3b9c-43da-a850-e7b5b56d972e","block_type":"box","text":"21 2","page_number":16,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"0718747d-c34e-4c63-ab52-22162a601b76","block_type":"box","text":"0","page_number":16,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"62d1dfbd-3751-4d38-b110-67da766fbe57","block_type":"box","text":"22 2","page_number":16,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"4fe3454e-6de4-4e9c-b56c-b997f8525711","block_type":"box","text":"0","page_number":16,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"e5f7e1ec-493f-490e-bb23-bc951b70991b","block_type":"box","text":"2","page_number":16,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"91780d0b-b8b8-43fe-8c3f-409bdbf86af5","block_type":"box","text":"3","page_number":16,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"88b4ea50-5cb7-40c3-bda6-dce538af21e7","block_type":"box","text":"2","page_number":16,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"5481c1d0-9f87-4fe5-b5a8-aa4d6857f54c","block_type":"box","text":"0","page_number":16,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"3a688d25-4cc1-40e4-9079-87bdc06c692d","block_type":"box","text":"2","page_number":16,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"b8a313c2-a08a-43c4-89a1-9bfe8cf91999","block_type":"box","text":"4","page_number":16,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"b7a55977-4f04-4dce-8c37-9d463984ef8d","block_type":"box","text":"4.91%","page_number":16,"box":{"x":363,"y":248,"width":28,"height":6}},{"id":"a02878ae-543d-4968-b790-668f82051c94","block_type":"box","text":"7.07%","page_number":16,"box":{"x":400,"y":247,"width":27,"height":6}},{"id":"bac9c22f-3daa-4335-be9a-563c409b3ec0","block_type":"box","text":"52.53%","page_number":16,"box":{"x":433,"y":211,"width":33,"height":6}},{"id":"6e64a7f2-5aac-41fa-b0ce-b03c8e52e7b0","block_type":"box","text":"-23.19%","page_number":16,"box":{"x":467,"y":285,"width":37,"height":6}},{"id":"490c1fe7-fb54-46c5-b71c-c5c2344c17f4","block_type":"box","text":"17.71%","page_number":16,"box":{"x":506,"y":238,"width":32,"height":6}},{"id":"461f3245-997e-428d-86f6-5d83fbd95dff","block_type":"box","text":"-3.23%","page_number":16,"box":{"x":542,"y":269,"width":31,"height":6}},{"id":"5dad2040-058e-465e-9c15-f5b9dddbfe7f","block_type":"box","text":"30.74%","page_number":16,"box":{"x":577,"y":228,"width":34,"height":6}},{"id":"c580fb09-279d-4a3a-9446-6cf29eb2bc4f","block_type":"box","text":"-21.67%","page_number":16,"box":{"x":611,"y":284,"width":37,"height":6}},{"id":"ca8f0995-0303-453d-90af-46e8d67316ad","block_type":"box","text":"19.88%","page_number":16,"box":{"x":651,"y":237,"width":32,"height":6}},{"id":"d6c20c8e-cc57-4056-a888-4e6156053869","block_type":"box","text":"4.58%","page_number":16,"box":{"x":689,"y":249,"width":27,"height":6}},{"id":"aa22a8bf-a899-416a-bb81-983d582c6133","block_type":"box","text":"Return (%) Period Ended","page_number":16,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"06131efe-89ce-468d-a110-40f6ef491457","block_type":"box","text":"Calendar Year-to-Date Return","page_number":16,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"101c9f10-b59a-49d0-ac85-f413954eb4b3","block_type":"box","text":"52.39% September 30, 2025","page_number":16,"box":{"x":558,"y":366,"width":181,"height":9}},{"id":"b993a113-3951-4693-aa93-6478308b19c6","block_type":"box","text":"During the periods shown in the chart:","page_number":16,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"a183aae4-10c0-4e97-b177-2a63d06ddbe7","block_type":"box","text":"Best Quarter 37.85% December 31, 2020","page_number":16,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"7d127d0b-fe1a-439f-9aa5-141eb22f4aba","block_type":"box","text":"Worst Quarter -37.13% March 31, 2020","page_number":16,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"4caf8002-41d7-4635-b95f-cf434e065735","block_type":"box","text":"Average Annual Total Returns","page_number":16,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"0cb6ca77-0100-4246-9430-75890d46bcc2","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":16,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"86be4d53-a642-4496-8ad2-81dcb946a2fb","block_type":"box","text":"One Year Five Years Ten Years","page_number":16,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"d7ab7efc-9c91-4286-a46a-2ada97e2ea49","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":16,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"2ca2b662-de27-4681-9081-fe95cfeecbed","block_type":"box","text":"Return Before Taxes","page_number":16,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"437eea70-7d0a-45c4-b7d1-c0a2d25b7646","block_type":"box","text":"4.58% 4.44% 6.77%","page_number":16,"box":{"x":723,"y":493,"width":197,"height":8}},{"id":"73d767da-c184-4023-84ff-e6e3ed8c68ca","block_type":"box","text":"Return After Taxes on Distributions 3.17% 3.76% 6.21%","page_number":16,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"0b74605d-a9cd-4ce7-9b71-80815823ebc0","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.27% 3.73% 5.66%","page_number":16,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"dfbea292-2cd7-42e6-8ff4-98d71402a5b0","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":16,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"a0cb6b73-f827-4d4e-94b2-4088f21b39e0","block_type":"box","text":"1","page_number":16,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"0ea60d46-371e-4d04-9c49-3378a5404d24","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":16,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"c7b8e4aa-9cde-47c3-b6bf-be71f005cbd1","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":16,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"d3a3a173-be46-4ac5-b10c-baea5861e92c","block_type":"box","text":"MSCI Austria IMI 25/50 Index (Net)","page_number":16,"box":{"x":124,"y":553,"width":220,"height":9}},{"id":"ef3ed3a6-4cf5-49eb-9e6a-adfbd07c6780","block_type":"box","text":"1","page_number":16,"box":{"x":346,"y":551,"width":3,"height":5}},{"id":"d80424be-a654-4fe6-aa0a-e49276f9272e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":16,"box":{"x":355,"y":553,"width":319,"height":9}},{"id":"18d72605-a9d2-42ea-9b5a-a0ddb135c0e7","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 4.25% 4.23% 6.77%","page_number":16,"box":{"x":136,"y":565,"width":784,"height":10}},{"id":"4771ec05-79c9-45eb-a5a2-715dc261d973","block_type":"box","text":"1","page_number":16,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"472e6f80-3e34-4844-90c6-cdd62179d9db","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":16,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"9340a775-48c9-43a6-a165-8e9f651ffe6d","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":16,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"e127558f-f97b-421c-9f5b-bf909a0f29e0","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":16,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"8e1188be-2f7c-4f02-a76a-f12c7a454da0","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":16,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"f45e77ff-cf0c-4e36-9f2d-65d6f096d8a3","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":16,"box":{"x":82,"y":646,"width":882,"height":11}},{"id":"4896f1ea-9d33-4855-824a-37e6f26e0f82","block_type":"box","text":"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,","page_number":16,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"c0bc2355-673a-4623-8578-e748d12a653e","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":16,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"639bb0fd-6530-43c3-8e94-8913f4f30854","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":16,"box":{"x":83,"y":688,"width":855,"height":11}},{"id":"d2c39c6a-1e8f-4fb8-8f04-4a08f5d9fb6b","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":16,"box":{"x":83,"y":703,"width":883,"height":10}},{"id":"66bdd112-e92a-4475-8334-037694e471f0","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":16,"box":{"x":82,"y":717,"width":861,"height":11}},{"id":"9da4a752-915c-41d4-85a9-37599606f930","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":16,"box":{"x":83,"y":731,"width":359,"height":10}},{"id":"d40a5214-22e3-4485-b826-448fd7dcffb0","block_type":"box","text":"S-5","page_number":16,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"680028b7-0ac0-4247-9faa-24bc720dbf2e","block_type":"box","text":"Management","page_number":17,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"8d7c1ee7-217a-4cfe-8824-1197ce7f4e4e","block_type":"box","text":"Investment Adviser.","page_number":17,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"5e696960-e144-480a-a08d-a9709075a7f4","block_type":"box","text":"BlackRock Fund Advisors.","page_number":17,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"241e433f-98aa-47d3-95a3-0e30dc33ac7e","block_type":"box","text":"Portfolio Managers.","page_number":17,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"1ff0a39c-5409-42d0-9a65-d3392a8abbd2","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":17,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"b8ae397e-985f-4405-9a76-8061ab5449b8","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":17,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"7f6e6670-b90a-4690-b0d9-7f7700d2cf8d","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":17,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"7aa27829-3e73-4f18-948e-4ec81d5c9e82","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":17,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"766130d0-b962-483e-8131-bd6be812040e","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":17,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"e4dd610a-6c6a-43d5-b311-4e2bff82b7a1","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":17,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"68ee73be-68d0-4908-baa2-055dd990ee9c","block_type":"box","text":"Managers of the Fund since 2025.","page_number":17,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"e4d9a426-210b-4ccd-9607-bc131e66631f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":17,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"264aecf7-9fe8-40f5-977d-333241447628","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":17,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"9b3982ae-138d-4c65-b1a9-89b5bf558e6d","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":17,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"fa85393a-3a8a-40db-9fbf-7761db8cc109","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":17,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"6b3f1de3-020b-45b6-9053-87a6d21487e5","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":17,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"5d2b1f04-d485-45d0-8fa9-2c267e3dcc42","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":17,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"0747a75d-4e75-4b41-a172-27fb96271bd4","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":17,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"e084b50f-a9df-4596-b6a4-f5cf4ede64c7","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":17,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"aa3bb31c-71e5-4125-9d16-b1582e5e783c","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":17,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"062795a1-ee8c-49de-abfb-ad0faf606de4","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":17,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"eca6064a-a06e-44ad-980f-a0b00eda33b0","block_type":"box","text":"Tax Information","page_number":17,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"c5b4f809-d93d-46b1-becd-c13d29bdde91","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":17,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"42f2ee56-4188-499a-9878-6cc755a7df62","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":17,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"f9438b74-e753-47bc-adb7-e74bd7775be0","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":17,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"57ea6078-b18f-4cce-bccd-b616c8235ebd","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":17,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"7f0b5bdf-a402-48af-8563-79ecd509b323","block_type":"box","text":"withdrawn.","page_number":17,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"8ef403f7-a473-4f10-b3c3-3d9508f0ffac","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":17,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"292a9752-0262-4ebd-9bc6-e8e23c3a7930","block_type":"box","text":"Intermediaries","page_number":17,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"d7165127-3943-457c-9e5a-d8bb8edaf89c","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":17,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"14a01064-2155-4dca-910c-ca8941ff6245","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":17,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"6091a5da-dc9a-4799-9b28-f5a056e89980","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":17,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"433036ac-1715-4d0f-af21-4a2dc1edda97","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":17,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"26077e72-0586-410c-af5f-e2c450814771","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":17,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"8e8bd58b-4ca6-4cc0-b0a3-f1e2ed4cefe6","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":17,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"4fbbd0bb-58f0-45a9-a0c2-225d1d312212","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":17,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"03a2ffb7-0348-43af-b7b2-6677662a8d60","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":17,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"effc6c8f-e404-49a7-9417-ff72644da3fa","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":17,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"0e2dce5a-8092-44d1-878e-86f2f1dda67a","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":17,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"c95ec0cb-9a8a-4031-8d0c-934b4bc3e332","block_type":"box","text":"information.","page_number":17,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"628f833a-766d-4b29-a0e1-4a0faa84644a","block_type":"box","text":"S-6","page_number":17,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"c935b5c9-f362-43c4-93da-b991cfe1cb6e","block_type":"box","text":"iSHARES","page_number":18,"box":{"x":322,"y":24,"width":118,"height":15}},{"id":"3249b3f6-d1f6-4ed4-8720-10f19d87e338","block_type":"box","text":"®","page_number":18,"box":{"x":443,"y":17,"width":11,"height":8}},{"id":"32449871-fa38-4785-971f-001cc8bdc35f","block_type":"box","text":"MSCI BELGIUM ETF","page_number":18,"box":{"x":465,"y":24,"width":271,"height":15}},{"id":"e2ae555b-5889-499b-b24f-9f9ad1d8e6e1","block_type":"box","text":"Ticker: EWK Stock Exchange: NYSE Arca","page_number":18,"box":{"x":284,"y":53,"width":484,"height":12}},{"id":"1507b108-b7f0-4e06-a26d-62b0d4466914","block_type":"box","text":"Investment Objective","page_number":18,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"075ca734-c23d-4377-987f-abf057fbfcc8","block_type":"box","text":"The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities.","page_number":18,"box":{"x":82,"y":116,"width":867,"height":11}},{"id":"d325837d-40fb-4b77-8f62-da222b7123f0","block_type":"box","text":"Fees and Expenses","page_number":18,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"79e1b91f-6a1a-49fd-801a-842a23e76506","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":18,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"4da5c68e-9871-45e1-acc4-741ecbbcc74b","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":18,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"9363fa43-86e0-4d68-9b04-67d9ae2f8728","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":18,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"f10106d3-0e43-4739-9acc-746053699bab","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":18,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"ec8a7029-53e1-4902-a317-5785fb2cd92f","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":18,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"b6aebe95-89f4-4839-927c-4eb15dfbe482","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":18,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"b9a38609-458d-48b8-abb8-675303216f61","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":18,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"14756d80-b7fb-4d92-a0c3-7d1a5963861d","block_type":"box","text":"the tables and examples below.","page_number":18,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"03441ecc-d8b1-4479-863d-7cef514614d8","block_type":"box","text":"Annual Fund Operating Expenses","page_number":18,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"ab4a63f5-98bd-4fe7-bd54-585f5b79135e","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":18,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"b7de15cb-6da8-4169-917d-3e8287fadb54","block_type":"box","text":"percentage of the value of your investments)","page_number":18,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"f2e8b67c-e3d0-4bdb-a3e0-d29ee077346e","block_type":"box","text":"1","page_number":18,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"d0856d4d-e4b1-40a6-97bd-c082888e33d2","block_type":"box","text":"Management","page_number":18,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"19f8bb9e-b271-48d1-ad6f-7ca0316c96ca","block_type":"box","text":"Fees","page_number":18,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"ab706a09-d3de-4209-a07b-d25d6cc3f7e3","block_type":"box","text":"Distribution","page_number":18,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"3007b94c-aa6f-4082-a846-b83f6f2972d4","block_type":"box","text":"and Service","page_number":18,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"f6720aae-532f-492a-bb78-d97c3d858b2c","block_type":"box","text":"(12b-1) Fees","page_number":18,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"2721614a-15c4-4485-9743-e1c4f368b68a","block_type":"box","text":"Other","page_number":18,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"a13696c6-975a-4aa4-8d25-e1e1773dff9a","block_type":"box","text":"Expenses","page_number":18,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"dea35def-218d-4858-ba2f-4bba374907e5","block_type":"box","text":"Total Annual","page_number":18,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"fde33a59-0f88-4701-a3f1-9de2c43bd3d4","block_type":"box","text":"Fund","page_number":18,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"a99f4f38-21f3-4cc7-955c-4e80ba2cc067","block_type":"box","text":"Operating","page_number":18,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"22c5eb9a-15a9-4c9a-b2fa-e0d144270b96","block_type":"box","text":"Expenses","page_number":18,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"b29d36cb-ea39-4556-8c1d-357dd55205e5","block_type":"box","text":"0.49% None 0.00% 0.49%","page_number":18,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"d97abb76-dc2e-42a9-aa30-9cce5c3153cd","block_type":"box","text":"1","page_number":18,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"9c0e9ba7-2cbe-46c2-aa27-3cedc61bafdd","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":18,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"6d6e3e15-e439-4fd3-9795-0c7658727c55","block_type":"box","text":"Example.","page_number":18,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"384a59e7-249a-4c88-b4b1-46d19ed2fccc","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":18,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"f33de291-01d3-4f12-9c7e-b5f8385c5d31","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":18,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"7c997127-0945-4c11-b5ec-2832ac1bcb2f","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":18,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"26541e5e-655d-44c9-ac08-cb69ddd77ed0","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":18,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"2df1f538-e0a3-4c46-95d5-32d769d69076","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":18,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"54847a5a-af22-4b41-b63a-0e30b822d0e9","block_type":"box","text":"$50 $157 $274 $616","page_number":18,"box":{"x":202,"y":534,"width":647,"height":9}},{"id":"a8bf7930-6692-4b9e-a30c-6c26f3280870","block_type":"box","text":"Portfolio Turnover.","page_number":18,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"0cd33734-eb0a-4081-9654-f5265e657695","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":18,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"11f8c0bc-b08c-45b2-8bf6-7baa251cb03a","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":18,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"28d0c611-5d82-4873-9450-8a4664c61561","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":18,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"02b02ca2-e630-464d-8970-d9eb65ab4c5b","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":18,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"8432fc6e-34b7-4d13-b936-6858475918d3","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":18,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"e1ca2a85-f355-4e18-bfb0-c9da494e426b","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":18,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"42d92fec-50a6-4050-a315-d2adcbc7c38b","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":18,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"b80e6049-2fcf-495a-8392-78637d5af779","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 17% of the","page_number":18,"box":{"x":82,"y":673,"width":383,"height":11}},{"id":"417ec0e6-b8a9-4d83-88b7-b26e3234b536","block_type":"box","text":"average value of its portfolio.","page_number":18,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"ed8016af-8f79-4a13-8bf7-e1caeb7676a8","block_type":"box","text":"Principal Investment Strategies","page_number":18,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"bcc62a2f-3561-4b3b-a954-c64ebd2dd9e4","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":18,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"5dd49efe-846a-4ece-ac00-441f89bed515","block_type":"box","text":"Belgium IMI 25/50 Index (the “Underlying Index”), which is a free","page_number":18,"box":{"x":84,"y":755,"width":417,"height":11}},{"id":"4e6ed3cf-e8d1-47c1-80c5-579954349a48","block_type":"box","text":"float-adjusted market capitalization-weighted index that is","page_number":18,"box":{"x":82,"y":770,"width":373,"height":10}},{"id":"a400ca6e-81de-47d7-a7c9-e3ede6e593be","block_type":"box","text":"designed to measure the performance of the large-, mid- and","page_number":18,"box":{"x":83,"y":784,"width":389,"height":11}},{"id":"aebe3387-fa9e-4af9-bd0c-b577f9debe1e","block_type":"box","text":"small-capitalization segments of the equity market in Belgium. The","page_number":18,"box":{"x":83,"y":798,"width":424,"height":11}},{"id":"fc5f755a-3905-43e0-bc06-fa50a79de32d","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization","page_number":18,"box":{"x":83,"y":812,"width":397,"height":11}},{"id":"6428a8e9-ec24-4c53-a7fd-539b4d9da097","block_type":"box","text":"process that aims to minimize the constituent weight differences","page_number":18,"box":{"x":83,"y":826,"width":415,"height":11}},{"id":"ce088c8a-48c5-47f2-b01f-abe8a7d05f13","block_type":"box","text":"between the Underlying Index and the MSCI Belgium Index (the","page_number":18,"box":{"x":83,"y":840,"width":405,"height":11}},{"id":"eb8e9a10-ae26-4d68-ada3-e6a710d37973","block_type":"box","text":"“Parent Index”).","page_number":18,"box":{"x":83,"y":855,"width":99,"height":10}},{"id":"ea91a59a-02dc-4b6b-a76c-1a3517d033ec","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":18,"box":{"x":549,"y":566,"width":413,"height":11}},{"id":"35597a4b-63e9-4e20-838d-84ba4dc81aa7","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":18,"box":{"x":549,"y":580,"width":375,"height":11}},{"id":"2b463644-e1bf-470e-b533-b69b39fe69c9","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":18,"box":{"x":549,"y":594,"width":409,"height":11}},{"id":"e56e89fb-c0ec-4f04-81e6-a8a4aa434c4e","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":18,"box":{"x":549,"y":608,"width":422,"height":11}},{"id":"cc57af49-00e3-40c2-ab76-761df784f23f","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":18,"box":{"x":549,"y":623,"width":421,"height":10}},{"id":"0b6c970c-1d0b-49ac-9429-917f7a2f0026","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":18,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"132f9eaa-bbe6-4371-8ba6-43dc98ceb144","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":18,"box":{"x":549,"y":651,"width":364,"height":11}},{"id":"ae24fde0-25d0-43ff-ad86-3ff8af988421","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":18,"box":{"x":549,"y":665,"width":416,"height":11}},{"id":"32a0c0c6-cc7e-480c-abf6-78edf3cdec74","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":18,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"9c827c6a-0ee8-42cc-aa7b-c0718b29974d","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":18,"box":{"x":549,"y":694,"width":398,"height":10}},{"id":"f4f7ab0b-23e9-4e41-a45b-d04e0db3cdbe","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":18,"box":{"x":549,"y":708,"width":390,"height":11}},{"id":"26e7bb4c-c9f4-4119-a2bc-b7df77fb6872","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":18,"box":{"x":549,"y":722,"width":408,"height":11}},{"id":"9752a8b6-119b-4131-ab7f-99c715ca903f","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":18,"box":{"x":549,"y":736,"width":411,"height":11}},{"id":"821f9957-2c8b-4885-b298-ad4dc8e0e6ea","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":18,"box":{"x":549,"y":750,"width":417,"height":11}},{"id":"68062d89-1e8c-4056-b0c5-d17472615684","block_type":"box","text":"are reviewed on an annual basis.","page_number":18,"box":{"x":549,"y":764,"width":208,"height":9}},{"id":"e8b2a9f5-ef88-4ca1-8e35-3880570093bc","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":18,"box":{"x":549,"y":786,"width":389,"height":11}},{"id":"ee400376-4b21-4bc7-8d95-edb73f594379","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":18,"box":{"x":550,"y":800,"width":412,"height":11}},{"id":"7f405144-130f-418d-a7ef-76a900031b17","block_type":"box","text":"goods and services, financials and healthcare industries or","page_number":18,"box":{"x":549,"y":815,"width":375,"height":11}},{"id":"2573a087-c229-4a60-942f-4d13b2db1e40","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":18,"box":{"x":549,"y":829,"width":392,"height":11}},{"id":"4e0937aa-247e-4107-8a7d-e38eafb09891","block_type":"box","text":"change over time.","page_number":18,"box":{"x":549,"y":843,"width":113,"height":11}},{"id":"b133151f-55a2-4b6e-a652-e738b0328c1e","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":18,"box":{"x":550,"y":866,"width":376,"height":11}},{"id":"ed0d4dde-c624-4286-a577-8d89cc99c21a","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":18,"box":{"x":549,"y":880,"width":417,"height":11}},{"id":"441a1343-2ee6-48ca-92be-a15b3e0c0b67","block_type":"box","text":"S-7","page_number":18,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"9824ddd0-903b-4e90-a7cf-e8c93a2213f2","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":19,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"fce6b703-ff51-4fcc-bcf0-ead94e560f4d","block_type":"box","text":"markets decline or appear overvalued.","page_number":19,"box":{"x":83,"y":37,"width":244,"height":11}},{"id":"ad12d4b5-80eb-4ec5-9d04-c01518ff3e16","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":19,"box":{"x":83,"y":61,"width":421,"height":10}},{"id":"dc9ffe27-fe13-42fc-810f-a0927f44de95","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":19,"box":{"x":83,"y":75,"width":421,"height":11}},{"id":"cb7b3df1-fc6e-4f02-8eaf-99710ab5c827","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":19,"box":{"x":83,"y":89,"width":386,"height":11}},{"id":"8c87e699-62bf-487f-85cb-73e2766f80dd","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":19,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"293a317a-9020-4fe4-8c2b-c5c5bc3c18bc","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":19,"box":{"x":83,"y":117,"width":356,"height":11}},{"id":"30286d14-6142-49bd-85c0-9445c0613a47","block_type":"box","text":"comparison to actively managed investment companies.","page_number":19,"box":{"x":83,"y":131,"width":359,"height":11}},{"id":"e9afe7e9-7f0d-411e-9aa3-573ca84ef65e","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":19,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"a0430536-3879-4aac-a2fa-f7c9b4cc4646","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":19,"box":{"x":83,"y":169,"width":411,"height":11}},{"id":"560aa203-e133-4273-9d01-acb9bbf1ba54","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":19,"box":{"x":83,"y":183,"width":424,"height":11}},{"id":"fbe28bc0-7640-4596-96f1-e5e1e34c7152","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":19,"box":{"x":83,"y":197,"width":410,"height":11}},{"id":"68e4ef93-3c42-498b-802e-ba21d118a1d1","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":19,"box":{"x":83,"y":211,"width":408,"height":11}},{"id":"96368ce3-b8f3-48f6-8af2-3a77907338fc","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":19,"box":{"x":83,"y":226,"width":423,"height":10}},{"id":"d41ece1e-7d7e-4a83-aa7f-d79147d565c6","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":19,"box":{"x":83,"y":240,"width":386,"height":11}},{"id":"cba9b612-7bb3-4a21-95ff-2826e723be28","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":19,"box":{"x":82,"y":254,"width":360,"height":11}},{"id":"976ccfe3-10b6-4d39-b47e-cf7895696174","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":19,"box":{"x":82,"y":268,"width":414,"height":11}},{"id":"92694714-5d32-47ca-92b8-9d2be37faeff","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":19,"box":{"x":83,"y":282,"width":410,"height":11}},{"id":"ac21d845-2af6-42af-b440-031285ce490a","block_type":"box","text":"the components of the Underlying Index.","page_number":19,"box":{"x":83,"y":296,"width":259,"height":11}},{"id":"3c414aae-36ac-460f-bef5-d447e69dda8e","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":19,"box":{"x":82,"y":320,"width":390,"height":10}},{"id":"36e68ebc-52fb-4e6a-81aa-8b7d994a4364","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":19,"box":{"x":83,"y":334,"width":410,"height":11}},{"id":"6ec5f1f0-8bcc-4611-9533-417509e058ac","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":19,"box":{"x":83,"y":348,"width":421,"height":11}},{"id":"88df9fb3-40b1-4e82-8538-020be183591e","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":19,"box":{"x":83,"y":362,"width":335,"height":11}},{"id":"eef26ae0-668a-4292-8dfb-2f8226db3d70","block_type":"box","text":"i.e","page_number":19,"box":{"x":419,"y":362,"width":14,"height":9}},{"id":"9e311820-0f31-4595-a71f-3a2be22fd705","block_type":"box","text":".,","page_number":19,"box":{"x":435,"y":369,"width":6,"height":3}},{"id":"1cba46d3-c80c-4b5f-ac84-d683dfb6a4dc","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":19,"box":{"x":83,"y":376,"width":388,"height":11}},{"id":"0877ce46-ca4b-4257-af6b-d5da9383f07e","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":19,"box":{"x":83,"y":391,"width":403,"height":10}},{"id":"b72420be-1a30-409a-80fe-ef020cb20654","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":19,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"7337ccd6-e4d8-48c9-9c5e-fcf9a2d6dc52","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":19,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"f5f09c22-0c11-4236-a4be-3e03dd064171","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":19,"box":{"x":82,"y":433,"width":389,"height":11}},{"id":"30c4f837-d3a0-4c13-aff0-a2e60e2e91f9","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":19,"box":{"x":82,"y":447,"width":415,"height":11}},{"id":"4fe38ed6-b109-4019-970d-c676f6615871","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":19,"box":{"x":83,"y":461,"width":360,"height":11}},{"id":"27fed73e-7dc5-4028-9ad2-a93c222f4252","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":19,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"6554d89d-695d-4ba6-a87d-18e14b2429c6","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":19,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"2b9727d0-f62e-4943-8b50-6430650ecb01","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":19,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"fde6bd9a-ecb1-454f-b2a7-0a9a381a82ca","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":19,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"5c60e624-f8eb-4050-b0ef-42dc32ae570a","block_type":"box","text":"Fund.","page_number":19,"box":{"x":84,"y":532,"width":33,"height":9}},{"id":"4aa73b07-3d7f-4b28-8f42-688b74d76134","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":19,"box":{"x":82,"y":556,"width":412,"height":10}},{"id":"c09992d9-aa62-4ffd-bdc1-50af4e548486","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":19,"box":{"x":82,"y":570,"width":371,"height":11}},{"id":"8d701424-45f6-4ac5-be5d-a795af04a818","block_type":"box","text":"collateral received).","page_number":19,"box":{"x":83,"y":584,"width":125,"height":11}},{"id":"e7abc2ed-b5f8-4a60-a932-cff80e33a153","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":19,"box":{"x":82,"y":607,"width":380,"height":11}},{"id":"991c0acf-e966-41e7-b3b5-d0e17e532e21","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":19,"box":{"x":84,"y":621,"width":411,"height":11}},{"id":"be416952-14bd-4483-bfd8-af191342b65a","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":19,"box":{"x":82,"y":636,"width":381,"height":10}},{"id":"1f70d36e-805a-4e1e-919d-7f64d18868c8","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":19,"box":{"x":82,"y":650,"width":420,"height":10}},{"id":"b210f9fe-a84c-4f9a-8397-490bc94e97ab","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":19,"box":{"x":83,"y":664,"width":405,"height":11}},{"id":"cfcda5cf-d4fe-40de-85a5-6daf005875d3","block_type":"box","text":"Industry Concentration Policy.","page_number":19,"box":{"x":83,"y":687,"width":210,"height":11}},{"id":"bc4cfed5-da6f-473b-a945-d4d51f853cf9","block_type":"box","text":"The Fund will concentrate its","page_number":19,"box":{"x":298,"y":687,"width":184,"height":9}},{"id":"d9cb84ec-efed-48e9-8a98-eba322b61388","block_type":"box","text":"investments (","page_number":19,"box":{"x":83,"y":701,"width":85,"height":11}},{"id":"98ed4e0f-fe55-4d45-9a52-1a4730de2391","block_type":"box","text":"i.e.","page_number":19,"box":{"x":169,"y":701,"width":17,"height":9}},{"id":"23aff55c-eb08-4069-98d8-4735349da28f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":19,"box":{"x":189,"y":701,"width":264,"height":11}},{"id":"e803abff-a373-4214-a045-55cbcb746789","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":19,"box":{"x":83,"y":715,"width":394,"height":11}},{"id":"c7047044-368d-4c69-bd6d-af8afc4a8398","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":19,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"58b015b0-a4c0-4cf6-a8f3-826cf76c322e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":19,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"b6aa7a15-3e5e-4b24-85d1-849718e60c96","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":19,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"97818ed4-9aac-4356-8328-b4ee25955ab5","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":19,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"fa353f89-2f0f-488f-9ff8-b96e077cd168","block_type":"box","text":"considered to be issued by members of any industry.","page_number":19,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"18729959-bcd7-4f54-bc51-d5871e68ddb5","block_type":"box","text":"Summary of Principal Risks","page_number":19,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"0beed8ac-a00d-481f-9928-6993e7160fae","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":19,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"e96e6869-8820-4e0a-8fc4-7b2a77e33478","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":19,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"7b594701-6f54-4222-9290-988e1515b9ae","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":19,"box":{"x":83,"y":869,"width":396,"height":10}},{"id":"1db4e40d-4070-42ee-aa1c-3d95ab867ccf","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":19,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"76e4fbd6-e0ac-469a-84bd-b1cea4529311","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":19,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"21496cb7-d379-44a8-bee5-33e0b6ae1495","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":19,"box":{"x":549,"y":52,"width":416,"height":10}},{"id":"ba1c18ef-b94c-406f-a729-21378203252f","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":19,"box":{"x":549,"y":66,"width":388,"height":10}},{"id":"c68fd092-4bbd-40e5-9daf-50f05cb6216e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":19,"box":{"x":549,"y":80,"width":425,"height":11}},{"id":"3c9c4f1b-8695-46c8-8abf-6c2231dcc61c","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":19,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"e173fad0-091b-4767-83e3-cce971582792","block_type":"box","text":"review each risk factor carefully.","page_number":19,"box":{"x":549,"y":108,"width":206,"height":11}},{"id":"7383534a-8a8b-4580-8809-31731dbfdcd8","block_type":"box","text":"Risk of Investing in Belgium.","page_number":19,"box":{"x":549,"y":131,"width":191,"height":11}},{"id":"5fa4942d-0f47-4cb7-832c-57bff06a7317","block_type":"box","text":"Investments in Belgian issuers will","page_number":19,"box":{"x":747,"y":131,"width":218,"height":11}},{"id":"1cde9d57-41f7-42ee-86d5-3cc848f30f40","block_type":"box","text":"subject the Fund to legal, regulatory, political, currency, security,","page_number":19,"box":{"x":549,"y":146,"width":415,"height":10}},{"id":"8da10bab-aadb-4d9b-b563-f25d6950244b","block_type":"box","text":"and economic risk specific to Belgium. The Belgian economy is","page_number":19,"box":{"x":549,"y":160,"width":400,"height":11}},{"id":"e28a3145-e551-4e3c-b63a-1043328ab360","block_type":"box","text":"heavily dependent on trade with other European countries. The","page_number":19,"box":{"x":549,"y":174,"width":402,"height":11}},{"id":"742173ba-cf78-4f33-9a63-e8c704c12ec9","block_type":"box","text":"Belgian economy, along with certain other European Union (“EU”)","page_number":19,"box":{"x":550,"y":188,"width":416,"height":11}},{"id":"8b083452-bab9-41c4-884c-60c7cb652d8f","block_type":"box","text":"economies, has from time to time experienced financial market","page_number":19,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"5c8421e1-3ada-4c6d-b2d1-0626e1eb7fbe","block_type":"box","text":"volatility and significant economic adversity. Certain banks","page_number":19,"box":{"x":548,"y":216,"width":376,"height":11}},{"id":"1837b0d2-c8d0-424d-92ac-97ab04c43052","block_type":"box","text":"required government support in order to avoid potential","page_number":19,"box":{"x":549,"y":231,"width":355,"height":11}},{"id":"02bd3501-93fc-4e9a-9dde-918f01596a0b","block_type":"box","text":"insolvency. As a result, certain EU economies have experienced","page_number":19,"box":{"x":549,"y":245,"width":406,"height":11}},{"id":"71b4ff13-6129-4106-893c-354b074d7051","block_type":"box","text":"significant deterioration in market confidence during periods of","page_number":19,"box":{"x":549,"y":259,"width":404,"height":11}},{"id":"4e6b049d-3bf1-4e2b-9a02-63c6bfb0dd0a","block_type":"box","text":"economic adversity.","page_number":19,"box":{"x":549,"y":273,"width":127,"height":11}},{"id":"9f53a5a7-b9ef-49b6-b7f4-e0f4c62f84db","block_type":"box","text":"Non-U.S. Securities Risk","page_number":19,"box":{"x":549,"y":296,"width":165,"height":9}},{"id":"24c55214-d5a8-4132-ab63-1c4c7a428b53","block_type":"box","text":".","page_number":19,"box":{"x":714,"y":303,"width":2,"height":2}},{"id":"9228e672-7216-418a-a600-f97a7fbd2673","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":19,"box":{"x":722,"y":296,"width":236,"height":11}},{"id":"362db676-2e65-455f-b6bb-a6857b1a6e36","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":19,"box":{"x":549,"y":311,"width":382,"height":10}},{"id":"eac84548-af31-4309-a418-7e5de874769b","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":19,"box":{"x":549,"y":325,"width":406,"height":11}},{"id":"f85bd566-2754-46ae-8117-3f966b7a157b","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":19,"box":{"x":549,"y":339,"width":369,"height":11}},{"id":"061b7447-989a-453c-974e-37599b0836c1","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":19,"box":{"x":548,"y":353,"width":356,"height":11}},{"id":"468f1780-60ea-4886-9712-9cbb550c0105","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":19,"box":{"x":549,"y":367,"width":407,"height":11}},{"id":"af192102-9891-417e-ab8e-5cae51bee42c","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":19,"box":{"x":549,"y":382,"width":397,"height":10}},{"id":"06e6f2bb-4b08-44d2-a515-f6c468648b87","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":19,"box":{"x":549,"y":396,"width":403,"height":11}},{"id":"66fb8082-9119-4072-9e62-e01aa0b9fe76","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":19,"box":{"x":549,"y":410,"width":371,"height":11}},{"id":"b1d4816e-ce5f-4db6-825c-6827e63cb6d0","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":19,"box":{"x":549,"y":424,"width":386,"height":11}},{"id":"26bf6933-d62e-4f40-8267-d222b0ef4991","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":19,"box":{"x":549,"y":438,"width":391,"height":11}},{"id":"dfdefd6f-3362-459c-87d5-ec0219e8ce4f","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":19,"box":{"x":549,"y":452,"width":351,"height":11}},{"id":"e6dda43e-c1e8-4d1f-95db-e2f8533a8ff8","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":19,"box":{"x":549,"y":467,"width":413,"height":10}},{"id":"88168734-149e-42a7-81cb-4f12c79f7552","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":19,"box":{"x":549,"y":481,"width":405,"height":11}},{"id":"1868e34b-350e-447f-9760-704f01806b34","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":19,"box":{"x":549,"y":495,"width":372,"height":10}},{"id":"059270fb-5e91-4f08-9b60-d17b3e9a6144","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":19,"box":{"x":549,"y":509,"width":395,"height":11}},{"id":"4ef35175-8692-49e1-b991-83614ade1f5c","block_type":"box","text":"Fund is specifically exposed to","page_number":19,"box":{"x":550,"y":523,"width":194,"height":11}},{"id":"dc6192bd-b1fb-46ec-b7e7-6d890fd47fd2","block_type":"box","text":"European Economic Risk","page_number":19,"box":{"x":750,"y":523,"width":171,"height":11}},{"id":"b807c4a4-7e4d-42f5-b0f3-4ede0d2bbb3c","block_type":"box","text":".","page_number":19,"box":{"x":922,"y":530,"width":2,"height":2}},{"id":"eae0ef5a-0f56-45c0-b8d1-7e7b563ac66a","block_type":"box","text":"Equity Securities Risk","page_number":19,"box":{"x":549,"y":546,"width":148,"height":11}},{"id":"f1b7318a-fb53-4ec0-beb8-d1b5ff2894f1","block_type":"box","text":".","page_number":19,"box":{"x":697,"y":553,"width":2,"height":2}},{"id":"29d5fad1-c6da-4853-b020-d2e7b3271c40","block_type":"box","text":"Equity securities are subject to changes","page_number":19,"box":{"x":705,"y":547,"width":254,"height":10}},{"id":"3629aee2-2b66-41a3-9257-f51ffd75b6be","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":19,"box":{"x":549,"y":561,"width":422,"height":11}},{"id":"2c99a68c-b48c-4236-9c5d-01239bb98f3d","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":19,"box":{"x":549,"y":575,"width":420,"height":11}},{"id":"88f648b0-8a5c-4ae5-ac8e-bc44d54fe20a","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":19,"box":{"x":549,"y":589,"width":397,"height":11}},{"id":"2fa5fb94-5acc-4175-b002-a9c037532402","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":19,"box":{"x":549,"y":603,"width":359,"height":11}},{"id":"c01f3916-5ec3-40fa-9293-ca0a25bfbf90","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":19,"box":{"x":549,"y":617,"width":390,"height":11}},{"id":"605f170a-d3e4-43af-9485-7c7001b5e910","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":19,"box":{"x":549,"y":632,"width":412,"height":10}},{"id":"b6b79e58-481a-4e6f-b768-5cb3491f1627","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":19,"box":{"x":549,"y":646,"width":373,"height":11}},{"id":"d3b677fa-ab99-4398-9a73-87dfe587e33b","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":19,"box":{"x":549,"y":660,"width":309,"height":11}},{"id":"44c003aa-aac0-4afe-856c-e39cd0583f51","block_type":"box","text":"Market Risk","page_number":19,"box":{"x":549,"y":683,"width":82,"height":9}},{"id":"03722935-1142-4178-ac96-a6a1747f9b5e","block_type":"box","text":".","page_number":19,"box":{"x":631,"y":690,"width":3,"height":2}},{"id":"4881f475-ff4b-4148-9118-405eb10547c4","block_type":"box","text":"The Fund could lose money over short periods due","page_number":19,"box":{"x":639,"y":683,"width":322,"height":11}},{"id":"e967ae41-5d4a-4535-9038-0207fc2d62c6","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":19,"box":{"x":549,"y":697,"width":413,"height":11}},{"id":"46295a90-09a1-4da0-92f5-46892410db60","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":19,"box":{"x":549,"y":712,"width":382,"height":10}},{"id":"03553a54-c6e3-419d-ae59-3c2d60dce30e","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":19,"box":{"x":549,"y":726,"width":411,"height":10}},{"id":"742da30a-4f75-4f4b-8656-4e85ca0255c1","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":19,"box":{"x":549,"y":740,"width":370,"height":11}},{"id":"cdcf9ead-ce04-43b1-b4c8-0f67700d2588","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":19,"box":{"x":549,"y":754,"width":404,"height":11}},{"id":"b6d9a954-fbcd-4ebd-abd0-8ed15d3e4532","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":19,"box":{"x":549,"y":768,"width":395,"height":11}},{"id":"5469eb46-874d-476b-bcd0-58f48621ce36","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":19,"box":{"x":549,"y":782,"width":395,"height":11}},{"id":"388adddc-3a6d-4854-ae33-ee0d5b53d287","block_type":"box","text":"NAV.","page_number":19,"box":{"x":550,"y":797,"width":27,"height":8}},{"id":"774895b5-45e1-4397-ba1a-cdb885d796b8","block_type":"box","text":"Index-Related Risk.","page_number":19,"box":{"x":549,"y":820,"width":129,"height":8}},{"id":"5909936c-f7e5-41b5-b37a-edc379bf923a","block_type":"box","text":"The Index Provider may rely on various","page_number":19,"box":{"x":683,"y":820,"width":247,"height":11}},{"id":"eda6b387-93a8-42f2-8e7e-5ba460ec44bf","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":19,"box":{"x":549,"y":834,"width":423,"height":11}},{"id":"e02368cf-5bf6-4129-ac82-5526864b33bf","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":19,"box":{"x":550,"y":848,"width":391,"height":11}},{"id":"6c97b473-d728-46ae-a0ae-9a3d1e78669c","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":19,"box":{"x":549,"y":862,"width":406,"height":11}},{"id":"ee0debd5-806c-4e57-b277-d1839be623b7","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":19,"box":{"x":549,"y":877,"width":408,"height":10}},{"id":"d74f0609-d008-4dfc-b035-a3c192331167","block_type":"box","text":"S-8","page_number":19,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"23f6d87f-0906-4c5d-8863-42595337d7f8","block_type":"box","text":"information will provide an accurate assessment of included","page_number":20,"box":{"x":83,"y":23,"width":384,"height":11}},{"id":"3142f4cf-14b6-42b3-beab-625fd684c8a1","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":20,"box":{"x":83,"y":37,"width":387,"height":11}},{"id":"49deafa8-d20e-4b33-b4f5-c6d80f422df6","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":20,"box":{"x":83,"y":52,"width":366,"height":10}},{"id":"e4823979-1796-4c9c-8138-eb0f3cfb32c0","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":20,"box":{"x":83,"y":66,"width":377,"height":11}},{"id":"af2840cc-ab92-4caf-8e28-3b69c08cba96","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":20,"box":{"x":83,"y":80,"width":413,"height":11}},{"id":"2a9bbeab-545f-476f-8f2d-d5d598904293","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":20,"box":{"x":83,"y":94,"width":396,"height":11}},{"id":"16877da8-c644-4376-ab07-990de63ebe4d","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":20,"box":{"x":83,"y":108,"width":367,"height":11}},{"id":"f7e5f562-bd29-45f8-a245-5319d8825abd","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":20,"box":{"x":83,"y":122,"width":400,"height":11}},{"id":"f6b66a66-883a-41d5-a7e2-2c5047018f93","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":20,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"49dda156-7de2-4297-94f3-953da34aa652","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":20,"box":{"x":83,"y":151,"width":414,"height":11}},{"id":"d44a87b4-8e4a-48ed-be12-d23019d02cba","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":20,"box":{"x":83,"y":165,"width":362,"height":11}},{"id":"d9687f5c-b500-41c6-bbf8-51b6b4965fdd","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":20,"box":{"x":83,"y":179,"width":423,"height":11}},{"id":"17989109-6313-4e51-bbb8-6fa14624eae3","block_type":"box","text":"Asset Class Risk.","page_number":20,"box":{"x":81,"y":202,"width":115,"height":9}},{"id":"b4573c5b-37be-49d5-bf0a-fa517b25d4db","block_type":"box","text":"The securities and other assets in the","page_number":20,"box":{"x":202,"y":202,"width":239,"height":9}},{"id":"a0707567-cc60-45cd-90d0-8d871807501e","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":20,"box":{"x":83,"y":216,"width":406,"height":11}},{"id":"c20cd652-03d7-4aff-9906-ed3a6b4a7c03","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":20,"box":{"x":83,"y":231,"width":405,"height":11}},{"id":"3265d256-edc4-4a04-8e56-79465fd3e084","block_type":"box","text":"market, another index, or other asset classes.","page_number":20,"box":{"x":83,"y":245,"width":292,"height":10}},{"id":"8cd5037d-959f-4a71-8600-ced4ad0e7da3","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":20,"box":{"x":81,"y":268,"width":267,"height":11}},{"id":"a1b3ed23-5f10-43fb-a69d-98e95f78554a","block_type":"box","text":".","page_number":20,"box":{"x":348,"y":275,"width":3,"height":1}},{"id":"79ad3854-da25-4db5-ac5e-eeb3d85acbe0","block_type":"box","text":"From time to time, an","page_number":20,"box":{"x":357,"y":268,"width":136,"height":10}},{"id":"881a66cd-58da-43ae-897b-ec1d454320be","block_type":"box","text":"Authorized Participant (as defined below in","page_number":20,"box":{"x":82,"y":282,"width":274,"height":11}},{"id":"ca31a3d4-64ab-4553-bc4f-b1f1cb6c6f08","block_type":"box","text":"Authorized Participant","page_number":20,"box":{"x":360,"y":282,"width":141,"height":11}},{"id":"25fa798d-39e9-4b3a-84fc-301510da390e","block_type":"box","text":"Concentration Risk)","page_number":20,"box":{"x":83,"y":296,"width":120,"height":9}},{"id":"3b29b0b1-ebeb-40cf-9355-d7481b85d18d","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":20,"box":{"x":203,"y":296,"width":293,"height":11}},{"id":"52b22355-22ab-4786-816c-68c6c3efe89b","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":20,"box":{"x":83,"y":311,"width":404,"height":10}},{"id":"aa1f2210-f5f7-4f2b-9725-28ece1ea7531","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":20,"box":{"x":84,"y":325,"width":418,"height":11}},{"id":"f3909ca3-38ac-44af-a333-99f3bd0c894f","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":20,"box":{"x":83,"y":339,"width":417,"height":8}},{"id":"ee32e70b-5ba8-40cd-a42f-5f32e8956a09","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":20,"box":{"x":83,"y":353,"width":410,"height":11}},{"id":"f267ba35-1d46-42df-906c-0a1ffe92150f","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":20,"box":{"x":83,"y":367,"width":383,"height":10}},{"id":"29b424a9-a01a-4d4e-af06-ed42649c1e1a","block_type":"box","text":"negatively impact the Fund.","page_number":20,"box":{"x":83,"y":382,"width":175,"height":10}},{"id":"ca261609-9dae-429f-a41b-e57d5b30e7bb","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":20,"box":{"x":81,"y":405,"width":290,"height":10}},{"id":"ae6b9a29-17a7-4d2b-a5fd-c7d2c4dc4b70","block_type":"box","text":"An “Authorized","page_number":20,"box":{"x":381,"y":405,"width":93,"height":8}},{"id":"3e8c0ed2-80d4-4acd-9922-ff0e90bdc6fb","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":20,"box":{"x":84,"y":419,"width":379,"height":11}},{"id":"f1302b91-7e0d-4e5a-b05a-48d466cbf9cb","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":20,"box":{"x":83,"y":433,"width":411,"height":11}},{"id":"be3917ae-7e04-433f-8e8a-7757288d855b","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":20,"box":{"x":84,"y":447,"width":395,"height":11}},{"id":"7a26047b-dc2c-40f1-a40e-4ee4e334c66e","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":20,"box":{"x":84,"y":461,"width":399,"height":11}},{"id":"b93723a8-3cff-4e2c-a5f3-3009602d2ea0","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":20,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"d004c1c0-4013-44fa-9c87-a8ce389c25e3","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":20,"box":{"x":83,"y":490,"width":409,"height":11}},{"id":"6035633e-bcb3-43af-a4dd-d41cdf9eab4a","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":20,"box":{"x":83,"y":504,"width":412,"height":11}},{"id":"956e1a72-b173-45af-a8c5-ea5b50c1ceda","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":20,"box":{"x":83,"y":518,"width":403,"height":11}},{"id":"bc7c3cd1-1c6f-43f7-8687-02d017927c85","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":20,"box":{"x":83,"y":532,"width":378,"height":11}},{"id":"05057172-657e-4fc4-a2df-44223e6f9e98","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":20,"box":{"x":84,"y":547,"width":379,"height":10}},{"id":"46d69d34-6d6e-4b1e-9c6d-c0b4b5dcb532","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":20,"box":{"x":83,"y":561,"width":404,"height":10}},{"id":"e3f8b8f9-05d3-4cd1-b23a-96e7bdebd344","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":20,"box":{"x":83,"y":575,"width":399,"height":11}},{"id":"b17a1233-3e88-4de6-9346-1576c23e21ce","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":20,"box":{"x":84,"y":589,"width":391,"height":11}},{"id":"2c053360-4d11-4d2d-b3bf-8f152ae6165d","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":20,"box":{"x":83,"y":603,"width":408,"height":11}},{"id":"f7a10f75-8e21-448e-81ab-6899ecb37308","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":20,"box":{"x":83,"y":617,"width":273,"height":11}},{"id":"03345fdc-0e69-4073-9c4c-d1706f423826","block_type":"box","text":"Concentration Risk.","page_number":20,"box":{"x":83,"y":641,"width":132,"height":8}},{"id":"3315d227-f517-49cc-8a84-d4953413b5c0","block_type":"box","text":"The Fund may be susceptible to an","page_number":20,"box":{"x":220,"y":641,"width":222,"height":10}},{"id":"c1129358-6e1a-4026-8489-33e32434146d","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":20,"box":{"x":83,"y":655,"width":419,"height":11}},{"id":"84b8f283-990b-404c-a76e-c7e90dff1e6f","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":20,"box":{"x":83,"y":669,"width":407,"height":10}},{"id":"ea6da5eb-ad12-456c-a2fc-ac1b821ae77c","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":20,"box":{"x":83,"y":683,"width":417,"height":9}},{"id":"3faed949-dc53-4394-b1b5-07d612cd44a3","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":20,"box":{"x":83,"y":697,"width":395,"height":10}},{"id":"8d563faa-421a-46c4-b06a-e0a209aa3974","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":20,"box":{"x":83,"y":712,"width":388,"height":10}},{"id":"3930988f-9164-481e-9816-9b8b6fa03bcf","block_type":"box","text":"asset classes.","page_number":20,"box":{"x":83,"y":726,"width":88,"height":8}},{"id":"263b3a2d-4734-4bb8-9d19-ce3c1c3759e3","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":20,"box":{"x":83,"y":749,"width":325,"height":11}},{"id":"966bb8f7-890e-49a3-95f1-deda49de29a8","block_type":"box","text":"Consumer","page_number":20,"box":{"x":414,"y":749,"width":65,"height":8}},{"id":"f5c3250d-fe81-49b0-b9ab-d7c6299909c5","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":20,"box":{"x":83,"y":763,"width":399,"height":11}},{"id":"2f6359aa-f5fd-4c84-ba65-b9eab2b5d1ff","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":20,"box":{"x":83,"y":777,"width":420,"height":11}},{"id":"470def10-d1bf-4522-a760-3a606032e9e6","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":20,"box":{"x":83,"y":791,"width":423,"height":11}},{"id":"ec7b3a3b-7336-46c5-aff2-df18a09ee3df","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":20,"box":{"x":83,"y":806,"width":403,"height":10}},{"id":"19bb789c-c047-4986-aa51-780f05008f35","block_type":"box","text":"other things.","page_number":20,"box":{"x":83,"y":820,"width":79,"height":11}},{"id":"985b6144-8568-4e7d-82bd-976bf9e9b507","block_type":"box","text":"Currency Risk","page_number":20,"box":{"x":83,"y":843,"width":95,"height":11}},{"id":"4345c40f-7e1f-4bf6-b47e-c3f60755d2c0","block_type":"box","text":".","page_number":20,"box":{"x":179,"y":850,"width":2,"height":1}},{"id":"20104ee5-9426-4109-8676-cf9786018bb8","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":20,"box":{"x":187,"y":843,"width":292,"height":9}},{"id":"1a7b6838-e471-4115-8ee8-130fbe73a7cd","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":20,"box":{"x":83,"y":857,"width":388,"height":11}},{"id":"731fbc65-82ff-4924-9a2c-8aed64859c13","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":20,"box":{"x":83,"y":871,"width":395,"height":11}},{"id":"9b1d6b83-4b83-48e9-b96d-cc7de3268551","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":20,"box":{"x":549,"y":23,"width":415,"height":11}},{"id":"aacd94b1-21a0-441d-bc53-da6b7308293d","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":20,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"c5544132-f5db-4bc0-a1b2-cc1175b25e4e","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":20,"box":{"x":549,"y":51,"width":395,"height":11}},{"id":"3bef1c25-bac9-4ad4-941b-345b7b933158","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":20,"box":{"x":549,"y":66,"width":398,"height":11}},{"id":"f5d60241-efd5-4c99-a76b-19b5dc1c54dd","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":20,"box":{"x":549,"y":80,"width":392,"height":11}},{"id":"7647bee6-2d77-4362-95d4-00d71d861a4f","block_type":"box","text":"dollars and foreign currencies.","page_number":20,"box":{"x":549,"y":94,"width":193,"height":11}},{"id":"fc3a1c66-7b4e-4636-b61a-b5e3d0d54fbe","block_type":"box","text":"Financial Companies Risk","page_number":20,"box":{"x":549,"y":117,"width":175,"height":11}},{"id":"34a43d69-3ae0-4706-8c9a-8ac3bbef7e34","block_type":"box","text":".","page_number":20,"box":{"x":724,"y":124,"width":2,"height":2}},{"id":"ddea1335-5042-4502-a361-b8d791f0986c","block_type":"box","text":"Financial services companies are","page_number":20,"box":{"x":732,"y":117,"width":211,"height":11}},{"id":"437ff091-54ec-4d76-a667-e0edbb6b87fe","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":20,"box":{"x":549,"y":131,"width":400,"height":11}},{"id":"7ffbc51d-3015-4ab1-bcc8-e23fdc890997","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":20,"box":{"x":549,"y":146,"width":404,"height":10}},{"id":"5a377810-fe63-49c5-aa6a-1983ae76c861","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":20,"box":{"x":549,"y":160,"width":405,"height":11}},{"id":"caa22799-f668-487b-81f6-ebbb034b3a83","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":20,"box":{"x":549,"y":174,"width":385,"height":11}},{"id":"0e681e44-bdb9-4ab2-8d37-c0d0d6a63e81","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":20,"box":{"x":549,"y":188,"width":395,"height":11}},{"id":"3e1a3e8f-5ac3-4c57-a7b5-cc7346667b8f","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":20,"box":{"x":549,"y":202,"width":367,"height":11}},{"id":"d7802b66-40b3-4b78-9970-3cb652102298","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":20,"box":{"x":549,"y":216,"width":343,"height":11}},{"id":"49984d97-e4a5-4219-8c73-9971e80fa31f","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":20,"box":{"x":549,"y":231,"width":410,"height":11}},{"id":"bb1b5a82-64e0-4507-8e9f-ba001a4b19d1","block_type":"box","text":"and counterparty risk.","page_number":20,"box":{"x":549,"y":245,"width":140,"height":11}},{"id":"fd23751d-6835-475f-8ed9-c5e742a3a5e2","block_type":"box","text":"Healthcare Companies Risk","page_number":20,"box":{"x":549,"y":268,"width":188,"height":11}},{"id":"965f128b-66ac-4a7e-9819-c2703c007461","block_type":"box","text":".","page_number":20,"box":{"x":737,"y":275,"width":3,"height":1}},{"id":"60fe5ddd-cb9a-4680-b6e5-de017d90afc0","block_type":"box","text":"The profitability of healthcare","page_number":20,"box":{"x":745,"y":268,"width":187,"height":11}},{"id":"49f2ecc7-4a52-4462-89c9-d7bfee1bbf26","block_type":"box","text":"companies may be adversely affected by extensive government","page_number":20,"box":{"x":549,"y":282,"width":405,"height":11}},{"id":"291d4fef-e06d-4ff1-a873-805ff2bcc3c4","block_type":"box","text":"regulations, restrictions on government reimbursement for","page_number":20,"box":{"x":549,"y":296,"width":376,"height":11}},{"id":"0ac659b0-414e-4c40-890a-061d03b1d40d","block_type":"box","text":"medical expenses, rising costs of medical products and services,","page_number":20,"box":{"x":549,"y":311,"width":414,"height":10}},{"id":"5f6419d4-fe4e-40c6-88f7-f3ef3e96dc09","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited","page_number":20,"box":{"x":549,"y":325,"width":417,"height":11}},{"id":"c7e54923-a986-41a6-952c-ae1253a7835f","block_type":"box","text":"product lines, supply chain issues, labor shortages and product","page_number":20,"box":{"x":549,"y":339,"width":403,"height":11}},{"id":"58a3e6c3-baf0-4c11-8cf6-034f892419cc","block_type":"box","text":"liability claims, among other factors.","page_number":20,"box":{"x":549,"y":353,"width":231,"height":11}},{"id":"9d38885c-3e9a-4ffd-8ad1-5e6a824e4694","block_type":"box","text":"Issuer Risk","page_number":20,"box":{"x":549,"y":376,"width":75,"height":9}},{"id":"2b88d12c-d630-455b-932e-55b8261b7be6","block_type":"box","text":".","page_number":20,"box":{"x":624,"y":383,"width":3,"height":2}},{"id":"1d072eaf-ed72-42d2-9279-b70c53ba2ff6","block_type":"box","text":"The performance of the Fund depends on the","page_number":20,"box":{"x":632,"y":376,"width":288,"height":11}},{"id":"79d40979-741f-41ad-859c-8be280c91b37","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":20,"box":{"x":549,"y":391,"width":412,"height":10}},{"id":"b3e7a14a-6f7b-4909-b2c7-850d160fd763","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":20,"box":{"x":550,"y":405,"width":402,"height":11}},{"id":"1b2dd5b8-4925-4c7c-babd-ceb98b46408f","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":20,"box":{"x":549,"y":419,"width":418,"height":11}},{"id":"c2afb1dc-dfb5-48cb-a25e-c2bd367b6954","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":20,"box":{"x":549,"y":433,"width":414,"height":11}},{"id":"02f8b681-98b6-45bb-b15e-7ec698e59a87","block_type":"box","text":"counterparty.","page_number":20,"box":{"x":549,"y":448,"width":84,"height":10}},{"id":"7f145c07-8268-460c-aa69-848206324c85","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":20,"box":{"x":549,"y":470,"width":252,"height":11}},{"id":"f3c8c78c-eb52-4147-ab64-663f2bcbcf60","block_type":"box","text":"Large-capitalization","page_number":20,"box":{"x":808,"y":470,"width":124,"height":11}},{"id":"b92b1939-fd71-4459-9de1-01b958cf6fcc","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":20,"box":{"x":549,"y":485,"width":352,"height":10}},{"id":"c5c46370-0af1-49c4-8b7a-a8f8c389e35b","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":20,"box":{"x":549,"y":499,"width":352,"height":11}},{"id":"a54a7e80-d43e-4858-8c67-0cb837f9e2f0","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":20,"box":{"x":549,"y":513,"width":405,"height":11}},{"id":"03beac98-fb60-4327-bf94-6ff20aa868f5","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":20,"box":{"x":549,"y":527,"width":371,"height":11}},{"id":"1c3ab3b0-7c63-4088-a119-e0f994d117bd","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":20,"box":{"x":549,"y":541,"width":340,"height":11}},{"id":"1b46ec24-8acd-4dec-be10-e4bff288a964","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":20,"box":{"x":549,"y":556,"width":390,"height":10}},{"id":"964046dd-4292-4339-a8b7-ad90e1746978","block_type":"box","text":"overall performance of the broader securities markets.","page_number":20,"box":{"x":549,"y":570,"width":349,"height":10}},{"id":"dc3394b6-e8c5-47cf-b581-c4da5e6c5ebf","block_type":"box","text":"Management Risk","page_number":20,"box":{"x":549,"y":593,"width":123,"height":11}},{"id":"99ec0bb5-6ee7-4a81-ab7e-eb10d2ca80ea","block_type":"box","text":".","page_number":20,"box":{"x":672,"y":599,"width":2,"height":2}},{"id":"68d11e58-66f1-480a-af21-6b283d05452f","block_type":"box","text":"The Fund generally does not attempt to take","page_number":20,"box":{"x":679,"y":593,"width":283,"height":11}},{"id":"3758ec88-8f1f-4e21-8bb3-f48f8962825e","block_type":"box","text":"defensive positions under any market conditions, including","page_number":20,"box":{"x":549,"y":607,"width":376,"height":11}},{"id":"e72c0c12-2e68-41a6-bae2-e7bf35f1a583","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":20,"box":{"x":549,"y":621,"width":362,"height":11}},{"id":"c08520be-4f4b-4fe9-ad3e-2a4c42fa7477","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":20,"box":{"x":550,"y":635,"width":387,"height":11}},{"id":"7bf7aeb1-3869-4a7b-a3dd-69daad86ab81","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":20,"box":{"x":549,"y":650,"width":409,"height":10}},{"id":"8eed85b9-5570-4a00-a327-32d05eddd3d5","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":20,"box":{"x":549,"y":664,"width":419,"height":11}},{"id":"6cc8151d-6933-4d2c-9697-a7af48b28245","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":20,"box":{"x":549,"y":678,"width":420,"height":11}},{"id":"cfe33465-97eb-49b6-861d-509249cf41bd","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":20,"box":{"x":549,"y":692,"width":403,"height":11}},{"id":"96c85243-bbb0-4895-b597-d273dd6f625c","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":20,"box":{"x":549,"y":706,"width":323,"height":11}},{"id":"6a80e078-504b-462a-91a1-722c2ffce5cf","block_type":"box","text":"Market Trading Risk","page_number":20,"box":{"x":549,"y":730,"width":136,"height":10}},{"id":"42fe6605-0dc7-4040-b4ac-72cc3dd39a8d","block_type":"box","text":".","page_number":20,"box":{"x":685,"y":736,"width":2,"height":2}},{"id":"07f7b001-db21-4c6a-a731-c74a8134c894","block_type":"box","text":"The Fund faces numerous market trading","page_number":20,"box":{"x":692,"y":730,"width":264,"height":10}},{"id":"db5615ff-faa0-454d-a901-daa904de361d","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":20,"box":{"x":549,"y":744,"width":394,"height":11}},{"id":"ff8f30ec-6caa-41db-b609-2b7fd30b1b8c","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":20,"box":{"x":549,"y":758,"width":401,"height":11}},{"id":"86ffb0ac-efb7-41c5-bde7-7a40f4ba00f7","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":20,"box":{"x":549,"y":772,"width":404,"height":11}},{"id":"c2915a98-db1d-49c2-9ca9-634ea34eb785","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":20,"box":{"x":549,"y":786,"width":416,"height":11}},{"id":"3b3ec9c3-25a3-4ff2-8a14-d4b0fa9b11d8","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":20,"box":{"x":549,"y":800,"width":404,"height":11}},{"id":"8f78616b-3ddc-4502-9a33-8c361f7ef15d","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":20,"box":{"x":549,"y":815,"width":411,"height":10}},{"id":"25682381-3788-4043-a5e9-dc2aef9b778b","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":20,"box":{"x":549,"y":829,"width":397,"height":11}},{"id":"ba53d4d0-6c10-4d32-8c13-eff481110856","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":20,"box":{"x":549,"y":843,"width":419,"height":11}},{"id":"ff3fb9c6-7eed-4626-85a5-478369ceb865","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":20,"box":{"x":549,"y":857,"width":413,"height":11}},{"id":"ee92fe5c-2323-45c3-afa1-f0107da6b7f9","block_type":"box","text":"S-9","page_number":20,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"54ddc292-6f08-44eb-b198-1cf0e9da0297","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":21,"box":{"x":83,"y":23,"width":397,"height":11}},{"id":"4983f897-e2ce-43ca-85fb-7edc26e3d673","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":21,"box":{"x":83,"y":37,"width":316,"height":11}},{"id":"50c5fc45-8536-4003-ae81-ef8342f94be6","block_type":"box","text":"National Closed Market Trading Risk.","page_number":21,"box":{"x":83,"y":60,"width":250,"height":11}},{"id":"0623249e-4059-45f5-a1bb-000f5196e125","block_type":"box","text":"To the extent that","page_number":21,"box":{"x":339,"y":61,"width":112,"height":8}},{"id":"c2bb6a11-ca62-44e4-b3e7-f5209dc670a8","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":21,"box":{"x":83,"y":75,"width":378,"height":11}},{"id":"cb6406dc-fa43-4c3d-ad4e-535a0541ef74","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":21,"box":{"x":83,"y":89,"width":393,"height":11}},{"id":"ed68303f-70c7-44e5-b83d-9b5daaaa6ba0","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":21,"box":{"x":83,"y":103,"width":396,"height":11}},{"id":"d43097ed-8ab2-4a6f-a9ca-7e4cd2575573","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":21,"box":{"x":83,"y":117,"width":392,"height":11}},{"id":"c5030a7b-7407-42d3-84eb-c7c15a578cc8","block_type":"box","text":"price and its last quoted price (","page_number":21,"box":{"x":83,"y":131,"width":198,"height":11}},{"id":"0cd166c5-5d9a-4725-942a-55a0f1663064","block_type":"box","text":"i.e","page_number":21,"box":{"x":282,"y":131,"width":14,"height":9}},{"id":"eca2ece7-7899-4259-829d-ca01dd30607e","block_type":"box","text":"., the quote from the closed","page_number":21,"box":{"x":298,"y":131,"width":175,"height":11}},{"id":"3a6ac27b-8df0-4313-a4f7-1a378a3d58fa","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":21,"box":{"x":82,"y":146,"width":377,"height":10}},{"id":"29384029-74ab-4fd8-925d-d1f1caaf03d6","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":21,"box":{"x":83,"y":160,"width":420,"height":11}},{"id":"523c1911-e44c-42a6-9004-ea80dd7302a5","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":21,"box":{"x":83,"y":174,"width":403,"height":11}},{"id":"7b5e9ac7-fb8d-45d1-b2c7-c7a0a647013f","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":21,"box":{"x":82,"y":188,"width":361,"height":11}},{"id":"13992cd2-a751-446c-a7e9-1d06b68b3103","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":21,"box":{"x":83,"y":202,"width":398,"height":11}},{"id":"57f85e45-0c4e-437d-8e42-f263e6c5c633","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":21,"box":{"x":84,"y":216,"width":410,"height":11}},{"id":"3b34ee20-9af6-48cd-a249-4159912fa107","block_type":"box","text":"Non-Diversification Risk","page_number":21,"box":{"x":83,"y":240,"width":165,"height":8}},{"id":"c9020be7-a265-418d-9389-435c4041e361","block_type":"box","text":".","page_number":21,"box":{"x":248,"y":246,"width":2,"height":2}},{"id":"cb5735a6-23dd-4afd-8b76-4179f8eb6e39","block_type":"box","text":"The Fund is classified as “non","page_number":21,"box":{"x":255,"y":240,"width":193,"height":8}},{"id":"f1ff5cec-5754-42bc-8034-31f6dd6faf78","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":21,"box":{"x":83,"y":254,"width":377,"height":11}},{"id":"bfbefacb-ea87-43ea-ae2d-06fe49c88a6a","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":21,"box":{"x":83,"y":268,"width":358,"height":11}},{"id":"bf9f2769-c097-4543-a1f0-56b688e16ebc","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":21,"box":{"x":83,"y":282,"width":370,"height":11}},{"id":"3d95c1c7-da0f-473c-bbfb-2b57597bda0d","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":21,"box":{"x":83,"y":296,"width":422,"height":11}},{"id":"09f41dbd-f397-4a2d-9b2c-abf136ef22dc","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":21,"box":{"x":83,"y":311,"width":379,"height":10}},{"id":"ca03048d-8b00-4e83-b04d-1678b54ce9d8","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":21,"box":{"x":83,"y":325,"width":375,"height":11}},{"id":"eb2c3112-72bb-4898-ae30-9d76c01824ee","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":21,"box":{"x":83,"y":339,"width":418,"height":11}},{"id":"3dc1a026-1c6a-431c-bcaa-601c7b5b9fe8","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":21,"box":{"x":83,"y":353,"width":418,"height":11}},{"id":"4c109b03-1118-4509-a773-3069b78e5b13","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":21,"box":{"x":83,"y":367,"width":209,"height":11}},{"id":"6d98598b-1ebd-4053-be86-48e9c63bacf3","block_type":"box","text":"Operational and Technology Risks","page_number":21,"box":{"x":83,"y":391,"width":230,"height":10}},{"id":"99337b43-f4f8-4f7a-bc97-25423fa9b268","block_type":"box","text":".","page_number":21,"box":{"x":314,"y":397,"width":2,"height":2}},{"id":"eb05ba83-ac65-4d11-a497-6a06ca540c5b","block_type":"box","text":"The Fund is directly and","page_number":21,"box":{"x":321,"y":391,"width":151,"height":10}},{"id":"7e56e459-68ec-4413-adce-14500e555de1","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":21,"box":{"x":83,"y":405,"width":368,"height":11}},{"id":"422f5ae4-74e0-4b40-accd-b93b0b51e90f","block_type":"box","text":"including those related to human errors, processing errors,","page_number":21,"box":{"x":83,"y":419,"width":376,"height":11}},{"id":"96892fc8-3c02-46c2-b94d-216c013e766e","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":21,"box":{"x":83,"y":433,"width":413,"height":11}},{"id":"0d5e3c74-e3c5-41fa-925c-004c8361eb31","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":21,"box":{"x":83,"y":447,"width":404,"height":11}},{"id":"59bbb477-909f-4f82-8787-86f00cce9221","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":21,"box":{"x":82,"y":461,"width":402,"height":11}},{"id":"e89514c2-fd7e-474f-b891-d24522d0dffe","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":21,"box":{"x":83,"y":476,"width":376,"height":10}},{"id":"adbbcbe4-0e07-4e0b-8f97-fbecf28ece3e","block_type":"box","text":"providers are required to have appropriate operational,","page_number":21,"box":{"x":83,"y":490,"width":350,"height":11}},{"id":"68da2267-5d07-48d1-8c7d-1a771b302710","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":21,"box":{"x":83,"y":504,"width":414,"height":11}},{"id":"ab4a8d1e-c05a-4540-a558-5c4fbfacbf2c","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":21,"box":{"x":83,"y":518,"width":397,"height":11}},{"id":"82aad280-2acb-49e4-bcff-476629273091","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":21,"box":{"x":82,"y":532,"width":411,"height":11}},{"id":"81940e3f-deff-4b8b-8a30-7bbc5b308623","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":21,"box":{"x":83,"y":547,"width":391,"height":8}},{"id":"51eb4d29-2cfa-48d5-9c9e-4af7ef2decf2","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":21,"box":{"x":83,"y":561,"width":421,"height":11}},{"id":"1dfa9400-4d29-4abf-bfef-68712099a913","block_type":"box","text":"investments in such issuers to lose value.","page_number":21,"box":{"x":83,"y":575,"width":264,"height":8}},{"id":"2bd0c45b-3409-444a-b24c-c6843ed99336","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":21,"box":{"x":83,"y":598,"width":228,"height":11}},{"id":"8d08228a-c53a-4ae0-badc-1adab14b2085","block_type":"box","text":".","page_number":21,"box":{"x":311,"y":605,"width":2,"height":2}},{"id":"b609a5c1-3efc-4d62-9031-b23bf68cc3cf","block_type":"box","text":"The Fund invests in a country","page_number":21,"box":{"x":318,"y":598,"width":188,"height":11}},{"id":"1a3acba3-055b-4b7b-9f56-6ba04d0df028","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":21,"box":{"x":82,"y":612,"width":381,"height":11}},{"id":"7839a81a-b44d-4ea8-badf-d4e062ffd454","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":21,"box":{"x":83,"y":626,"width":380,"height":11}},{"id":"1a57a2a5-d8c3-445e-94bf-1c9612ccc71c","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":21,"box":{"x":83,"y":641,"width":370,"height":10}},{"id":"c59e85b1-7d81-4b2a-8f74-f4dfc66ef866","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":21,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"919d76f9-9468-434d-87d8-5eb9e7c38da2","block_type":"box","text":"European Economic Risk","page_number":21,"box":{"x":83,"y":669,"width":172,"height":11}},{"id":"6e874d8f-e3fd-487d-83f0-6780dd913b06","block_type":"box","text":".","page_number":21,"box":{"x":256,"y":676,"width":2,"height":1}},{"id":"efe363a4-6a75-4414-ba28-3e670e1441d4","block_type":"box","text":"Securities Lending Risk.","page_number":21,"box":{"x":82,"y":692,"width":162,"height":11}},{"id":"afb075a9-a499-48b3-a81a-f4480ab4e0f4","block_type":"box","text":"The Fund may engage in securities","page_number":21,"box":{"x":249,"y":692,"width":221,"height":11}},{"id":"7e843eb1-a594-485f-88ae-b1c4df59d408","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":21,"box":{"x":83,"y":706,"width":396,"height":11}},{"id":"23e0e95b-e5f7-4c82-a916-ddf55dc7c536","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":21,"box":{"x":83,"y":721,"width":418,"height":10}},{"id":"e8e0d68e-9844-46f6-86b7-fcf09a415561","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":21,"box":{"x":83,"y":735,"width":408,"height":11}},{"id":"772f7956-42a8-4754-9e21-a34daf4363f2","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":21,"box":{"x":83,"y":749,"width":416,"height":11}},{"id":"00323cba-1a8a-41b2-8526-d9138a2a3b9d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":21,"box":{"x":83,"y":763,"width":389,"height":11}},{"id":"d433ca0c-8ccf-4a8f-85d0-edaf6349bed1","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":21,"box":{"x":83,"y":777,"width":406,"height":9}},{"id":"8e9e45b4-42d8-482c-8ccf-b57687cfff70","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":21,"box":{"x":83,"y":791,"width":301,"height":11}},{"id":"82e9afc7-0913-44c6-9ad2-ee6a0b77407b","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":21,"box":{"x":82,"y":815,"width":250,"height":10}},{"id":"3f15c573-7355-4948-8589-658a8d20406b","block_type":"box","text":".","page_number":21,"box":{"x":332,"y":821,"width":3,"height":2}},{"id":"86d378eb-3d7b-4dc6-a38c-212038d9d081","block_type":"box","text":"Compared to mid- and","page_number":21,"box":{"x":340,"y":815,"width":143,"height":10}},{"id":"44fac786-6a94-4344-bd47-b7ea3ff9ad50","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":21,"box":{"x":83,"y":829,"width":400,"height":11}},{"id":"b7c934ac-7f9d-47a7-bd5f-28831ddbbb8c","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":21,"box":{"x":83,"y":843,"width":330,"height":11}},{"id":"59432e28-4186-45d1-8088-41b600c9b694","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":21,"box":{"x":83,"y":857,"width":404,"height":11}},{"id":"99a18e57-5bc1-4ebf-b4a1-8184dac2e213","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":21,"box":{"x":549,"y":23,"width":417,"height":11}},{"id":"8b98f5fd-2355-48f3-a5bd-778b38380da1","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":21,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"485d96f9-bfe0-4a4e-8615-2436ae2df8c2","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":21,"box":{"x":549,"y":51,"width":407,"height":11}},{"id":"40022ce2-59b4-4619-8f73-0c1de79d4d43","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":21,"box":{"x":549,"y":66,"width":220,"height":11}},{"id":"e1def168-57a2-4a46-8f7f-17f3cf732e06","block_type":"box","text":"Small Fund Risk.","page_number":21,"box":{"x":548,"y":89,"width":111,"height":8}},{"id":"0709bcc9-289d-4490-8536-67e0f802ab35","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":21,"box":{"x":665,"y":89,"width":282,"height":11}},{"id":"bc01b591-e8a3-4df1-84e8-872cd4f25bbe","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":21,"box":{"x":549,"y":103,"width":397,"height":11}},{"id":"46f49c15-b576-4e4d-aab2-85952fea7a54","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":21,"box":{"x":550,"y":117,"width":396,"height":11}},{"id":"3034ac50-e23e-4c21-a33a-ff50411cbc15","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":21,"box":{"x":549,"y":131,"width":387,"height":11}},{"id":"4641b010-56b5-43ab-85fc-2d5a5d1aa1b1","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it","page_number":21,"box":{"x":549,"y":146,"width":417,"height":10}},{"id":"bd66e18c-a98b-4801-a69f-2b5764176c31","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":21,"box":{"x":549,"y":160,"width":408,"height":11}},{"id":"3a53a7cd-5a45-44bd-a99e-125f9b106895","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":21,"box":{"x":549,"y":174,"width":375,"height":11}},{"id":"2da6e993-4b41-47da-bc36-82d3a6ed1b68","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":21,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"2846fcb7-3828-4325-a5c2-c808399ffe4a","block_type":"box","text":"its shareholders.","page_number":21,"box":{"x":549,"y":202,"width":105,"height":9}},{"id":"c3dcc6d5-2c30-4070-ac45-0a68744b68c5","block_type":"box","text":"Tracking Error Risk","page_number":21,"box":{"x":550,"y":225,"width":128,"height":11}},{"id":"b4b06e28-14d4-461c-86a2-d457dac564f3","block_type":"box","text":".","page_number":21,"box":{"x":678,"y":232,"width":3,"height":2}},{"id":"6d041c9f-bbe6-484e-b5f0-8d1d0fabb578","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":21,"box":{"x":686,"y":226,"width":284,"height":10}},{"id":"9021bd6f-e181-4810-ba5b-a6d8bf45f7f1","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":21,"box":{"x":549,"y":240,"width":404,"height":11}},{"id":"19a07b4e-6cbd-4d33-9424-437e80ff9f23","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":21,"box":{"x":549,"y":254,"width":425,"height":11}},{"id":"c6419e15-6a3c-4b22-9055-6215fc8607f1","block_type":"box","text":"factors, including differences between the securities and other","page_number":21,"box":{"x":549,"y":268,"width":401,"height":11}},{"id":"cdb27613-73ec-46ae-9bee-40465de35dbb","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":21,"box":{"x":549,"y":282,"width":381,"height":11}},{"id":"42c5b183-5e8c-47df-bbb1-413916a2ecf6","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":21,"box":{"x":550,"y":296,"width":396,"height":11}},{"id":"eef62511-0937-4e7d-9ed4-25ac4e7539ec","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":21,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"dd46d8e2-1f94-4502-a315-841173d4806c","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":21,"box":{"x":549,"y":325,"width":400,"height":11}},{"id":"1fa2c196-5551-4cd5-979a-cc7d6ab9c87f","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":21,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"972d70d7-60bc-4638-b6e8-af3720571f52","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":21,"box":{"x":549,"y":353,"width":374,"height":11}},{"id":"fe884054-d66b-44ed-8852-d2e628970407","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":21,"box":{"x":549,"y":367,"width":370,"height":11}},{"id":"3f0678c0-78c0-4bde-8d60-9b9e9818d3b5","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":21,"box":{"x":549,"y":381,"width":372,"height":11}},{"id":"337ec862-2049-45d0-a778-c213a49bdbae","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":21,"box":{"x":549,"y":396,"width":420,"height":11}},{"id":"978d27ca-e8db-4db8-b4e0-062917bc27db","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":21,"box":{"x":549,"y":410,"width":387,"height":11}},{"id":"1f49749c-5071-4987-ba75-d48bae9d6f52","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":21,"box":{"x":549,"y":424,"width":377,"height":11}},{"id":"700e8739-cf27-4941-9e39-c986134408eb","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":21,"box":{"x":549,"y":438,"width":380,"height":11}},{"id":"7769f906-7025-4af5-b17c-8d7c18eceebc","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":21,"box":{"x":549,"y":452,"width":366,"height":11}},{"id":"b922a614-bf9d-4362-ab3e-ee9048e0f22d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":21,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"b59e3b74-6d21-4464-be34-a139d3ef275b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":21,"box":{"x":550,"y":481,"width":386,"height":11}},{"id":"98c5fa0c-ac84-4d0f-8cd5-d0bb58283a3a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":21,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"ac0c899c-660f-4f47-a546-225a35d6aafc","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":21,"box":{"x":549,"y":509,"width":420,"height":11}},{"id":"a449fe4f-5efe-41e6-a34d-ed51ca5e8706","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":21,"box":{"x":549,"y":523,"width":413,"height":11}},{"id":"b8dac69c-496f-485c-8dd5-68a75f0adf7a","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":21,"box":{"x":549,"y":537,"width":410,"height":11}},{"id":"e6c4e92b-9834-463b-b3b4-0b1321e996a9","block_type":"box","text":"index ETFs. A Fund that tracks an index with exposure to non-U.S.","page_number":21,"box":{"x":549,"y":552,"width":421,"height":10}},{"id":"f1a4d019-161a-4b56-95bb-03e8fe089109","block_type":"box","text":"issuers may experience higher tracking error than ETFs that do","page_number":21,"box":{"x":549,"y":566,"width":401,"height":11}},{"id":"67815557-c18f-4940-bb24-43834c1b9f25","block_type":"box","text":"not track such indexes.","page_number":21,"box":{"x":549,"y":580,"width":147,"height":9}},{"id":"38d6a8e0-c045-4bdd-a220-54423eac7316","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":550,"y":603,"width":96,"height":9}},{"id":"b6740049-42c6-4257-974f-8bf556557605","block_type":"box","text":".","page_number":21,"box":{"x":646,"y":610,"width":2,"height":2}},{"id":"47d5b540-ce15-4920-8275-7fe345936565","block_type":"box","text":"The price that the Fund could receive upon the","page_number":21,"box":{"x":653,"y":603,"width":298,"height":11}},{"id":"84f3c60c-50a0-4c87-9bef-13903b162756","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":21,"box":{"x":549,"y":617,"width":408,"height":11}},{"id":"7fada0b4-c0ad-4862-a7ea-394c094b1b55","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":21,"box":{"x":549,"y":632,"width":355,"height":10}},{"id":"3979974c-d115-4609-ad19-88d38dfbacb5","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":21,"box":{"x":549,"y":646,"width":418,"height":11}},{"id":"c0283901-58d3-4741-95c9-144f85d9ee4d","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":21,"box":{"x":549,"y":660,"width":347,"height":11}},{"id":"fc5f89aa-d8aa-4d30-a092-482cf4c2c45d","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":21,"box":{"x":549,"y":674,"width":418,"height":11}},{"id":"fc2d0a75-12cb-4e1f-8b5b-7e97c66abf26","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":21,"box":{"x":549,"y":688,"width":406,"height":11}},{"id":"d80d7b57-bdef-46a7-b977-fa7c3cf35059","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":21,"box":{"x":549,"y":702,"width":411,"height":11}},{"id":"7d145f75-2e57-42d7-8081-f46da04e52dd","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":21,"box":{"x":549,"y":717,"width":392,"height":11}},{"id":"16506ba2-18c0-4e0a-a979-9e0390b33d78","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":21,"box":{"x":549,"y":731,"width":414,"height":11}},{"id":"4f08fc7d-8a69-4977-a505-37a6cba2dc0b","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":21,"box":{"x":549,"y":745,"width":394,"height":11}},{"id":"039da25b-1893-4894-8a85-47a0ac010fbb","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":21,"box":{"x":548,"y":759,"width":383,"height":11}},{"id":"fd4c39d5-6416-4ec5-9843-7879beac1949","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":21,"box":{"x":549,"y":773,"width":414,"height":11}},{"id":"0cf2f99f-b9f6-4650-b0de-309591a647de","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":21,"box":{"x":549,"y":788,"width":392,"height":8}},{"id":"6a028d4c-99d5-4d02-9ff0-e5c1bbbcbaf0","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":21,"box":{"x":548,"y":802,"width":425,"height":11}},{"id":"3d275a7d-fc31-4e4d-b0a3-5b9d1729d637","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":21,"box":{"x":548,"y":816,"width":400,"height":11}},{"id":"3b4926e5-069a-4e88-bdf0-3a9532d2860f","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":549,"y":830,"width":405,"height":11}},{"id":"b53e9b0f-1776-4d05-9eea-fbb661052ec0","block_type":"box","text":"S-10","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"157e73e2-9c99-4915-95ee-ae3570a7ed67","block_type":"box","text":"Performance Information","page_number":22,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"2679c8e5-13b7-420b-9d82-d963cf38466c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":22,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"2a5f78e8-28cb-4093-8736-a17d71edad0f","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":22,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"0f805c03-00ac-4a2a-9d19-2fd8f13f314e","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":22,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"836cbc5d-0cf5-4c2f-af23-7ef11140f5f8","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":22,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"1de06b53-5167-4917-9147-91f3455749ed","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":22,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"9aec7f8a-9909-4497-8357-cc6166334e0f","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":22,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"94b95707-34b0-4774-a944-8f8b6aa508dd","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":22,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"5eb43f07-fe59-4546-8496-432c845d4103","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":22,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"534a0e79-d402-48c4-b2d6-84adfafe768d","block_type":"box","text":"45%","page_number":22,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"8116f48c-d171-473d-ae10-1d093e482bdf","block_type":"box","text":"30%","page_number":22,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"d4bbd286-a906-4c79-b584-4f406de3ca12","block_type":"box","text":"15%","page_number":22,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"372b2613-20b7-43ff-b227-452f6f5913a4","block_type":"box","text":"0%","page_number":22,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"485bc52f-1cbb-4bd0-9bc7-dbfe87b0d2e5","block_type":"box","text":"-15%","page_number":22,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"d7426552-059e-455b-9e3d-45cf91ee11e5","block_type":"box","text":"-30%","page_number":22,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"eda9aa1f-4501-48a7-bb31-d02e5b8cabc4","block_type":"box","text":"2","page_number":22,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"128cc300-c316-4dba-a0f8-8616414716a1","block_type":"box","text":"0","page_number":22,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"18d280f1-d77e-422e-a536-4cd2971d936d","block_type":"box","text":"1","page_number":22,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"b56a05a2-de34-4ce0-9c94-a66dbd1ac573","block_type":"box","text":"5","page_number":22,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"e7ab3fa3-9bcb-4dcb-b83b-58ced14c4c99","block_type":"box","text":"2","page_number":22,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"2212addb-4ccb-46c8-b318-7f1d7a9ae43b","block_type":"box","text":"0","page_number":22,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"f23a1a7e-d67a-4195-8174-07bace92346d","block_type":"box","text":"1","page_number":22,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"400d511a-0182-48dc-8cbd-0ca5822d7a6d","block_type":"box","text":"6","page_number":22,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"1b5d177f-a36c-440c-82b8-34795df41e2d","block_type":"box","text":"2","page_number":22,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"e15fe601-1e58-43f5-bc81-1fc956f54a1f","block_type":"box","text":"0","page_number":22,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"883197f3-1513-42e2-9573-006142065c1f","block_type":"box","text":"17 2","page_number":22,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"1f5ab366-a1c1-4a91-9494-a88d30fdafcb","block_type":"box","text":"0","page_number":22,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"33b61776-f4f8-487f-88a9-e06ab8b10001","block_type":"box","text":"1","page_number":22,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"bdbb8c29-acf3-4fc4-8b9f-b81cd43ac308","block_type":"box","text":"8","page_number":22,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"0697dc45-49a1-4dcd-82ba-52dc7f57bbf4","block_type":"box","text":"2","page_number":22,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"af1e5c81-57ca-44d0-ab4b-1a6fc75d064c","block_type":"box","text":"0","page_number":22,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"509a8640-8108-4075-a5f9-d005ce379187","block_type":"box","text":"1","page_number":22,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"83c8d133-02f5-4786-9d52-cd3e9d8f09a1","block_type":"box","text":"9","page_number":22,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"e82a8da6-81e7-47ec-9f3a-5ce41fb95b92","block_type":"box","text":"2","page_number":22,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"6fee46e6-637a-4d04-8eeb-e3f901c407a6","block_type":"box","text":"0","page_number":22,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"b80b71f3-65ba-4f5c-adb6-532594b02768","block_type":"box","text":"2","page_number":22,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"fca72f1c-877d-4fc7-958d-1687afea19f9","block_type":"box","text":"0","page_number":22,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"9e8ca107-a96e-4505-ae87-7a6c556d1cc3","block_type":"box","text":"2","page_number":22,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"53f41bab-31b1-423c-8420-95561c7e0b89","block_type":"box","text":"0","page_number":22,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"cefc351f-1b54-40f7-a720-b9f059507c72","block_type":"box","text":"21 2","page_number":22,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"736908ec-8198-4b40-8603-c1fe9f1aa0a0","block_type":"box","text":"0","page_number":22,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"8219e80f-2e4c-4009-b6ed-5d1a9a26247d","block_type":"box","text":"22 2","page_number":22,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"25c6fce3-babd-4a95-b829-0d0b444c80bd","block_type":"box","text":"0","page_number":22,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"df72296c-2665-49c7-a985-53efb4b35e70","block_type":"box","text":"2","page_number":22,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"9abe0410-0be4-40da-a61d-dc0028715f96","block_type":"box","text":"3","page_number":22,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"1a189926-fa21-4a98-8fda-e845300ccb94","block_type":"box","text":"2","page_number":22,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"17a3483e-e09d-4b9f-b0a7-94a7b39ca187","block_type":"box","text":"0","page_number":22,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"150e0a97-2ad4-4c73-b3fd-8a7340b643f7","block_type":"box","text":"2","page_number":22,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"87c439dd-e252-49cb-8fa3-e31d47504399","block_type":"box","text":"4","page_number":22,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"99535127-03f7-4bd2-87a4-d9f81a747833","block_type":"box","text":"13.40%","page_number":22,"box":{"x":365,"y":235,"width":32,"height":6}},{"id":"62972969-6313-4536-b254-f3053f40000a","block_type":"box","text":"-1.23%","page_number":22,"box":{"x":397,"y":268,"width":32,"height":6}},{"id":"5855d75d-6145-4fb7-b2ed-976623dbdad1","block_type":"box","text":"23.25%","page_number":22,"box":{"x":433,"y":222,"width":33,"height":6}},{"id":"f0107df6-0aa9-4332-837d-951824de4e14","block_type":"box","text":"-20.36%","page_number":22,"box":{"x":467,"y":293,"width":37,"height":6}},{"id":"c3d90a49-5116-481c-9bef-69e73e8def43","block_type":"box","text":"25.55%","page_number":22,"box":{"x":505,"y":219,"width":33,"height":6}},{"id":"241bcdef-7b6a-4526-9053-5642c5853099","block_type":"box","text":"0.22%","page_number":22,"box":{"x":544,"y":252,"width":28,"height":6}},{"id":"bc7e9c0a-aa2f-4ae4-a667-64ba6762bdd6","block_type":"box","text":"12.92%","page_number":22,"box":{"x":579,"y":235,"width":32,"height":6}},{"id":"25c5e5db-68bb-48c5-bcaf-14357f277e1a","block_type":"box","text":"-14.08%","page_number":22,"box":{"x":611,"y":285,"width":38,"height":6}},{"id":"9db61034-3314-4361-b0d7-f65b0feb31a8","block_type":"box","text":"7.46%","page_number":22,"box":{"x":653,"y":243,"width":27,"height":6}},{"id":"fa0a8645-87ce-4c40-bba3-ab55e7e769a2","block_type":"box","text":"0.51%","page_number":22,"box":{"x":689,"y":252,"width":27,"height":6}},{"id":"8af10f96-812a-4484-8134-902245c8a902","block_type":"box","text":"Return (%) Period Ended","page_number":22,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"88140bf2-fcd2-42f9-9790-8b8fe91eff59","block_type":"box","text":"Calendar Year-to-Date Return","page_number":22,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"5d054c11-a942-4302-b2d4-248c6cefc8f7","block_type":"box","text":"28.97% September 30, 2025","page_number":22,"box":{"x":561,"y":366,"width":178,"height":9}},{"id":"45bf9f67-fc31-4ed6-b6a2-dee047a16b55","block_type":"box","text":"During the periods shown in the chart:","page_number":22,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"7bc146fd-6242-4b5f-8fb5-7a0756c1a328","block_type":"box","text":"Best Quarter 23.11% December 31, 2022","page_number":22,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"bf78d2fd-870a-48c1-9c50-c12fb8783824","block_type":"box","text":"Worst Quarter -26.92% March 31, 2020","page_number":22,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"30113246-286a-476b-8e97-185862a2d712","block_type":"box","text":"Average Annual Total Returns","page_number":22,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"2717a9b0-2f42-4edb-a753-6ea249d0a82d","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":22,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"2d67c091-ead8-4cf7-abd9-be62589d8254","block_type":"box","text":"One Year Five Years Ten Years","page_number":22,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"703317d6-ac8f-44e0-8a68-80e72020f5e7","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":22,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"15c0d1c0-12d9-4ba5-b827-fef86afbda8f","block_type":"box","text":"Return Before Taxes","page_number":22,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"6b462740-b69e-47ae-83b2-641d603a56e2","block_type":"box","text":"0.51% 0.98% 3.78%","page_number":22,"box":{"x":724,"y":493,"width":196,"height":8}},{"id":"98554876-687d-4b09-9ef9-7f0e89bc9962","block_type":"box","text":"Return After Taxes on Distributions 0.18% 0.67% 3.49%","page_number":22,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"8db2cf4a-0fd6-4ccf-9e73-707a8ac2b210","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 1.27% 1.02% 3.26%","page_number":22,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"bfe88792-a629-4f96-aaf0-bec08d9e30ce","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":22,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"4b9fad94-2b3e-40fd-9af8-831d527f2507","block_type":"box","text":"1","page_number":22,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"122f43fa-5eb3-478b-9812-aaac31b5bbfc","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":22,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"8eed5349-aec5-4981-8e33-b36e5698be7f","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":22,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"9fc6540f-6a6c-4e4c-b69e-6f4849a1116c","block_type":"box","text":"MSCI Belgium IMI 25/50 Index (Net)","page_number":22,"box":{"x":124,"y":553,"width":225,"height":9}},{"id":"92b21c22-40a0-46b2-a7a1-7d7e1551aaa1","block_type":"box","text":"1","page_number":22,"box":{"x":352,"y":551,"width":2,"height":5}},{"id":"b622d3c2-15c1-4b68-80d5-30bcafbfb824","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":22,"box":{"x":361,"y":553,"width":319,"height":9}},{"id":"4fdf9d53-d14b-44ec-ad52-15725d86604e","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 0.51% -0.27% 3.15%","page_number":22,"box":{"x":136,"y":565,"width":784,"height":10}},{"id":"d6b38187-4b47-4803-981b-343868cfa0a2","block_type":"box","text":"1","page_number":22,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"77bcee9e-a3b8-46bc-b3af-4bcd7d28eaad","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":22,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"5d26a69d-1834-4427-becd-42140032d6b5","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":22,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"596cb53e-eec5-4f8e-86e0-e3f5cf3ff837","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":22,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"923456db-455d-4987-b034-da4d8cc7e769","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":22,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"a789c65a-075e-495b-9370-e6b1e1df519c","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":22,"box":{"x":82,"y":646,"width":882,"height":11}},{"id":"19b4cfdb-47b2-4a20-8bed-0b663347f797","block_type":"box","text":"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,","page_number":22,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"2e404814-472d-472f-843a-6febe5cc6388","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":22,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"5f2f1d7e-1a1d-46f7-8333-a824c6efeb7b","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":22,"box":{"x":83,"y":688,"width":855,"height":11}},{"id":"e5e09475-bbc8-4d8d-89ae-d6e3880fdb88","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":22,"box":{"x":83,"y":703,"width":883,"height":10}},{"id":"47ed6eb8-11bc-48b5-b359-5213d60bc5de","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":22,"box":{"x":82,"y":717,"width":861,"height":11}},{"id":"ba477098-a881-4d35-8922-fc22876ded69","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":22,"box":{"x":83,"y":731,"width":359,"height":10}},{"id":"82c89898-a023-426e-8e7d-ac4d432d2a45","block_type":"box","text":"S-11","page_number":22,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"8f49562c-ba04-42bf-a8a4-69533d0a8cb2","block_type":"box","text":"Management","page_number":23,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"a073aa3f-26e5-43d5-958d-6ceccc3cd94f","block_type":"box","text":"Investment Adviser.","page_number":23,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"c9186f31-bd04-4b95-8fe5-ea1d8c2b88fa","block_type":"box","text":"BlackRock Fund Advisors.","page_number":23,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"17fb6093-6819-44e0-8c00-9cfd50d1e467","block_type":"box","text":"Portfolio Managers.","page_number":23,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"a03fddfe-fdd6-4aa5-adea-c29a90ab2cac","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":23,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"960d4940-698d-4db5-8503-9dd7857e0217","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":23,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"64dfd56b-8808-4b22-ac4a-268ab3c8d0b7","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":23,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"bbc0ea95-fa83-4353-9af7-913231592c33","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":23,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"d166cc5a-7d16-4ab7-b574-fb6aa2b16153","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":23,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"7048a26d-7767-4514-9156-36a7cd72ef8a","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":23,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"373c6ea9-d34b-4d8e-a318-17a2ff60ea6d","block_type":"box","text":"Managers of the Fund since 2025.","page_number":23,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"957c6449-d41c-44c6-b393-1ac5f7460eba","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":23,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"dd061678-bbae-42d5-8537-7603c1dfdc14","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":23,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"32d8679d-9565-4160-ae43-54810f12a0fc","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":23,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"648d2723-96d5-4843-a50f-247a50ceb70c","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":23,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"c73879ab-2ac6-49e3-8b7e-777f12d24697","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":23,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"0a32e2f3-eb76-4dc7-8684-fc7e5962cfc5","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":23,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"89d1e9ed-33cb-43b9-99c8-0d9a0b143148","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":23,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"76f7826c-5cf6-44a2-a9d8-d465d561eac8","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":23,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"5b67b0ad-431f-47b9-bcbc-21d472655a1e","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":23,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"51f0fe4b-e063-4768-9aa3-20df76650b31","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":23,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"b33e9b79-d485-46d7-b6ed-ab24df17255b","block_type":"box","text":"Tax Information","page_number":23,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"1200ff0d-83e3-4aad-a7d3-8422e0dbef55","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":23,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"4f0dc65c-eea6-4969-b73b-1fde8e9d7d6d","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":23,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"db78a2f3-ed1f-4317-8c7e-3b21d23b536a","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":23,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"713fe9e2-6510-4e81-b080-f6da35ae8533","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":23,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"89fc70ca-cedc-48cf-9832-0c633ab91c54","block_type":"box","text":"withdrawn.","page_number":23,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"cc91f85c-35b6-487b-88ee-728f4208c324","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":23,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"57096c59-14b2-4fe1-9a40-e7f66cf1229a","block_type":"box","text":"Intermediaries","page_number":23,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"f6514d81-205a-4ec9-95ce-6cbbd5d4d460","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":23,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"8c6eb3e8-b72e-453d-887c-b4391a8110e3","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":23,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"25c81e9d-b484-4acd-9a8a-a2c28c80a925","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":23,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"72227875-6d84-4175-b9f7-ca247f750aed","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":23,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"dc7f7f63-a618-442e-8143-c9519c7c8a42","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":23,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"7ae0a9db-7370-418a-b259-b451a7c37600","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":23,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"47b6905f-7cbb-4fc1-8cc8-1596a769d280","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":23,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"87b5d759-52a4-4cb7-a3eb-35f977a3ec39","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":23,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"33c7a336-072f-4952-b1b0-a456853bb5f5","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":23,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"50ef56a3-efb1-4e09-8fdf-b6bb4b4864a0","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":23,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"6898b624-d096-4c90-a698-3e7877b9ff44","block_type":"box","text":"information.","page_number":23,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"7f03f6e1-f027-4a23-8eac-3c5a9b92e501","block_type":"box","text":"S-12","page_number":23,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"f1a31dc2-5bf6-430e-a486-c1b3c9428b52","block_type":"box","text":"iSHARES","page_number":24,"box":{"x":330,"y":24,"width":119,"height":15}},{"id":"016fa6b1-fb5c-4ec1-9526-4dbd3e756026","block_type":"box","text":"®","page_number":24,"box":{"x":452,"y":17,"width":11,"height":8}},{"id":"2aade515-6a8b-48a3-a9c0-d5451ed827d2","block_type":"box","text":"MSCI CANADA ETF","page_number":24,"box":{"x":474,"y":24,"width":254,"height":15}},{"id":"fe465cc7-8156-419a-be9b-59fe83880855","block_type":"box","text":"Ticker: EWC Stock Exchange: NYSE Arca","page_number":24,"box":{"x":283,"y":53,"width":485,"height":12}},{"id":"bcee97aa-5d17-43e8-aa8a-93d4c442fb86","block_type":"box","text":"Investment Objective","page_number":24,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"132ccfac-8748-4060-862b-ab51fe685720","block_type":"box","text":"The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities.","page_number":24,"box":{"x":82,"y":116,"width":800,"height":11}},{"id":"e063c8bf-d4be-43df-92fd-b16c3170bb07","block_type":"box","text":"Fees and Expenses","page_number":24,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"ceb707b0-103c-4d70-a5df-a5d6c9c4308f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":24,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"e7b27ac2-35cf-4bc6-811a-b5e42281fff7","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":24,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"fba8cc4c-a219-49f5-b373-319857ef5700","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":24,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"0f750f00-e4b2-4bd1-9da1-269e242bf8df","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":24,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"342408dd-7252-4be7-beb9-ca90ec05cd16","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":24,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"c624eeff-c04b-4e3e-97d3-a3db97f2d336","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":24,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"fa0d3355-6d3d-4252-8157-7bcd1a36e782","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":24,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"2774ac72-5f26-4c99-9ada-4b93feab1859","block_type":"box","text":"the tables and examples below.","page_number":24,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"332113f2-9a45-4925-ba26-b3982bb101b2","block_type":"box","text":"Annual Fund Operating Expenses","page_number":24,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"ef58987c-cc9b-4b58-9e84-8d70d3c793f2","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":24,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"b9cfd010-6597-4260-9a31-52a2f26c2841","block_type":"box","text":"percentage of the value of your investments)","page_number":24,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"35d77257-15e1-4a22-b582-bc873032f45a","block_type":"box","text":"1","page_number":24,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"8413bbf9-5cda-4739-883b-6d24bc94eb35","block_type":"box","text":"Management","page_number":24,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"abf98885-7c1e-4829-acd2-125de62655d6","block_type":"box","text":"Fees","page_number":24,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"8d9662a4-1384-4d30-ac45-e72a16cdfe23","block_type":"box","text":"Distribution","page_number":24,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"569d279e-de5b-48f1-bf59-afd27059f32a","block_type":"box","text":"and Service","page_number":24,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"df762e2d-6bac-4547-8f70-ecb5258da8ee","block_type":"box","text":"(12b-1) Fees","page_number":24,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"f0937132-6fe3-490f-a990-f440c2bfd0c4","block_type":"box","text":"Other","page_number":24,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"ebe97fba-494c-49a2-9a1a-b068fbd4660e","block_type":"box","text":"Expenses","page_number":24,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"212fe739-3eb9-4980-89d0-b51952270113","block_type":"box","text":"Total Annual","page_number":24,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"dbe63052-d6f6-4f03-ad2f-bd55e6e0d6fc","block_type":"box","text":"Fund","page_number":24,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"1003b592-6818-4ce6-8d8d-8f2287328811","block_type":"box","text":"Operating","page_number":24,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"35856112-8cc0-42f6-9c11-728955dd6d00","block_type":"box","text":"Expenses","page_number":24,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"2bd29eaf-bb0b-4139-9e08-63906ea8d583","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":24,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"fe46fc6c-02d6-4b01-b4aa-5b8fa64b92f1","block_type":"box","text":"1","page_number":24,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"79f074d5-87c5-4a94-a290-4845203f00df","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":24,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"e8b5dd87-c3f7-45b8-89f6-510de3e390e2","block_type":"box","text":"Example.","page_number":24,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"b4a15e1e-fbd2-4e52-b4a7-045f853c62d7","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":24,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"c51cff31-a38a-4175-bdcf-b11341975346","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":24,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"a54b7d98-9384-464f-91fa-19541ab58b15","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":24,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"c4c341cb-dc57-4c63-a4f4-9a7cc73abd8f","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":24,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"52de4543-c509-4f75-b2d1-7d322428bd57","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":24,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"716b01ed-6f5d-45cd-8995-1ca18c7c5c92","block_type":"box","text":"$51 $160 $280 $628","page_number":24,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"7a0ed216-8420-4d7f-b29f-35d4d949dfec","block_type":"box","text":"Portfolio Turnover.","page_number":24,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"2fce1740-f756-49f8-aaab-9437a4faa95c","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":24,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"52ec3209-7407-46f2-ada3-228cb50c48ca","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":24,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"cc552dd0-4e42-4a4e-bcaa-f4306ac8b932","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":24,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"b1d8e643-78b4-4db9-befd-98b90bde258e","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":24,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"0bd188f0-f168-4b60-b073-542d6fd98210","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":24,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"946aae2c-69f0-4c3a-afd9-1c9a98b68a89","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":24,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"e9ccec68-5409-451f-9f44-56a274d4c051","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":24,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"6c06455f-87cd-45a1-8b1b-3cff5437f3f4","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 4% of the","page_number":24,"box":{"x":82,"y":673,"width":377,"height":11}},{"id":"95e39ae9-08c5-4486-8508-880a642816dd","block_type":"box","text":"average value of its portfolio.","page_number":24,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"950a5e08-6e40-47c5-8aa0-8a4368c7f1ec","block_type":"box","text":"Principal Investment Strategies","page_number":24,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"23ab4e88-d937-4a29-b74f-43dc41358784","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":24,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"035d40e6-4dd2-4594-98c9-fe38d83d347b","block_type":"box","text":"Canada Custom Capped Index (the “Underlying Index”), which is","page_number":24,"box":{"x":83,"y":755,"width":410,"height":11}},{"id":"fe794d6f-c02b-49f1-82b1-2c513be1810e","block_type":"box","text":"designed to measure broad-based equity performance in Canada.","page_number":24,"box":{"x":83,"y":770,"width":419,"height":10}},{"id":"6efc62dd-87af-4c5d-96e0-f33efea03144","block_type":"box","text":"The Underlying Index constrains at quarterly rebalance the weight","page_number":24,"box":{"x":82,"y":784,"width":421,"height":11}},{"id":"eafcdff0-b8d3-4c15-8c2d-5b789c906165","block_type":"box","text":"of any single issuer to a maximum of 22.5% of the Underlying","page_number":24,"box":{"x":83,"y":798,"width":390,"height":11}},{"id":"b2cfeec8-0623-4ed5-bb1d-0b36e6d0c316","block_type":"box","text":"Index. Additionally, the sum of the issuers that individually","page_number":24,"box":{"x":83,"y":812,"width":372,"height":11}},{"id":"7b6beba8-0a61-42d0-ba9c-971c253c4a59","block_type":"box","text":"constitute more than 4.75% of the weight of the Underlying Index","page_number":24,"box":{"x":83,"y":826,"width":417,"height":11}},{"id":"763f1a67-4623-4500-88f8-51e450398c8b","block_type":"box","text":"will not exceed a maximum of 22.5% of the weight of the","page_number":24,"box":{"x":82,"y":840,"width":361,"height":11}},{"id":"5cb7d351-8046-4f40-b7f5-9849ca4f79bd","block_type":"box","text":"Underlying Index in the aggregate.","page_number":24,"box":{"x":83,"y":855,"width":218,"height":10}},{"id":"0a011676-3e29-4f72-b76d-feaa0f4f38c5","block_type":"box","text":"Between quarterly rebalances, the Underlying Index constrains","page_number":24,"box":{"x":550,"y":566,"width":400,"height":11}},{"id":"8dc60fbf-2e37-41c6-8bec-b314af3e4a31","block_type":"box","text":"weight of any single issuer to a maximum of 22.5% of the","page_number":24,"box":{"x":549,"y":580,"width":363,"height":11}},{"id":"6ee44942-b219-49f8-84bd-6f8784f3dd82","block_type":"box","text":"Underlying Index and constrains the sum of the issuers that","page_number":24,"box":{"x":550,"y":594,"width":380,"height":11}},{"id":"b202be93-ad4c-443a-8e3d-852500214899","block_type":"box","text":"individually constitute more than 5% of the weight of the","page_number":24,"box":{"x":549,"y":608,"width":359,"height":11}},{"id":"f5267a75-7b57-4ae2-bf9f-13ce1fcabd9b","block_type":"box","text":"Underlying Index to maximum of 24% of the weight of the","page_number":24,"box":{"x":550,"y":623,"width":364,"height":10}},{"id":"bbc3d2ec-d946-4acb-8cc2-cda3a33b3fbe","block_type":"box","text":"Underlying Index in the aggregate. The Underlying Index is a","page_number":24,"box":{"x":550,"y":637,"width":381,"height":11}},{"id":"c6f2d07e-9391-4b2c-9b16-120754d15528","block_type":"box","text":"variation of the MSCI Canada Index, designed to take into account","page_number":24,"box":{"x":548,"y":651,"width":425,"height":11}},{"id":"5901d858-8f9a-4445-8d9e-1df5f2772eea","block_type":"box","text":"the investment diversification requirements applicable to RICs","page_number":24,"box":{"x":549,"y":665,"width":398,"height":11}},{"id":"03057186-9b4d-4459-beb4-b4a19530b584","block_type":"box","text":"pursuant to Subchapter M of the Internal Revenue Code.","page_number":24,"box":{"x":549,"y":679,"width":361,"height":11}},{"id":"b0143a2f-7d80-4be1-9b10-97b142385d88","block_type":"box","text":"The Underlying Index includes large- and mid-capitalization","page_number":24,"box":{"x":549,"y":701,"width":376,"height":11}},{"id":"bc5328f3-964c-41d8-abc0-9358c18c532e","block_type":"box","text":"companies and may change over time. As of August 31, 2025, a","page_number":24,"box":{"x":549,"y":715,"width":406,"height":11}},{"id":"ea7278b7-9454-4ef2-a164-94e6784be6ed","block_type":"box","text":"significant portion of the Underlying Index is represented by","page_number":24,"box":{"x":549,"y":730,"width":383,"height":10}},{"id":"60338507-fda1-4ff7-817f-60ad7ad579b4","block_type":"box","text":"securities of companies in the energy and financials industries or","page_number":24,"box":{"x":549,"y":744,"width":416,"height":11}},{"id":"52ad6a5b-3d07-462c-a428-92616d9ab5ff","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":24,"box":{"x":549,"y":758,"width":392,"height":11}},{"id":"cd4ddd60-97b2-40cf-baf8-038423c4bf50","block_type":"box","text":"change over time.","page_number":24,"box":{"x":549,"y":772,"width":113,"height":11}},{"id":"a88480f6-ba81-44fb-b21b-03414d83fa5c","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":24,"box":{"x":550,"y":795,"width":376,"height":11}},{"id":"09efbb23-0ea6-4bbe-8a45-6774b5a802ac","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":24,"box":{"x":549,"y":810,"width":417,"height":10}},{"id":"5a84de07-f21d-4c4b-b5ee-b2e327a1c96f","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":24,"box":{"x":549,"y":824,"width":396,"height":11}},{"id":"e6e65150-d604-4757-8e2a-88a73403cd19","block_type":"box","text":"markets decline or appear overvalued.","page_number":24,"box":{"x":549,"y":838,"width":244,"height":11}},{"id":"e42eb08c-bc30-4103-ac1a-801021cf5ea0","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":24,"box":{"x":550,"y":861,"width":420,"height":11}},{"id":"68d0914d-af6f-44ee-bde6-023d8c3dfe9d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":24,"box":{"x":549,"y":875,"width":421,"height":11}},{"id":"be38e921-f068-4bbe-bc78-9ce61da25adc","block_type":"box","text":"S-13","page_number":24,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"58864c80-347b-48f0-81f1-bf8fff010fdf","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":25,"box":{"x":83,"y":23,"width":386,"height":11}},{"id":"07d96b99-1f6f-4608-91c2-625fec518cdf","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":25,"box":{"x":83,"y":37,"width":370,"height":11}},{"id":"422f9320-53b8-4382-a06a-ceff9ac47245","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":25,"box":{"x":83,"y":51,"width":356,"height":11}},{"id":"52ed1e20-9499-49f3-9ff6-349a99d981bc","block_type":"box","text":"comparison to actively managed investment companies.","page_number":25,"box":{"x":83,"y":66,"width":359,"height":11}},{"id":"f64725cb-a9ee-49cc-a5a9-2aa50a2eac09","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":25,"box":{"x":84,"y":89,"width":411,"height":11}},{"id":"c02b3f7d-8239-41d4-81a3-4c52e584c009","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":25,"box":{"x":83,"y":103,"width":411,"height":11}},{"id":"8e8f63a0-9148-4228-ae7a-0808681dd431","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":25,"box":{"x":83,"y":117,"width":424,"height":11}},{"id":"8bb8e5c9-9a71-496d-9264-00f33a9dc7bf","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":25,"box":{"x":83,"y":131,"width":410,"height":11}},{"id":"0a216ebc-84ed-4c57-8ae8-ff0287276855","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":25,"box":{"x":83,"y":146,"width":408,"height":10}},{"id":"de3b7fc1-053b-4078-941f-dffae6e756ed","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":25,"box":{"x":83,"y":160,"width":423,"height":11}},{"id":"7e61eaa2-1cfe-42c0-8715-832f0021c717","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":25,"box":{"x":83,"y":174,"width":386,"height":11}},{"id":"a047ce2e-202d-4c04-8253-5a1ff6010b76","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":25,"box":{"x":82,"y":188,"width":360,"height":11}},{"id":"04ef2813-3860-4bb5-9efd-841d35150645","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":25,"box":{"x":82,"y":202,"width":414,"height":11}},{"id":"f355a75a-0089-4063-bdb5-0c30a462d75e","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":25,"box":{"x":83,"y":216,"width":410,"height":11}},{"id":"447bc70f-5ff9-4f87-9357-f3e074e77b73","block_type":"box","text":"the components of the Underlying Index.","page_number":25,"box":{"x":83,"y":231,"width":259,"height":11}},{"id":"05885f22-bb65-4502-b1e3-a3b0dbc5861b","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":25,"box":{"x":82,"y":254,"width":390,"height":11}},{"id":"0ce29834-7aa9-4373-a1ee-abec6535490d","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":25,"box":{"x":83,"y":268,"width":410,"height":11}},{"id":"4472f8c5-d28c-49a4-820e-ed9ad3af8da2","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":25,"box":{"x":83,"y":282,"width":421,"height":11}},{"id":"0309bec7-ce2d-42dc-9769-95b0b8210f4b","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":25,"box":{"x":83,"y":296,"width":335,"height":11}},{"id":"e23bedd6-518f-45b3-bcaf-ca526ab8a79e","block_type":"box","text":"i.e","page_number":25,"box":{"x":419,"y":296,"width":14,"height":9}},{"id":"251cf690-9282-43c0-a2df-b82534d519d0","block_type":"box","text":".,","page_number":25,"box":{"x":435,"y":303,"width":6,"height":4}},{"id":"d3d96140-b845-456b-810b-50537b3a8c8c","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":25,"box":{"x":83,"y":311,"width":388,"height":10}},{"id":"2d64c67c-e79d-4d5b-b8ef-83b3c674ee0f","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":25,"box":{"x":83,"y":325,"width":403,"height":11}},{"id":"311c853a-b3fe-4f35-90af-194ffc40211d","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":25,"box":{"x":83,"y":339,"width":418,"height":11}},{"id":"73884f2a-45aa-469e-a31b-74f20b0646f2","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":25,"box":{"x":83,"y":353,"width":411,"height":11}},{"id":"064986e9-28aa-4e41-93d0-e55763dc2425","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":25,"box":{"x":82,"y":367,"width":389,"height":11}},{"id":"d94fda6c-5c1d-446e-8731-d7613319d20b","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":25,"box":{"x":82,"y":382,"width":415,"height":10}},{"id":"1e6ae114-cc6c-4fcc-9ed3-627f1354b5b9","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":25,"box":{"x":83,"y":396,"width":360,"height":10}},{"id":"a2b1622f-9b4d-4766-9baf-4e02a13cc524","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":25,"box":{"x":83,"y":410,"width":407,"height":11}},{"id":"d1257dd7-69d2-4f76-a6ee-fc3fe5ca9c99","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":25,"box":{"x":83,"y":424,"width":421,"height":11}},{"id":"6dbb05a9-192f-4f10-bb40-b384ad204429","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":25,"box":{"x":83,"y":438,"width":392,"height":11}},{"id":"da1a49c9-0c35-42a3-8c4a-e4380c714b68","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":25,"box":{"x":83,"y":452,"width":404,"height":11}},{"id":"b64c4b19-0c08-4dc3-83a9-950b6e74e6af","block_type":"box","text":"Fund.","page_number":25,"box":{"x":84,"y":467,"width":33,"height":8}},{"id":"66a63fb9-2142-49c3-b649-5f9383ba1d6d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":25,"box":{"x":82,"y":490,"width":412,"height":11}},{"id":"ec3b8e9c-409a-48cf-bd8e-ac665c733218","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":25,"box":{"x":82,"y":504,"width":371,"height":11}},{"id":"e49956de-192c-4aa8-a32c-16af192a94ad","block_type":"box","text":"collateral received).","page_number":25,"box":{"x":83,"y":518,"width":125,"height":11}},{"id":"1ecb19bc-1951-411a-bce3-14f6606098bb","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":25,"box":{"x":82,"y":541,"width":380,"height":11}},{"id":"8d1bd4c8-77bd-46d6-9b38-349652819f85","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":25,"box":{"x":84,"y":556,"width":411,"height":10}},{"id":"324e3b9a-cc23-4fdb-a8f0-ae3eaffd0df9","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":25,"box":{"x":82,"y":570,"width":381,"height":10}},{"id":"97c33719-d6a5-43e9-919e-988886f8ff55","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":25,"box":{"x":82,"y":584,"width":420,"height":11}},{"id":"89d68ed7-2ec5-44fe-868d-9a460ea48cfd","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":25,"box":{"x":83,"y":598,"width":405,"height":11}},{"id":"821cc45f-90f0-4be6-a97b-36315f3bd1b9","block_type":"box","text":"Industry Concentration Policy.","page_number":25,"box":{"x":83,"y":621,"width":210,"height":11}},{"id":"bf8633f0-8702-4514-966c-93039e3a4cc9","block_type":"box","text":"The Fund will concentrate its","page_number":25,"box":{"x":298,"y":621,"width":184,"height":9}},{"id":"7e0c6923-545b-4ee0-a96a-c988a21ed741","block_type":"box","text":"investments (","page_number":25,"box":{"x":83,"y":636,"width":85,"height":10}},{"id":"77132499-523c-46f6-bed0-d07256505dcc","block_type":"box","text":"i.e.","page_number":25,"box":{"x":169,"y":636,"width":17,"height":8}},{"id":"ddf18f4d-cdab-4efd-95ae-7917609ff600","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":25,"box":{"x":189,"y":635,"width":264,"height":11}},{"id":"c9fb8df5-334d-4a37-b756-4f22f61572ff","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":25,"box":{"x":83,"y":650,"width":394,"height":10}},{"id":"6f78de79-c82c-4d96-8428-22204db7af90","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":25,"box":{"x":83,"y":664,"width":377,"height":11}},{"id":"524bf662-4b7b-485b-8402-a780716a4a9b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":25,"box":{"x":83,"y":678,"width":389,"height":11}},{"id":"ed73e007-86de-4979-8e81-90ef604e1b59","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":25,"box":{"x":83,"y":692,"width":389,"height":11}},{"id":"d6877ea0-f359-4cb3-8eb3-ea255303bdfa","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":25,"box":{"x":83,"y":706,"width":410,"height":11}},{"id":"f9d8f0d6-096b-4290-bec5-7922cd29be11","block_type":"box","text":"considered to be issued by members of any industry.","page_number":25,"box":{"x":83,"y":721,"width":337,"height":10}},{"id":"46168334-cd94-4507-bab6-ca1718f7ce8e","block_type":"box","text":"Summary of Principal Risks","page_number":25,"box":{"x":83,"y":750,"width":235,"height":13}},{"id":"efd24e0e-a893-4d9d-82ed-4e9e4f2bf7a7","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":25,"box":{"x":82,"y":775,"width":363,"height":11}},{"id":"1b2d609d-681e-40eb-a8cd-83b7a88f0566","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":25,"box":{"x":83,"y":789,"width":402,"height":11}},{"id":"350cc52f-d8b5-4d2b-ad98-9ef10d69bebb","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":25,"box":{"x":83,"y":803,"width":396,"height":11}},{"id":"596d979c-816c-4ee5-9229-4b2fa811e76e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":25,"box":{"x":83,"y":817,"width":376,"height":11}},{"id":"2da1ba96-633c-4b9d-b8ab-39d00b05edae","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":25,"box":{"x":83,"y":831,"width":392,"height":11}},{"id":"006a5342-1876-43f3-bbff-939d02422c07","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":25,"box":{"x":83,"y":846,"width":416,"height":10}},{"id":"8b71c7a8-c39a-4cd7-8824-f5020d626db5","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":25,"box":{"x":83,"y":860,"width":387,"height":11}},{"id":"6129ac3f-3689-4f0c-8eb7-3bdad91f8d17","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":25,"box":{"x":82,"y":874,"width":426,"height":11}},{"id":"c9539fd9-0b02-40c5-ab6a-9928d8fde13e","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":25,"box":{"x":549,"y":23,"width":405,"height":11}},{"id":"7b3cb2fb-cbaa-408d-934e-6700d2fd36a4","block_type":"box","text":"review each risk factor carefully.","page_number":25,"box":{"x":549,"y":37,"width":206,"height":11}},{"id":"20623e96-ffd6-45fb-b367-7927e3cd32c1","block_type":"box","text":"Risk of Investing in Canada","page_number":25,"box":{"x":549,"y":60,"width":183,"height":11}},{"id":"84095e5b-b332-4f4f-aaf8-c3d4447ca894","block_type":"box","text":".","page_number":25,"box":{"x":734,"y":67,"width":2,"height":2}},{"id":"1535ec24-fa1b-4b3c-9c71-09003274b3d5","block_type":"box","text":"Investing in Canadian issuers","page_number":25,"box":{"x":742,"y":61,"width":186,"height":10}},{"id":"d09ad581-41e4-4525-800d-bc9a89c3e169","block_type":"box","text":"subjects the Fund to legal, regulatory, political, economic,","page_number":25,"box":{"x":549,"y":75,"width":370,"height":11}},{"id":"8f4185c4-4c0c-4270-b46e-cfd247d0d65f","block_type":"box","text":"currency, geographic and security risks that are specific to","page_number":25,"box":{"x":549,"y":89,"width":375,"height":11}},{"id":"5d2a679d-7190-4757-82ee-ea5f14fef433","block_type":"box","text":"Canada. Canada depends heavily on trading with the U.S., China,","page_number":25,"box":{"x":549,"y":103,"width":414,"height":11}},{"id":"c250ebd4-df58-45b7-8f63-1de2c2f54763","block_type":"box","text":"Mexico, the United Kingdom and Japan. Its economy may be","page_number":25,"box":{"x":550,"y":117,"width":383,"height":11}},{"id":"4e72a016-78a8-481a-99de-e3f3a34d9ba4","block_type":"box","text":"significantly impacted by changes in the economies and trade","page_number":25,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"e4c9fd19-7870-4c14-a0b9-ec754908fcc8","block_type":"box","text":"policies of these key trading partners, particularly the U.S. The","page_number":25,"box":{"x":549,"y":146,"width":398,"height":10}},{"id":"fb3c6770-0734-4c25-af91-2c1cef1460c8","block_type":"box","text":"Canadian economy is also sensitive to fluctuations in certain","page_number":25,"box":{"x":549,"y":160,"width":386,"height":11}},{"id":"7285ae0f-b45c-4b0d-b6f7-c4d6f7261c2f","block_type":"box","text":"commodity markets, including the energy sector.","page_number":25,"box":{"x":549,"y":174,"width":312,"height":11}},{"id":"673f55d5-ef7a-4e46-b16e-46895f4f256f","block_type":"box","text":"Non-U.S. Securities Risk","page_number":25,"box":{"x":549,"y":197,"width":165,"height":9}},{"id":"28a5c5c2-e62d-4faa-8db3-78893f83b713","block_type":"box","text":".","page_number":25,"box":{"x":714,"y":204,"width":2,"height":2}},{"id":"df4a336a-12ac-4fdc-8bcd-092f7fbcec59","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":25,"box":{"x":722,"y":197,"width":236,"height":11}},{"id":"291a19b3-a684-4ce3-a752-ab5421b5a9f5","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":25,"box":{"x":549,"y":211,"width":382,"height":11}},{"id":"c645b020-7e54-464e-a6e5-129164270117","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":25,"box":{"x":549,"y":226,"width":406,"height":10}},{"id":"cbcc1f62-9211-4a3d-bde4-158052926676","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":25,"box":{"x":549,"y":240,"width":369,"height":11}},{"id":"3ecd7c40-5828-45b2-984d-16b19e900d11","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":25,"box":{"x":548,"y":254,"width":356,"height":11}},{"id":"7423ce0b-2162-480f-b81d-6ed80b50d682","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":25,"box":{"x":549,"y":268,"width":407,"height":11}},{"id":"6606d0fd-2dbd-4668-85dc-334f320389c3","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":25,"box":{"x":549,"y":282,"width":397,"height":11}},{"id":"1cba08f7-472b-49ed-8888-786a4b0f4115","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":25,"box":{"x":549,"y":296,"width":403,"height":11}},{"id":"19c5f69e-5d43-4dbe-a98a-0912d862f76d","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":25,"box":{"x":549,"y":311,"width":371,"height":10}},{"id":"b1f92667-f393-4aca-8986-29cc177fb9e6","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":25,"box":{"x":549,"y":325,"width":386,"height":11}},{"id":"36ff4ddb-578c-45f3-86a2-47ce3a8aff90","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":25,"box":{"x":549,"y":339,"width":391,"height":11}},{"id":"8c7c4781-cab7-4451-ac69-9a6ccc780446","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":25,"box":{"x":549,"y":353,"width":351,"height":11}},{"id":"42ba8f50-42b3-4091-8be1-db80ce07e955","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":25,"box":{"x":549,"y":367,"width":413,"height":11}},{"id":"6131a831-f80c-4b37-9a64-faedb7ed961a","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":25,"box":{"x":549,"y":381,"width":405,"height":11}},{"id":"5a9a1275-1600-4240-ac94-f35edbd00877","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":25,"box":{"x":549,"y":396,"width":372,"height":10}},{"id":"2e2dd3d7-d684-4c3d-9166-c87c6c5ff39f","block_type":"box","text":"countries will have a more significant impact on the Fund.","page_number":25,"box":{"x":549,"y":410,"width":368,"height":11}},{"id":"b4aac019-f495-4eaf-b9f1-2dce1c03e0e7","block_type":"box","text":"Equity Securities Risk","page_number":25,"box":{"x":549,"y":433,"width":148,"height":11}},{"id":"b2cf249e-f0e9-41bd-a194-55d866aa42a0","block_type":"box","text":".","page_number":25,"box":{"x":697,"y":440,"width":2,"height":1}},{"id":"e6aa57f2-98c2-4dd3-b1ca-304e0b1ba152","block_type":"box","text":"Equity securities are subject to changes","page_number":25,"box":{"x":705,"y":433,"width":254,"height":11}},{"id":"f2f6a932-b000-4b7a-b51f-b9f88f90bc4f","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":25,"box":{"x":549,"y":447,"width":422,"height":11}},{"id":"abc2d31b-9269-4c4b-9151-8fbaeee88d10","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":25,"box":{"x":549,"y":461,"width":420,"height":11}},{"id":"88333f7e-0c7a-487e-ae7c-db9cec522aeb","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":25,"box":{"x":549,"y":476,"width":397,"height":10}},{"id":"18c67af8-c959-45e8-888a-cbd50497b022","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":25,"box":{"x":549,"y":490,"width":359,"height":11}},{"id":"8775809b-6dda-48ff-8115-79ee37fbe513","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":25,"box":{"x":549,"y":504,"width":390,"height":11}},{"id":"2d87abca-7ba4-4054-a879-e1abea4dd9b9","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":25,"box":{"x":549,"y":518,"width":412,"height":11}},{"id":"afe3ae6f-583c-4c41-8acf-ffeb1d7397bb","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":25,"box":{"x":549,"y":532,"width":373,"height":11}},{"id":"28fd8745-3e92-449f-a70a-686c3bf0bfd7","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":25,"box":{"x":549,"y":547,"width":309,"height":10}},{"id":"24a04a33-9059-4937-825d-201655ea61f7","block_type":"box","text":"Market Risk","page_number":25,"box":{"x":549,"y":570,"width":82,"height":8}},{"id":"8bf67f8e-da8f-4270-8ec7-fd297e67e909","block_type":"box","text":".","page_number":25,"box":{"x":631,"y":576,"width":3,"height":2}},{"id":"2e454840-ba26-4501-9f54-99da02fb00dd","block_type":"box","text":"The Fund could lose money over short periods due","page_number":25,"box":{"x":639,"y":570,"width":322,"height":11}},{"id":"4bc2386a-d5cc-4908-a01c-ba67eea2d2a1","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":25,"box":{"x":549,"y":584,"width":413,"height":11}},{"id":"45ae33d3-d3e7-4701-a7f3-575bebf511a8","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":25,"box":{"x":549,"y":598,"width":382,"height":11}},{"id":"18400b5a-d364-4e39-98f0-8aaec96ae7e7","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":25,"box":{"x":549,"y":612,"width":411,"height":11}},{"id":"45262cfb-b3d8-496e-a493-d5baf858a8ea","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":25,"box":{"x":549,"y":626,"width":370,"height":11}},{"id":"6e783614-4642-4560-a1fb-44bb878dcc50","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":25,"box":{"x":549,"y":641,"width":404,"height":10}},{"id":"69cdec34-bd2f-45e3-ac21-38f02d82fce9","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":25,"box":{"x":549,"y":655,"width":395,"height":11}},{"id":"9508f743-3abc-4f7a-b9a7-3ba985146f2b","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":25,"box":{"x":549,"y":669,"width":395,"height":11}},{"id":"62ef2b1a-a4ab-4d62-9e40-7e70f689f575","block_type":"box","text":"NAV.","page_number":25,"box":{"x":550,"y":683,"width":27,"height":9}},{"id":"9b40d783-c57f-4797-922c-dfdfb2705ea1","block_type":"box","text":"Index-Related Risk.","page_number":25,"box":{"x":549,"y":706,"width":129,"height":9}},{"id":"4658c84f-1745-4a00-ac3d-99bf54234938","block_type":"box","text":"The Index Provider may rely on various","page_number":25,"box":{"x":683,"y":706,"width":247,"height":11}},{"id":"13611030-e219-48af-83fd-69c8bf9bb1d5","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":25,"box":{"x":549,"y":721,"width":423,"height":10}},{"id":"5806fbb2-122b-475a-8008-7dd05cc75085","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":25,"box":{"x":550,"y":735,"width":391,"height":11}},{"id":"89b74503-8f3e-4576-ae68-63734b1130ad","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":25,"box":{"x":549,"y":749,"width":406,"height":11}},{"id":"6e8e3e2c-1d89-4fce-98f6-3c7cc89fdeb5","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":25,"box":{"x":549,"y":763,"width":408,"height":11}},{"id":"913e58ef-e6fa-4fb1-98dd-7d7920ccf4a1","block_type":"box","text":"information will provide an accurate assessment of included","page_number":25,"box":{"x":549,"y":777,"width":384,"height":11}},{"id":"4610daf4-064e-419a-b8d8-f4b065d5847d","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":25,"box":{"x":549,"y":791,"width":388,"height":11}},{"id":"bffe77a9-94fd-42c2-be2c-9a37233a8db3","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":25,"box":{"x":549,"y":806,"width":366,"height":10}},{"id":"7ee582f0-301c-467f-bb94-f371eeee9c75","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":25,"box":{"x":549,"y":820,"width":377,"height":11}},{"id":"18977861-6c9a-43fc-ae12-a183f34237dc","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":25,"box":{"x":549,"y":834,"width":413,"height":11}},{"id":"5dc38031-f7e8-4542-85df-0796518bcf45","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":25,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"a1e59efa-ced1-4142-9007-097c24f18ad8","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":25,"box":{"x":549,"y":862,"width":367,"height":11}},{"id":"b052683f-6659-4926-980b-a30eebaa7e3e","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":25,"box":{"x":549,"y":877,"width":400,"height":10}},{"id":"883a2e49-f55f-425d-abf9-37e96772f7cd","block_type":"box","text":"S-14","page_number":25,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"c1b7aeee-b20f-480d-8dd0-324415eff4c6","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":26,"box":{"x":83,"y":23,"width":409,"height":11}},{"id":"ceb69e5d-c602-4724-96fc-85e28d594917","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":26,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"1a95b29e-1e3a-420d-bfea-ffbd03c6751f","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":26,"box":{"x":83,"y":52,"width":362,"height":10}},{"id":"ceba5d05-1063-4928-9635-c08a2252e1ad","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":26,"box":{"x":83,"y":66,"width":423,"height":11}},{"id":"e55f31da-23ee-40c8-a115-2b030223a31f","block_type":"box","text":"Asset Class Risk.","page_number":26,"box":{"x":81,"y":89,"width":115,"height":8}},{"id":"814969ae-7616-43a2-88f6-683cf2a8b610","block_type":"box","text":"The securities and other assets in the","page_number":26,"box":{"x":202,"y":89,"width":239,"height":8}},{"id":"df2d95b3-c30e-43f6-ace4-a3534c629205","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":26,"box":{"x":83,"y":103,"width":406,"height":11}},{"id":"4c298e29-214c-4c28-96e3-82be40fb3275","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":26,"box":{"x":83,"y":117,"width":405,"height":11}},{"id":"9bb191ae-5e25-411c-a165-25c2e2573a3f","block_type":"box","text":"market, another index, or other asset classes.","page_number":26,"box":{"x":83,"y":131,"width":292,"height":11}},{"id":"af13554c-8da8-42ba-9c26-12b89cafafd4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":26,"box":{"x":81,"y":155,"width":290,"height":10}},{"id":"05f2e27f-fd09-4c41-9a2d-dc352148cde8","block_type":"box","text":"An “Authorized","page_number":26,"box":{"x":381,"y":155,"width":93,"height":8}},{"id":"9cccbef0-a1af-4753-84af-e003ebdd4c4d","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":26,"box":{"x":84,"y":169,"width":379,"height":11}},{"id":"7e24b661-d681-4b90-a559-fcabed4c2d65","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":26,"box":{"x":83,"y":183,"width":411,"height":11}},{"id":"1fc63e98-8889-46d3-b91a-86c617885191","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":26,"box":{"x":84,"y":197,"width":395,"height":11}},{"id":"355a939d-4d47-4539-ac08-7b92433642bd","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":26,"box":{"x":84,"y":211,"width":399,"height":11}},{"id":"01d1a774-7ffd-4fd1-9281-36700c6fd537","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":26,"box":{"x":83,"y":226,"width":407,"height":10}},{"id":"2ab83904-43cf-4f77-8897-9a7cc7e52c7b","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":26,"box":{"x":83,"y":240,"width":409,"height":11}},{"id":"5a261c71-9056-44d5-9263-ce5350a5482b","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":26,"box":{"x":83,"y":254,"width":412,"height":11}},{"id":"2c25c7e6-37e0-4414-807d-d2a8ee7689e2","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":26,"box":{"x":83,"y":268,"width":403,"height":11}},{"id":"7f482394-9a95-469f-89e0-94bf73e6195b","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":26,"box":{"x":83,"y":282,"width":378,"height":11}},{"id":"a783df95-620b-407e-89cc-3586c888d780","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":26,"box":{"x":84,"y":296,"width":379,"height":11}},{"id":"193e1070-216f-44af-8eab-77b117c1feae","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":26,"box":{"x":83,"y":311,"width":404,"height":10}},{"id":"9c35c7ee-86d2-42aa-a673-9c20211c3216","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":26,"box":{"x":83,"y":325,"width":399,"height":11}},{"id":"721bd2b7-127c-4ae4-8d6f-3d37c4ded2bc","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":26,"box":{"x":84,"y":339,"width":391,"height":11}},{"id":"e947f5cf-f3e2-4713-8336-c27df2356cb0","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":26,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"7b7c1b6a-01e5-4c07-9074-097bc7e5ad9e","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":26,"box":{"x":83,"y":367,"width":273,"height":11}},{"id":"17b479a4-ad3d-4dcd-b3a4-555157a180fd","block_type":"box","text":"Commodity Risk.","page_number":26,"box":{"x":83,"y":391,"width":113,"height":10}},{"id":"fd6736fe-14a3-4589-83e0-032f49aa6780","block_type":"box","text":"The Fund invests in Canadian issuers that are","page_number":26,"box":{"x":202,"y":391,"width":289,"height":8}},{"id":"aa9efdf9-d4ee-4520-bfb2-9d51a52835ed","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":26,"box":{"x":83,"y":405,"width":409,"height":11}},{"id":"5f23db64-8fe1-479c-9c4e-e7c39683a8a0","block_type":"box","text":"price changes due to trade relations. Any negative changes in","page_number":26,"box":{"x":83,"y":419,"width":392,"height":11}},{"id":"984edc1a-dcad-47b3-9b61-3d22af05f7df","block_type":"box","text":"commodity markets that may be due to changes in supply and","page_number":26,"box":{"x":83,"y":433,"width":396,"height":11}},{"id":"a011d868-d24a-41a9-bae9-e4ee142fd0b2","block_type":"box","text":"demand for commodities, market events, war, regulatory","page_number":26,"box":{"x":83,"y":447,"width":364,"height":11}},{"id":"330c3fbf-abc1-4a83-bd04-9bc23ea53ec6","block_type":"box","text":"developments, other catastrophic events, or other factors that the","page_number":26,"box":{"x":83,"y":461,"width":423,"height":11}},{"id":"f9a2c342-bb87-4a18-8f1a-b086c9cc36c7","block_type":"box","text":"Fund cannot control could have an adverse impact on the","page_number":26,"box":{"x":84,"y":476,"width":366,"height":10}},{"id":"d9775cb4-144d-4e79-ab6a-408396c3dd69","block_type":"box","text":"Canadian economy.","page_number":26,"box":{"x":83,"y":490,"width":124,"height":11}},{"id":"05715d78-56d3-42d4-999e-63d98e12d312","block_type":"box","text":"Concentration Risk.","page_number":26,"box":{"x":83,"y":513,"width":132,"height":8}},{"id":"5b94fd0a-91c6-4e19-9f34-a6b132d8e60f","block_type":"box","text":"The Fund may be susceptible to an","page_number":26,"box":{"x":220,"y":513,"width":222,"height":11}},{"id":"b4aa89db-810d-4ffb-a4a8-ea5761324c20","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":26,"box":{"x":83,"y":527,"width":419,"height":11}},{"id":"360f70fc-8091-4dbf-b7d7-cf49c93f6198","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":26,"box":{"x":83,"y":541,"width":407,"height":10}},{"id":"025fe588-62b7-4b32-9bf2-ef4e26ca2ef0","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":26,"box":{"x":83,"y":556,"width":417,"height":8}},{"id":"bc66f8f5-16b7-410f-ba5d-9e6c41a8b5b1","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":26,"box":{"x":83,"y":570,"width":395,"height":10}},{"id":"94b08a77-9b15-4a5c-8e3b-e372ed7db795","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":26,"box":{"x":83,"y":584,"width":388,"height":11}},{"id":"ab5534f9-ab18-4357-aad0-d4d2a2dcfeae","block_type":"box","text":"asset classes.","page_number":26,"box":{"x":83,"y":598,"width":88,"height":9}},{"id":"1ccdd784-7b91-48ce-b451-22dfd63acc5c","block_type":"box","text":"Currency Risk","page_number":26,"box":{"x":83,"y":621,"width":95,"height":11}},{"id":"4e7cafcc-b657-40a1-a3c6-a62108200661","block_type":"box","text":".","page_number":26,"box":{"x":179,"y":628,"width":2,"height":2}},{"id":"044924d3-2b88-4dc3-833e-19aca2fcbbc1","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":26,"box":{"x":187,"y":621,"width":292,"height":9}},{"id":"241f4dbe-0894-424e-85dc-199347ccc08f","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":26,"box":{"x":83,"y":635,"width":388,"height":11}},{"id":"3e477552-6a13-4ca1-8b3f-d07ab1e64709","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":26,"box":{"x":83,"y":650,"width":395,"height":10}},{"id":"f928d522-711c-4773-a19d-0ae95ecbaa40","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":26,"box":{"x":83,"y":664,"width":415,"height":11}},{"id":"91982b14-a5ba-4d06-95b5-12504613d421","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":26,"box":{"x":83,"y":678,"width":404,"height":11}},{"id":"7d16b141-d9c1-4345-9428-e3db574ed016","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":26,"box":{"x":83,"y":692,"width":394,"height":11}},{"id":"a5403414-4209-4bcf-85c4-6338a6023632","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":26,"box":{"x":83,"y":706,"width":398,"height":11}},{"id":"2a3c8a47-9e9a-4992-ac66-1b9dbc862452","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":26,"box":{"x":83,"y":721,"width":392,"height":10}},{"id":"7da81c56-b790-4993-927b-1742d1a02f89","block_type":"box","text":"dollars and foreign currencies.","page_number":26,"box":{"x":83,"y":735,"width":193,"height":11}},{"id":"8b8d3c45-b927-4a1a-8ebe-a1b05fa86968","block_type":"box","text":"Energy Companies Risk.","page_number":26,"box":{"x":83,"y":758,"width":162,"height":11}},{"id":"a3a50364-a1fa-40c8-9d2f-b8cdd6d1bd2b","block_type":"box","text":"Companies in the energy sector may be","page_number":26,"box":{"x":251,"y":758,"width":253,"height":11}},{"id":"4c6e063b-a2e1-462c-860e-6f9bb8adc6eb","block_type":"box","text":"adversely affected by volatility in energy and commodity prices,","page_number":26,"box":{"x":83,"y":772,"width":405,"height":11}},{"id":"56744af3-e27b-4193-b691-42d12fa14d55","block_type":"box","text":"lower demand, overproduction, depletion of resources, social and","page_number":26,"box":{"x":83,"y":786,"width":419,"height":11}},{"id":"df4e0311-b254-4d86-84d1-488409620467","block_type":"box","text":"political unrest, war, trade disputes, government regulations and","page_number":26,"box":{"x":83,"y":801,"width":412,"height":10}},{"id":"defbd03b-bc18-4858-8ec4-3095f7acb7af","block_type":"box","text":"energy transition efforts, among other factors. The energy sector","page_number":26,"box":{"x":83,"y":815,"width":415,"height":10}},{"id":"2360203d-d84b-4796-88d0-74b1c8cdb31d","block_type":"box","text":"is cyclical and can be significantly impacted by changes in","page_number":26,"box":{"x":83,"y":829,"width":370,"height":11}},{"id":"0b39e04a-28a2-4cf7-9249-f187149c1bdf","block_type":"box","text":"economic conditions. Some energy companies, such as those in","page_number":26,"box":{"x":83,"y":843,"width":409,"height":11}},{"id":"877cf14e-3899-4bc6-b31b-395791d8a31c","block_type":"box","text":"the oil and gas sector, face substantial costs related to","page_number":26,"box":{"x":83,"y":857,"width":350,"height":11}},{"id":"3bd9bbb6-78a0-43f7-91f9-ab06a2a3e2b5","block_type":"box","text":"exploration and production and significant operational risks.","page_number":26,"box":{"x":83,"y":871,"width":383,"height":11}},{"id":"558a1b2e-3486-42f4-a2bd-e2752255a21d","block_type":"box","text":"Energy companies are at risk of environmental damage claims and","page_number":26,"box":{"x":550,"y":23,"width":423,"height":11}},{"id":"2b526ff9-e79a-4cd1-80b3-bc221a95d598","block_type":"box","text":"other litigation.","page_number":26,"box":{"x":549,"y":37,"width":96,"height":11}},{"id":"b7b9a5a2-63c6-4eb2-b6f8-24ee2901fc79","block_type":"box","text":"Financial Companies Risk","page_number":26,"box":{"x":549,"y":60,"width":175,"height":11}},{"id":"e8232562-51bd-4fb1-8574-002e12e65643","block_type":"box","text":".","page_number":26,"box":{"x":724,"y":67,"width":2,"height":2}},{"id":"d963b928-2b9a-4088-a818-3e5e586f29a9","block_type":"box","text":"Financial services companies are","page_number":26,"box":{"x":732,"y":61,"width":211,"height":10}},{"id":"2438e1d1-c37c-482f-833d-ca4426a266cc","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":26,"box":{"x":549,"y":75,"width":400,"height":11}},{"id":"9335f752-2e0a-4780-84cb-0de199996df7","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":26,"box":{"x":549,"y":89,"width":404,"height":11}},{"id":"b7ad8984-d9ac-476c-a4e9-d94d48d66f07","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":26,"box":{"x":549,"y":103,"width":405,"height":11}},{"id":"e64e9943-622f-4a95-85ee-bc684bed9a70","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":26,"box":{"x":549,"y":117,"width":385,"height":11}},{"id":"09f48fd2-9c6b-47a2-b6b7-db2b4d880f53","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":26,"box":{"x":549,"y":131,"width":395,"height":11}},{"id":"a9533c08-62cb-4569-804f-825e0582d824","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":26,"box":{"x":549,"y":146,"width":367,"height":10}},{"id":"45cf9240-534b-4db4-a113-edd6aa950140","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":26,"box":{"x":549,"y":160,"width":343,"height":11}},{"id":"d0798dd3-5e2f-4f78-a008-a86b969d926f","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":26,"box":{"x":549,"y":174,"width":410,"height":11}},{"id":"df4b4f25-2b7d-4827-929b-88d0804b9fb0","block_type":"box","text":"and counterparty risk.","page_number":26,"box":{"x":549,"y":188,"width":140,"height":11}},{"id":"c1f4d1d0-68c6-4c29-a940-b9d330b33a6c","block_type":"box","text":"Issuer Risk","page_number":26,"box":{"x":549,"y":211,"width":75,"height":9}},{"id":"4017d4b7-1a88-460d-92c2-d1c153635486","block_type":"box","text":".","page_number":26,"box":{"x":624,"y":218,"width":3,"height":2}},{"id":"d346df30-77ba-45a1-8a5a-dbe26edddbc7","block_type":"box","text":"The performance of the Fund depends on the","page_number":26,"box":{"x":632,"y":211,"width":288,"height":11}},{"id":"ce4dbec9-9bf9-426e-87c5-bbd2370c6ce7","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":26,"box":{"x":549,"y":226,"width":412,"height":10}},{"id":"2da95e45-b811-44cb-a376-7cd8e1cb69d9","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":26,"box":{"x":550,"y":240,"width":402,"height":11}},{"id":"d0f42ca1-9533-4238-929f-7a038f645676","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":26,"box":{"x":549,"y":254,"width":418,"height":11}},{"id":"ca4c8679-01c8-4b05-91a7-f87aa376022d","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":26,"box":{"x":549,"y":268,"width":414,"height":11}},{"id":"eb2cbb24-e1b2-4070-98d2-beab60481059","block_type":"box","text":"counterparty.","page_number":26,"box":{"x":549,"y":283,"width":84,"height":10}},{"id":"03466771-b0f0-4745-a575-b2e3ed7e2ba0","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":26,"box":{"x":549,"y":305,"width":252,"height":11}},{"id":"de975801-5d57-416a-9033-252e667501bb","block_type":"box","text":"Large-capitalization","page_number":26,"box":{"x":808,"y":305,"width":124,"height":11}},{"id":"c93c6023-9f52-4f8b-8eee-1ba603ae903e","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":26,"box":{"x":549,"y":320,"width":352,"height":10}},{"id":"97d2e992-c66d-479b-9a09-1d2359beaed3","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":26,"box":{"x":549,"y":334,"width":352,"height":11}},{"id":"760f9fac-5b84-4c15-bf5e-4945aa28f015","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":26,"box":{"x":549,"y":348,"width":405,"height":11}},{"id":"b31899fe-5ee3-45f4-a6cb-3b417e7fa518","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":26,"box":{"x":549,"y":362,"width":371,"height":11}},{"id":"0b5271f4-5c80-4bb3-a932-0c422804d620","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":26,"box":{"x":549,"y":376,"width":340,"height":11}},{"id":"29e07384-fc56-4935-a1c9-c56b781a45e6","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":26,"box":{"x":549,"y":391,"width":390,"height":10}},{"id":"99d6aba2-29a8-4e43-ae33-1b5e09e4ebb0","block_type":"box","text":"overall performance of the broader securities markets.","page_number":26,"box":{"x":549,"y":405,"width":349,"height":10}},{"id":"96830b94-4b28-4693-b680-7a04d42ec5c6","block_type":"box","text":"Management Risk","page_number":26,"box":{"x":549,"y":428,"width":123,"height":11}},{"id":"43af347c-2702-4c54-a769-c041f5d2b81a","block_type":"box","text":".","page_number":26,"box":{"x":672,"y":434,"width":2,"height":2}},{"id":"baf9d3c3-7d41-4f87-a54d-4c92ec9e5d8a","block_type":"box","text":"The Fund generally does not attempt to take","page_number":26,"box":{"x":679,"y":428,"width":283,"height":11}},{"id":"c330c8c0-09de-4e90-8c36-de0347cf9a4b","block_type":"box","text":"defensive positions under any market conditions, including","page_number":26,"box":{"x":549,"y":442,"width":376,"height":11}},{"id":"6646bc73-adef-40a6-b219-8470a76d452f","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":26,"box":{"x":549,"y":456,"width":362,"height":11}},{"id":"6c8e68b2-7b5b-4c8b-90a6-9b283ca516ba","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":26,"box":{"x":550,"y":470,"width":387,"height":11}},{"id":"427dd882-2155-4a81-a1e5-671d9e7f758c","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":26,"box":{"x":549,"y":485,"width":409,"height":10}},{"id":"a24677e4-d916-4cdb-affb-6b6c971796f4","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":26,"box":{"x":549,"y":499,"width":419,"height":11}},{"id":"3b76b69c-a928-4277-9f32-a41be95fe92a","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":26,"box":{"x":549,"y":513,"width":420,"height":11}},{"id":"e302e6b3-8daa-485a-90ef-5e1573572846","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":26,"box":{"x":549,"y":527,"width":403,"height":11}},{"id":"4e19b75b-e158-43dc-9096-ec51fb8df387","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":26,"box":{"x":549,"y":541,"width":323,"height":11}},{"id":"a295226a-4ac3-4af5-9834-098046d50b60","block_type":"box","text":"Market Trading Risk","page_number":26,"box":{"x":549,"y":565,"width":136,"height":10}},{"id":"25ddd3bd-d350-4d94-b4e8-723291bfc2b2","block_type":"box","text":".","page_number":26,"box":{"x":685,"y":571,"width":2,"height":2}},{"id":"0bf0fab5-09df-4339-8e45-2e689ac02a24","block_type":"box","text":"The Fund faces numerous market trading","page_number":26,"box":{"x":692,"y":565,"width":264,"height":10}},{"id":"543d7ab5-e259-4f80-aca6-96020c24a27a","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":26,"box":{"x":549,"y":579,"width":394,"height":11}},{"id":"2edf69ac-f1c1-4c9c-ad4c-36d8427c6178","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":26,"box":{"x":549,"y":593,"width":401,"height":11}},{"id":"1804e9cf-df27-4469-92ad-14218430f562","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":26,"box":{"x":549,"y":607,"width":404,"height":11}},{"id":"3b96f69c-a1da-4b7b-b5c4-7c0bc7872353","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":26,"box":{"x":549,"y":621,"width":416,"height":11}},{"id":"311cfdb4-37c6-424d-ba1f-e9afa22ffec9","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":26,"box":{"x":549,"y":635,"width":404,"height":11}},{"id":"902a3556-df10-4b3f-ac6b-b7107af590f7","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":26,"box":{"x":549,"y":650,"width":411,"height":10}},{"id":"99933a64-5982-45e8-9b52-ba6ad7baed6c","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":26,"box":{"x":549,"y":664,"width":397,"height":11}},{"id":"6df21afb-d09f-4883-8846-68ed349ea78d","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":26,"box":{"x":549,"y":678,"width":419,"height":11}},{"id":"1465236f-5440-44c3-85c3-1817c32cbb5c","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":26,"box":{"x":549,"y":692,"width":413,"height":11}},{"id":"a7819253-a433-476d-acad-87336acc039c","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":26,"box":{"x":549,"y":706,"width":397,"height":11}},{"id":"4a7365e6-0e3c-423c-9fd1-2d617596f0c5","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":26,"box":{"x":549,"y":721,"width":316,"height":10}},{"id":"492ac69b-4c7a-4e95-84c2-47403aca0828","block_type":"box","text":"National Closed Market Trading Risk.","page_number":26,"box":{"x":549,"y":744,"width":250,"height":11}},{"id":"a9292413-cb34-4f50-aa36-bae8aae0239a","block_type":"box","text":"To the extent that","page_number":26,"box":{"x":805,"y":744,"width":113,"height":8}},{"id":"5ff7de57-8882-4b31-b8f9-4400cf5b7626","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":26,"box":{"x":549,"y":758,"width":378,"height":11}},{"id":"82805186-163b-48f7-8cfb-0daa782d7f1b","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":26,"box":{"x":549,"y":772,"width":393,"height":11}},{"id":"f06d6a3a-4248-44e4-b6b6-9b2f4892b643","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":26,"box":{"x":549,"y":786,"width":396,"height":11}},{"id":"e94cd117-25c1-4b4d-a29b-538741a5eed3","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":26,"box":{"x":549,"y":800,"width":392,"height":11}},{"id":"af0d2b54-978d-4986-aa15-dd9ce4085ea9","block_type":"box","text":"price and its last quoted price (","page_number":26,"box":{"x":549,"y":815,"width":198,"height":10}},{"id":"15c72d2b-aa62-42c9-b864-62f93a069ea1","block_type":"box","text":"i.e","page_number":26,"box":{"x":748,"y":815,"width":14,"height":8}},{"id":"0ab0abc6-0d53-4575-825a-e96b3a85842d","block_type":"box","text":"., the quote from the closed","page_number":26,"box":{"x":764,"y":815,"width":176,"height":10}},{"id":"ef298b35-76de-4e34-a435-e1b5ec641770","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":26,"box":{"x":549,"y":829,"width":376,"height":11}},{"id":"235c99fc-bb03-47f5-af97-f7536464c919","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":26,"box":{"x":549,"y":843,"width":420,"height":11}},{"id":"c5708f24-91cf-4030-ae61-1f2a864a5c41","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":26,"box":{"x":549,"y":857,"width":403,"height":11}},{"id":"83ddc595-cd95-490b-b196-dc273c17349e","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":26,"box":{"x":549,"y":871,"width":360,"height":11}},{"id":"4119131b-7a1b-4d4a-95e3-98467a152842","block_type":"box","text":"S-15","page_number":26,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"aba9bacc-3488-44d6-9d70-9564b5f6247b","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":27,"box":{"x":83,"y":23,"width":398,"height":11}},{"id":"8d9dba73-bdfc-47b4-87ef-8867e59675aa","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":27,"box":{"x":84,"y":37,"width":410,"height":11}},{"id":"7c71eb3f-0673-4e3d-b1c6-d7f78c982cf6","block_type":"box","text":"Operational and Technology Risks","page_number":27,"box":{"x":83,"y":60,"width":230,"height":11}},{"id":"28b359f4-ef0f-40db-8f15-0fbf55e71650","block_type":"box","text":".","page_number":27,"box":{"x":314,"y":67,"width":2,"height":2}},{"id":"7adb06ae-96af-4bac-aff6-90746a3b59c4","block_type":"box","text":"The Fund is directly and","page_number":27,"box":{"x":321,"y":61,"width":151,"height":10}},{"id":"6dca824f-2de5-4110-8f0a-fd7792a8069a","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":27,"box":{"x":83,"y":75,"width":368,"height":11}},{"id":"0519b599-0352-45f3-b3e6-0c7bf44b479d","block_type":"box","text":"including those related to human errors, processing errors,","page_number":27,"box":{"x":83,"y":89,"width":376,"height":11}},{"id":"b67c486a-63a3-4c5f-ab67-fb1549e1c9ee","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":27,"box":{"x":83,"y":103,"width":413,"height":11}},{"id":"afa9f6a5-c820-448b-8af6-56a98d17e301","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":27,"box":{"x":83,"y":117,"width":404,"height":11}},{"id":"d15a0bb2-33e8-4f44-be16-f9441ca6a847","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":27,"box":{"x":82,"y":131,"width":402,"height":11}},{"id":"76c0e75f-b805-468f-a4ed-6b43c5f2ee5d","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":27,"box":{"x":83,"y":146,"width":376,"height":10}},{"id":"f7951531-fe6b-4237-89fe-49ab96a4bffb","block_type":"box","text":"providers are required to have appropriate operational,","page_number":27,"box":{"x":83,"y":160,"width":350,"height":11}},{"id":"56da5f27-de0d-4f39-a277-11bf192e10eb","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":27,"box":{"x":83,"y":174,"width":414,"height":11}},{"id":"fcd52e89-57f4-4bb4-b4a1-d4aa5f718108","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":27,"box":{"x":83,"y":188,"width":397,"height":11}},{"id":"f961c703-10e0-45bc-8dc6-c13c60aa03ba","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":27,"box":{"x":82,"y":202,"width":411,"height":11}},{"id":"0b96a31a-c38d-4813-9565-d5a4d5b04997","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":27,"box":{"x":83,"y":217,"width":391,"height":8}},{"id":"94ddef30-06e9-44ed-be66-c9f2090cca48","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":27,"box":{"x":83,"y":231,"width":421,"height":10}},{"id":"2415835a-349f-4348-ae00-fe00bfcde13a","block_type":"box","text":"investments in such issuers to lose value.","page_number":27,"box":{"x":83,"y":245,"width":264,"height":8}},{"id":"b974ee60-5bf7-4485-bfea-ba1746037743","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":27,"box":{"x":83,"y":268,"width":228,"height":11}},{"id":"072084fb-5cc1-4adc-bc77-9544a24b6f86","block_type":"box","text":".","page_number":27,"box":{"x":311,"y":275,"width":2,"height":1}},{"id":"a005058b-3ffb-4bc1-862e-0902a78dd946","block_type":"box","text":"The Fund invests in a country","page_number":27,"box":{"x":318,"y":268,"width":188,"height":11}},{"id":"ca14cb6b-b025-49ea-b796-57ed549b0fb4","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":27,"box":{"x":82,"y":282,"width":381,"height":11}},{"id":"fe1bba9f-fade-41a5-b037-3b930482ada4","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":27,"box":{"x":83,"y":296,"width":380,"height":11}},{"id":"9c518990-5850-4068-be68-4b38b268fd60","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":27,"box":{"x":83,"y":311,"width":370,"height":10}},{"id":"82f64c5e-ce54-467f-a9f6-f7aa8b2ddbe1","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":27,"box":{"x":83,"y":325,"width":403,"height":11}},{"id":"97675e12-59b4-441e-b489-83b246c29ec1","block_type":"box","text":"Asian Economic Risk, North American Economic Risk","page_number":27,"box":{"x":82,"y":339,"width":372,"height":11}},{"id":"0ac0d07c-f918-4d7c-ace8-b692945ed37e","block_type":"box","text":"and","page_number":27,"box":{"x":459,"y":339,"width":22,"height":8}},{"id":"eccc5c70-a314-4be5-9ac2-cf732894d0e1","block_type":"box","text":"U.S. Economic Risk.","page_number":27,"box":{"x":83,"y":353,"width":137,"height":9}},{"id":"01e61760-4dc6-4603-9308-d1211074db68","block_type":"box","text":"Securities Lending Risk.","page_number":27,"box":{"x":82,"y":376,"width":162,"height":11}},{"id":"a907a257-7cf2-48ac-9d88-2476a353dd66","block_type":"box","text":"The Fund may engage in securities","page_number":27,"box":{"x":249,"y":376,"width":221,"height":11}},{"id":"c0369597-1139-4c06-88b5-1f8e4a370fbb","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":27,"box":{"x":83,"y":391,"width":396,"height":10}},{"id":"830d9770-a8cc-4037-9545-126c30c169c5","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":27,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"5d7936ae-b362-410a-a902-9fc8c6f61f37","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":27,"box":{"x":83,"y":419,"width":408,"height":11}},{"id":"e1bac2e0-23df-48e4-91db-c2421a316304","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":27,"box":{"x":83,"y":433,"width":416,"height":11}},{"id":"05b4d94f-2aa2-4c2a-ade3-79b3ecf356ee","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":27,"box":{"x":83,"y":447,"width":389,"height":11}},{"id":"6ceddb0b-e79d-42ca-9023-f72e70eb9692","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":27,"box":{"x":83,"y":461,"width":406,"height":9}},{"id":"dc469286-2094-49a7-8f19-c9209a4ff4c4","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":27,"box":{"x":83,"y":476,"width":301,"height":10}},{"id":"4bcea27b-8802-4ed0-8e61-151b7a1b68b8","block_type":"box","text":"Tracking Error Risk","page_number":27,"box":{"x":84,"y":499,"width":128,"height":11}},{"id":"f79ecb40-08b3-419a-af5f-c8d3571f23e3","block_type":"box","text":".","page_number":27,"box":{"x":212,"y":505,"width":2,"height":2}},{"id":"a9f8ac77-86ae-4e59-b1a0-94e96d8e42e0","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":27,"box":{"x":219,"y":499,"width":284,"height":11}},{"id":"f2b138db-ed71-46d0-b722-c7818ef2b4fb","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":27,"box":{"x":82,"y":513,"width":405,"height":11}},{"id":"6a30dcf5-aa81-4f74-886a-c5e04b17785c","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":27,"box":{"x":83,"y":527,"width":425,"height":11}},{"id":"14aa8c43-eb4e-4b1d-af99-8f846d927bb0","block_type":"box","text":"factors, including differences between the securities and other","page_number":27,"box":{"x":82,"y":541,"width":402,"height":11}},{"id":"d0755211-f6aa-4353-b620-cd6516dd0897","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":27,"box":{"x":83,"y":556,"width":381,"height":10}},{"id":"fd7af957-a4f8-4190-a3d1-575cfc35b104","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":27,"box":{"x":550,"y":23,"width":396,"height":11}},{"id":"7021060a-e89e-490b-b46e-39859da1b253","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":27,"box":{"x":549,"y":37,"width":407,"height":10}},{"id":"724cf0f1-e609-40fc-92e2-adb906332083","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":27,"box":{"x":549,"y":52,"width":400,"height":10}},{"id":"2e4291c9-4c51-4aa1-9ca7-d1b7adddbb89","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":27,"box":{"x":549,"y":66,"width":421,"height":11}},{"id":"7b4ed788-e955-48f4-81ff-d438d2196cf3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":27,"box":{"x":549,"y":80,"width":374,"height":11}},{"id":"cbbc43f3-f2ce-4b93-b36b-13109c015baa","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":27,"box":{"x":549,"y":94,"width":370,"height":11}},{"id":"0948cced-42ba-4e07-aaec-d3436566bf2c","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":27,"box":{"x":549,"y":108,"width":372,"height":11}},{"id":"b3bf714e-5061-4600-9b67-2e80700610e4","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":27,"box":{"x":549,"y":122,"width":420,"height":11}},{"id":"dc4a88ee-512f-47c4-aa91-7d1e18a56f1d","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":27,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"ea521153-49ca-4202-b4b5-36f7bd876ffb","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":27,"box":{"x":549,"y":151,"width":377,"height":11}},{"id":"28386860-b2e6-49e1-a024-bc352256df34","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":27,"box":{"x":549,"y":165,"width":380,"height":11}},{"id":"e7aaff8e-52d4-401a-b8d0-39f7c845956a","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":27,"box":{"x":549,"y":179,"width":366,"height":11}},{"id":"7868a344-1915-469c-b491-798e88e5c6ef","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":27,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"9f3fb9f1-c518-48bb-b3f9-05166aa91637","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":27,"box":{"x":550,"y":207,"width":386,"height":11}},{"id":"b5a11480-44b2-4158-b1a1-6b6991b0dad9","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":27,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"84f110b8-0c40-4f59-b9d3-60ac0f53c089","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":27,"box":{"x":549,"y":236,"width":420,"height":11}},{"id":"b3922335-ee3d-4fcf-851a-18f5f134bff4","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":27,"box":{"x":549,"y":250,"width":383,"height":8}},{"id":"72424c57-e47d-44b8-823f-c3ced83dc8b2","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":27,"box":{"x":549,"y":264,"width":390,"height":11}},{"id":"8e5fcc46-6334-42c4-803d-d29bfb1c9570","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":27,"box":{"x":549,"y":278,"width":299,"height":9}},{"id":"131e6250-81c3-4769-a8eb-c77f9e6a230e","block_type":"box","text":"Valuation Risk","page_number":27,"box":{"x":550,"y":302,"width":96,"height":8}},{"id":"876f5d4c-076d-4171-8bda-ba90b48e9f13","block_type":"box","text":".","page_number":27,"box":{"x":646,"y":308,"width":2,"height":2}},{"id":"4a48c198-2c5f-4d36-8b58-e001f8478ee9","block_type":"box","text":"The price that the Fund could receive upon the","page_number":27,"box":{"x":653,"y":302,"width":298,"height":10}},{"id":"efccf0f2-81a6-41ff-a682-77da656f6f8b","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":27,"box":{"x":549,"y":316,"width":408,"height":11}},{"id":"eb2652c6-83e1-4396-bd10-47297a1d3678","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":27,"box":{"x":549,"y":330,"width":355,"height":11}},{"id":"861f7ca0-ed70-43c6-9cc2-a59568448a2a","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":27,"box":{"x":549,"y":344,"width":418,"height":11}},{"id":"742aa7ea-2a45-4829-8001-6c1f613dadb9","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":27,"box":{"x":549,"y":358,"width":347,"height":11}},{"id":"9ef74a67-d622-4250-b487-02af8ecc281c","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":27,"box":{"x":549,"y":372,"width":418,"height":11}},{"id":"fb6ba3e9-eb4e-40aa-8c94-126622302735","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":27,"box":{"x":549,"y":387,"width":406,"height":10}},{"id":"5957884b-af21-4fbf-987c-01448fdfba6d","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":27,"box":{"x":549,"y":401,"width":411,"height":11}},{"id":"c2d6122e-e92d-4e02-8e10-d7e4f4492072","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":27,"box":{"x":549,"y":415,"width":392,"height":11}},{"id":"cf61e83c-b901-4a51-a7db-fb9a51e03c26","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":27,"box":{"x":549,"y":429,"width":414,"height":11}},{"id":"a788b193-4de8-4afb-9612-5d68b9228061","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":27,"box":{"x":549,"y":443,"width":394,"height":11}},{"id":"0a529347-1ec5-49ef-93b6-598567dfa3e0","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":27,"box":{"x":548,"y":458,"width":383,"height":10}},{"id":"aa07b169-5eba-416d-916a-86926d0d0041","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":27,"box":{"x":549,"y":472,"width":414,"height":11}},{"id":"5b9d520a-6ea0-4f8a-a56f-234d719cfcd4","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":27,"box":{"x":549,"y":486,"width":392,"height":8}},{"id":"325604ad-13c1-413b-8e0f-e26bdad12629","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":27,"box":{"x":548,"y":500,"width":425,"height":11}},{"id":"989d289c-12c3-4954-a557-1053db1e999d","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":27,"box":{"x":548,"y":514,"width":400,"height":11}},{"id":"b91c39b6-0a6e-47bf-ac68-066178b127ff","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":27,"box":{"x":549,"y":529,"width":405,"height":10}},{"id":"bb343623-31ae-4960-9769-a53c67a0da97","block_type":"box","text":"S-16","page_number":27,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"77661082-144c-4820-a53c-46518a2ac320","block_type":"box","text":"Performance Information","page_number":28,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"fd0729dd-92f1-45f9-a9ae-d0e31a4f173c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":28,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"297b8866-cb14-4a13-871f-7a49cd45c79c","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":28,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"64a8fb59-39ee-4e0a-94f4-c6bd036c9545","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":28,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"28222723-44f3-47cc-aa76-ac4992dd4c11","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":28,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"adcda3b9-7d4e-4184-bca8-d6fbc0b780ea","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":28,"box":{"x":83,"y":99,"width":874,"height":11}},{"id":"cf8e9a17-f90c-4ff9-8234-de0f7a746914","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":28,"box":{"x":83,"y":112,"width":888,"height":11}},{"id":"bb3d0971-bc99-4d82-ab70-9c72d71c8592","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":28,"box":{"x":83,"y":125,"width":652,"height":11}},{"id":"663c29ec-ec83-4af7-baaf-897179972c69","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":28,"box":{"x":422,"y":146,"width":212,"height":10}},{"id":"2529ab4f-4869-4173-90df-d912ac9d1fef","block_type":"box","text":"45%","page_number":28,"box":{"x":332,"y":192,"width":21,"height":7}},{"id":"7a4f402f-7feb-4b1d-8c7a-4a329b61e633","block_type":"box","text":"30%","page_number":28,"box":{"x":332,"y":209,"width":21,"height":7}},{"id":"4cc5cb7f-3847-479d-965b-4b20ed8901e1","block_type":"box","text":"15%","page_number":28,"box":{"x":334,"y":225,"width":19,"height":7}},{"id":"0242312b-2f76-4da1-b972-aae67dfff8aa","block_type":"box","text":"0%","page_number":28,"box":{"x":339,"y":241,"width":14,"height":7}},{"id":"4a9783cc-b31a-490e-b8be-69e53fa09f26","block_type":"box","text":"-15%","page_number":28,"box":{"x":328,"y":258,"width":25,"height":6}},{"id":"9341ef4b-5552-4952-a447-04656ce90ca3","block_type":"box","text":"-30%","page_number":28,"box":{"x":328,"y":274,"width":25,"height":7}},{"id":"51b82687-276e-47f1-a5e4-ee1fa6251e0e","block_type":"box","text":"-45%","page_number":28,"box":{"x":328,"y":290,"width":25,"height":7}},{"id":"cbbae1fe-3bb9-45f5-8dbe-dbc29c82635f","block_type":"box","text":"2","page_number":28,"box":{"x":364,"y":312,"width":5,"height":7}},{"id":"96321410-bdc2-4a98-8d86-8d771909c715","block_type":"box","text":"0","page_number":28,"box":{"x":371,"y":312,"width":5,"height":7}},{"id":"47c73ac7-d865-41ae-bbed-f3e8bb862401","block_type":"box","text":"1","page_number":28,"box":{"x":379,"y":312,"width":3,"height":7}},{"id":"e8e6b06d-3642-4e65-95f1-85a2df23a6c4","block_type":"box","text":"5","page_number":28,"box":{"x":385,"y":312,"width":5,"height":7}},{"id":"0842007f-132f-4e3d-a315-716f11e2594e","block_type":"box","text":"2","page_number":28,"box":{"x":400,"y":312,"width":5,"height":7}},{"id":"69cebc86-cc43-4007-be7c-b92556512ede","block_type":"box","text":"0","page_number":28,"box":{"x":407,"y":312,"width":5,"height":7}},{"id":"0555b161-83fe-4783-b550-292af67e2a2a","block_type":"box","text":"1","page_number":28,"box":{"x":415,"y":312,"width":3,"height":7}},{"id":"aba358aa-eab9-4612-b776-32165b93a54f","block_type":"box","text":"6","page_number":28,"box":{"x":421,"y":312,"width":5,"height":7}},{"id":"398707fe-c3e6-4354-bae1-feba4de0c018","block_type":"box","text":"2","page_number":28,"box":{"x":436,"y":312,"width":5,"height":7}},{"id":"876899c8-dc49-4ed1-a3a1-9516b576907f","block_type":"box","text":"0","page_number":28,"box":{"x":443,"y":312,"width":6,"height":7}},{"id":"dba07258-787c-4c40-8d17-7937090adff8","block_type":"box","text":"17 2","page_number":28,"box":{"x":452,"y":312,"width":25,"height":7}},{"id":"1f517119-632b-4b4b-b5e6-5b5bdeecaa41","block_type":"box","text":"0","page_number":28,"box":{"x":479,"y":312,"width":6,"height":7}},{"id":"6f485531-169c-4e29-964c-471a29b4c2f4","block_type":"box","text":"1","page_number":28,"box":{"x":488,"y":312,"width":2,"height":7}},{"id":"d3498094-c493-41f0-a099-1fcdaec5ae3e","block_type":"box","text":"8","page_number":28,"box":{"x":493,"y":312,"width":6,"height":7}},{"id":"a54063f9-8d09-4097-bd98-5850f154df7b","block_type":"box","text":"2","page_number":28,"box":{"x":508,"y":312,"width":5,"height":7}},{"id":"58da927a-cd17-4670-a179-1d85a81bd2d3","block_type":"box","text":"0","page_number":28,"box":{"x":515,"y":312,"width":6,"height":7}},{"id":"9b8af11e-60cb-4ee7-a540-445bf97e1d60","block_type":"box","text":"1","page_number":28,"box":{"x":524,"y":312,"width":2,"height":7}},{"id":"678c96bd-5813-4d4c-ab88-59221a31b31f","block_type":"box","text":"9","page_number":28,"box":{"x":530,"y":312,"width":5,"height":7}},{"id":"21a084e7-ae19-4567-b053-ebd81edef5cb","block_type":"box","text":"2","page_number":28,"box":{"x":544,"y":312,"width":5,"height":7}},{"id":"a2b1bcc6-ebb5-4fa5-b8be-2cfd60c9ac50","block_type":"box","text":"0","page_number":28,"box":{"x":551,"y":312,"width":6,"height":7}},{"id":"17aa0c53-9654-4c8a-835b-6941d50f7d30","block_type":"box","text":"2","page_number":28,"box":{"x":559,"y":312,"width":5,"height":7}},{"id":"1b02ba48-d1bf-425a-aef8-fd678f1aee15","block_type":"box","text":"0","page_number":28,"box":{"x":566,"y":312,"width":5,"height":7}},{"id":"1e6266c9-45df-4436-a0d0-cad2b2a11f70","block_type":"box","text":"2","page_number":28,"box":{"x":581,"y":312,"width":5,"height":7}},{"id":"1cc1abc4-9a6f-4932-8f37-54b72783fec2","block_type":"box","text":"0","page_number":28,"box":{"x":587,"y":312,"width":6,"height":7}},{"id":"21508654-ac25-430a-9b59-2695bc3dd58d","block_type":"box","text":"21 2","page_number":28,"box":{"x":595,"y":312,"width":27,"height":7}},{"id":"2d098e52-614c-42c2-819f-0bd6cf3aec3c","block_type":"box","text":"0","page_number":28,"box":{"x":624,"y":312,"width":5,"height":7}},{"id":"9a0e9ec4-75dc-4a42-9a75-fed66aa00376","block_type":"box","text":"22 2","page_number":28,"box":{"x":631,"y":312,"width":27,"height":7}},{"id":"225867b0-73c0-427c-9cee-a3ff20af83e4","block_type":"box","text":"0","page_number":28,"box":{"x":660,"y":312,"width":5,"height":7}},{"id":"37813188-d68a-4e58-b13f-c6bae263c11e","block_type":"box","text":"2","page_number":28,"box":{"x":667,"y":312,"width":5,"height":7}},{"id":"37e216b8-2fa7-44cc-8da2-471a9da1b39a","block_type":"box","text":"3","page_number":28,"box":{"x":674,"y":312,"width":6,"height":7}},{"id":"8f581f5f-d48a-478c-ba83-7ca652bd3a14","block_type":"box","text":"2","page_number":28,"box":{"x":689,"y":312,"width":5,"height":7}},{"id":"ecbefa1e-3dce-4b8e-b36d-87719ff2e374","block_type":"box","text":"0","page_number":28,"box":{"x":696,"y":312,"width":6,"height":7}},{"id":"8d42d5bd-7496-44d1-997e-38eae18f5a28","block_type":"box","text":"2","page_number":28,"box":{"x":703,"y":312,"width":5,"height":7}},{"id":"087f7a4b-462e-48c5-80a2-1672b4bc7113","block_type":"box","text":"4","page_number":28,"box":{"x":710,"y":312,"width":6,"height":7}},{"id":"9b38d9a2-4a62-4ca3-b81a-6ab781385e31","block_type":"box","text":"-24.30%","page_number":28,"box":{"x":363,"y":274,"width":34,"height":6}},{"id":"f0c3ceaa-d5f0-43ea-a8eb-31b27ffa937a","block_type":"box","text":"24.33%","page_number":28,"box":{"x":398,"y":207,"width":30,"height":6}},{"id":"022a3116-fabf-4808-890c-7ed3b42d748b","block_type":"box","text":"15.98%","page_number":28,"box":{"x":436,"y":216,"width":28,"height":6}},{"id":"3e3b05e6-27e3-4067-81ad-ff4bb69b3e6d","block_type":"box","text":"-17.22%","page_number":28,"box":{"x":468,"y":267,"width":34,"height":6}},{"id":"9004eb3e-5f70-43ce-b857-65e276d0524d","block_type":"box","text":"27.39%","page_number":28,"box":{"x":507,"y":204,"width":30,"height":6}},{"id":"ad44a952-68f5-479e-b8f4-3d599c7e414f","block_type":"box","text":"5.60%","page_number":28,"box":{"x":546,"y":227,"width":24,"height":6}},{"id":"327af13a-03e5-476a-ac11-f67f5b893270","block_type":"box","text":"26.74%","page_number":28,"box":{"x":579,"y":204,"width":30,"height":6}},{"id":"ac15d43f-1d9a-4150-88de-85bd4ee4f93d","block_type":"box","text":"-12.77%","page_number":28,"box":{"x":613,"y":262,"width":34,"height":6}},{"id":"06ea6828-088a-46af-8493-0811746c9e89","block_type":"box","text":"14.62%","page_number":28,"box":{"x":652,"y":218,"width":29,"height":6}},{"id":"6abfb440-c5f9-47a2-b148-6493ad2a33da","block_type":"box","text":"12.25%","page_number":28,"box":{"x":689,"y":220,"width":29,"height":6}},{"id":"f0a3d58c-3ece-49f4-b42b-389133fc48d3","block_type":"box","text":"Return (%) Period Ended","page_number":28,"box":{"x":547,"y":339,"width":174,"height":9}},{"id":"58a99dd6-8ea4-4f22-a886-09b85ebd7e13","block_type":"box","text":"Calendar Year-to-Date Return","page_number":28,"box":{"x":317,"y":357,"width":182,"height":7}},{"id":"e767a56e-3a60-46bd-bf1d-aedf60804511","block_type":"box","text":"26.48% September 30, 2025","page_number":28,"box":{"x":559,"y":357,"width":180,"height":9}},{"id":"913d0512-ec79-4b5c-aa5e-9e34a62fcd2e","block_type":"box","text":"During the periods shown in the chart:","page_number":28,"box":{"x":318,"y":370,"width":239,"height":9}},{"id":"455a1d86-ba3c-4fcb-80e9-7609b844a002","block_type":"box","text":"Best Quarter 20.38% June 30, 2020","page_number":28,"box":{"x":331,"y":382,"width":408,"height":9}},{"id":"5e9f3072-f102-4de5-92ea-7f12cf44fd94","block_type":"box","text":"Worst Quarter -27.63% March 31, 2020","page_number":28,"box":{"x":330,"y":395,"width":409,"height":9}},{"id":"6924c8c4-48ab-4f73-9fc2-ea36ce6a7ca4","block_type":"box","text":"Average Annual Total Returns","page_number":28,"box":{"x":425,"y":424,"width":206,"height":11}},{"id":"ee135287-6a94-4299-9521-8bc59952c548","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":28,"box":{"x":378,"y":438,"width":301,"height":11}},{"id":"db993d83-0261-4b83-bda5-e07de67ac345","block_type":"box","text":"One Year Five Years Ten Years","page_number":28,"box":{"x":712,"y":455,"width":221,"height":7}},{"id":"947ef137-5f73-4fb3-830d-adc752227617","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":28,"box":{"x":123,"y":473,"width":176,"height":9}},{"id":"127ff0aa-a682-4d39-a676-23625cc78fd8","block_type":"box","text":"Return Before Taxes","page_number":28,"box":{"x":124,"y":484,"width":112,"height":8}},{"id":"930aacd6-eece-4ffd-9023-fd0a51cd315f","block_type":"box","text":"12.25% 8.48% 5.63%","page_number":28,"box":{"x":722,"y":484,"width":198,"height":8}},{"id":"ff34b04e-ed20-42bd-8ce4-3a7e800fba07","block_type":"box","text":"Return After Taxes on Distributions 12.03% 8.24% 5.40%","page_number":28,"box":{"x":124,"y":496,"width":796,"height":7}},{"id":"8455c5fe-2f01-4972-8cf8-0e511bc6acf6","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.04% 6.95% 4.70%","page_number":28,"box":{"x":124,"y":507,"width":796,"height":8}},{"id":"bc2279b4-02d9-48f6-9a27-5e3439153ba5","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":28,"box":{"x":124,"y":519,"width":188,"height":10}},{"id":"0c79b302-9850-462b-8316-764c775b769d","block_type":"box","text":"1","page_number":28,"box":{"x":315,"y":518,"width":3,"height":4}},{"id":"d059d5e5-609d-4238-8bf1-8edd4bf1c626","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":28,"box":{"x":324,"y":519,"width":352,"height":10}},{"id":"3c7c15c2-bd5f-438c-bd54-98a413d6c28d","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":28,"box":{"x":137,"y":532,"width":783,"height":10}},{"id":"01cb594c-382d-40d9-9021-df793c4024c4","block_type":"box","text":"MSCI Canada Custom Capped Index (Spliced)","page_number":28,"box":{"x":124,"y":544,"width":278,"height":9}},{"id":"381ae4d3-0f21-4238-8780-833c270f202c","block_type":"box","text":"1,2","page_number":28,"box":{"x":405,"y":542,"width":11,"height":6}},{"id":"3511c58a-921a-46fa-830c-f663b21f1e5c","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":28,"box":{"x":422,"y":544,"width":245,"height":9}},{"id":"1a65845d-7710-420b-b6b6-23df3b05ab76","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 11.89% 8.63% 5.79%","page_number":28,"box":{"x":137,"y":556,"width":783,"height":10}},{"id":"2dc9e11f-360e-44fb-9de7-68d87f5ce156","block_type":"box","text":"1","page_number":28,"box":{"x":112,"y":585,"width":2,"height":4}},{"id":"8a61711c-e0e3-4e32-8431-11e3848aeb55","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":28,"box":{"x":124,"y":586,"width":793,"height":10}},{"id":"e75b9125-69c9-40ab-9ee9-9bca4e90b654","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":28,"box":{"x":123,"y":596,"width":843,"height":10}},{"id":"5fc1f859-e608-4246-843b-a0a6d4f0b647","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":28,"box":{"x":123,"y":607,"width":835,"height":9}},{"id":"b0913ba9-acad-4fe5-ba9f-5d7c1a2ffb1c","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":28,"box":{"x":123,"y":617,"width":650,"height":10}},{"id":"7d5b694d-f73d-48ba-8726-fec110afc3a9","block_type":"box","text":"2","page_number":28,"box":{"x":111,"y":626,"width":4,"height":5}},{"id":"15310ac4-135a-4bdf-bc40-24157f0c29dc","block_type":"box","text":"The MSCI Canada Custom Capped Index (Spliced) reflects the performance of the MSCI Canada Index (Net) through August 31, 2017 and the MSCI","page_number":28,"box":{"x":123,"y":627,"width":836,"height":10}},{"id":"0c9c6dad-2328-4cb1-91bc-00daab805e62","block_type":"box","text":"Canada Custom Capped Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":28,"box":{"x":123,"y":638,"width":719,"height":9}},{"id":"28671eff-a9f2-418f-9268-f3aa99dbd9d6","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":28,"box":{"x":82,"y":657,"width":882,"height":11}},{"id":"837fdbc5-3a6c-4d27-a00d-79952766a12d","block_type":"box","text":"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,","page_number":28,"box":{"x":83,"y":670,"width":871,"height":11}},{"id":"290a4f76-9bb6-4a50-884b-14bc9a67e467","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":28,"box":{"x":83,"y":683,"width":860,"height":11}},{"id":"c3ce11f8-1c4e-4556-8b3a-445044f398f3","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":28,"box":{"x":83,"y":696,"width":855,"height":11}},{"id":"34e940ca-459e-45d7-9797-2df69f0a139a","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":28,"box":{"x":83,"y":709,"width":883,"height":11}},{"id":"fc86847c-add8-4b23-9d75-08619a82894f","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":28,"box":{"x":82,"y":722,"width":861,"height":11}},{"id":"e871ad85-ace4-461d-964b-cbf6d66e96f0","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":28,"box":{"x":83,"y":735,"width":359,"height":10}},{"id":"e3363ab5-7caa-480b-a0de-0941dda9381c","block_type":"box","text":"S-17","page_number":28,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"fbae54f8-f083-4c9c-93e4-f9dc5a28a986","block_type":"box","text":"Management","page_number":29,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"e913b1d0-9057-46cc-bcf5-40a5dcc269b9","block_type":"box","text":"Investment Adviser.","page_number":29,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"276dfea7-c217-4a9a-916a-bea9d42b99fc","block_type":"box","text":"BlackRock Fund Advisors.","page_number":29,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"b22e2caa-d270-48d2-8475-0137e05fe510","block_type":"box","text":"Portfolio Managers.","page_number":29,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"491de320-7844-4d89-829a-08d7f1574075","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":29,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"1ff490da-9a21-43d7-a8b7-b6d088631613","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":29,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"86115741-0778-4ad9-8df7-4afdf9f63759","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":29,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"4404b705-bf1a-4b2d-938b-6d8c2a35d32d","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":29,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"38530d6a-bd87-4676-81d6-80144d5b6bfd","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":29,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"4d4b429e-04ed-4906-8e2f-99fea66ad65f","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":29,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"0f69c281-d36d-4ae8-bf4a-40eb9ad033d2","block_type":"box","text":"Managers of the Fund since 2025.","page_number":29,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"54347cb8-2422-41cf-a704-062b43d96771","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":29,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"73de2cb7-9df9-4df0-85e6-9b0144f5a187","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":29,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"472e2b69-faf1-4357-a816-90ceb2fed433","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":29,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"282d386d-1242-41d1-b8bb-07e1a80b16bc","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":29,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"fa4780ee-5af1-4c76-a2ca-c9169980ac4b","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":29,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"6f8b92cc-76dc-4d49-8406-c030bfea251d","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":29,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"cf5a9606-9dcf-4064-9cdf-e40188ebc837","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":29,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"fdb7487c-0578-4cf5-8c54-76bc56297f5e","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":29,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"d1167bd4-f796-4c4f-9746-f37adf586dd3","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":29,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"fcdb1393-7bb2-4027-89ac-672a007a7534","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":29,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"967b14f8-f263-484d-bd2f-5a4b7883ab21","block_type":"box","text":"Tax Information","page_number":29,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"ce5b7b44-a69a-47f1-87d8-b586c6f45e2b","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":29,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"6a6ad916-1f7b-4199-9159-7f0b19569f36","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":29,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"1a438654-0f75-4fb4-81d7-2e34bd891e07","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":29,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"7e66a26a-107a-4a3d-a23c-05d1719facfe","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":29,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"663c3cec-5d17-4b69-8b67-29d5bf0eff98","block_type":"box","text":"withdrawn.","page_number":29,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"1e677e96-3378-4463-92f0-f939d96af875","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":29,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8697552b-1e8e-46be-a38a-bcf09ab27ba1","block_type":"box","text":"Intermediaries","page_number":29,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"3a333b49-ca6a-4c0e-ab03-2a0353e69a4d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":29,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"7df80818-d646-41fa-8deb-a36508dbe23e","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":29,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"16fe0b2f-7ba0-4e8c-ab63-cd1c5f658892","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":29,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"194c09ae-1a57-4572-947f-5c54f9e84d5c","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":29,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"0fbc58f4-088f-4bed-bcfb-207038278f5e","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":29,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"a6b8aaca-4b1c-4e28-a2e0-a8bbfbd2fdc3","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":29,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"080da4e7-879a-43f5-a523-8f740db36253","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":29,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"5bb1261b-0d30-4c72-8358-9209215b0edc","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":29,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"88e8cb47-9ccf-410f-9ce1-b2597daad8cb","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":29,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"cd8443a5-adac-4555-bc8d-d746c144762a","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":29,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"b83b5592-47e3-4913-9ee8-e82fda5faf4a","block_type":"box","text":"information.","page_number":29,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"61b18e68-6ee3-4244-8b0c-444d81786622","block_type":"box","text":"S-18","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"f9f1f5a8-7cdc-48b4-a4a2-27381530245e","block_type":"box","text":"iSHARES","page_number":30,"box":{"x":308,"y":24,"width":119,"height":15}},{"id":"24b43001-5afa-49f1-8065-ff040685ff06","block_type":"box","text":"®","page_number":30,"box":{"x":430,"y":17,"width":10,"height":8}},{"id":"a3c24672-e12e-45a1-8c2a-0816f0883f18","block_type":"box","text":"MSCI EUROZONE ETF","page_number":30,"box":{"x":452,"y":24,"width":298,"height":15}},{"id":"ddb13559-b5f8-4a33-88d9-c524d4147026","block_type":"box","text":"Ticker: EZU Stock Exchange: Cboe BZX","page_number":30,"box":{"x":287,"y":53,"width":478,"height":12}},{"id":"2f97429c-f35f-4d16-bc66-f8e1ae7d9aae","block_type":"box","text":"Investment Objective","page_number":30,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"8246c3e4-d3fa-4be1-9a61-d90007c53d77","block_type":"box","text":"The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization","page_number":30,"box":{"x":82,"y":116,"width":875,"height":11}},{"id":"492213e5-ab09-471a-9648-d9d436524251","block_type":"box","text":"equities from developed market countries that use the euro as their official currency.","page_number":30,"box":{"x":83,"y":130,"width":542,"height":11}},{"id":"374823b4-6e76-4510-bbae-5e9cbb6b12aa","block_type":"box","text":"Fees and Expenses","page_number":30,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"a2cf8512-7d1d-4bab-9f43-b7bb09f4be68","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":30,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"ad9877df-afeb-4f21-8ecf-82952611c199","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":30,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"caa9de73-2254-4e38-93de-cd225dd80620","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":30,"box":{"x":83,"y":213,"width":854,"height":10}},{"id":"83cf238c-f7cf-4574-a399-34a3fa90874d","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":30,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"4d2284f4-f234-45cf-bfa3-cc7903bc759b","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":30,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"a3c88ef6-f28d-41fc-a87b-bc3d2373993e","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":30,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"dccfe85e-35ca-42e9-8269-668b3c79bf13","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":30,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"1d9b21e7-44c2-4881-94e9-5937cf84d940","block_type":"box","text":"the tables and examples below.","page_number":30,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"169363a8-c4c6-488f-8be5-bd1d2d904682","block_type":"box","text":"Annual Fund Operating Expenses","page_number":30,"box":{"x":425,"y":313,"width":206,"height":9}},{"id":"4f71fa57-6b9b-4f26-aee1-8a342d67c8a5","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":30,"box":{"x":383,"y":323,"width":291,"height":10}},{"id":"36869d6b-e061-401c-85c1-de2a0f06ba45","block_type":"box","text":"percentage of the value of your investments)","page_number":30,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"43c5c332-91c7-4206-bc79-dd7eb7bfbc73","block_type":"box","text":"1","page_number":30,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"5239d5df-419e-4f3e-b12c-88accbdf28fe","block_type":"box","text":"Management","page_number":30,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"266191bd-5ffc-42f0-9646-d7fa2cccdf25","block_type":"box","text":"Fees","page_number":30,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"c24b75a0-e886-4ac1-a1da-2921f3d3e850","block_type":"box","text":"Distribution","page_number":30,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"d0bed9ac-b5cb-4f47-bf22-c3aeaab6e47d","block_type":"box","text":"and Service","page_number":30,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"387a0134-918f-45e7-a0b4-a2b329454cde","block_type":"box","text":"(12b-1) Fees","page_number":30,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"7f19f741-78a7-43d0-b640-f5a90064b0ad","block_type":"box","text":"Other","page_number":30,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"77538390-39c6-4265-b00d-45e77451e297","block_type":"box","text":"Expenses","page_number":30,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"35ebeb65-8f7c-4e1e-b25c-a5592fb8c1d7","block_type":"box","text":"Total Annual","page_number":30,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"3d02a64f-57b4-4b92-a0d7-b9af279ba499","block_type":"box","text":"Fund","page_number":30,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"5d9e9d2c-d85e-42a4-9230-bd64dc2acae7","block_type":"box","text":"Operating","page_number":30,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"7fa349ba-ede4-4e13-abd9-e1a8cbd35405","block_type":"box","text":"Expenses","page_number":30,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"5e441fdd-b3a0-4ef7-bc75-d324f802cd88","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":30,"box":{"x":193,"y":403,"width":673,"height":8}},{"id":"5ddee3eb-c9a4-4cee-8b19-bdf3ea3465f7","block_type":"box","text":"1","page_number":30,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"74bcc2a8-7ac4-4f88-ace1-4c477667bc10","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":30,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"0ab85f7e-8fb7-4cb0-ad1e-478d73675ec7","block_type":"box","text":"Example.","page_number":30,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"30f8dff0-7a69-42e0-bc20-68bdddfddef1","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":30,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"f14ae584-aae4-410e-8a56-248f2c49e8da","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":30,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"e4c416cc-34f9-4735-b571-c85edce6c388","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":30,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"35ddd6ee-8736-4542-8fb0-01842d8cc01c","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":30,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"f10b4a3f-4e9a-473b-bde4-48adad1f8c42","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":30,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"a133edea-16dd-47ef-9314-6f6526baa0dc","block_type":"box","text":"$51 $160 $280 $628","page_number":30,"box":{"x":203,"y":548,"width":648,"height":9}},{"id":"ef31f6d2-cf8c-42ed-8eeb-6ade6b9b1191","block_type":"box","text":"Portfolio Turnover.","page_number":30,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"a9497c6e-047c-4c75-804c-4730b922a41d","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":30,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"62b3927c-0c1f-4331-b002-7bd22a5a7747","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":30,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"e6481661-2588-4ce6-a4a1-9d6964a1d0e4","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":30,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"4d9dec0c-a5ca-40fc-afa2-092c929de18c","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":30,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"7baa5588-4439-4c7c-8ad0-02c0e716f8ed","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":30,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"0217172b-2efe-41d8-b5bb-5adc8c8f9026","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":30,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"4ff5657f-9f18-4276-b05e-1d4b1779d50c","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":30,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"a0ede882-2dde-4fe0-8e4b-4718e00d0ddf","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 4% of the","page_number":30,"box":{"x":82,"y":687,"width":377,"height":11}},{"id":"5aa25d01-2b04-4594-8c54-4dbb2e9b5e4f","block_type":"box","text":"average value of its portfolio.","page_number":30,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"afbe754f-901f-4636-8497-92f4713f6da0","block_type":"box","text":"Principal Investment Strategies","page_number":30,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"0618243f-289d-41fe-93a1-52b24fb1ff20","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EMU","page_number":30,"box":{"x":82,"y":755,"width":414,"height":9}},{"id":"b627ca90-c90a-4b26-90fb-e10d9ace0c8c","block_type":"box","text":"Index (the “Underlying Index”), which consists of securities from","page_number":30,"box":{"x":83,"y":770,"width":409,"height":10}},{"id":"558e4abe-b01a-45ff-a292-ebd9665473ea","block_type":"box","text":"the following 10 developed market countries or regions: Austria,","page_number":30,"box":{"x":83,"y":784,"width":409,"height":11}},{"id":"05b39ba1-747f-4cd5-860b-dbb82c6c11a9","block_type":"box","text":"Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands,","page_number":30,"box":{"x":84,"y":798,"width":421,"height":11}},{"id":"d021a60e-a81f-4625-a7f0-45d4d9e1e51d","block_type":"box","text":"Portugal and Spain. The Underlying Index includes large- and mid","page_number":30,"box":{"x":84,"y":812,"width":419,"height":11}},{"id":"be7905ee-3b89-4999-9ac6-d2ff8f144cd8","block_type":"box","text":"capitalization companies and may change over time. As of August","page_number":30,"box":{"x":83,"y":826,"width":419,"height":11}},{"id":"59f9684e-f977-46ca-ba0e-595692ac8808","block_type":"box","text":"31, 2025, a significant portion of the Underlying Index is","page_number":30,"box":{"x":83,"y":840,"width":357,"height":11}},{"id":"e5a59757-5e6f-4d93-b43c-f3f72c80db5e","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":30,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"e1cf69b8-32a5-4215-af1f-51466c7a5385","block_type":"box","text":"and services, financials and industrials industries or sectors. The","page_number":30,"box":{"x":549,"y":580,"width":412,"height":10}},{"id":"26c9cf2b-2efb-412f-b470-4ad64167a7d6","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":30,"box":{"x":549,"y":594,"width":392,"height":11}},{"id":"f7f333da-c3fe-4fb7-8741-5936f4b13e27","block_type":"box","text":"time.","page_number":30,"box":{"x":549,"y":608,"width":31,"height":9}},{"id":"8effe10c-ee30-4149-a760-2a36e30e35ae","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":30,"box":{"x":550,"y":632,"width":376,"height":10}},{"id":"9bd938f2-b18d-48e2-80e1-740b82f2887b","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":30,"box":{"x":549,"y":646,"width":417,"height":11}},{"id":"14c936d7-4cd3-463e-be37-3ab0578d7136","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":30,"box":{"x":549,"y":660,"width":396,"height":11}},{"id":"eb4e2ce3-adc0-48da-93be-e74a81408912","block_type":"box","text":"markets decline or appear overvalued.","page_number":30,"box":{"x":549,"y":674,"width":244,"height":11}},{"id":"c8da2e99-76e0-4fb9-abb5-441cfb4f6faf","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":30,"box":{"x":550,"y":697,"width":420,"height":11}},{"id":"3283be63-e468-4445-8487-c67807108a08","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":30,"box":{"x":549,"y":712,"width":421,"height":10}},{"id":"7d86a256-f956-4ecf-b1d4-8df4e95ecb7f","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":30,"box":{"x":549,"y":726,"width":386,"height":11}},{"id":"6b6e7236-14de-4212-8e6f-68134f7042d5","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":30,"box":{"x":550,"y":740,"width":369,"height":11}},{"id":"80578fd4-948f-420c-9586-f2cf8a23762d","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":30,"box":{"x":549,"y":754,"width":356,"height":11}},{"id":"9c195c96-c9d6-46d7-905a-629735045cb5","block_type":"box","text":"comparison to actively managed investment companies.","page_number":30,"box":{"x":549,"y":768,"width":359,"height":11}},{"id":"7faa75ee-9016-41fe-905b-bfef270fe75b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":30,"box":{"x":550,"y":791,"width":411,"height":11}},{"id":"0bfcf039-8536-414b-91c1-04d51a87fefe","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":30,"box":{"x":549,"y":806,"width":411,"height":10}},{"id":"7d8270f6-f981-483d-a5e9-0e48b4de9e81","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":30,"box":{"x":549,"y":820,"width":424,"height":11}},{"id":"71c1ca59-e4ad-4275-b5ae-e44ef0f52b83","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":30,"box":{"x":549,"y":834,"width":410,"height":11}},{"id":"9bcd2449-17a7-47d6-adf2-e544ec847fd2","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":30,"box":{"x":549,"y":848,"width":408,"height":11}},{"id":"0a7c95c2-9605-42f6-92e5-daa99503818a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":30,"box":{"x":549,"y":862,"width":423,"height":11}},{"id":"0fb5541e-6ce5-49b4-a638-aec297dd2aa7","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":30,"box":{"x":549,"y":877,"width":386,"height":10}},{"id":"13271349-381d-4cd8-9cca-8ca1d3b84297","block_type":"box","text":"S-19","page_number":30,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"f0a701ce-d667-4240-a45f-450e7204b3e6","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":31,"box":{"x":82,"y":23,"width":360,"height":11}},{"id":"3c1ebb64-89d5-4090-94a7-7fb2d016bb5b","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":31,"box":{"x":82,"y":37,"width":414,"height":11}},{"id":"d553a266-03a1-4355-8daa-e2ff3ef327fa","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":31,"box":{"x":83,"y":51,"width":410,"height":11}},{"id":"a8e1464a-163a-478f-be82-82ed82d45578","block_type":"box","text":"the components of the Underlying Index.","page_number":31,"box":{"x":83,"y":66,"width":259,"height":11}},{"id":"c7052247-583f-4a46-bf0c-8c1dd1e81e8d","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":31,"box":{"x":82,"y":89,"width":390,"height":11}},{"id":"19d108d1-2b8f-4e30-87a9-69d0dbe2ef4a","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":31,"box":{"x":83,"y":103,"width":410,"height":11}},{"id":"f220f75c-fb59-48df-9aa5-1064f4596dce","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":31,"box":{"x":83,"y":117,"width":421,"height":11}},{"id":"046c013e-b7a7-41f0-8b3d-04fed2d9ef7b","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":31,"box":{"x":83,"y":131,"width":335,"height":11}},{"id":"da6c6c59-256c-4b9c-8cde-6a506c370ff6","block_type":"box","text":"i.e","page_number":31,"box":{"x":419,"y":131,"width":14,"height":9}},{"id":"b30616ff-0e02-47c3-96b0-4907e20e4560","block_type":"box","text":".,","page_number":31,"box":{"x":435,"y":138,"width":6,"height":4}},{"id":"9e61036b-0c41-4489-b154-424010130573","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":31,"box":{"x":83,"y":146,"width":388,"height":10}},{"id":"407ccdac-c7f4-4329-b2bf-c06a7095893e","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":31,"box":{"x":83,"y":160,"width":403,"height":11}},{"id":"daf0a46b-82dd-44ef-b9dc-f8ae2d021fa8","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":31,"box":{"x":83,"y":174,"width":418,"height":11}},{"id":"07c2a7c9-2c8f-4c47-9336-e27557677353","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":31,"box":{"x":83,"y":188,"width":411,"height":11}},{"id":"dc00f167-95a8-421d-87f2-188ac0903f97","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":31,"box":{"x":82,"y":202,"width":389,"height":11}},{"id":"6e49d5c9-17fa-4aae-839b-9b4941ef9858","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":31,"box":{"x":82,"y":217,"width":415,"height":10}},{"id":"9678fc57-6b82-4d5d-bea5-51c50c848a70","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":31,"box":{"x":83,"y":231,"width":360,"height":10}},{"id":"f5911c7a-9893-4453-bb6c-c43a3c3757eb","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":31,"box":{"x":83,"y":245,"width":407,"height":11}},{"id":"f6c8dd67-0a0d-41b0-b6b4-9fe03cfbf666","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":31,"box":{"x":83,"y":259,"width":421,"height":11}},{"id":"b4c9fb11-9ae7-4d08-9e5c-b772f22cf7ff","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":31,"box":{"x":83,"y":273,"width":392,"height":11}},{"id":"2e9cee7f-f636-4321-8c1f-6a9f4537e7b9","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":31,"box":{"x":83,"y":287,"width":404,"height":11}},{"id":"9ef6c17f-7b2b-499a-929d-3f46c46915ef","block_type":"box","text":"Fund.","page_number":31,"box":{"x":84,"y":302,"width":33,"height":8}},{"id":"d24964a3-ce92-45da-b487-0a5d3b3060c3","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":31,"box":{"x":82,"y":325,"width":412,"height":11}},{"id":"55cad4d3-57be-4030-b57f-de6b4378de82","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":31,"box":{"x":82,"y":339,"width":371,"height":11}},{"id":"3c6747f6-552d-4435-bd7e-d45a3a46b515","block_type":"box","text":"collateral received).","page_number":31,"box":{"x":83,"y":353,"width":125,"height":11}},{"id":"c870bb8e-ea0c-448c-adb2-539a0fefa31e","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":31,"box":{"x":82,"y":376,"width":380,"height":11}},{"id":"73dfa2dd-93ed-47b2-85eb-49265fb3fb9a","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":31,"box":{"x":84,"y":391,"width":411,"height":10}},{"id":"34bba6ce-80a2-4fc6-9aef-ba7ae5e9c383","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":31,"box":{"x":82,"y":405,"width":381,"height":10}},{"id":"50cc27dd-8e59-42a4-a605-0d80282cecc4","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":31,"box":{"x":82,"y":419,"width":420,"height":11}},{"id":"a6dfc1d8-b644-467f-abf4-89f0a835d8e5","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":31,"box":{"x":83,"y":433,"width":405,"height":11}},{"id":"f0660061-9fec-4376-ba41-dbf6ad94bf19","block_type":"box","text":"Industry Concentration Policy.","page_number":31,"box":{"x":83,"y":456,"width":210,"height":11}},{"id":"e5f7da8c-a2bd-4976-9196-ed05f3022d7a","block_type":"box","text":"The Fund will concentrate its","page_number":31,"box":{"x":298,"y":456,"width":184,"height":9}},{"id":"c0963cef-68e7-4722-8d29-51551fd4a88f","block_type":"box","text":"investments (","page_number":31,"box":{"x":83,"y":470,"width":85,"height":11}},{"id":"d1fe8e18-28ee-49fd-bd14-0ce83818be35","block_type":"box","text":"i.e.","page_number":31,"box":{"x":169,"y":471,"width":17,"height":8}},{"id":"60387d92-0d2a-4b70-8cf7-7e773c2a0ece","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":31,"box":{"x":189,"y":470,"width":264,"height":11}},{"id":"66465c90-f11c-4a3e-b9a8-6c725b32688b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":31,"box":{"x":83,"y":485,"width":394,"height":10}},{"id":"632d3103-691a-46e9-96ef-f5eb0aa548c5","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":31,"box":{"x":83,"y":499,"width":377,"height":11}},{"id":"ba5def93-6831-4a03-b56d-85db88e6ebca","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":31,"box":{"x":83,"y":513,"width":389,"height":11}},{"id":"00b3494c-9e36-48d0-90ab-3d2b8a5e784d","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":31,"box":{"x":83,"y":527,"width":389,"height":11}},{"id":"44703cf0-25c6-4815-8a97-4c17694287ac","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":31,"box":{"x":83,"y":541,"width":410,"height":11}},{"id":"40afe303-4f12-4140-96b4-3e88ff5b6e90","block_type":"box","text":"considered to be issued by members of any industry.","page_number":31,"box":{"x":83,"y":556,"width":337,"height":10}},{"id":"f17ab625-2f88-4953-9774-e8d850e15161","block_type":"box","text":"Summary of Principal Risks","page_number":31,"box":{"x":83,"y":585,"width":235,"height":13}},{"id":"c95eac35-b39c-4556-8b5c-a5a2e885c05f","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":31,"box":{"x":82,"y":610,"width":363,"height":11}},{"id":"5bc1c9bf-3f21-40b5-ab89-9aa5ff9753f5","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":31,"box":{"x":83,"y":624,"width":402,"height":11}},{"id":"9c4ffd75-7814-4a5f-902c-6e3837aafe14","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":31,"box":{"x":83,"y":638,"width":396,"height":11}},{"id":"0ca151be-5cfd-46ab-be49-91a5e4ffa96f","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":31,"box":{"x":83,"y":652,"width":376,"height":11}},{"id":"56e9206d-1d35-445f-8a2f-ff608dcf310f","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":31,"box":{"x":83,"y":666,"width":392,"height":11}},{"id":"c8c0b313-1cfe-40dc-84f0-91ca33cdf56a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":31,"box":{"x":83,"y":681,"width":416,"height":10}},{"id":"971a16eb-636b-46d0-aad6-6b04236e34bb","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":31,"box":{"x":83,"y":695,"width":387,"height":11}},{"id":"415af265-7acf-4855-814f-040b56658e6d","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":31,"box":{"x":82,"y":709,"width":426,"height":11}},{"id":"5cef4c58-7987-4770-966b-494e8834cc29","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":31,"box":{"x":83,"y":723,"width":404,"height":11}},{"id":"9b5ed6db-872d-4df4-8ab8-aff60abc7cb8","block_type":"box","text":"review each risk factor carefully.","page_number":31,"box":{"x":83,"y":737,"width":206,"height":11}},{"id":"0eeb94a2-7d93-433f-8a52-eef6f0281390","block_type":"box","text":"Risk of Investing in Europe","page_number":31,"box":{"x":83,"y":760,"width":180,"height":11}},{"id":"6436b29e-0ecd-4a87-bf61-23eae50a9983","block_type":"box","text":".","page_number":31,"box":{"x":265,"y":767,"width":2,"height":2}},{"id":"45448c34-30ee-422e-9a19-7afb0eb21f2e","block_type":"box","text":"The Fund is more exposed to the","page_number":31,"box":{"x":272,"y":761,"width":209,"height":10}},{"id":"816ef88f-f625-46ce-86b3-6af47aead8d1","block_type":"box","text":"economic and political risks of Europe and of the European","page_number":31,"box":{"x":83,"y":775,"width":376,"height":10}},{"id":"1d2a7a1a-e7aa-455a-a237-345b4863ac1d","block_type":"box","text":"countries in which it invests than funds whose investments are","page_number":31,"box":{"x":83,"y":789,"width":401,"height":8}},{"id":"8f17c119-25e3-457a-870c-44062e230dc8","block_type":"box","text":"more geographically diversified. Adverse economic and political","page_number":31,"box":{"x":83,"y":803,"width":407,"height":11}},{"id":"09c46693-032b-4b75-9f8e-b0557f3e4afa","block_type":"box","text":"events, including war, in Europe may cause the Fund’s","page_number":31,"box":{"x":83,"y":817,"width":345,"height":11}},{"id":"116e1d5b-48b2-49ee-b6d5-be7f54ee1a4a","block_type":"box","text":"investments to decline in value. The economies and markets of","page_number":31,"box":{"x":83,"y":831,"width":403,"height":9}},{"id":"1329d39c-f9b7-4e68-b39b-ee1f701634a5","block_type":"box","text":"European countries are often closely connected and","page_number":31,"box":{"x":84,"y":846,"width":331,"height":10}},{"id":"be9a336b-78e3-4039-87e0-0c2d41ab1a40","block_type":"box","text":"interdependent, and events in one country in Europe can have an","page_number":31,"box":{"x":83,"y":860,"width":415,"height":11}},{"id":"e496ad35-f1bc-495e-a42f-47b8d4d73255","block_type":"box","text":"adverse impact on other European countries. The Fund makes","page_number":31,"box":{"x":83,"y":874,"width":396,"height":11}},{"id":"dc6aca3e-3185-48ef-923b-2526b3f14e98","block_type":"box","text":"investments in securities of issuers that are domiciled in, or have","page_number":31,"box":{"x":549,"y":23,"width":415,"height":10}},{"id":"ceb70c9c-5919-4833-affb-45b19d6a29e1","block_type":"box","text":"significant operations in, member states of the European Union","page_number":31,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"56060fcb-477c-4dfa-bfc2-096342881f08","block_type":"box","text":"(the “EU”) that are subject to economic and monetary controls","page_number":31,"box":{"x":549,"y":52,"width":401,"height":10}},{"id":"627376a3-fb41-4a65-bb5b-afdbaaffc05d","block_type":"box","text":"that can adversely affect the Fund’s investments. The European","page_number":31,"box":{"x":549,"y":66,"width":405,"height":10}},{"id":"fc783f55-5bdc-4629-9657-9c48970dae62","block_type":"box","text":"financial markets have historically experienced volatility and","page_number":31,"box":{"x":549,"y":80,"width":384,"height":11}},{"id":"ef5734e4-c8e7-4651-af32-a777257851ff","block_type":"box","text":"adverse trends and these events have and may in the future","page_number":31,"box":{"x":549,"y":94,"width":382,"height":11}},{"id":"555a9ac3-77b7-4a73-afcb-b25c2c9a7470","block_type":"box","text":"adversely affect the exchange rate of the euro and may","page_number":31,"box":{"x":549,"y":108,"width":353,"height":11}},{"id":"dd1e42da-2dd2-4d50-b14d-99f68fe25d24","block_type":"box","text":"significantly affect other European countries. On January 31,","page_number":31,"box":{"x":549,"y":122,"width":387,"height":11}},{"id":"0108ee0e-bdd4-4d40-9c1f-a0ba1d59e954","block_type":"box","text":"2020, the U.K. officially left the EU (“Brexit”), subject to a","page_number":31,"box":{"x":550,"y":137,"width":366,"height":10}},{"id":"69f91f82-33d0-4bab-8c3c-36929b8311e8","block_type":"box","text":"transitional period that ended December 31, 2020. The U.K. and","page_number":31,"box":{"x":549,"y":151,"width":409,"height":11}},{"id":"187ba730-6b87-46a3-93ad-523cb4aaaffb","block_type":"box","text":"EU reached an agreement on the terms of their future trading","page_number":31,"box":{"x":550,"y":165,"width":392,"height":11}},{"id":"f31b9ff5-1feb-41c1-b2f1-d9c81a637dbd","block_type":"box","text":"relationship effective January 1, 2021, which principally relates to","page_number":31,"box":{"x":549,"y":179,"width":415,"height":11}},{"id":"a0843191-22a3-421c-b94a-f3ce48467885","block_type":"box","text":"the trading of goods rather than services, including financial","page_number":31,"box":{"x":549,"y":193,"width":383,"height":11}},{"id":"be3fcefd-bcb5-4ba9-b363-268e866c088a","block_type":"box","text":"services. Further discussions are to be held between the U.K. and","page_number":31,"box":{"x":549,"y":208,"width":420,"height":8}},{"id":"01ad5743-eb60-4744-8db1-57ff8617dfda","block_type":"box","text":"the EU in relation to matters not covered by the trade agreement,","page_number":31,"box":{"x":549,"y":222,"width":418,"height":10}},{"id":"00ed5bf5-6787-4ce6-95d9-f44bbd1f510c","block_type":"box","text":"such as financial services. The Fund faces risks associated with","page_number":31,"box":{"x":549,"y":236,"width":405,"height":8}},{"id":"6097187f-5d93-4c57-bd1e-d6b95a3dd311","block_type":"box","text":"the potential uncertainty and consequences that may follow","page_number":31,"box":{"x":549,"y":250,"width":383,"height":11}},{"id":"705eda3e-118a-4494-8f9e-155872dc236a","block_type":"box","text":"Brexit, including with respect to volatility in exchange rates and","page_number":31,"box":{"x":550,"y":264,"width":403,"height":11}},{"id":"5b98053e-836b-4ea3-a52a-2dac6672bf18","block_type":"box","text":"interest rates.","page_number":31,"box":{"x":549,"y":278,"width":88,"height":9}},{"id":"db93817f-c344-4ce3-8c59-1a9efdf02f68","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":31,"box":{"x":549,"y":301,"width":276,"height":11}},{"id":"59ec3be7-1a36-4020-a4b3-03727511b37c","block_type":"box","text":".","page_number":31,"box":{"x":826,"y":308,"width":2,"height":2}},{"id":"cffbb1b4-ee1f-4b20-bfe8-045fdda13332","block_type":"box","text":"The Fund’s","page_number":31,"box":{"x":834,"y":302,"width":68,"height":8}},{"id":"b585a3a2-d079-4c87-bac9-8f19993fb018","block_type":"box","text":"investment in developed country issuers will subject the Fund to","page_number":31,"box":{"x":549,"y":316,"width":415,"height":11}},{"id":"ba003c13-a69e-40c2-9eda-9f9499f287ea","block_type":"box","text":"legal, regulatory, political, currency, security, economic and other","page_number":31,"box":{"x":549,"y":330,"width":420,"height":11}},{"id":"83b063c2-8446-4102-9ba0-8824fdeb08fb","block_type":"box","text":"risks associated with developed countries. Developed countries","page_number":31,"box":{"x":549,"y":344,"width":407,"height":11}},{"id":"d356dcb4-c490-4059-a4a7-568d049c7aed","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":31,"box":{"x":549,"y":358,"width":415,"height":11}},{"id":"ab76cc1b-ed04-46b8-b381-25364c7e32b7","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":31,"box":{"x":549,"y":373,"width":406,"height":10}},{"id":"463e9743-ee7d-4554-a880-3f24a1774090","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":31,"box":{"x":549,"y":387,"width":381,"height":10}},{"id":"6f092e80-8f1e-42e5-a4f4-7324a6ee1226","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":31,"box":{"x":549,"y":401,"width":373,"height":11}},{"id":"792d167f-87b4-4f3e-bed9-9d51422be3e3","block_type":"box","text":"strained international relations. Incidents involving a country’s or","page_number":31,"box":{"x":549,"y":415,"width":415,"height":11}},{"id":"80087774-f02f-4bd3-8ca6-45281e6c20d6","block_type":"box","text":"region’s security may cause uncertainty in its markets and may","page_number":31,"box":{"x":549,"y":429,"width":403,"height":11}},{"id":"58574c6a-9b9b-4e4c-ad62-863be067ea7e","block_type":"box","text":"adversely affect its economy and the Fund’s investments. In","page_number":31,"box":{"x":549,"y":443,"width":383,"height":11}},{"id":"46746748-f704-449d-970e-0a9e7ff70a78","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":31,"box":{"x":549,"y":458,"width":387,"height":10}},{"id":"8ee025e0-4c4f-4d49-ada9-251283416297","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":31,"box":{"x":549,"y":472,"width":372,"height":11}},{"id":"efddac4c-e4fd-437b-a8f0-ff767cc99b07","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":31,"box":{"x":549,"y":486,"width":381,"height":11}},{"id":"6dd7845d-46d1-48ac-9d84-13db73b74e03","block_type":"box","text":"availability of certain commodities.","page_number":31,"box":{"x":549,"y":500,"width":222,"height":11}},{"id":"e12ea0c8-a67a-45ad-96f2-4dc2a28ebfe5","block_type":"box","text":"Equity Securities Risk","page_number":31,"box":{"x":549,"y":523,"width":148,"height":11}},{"id":"0ff2fafd-5de9-43df-9602-d831bacf5625","block_type":"box","text":".","page_number":31,"box":{"x":697,"y":530,"width":2,"height":2}},{"id":"5ab71d8a-c3a1-4ca5-aa20-e84773bf83f9","block_type":"box","text":"Equity securities are subject to changes","page_number":31,"box":{"x":705,"y":523,"width":254,"height":11}},{"id":"efcefb54-f584-4130-bac1-2429b1191685","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":31,"box":{"x":549,"y":537,"width":422,"height":11}},{"id":"591bb268-e4df-4104-aa78-207776f918ab","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":31,"box":{"x":549,"y":552,"width":420,"height":10}},{"id":"2e243b9b-c7f9-401e-9eee-64eb1cc0580a","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":31,"box":{"x":549,"y":566,"width":397,"height":11}},{"id":"5fdffa42-1e2a-47b4-a560-f8e6b05beb94","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":31,"box":{"x":549,"y":580,"width":359,"height":11}},{"id":"e13a8bca-c5f6-4166-b0f8-864c7b90acaf","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":31,"box":{"x":549,"y":594,"width":390,"height":11}},{"id":"b37b5174-7368-4c20-a10d-61142b893540","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":31,"box":{"x":549,"y":608,"width":412,"height":11}},{"id":"6303ed03-3644-4feb-861d-3a442d5522a0","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":31,"box":{"x":549,"y":623,"width":373,"height":10}},{"id":"1a15c631-38e5-4228-b120-00ac7b8f1498","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":31,"box":{"x":549,"y":637,"width":309,"height":11}},{"id":"19b150ac-7785-4cce-8311-0ff8b170b1b1","block_type":"box","text":"Market Risk","page_number":31,"box":{"x":549,"y":660,"width":82,"height":8}},{"id":"8dd7fda1-09a4-44e2-906b-1db01930c904","block_type":"box","text":".","page_number":31,"box":{"x":631,"y":667,"width":3,"height":1}},{"id":"a18ae6c8-8bc5-4049-a33b-c453b32d1405","block_type":"box","text":"The Fund could lose money over short periods due","page_number":31,"box":{"x":639,"y":660,"width":322,"height":11}},{"id":"0ac39192-b3b4-4c00-97ef-0ecb11305f3c","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":31,"box":{"x":549,"y":674,"width":413,"height":11}},{"id":"2fb2163e-6a45-4899-968b-0afc4c2cc93a","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":31,"box":{"x":549,"y":688,"width":382,"height":11}},{"id":"32bddf4d-0c54-4857-b502-bc6afbedeb15","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":31,"box":{"x":549,"y":702,"width":411,"height":11}},{"id":"50c25620-180a-44f8-960d-a605cc5cfee9","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":31,"box":{"x":549,"y":717,"width":370,"height":10}},{"id":"153a3270-1ae1-4d18-852c-076bf6fafdfe","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":31,"box":{"x":549,"y":731,"width":404,"height":11}},{"id":"7b2d3d57-289a-4e84-b1ad-9f2f8c867b1f","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":31,"box":{"x":549,"y":745,"width":395,"height":11}},{"id":"1c2fc7e6-9d37-43f4-ba14-a17131e6ab4a","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":31,"box":{"x":549,"y":759,"width":395,"height":11}},{"id":"73e10584-411a-430d-8979-9d363d49e736","block_type":"box","text":"NAV.","page_number":31,"box":{"x":550,"y":774,"width":27,"height":8}},{"id":"11331e50-d500-4045-a831-145a22a6decf","block_type":"box","text":"Index-Related Risk.","page_number":31,"box":{"x":549,"y":797,"width":129,"height":8}},{"id":"cb0fb08d-098d-4e11-8c57-e134fe4c7bd2","block_type":"box","text":"The Index Provider may rely on various","page_number":31,"box":{"x":683,"y":797,"width":247,"height":10}},{"id":"a1005827-0844-410a-bd76-abc5f43dc324","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":31,"box":{"x":549,"y":811,"width":423,"height":11}},{"id":"4c78dc0e-bab7-41c0-a4a9-2dea0e7e12f6","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":31,"box":{"x":550,"y":825,"width":391,"height":11}},{"id":"1878cf51-33da-42eb-9650-7a00f020c18a","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":31,"box":{"x":549,"y":839,"width":406,"height":11}},{"id":"241f7f24-a467-492f-b5a8-b71b1e584c33","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":31,"box":{"x":549,"y":853,"width":408,"height":11}},{"id":"2e19da03-d2c2-4ed5-bf66-bc0a43f66dd4","block_type":"box","text":"information will provide an accurate assessment of included","page_number":31,"box":{"x":549,"y":867,"width":384,"height":11}},{"id":"f1440093-68ee-4999-a3a5-725d5b7c6ca2","block_type":"box","text":"S-20","page_number":31,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"67a01eed-7de4-40c3-8b13-9e61259ab951","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":32,"box":{"x":83,"y":23,"width":387,"height":11}},{"id":"c8328b40-1891-4b11-ace9-4df5c112f719","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":32,"box":{"x":83,"y":37,"width":366,"height":11}},{"id":"62249ec0-a569-43cf-a731-34d0abb6c959","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":32,"box":{"x":83,"y":51,"width":377,"height":11}},{"id":"f6a12eab-32a4-458a-8d57-f81abd969378","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":32,"box":{"x":83,"y":66,"width":413,"height":11}},{"id":"1e58de4a-6974-4efc-a015-65639608d5cf","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":32,"box":{"x":83,"y":80,"width":396,"height":11}},{"id":"c47c3305-9766-4211-abe2-b06e54133846","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":32,"box":{"x":83,"y":94,"width":367,"height":11}},{"id":"62982884-29c4-42b2-9195-d53485c242ff","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":32,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"c31f5ade-6c68-4122-893f-17caef3aa053","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":32,"box":{"x":83,"y":122,"width":409,"height":11}},{"id":"f2b59abd-c9c3-4a14-b774-850a3a20d363","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":32,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"f09c94f3-9133-463b-8d42-b485ed6c9190","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":32,"box":{"x":83,"y":151,"width":362,"height":11}},{"id":"c4f4cf97-1292-48cb-a6e8-72be967efc9e","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":32,"box":{"x":83,"y":165,"width":423,"height":11}},{"id":"36fab8fc-629b-4380-8f26-41e26a2e6bb6","block_type":"box","text":"Asset Class Risk.","page_number":32,"box":{"x":81,"y":188,"width":115,"height":9}},{"id":"1651b9e5-ed95-4fe4-812f-f494f3bb15f4","block_type":"box","text":"The securities and other assets in the","page_number":32,"box":{"x":202,"y":188,"width":239,"height":9}},{"id":"e04c6630-dd7a-4ce2-84b9-eae366cafe16","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":32,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"1efea508-8156-40f5-95cd-3edcc3b7cb9c","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":32,"box":{"x":83,"y":216,"width":405,"height":11}},{"id":"65d3efa7-9a92-4e10-9ada-3ac8c2caffda","block_type":"box","text":"market, another index, or other asset classes.","page_number":32,"box":{"x":83,"y":231,"width":292,"height":10}},{"id":"f471059c-d32d-407b-87f4-22e1a21c7934","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":32,"box":{"x":81,"y":254,"width":290,"height":11}},{"id":"370ec569-d140-45d7-a364-fa638eb04453","block_type":"box","text":"An “Authorized","page_number":32,"box":{"x":381,"y":254,"width":93,"height":8}},{"id":"fabedf47-6a26-4c2d-ac80-7a96a7425f07","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":32,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"40a100b5-5d8d-4328-8cde-5da305a0ebcd","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":32,"box":{"x":83,"y":282,"width":411,"height":11}},{"id":"11d12714-143b-4df5-ba23-9c31c1f4e01d","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":32,"box":{"x":84,"y":296,"width":395,"height":11}},{"id":"f437914e-dcab-419f-abbe-43bb45468b21","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":32,"box":{"x":84,"y":311,"width":399,"height":10}},{"id":"c30b438e-00f0-455f-b26a-b07014ec4ff0","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":32,"box":{"x":83,"y":325,"width":407,"height":11}},{"id":"ad423240-2d36-427f-8ea8-22f95e174b6f","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":32,"box":{"x":83,"y":339,"width":409,"height":11}},{"id":"ff001aab-0380-473b-bc95-b7086c238694","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":32,"box":{"x":83,"y":353,"width":412,"height":11}},{"id":"87195eda-5066-4f0c-bfdd-8961ae2d38b4","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":32,"box":{"x":83,"y":367,"width":403,"height":11}},{"id":"f768d38d-4465-4ead-a14f-de1bc03608ff","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":32,"box":{"x":83,"y":382,"width":378,"height":10}},{"id":"6102991a-c300-4c70-b7ee-d4dd9ad64174","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":32,"box":{"x":84,"y":396,"width":379,"height":11}},{"id":"f5925b42-7dfd-43e3-818d-2de9b9ae61dd","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":32,"box":{"x":83,"y":410,"width":404,"height":11}},{"id":"69cdd8f3-6866-4768-b6c5-6b4d5c7457e9","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":32,"box":{"x":83,"y":424,"width":399,"height":11}},{"id":"fda051e2-ca06-4829-9c22-056403488b21","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":32,"box":{"x":84,"y":438,"width":391,"height":11}},{"id":"a0cc3e62-02f3-412e-9cf1-16b1c91abb2f","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":32,"box":{"x":83,"y":452,"width":408,"height":11}},{"id":"23618ead-ae4b-4a8e-9258-a46e4d82429c","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":32,"box":{"x":83,"y":467,"width":273,"height":10}},{"id":"a7a1b1ed-aec6-44c5-bac1-35604bb5cded","block_type":"box","text":"Concentration Risk.","page_number":32,"box":{"x":83,"y":490,"width":132,"height":8}},{"id":"64a0e335-3352-4aa3-a489-f5b1dc3be55d","block_type":"box","text":"The Fund may be susceptible to an","page_number":32,"box":{"x":220,"y":490,"width":222,"height":11}},{"id":"0277fb46-07a5-41a5-afd6-3494853d4a65","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":32,"box":{"x":83,"y":504,"width":419,"height":11}},{"id":"3d0aca04-2173-4114-ab30-2a7ede429f53","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":32,"box":{"x":83,"y":518,"width":407,"height":10}},{"id":"46661f88-cd4e-4cdf-81e4-d59c50022d71","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":32,"box":{"x":83,"y":532,"width":417,"height":9}},{"id":"bce6b7c9-7e67-4e48-8da9-839aa2b4d834","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":32,"box":{"x":83,"y":547,"width":395,"height":10}},{"id":"a5d1851e-ba1b-4a5a-8079-941124d49edb","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":32,"box":{"x":83,"y":561,"width":388,"height":11}},{"id":"20f4f488-082a-4254-a42e-7a676fe4bfc5","block_type":"box","text":"asset classes.","page_number":32,"box":{"x":83,"y":575,"width":88,"height":8}},{"id":"2c2d599d-52b0-4973-8f51-dade21b61f7f","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":32,"box":{"x":83,"y":598,"width":325,"height":11}},{"id":"3af7fc32-5260-432c-8fbf-5d9c96ed94c8","block_type":"box","text":"Consumer","page_number":32,"box":{"x":414,"y":598,"width":65,"height":9}},{"id":"917b1d22-e98f-4af5-b90c-dcc40247d43b","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":32,"box":{"x":83,"y":612,"width":399,"height":11}},{"id":"e418b3cb-19ef-41ef-a2d8-1fe7cb80d8dd","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":32,"box":{"x":83,"y":626,"width":420,"height":11}},{"id":"80d8019b-c9e4-44f4-ad39-8344da78ec9d","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":32,"box":{"x":83,"y":641,"width":423,"height":10}},{"id":"367332d7-099d-4753-ac4e-c0a4a5ea69bb","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":32,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"3e09f459-6ccf-452e-8f2f-6590d0f0ec4b","block_type":"box","text":"other things.","page_number":32,"box":{"x":83,"y":669,"width":79,"height":11}},{"id":"bbb03d7f-d97d-4b92-bdac-6beac9262b5d","block_type":"box","text":"Currency Risk","page_number":32,"box":{"x":83,"y":692,"width":95,"height":11}},{"id":"4314ec2d-c135-4000-bb8e-81d7431fc3d9","block_type":"box","text":".","page_number":32,"box":{"x":179,"y":699,"width":2,"height":2}},{"id":"c2bb6a9e-1426-474f-955b-cdeed9d9326d","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":32,"box":{"x":187,"y":692,"width":292,"height":9}},{"id":"0ae1b135-74d5-4927-9285-78c57b4e6461","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":32,"box":{"x":83,"y":706,"width":388,"height":11}},{"id":"217ce916-6c41-44e2-98d5-f9c5ba0e0fe6","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":32,"box":{"x":83,"y":721,"width":395,"height":10}},{"id":"ab0db1d4-44c8-475b-b526-b423708678ef","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":32,"box":{"x":83,"y":735,"width":415,"height":11}},{"id":"a5b77ed6-1aa2-4714-b26f-9d5adcf0b172","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":32,"box":{"x":83,"y":749,"width":404,"height":11}},{"id":"57855145-5702-40b1-bac4-4f7dffc5abc1","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":32,"box":{"x":83,"y":763,"width":394,"height":11}},{"id":"1917b2a5-8b24-474c-8f10-5c3e975d2f72","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":32,"box":{"x":83,"y":777,"width":398,"height":11}},{"id":"223464ba-2891-4fe5-bd9e-5caa9211073a","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":32,"box":{"x":83,"y":791,"width":392,"height":11}},{"id":"66eabac3-af03-4e56-8173-3e69f23e8952","block_type":"box","text":"dollars and foreign currencies.","page_number":32,"box":{"x":83,"y":806,"width":193,"height":10}},{"id":"8410e328-5087-42b5-b126-5f3db53e87c3","block_type":"box","text":"Financial Companies Risk","page_number":32,"box":{"x":83,"y":829,"width":174,"height":11}},{"id":"20706fb9-af4a-44b2-86bd-c087bb752c8f","block_type":"box","text":".","page_number":32,"box":{"x":257,"y":835,"width":3,"height":2}},{"id":"d0e26245-daf5-4576-a7e2-09e4e5d0ecdc","block_type":"box","text":"Financial services companies are","page_number":32,"box":{"x":266,"y":829,"width":211,"height":11}},{"id":"5a7fd302-44e9-49b4-ae1e-f16b2c936711","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":32,"box":{"x":83,"y":843,"width":400,"height":11}},{"id":"3789ad84-fbe6-46c6-b7bd-372a0db679df","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":32,"box":{"x":82,"y":857,"width":405,"height":11}},{"id":"4dfb7d92-42bd-4373-bb3a-a74b4970b0bb","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":32,"box":{"x":83,"y":871,"width":405,"height":11}},{"id":"a68c2b26-6d98-416c-9275-4f0f71658695","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":32,"box":{"x":549,"y":23,"width":385,"height":11}},{"id":"910c8f10-da98-4ab8-8cfb-59ee070723fc","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":32,"box":{"x":549,"y":37,"width":395,"height":11}},{"id":"04420fa0-5932-4003-b87b-126f787045cc","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":32,"box":{"x":549,"y":51,"width":367,"height":11}},{"id":"6540ae23-15a5-40b2-976b-221b31913126","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":32,"box":{"x":549,"y":66,"width":343,"height":11}},{"id":"ac105fc3-4023-49c5-9b68-a4361c30abc5","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":32,"box":{"x":549,"y":80,"width":410,"height":11}},{"id":"09a4aa60-3d00-48fc-adb3-ca950c930dc4","block_type":"box","text":"and counterparty risk.","page_number":32,"box":{"x":549,"y":94,"width":140,"height":11}},{"id":"893ea4d8-b481-47c9-8b46-82b4af34e13c","block_type":"box","text":"Industrial Companies Risk.","page_number":32,"box":{"x":549,"y":117,"width":181,"height":11}},{"id":"d575a665-839a-42f8-aa8e-6406278c6cc9","block_type":"box","text":"Industrial companies face a number","page_number":32,"box":{"x":736,"y":117,"width":229,"height":11}},{"id":"965debbc-05b0-420a-a316-68613503e884","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":32,"box":{"x":549,"y":131,"width":378,"height":11}},{"id":"a2c4f910-7f05-4953-9a82-a6a7dd1cb2a0","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":32,"box":{"x":549,"y":146,"width":416,"height":10}},{"id":"4f9194ff-850b-4512-b83e-70e19993de4b","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":32,"box":{"x":549,"y":160,"width":380,"height":11}},{"id":"4c172e31-5673-4b2e-9249-80ab019ee9fd","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":32,"box":{"x":549,"y":174,"width":418,"height":11}},{"id":"a3e393ed-84a0-47c9-b27d-6e70112e2f49","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":32,"box":{"x":549,"y":188,"width":394,"height":11}},{"id":"4da2e2be-8410-434a-b880-54ae9a84d1be","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":32,"box":{"x":549,"y":202,"width":388,"height":11}},{"id":"dab1ff1e-70aa-4360-80fd-89bc1b78fbb0","block_type":"box","text":"affected by technological developments, labor relations,","page_number":32,"box":{"x":549,"y":216,"width":358,"height":11}},{"id":"c3538cad-1506-4862-92e5-8b3d96da6b63","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":32,"box":{"x":549,"y":231,"width":420,"height":11}},{"id":"e1361b7d-0290-490e-b9c3-b59845004cbf","block_type":"box","text":"and changes in domestic and international economies.","page_number":32,"box":{"x":549,"y":245,"width":348,"height":11}},{"id":"84eec25c-0b6e-40b7-8177-267717fc6220","block_type":"box","text":"Issuer Risk","page_number":32,"box":{"x":549,"y":268,"width":75,"height":9}},{"id":"9429aad0-229c-4500-9dcf-607587c5dca9","block_type":"box","text":".","page_number":32,"box":{"x":624,"y":275,"width":3,"height":1}},{"id":"b2657dbb-f51c-4c88-8821-f997497b67a1","block_type":"box","text":"The performance of the Fund depends on the","page_number":32,"box":{"x":632,"y":268,"width":288,"height":11}},{"id":"e45a35cd-8969-4781-8d6f-28ec23813c41","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":32,"box":{"x":549,"y":282,"width":412,"height":11}},{"id":"58bb50ca-29de-4d9c-a5b3-da74487d1a41","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":32,"box":{"x":550,"y":296,"width":402,"height":11}},{"id":"7fe8cfb5-4fd2-476c-8fdb-fbedf1d84a2c","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":32,"box":{"x":549,"y":311,"width":418,"height":10}},{"id":"445b3a45-56b1-4d7d-a4cb-84f6575dbf25","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":32,"box":{"x":549,"y":325,"width":414,"height":11}},{"id":"7be980d0-ef7c-4728-90f0-966002392554","block_type":"box","text":"counterparty.","page_number":32,"box":{"x":549,"y":340,"width":84,"height":10}},{"id":"c92c888b-4d2b-4c10-9a3c-42155abbb11e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":32,"box":{"x":549,"y":362,"width":252,"height":11}},{"id":"ee7db1a8-cdc0-4ab8-bf1a-bd56f8736d96","block_type":"box","text":"Large-capitalization","page_number":32,"box":{"x":808,"y":362,"width":124,"height":11}},{"id":"e12bfaeb-a3fb-4af4-b984-57ec206056c0","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":32,"box":{"x":549,"y":376,"width":352,"height":11}},{"id":"caaaa546-b090-405d-b796-90c741d04849","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":32,"box":{"x":549,"y":391,"width":352,"height":10}},{"id":"1ee6e7ea-41a6-4f32-8bf9-d0a7bed09c41","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":32,"box":{"x":549,"y":405,"width":405,"height":11}},{"id":"831d87dc-f274-4dcf-9f46-94b451865375","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":32,"box":{"x":549,"y":419,"width":371,"height":11}},{"id":"7270b31b-bf73-4d42-8289-a7d837d022b4","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":32,"box":{"x":549,"y":433,"width":340,"height":11}},{"id":"bacaf39c-f4fe-449d-8728-f29bda5ce9fb","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":32,"box":{"x":549,"y":447,"width":390,"height":11}},{"id":"184ca997-159d-439a-a5a2-3c37726dd27d","block_type":"box","text":"overall performance of the broader securities markets.","page_number":32,"box":{"x":549,"y":461,"width":349,"height":11}},{"id":"1762e23d-4c9d-478c-9275-1dd26303845b","block_type":"box","text":"Management Risk","page_number":32,"box":{"x":549,"y":485,"width":123,"height":10}},{"id":"afea4d04-0217-4415-be50-25cb6067274a","block_type":"box","text":".","page_number":32,"box":{"x":672,"y":491,"width":2,"height":2}},{"id":"ffe83d90-8530-433c-a475-35770417bce9","block_type":"box","text":"The Fund generally does not attempt to take","page_number":32,"box":{"x":679,"y":485,"width":283,"height":10}},{"id":"9b0b8c91-3975-4c02-a312-7180ead39f23","block_type":"box","text":"defensive positions under any market conditions, including","page_number":32,"box":{"x":549,"y":499,"width":376,"height":11}},{"id":"1328a99d-91b2-40b2-9454-45f9ec923664","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":32,"box":{"x":549,"y":513,"width":362,"height":11}},{"id":"e3b6cad7-c027-4599-84a2-0526a3b6f30f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":32,"box":{"x":550,"y":527,"width":387,"height":11}},{"id":"1f591aa5-d183-47e5-87ed-a459d57bb5a9","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":32,"box":{"x":549,"y":541,"width":409,"height":11}},{"id":"3afe07b4-55d5-45ee-896e-e37941677c3c","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":32,"box":{"x":549,"y":556,"width":419,"height":10}},{"id":"6e526599-46ee-4684-8461-cc95fb0999db","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":32,"box":{"x":549,"y":570,"width":420,"height":11}},{"id":"e04111b0-fbb2-4937-a567-99fc9e54b9a7","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":32,"box":{"x":549,"y":584,"width":403,"height":11}},{"id":"0f4a5907-0252-408c-9e2f-abd40fa74c72","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":32,"box":{"x":549,"y":598,"width":323,"height":11}},{"id":"0876ad64-182d-4355-9684-238c22b9574b","block_type":"box","text":"Market Trading Risk","page_number":32,"box":{"x":549,"y":621,"width":136,"height":11}},{"id":"032570bd-6924-4c60-b025-fdfcd76d8850","block_type":"box","text":".","page_number":32,"box":{"x":685,"y":628,"width":2,"height":2}},{"id":"e291c638-5bbd-4913-a476-f700498533db","block_type":"box","text":"The Fund faces numerous market trading","page_number":32,"box":{"x":692,"y":621,"width":264,"height":11}},{"id":"22e99b4c-3bdf-4f88-aed2-0d8ee18edaa6","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":32,"box":{"x":549,"y":635,"width":394,"height":11}},{"id":"a98df9c5-9f45-4b2c-ac44-b927b9a95a4f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":32,"box":{"x":549,"y":650,"width":401,"height":10}},{"id":"45ecf2a0-ec67-43b3-ae70-0c859a7fa0de","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":32,"box":{"x":549,"y":664,"width":404,"height":11}},{"id":"ff4a6e18-8a61-4a42-a569-448099d25d31","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":32,"box":{"x":549,"y":678,"width":416,"height":11}},{"id":"a4de2a73-7a62-48ac-9c65-4a0edfb53d21","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":32,"box":{"x":549,"y":692,"width":404,"height":11}},{"id":"179300e6-8281-48cb-b04c-6c5ed484d682","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":32,"box":{"x":549,"y":706,"width":411,"height":11}},{"id":"bd9c7d57-f4da-44e0-8a1e-b2e79c1e1708","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":32,"box":{"x":549,"y":721,"width":397,"height":10}},{"id":"34acc3a2-a24f-424b-abef-b0c4fb412d95","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":32,"box":{"x":549,"y":735,"width":419,"height":10}},{"id":"9a2f2a8b-99cb-4ccf-9ee0-fef0bd521ddb","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":32,"box":{"x":549,"y":749,"width":413,"height":11}},{"id":"45add0f6-e99c-4128-91a7-992451168f11","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":32,"box":{"x":549,"y":763,"width":397,"height":11}},{"id":"669fa50b-5758-4fa0-8627-a6a7e1cc5c6c","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":32,"box":{"x":549,"y":777,"width":316,"height":11}},{"id":"8068d983-3f5b-45e6-9329-f6e691098ce2","block_type":"box","text":"National Closed Market Trading Risk.","page_number":32,"box":{"x":549,"y":800,"width":250,"height":11}},{"id":"a11aaf60-9bbd-451f-965c-55474c2468a4","block_type":"box","text":"To the extent that","page_number":32,"box":{"x":805,"y":801,"width":113,"height":8}},{"id":"3c1a1ced-7af1-4c94-967e-43de088cae17","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":32,"box":{"x":549,"y":815,"width":378,"height":10}},{"id":"db9213fb-3a02-4170-b599-ed67765746a4","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":32,"box":{"x":549,"y":829,"width":393,"height":11}},{"id":"04697eb3-2ae6-4a40-9edb-9950967245e8","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":32,"box":{"x":549,"y":843,"width":396,"height":11}},{"id":"254b4600-609e-40ca-af8f-08ea08d65eeb","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":32,"box":{"x":549,"y":857,"width":392,"height":11}},{"id":"52424216-3b0c-42c0-bddd-1cf8ea0b371b","block_type":"box","text":"price and its last quoted price (","page_number":32,"box":{"x":549,"y":871,"width":198,"height":11}},{"id":"a0ca64da-9a57-46d3-ba76-b8d1d48a5a37","block_type":"box","text":"i.e","page_number":32,"box":{"x":748,"y":871,"width":14,"height":9}},{"id":"b61a49c4-913f-4c11-91e6-840d199b2533","block_type":"box","text":"., the quote from the closed","page_number":32,"box":{"x":764,"y":871,"width":176,"height":11}},{"id":"dee14d24-7909-4277-a647-db379ad00b10","block_type":"box","text":"S-21","page_number":32,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"888d65e0-e11a-456a-b568-47591f57e105","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":33,"box":{"x":82,"y":23,"width":377,"height":11}},{"id":"13dea211-1c72-4bc4-a52f-694f4cca9d58","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":33,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"2aa0cedf-54b0-43b5-9830-15fcdc41699e","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":33,"box":{"x":83,"y":51,"width":403,"height":11}},{"id":"db322cb7-9263-4952-97fb-ba971649d3ac","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":33,"box":{"x":82,"y":66,"width":361,"height":11}},{"id":"303ece47-05be-452d-9d90-79360f548d6e","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":33,"box":{"x":83,"y":80,"width":398,"height":11}},{"id":"0b7ebe32-9893-4dfd-bed6-440b1b111396","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":33,"box":{"x":84,"y":94,"width":410,"height":11}},{"id":"94d917c6-b57f-4304-b896-f20b0a4b12e0","block_type":"box","text":"Non-U.S. Securities Risk","page_number":33,"box":{"x":83,"y":117,"width":165,"height":9}},{"id":"bf294c83-1c95-4652-b39a-98b8b4be43c1","block_type":"box","text":".","page_number":33,"box":{"x":248,"y":124,"width":2,"height":2}},{"id":"f1195cb4-24d0-4481-ad11-a7ae34a192ca","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":33,"box":{"x":256,"y":117,"width":236,"height":11}},{"id":"8903e904-6155-44e9-bbdf-5bd405e4238a","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":33,"box":{"x":83,"y":131,"width":382,"height":11}},{"id":"b8250021-c57c-4d9a-a90b-c805b525d0e5","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":33,"box":{"x":83,"y":146,"width":406,"height":10}},{"id":"1edc8825-10ed-4bac-b58b-5135c23a6f61","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":33,"box":{"x":83,"y":160,"width":369,"height":11}},{"id":"b90e637d-2f81-4516-bcb4-661c887c807e","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":33,"box":{"x":82,"y":174,"width":356,"height":11}},{"id":"85f103b7-c725-4737-8062-b49317dc9743","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":33,"box":{"x":83,"y":188,"width":406,"height":11}},{"id":"accdbdb1-5208-4284-8809-f4fd29961b25","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":33,"box":{"x":83,"y":202,"width":397,"height":11}},{"id":"3ee16550-e3d2-4b72-927f-41247eaba3d3","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":33,"box":{"x":83,"y":216,"width":403,"height":11}},{"id":"490f88ad-6e92-4078-8e0d-4aa3e812f9f9","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":33,"box":{"x":83,"y":231,"width":371,"height":11}},{"id":"fe0870a3-94bc-4e08-a637-d5dae92054ca","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":33,"box":{"x":83,"y":245,"width":386,"height":11}},{"id":"a62e2ead-da80-4eef-89af-f0504c0d4676","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":33,"box":{"x":83,"y":259,"width":391,"height":11}},{"id":"e8796f72-c372-49c2-b075-6a2ac9584da4","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":33,"box":{"x":83,"y":273,"width":351,"height":11}},{"id":"8fd91210-8c96-4cfb-9c36-4b3c4a7b0142","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":33,"box":{"x":83,"y":287,"width":413,"height":11}},{"id":"a961eb4a-9386-49e2-aaac-9df1875cfc01","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":33,"box":{"x":83,"y":302,"width":405,"height":10}},{"id":"cdac11c1-4a0e-4faa-a476-bae3153c6d3c","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":33,"box":{"x":83,"y":316,"width":372,"height":10}},{"id":"47148114-b759-48e8-aeee-40be73a52d9c","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":33,"box":{"x":83,"y":330,"width":395,"height":11}},{"id":"1b4ad41b-6858-4ef7-8fbc-5a099d06742f","block_type":"box","text":"Fund is specifically exposed to","page_number":33,"box":{"x":84,"y":344,"width":194,"height":11}},{"id":"add9b669-6c06-4b1d-9c29-d372c7c399f7","block_type":"box","text":"European Economic Risk","page_number":33,"box":{"x":284,"y":344,"width":171,"height":11}},{"id":"52d61bb0-3fc9-4cc7-88f2-42f8d31b7066","block_type":"box","text":".","page_number":33,"box":{"x":456,"y":351,"width":2,"height":2}},{"id":"feb4e0ee-a36c-4644-ae9a-7f2f6f4a63de","block_type":"box","text":"Operational and Technology Risks","page_number":33,"box":{"x":83,"y":367,"width":230,"height":11}},{"id":"109455af-3a0d-4e0a-9d2e-06db332a2d6d","block_type":"box","text":".","page_number":33,"box":{"x":314,"y":374,"width":2,"height":2}},{"id":"931e3117-ecb0-43d3-870c-0a65b16fdf70","block_type":"box","text":"The Fund is directly and","page_number":33,"box":{"x":321,"y":367,"width":151,"height":11}},{"id":"c5c3e57e-b2e1-4810-9753-a5c1de86e533","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":33,"box":{"x":83,"y":382,"width":368,"height":10}},{"id":"ebf289ab-52cd-432d-957f-599ba91f6f63","block_type":"box","text":"including those related to human errors, processing errors,","page_number":33,"box":{"x":83,"y":396,"width":376,"height":11}},{"id":"ca33d00d-b285-49f4-9573-9a56744b3965","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":33,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"d4cfa6b0-915d-4f3e-93c6-a7fe30a35547","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":33,"box":{"x":83,"y":424,"width":404,"height":11}},{"id":"13d8d4f7-ae85-4ffc-a2f2-344810a10f0f","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":33,"box":{"x":82,"y":438,"width":402,"height":11}},{"id":"1fe504fd-0c41-4a73-b85e-9567b82d362e","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":33,"box":{"x":83,"y":452,"width":376,"height":11}},{"id":"8d6c4bc5-49e8-45a1-bfe2-d3dba1b89029","block_type":"box","text":"providers are required to have appropriate operational,","page_number":33,"box":{"x":83,"y":467,"width":350,"height":10}},{"id":"5e31521d-1cf3-444f-94d1-9141483d00f5","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":33,"box":{"x":83,"y":481,"width":414,"height":11}},{"id":"fc272c93-87f7-4bfc-92df-1e39dbca0006","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":33,"box":{"x":83,"y":495,"width":397,"height":11}},{"id":"ca8df6e5-a0b3-4caf-9979-2556cfc53105","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":33,"box":{"x":82,"y":509,"width":411,"height":11}},{"id":"0d1cda36-4fcd-4438-b1c1-9d6572749ee4","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":33,"box":{"x":83,"y":523,"width":391,"height":9}},{"id":"e38142c1-a348-4dd5-ad43-60d0fc9e0051","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":33,"box":{"x":83,"y":537,"width":421,"height":11}},{"id":"5db5c8b0-d2e4-44e5-a0c2-13334c3d338d","block_type":"box","text":"investments in such issuers to lose value.","page_number":33,"box":{"x":83,"y":552,"width":264,"height":8}},{"id":"9a4a2ceb-3dae-43ae-a228-86f9d3bf130d","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":33,"box":{"x":83,"y":575,"width":228,"height":11}},{"id":"166b5981-dfa9-436a-8df7-8420bc40cbdd","block_type":"box","text":".","page_number":33,"box":{"x":311,"y":581,"width":3,"height":2}},{"id":"70a5d4f2-e5fe-4e83-9553-2258acfd4d8d","block_type":"box","text":"The Fund invests in countries","page_number":33,"box":{"x":319,"y":575,"width":186,"height":8}},{"id":"c246202b-9a8a-4c04-9b82-62c3ad2130bb","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":33,"box":{"x":83,"y":589,"width":413,"height":11}},{"id":"f284de22-6571-4972-a5e6-ca6bcf2dd88f","block_type":"box","text":"with key partners. Any reduction in this trading may have an","page_number":33,"box":{"x":82,"y":603,"width":383,"height":11}},{"id":"239778b9-d89c-45ec-8302-957aeebab2a1","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":33,"box":{"x":83,"y":617,"width":424,"height":11}},{"id":"636fe544-569a-4d0d-8790-eb9c54d4aa46","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":33,"box":{"x":83,"y":632,"width":403,"height":10}},{"id":"72704494-e3fb-4879-8313-12c3197f53ef","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":33,"box":{"x":82,"y":646,"width":326,"height":11}},{"id":"9aca6c29-1b1e-4cc8-a100-05f88716961e","block_type":"box","text":"and","page_number":33,"box":{"x":413,"y":646,"width":22,"height":8}},{"id":"d1de5cab-0c0b-4540-8958-955ad884b292","block_type":"box","text":"U.S.","page_number":33,"box":{"x":441,"y":646,"width":26,"height":8}},{"id":"fa1e8a8a-5d7e-4373-98d3-f646067a20f0","block_type":"box","text":"Economic Risk","page_number":33,"box":{"x":83,"y":660,"width":101,"height":8}},{"id":"17ad0a79-e388-4031-8004-fe8a386a3f00","block_type":"box","text":".","page_number":33,"box":{"x":186,"y":667,"width":1,"height":1}},{"id":"99bef20e-5b56-432a-b52d-66de6ee002b3","block_type":"box","text":"Risk of Investing in France.","page_number":33,"box":{"x":83,"y":683,"width":182,"height":11}},{"id":"537e9f81-2a5c-48f5-97db-caad9e9144b4","block_type":"box","text":"The Fund’s investment in French","page_number":33,"box":{"x":271,"y":683,"width":206,"height":9}},{"id":"f87ec955-8dd3-4153-a4d6-6038a0d13db4","block_type":"box","text":"issuers subjects the Fund to legal, regulatory, political, currency,","page_number":33,"box":{"x":83,"y":697,"width":412,"height":11}},{"id":"2e44b63d-5388-4a73-bebb-b0c4fe3a3384","block_type":"box","text":"security, and economic risks specific to France. Concerns have","page_number":33,"box":{"x":83,"y":712,"width":403,"height":10}},{"id":"aef5114a-af06-4342-82cf-99e3aa5fcc61","block_type":"box","text":"emerged with respect to the economic outlook for certain EU","page_number":33,"box":{"x":83,"y":726,"width":391,"height":11}},{"id":"a46aefa5-3b2b-4a14-9d80-a8bd9fed97f9","block_type":"box","text":"countries, including France. External demand for French exports is","page_number":33,"box":{"x":83,"y":740,"width":424,"height":11}},{"id":"f2acf689-e705-4684-b88f-63198afc1a54","block_type":"box","text":"expected to be negatively impacted by the U.K.’s decision to leave","page_number":33,"box":{"x":83,"y":754,"width":424,"height":11}},{"id":"dbcfee71-0feb-439c-b408-a75faffeb316","block_type":"box","text":"the EU. As a result, the French economy may experience adverse","page_number":33,"box":{"x":83,"y":768,"width":415,"height":11}},{"id":"caf16008-b082-415b-a33e-1ddced2f129a","block_type":"box","text":"trends due to concerns about a prolonged economic downturn,","page_number":33,"box":{"x":83,"y":782,"width":403,"height":11}},{"id":"89751213-fd47-46ce-a901-43659a316262","block_type":"box","text":"potential weakness in exports, high rates of unemployment and","page_number":33,"box":{"x":83,"y":797,"width":405,"height":10}},{"id":"c9fd98d6-c4ff-43ba-b80b-1fc8d22f1f06","block_type":"box","text":"rising government debt levels. The French economy is dependent","page_number":33,"box":{"x":83,"y":811,"width":416,"height":11}},{"id":"7799c06a-723f-4a58-96b9-f64ed4cc2656","block_type":"box","text":"on agricultural exports and, as a result, is susceptible to","page_number":33,"box":{"x":83,"y":825,"width":357,"height":11}},{"id":"0d9ceb39-aa63-4ebe-a441-60d7ab5ac890","block_type":"box","text":"fluctuations in demand for agricultural products. France has","page_number":33,"box":{"x":82,"y":839,"width":383,"height":11}},{"id":"02254e2e-814a-477f-9550-d9bc2ed67360","block_type":"box","text":"experienced several terrorist attacks over the past several years,","page_number":33,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"a6b6a3f6-b7b2-48ea-ad49-8277376d6af5","block_type":"box","text":"creating a climate of insecurity that has been detrimental to","page_number":33,"box":{"x":549,"y":37,"width":383,"height":11}},{"id":"7d31b1c9-0c12-4bd1-a8bd-778bad459319","block_type":"box","text":"tourism.","page_number":33,"box":{"x":549,"y":52,"width":51,"height":8}},{"id":"4655931d-e4d2-420d-ad55-eef782c69149","block_type":"box","text":"Risk of Investing in Germany.","page_number":33,"box":{"x":549,"y":75,"width":197,"height":10}},{"id":"41c41d79-e30a-4f41-8544-3841591b4b37","block_type":"box","text":"The Fund’s investments in German","page_number":33,"box":{"x":751,"y":75,"width":221,"height":8}},{"id":"f95cbde3-9ff3-437c-8643-f7e77a7799fd","block_type":"box","text":"issuers subjects the Fund to legal, regulatory, political, currency,","page_number":33,"box":{"x":549,"y":89,"width":413,"height":11}},{"id":"12dc37c2-22e2-4efa-9ef2-0c1de5c24ad2","block_type":"box","text":"security, and economic risks specific to Germany. Ongoing","page_number":33,"box":{"x":549,"y":103,"width":375,"height":11}},{"id":"aaf32832-e079-4598-8c9a-b1c7b969db3a","block_type":"box","text":"concerns in relation to the economic health of the EU continue to","page_number":33,"box":{"x":549,"y":117,"width":418,"height":9}},{"id":"0f4a863c-bc39-4e35-ab8c-6c366429965d","block_type":"box","text":"constrain the economic resilience of certain EU member states,","page_number":33,"box":{"x":549,"y":131,"width":407,"height":11}},{"id":"66fd909b-15e0-4ade-84bb-186a556b9b80","block_type":"box","text":"including Germany. Germany has an industrial and export","page_number":33,"box":{"x":549,"y":146,"width":371,"height":10}},{"id":"2bf86fe9-550f-4a84-b678-bf78c05b3938","block_type":"box","text":"dependent economy and therefore relies heavily on trade with key","page_number":33,"box":{"x":549,"y":160,"width":423,"height":11}},{"id":"7e22f955-23e1-4655-bd31-4335355da0eb","block_type":"box","text":"trading partners, including the Netherlands, China, the U.S., the","page_number":33,"box":{"x":549,"y":174,"width":406,"height":11}},{"id":"d213b07e-e6e5-4b38-befd-b11fcf76641f","block_type":"box","text":"U.K., France, Italy and other European countries. Germany is","page_number":33,"box":{"x":550,"y":188,"width":386,"height":11}},{"id":"1db51017-941e-4381-81b1-0972482bb18d","block_type":"box","text":"dependent on the economies of these other countries, and a","page_number":33,"box":{"x":549,"y":202,"width":386,"height":11}},{"id":"11754920-c196-458b-8885-c8b115311e7b","block_type":"box","text":"decline in the price or demand for German exports may have an","page_number":33,"box":{"x":549,"y":216,"width":406,"height":11}},{"id":"ef8d3c24-edbb-4474-bf20-e1cd6cb87177","block_type":"box","text":"adverse impact on its economy.","page_number":33,"box":{"x":549,"y":231,"width":202,"height":10}},{"id":"9fa44abb-c506-47cf-bf37-7943c7cc445b","block_type":"box","text":"Securities Lending Risk.","page_number":33,"box":{"x":548,"y":254,"width":162,"height":11}},{"id":"95fd2396-5558-4d8e-830f-e94955bfc65a","block_type":"box","text":"The Fund may engage in securities","page_number":33,"box":{"x":716,"y":254,"width":221,"height":11}},{"id":"41da9127-f67f-4c49-8330-ed7a48b7616f","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":33,"box":{"x":549,"y":268,"width":397,"height":11}},{"id":"ab9e8210-5d1f-45d9-9bd4-2a6778964e8a","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":33,"box":{"x":549,"y":282,"width":418,"height":11}},{"id":"9b17d2bd-af9b-4346-ae2a-5a69887538c8","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":33,"box":{"x":549,"y":296,"width":409,"height":11}},{"id":"8f862f94-0953-4df2-824a-94eb8fbd63b6","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":33,"box":{"x":549,"y":311,"width":416,"height":10}},{"id":"57b1da28-79ee-46e5-8a03-20df21694b4a","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":33,"box":{"x":549,"y":325,"width":389,"height":11}},{"id":"405a0303-7da9-4c40-a13b-6ec552fe6f07","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":33,"box":{"x":549,"y":339,"width":406,"height":8}},{"id":"f74b7a04-20df-4ce8-963d-5997dbfb1f00","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":33,"box":{"x":549,"y":353,"width":301,"height":11}},{"id":"8efffbde-8888-43fb-90ca-9da9830bf97d","block_type":"box","text":"Tracking Error Risk","page_number":33,"box":{"x":550,"y":376,"width":128,"height":11}},{"id":"c0993589-020b-4044-9f6f-1e403886bdbf","block_type":"box","text":".","page_number":33,"box":{"x":678,"y":383,"width":3,"height":2}},{"id":"68d9e6da-4c5b-4c90-83e3-5e98cf4eb3c8","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":33,"box":{"x":686,"y":376,"width":284,"height":11}},{"id":"5da2bf07-ad5e-4a09-a7e2-3cf4ab85eeff","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":33,"box":{"x":549,"y":391,"width":404,"height":10}},{"id":"b89182cc-86fe-4315-a0f7-984af61300b1","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":33,"box":{"x":549,"y":405,"width":425,"height":11}},{"id":"9b10a73b-4be7-4b0f-ae08-cf4ce622ef0a","block_type":"box","text":"factors, including differences between the securities and other","page_number":33,"box":{"x":549,"y":419,"width":401,"height":11}},{"id":"2e6b9855-1988-46ff-ba6f-0cb698d1caff","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":33,"box":{"x":549,"y":433,"width":381,"height":11}},{"id":"bf451fa1-2044-4e1b-8b42-ea852b54b14a","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":33,"box":{"x":550,"y":447,"width":396,"height":11}},{"id":"2b1f2267-52c3-4932-8c3d-4a77efeed29c","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":33,"box":{"x":549,"y":461,"width":407,"height":11}},{"id":"0991d7ab-f5c7-4331-b1a1-a07229f932b8","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":33,"box":{"x":549,"y":476,"width":400,"height":10}},{"id":"843d7f47-335e-49db-8a5b-a9bc1dc420f6","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":33,"box":{"x":549,"y":490,"width":421,"height":11}},{"id":"f461d1fb-555f-4251-ba45-7aa44d5128f8","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":33,"box":{"x":549,"y":504,"width":374,"height":11}},{"id":"4e63f23c-b080-424e-a8e3-22bde3c3e0bc","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":33,"box":{"x":549,"y":518,"width":370,"height":11}},{"id":"9c3e03ee-bdd6-4d01-9c47-94f51c62beea","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":33,"box":{"x":549,"y":532,"width":372,"height":11}},{"id":"6119a6ee-6a48-45c5-b74b-80c5114753c8","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":33,"box":{"x":549,"y":546,"width":420,"height":11}},{"id":"74e696c8-5a9a-45e5-a6c9-4ea916d79890","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":33,"box":{"x":549,"y":561,"width":387,"height":11}},{"id":"78cb9b27-eeed-49d9-bd7a-44230bfa3ae9","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":33,"box":{"x":549,"y":575,"width":377,"height":11}},{"id":"2fb1cd5f-e6e1-486e-85a1-0922f91e0030","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":33,"box":{"x":549,"y":589,"width":380,"height":11}},{"id":"ee728590-4e31-4c0c-ab75-5e80873bc1d1","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":33,"box":{"x":549,"y":603,"width":366,"height":11}},{"id":"1b2a1f08-9c1f-4674-bb7a-1d343ecc2c89","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":33,"box":{"x":549,"y":617,"width":414,"height":11}},{"id":"82b0d4ba-4a01-4a74-a4e7-2b0c41e7f0f5","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":33,"box":{"x":550,"y":632,"width":386,"height":10}},{"id":"5e555019-bd27-40da-937a-931e4f353f2f","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":33,"box":{"x":549,"y":646,"width":414,"height":11}},{"id":"de6a4783-3290-451e-aa14-52add4916037","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":33,"box":{"x":549,"y":660,"width":420,"height":11}},{"id":"f13efe58-d77f-46d9-ab70-3436cdff753d","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":33,"box":{"x":549,"y":674,"width":383,"height":9}},{"id":"ff0c045f-3361-46a6-ab33-ddfcd152a415","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":33,"box":{"x":549,"y":688,"width":390,"height":11}},{"id":"dd2f4248-2656-42e0-999b-ef9d8e28256d","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":33,"box":{"x":549,"y":703,"width":299,"height":8}},{"id":"456ce13d-2f42-4f27-ac1d-e33dea80ebdb","block_type":"box","text":"Valuation Risk","page_number":33,"box":{"x":550,"y":726,"width":96,"height":8}},{"id":"3542de8f-bb74-465d-b041-feb959b01d05","block_type":"box","text":".","page_number":33,"box":{"x":646,"y":732,"width":2,"height":2}},{"id":"a311d5ef-0c77-4d55-92f2-8d27c8bbc07f","block_type":"box","text":"The price that the Fund could receive upon the","page_number":33,"box":{"x":653,"y":726,"width":298,"height":10}},{"id":"ec3fec55-ed99-435b-a2c4-8304b56bbcb8","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":33,"box":{"x":549,"y":740,"width":408,"height":11}},{"id":"54b709bd-c87e-494b-a67e-2330b2893070","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":33,"box":{"x":549,"y":754,"width":355,"height":11}},{"id":"b72c8e87-95cf-4b9c-8088-dc3b797b3da1","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":33,"box":{"x":549,"y":768,"width":418,"height":11}},{"id":"f4ce3b5f-1c42-424e-a205-ca67031d31d3","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":33,"box":{"x":549,"y":782,"width":347,"height":11}},{"id":"d61453dc-9c0b-4e09-af40-f4d4ce5c2c9b","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":33,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"a20f12db-977b-4501-8a9e-05af8593948f","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":33,"box":{"x":549,"y":811,"width":406,"height":11}},{"id":"17bde065-9b30-440a-899b-e85dd2ccb12a","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":33,"box":{"x":549,"y":825,"width":411,"height":11}},{"id":"842a071b-2670-4267-9354-d3c1cd84209b","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":33,"box":{"x":549,"y":839,"width":392,"height":11}},{"id":"4378f971-9c6c-4164-bf5f-1d318118caf7","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":33,"box":{"x":549,"y":853,"width":414,"height":11}},{"id":"fb69388d-d2a8-4af6-840d-2a2f311e0525","block_type":"box","text":"S-22","page_number":33,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8baa51e9-3580-42c4-ac0a-3a164b4ed8ce","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":34,"box":{"x":83,"y":23,"width":394,"height":11}},{"id":"fd39a86b-9afb-4bd2-9301-c55abc867528","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":34,"box":{"x":82,"y":37,"width":383,"height":11}},{"id":"6fe194b5-e953-4a35-826d-97ddf26f7e32","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":34,"box":{"x":83,"y":52,"width":414,"height":10}},{"id":"31c56b0d-29d9-434f-84a2-4afd395ac647","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":34,"box":{"x":83,"y":66,"width":392,"height":8}},{"id":"9d69263b-024a-4d49-9471-63a6ebf92fdd","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":34,"box":{"x":548,"y":23,"width":425,"height":11}},{"id":"c58017d1-1dde-4957-85a4-9775ce70b4d0","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":34,"box":{"x":548,"y":37,"width":400,"height":11}},{"id":"cb308474-0ae6-440f-bad8-90c3a9cfd705","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":34,"box":{"x":549,"y":52,"width":405,"height":10}},{"id":"547471cc-cb32-4788-bf37-79c1921688ef","block_type":"box","text":"Performance Information","page_number":34,"box":{"x":84,"y":87,"width":213,"height":10}},{"id":"df48b8d1-3d07-4179-9e12-c673d45963c5","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":34,"box":{"x":82,"y":112,"width":887,"height":11}},{"id":"fb4b89a4-8246-4b1d-be28-66b37d4ba515","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":34,"box":{"x":83,"y":126,"width":872,"height":11}},{"id":"088f5dff-024f-475c-8793-b9237533aed3","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":34,"box":{"x":83,"y":140,"width":867,"height":11}},{"id":"7c8ae3e7-edd8-4269-b397-5cfc93306f75","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":34,"box":{"x":83,"y":155,"width":863,"height":10}},{"id":"c780ce5e-4f06-4236-b5c7-377bacaa66b7","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":34,"box":{"x":83,"y":169,"width":874,"height":11}},{"id":"dd341bf5-9f82-4109-8fe0-26c6f2561b9b","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":34,"box":{"x":83,"y":183,"width":888,"height":11}},{"id":"5858e4c5-ce3c-4933-8280-feb43a8ee1d6","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":34,"box":{"x":83,"y":197,"width":652,"height":11}},{"id":"694e1c77-dd84-4e08-bed8-28826aa34f9b","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":34,"box":{"x":422,"y":219,"width":212,"height":11}},{"id":"c80d68b8-1d00-4ea3-88d7-6fa00af25b26","block_type":"box","text":"45%","page_number":34,"box":{"x":332,"y":266,"width":21,"height":7}},{"id":"a56d7885-93af-4059-9fbd-9e3c64b7f376","block_type":"box","text":"30%","page_number":34,"box":{"x":332,"y":285,"width":21,"height":7}},{"id":"4e96a0e1-c973-4d34-a38a-0dc4a2f2f9cd","block_type":"box","text":"15%","page_number":34,"box":{"x":334,"y":305,"width":19,"height":7}},{"id":"5a078cb2-8b37-4b21-abad-b7983b6349f8","block_type":"box","text":"0%","page_number":34,"box":{"x":339,"y":324,"width":14,"height":7}},{"id":"5524cffc-9c31-4b61-8662-93040f13fe6a","block_type":"box","text":"-15%","page_number":34,"box":{"x":328,"y":344,"width":25,"height":7}},{"id":"d43c5904-fb09-41e2-bd42-dce19043333a","block_type":"box","text":"-30%","page_number":34,"box":{"x":328,"y":364,"width":25,"height":7}},{"id":"bf5ef71b-aba3-4c76-96d2-2c2a0de5dc2b","block_type":"box","text":"2","page_number":34,"box":{"x":364,"y":386,"width":5,"height":6}},{"id":"8d0606be-a0c2-4423-823a-a5295529a9eb","block_type":"box","text":"0","page_number":34,"box":{"x":371,"y":386,"width":5,"height":7}},{"id":"67f77325-f517-43d6-bf5f-3fc0df1d32ff","block_type":"box","text":"1","page_number":34,"box":{"x":379,"y":386,"width":3,"height":6}},{"id":"b6bccd94-d336-4e6c-8bbc-35973bbff8be","block_type":"box","text":"5","page_number":34,"box":{"x":385,"y":386,"width":5,"height":7}},{"id":"94e00c65-eaad-4f46-b1a9-d6c26935ba92","block_type":"box","text":"2","page_number":34,"box":{"x":400,"y":386,"width":5,"height":6}},{"id":"1875af35-5f37-4be2-bb09-259a4b7f9b28","block_type":"box","text":"0","page_number":34,"box":{"x":407,"y":386,"width":5,"height":7}},{"id":"2b867010-6b58-4066-9eff-081821f0c426","block_type":"box","text":"1","page_number":34,"box":{"x":415,"y":386,"width":3,"height":6}},{"id":"96cfc6af-766a-44b7-9773-ddbddd82a1b6","block_type":"box","text":"6","page_number":34,"box":{"x":421,"y":386,"width":5,"height":7}},{"id":"274dc075-4850-4b76-bcb6-0de30aefbe46","block_type":"box","text":"2","page_number":34,"box":{"x":436,"y":386,"width":5,"height":6}},{"id":"33b15555-5b53-453c-a286-73edaab729c6","block_type":"box","text":"0","page_number":34,"box":{"x":443,"y":386,"width":6,"height":7}},{"id":"5eca1980-8389-4d8f-bab4-bb90cef50b6f","block_type":"box","text":"17 2","page_number":34,"box":{"x":452,"y":386,"width":25,"height":6}},{"id":"8fc962ce-0f24-46b2-a869-077ea880d50b","block_type":"box","text":"0","page_number":34,"box":{"x":479,"y":386,"width":6,"height":7}},{"id":"b67d3c05-083a-4737-b422-eaa13312fe6a","block_type":"box","text":"1","page_number":34,"box":{"x":488,"y":386,"width":2,"height":6}},{"id":"b84ec29b-d84d-4f63-bf27-1707af5c86b0","block_type":"box","text":"8","page_number":34,"box":{"x":493,"y":386,"width":6,"height":7}},{"id":"c9799d04-afd0-49b0-a4f0-7063dcf69d3b","block_type":"box","text":"2","page_number":34,"box":{"x":508,"y":386,"width":5,"height":6}},{"id":"8609e86c-1001-451c-b775-1e67b4612eb5","block_type":"box","text":"0","page_number":34,"box":{"x":515,"y":386,"width":6,"height":7}},{"id":"e414f0a9-6c2a-4d64-9a59-187f890f958b","block_type":"box","text":"1","page_number":34,"box":{"x":524,"y":386,"width":2,"height":6}},{"id":"77bf25cb-afd0-4260-8584-2e18079a1fab","block_type":"box","text":"9","page_number":34,"box":{"x":530,"y":386,"width":5,"height":7}},{"id":"a9434b09-2001-43d9-8871-1cd86d31469a","block_type":"box","text":"2","page_number":34,"box":{"x":544,"y":386,"width":5,"height":6}},{"id":"f7612197-d5b5-4044-8293-56c0a89c4f90","block_type":"box","text":"0","page_number":34,"box":{"x":551,"y":386,"width":6,"height":7}},{"id":"2df19f6e-167c-4837-bdd8-afd18997dc46","block_type":"box","text":"2","page_number":34,"box":{"x":559,"y":386,"width":5,"height":6}},{"id":"f252587e-d2c6-4944-828e-6399b0e6cbfd","block_type":"box","text":"0","page_number":34,"box":{"x":566,"y":386,"width":5,"height":7}},{"id":"5f6da5fe-dfae-45d7-8168-b22f52dc0377","block_type":"box","text":"2","page_number":34,"box":{"x":581,"y":386,"width":5,"height":6}},{"id":"a70d807c-e213-4635-bf0a-5e74566a7357","block_type":"box","text":"0","page_number":34,"box":{"x":587,"y":386,"width":6,"height":7}},{"id":"73d8ffc8-3ec4-459f-b4be-5978bb208f31","block_type":"box","text":"21 2","page_number":34,"box":{"x":595,"y":386,"width":27,"height":6}},{"id":"8be90d8b-6a94-46d3-9aa2-bc933d00874e","block_type":"box","text":"0","page_number":34,"box":{"x":624,"y":386,"width":5,"height":7}},{"id":"5e980bc2-aff5-4a67-bb0a-678cf7a6cad5","block_type":"box","text":"22 2","page_number":34,"box":{"x":631,"y":386,"width":27,"height":6}},{"id":"753ce3b3-4b7c-453b-acb8-95ae2ca811f2","block_type":"box","text":"0","page_number":34,"box":{"x":660,"y":386,"width":5,"height":7}},{"id":"adb66f8c-d8e3-4b1b-aadf-2552febe61a5","block_type":"box","text":"2","page_number":34,"box":{"x":667,"y":386,"width":5,"height":6}},{"id":"0e7677e4-793f-4d84-82ae-179d2bcf4996","block_type":"box","text":"3","page_number":34,"box":{"x":674,"y":386,"width":6,"height":7}},{"id":"615a4736-4fca-459c-a7e9-ba25f559bd38","block_type":"box","text":"2","page_number":34,"box":{"x":689,"y":386,"width":5,"height":6}},{"id":"f7f703b9-8126-44e6-a0bc-57320a5090df","block_type":"box","text":"0","page_number":34,"box":{"x":696,"y":386,"width":6,"height":7}},{"id":"56a51e41-2d1f-4881-938c-efa6736b5248","block_type":"box","text":"2","page_number":34,"box":{"x":703,"y":386,"width":5,"height":6}},{"id":"24012594-fa8e-48e7-97da-f5c2eac24163","block_type":"box","text":"4","page_number":34,"box":{"x":710,"y":386,"width":6,"height":6}},{"id":"af55a8c2-4e52-4eb9-aa04-d99b8a887268","block_type":"box","text":"-1.62%","page_number":34,"box":{"x":363,"y":333,"width":28,"height":6}},{"id":"9a103230-5705-45f3-ba00-00d272dd7e94","block_type":"box","text":"1.29%","page_number":34,"box":{"x":402,"y":315,"width":24,"height":6}},{"id":"ebf7610d-0bc2-40dd-9c1f-d3c23f21184e","block_type":"box","text":"27.92%","page_number":34,"box":{"x":435,"y":280,"width":30,"height":6}},{"id":"3285a95d-a264-4595-86e2-80088acece19","block_type":"box","text":"-16.97%","page_number":34,"box":{"x":468,"y":353,"width":34,"height":6}},{"id":"b90903f8-c962-4b3e-bffb-8036c0a39562","block_type":"box","text":"23.11%","page_number":34,"box":{"x":507,"y":287,"width":30,"height":6}},{"id":"d6f1eed6-18f3-4ef8-9cc7-e65dd6d49ecf","block_type":"box","text":"8.38%","page_number":34,"box":{"x":546,"y":306,"width":24,"height":6}},{"id":"0da3f3a7-99d2-4314-bed8-01ce8a3c5291","block_type":"box","text":"13.59%","page_number":34,"box":{"x":580,"y":299,"width":29,"height":6}},{"id":"359a25b8-1033-472e-9077-54e588e46598","block_type":"box","text":"-17.28%","page_number":34,"box":{"x":613,"y":354,"width":34,"height":6}},{"id":"afcf90bc-5ce3-4b1e-aaa7-e4aeb57d7ede","block_type":"box","text":"22.93%","page_number":34,"box":{"x":651,"y":287,"width":30,"height":6}},{"id":"020fb420-7d55-4984-9fc6-1935eb8133ca","block_type":"box","text":"2.58%","page_number":34,"box":{"x":690,"y":313,"width":25,"height":6}},{"id":"d7916670-5e5a-411b-a883-52ba819d0cd4","block_type":"box","text":"Return (%) Period Ended","page_number":34,"box":{"x":547,"y":412,"width":174,"height":10}},{"id":"c529052a-c826-418b-8916-d7f15de29f3f","block_type":"box","text":"Calendar Year-to-Date Return","page_number":34,"box":{"x":317,"y":430,"width":182,"height":8}},{"id":"3dd1f687-d627-4354-874b-b3a5ae833ccf","block_type":"box","text":"34.00% September 30, 2025","page_number":34,"box":{"x":560,"y":430,"width":179,"height":10}},{"id":"748d67ac-6581-4df4-8cee-9771676ccf87","block_type":"box","text":"During the periods shown in the chart:","page_number":34,"box":{"x":318,"y":443,"width":239,"height":10}},{"id":"73701352-1067-419e-96f7-35971d64fb86","block_type":"box","text":"Best Quarter 24.37% December 31, 2022","page_number":34,"box":{"x":331,"y":456,"width":408,"height":9}},{"id":"a663108a-709c-460c-a0b9-82cc3cebdc14","block_type":"box","text":"Worst Quarter -26.84% March 31, 2020","page_number":34,"box":{"x":330,"y":469,"width":409,"height":9}},{"id":"6d3e44cc-dbb9-451c-9359-83b0e96beb26","block_type":"box","text":"Average Annual Total Returns","page_number":34,"box":{"x":425,"y":498,"width":206,"height":10}},{"id":"20f41e7d-be47-4239-ba71-32bdf7b84b54","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":34,"box":{"x":378,"y":512,"width":301,"height":11}},{"id":"86944a92-24c4-443f-ae89-3e8eed1e786e","block_type":"box","text":"One Year Five Years Ten Years","page_number":34,"box":{"x":712,"y":528,"width":221,"height":8}},{"id":"74cbaf43-cfaa-4c3d-af99-4dd0cce7d768","block_type":"box","text":"(Inception Date: 7/25/2000)","page_number":34,"box":{"x":123,"y":546,"width":178,"height":10}},{"id":"e1ea2aed-7a58-4dce-824e-9c74460ca5a1","block_type":"box","text":"Return Before Taxes","page_number":34,"box":{"x":124,"y":558,"width":112,"height":7}},{"id":"fd3ba61f-2422-49b3-8c4e-71bb3a055a2b","block_type":"box","text":"2.58% 5.13% 5.28%","page_number":34,"box":{"x":723,"y":558,"width":197,"height":7}},{"id":"208e41ae-4728-4ae2-86dc-812a1584eadd","block_type":"box","text":"Return After Taxes on Distributions 2.06% 4.57% 4.84%","page_number":34,"box":{"x":124,"y":569,"width":796,"height":8}},{"id":"f38c0b13-92a2-4077-b237-67907eca31d1","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.18% 4.03% 4.32%","page_number":34,"box":{"x":124,"y":581,"width":796,"height":8}},{"id":"a6cf3396-1dfc-4868-835b-4e1c6ce58aa9","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":34,"box":{"x":124,"y":593,"width":188,"height":9}},{"id":"c2083aee-6ef6-45bb-bf37-99cc786d4d0a","block_type":"box","text":"1","page_number":34,"box":{"x":315,"y":591,"width":3,"height":5}},{"id":"0ffb88eb-832b-4961-9a27-5dc2987efab0","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":34,"box":{"x":324,"y":593,"width":352,"height":9}},{"id":"7f747b0c-0a48-4bf2-a442-6092c0f60361","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":34,"box":{"x":137,"y":605,"width":783,"height":10}},{"id":"af44d0fa-8013-4f59-9660-b15be003b2e5","block_type":"box","text":"MSCI EMU Index (Net)","page_number":34,"box":{"x":124,"y":617,"width":136,"height":10}},{"id":"986b5bee-f769-4fa1-879e-6d85ca904053","block_type":"box","text":"1","page_number":34,"box":{"x":263,"y":616,"width":2,"height":4}},{"id":"b9fc031e-5143-4b45-b4ec-305ed029e6f6","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except for","page_number":34,"box":{"x":271,"y":617,"width":414,"height":10}},{"id":"ced8559b-232e-4738-9bf6-ac00affe2b15","block_type":"box","text":"withholding taxes on reinvested dividends) 2.64% 4.89% 5.22%","page_number":34,"box":{"x":136,"y":630,"width":784,"height":10}},{"id":"9f7e085a-c71f-4f88-86fa-7a48d22c4f9c","block_type":"box","text":"1","page_number":34,"box":{"x":112,"y":658,"width":2,"height":5}},{"id":"9b9c5ebc-66bc-4633-b0fb-16d3a3bdf51d","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":34,"box":{"x":124,"y":660,"width":793,"height":9}},{"id":"fa725bd1-d2f8-4659-ba8e-242d40a5ba54","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":34,"box":{"x":123,"y":670,"width":843,"height":10}},{"id":"8549e8a4-882a-4481-9340-f4f06e8c0ffc","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":34,"box":{"x":123,"y":680,"width":835,"height":10}},{"id":"9c72177a-a32d-4b37-8bdd-116d7717f7ac","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":34,"box":{"x":123,"y":691,"width":650,"height":9}},{"id":"95103d87-bdb0-4aee-a2f8-4ae2d807fb4f","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":34,"box":{"x":82,"y":710,"width":882,"height":11}},{"id":"b44a7997-121e-4e9e-9e8a-8efe57af54dd","block_type":"box","text":"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,","page_number":34,"box":{"x":83,"y":724,"width":871,"height":11}},{"id":"9c54e8c8-0561-44d0-9e5e-47167aa5c408","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":34,"box":{"x":83,"y":739,"width":860,"height":10}},{"id":"481ae59b-8c9e-44ca-9cf9-a4376d2fcfd7","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":34,"box":{"x":83,"y":753,"width":855,"height":11}},{"id":"f66155de-605d-46eb-89ab-3ae832573b1b","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":34,"box":{"x":83,"y":767,"width":883,"height":11}},{"id":"09ce10ce-46b9-4fd9-a840-a4dfd1c83e0d","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":34,"box":{"x":82,"y":781,"width":861,"height":11}},{"id":"90018e85-5091-468c-b20d-611d9a23dce2","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":34,"box":{"x":83,"y":795,"width":359,"height":10}},{"id":"2fefdf17-dee5-4405-8765-ade0dd787c5b","block_type":"box","text":"S-23","page_number":34,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f0c8b5c3-ece1-4603-8447-61c1eb0df496","block_type":"box","text":"Management","page_number":35,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"e645f8db-f908-4826-87ad-8553955efd84","block_type":"box","text":"Investment Adviser.","page_number":35,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"50992e50-3f82-4bbc-b046-d7da518431b3","block_type":"box","text":"BlackRock Fund Advisors.","page_number":35,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"11e50f61-6eb0-4efc-9257-1123bd99d100","block_type":"box","text":"Portfolio Managers.","page_number":35,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"94430557-2944-4d04-88f8-762f30b14fcc","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":35,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"e4a94032-3a86-4a50-a6d6-ff0b30299241","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":35,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"1191075a-0ece-4085-8cb0-1575bb9abce3","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":35,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"09756438-c91a-4f93-9a47-1b2da457e740","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":35,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"e5727ae5-806a-4270-bb54-334157b89404","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":35,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"dabc66fe-eb83-470f-a6d3-0d2d3dce20e3","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":35,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"d50162e5-9964-4ca1-8daf-d2d05c40ac6e","block_type":"box","text":"Managers of the Fund since 2025.","page_number":35,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"a7627b4c-d6f8-48cb-91f4-00ada02e358a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":35,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"00707d7c-6701-40d4-9458-73ea0857b431","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":35,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"d5f56d06-c8ea-44d2-9282-d5de1f2e21e5","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":35,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"305cdaf0-e359-45f8-9b1e-bceb869b5d5b","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":35,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"4cda07d6-0eb4-45d4-bcdd-1ca764df8cf8","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":35,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"a66662c4-b7d3-4133-a3fb-75d0455fa84d","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":35,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"9ba2295c-454b-45f1-a721-37c14d96632a","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":35,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"39e3e822-1749-4141-8b1c-59c56372f803","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":35,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"ec14c548-e01b-4709-af11-638907a10795","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":35,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"0a83e91c-fd8b-4c09-a051-eb9719442e21","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":35,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"92038897-10a2-49cf-9675-4b02b4f2fa17","block_type":"box","text":"Tax Information","page_number":35,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"12c968e9-b679-4c5e-aa11-93a3780c7aca","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":35,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"171b0113-c1cf-49c8-91ff-fb2981e1358f","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":35,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"a89caf0e-7646-4933-ad7a-7ba1716b9e9b","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":35,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"8530d0d8-9a92-4b66-a5d9-9e21c0124224","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":35,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"44ce6d8b-bb5b-4d57-83ad-7c581d4da035","block_type":"box","text":"withdrawn.","page_number":35,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"fcb9b109-95a8-450c-a613-85b5628b91ed","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":35,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"b045c61b-4696-4dfc-ab68-ea60adc1ac50","block_type":"box","text":"Intermediaries","page_number":35,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"c2518e33-5e1a-4dfe-bb87-737904ec4912","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":35,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"8680ef02-0ce3-41a1-861a-6792c6a2c5a2","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":35,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"ffbce29f-189f-43f5-bcf4-1905bbf9242b","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":35,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"6c976a02-1369-4184-af8a-f4c22bfb054b","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":35,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"330667b1-8199-4358-bb25-22c7bd74b132","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":35,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"11eb2049-41a4-4479-8c45-72b8c2aee567","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":35,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"fa8ecb3d-a770-426d-91cb-e256e16bcbdd","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":35,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"8b52316c-5be2-407b-98f3-485c7596543f","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":35,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"845934f2-247c-4565-afc0-29c16b77058f","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":35,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"3a7dd131-a310-4826-8cbc-2e67d2939c03","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":35,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"fe177f69-a3be-46dd-8a66-e02cb2189f50","block_type":"box","text":"information.","page_number":35,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"400b2de7-a8c6-441f-a507-ce98e6743929","block_type":"box","text":"S-24","page_number":35,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"08281827-0157-499b-a761-8d641df492ab","block_type":"box","text":"iSHARES","page_number":36,"box":{"x":331,"y":24,"width":118,"height":15}},{"id":"58a4a0e6-b3e0-440c-be47-e5cf99008617","block_type":"box","text":"®","page_number":36,"box":{"x":452,"y":17,"width":11,"height":8}},{"id":"d349c15d-ef92-4610-9953-68c999ae49a8","block_type":"box","text":"MSCI FRANCE ETF","page_number":36,"box":{"x":474,"y":24,"width":253,"height":15}},{"id":"da3d425e-e8d6-4b70-a433-3193c4c67994","block_type":"box","text":"Ticker: EWQ Stock Exchange: NYSE Arca","page_number":36,"box":{"x":283,"y":53,"width":485,"height":12}},{"id":"27521680-1662-4c6f-a027-16e8b5a9f24b","block_type":"box","text":"Investment Objective","page_number":36,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"50bc16f2-e58a-4766-915d-f4f0ef8b6797","block_type":"box","text":"The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities.","page_number":36,"box":{"x":82,"y":116,"width":779,"height":11}},{"id":"7b8fe5e6-4c3b-425f-8499-2651697182d5","block_type":"box","text":"Fees and Expenses","page_number":36,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"49247a1e-e103-44f6-9772-9275e6e02bbc","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":36,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"f13a61d4-bbe9-424e-9312-938e68cbb59b","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":36,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"1d164bc8-3517-4bcc-83ee-12e0a06f1a6b","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":36,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"baf57192-7fe1-4444-8825-565c56e4f57a","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":36,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"ee969f47-2fc6-4e6b-ba6e-a3e665ab5b89","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":36,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"74738818-d4bd-41f8-b35a-a1d556132af5","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":36,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"41ee57d0-3926-467b-8cd3-8e4c889ad219","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":36,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"cd919a22-a8b2-454c-9be9-c09d27e2a7e2","block_type":"box","text":"the tables and examples below.","page_number":36,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"088269fb-24a0-43e4-a9b6-ba575cf70561","block_type":"box","text":"Annual Fund Operating Expenses","page_number":36,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"3550c6b2-c93c-4b35-8e7c-7885c8295aa8","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n12","page_number":36,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"1012215b-beb6-4b97-8e88-2f71a0b5fd2b","block_type":"box","text":"percentage of the value of your investments)","page_number":36,"box":{"x":381,"y":319,"width":280,"height":10}},{"id":"cc4650f6-319c-4edd-b726-a5bf4e1ddec2","block_type":"box","text":"1,2","page_number":36,"box":{"x":664,"y":318,"width":11,"height":6}},{"id":"ba6231cc-5271-4356-ae55-27cc4e3ad429","block_type":"box","text":"Management","page_number":36,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"f4519458-2b3f-4a18-84f9-e8d0791bdcfd","block_type":"box","text":"Fees","page_number":36,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"9ffb6530-248c-41ef-8edf-33a6a1103f34","block_type":"box","text":"Distribution","page_number":36,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"5834fc12-24f2-4497-84e7-61fd3c020914","block_type":"box","text":"and Service","page_number":36,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"b73825e5-8ff6-48f8-a1fd-aed12db29d47","block_type":"box","text":"(12b-1) Fees","page_number":36,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"7bb6703a-07d1-4bfa-b87c-3f845065bad2","block_type":"box","text":"Other","page_number":36,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"911f8d12-630e-4fd3-961f-42a6f7aefcb1","block_type":"box","text":"Expenses","page_number":36,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"25403c8f-d1ca-4abc-8b8d-d5eeecb74e8b","block_type":"box","text":"Total Annual","page_number":36,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"5b9d280e-a3ee-4f10-8c87-a0b069f76b38","block_type":"box","text":"Fund","page_number":36,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"965402eb-b7d2-4387-a990-d1cc335032e8","block_type":"box","text":"Operating","page_number":36,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"2e50a67b-f742-4c22-8764-29acb04a2d37","block_type":"box","text":"Expenses","page_number":36,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"49c69046-38b1-44ff-8d5c-815d1dbcde31","block_type":"box","text":"0.50% None 0.00% 0.50%","page_number":36,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"2e2c346f-2b47-413d-b0dd-f2ca7eedd259","block_type":"box","text":"1","page_number":36,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"4088c0e8-dae5-42f6-b4a4-dd938b87c3bd","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":36,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"b39c4a3c-c94c-40b5-b865-0382d199ed19","block_type":"box","text":"2","page_number":36,"box":{"x":111,"y":430,"width":4,"height":5}},{"id":"d21e3032-b351-4d74-8f65-d4f2e25fe390","block_type":"box","text":"Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect expected fees in","page_number":36,"box":{"x":124,"y":431,"width":830,"height":10}},{"id":"7c7c9289-2f5e-4e7b-bbee-0920a735a6e7","block_type":"box","text":"the current year.","page_number":36,"box":{"x":123,"y":442,"width":93,"height":9}},{"id":"8aa06121-0f37-4a8b-a863-635561463a1e","block_type":"box","text":"Example.","page_number":36,"box":{"x":83,"y":462,"width":62,"height":10}},{"id":"d7a5a750-6fc7-43eb-ac50-a5348d89e0b6","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":36,"box":{"x":150,"y":461,"width":800,"height":11}},{"id":"f55271be-6342-49f6-8acf-917514620d05","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":36,"box":{"x":82,"y":475,"width":891,"height":11}},{"id":"56245b42-a767-49f1-8e0e-ac02c5c4e840","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":36,"box":{"x":83,"y":490,"width":862,"height":11}},{"id":"da68c5a3-612d-4b98-9b76-720a37570d4e","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":36,"box":{"x":83,"y":504,"width":694,"height":11}},{"id":"6fb5cc85-33a4-486a-9c14-efd97b46b84f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":36,"box":{"x":195,"y":535,"width":668,"height":7}},{"id":"0dc46e7a-173c-47f4-be29-16aa8f4c1d6e","block_type":"box","text":"$51 $160 $280 $628","page_number":36,"box":{"x":203,"y":555,"width":648,"height":9}},{"id":"ee2bc043-0e01-4407-ba69-a5893b654a09","block_type":"box","text":"Portfolio Turnover.","page_number":36,"box":{"x":83,"y":594,"width":129,"height":9}},{"id":"26424e5a-f51c-4e40-ae1d-4bab646da4dd","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":36,"box":{"x":216,"y":594,"width":287,"height":11}},{"id":"fdf078ce-9a0f-4d15-8f55-b0c7c4b02653","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":36,"box":{"x":83,"y":608,"width":420,"height":11}},{"id":"3b874a58-3139-4111-b935-f6b8b3f84783","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":36,"box":{"x":83,"y":623,"width":395,"height":10}},{"id":"6b910c1a-439b-4930-a52e-ca8cdfb579f8","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":36,"box":{"x":83,"y":637,"width":380,"height":11}},{"id":"21f60b3d-f530-4f25-86f8-4b8e23cb8caa","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":36,"box":{"x":83,"y":651,"width":409,"height":10}},{"id":"6b4c7444-16ba-4955-960b-3d84b87e2265","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":36,"box":{"x":83,"y":665,"width":368,"height":11}},{"id":"97f89ab6-d98e-42b1-8655-b9a625e43fc5","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":36,"box":{"x":84,"y":679,"width":411,"height":11}},{"id":"18fbac52-1cbf-433f-99d9-9bfe3da629e8","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 4% of the","page_number":36,"box":{"x":82,"y":693,"width":377,"height":11}},{"id":"67087137-37ff-41c6-83df-b4014093d137","block_type":"box","text":"average value of its portfolio.","page_number":36,"box":{"x":83,"y":708,"width":184,"height":11}},{"id":"34727275-ebe4-4485-8ac9-2600f631d1af","block_type":"box","text":"Principal Investment Strategies","page_number":36,"box":{"x":84,"y":737,"width":268,"height":13}},{"id":"5e5e670b-9042-42cd-a898-4791042e0b98","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":36,"box":{"x":82,"y":762,"width":380,"height":8}},{"id":"e4aa3991-d604-4627-b68b-638897c7cb00","block_type":"box","text":"France Index (the “Underlying Index”), which is designed to","page_number":36,"box":{"x":84,"y":776,"width":376,"height":11}},{"id":"e4d3291b-170e-45d8-99da-7c49c2c7f794","block_type":"box","text":"measure the performance of the large- and mid-capitalization","page_number":36,"box":{"x":83,"y":790,"width":392,"height":11}},{"id":"0bc6a84c-8318-4efc-b6c6-d4bbdd70f05e","block_type":"box","text":"segments of the French equity market. As of August 31, 2025, a","page_number":36,"box":{"x":83,"y":804,"width":407,"height":11}},{"id":"c59f749a-999b-452a-9c78-96481f1b0d1f","block_type":"box","text":"significant portion of the Underlying Index is represented by","page_number":36,"box":{"x":83,"y":819,"width":383,"height":10}},{"id":"615ed477-3366-451a-a9a9-e5e56683eb94","block_type":"box","text":"securities of companies in the consumer goods and services and","page_number":36,"box":{"x":83,"y":833,"width":413,"height":11}},{"id":"d63c18b6-4a84-4292-b79b-e44763ef8cfd","block_type":"box","text":"industrials industries or sectors. The components of the","page_number":36,"box":{"x":83,"y":847,"width":356,"height":11}},{"id":"54f04f3f-d407-4a6a-835d-01c4d37c45d7","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":36,"box":{"x":83,"y":861,"width":303,"height":11}},{"id":"c531c283-7209-4c6d-acd9-843d1e4a5325","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":36,"box":{"x":550,"y":587,"width":376,"height":10}},{"id":"9fd9cb06-e6aa-4707-b35f-80d1cd66cfc6","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":36,"box":{"x":549,"y":601,"width":417,"height":10}},{"id":"85c5e503-5fa3-4683-84b7-0e291ec86106","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":36,"box":{"x":549,"y":615,"width":396,"height":11}},{"id":"5760d73c-bbd7-44a5-970b-5482811e8cdf","block_type":"box","text":"markets decline or appear overvalued.","page_number":36,"box":{"x":549,"y":629,"width":244,"height":11}},{"id":"81bd62a8-53b4-43ee-abb9-68298ab49990","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":36,"box":{"x":550,"y":652,"width":420,"height":11}},{"id":"4e216db9-b3a3-48f7-b503-03a6fd64e278","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":36,"box":{"x":549,"y":666,"width":421,"height":11}},{"id":"c9653c90-33d3-476d-914a-a31f5b1b624b","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":36,"box":{"x":549,"y":681,"width":386,"height":10}},{"id":"a2a6314f-2965-468d-aadf-e063af3ed656","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":36,"box":{"x":550,"y":695,"width":369,"height":11}},{"id":"675ac0c2-98a2-471f-9758-7dcb240eda01","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":36,"box":{"x":549,"y":709,"width":356,"height":11}},{"id":"2eb00c22-3cba-4300-81ab-c23b28b9ed9e","block_type":"box","text":"comparison to actively managed investment companies.","page_number":36,"box":{"x":549,"y":723,"width":359,"height":11}},{"id":"9dc3bd14-a80a-478b-abfc-542f87e0b33f","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":36,"box":{"x":550,"y":746,"width":411,"height":11}},{"id":"35ee6224-9849-4211-b7a1-9983ee871394","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":36,"box":{"x":549,"y":761,"width":411,"height":10}},{"id":"3a654562-2a34-4583-ac24-27fe7f1fce42","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":36,"box":{"x":549,"y":775,"width":424,"height":11}},{"id":"e326f631-7923-4283-98b7-c371a0b1da59","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":36,"box":{"x":549,"y":789,"width":410,"height":11}},{"id":"87cef1fa-9f6a-4a92-8b52-aa928aefeb67","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":36,"box":{"x":549,"y":803,"width":408,"height":11}},{"id":"222aa3ba-6ac2-456c-84a3-4a92c9b9502f","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":36,"box":{"x":549,"y":817,"width":423,"height":11}},{"id":"fe946b36-178d-4772-815e-a27f97f821a9","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":36,"box":{"x":549,"y":831,"width":386,"height":11}},{"id":"5b7cb358-1a9c-4569-bebf-c2cfeee45c17","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":36,"box":{"x":549,"y":846,"width":360,"height":10}},{"id":"df64ddad-180d-45ee-bae7-6841db5e53d1","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":36,"box":{"x":548,"y":860,"width":414,"height":11}},{"id":"196715be-6c94-4f88-ae2a-cf4cbaadc512","block_type":"box","text":"S-25","page_number":36,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7b2c07ce-38a8-4db9-92d0-d8d7c072c5c2","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":37,"box":{"x":83,"y":23,"width":410,"height":11}},{"id":"55b118f6-4325-40ec-80be-641e5dd8366b","block_type":"box","text":"the components of the Underlying Index.","page_number":37,"box":{"x":83,"y":37,"width":259,"height":11}},{"id":"73284f04-2925-4b1c-b019-a96d23f65788","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":37,"box":{"x":82,"y":61,"width":390,"height":10}},{"id":"01e2e2a0-e912-411c-9e91-ce294c539ef6","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":37,"box":{"x":83,"y":75,"width":410,"height":11}},{"id":"2e20dbc3-0f18-4a0c-8b85-f4a46c2cc779","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":37,"box":{"x":83,"y":89,"width":421,"height":11}},{"id":"0cf15a8f-e475-4771-b74c-7f09ca5a6ce7","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":37,"box":{"x":83,"y":103,"width":335,"height":11}},{"id":"35238983-de6c-4a63-8d65-99715d7b3c36","block_type":"box","text":"i.e","page_number":37,"box":{"x":419,"y":103,"width":14,"height":9}},{"id":"70cc11eb-7809-4f79-b143-8d31cd4dc3a4","block_type":"box","text":".,","page_number":37,"box":{"x":435,"y":110,"width":6,"height":3}},{"id":"d89ab549-3040-47be-b083-e6656fe8c3fb","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":37,"box":{"x":83,"y":117,"width":388,"height":11}},{"id":"5740028f-5ee2-494a-bf16-11968055952c","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":37,"box":{"x":83,"y":131,"width":403,"height":11}},{"id":"530bdb82-6992-4b12-89e2-b6332ecf2db5","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":37,"box":{"x":83,"y":146,"width":418,"height":10}},{"id":"6f2b1c2d-7035-4a99-83bd-c4cd756940bb","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":37,"box":{"x":83,"y":160,"width":411,"height":11}},{"id":"995efb4c-1b65-4b20-a2fb-0442b4f5c053","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":37,"box":{"x":82,"y":174,"width":389,"height":11}},{"id":"7c1eaafa-5b62-4ebd-9365-a1ea64756c17","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":37,"box":{"x":82,"y":188,"width":415,"height":11}},{"id":"e5183268-6686-4752-8ed6-0e25041cdfe3","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":37,"box":{"x":83,"y":202,"width":360,"height":11}},{"id":"204d6672-c80b-4cf3-b788-68af5afe58ee","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":37,"box":{"x":83,"y":216,"width":407,"height":11}},{"id":"8b4ac60f-ce08-4058-af19-7ac7c8d1cd5f","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":37,"box":{"x":83,"y":231,"width":421,"height":11}},{"id":"9b41d96f-1498-42fe-a68e-9025d4d5c254","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":37,"box":{"x":83,"y":245,"width":392,"height":11}},{"id":"42031c7a-669c-4b5f-ae9b-ff2ea336ed55","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":37,"box":{"x":83,"y":259,"width":404,"height":11}},{"id":"1460876e-7c22-4e89-9a47-1fc8319ae423","block_type":"box","text":"Fund.","page_number":37,"box":{"x":84,"y":273,"width":33,"height":9}},{"id":"89bede1c-26fc-4afa-929e-10294c0e73a5","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":37,"box":{"x":82,"y":296,"width":412,"height":11}},{"id":"0fc655c3-5daf-41c1-b84d-57c57631890c","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":37,"box":{"x":82,"y":311,"width":371,"height":10}},{"id":"f18f8fcb-e95c-4451-adc2-4bdd5882ba2d","block_type":"box","text":"collateral received).","page_number":37,"box":{"x":83,"y":325,"width":125,"height":11}},{"id":"66d41221-819f-4ea9-8ad4-bfa96ae5b8ae","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":37,"box":{"x":82,"y":348,"width":380,"height":11}},{"id":"d8347614-e60a-4d7d-9c76-9f3603508cb4","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":37,"box":{"x":84,"y":362,"width":411,"height":11}},{"id":"c033a943-7b60-4302-b794-93ac2d8e81c0","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":37,"box":{"x":82,"y":376,"width":381,"height":11}},{"id":"1812489f-6e4a-430e-9de9-859e53a69de0","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":37,"box":{"x":82,"y":391,"width":420,"height":10}},{"id":"e47ca92f-1a74-4474-b493-aff78ccf095c","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":37,"box":{"x":83,"y":405,"width":405,"height":11}},{"id":"ab898661-f678-4bf0-9393-3f073afbfabc","block_type":"box","text":"Industry Concentration Policy.","page_number":37,"box":{"x":83,"y":428,"width":210,"height":11}},{"id":"57aabcbe-3239-4e13-984e-9265d35f3ecf","block_type":"box","text":"The Fund will concentrate its","page_number":37,"box":{"x":298,"y":428,"width":184,"height":8}},{"id":"fa6719a4-7d55-4092-ba7f-13d6db38d904","block_type":"box","text":"investments (","page_number":37,"box":{"x":83,"y":442,"width":85,"height":11}},{"id":"ec9b69e3-1965-4a61-93f2-dfa8614662f0","block_type":"box","text":"i.e.","page_number":37,"box":{"x":169,"y":442,"width":17,"height":9}},{"id":"1da702c4-3a13-4680-87af-cd0a7d6c9e19","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":37,"box":{"x":189,"y":442,"width":264,"height":11}},{"id":"e397ac24-03d8-483a-876f-dbeaa896f147","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":37,"box":{"x":83,"y":456,"width":394,"height":11}},{"id":"773f26b7-5082-4fbf-a73d-eb9fbbe42cf6","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":37,"box":{"x":83,"y":470,"width":377,"height":11}},{"id":"eed423af-d3c9-4e8f-ac8d-25742a0b4024","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":37,"box":{"x":83,"y":485,"width":389,"height":10}},{"id":"22063133-eeac-4705-a578-a398d62dc8d7","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":37,"box":{"x":83,"y":499,"width":389,"height":11}},{"id":"ad174dfd-c383-4c90-a350-6c3bb5fa37b5","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":37,"box":{"x":83,"y":513,"width":410,"height":11}},{"id":"8a9bfa06-5a02-4d1c-b663-a88fc187c3a9","block_type":"box","text":"considered to be issued by members of any industry.","page_number":37,"box":{"x":83,"y":527,"width":337,"height":11}},{"id":"f124c16b-ac79-4d6e-9d94-e3495d8af712","block_type":"box","text":"Summary of Principal Risks","page_number":37,"box":{"x":83,"y":556,"width":235,"height":13}},{"id":"aa78533c-9917-4ea2-8224-b49d22f26bd2","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":37,"box":{"x":82,"y":581,"width":363,"height":11}},{"id":"3d423220-39e6-43ae-8ede-c0e854ecbcf8","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":37,"box":{"x":83,"y":596,"width":402,"height":10}},{"id":"69969d04-2eeb-4132-bcc8-f0ca09490034","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":37,"box":{"x":83,"y":610,"width":396,"height":10}},{"id":"5e1710b9-1444-49e0-a672-ccbf7c8a7c05","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":37,"box":{"x":83,"y":624,"width":376,"height":11}},{"id":"176a295b-27da-4405-bcbf-b988a34c6c0b","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":37,"box":{"x":83,"y":638,"width":392,"height":11}},{"id":"f3f0c266-19f5-4dbd-92a2-75c056d8da86","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":37,"box":{"x":83,"y":652,"width":416,"height":11}},{"id":"a46a4b09-5b49-49b3-837a-6c0000b380ed","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":37,"box":{"x":83,"y":666,"width":387,"height":11}},{"id":"650b875d-b128-4c26-8124-b8acb3d9826e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":37,"box":{"x":82,"y":681,"width":426,"height":10}},{"id":"8797fefd-07ac-4a45-8690-6aa60c401214","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":37,"box":{"x":83,"y":695,"width":404,"height":11}},{"id":"16a266af-92cd-4d11-9755-5bb6bbffd5cf","block_type":"box","text":"review each risk factor carefully.","page_number":37,"box":{"x":83,"y":709,"width":206,"height":11}},{"id":"619c8800-d4bb-43d5-9bf7-682a0bff832e","block_type":"box","text":"Risk of Investing in France.","page_number":37,"box":{"x":83,"y":732,"width":182,"height":11}},{"id":"b3cb1a21-0a7f-4782-993d-c783eeeaa7c1","block_type":"box","text":"The Fund’s investment in French","page_number":37,"box":{"x":271,"y":732,"width":206,"height":9}},{"id":"faabc847-ab7f-4785-935d-7f2e05b8efcf","block_type":"box","text":"issuers subjects the Fund to legal, regulatory, political, currency,","page_number":37,"box":{"x":83,"y":746,"width":412,"height":11}},{"id":"1e1180fa-49b1-4570-bf7a-28e6d4efb970","block_type":"box","text":"security, and economic risks specific to France. Concerns have","page_number":37,"box":{"x":83,"y":761,"width":403,"height":10}},{"id":"fcd520be-ddbb-47c6-9f2c-c485188b228c","block_type":"box","text":"emerged with respect to the economic outlook for certain","page_number":37,"box":{"x":83,"y":775,"width":369,"height":11}},{"id":"0decae55-614d-4f61-bb7e-10edbdbf7586","block_type":"box","text":"European Union (the “EU”) countries, including France. External","page_number":37,"box":{"x":84,"y":789,"width":405,"height":11}},{"id":"0e200cf8-6bcc-4a9d-989e-f7d5b54451d7","block_type":"box","text":"demand for French exports is expected to be negatively impacted","page_number":37,"box":{"x":83,"y":803,"width":418,"height":11}},{"id":"f737267c-3574-4f04-928b-ca7ab458205f","block_type":"box","text":"by the United Kingdom’s (the “U.K.”) decision to leave the EU. As","page_number":37,"box":{"x":83,"y":817,"width":415,"height":11}},{"id":"f1b8c185-e099-4b52-8091-dfd1ae9efc5b","block_type":"box","text":"a result, the French economy may experience adverse trends due","page_number":37,"box":{"x":83,"y":831,"width":417,"height":11}},{"id":"541f2f1d-6ac2-432e-8f43-78cfda987e4e","block_type":"box","text":"to concerns about a prolonged economic downturn, potential","page_number":37,"box":{"x":83,"y":846,"width":391,"height":10}},{"id":"bcfe4235-2e3c-4e58-9ffb-9b6db53c94de","block_type":"box","text":"weakness in exports, high rates of unemployment and rising","page_number":37,"box":{"x":82,"y":860,"width":385,"height":11}},{"id":"1feba747-c4b4-4b61-8b5a-5393e5984096","block_type":"box","text":"government debt levels. The French economy is dependent on","page_number":37,"box":{"x":83,"y":874,"width":396,"height":11}},{"id":"92d3d4bf-22b8-4077-9500-20e45b6b8086","block_type":"box","text":"agricultural exports and, as a result, is susceptible to fluctuations","page_number":37,"box":{"x":549,"y":23,"width":417,"height":11}},{"id":"0ca63806-b466-4505-89da-e3a1ee9d9a58","block_type":"box","text":"in demand for agricultural products. France has experienced","page_number":37,"box":{"x":549,"y":37,"width":385,"height":11}},{"id":"ce9765a2-a981-4678-8bf4-41d04169fd98","block_type":"box","text":"several terrorist attacks over the past several years, creating a","page_number":37,"box":{"x":549,"y":52,"width":399,"height":10}},{"id":"32e58a8a-e19f-4da9-a5f1-7bcfc71bed43","block_type":"box","text":"climate of insecurity that has been detrimental to tourism.","page_number":37,"box":{"x":549,"y":66,"width":372,"height":10}},{"id":"be78ea00-eb9f-463e-ab4f-f5297e884d3d","block_type":"box","text":"Non-U.S. Securities Risk","page_number":37,"box":{"x":549,"y":89,"width":165,"height":8}},{"id":"50e212f4-b253-48f9-8ddd-586659aa4eeb","block_type":"box","text":".","page_number":37,"box":{"x":714,"y":95,"width":2,"height":2}},{"id":"ee7378af-b631-4378-a151-f890627d40d1","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":37,"box":{"x":722,"y":89,"width":236,"height":11}},{"id":"eba404f8-983c-4c33-a45f-ba9181bcda9c","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":37,"box":{"x":549,"y":103,"width":382,"height":11}},{"id":"b6966ff5-bdef-462c-aa65-b64c59e02ddf","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":37,"box":{"x":549,"y":117,"width":406,"height":11}},{"id":"5a8cae49-9b31-490f-91c1-c8a5610c05ef","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":37,"box":{"x":549,"y":131,"width":369,"height":11}},{"id":"147fa95f-6119-4a0f-b8d7-8c89e9788943","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":37,"box":{"x":548,"y":146,"width":356,"height":10}},{"id":"f9aeb735-f618-4a74-9158-93e56e14830e","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":37,"box":{"x":549,"y":160,"width":407,"height":11}},{"id":"96d54758-4126-4336-ac34-bdf9b43e4bec","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":37,"box":{"x":549,"y":174,"width":397,"height":11}},{"id":"15a1ee1b-677e-4d74-9dde-31e966dcef5d","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":37,"box":{"x":549,"y":188,"width":403,"height":11}},{"id":"7c91316c-b0ee-4272-80e4-736847e3746a","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":37,"box":{"x":549,"y":202,"width":371,"height":11}},{"id":"95c1a4ad-4280-4519-b92e-bd453a1d8ac3","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":37,"box":{"x":549,"y":217,"width":386,"height":10}},{"id":"d259a857-e9eb-49df-bdb8-22ea9a3a5da4","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":37,"box":{"x":549,"y":231,"width":391,"height":11}},{"id":"cd79cc75-e5e5-43f5-91de-7d7836755554","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":37,"box":{"x":549,"y":245,"width":351,"height":11}},{"id":"722278ba-2601-481c-9a81-cdccafe7f09e","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":37,"box":{"x":549,"y":259,"width":413,"height":11}},{"id":"3ec8f0dd-b69d-4188-846d-760abaff095c","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":37,"box":{"x":549,"y":273,"width":405,"height":11}},{"id":"0f25515f-c5b1-4135-b67f-4476323be029","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":37,"box":{"x":549,"y":287,"width":372,"height":11}},{"id":"a39eb93a-02db-4019-97dd-98f0751683b0","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":37,"box":{"x":549,"y":302,"width":395,"height":10}},{"id":"393a7a5a-2f45-4a6c-89c5-73d0325772aa","block_type":"box","text":"Fund is specifically exposed to","page_number":37,"box":{"x":550,"y":316,"width":194,"height":11}},{"id":"5f72e7e5-06e3-41c3-a9e4-5e0d9f79c9d7","block_type":"box","text":"European Economic Risk","page_number":37,"box":{"x":750,"y":316,"width":171,"height":11}},{"id":"e6b0eb6d-25ae-4e02-80c7-ccfa4fbf4090","block_type":"box","text":".","page_number":37,"box":{"x":922,"y":323,"width":2,"height":1}},{"id":"1412755e-4e6e-4fda-8a37-244148e89d44","block_type":"box","text":"Equity Securities Risk","page_number":37,"box":{"x":549,"y":339,"width":148,"height":11}},{"id":"eea3243d-7732-45a9-ad84-a68d7a7ee141","block_type":"box","text":".","page_number":37,"box":{"x":697,"y":346,"width":2,"height":1}},{"id":"6168798f-9889-40df-b972-6a4317bc20e9","block_type":"box","text":"Equity securities are subject to changes","page_number":37,"box":{"x":705,"y":339,"width":254,"height":11}},{"id":"f2d1c5a6-4cdb-42a3-809d-50e424759b0a","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":37,"box":{"x":549,"y":353,"width":422,"height":11}},{"id":"ccc36224-3997-4529-9ea2-0abfbfab60b9","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":37,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"9c413b8f-e6e6-4275-acbf-2f8c2fb9e6d3","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":37,"box":{"x":549,"y":382,"width":397,"height":10}},{"id":"b65e29a6-8f8a-4edc-8ccb-53113cd60355","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":37,"box":{"x":549,"y":396,"width":359,"height":11}},{"id":"95fed660-6400-4c92-899c-2879ebc844df","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":37,"box":{"x":549,"y":410,"width":390,"height":11}},{"id":"d97d7d72-9afc-4836-a828-3797de30a7b8","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":37,"box":{"x":549,"y":424,"width":412,"height":11}},{"id":"5ce1d07b-d251-4375-972a-28d6d9f72d11","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":37,"box":{"x":549,"y":438,"width":373,"height":11}},{"id":"b0e96dc8-1398-4f45-ac25-6d3ac5723cb5","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":37,"box":{"x":549,"y":452,"width":309,"height":11}},{"id":"139faaec-f00e-4786-9b78-720bdcd819af","block_type":"box","text":"Market Risk","page_number":37,"box":{"x":549,"y":476,"width":82,"height":8}},{"id":"49a83b24-f5f0-4fc4-816b-3598dcd3119c","block_type":"box","text":".","page_number":37,"box":{"x":631,"y":482,"width":3,"height":2}},{"id":"ce1c3a4c-551b-4f3b-b530-9bbd263304b8","block_type":"box","text":"The Fund could lose money over short periods due","page_number":37,"box":{"x":639,"y":476,"width":322,"height":10}},{"id":"b88fbca5-8fc4-408f-9cfd-f80922df4d43","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":37,"box":{"x":549,"y":490,"width":413,"height":11}},{"id":"43a60b14-cff3-40b1-af3a-12da0d900830","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":37,"box":{"x":549,"y":504,"width":382,"height":11}},{"id":"856d49ed-5e14-4107-be29-ed4f791f2ada","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":37,"box":{"x":549,"y":518,"width":411,"height":11}},{"id":"c96f528b-dc02-41c0-8934-439ed5847402","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":37,"box":{"x":549,"y":532,"width":370,"height":11}},{"id":"073c946f-9893-4748-95a4-9971aa6ce6ba","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":37,"box":{"x":549,"y":547,"width":404,"height":10}},{"id":"6d02561f-05f2-4d24-a6e4-54fbac0156e6","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":37,"box":{"x":549,"y":561,"width":395,"height":11}},{"id":"e06e7a92-7345-4d02-b3f1-39f9dde9d4af","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":37,"box":{"x":549,"y":575,"width":395,"height":11}},{"id":"94189e70-cd74-4a7e-85b1-7ce62871f292","block_type":"box","text":"NAV.","page_number":37,"box":{"x":550,"y":589,"width":27,"height":9}},{"id":"5c427852-a102-498b-866b-847f713e5b1e","block_type":"box","text":"Index-Related Risk.","page_number":37,"box":{"x":549,"y":612,"width":129,"height":9}},{"id":"e8eba2df-b983-488d-943e-97a3e642713c","block_type":"box","text":"The Index Provider may rely on various","page_number":37,"box":{"x":683,"y":612,"width":247,"height":11}},{"id":"fe59a69d-3055-4383-98cd-6077575115fe","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":37,"box":{"x":549,"y":626,"width":423,"height":11}},{"id":"c0451a1c-b289-44fc-8729-b8ae3e586fa0","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":37,"box":{"x":550,"y":641,"width":391,"height":10}},{"id":"1813ae34-8a23-4f28-940c-1d5bc5d89ffc","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":37,"box":{"x":549,"y":655,"width":406,"height":11}},{"id":"1bb64563-721b-4b05-a4c6-6d9a7f7b79ea","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":37,"box":{"x":549,"y":669,"width":408,"height":11}},{"id":"48c188d9-a3ef-463a-b8fa-8b26077f9c34","block_type":"box","text":"information will provide an accurate assessment of included","page_number":37,"box":{"x":549,"y":683,"width":384,"height":11}},{"id":"c22bd0b0-16db-417c-ba1b-570a69a28aac","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":37,"box":{"x":549,"y":697,"width":388,"height":11}},{"id":"f68f12ba-f823-4d94-93f3-21cc1c7004cf","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":37,"box":{"x":549,"y":712,"width":366,"height":10}},{"id":"77df6f2d-3f0a-4697-ac29-095f967d812b","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":37,"box":{"x":549,"y":726,"width":377,"height":11}},{"id":"50d533ee-b26b-421e-ae29-771387b000be","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":37,"box":{"x":549,"y":740,"width":413,"height":11}},{"id":"50cad927-0759-40b7-94e9-49de16ebe7b6","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":37,"box":{"x":549,"y":754,"width":396,"height":11}},{"id":"dfa820bf-bb74-4503-9ea9-04d83df45e29","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":37,"box":{"x":549,"y":768,"width":367,"height":11}},{"id":"4608c685-48bb-4ce9-a37d-7322116e8fb2","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":37,"box":{"x":549,"y":782,"width":400,"height":11}},{"id":"6c18e299-8b3f-4626-a792-352e05e38792","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":37,"box":{"x":549,"y":797,"width":409,"height":10}},{"id":"c9822a06-baf7-4387-b32d-64bd4866af5a","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":37,"box":{"x":549,"y":811,"width":414,"height":11}},{"id":"531aefce-f162-4635-b51a-4ecb0d8e4ac9","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":37,"box":{"x":549,"y":825,"width":362,"height":11}},{"id":"02c64260-8004-4d46-ae52-03ef17de5cd7","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":37,"box":{"x":550,"y":839,"width":422,"height":11}},{"id":"2ccc3b17-32f1-4580-b11a-a7a5359ed15d","block_type":"box","text":"Asset Class Risk.","page_number":37,"box":{"x":548,"y":862,"width":114,"height":9}},{"id":"1a5b43d9-4d34-46ad-b93e-88dd44680406","block_type":"box","text":"The securities and other assets in the","page_number":37,"box":{"x":668,"y":862,"width":239,"height":9}},{"id":"4473e928-3b04-4b0c-9ad6-63c3ec37dca7","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":37,"box":{"x":550,"y":877,"width":405,"height":10}},{"id":"bb1589c2-c05d-4494-b047-e1f49855eee7","block_type":"box","text":"S-26","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a651bf7b-6f92-4a9f-bf7c-4f850c2f7594","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":38,"box":{"x":83,"y":23,"width":405,"height":11}},{"id":"ebfbb593-2dff-4279-9665-e1218f2aba5c","block_type":"box","text":"market, another index, or other asset classes.","page_number":38,"box":{"x":83,"y":37,"width":292,"height":10}},{"id":"777cae37-07b8-47cd-a7bf-5259611a79b4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":38,"box":{"x":81,"y":60,"width":290,"height":11}},{"id":"9e5a90c3-ecb8-4566-adc3-caab1a02e960","block_type":"box","text":"An “Authorized","page_number":38,"box":{"x":381,"y":61,"width":93,"height":8}},{"id":"1160c473-314a-4596-9eeb-bda0b545a1b9","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":38,"box":{"x":84,"y":75,"width":379,"height":11}},{"id":"95501a64-2b5d-4f73-b8b6-b7318739b7d5","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":38,"box":{"x":83,"y":89,"width":411,"height":11}},{"id":"dc015d6f-b020-425e-9ee2-9e05dac39331","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":38,"box":{"x":84,"y":103,"width":395,"height":11}},{"id":"9f6bcae6-b23e-451c-8cef-2351f2e136c1","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":38,"box":{"x":84,"y":117,"width":399,"height":11}},{"id":"145f042d-053f-4fa0-bf7a-b4071a98bf52","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":38,"box":{"x":83,"y":131,"width":407,"height":11}},{"id":"a3a5e684-7c58-4eb5-9d24-c871e696b88e","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":38,"box":{"x":83,"y":146,"width":409,"height":10}},{"id":"612641cd-5291-42f2-8df7-43a65006e1de","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":38,"box":{"x":83,"y":160,"width":412,"height":11}},{"id":"dd4d5747-0a8c-422b-b13f-1513ffffc044","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":38,"box":{"x":83,"y":174,"width":403,"height":11}},{"id":"4d0362a6-0f8b-4cf6-98ae-fa1f96007e7f","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":38,"box":{"x":83,"y":188,"width":378,"height":11}},{"id":"8c5b0046-8d3a-4e02-8009-292b6388ff5a","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":38,"box":{"x":84,"y":202,"width":379,"height":11}},{"id":"d86ce202-8cfd-4ed9-b08e-abf2aebf6596","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":38,"box":{"x":83,"y":217,"width":404,"height":10}},{"id":"b787e441-2ca6-4ebe-9c37-6361580404a1","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":38,"box":{"x":83,"y":231,"width":399,"height":10}},{"id":"92db8b56-7f02-433d-b857-1492d1ce864d","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":38,"box":{"x":84,"y":245,"width":391,"height":11}},{"id":"03cb4cb5-0404-4ad2-ab9c-6aff354d9ac6","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":38,"box":{"x":83,"y":259,"width":408,"height":11}},{"id":"7e0b62ce-1969-4719-979d-a04a9358ed54","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":38,"box":{"x":83,"y":273,"width":273,"height":11}},{"id":"7c01972e-9f66-491c-8163-2ccfda200872","block_type":"box","text":"Concentration Risk.","page_number":38,"box":{"x":83,"y":296,"width":132,"height":9}},{"id":"149e216e-b381-4a0a-9539-6ff8ebe9fa23","block_type":"box","text":"The Fund may be susceptible to an","page_number":38,"box":{"x":220,"y":296,"width":222,"height":11}},{"id":"c7d9d7fe-73ee-4dc8-b9f7-d6bfb84eeff6","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":38,"box":{"x":83,"y":311,"width":419,"height":10}},{"id":"3688383e-3966-482e-a447-dcff2db4a3a2","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":38,"box":{"x":83,"y":325,"width":407,"height":10}},{"id":"d35b3677-6d4e-46b8-9c70-5bc6e01149ab","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":38,"box":{"x":83,"y":339,"width":417,"height":8}},{"id":"a88d909f-9472-43b3-8f0c-c9c52e38fc29","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":38,"box":{"x":83,"y":353,"width":395,"height":10}},{"id":"26fed5e4-5396-451e-9596-008be5681f34","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":38,"box":{"x":83,"y":367,"width":388,"height":11}},{"id":"55809785-fd34-467b-a584-12a12acee67e","block_type":"box","text":"asset classes.","page_number":38,"box":{"x":83,"y":382,"width":88,"height":8}},{"id":"02c76af2-1de8-4c49-85d9-e6e442730eb4","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":38,"box":{"x":83,"y":405,"width":325,"height":10}},{"id":"a4ed6e3d-816f-4c3e-85b9-ebcf44e674ba","block_type":"box","text":"Consumer","page_number":38,"box":{"x":414,"y":405,"width":65,"height":8}},{"id":"5d68c4cb-448f-44e8-aaf9-94626451fbb3","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":38,"box":{"x":83,"y":419,"width":399,"height":11}},{"id":"96a63b71-b371-4b70-a818-10c0d1bdc5e8","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":38,"box":{"x":83,"y":433,"width":420,"height":11}},{"id":"8bef5422-4075-4389-8215-124c7452691c","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":38,"box":{"x":83,"y":447,"width":423,"height":11}},{"id":"b3e27c25-b40d-4607-85de-d37711cc70a4","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":38,"box":{"x":83,"y":461,"width":403,"height":11}},{"id":"6e0ef507-d59c-4c86-8c75-0d21381c44be","block_type":"box","text":"other things.","page_number":38,"box":{"x":83,"y":476,"width":79,"height":10}},{"id":"b1e6986c-dd08-47c6-b884-8872931822fb","block_type":"box","text":"Currency Risk","page_number":38,"box":{"x":83,"y":499,"width":95,"height":11}},{"id":"a1b791ab-c9e1-43ef-a01f-22f839947f6f","block_type":"box","text":".","page_number":38,"box":{"x":179,"y":505,"width":2,"height":2}},{"id":"d68790d0-eda2-48f6-9e89-0f7da24d77cf","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":38,"box":{"x":187,"y":499,"width":292,"height":8}},{"id":"708320e9-b176-4bac-af52-87dfca281da3","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":38,"box":{"x":83,"y":513,"width":388,"height":11}},{"id":"3aeaf222-7767-42d5-b7b8-53dcf5cacf7c","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":38,"box":{"x":83,"y":527,"width":395,"height":11}},{"id":"9ff2ded7-3e53-4cd1-9fee-1fd0dd7dbeea","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":38,"box":{"x":83,"y":541,"width":415,"height":11}},{"id":"9acfc84e-912d-4605-a1ba-28932489616c","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":38,"box":{"x":83,"y":556,"width":404,"height":10}},{"id":"0feef5b9-2ce4-4a5b-9068-2eaf21ea6b90","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":38,"box":{"x":83,"y":570,"width":394,"height":11}},{"id":"7bcaa371-f686-4eb0-bbc5-176a03a9c04c","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":38,"box":{"x":83,"y":584,"width":398,"height":11}},{"id":"7b6a9278-a3f6-44b8-aa78-20ff515d5b00","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":38,"box":{"x":83,"y":598,"width":392,"height":11}},{"id":"84c67503-7014-4fca-b34e-d658319911db","block_type":"box","text":"dollars and foreign currencies.","page_number":38,"box":{"x":83,"y":612,"width":193,"height":11}},{"id":"727614bd-f53f-406d-8392-db4caf3f9eb1","block_type":"box","text":"Industrial Companies Risk.","page_number":38,"box":{"x":83,"y":635,"width":180,"height":11}},{"id":"ddfa9ade-29b9-4617-a8ca-f02cf0b8bc2d","block_type":"box","text":"Industrial companies face a number","page_number":38,"box":{"x":270,"y":635,"width":229,"height":11}},{"id":"4d30564b-f775-4acd-bfd0-3afcedea4569","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":38,"box":{"x":83,"y":650,"width":378,"height":10}},{"id":"74acfad0-b718-42b5-98af-b8e1a30923d9","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":38,"box":{"x":83,"y":664,"width":415,"height":11}},{"id":"c474aece-b07b-4986-b265-3693f2f32247","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":38,"box":{"x":83,"y":678,"width":380,"height":11}},{"id":"1a2b6551-1471-491d-9582-00a275554327","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":38,"box":{"x":83,"y":692,"width":418,"height":11}},{"id":"db574fa3-d306-46a1-b4ac-88358120d4b3","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":38,"box":{"x":83,"y":706,"width":393,"height":11}},{"id":"507779f6-5168-4a64-b713-112abbe6a496","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":38,"box":{"x":83,"y":721,"width":388,"height":10}},{"id":"cf1a1778-4c05-416d-8ac7-8bb52237c6f0","block_type":"box","text":"affected by technological developments, labor relations,","page_number":38,"box":{"x":83,"y":735,"width":358,"height":11}},{"id":"c9fb2616-05df-41c6-ada7-be00738f3aae","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":38,"box":{"x":83,"y":749,"width":420,"height":11}},{"id":"f939a3e6-4c54-4427-9efb-16b72f3c28b6","block_type":"box","text":"and changes in domestic and international economies.","page_number":38,"box":{"x":83,"y":763,"width":348,"height":11}},{"id":"3245fcbd-a0be-4d7c-9856-a00f5912749e","block_type":"box","text":"Issuer Risk","page_number":38,"box":{"x":83,"y":786,"width":75,"height":9}},{"id":"af046ab0-08e0-4783-9336-3597186134d1","block_type":"box","text":".","page_number":38,"box":{"x":158,"y":793,"width":3,"height":2}},{"id":"a03b971a-f1a6-4dff-ac73-4f3a00b4a09e","block_type":"box","text":"The performance of the Fund depends on the","page_number":38,"box":{"x":166,"y":786,"width":288,"height":11}},{"id":"dedc6a83-6dc0-4f88-a6a3-580e81912c1f","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":38,"box":{"x":83,"y":800,"width":412,"height":11}},{"id":"42f67747-a1ab-40e6-8dd4-fbcc98371354","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":38,"box":{"x":84,"y":815,"width":401,"height":10}},{"id":"50fcaa81-840d-4b35-a5f8-9add680f7d7a","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":38,"box":{"x":83,"y":829,"width":418,"height":11}},{"id":"51f5fb65-1275-46d2-a335-48240fafd0b2","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":38,"box":{"x":83,"y":843,"width":414,"height":11}},{"id":"2d021d94-f876-4a38-a93d-3a4dcce5db66","block_type":"box","text":"counterparty.","page_number":38,"box":{"x":83,"y":858,"width":84,"height":10}},{"id":"dafb5340-1a25-4f25-b809-3ed75c3a841d","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":38,"box":{"x":549,"y":23,"width":252,"height":11}},{"id":"4c715466-9fc0-49d8-9446-789525bc1584","block_type":"box","text":"Large-capitalization","page_number":38,"box":{"x":808,"y":23,"width":124,"height":11}},{"id":"fc484342-880a-4d24-97da-d2f1cf93fe9a","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":38,"box":{"x":549,"y":37,"width":352,"height":11}},{"id":"40946617-b9c4-41cf-944c-0b8dbf36422f","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":38,"box":{"x":549,"y":52,"width":352,"height":10}},{"id":"c854566d-8ecf-4ac0-aacd-ad12576d3692","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":38,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"33c946d9-661a-41fc-869f-6bea37b1b98b","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":38,"box":{"x":549,"y":80,"width":371,"height":11}},{"id":"37d6fb5d-79f1-4584-bbc0-8ef2b38b8b60","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":38,"box":{"x":549,"y":94,"width":340,"height":11}},{"id":"613056e4-7e42-4944-a5b6-4b388cd9e6c2","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":38,"box":{"x":549,"y":108,"width":390,"height":11}},{"id":"954e0ff6-a408-456c-a55f-85c6cc4bde3e","block_type":"box","text":"overall performance of the broader securities markets.","page_number":38,"box":{"x":549,"y":122,"width":349,"height":11}},{"id":"9ecae8fe-91fe-4a37-9195-0e4ca6b84390","block_type":"box","text":"Management Risk","page_number":38,"box":{"x":549,"y":146,"width":123,"height":10}},{"id":"3161cd97-4bc5-401b-a5fa-21d17e4ff7dc","block_type":"box","text":".","page_number":38,"box":{"x":672,"y":152,"width":2,"height":2}},{"id":"9ea9a98a-e8d7-450e-a581-e9217e0c182c","block_type":"box","text":"The Fund generally does not attempt to take","page_number":38,"box":{"x":679,"y":146,"width":283,"height":10}},{"id":"06756af2-9a5f-4457-ae1e-86f4dd5e6d30","block_type":"box","text":"defensive positions under any market conditions, including","page_number":38,"box":{"x":549,"y":160,"width":376,"height":11}},{"id":"69e1737f-350f-4772-baf8-a64f5d5b687c","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":38,"box":{"x":549,"y":174,"width":362,"height":11}},{"id":"2b77eb20-71e5-428e-9c48-6c7ccaa7acbf","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":38,"box":{"x":550,"y":188,"width":387,"height":11}},{"id":"9d65d1dc-8a61-4c2a-ba2d-c09fedda99ef","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":38,"box":{"x":549,"y":202,"width":409,"height":11}},{"id":"1a258576-aa9e-4677-8de4-b0ad3c73b3e6","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":38,"box":{"x":549,"y":216,"width":419,"height":11}},{"id":"9194ad04-3373-42e5-bf19-77f3a0694bef","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":38,"box":{"x":549,"y":231,"width":420,"height":11}},{"id":"e15f919d-ab04-4c88-abaa-cbc33b9820e8","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":38,"box":{"x":549,"y":245,"width":403,"height":11}},{"id":"48b3030a-7c05-4e03-a7d9-42bc317198df","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":38,"box":{"x":549,"y":259,"width":323,"height":11}},{"id":"6df3de64-2c30-4431-978e-36019bba7175","block_type":"box","text":"Market Trading Risk","page_number":38,"box":{"x":549,"y":282,"width":136,"height":11}},{"id":"a61079c3-8a59-4ed5-a618-a7ded5aad867","block_type":"box","text":".","page_number":38,"box":{"x":685,"y":289,"width":2,"height":2}},{"id":"18fb3814-7cfd-4460-86a6-536c54c4bde4","block_type":"box","text":"The Fund faces numerous market trading","page_number":38,"box":{"x":692,"y":282,"width":264,"height":11}},{"id":"6d48b0c1-706e-4fb0-942a-6d8c54dc8a86","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":38,"box":{"x":549,"y":296,"width":394,"height":11}},{"id":"977fdc8c-6db0-4347-88d5-7519b48a44e4","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":38,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"d789032d-7cfa-4460-a9c3-eee53d0ed3aa","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":38,"box":{"x":549,"y":325,"width":404,"height":11}},{"id":"31732f17-3aa5-4acb-abb1-a60b2061b517","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":38,"box":{"x":549,"y":339,"width":416,"height":11}},{"id":"68d9d4a7-ceff-438e-ae9b-9cb2a872a017","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":38,"box":{"x":549,"y":353,"width":404,"height":11}},{"id":"2b5b5acc-f20b-4cfa-94da-c6b9fe58bff3","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":38,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"730ca077-2c10-400a-bd14-49273bdc3e8e","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":38,"box":{"x":549,"y":381,"width":397,"height":11}},{"id":"7843b554-9a07-46c3-94c2-eab36457439f","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":38,"box":{"x":549,"y":396,"width":419,"height":10}},{"id":"42ff327c-66d4-4354-8b2e-0fc53a4c8043","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":38,"box":{"x":549,"y":410,"width":413,"height":11}},{"id":"a0c1a8eb-9ff4-4287-866e-2235189eae28","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":38,"box":{"x":549,"y":424,"width":397,"height":11}},{"id":"38f3f199-e535-4966-8625-448a731349e4","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":38,"box":{"x":549,"y":438,"width":316,"height":11}},{"id":"e393611f-6092-4c94-9895-a3fb393080ed","block_type":"box","text":"National Closed Market Trading Risk.","page_number":38,"box":{"x":549,"y":461,"width":250,"height":11}},{"id":"17e3a207-fc53-490f-8533-d415968ce904","block_type":"box","text":"To the extent that","page_number":38,"box":{"x":805,"y":462,"width":113,"height":8}},{"id":"379babf3-7815-4d31-bb92-a579dcc8190e","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":38,"box":{"x":549,"y":476,"width":378,"height":10}},{"id":"4d1a2d24-8edf-48f8-9323-7159d07b331d","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":38,"box":{"x":549,"y":490,"width":393,"height":11}},{"id":"2f66b18a-abd4-416a-bcfa-c4deb82aa529","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":38,"box":{"x":549,"y":504,"width":396,"height":11}},{"id":"8611714f-6fd6-429f-9cda-24722641b10e","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":38,"box":{"x":549,"y":518,"width":392,"height":11}},{"id":"32dd0094-9a6f-4d24-9580-067c556fc647","block_type":"box","text":"price and its last quoted price (","page_number":38,"box":{"x":549,"y":532,"width":198,"height":11}},{"id":"32ad91d4-b01c-4bc9-9c7d-26289e87e3a6","block_type":"box","text":"i.e","page_number":38,"box":{"x":748,"y":532,"width":14,"height":9}},{"id":"399cea76-624c-4924-a433-312f25d135d3","block_type":"box","text":"., the quote from the closed","page_number":38,"box":{"x":764,"y":532,"width":176,"height":11}},{"id":"f0f15f5f-bcda-442c-a72d-46ac378e4500","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":38,"box":{"x":549,"y":546,"width":376,"height":11}},{"id":"be1679a8-f747-4f13-92ec-4e045c540b41","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":38,"box":{"x":549,"y":561,"width":420,"height":11}},{"id":"bd18ef64-57d1-48ab-9115-d19b45f7b5a5","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":38,"box":{"x":549,"y":575,"width":403,"height":11}},{"id":"232f694c-9b3f-4e82-9f5c-7f220d2662cb","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":38,"box":{"x":549,"y":589,"width":360,"height":11}},{"id":"68f764f2-ffee-4a51-a6c4-02bcbd053cf1","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":38,"box":{"x":549,"y":603,"width":398,"height":11}},{"id":"dc69b60a-ef5d-430b-aeef-149905d959c7","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":38,"box":{"x":550,"y":617,"width":410,"height":11}},{"id":"bb16d102-a2be-42f5-a08e-62566e5ca869","block_type":"box","text":"Non-Diversification Risk","page_number":38,"box":{"x":549,"y":641,"width":165,"height":8}},{"id":"86633657-4ef4-40cc-9ea8-65ef47173901","block_type":"box","text":".","page_number":38,"box":{"x":714,"y":647,"width":2,"height":2}},{"id":"8c494788-d030-4e64-97c5-75fb25658876","block_type":"box","text":"The Fund is classified as “non","page_number":38,"box":{"x":721,"y":641,"width":194,"height":8}},{"id":"e88fcb9d-a265-4ae5-a45e-b7df6b3957ee","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":38,"box":{"x":549,"y":655,"width":377,"height":11}},{"id":"09dcdb0b-d152-4ce9-ac86-83318df3cfa9","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":38,"box":{"x":549,"y":669,"width":358,"height":11}},{"id":"dc95b34f-c125-4524-87f5-581495b12b0f","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":38,"box":{"x":549,"y":683,"width":370,"height":11}},{"id":"a01f887a-7a4c-43f8-a536-6823d0419a53","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":38,"box":{"x":549,"y":697,"width":423,"height":11}},{"id":"c361dc8a-e82b-441f-bee1-bc11c8be68ff","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":38,"box":{"x":549,"y":712,"width":379,"height":10}},{"id":"66ae9c39-2220-4077-a1e9-1a93a58e5dc9","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":38,"box":{"x":549,"y":726,"width":375,"height":10}},{"id":"f5d18a85-310d-48aa-87d9-59a30958ef35","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":38,"box":{"x":549,"y":740,"width":418,"height":11}},{"id":"aa41418a-d0c5-482d-879b-1da47501e264","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":38,"box":{"x":549,"y":754,"width":418,"height":11}},{"id":"98dfee3f-c34c-434f-8737-2bded632ec7c","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":38,"box":{"x":549,"y":768,"width":210,"height":11}},{"id":"94de0f56-1a52-4531-a312-dc87720dfa59","block_type":"box","text":"Operational and Technology Risks","page_number":38,"box":{"x":549,"y":791,"width":230,"height":11}},{"id":"72faca3e-e8e3-40f7-a1b6-5c1ca0aee6f7","block_type":"box","text":".","page_number":38,"box":{"x":780,"y":798,"width":2,"height":2}},{"id":"f3f36c97-60d8-4ce9-966b-a79bdfa92506","block_type":"box","text":"The Fund is directly and","page_number":38,"box":{"x":787,"y":791,"width":152,"height":11}},{"id":"60fd8755-c1e3-477f-8361-08a122250a39","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":38,"box":{"x":549,"y":806,"width":368,"height":10}},{"id":"43eb1d3d-5013-4670-b7e5-4334e820022e","block_type":"box","text":"including those related to human errors, processing errors,","page_number":38,"box":{"x":549,"y":820,"width":376,"height":11}},{"id":"84d05a68-02ce-4867-a3d9-222bca36c428","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":38,"box":{"x":549,"y":834,"width":413,"height":11}},{"id":"0af3032e-d9b4-4cc0-977c-69523b840b1d","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":38,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"b8b9ef26-45e5-4c37-b16f-e44b26821ffb","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":38,"box":{"x":549,"y":862,"width":401,"height":11}},{"id":"42bdc179-7aa5-494b-988f-a507d25bf71b","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":38,"box":{"x":549,"y":877,"width":377,"height":10}},{"id":"f8792721-b2ee-4438-bbf0-793c292a8399","block_type":"box","text":"S-27","page_number":38,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b3ea2bc3-6b35-4e06-a8a5-fde4d42c00ca","block_type":"box","text":"providers are required to have appropriate operational,","page_number":39,"box":{"x":83,"y":23,"width":350,"height":11}},{"id":"153501b8-92ae-424b-9f43-b8fe12347827","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":39,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"cedda74f-e614-4dbe-956b-03a9d7c86550","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":39,"box":{"x":83,"y":51,"width":397,"height":11}},{"id":"3e0b119e-a9b2-4ca5-a617-50a19dd54e36","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":39,"box":{"x":82,"y":66,"width":411,"height":11}},{"id":"4151b1d7-4c1c-4dae-bca4-0dc1f351e69a","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":39,"box":{"x":83,"y":80,"width":391,"height":8}},{"id":"7c645a87-492c-4469-b844-38c2569ea682","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":39,"box":{"x":83,"y":94,"width":421,"height":11}},{"id":"5e2fdb70-81ad-4bca-b28c-e20711bd55b9","block_type":"box","text":"investments in such issuers to lose value.","page_number":39,"box":{"x":83,"y":108,"width":264,"height":9}},{"id":"01988023-a176-4a08-bca9-53272b8ef164","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":39,"box":{"x":83,"y":131,"width":228,"height":11}},{"id":"019a27a8-fb91-4319-87ef-4c228db5b052","block_type":"box","text":".","page_number":39,"box":{"x":311,"y":138,"width":2,"height":2}},{"id":"6e65a3b6-9f50-4556-8d6b-67c67f412c84","block_type":"box","text":"The Fund invests in a country","page_number":39,"box":{"x":318,"y":131,"width":188,"height":11}},{"id":"c25ebeee-f9c5-42f4-9194-56bd59802149","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":39,"box":{"x":82,"y":146,"width":381,"height":10}},{"id":"79aba4c9-9a86-4962-80df-8bd0182df1f1","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":39,"box":{"x":83,"y":160,"width":380,"height":11}},{"id":"40fb1ea2-39ed-4802-ba43-092ac843720a","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":39,"box":{"x":83,"y":174,"width":370,"height":11}},{"id":"89b1ceb6-32a2-4e28-a9ef-32da9498bd06","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":39,"box":{"x":83,"y":188,"width":403,"height":11}},{"id":"323a3f78-f438-4999-8aea-16a0ea8487d9","block_type":"box","text":"European Economic Risk","page_number":39,"box":{"x":83,"y":202,"width":172,"height":11}},{"id":"59223756-843a-4288-b3e4-b21da850543f","block_type":"box","text":"and","page_number":39,"box":{"x":260,"y":202,"width":22,"height":9}},{"id":"86f2a1a6-8afb-4f91-b878-aca9f41f592c","block_type":"box","text":"U.S. Economic Risk","page_number":39,"box":{"x":288,"y":202,"width":133,"height":9}},{"id":"b11ef243-fcb4-4d51-97e1-9c6ebd2cac84","block_type":"box","text":".","page_number":39,"box":{"x":422,"y":209,"width":2,"height":2}},{"id":"ebdd9792-0013-462c-994d-42913064c864","block_type":"box","text":"Securities Lending Risk.","page_number":39,"box":{"x":82,"y":226,"width":162,"height":10}},{"id":"954b21d5-0f0b-459c-a397-1dca7dcf55ef","block_type":"box","text":"The Fund may engage in securities","page_number":39,"box":{"x":249,"y":226,"width":221,"height":10}},{"id":"662dcbb0-7f64-4f45-8d33-883fb547f5ae","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":39,"box":{"x":83,"y":240,"width":396,"height":11}},{"id":"0750bad2-8639-44d8-8b83-102b2eee6fca","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":39,"box":{"x":83,"y":254,"width":418,"height":11}},{"id":"bef09c6d-2f48-4689-b191-5f682e00b220","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":39,"box":{"x":83,"y":268,"width":408,"height":11}},{"id":"ccd4f416-94a2-4960-8642-794d8bd9dda9","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":39,"box":{"x":83,"y":282,"width":416,"height":11}},{"id":"c56a7114-4129-4051-aec3-f95980b0b372","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":39,"box":{"x":83,"y":296,"width":389,"height":11}},{"id":"d5eb7c36-a397-429f-b989-6dc3635dd921","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":39,"box":{"x":83,"y":311,"width":406,"height":8}},{"id":"ab161c2a-947e-4660-b83f-497cb3bfc973","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":39,"box":{"x":83,"y":325,"width":301,"height":11}},{"id":"73a0815c-e491-42a5-bea5-7a95261cc61e","block_type":"box","text":"Tracking Error Risk","page_number":39,"box":{"x":84,"y":348,"width":128,"height":11}},{"id":"caebb6cf-2fe8-4f21-bf6e-31a76d758794","block_type":"box","text":".","page_number":39,"box":{"x":212,"y":355,"width":2,"height":1}},{"id":"74889ee5-75ed-4559-9b1d-6ba33aaa58fb","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":39,"box":{"x":219,"y":348,"width":284,"height":11}},{"id":"6713ac19-3dc1-4600-9873-839a26031708","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":39,"box":{"x":82,"y":362,"width":405,"height":11}},{"id":"a7166182-af4e-47f2-9e9b-1ef4b4fe4612","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":39,"box":{"x":83,"y":376,"width":425,"height":11}},{"id":"914f92f3-b878-4422-8c64-c3d1fcc4cee1","block_type":"box","text":"factors, including differences between the securities and other","page_number":39,"box":{"x":82,"y":391,"width":402,"height":10}},{"id":"0b2f13c3-d0f2-40a9-bbdf-f544e410b25c","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":39,"box":{"x":83,"y":405,"width":381,"height":10}},{"id":"2bbc6973-5357-4898-a37e-cadf2c549b24","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":39,"box":{"x":83,"y":419,"width":396,"height":11}},{"id":"00b62b90-c058-4bef-9b3f-0e610e9ee6af","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":39,"box":{"x":83,"y":433,"width":407,"height":10}},{"id":"d2da7c83-55ec-4c77-ad8e-ab169c30e74a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":39,"box":{"x":83,"y":447,"width":400,"height":11}},{"id":"4f5ad122-1f27-4cba-97ac-e560dc9720a2","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":39,"box":{"x":83,"y":461,"width":421,"height":11}},{"id":"caa5001a-8e94-48a1-acbe-29ab808c40bb","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":39,"box":{"x":83,"y":476,"width":373,"height":10}},{"id":"0f70a11e-6e77-467f-a549-d4722589708d","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":39,"box":{"x":549,"y":23,"width":370,"height":11}},{"id":"c177c22b-3aeb-482b-96c5-46032099f5ef","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":39,"box":{"x":549,"y":37,"width":372,"height":11}},{"id":"a07a5438-520a-416f-b962-b1b31ef9485e","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":39,"box":{"x":549,"y":51,"width":420,"height":11}},{"id":"247a1c88-60c5-4838-a0fb-c4f664047f3f","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":39,"box":{"x":549,"y":66,"width":387,"height":11}},{"id":"f54fd933-56b7-480c-b0c9-827fb686fe67","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":39,"box":{"x":549,"y":80,"width":377,"height":11}},{"id":"8ad0bbeb-4941-44c1-8640-bef9b915169f","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":39,"box":{"x":549,"y":94,"width":380,"height":11}},{"id":"f2cfeb6c-16f8-4651-8225-cf697ee57aab","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":39,"box":{"x":549,"y":108,"width":366,"height":11}},{"id":"7c5127c5-976c-4d89-b60d-5ba2fa724d6d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":39,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"6557cc4b-5b9b-4f3e-93ca-ca1246114730","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":39,"box":{"x":550,"y":137,"width":386,"height":10}},{"id":"de36937b-08ee-4b02-bec5-e9c348db0a85","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":39,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"9b0b3415-f52e-4381-a291-12213942222d","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":39,"box":{"x":549,"y":165,"width":420,"height":11}},{"id":"34dd1ca5-a962-4fe5-aa0e-8d8aad8debb8","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":39,"box":{"x":549,"y":179,"width":383,"height":9}},{"id":"2d175e4e-1826-47be-a23b-fa8eac7e0f3b","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":39,"box":{"x":549,"y":193,"width":390,"height":11}},{"id":"e3c49ef1-bca8-49c6-8cc2-90cd31dec4b1","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":39,"box":{"x":549,"y":208,"width":299,"height":8}},{"id":"68d34065-0d88-48b0-ae11-5f39eb7231db","block_type":"box","text":"Valuation Risk","page_number":39,"box":{"x":550,"y":231,"width":96,"height":8}},{"id":"e38846fb-f699-4287-b771-e04707084db3","block_type":"box","text":".","page_number":39,"box":{"x":646,"y":237,"width":2,"height":2}},{"id":"35bbc6d7-7d1b-488f-994c-07bcec9d9530","block_type":"box","text":"The price that the Fund could receive upon the","page_number":39,"box":{"x":653,"y":231,"width":298,"height":10}},{"id":"866e933d-4dfa-43f3-8b0f-6e6066375e4b","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":39,"box":{"x":549,"y":245,"width":408,"height":11}},{"id":"eaa50f7d-a140-4c65-979b-9651c6b640ec","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":39,"box":{"x":549,"y":259,"width":355,"height":11}},{"id":"523b9154-da44-4d46-8121-94e563ce96d9","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":39,"box":{"x":549,"y":273,"width":418,"height":11}},{"id":"ecd0c44b-e621-4772-a519-94e45f1cf6c9","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":39,"box":{"x":549,"y":287,"width":347,"height":11}},{"id":"5a83e899-dd29-49d3-b56e-246e624f752c","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":39,"box":{"x":549,"y":302,"width":418,"height":10}},{"id":"eb60d944-c24f-4b67-b284-f7b15a7af5bf","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":39,"box":{"x":549,"y":316,"width":406,"height":11}},{"id":"1e3020e9-ad75-4c5f-8fe1-b811aef38217","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":39,"box":{"x":549,"y":330,"width":411,"height":11}},{"id":"00c62ca2-6201-4744-b80e-8f048aa877cf","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":39,"box":{"x":549,"y":344,"width":392,"height":11}},{"id":"b55fc5fb-c65b-475b-b5c5-f2a2e05e394d","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":39,"box":{"x":549,"y":358,"width":414,"height":11}},{"id":"c5afe9e3-937e-4d7a-b967-00ab668a4e6a","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":39,"box":{"x":549,"y":372,"width":394,"height":11}},{"id":"75274378-33e1-4a36-a955-d2ee64df9f54","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":39,"box":{"x":548,"y":387,"width":383,"height":10}},{"id":"225ee3ec-8fec-4e22-b011-0d64c9488b8a","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":39,"box":{"x":549,"y":401,"width":414,"height":11}},{"id":"4f3ffb0c-52f2-4d4d-8c8c-c03929b0c869","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":39,"box":{"x":549,"y":415,"width":392,"height":9}},{"id":"fdf0c0e2-ace4-492c-98b0-8707ecd79f9d","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":39,"box":{"x":548,"y":429,"width":425,"height":11}},{"id":"c0c86191-02bf-46cc-a160-ac525a080f3d","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":39,"box":{"x":548,"y":443,"width":400,"height":11}},{"id":"004c9a86-6c94-4072-8d54-417528b9c1e3","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":39,"box":{"x":549,"y":458,"width":405,"height":10}},{"id":"ec5f1fb5-199f-4f1d-9063-27694a499354","block_type":"box","text":"S-28","page_number":39,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8971c551-36ed-46c9-b6df-1ff44fc67713","block_type":"box","text":"Performance Information","page_number":40,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"b616c764-b851-4a13-a394-b84c1263480b","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":40,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"a841b958-74cd-42dc-ad68-bedead011d9b","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":40,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"d095d9d2-f4ac-4e84-82a4-d5d5633fbced","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":40,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"f15dbc1e-1079-4460-bd9a-61ec3b24bb3f","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":40,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"03867f9e-b7a7-4afe-a695-aecdc845a80f","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":40,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"d42d567a-ace0-48d2-8b88-d434dc94f516","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":40,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"fdb3174f-00f7-4422-9495-6e09b4a20226","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":40,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"5972c659-ee13-4067-a7d2-1e1960284ebd","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":40,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"1db325c2-64f6-4d75-9b9b-4f5ff64fd2ab","block_type":"box","text":"45%","page_number":40,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"7f7a4836-ed83-44f0-aeed-fdaa4f305386","block_type":"box","text":"30%","page_number":40,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"f7bd6128-5ce6-4474-a3d2-a60282778206","block_type":"box","text":"15%","page_number":40,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"6bf1d217-ffbd-41db-b217-beee89f9403d","block_type":"box","text":"0%","page_number":40,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"06570ef6-967e-4c71-b88c-eca91a25ded9","block_type":"box","text":"-15%","page_number":40,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"bb520ced-39aa-4488-8f30-4c8b9213905f","block_type":"box","text":"-30%","page_number":40,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"90e2e213-f8fc-4361-bdd2-18381bfdc409","block_type":"box","text":"2","page_number":40,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"3207d937-0591-4af5-9bcb-e47ad4ec80da","block_type":"box","text":"0","page_number":40,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"7636e3af-24a8-463c-a98a-e6df6d7f501b","block_type":"box","text":"1","page_number":40,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"dadb2c66-2d73-43bf-b4ed-d967a2d069b2","block_type":"box","text":"5","page_number":40,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"53c8c7ee-44c0-4c53-9e50-d31088560ae8","block_type":"box","text":"2","page_number":40,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"5048f33c-458b-4dc9-9849-38208c84c265","block_type":"box","text":"0","page_number":40,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"a80949ff-2f62-4052-9eab-8bc06fa86b5f","block_type":"box","text":"1","page_number":40,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"228be756-90d3-459c-be2d-d4388fa20ced","block_type":"box","text":"6","page_number":40,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"64b46486-368f-4a29-8cf5-4ddaf791b154","block_type":"box","text":"2","page_number":40,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"1b51773b-dce9-4314-a5a0-f46c9bbae838","block_type":"box","text":"0","page_number":40,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"4ef16693-859b-405e-a51f-b8b034dc2939","block_type":"box","text":"17 2","page_number":40,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"21517c57-388d-41de-a8b0-a8604ebec5ba","block_type":"box","text":"0","page_number":40,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"bc3cb00c-4b63-4107-9463-014ca89cea51","block_type":"box","text":"1","page_number":40,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"d00e3bfd-642e-4dd5-9364-f91c428dcfe6","block_type":"box","text":"8","page_number":40,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"0e5f886a-7ec6-41bb-bbf5-2a8a8f577eca","block_type":"box","text":"2","page_number":40,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"6f405477-f870-42ac-a6c2-027453a488df","block_type":"box","text":"0","page_number":40,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"50572566-6eb0-4833-84c0-381d2dd8ed21","block_type":"box","text":"1","page_number":40,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"a4d121d2-2616-43e1-ae27-eef239aaaceb","block_type":"box","text":"9","page_number":40,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"22e95531-0ca6-447f-b6dc-b6e086ba176d","block_type":"box","text":"2","page_number":40,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"c6059166-675e-42fa-8ec9-18a077a53995","block_type":"box","text":"0","page_number":40,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"209f7016-4d5a-466a-8393-966264cfd689","block_type":"box","text":"2","page_number":40,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"29a68dc3-681d-471d-99f1-f43e4c1588c1","block_type":"box","text":"0","page_number":40,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"3a7250b2-43a2-4b51-8e35-7ad2177aa141","block_type":"box","text":"2","page_number":40,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"cef1cdd0-e179-4030-9de1-b89bcddef751","block_type":"box","text":"0","page_number":40,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"9ba7c09c-fe90-4125-9ec6-f6ac906a7520","block_type":"box","text":"21 2","page_number":40,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"17ae5e33-4f0e-4772-8fa5-c0281da302e5","block_type":"box","text":"0","page_number":40,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"9b620939-92e7-48c1-a9d1-3ae9a80cfae6","block_type":"box","text":"22 2","page_number":40,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"200534f2-951e-4b7d-b422-2686953643d9","block_type":"box","text":"0","page_number":40,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"db43baf5-ea25-4ae7-86c3-7019f2077289","block_type":"box","text":"2","page_number":40,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"673f1e6c-398a-4607-8f13-8bd19b0d56aa","block_type":"box","text":"3","page_number":40,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"155914e3-df6a-41a1-9b18-8ee235e7e446","block_type":"box","text":"2","page_number":40,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"fd49e386-1772-46c6-9615-ec9735d626f0","block_type":"box","text":"0","page_number":40,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"83ccf558-6f55-4c39-b7fc-14afde4f4d9a","block_type":"box","text":"2","page_number":40,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"da36d5db-f55b-4a7f-a0d6-7d532b712f44","block_type":"box","text":"4","page_number":40,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"43e18874-b0e8-4ebd-904d-94613e8875a4","block_type":"box","text":"-0.17%","page_number":40,"box":{"x":363,"y":267,"width":31,"height":6}},{"id":"aeb21a93-8c7c-4253-b6ad-7fe7ae299d53","block_type":"box","text":"4.98%","page_number":40,"box":{"x":399,"y":246,"width":28,"height":6}},{"id":"7a87bfea-8d0d-49a0-83f3-73d2dee516d1","block_type":"box","text":"28.84%","page_number":40,"box":{"x":433,"y":215,"width":33,"height":6}},{"id":"0d019f19-be12-4516-8d33-60e34f19c874","block_type":"box","text":"-12.69%","page_number":40,"box":{"x":467,"y":283,"width":37,"height":6}},{"id":"ad27e8b9-d8a8-42fd-b00b-5cf3fa144df2","block_type":"box","text":"25.78%","page_number":40,"box":{"x":505,"y":219,"width":33,"height":6}},{"id":"2e45a88d-e738-4bff-9bff-6f7036fd4bfc","block_type":"box","text":"3.89%","page_number":40,"box":{"x":544,"y":247,"width":28,"height":6}},{"id":"65aee19c-6e8f-4bd3-9e58-eb40fdca3e57","block_type":"box","text":"21.12%","page_number":40,"box":{"x":578,"y":225,"width":33,"height":6}},{"id":"49fdae9a-5288-4f42-a98c-3567481c305f","block_type":"box","text":"-12.23%","page_number":40,"box":{"x":611,"y":283,"width":38,"height":6}},{"id":"443f6e85-d18a-4f0f-9ca8-e64b16d1aa24","block_type":"box","text":"21.69%","page_number":40,"box":{"x":650,"y":224,"width":33,"height":6}},{"id":"f524c770-f7b6-4d94-b277-cd39d5a5ff6f","block_type":"box","text":"-5.29%","page_number":40,"box":{"x":687,"y":274,"width":31,"height":6}},{"id":"9602df30-8370-4b10-aee9-59ca792e180b","block_type":"box","text":"Return (%) Period Ended","page_number":40,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"97c9e329-7d90-4b9f-8391-15b48de3d5bb","block_type":"box","text":"Calendar Year-to-Date Return","page_number":40,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"4cce85a4-ee60-4c6f-a63a-b6038cf00a7d","block_type":"box","text":"25.36% September 30, 2025","page_number":40,"box":{"x":559,"y":366,"width":180,"height":9}},{"id":"18cabdc3-8650-4dae-8dd3-5ad0a5a30c04","block_type":"box","text":"During the periods shown in the chart:","page_number":40,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"d6efb4f8-fbe4-419f-9ea0-5f100aa43b54","block_type":"box","text":"Best Quarter 23.91% December 31, 2022","page_number":40,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"8d53589e-00e6-4497-9a8e-6da709a595e2","block_type":"box","text":"Worst Quarter -27.59% March 31, 2020","page_number":40,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"fab015df-5e56-42f1-9d37-d2b07f0a6caa","block_type":"box","text":"Average Annual Total Returns","page_number":40,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"44f487c4-f908-4a54-bc10-a14f79018aee","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":40,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"cd8eb256-1f02-4b73-98e6-2292b14b6ada","block_type":"box","text":"One Year Five Years Ten Years","page_number":40,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"e989c08e-1bf6-49ae-8f11-6a526749c261","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":40,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"303ecd40-f70c-4c1f-bdb9-13e6521da074","block_type":"box","text":"Return Before Taxes","page_number":40,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"f78ae570-fbbc-46a1-9a35-9d41fe088a98","block_type":"box","text":"-5.29% 4.95% 6.56%","page_number":40,"box":{"x":720,"y":493,"width":200,"height":8}},{"id":"febbbcae-33b4-4192-8ae2-a5131d89e194","block_type":"box","text":"Return After Taxes on Distributions -5.97% 4.30% 6.10%","page_number":40,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"4c218843-eddb-4038-aa74-75fb51c1a934","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -2.59% 3.87% 5.40%","page_number":40,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"3d463893-69ba-4809-b54f-4e67bcf7fa9e","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":40,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"255e7eef-abf6-48fa-9a43-48c954bd6ec9","block_type":"box","text":"1","page_number":40,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"14c82730-73fa-45fb-b1d5-c9f34818ec82","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":40,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"446707da-9155-41ce-84ef-fbd3971b02cc","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":40,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"4651a4dd-ebe1-4dc0-9023-b34c0d506b94","block_type":"box","text":"MSCI France Index","page_number":40,"box":{"x":124,"y":553,"width":115,"height":7}},{"id":"34f6481d-9aa2-4102-add9-6d17244c1fc6","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) -4.60% 5.16% 7.16%","page_number":40,"box":{"x":243,"y":553,"width":677,"height":9}},{"id":"1efd79c3-7d03-40e3-89ac-92bb7484491d","block_type":"box","text":"1","page_number":40,"box":{"x":112,"y":581,"width":2,"height":4}},{"id":"79655256-8a25-4b55-93ae-6bc24cec6ee2","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":40,"box":{"x":124,"y":582,"width":793,"height":10}},{"id":"68c69974-35ad-4734-87ad-99ceadd2fb50","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":40,"box":{"x":123,"y":593,"width":843,"height":9}},{"id":"fd6060f0-12f3-470d-bc97-d1e791c85dba","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":40,"box":{"x":123,"y":603,"width":835,"height":10}},{"id":"35c1180d-5bb6-4f49-88cd-c10a82406567","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":40,"box":{"x":123,"y":613,"width":650,"height":10}},{"id":"50a22d82-beb5-4986-adeb-f63098d9039b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":40,"box":{"x":82,"y":633,"width":882,"height":11}},{"id":"ebe096d6-69e5-459d-9e34-db9e54af2363","block_type":"box","text":"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,","page_number":40,"box":{"x":83,"y":647,"width":871,"height":11}},{"id":"339453d3-533e-496a-8b9c-1d905e8fa061","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":40,"box":{"x":83,"y":661,"width":860,"height":11}},{"id":"89d08d43-221a-4663-aef5-e09ed519242c","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":40,"box":{"x":83,"y":675,"width":855,"height":11}},{"id":"bfea53fc-78eb-4fc8-8de2-4a4fb7306d90","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":40,"box":{"x":83,"y":690,"width":883,"height":10}},{"id":"e1a94517-7509-4b56-adc1-afdf02686740","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":40,"box":{"x":82,"y":704,"width":861,"height":11}},{"id":"9ffb09cc-2d48-4a6c-b238-78d26cf738be","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":40,"box":{"x":83,"y":718,"width":359,"height":10}},{"id":"6d8c8b4c-0184-4119-ae6e-2ccf1ad5ded9","block_type":"box","text":"S-29","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7bbc0e1f-3c57-4a1b-9f57-5ebf67934aad","block_type":"box","text":"Management","page_number":41,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"c848beee-5478-4718-8c23-2a4643851b7c","block_type":"box","text":"Investment Adviser.","page_number":41,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"3fe69456-d5cb-4e62-884d-510d50d2149b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":41,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"917f48f3-f069-4f7c-8e6c-2921302d1cf8","block_type":"box","text":"Portfolio Managers.","page_number":41,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"32df84e8-0bb4-4237-921f-d96ed89ef5f7","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":41,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"04784153-fcb2-4c60-bf99-4aa87cbc9049","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":41,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"14934dc8-8bcb-435d-8dce-b6ed8e418d66","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":41,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"a21a0349-8f6c-4187-8779-54aae7619b30","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":41,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"91b8713b-8452-4a8b-94fd-e1ccc0a74870","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":41,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"c7224707-725d-4031-825d-e77256bbcc51","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":41,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"827a8c50-ebd3-41ec-afc0-a42724ed6221","block_type":"box","text":"Managers of the Fund since 2025.","page_number":41,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"c1e37b1b-b471-42f2-aaa7-815b01903199","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":41,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"0858a914-cb26-4d6b-a485-4d30a0896224","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":41,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"94ce5224-4037-41d2-99bd-1f4917b3648e","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":41,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"38869bf1-a5f3-4823-b3c4-f3500724f3c8","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":41,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"8797c0a2-34c4-4757-93a4-75cd1a7de28f","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":41,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"54b62568-f4fc-4ab9-a012-808ab9131f2c","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":41,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"2982c1ed-22a5-4588-a730-f4fc9a6d7375","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":41,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"c10be317-1c13-414b-b03e-8caf1e23113c","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":41,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"528d434f-6f60-4188-9077-6841ec34c885","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":41,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"22065595-58c7-45e3-a1cc-272ed108d402","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":41,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"e36a2c35-8bdc-49f0-85d4-453162dc7724","block_type":"box","text":"Tax Information","page_number":41,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"28ec0d92-9e20-4343-bec6-37ffeec72a5a","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":41,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"54038acf-a10a-4d6f-b92a-101b5e79ae97","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":41,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"cbf19208-ce7e-4a37-babd-da7593dd1b97","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":41,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"e56de659-468a-4b66-a0e7-9279a615f239","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":41,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"df30de43-971d-4e44-8c6e-4ecc6d5ce2f8","block_type":"box","text":"withdrawn.","page_number":41,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"e77159dc-1752-4f62-8156-ab06d9a73940","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":41,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"e3e3943c-97e6-4eb6-8e6b-716f0d9378a5","block_type":"box","text":"Intermediaries","page_number":41,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"183bbf9e-48d6-4b65-89d6-10778969feed","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":41,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"31411d93-a5f7-455e-9f66-d396d02f86e4","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":41,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"6a8b91fc-7c04-4c4c-9440-942dabe23082","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":41,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"f3a784b5-f32e-453f-878c-b9a304dacd71","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":41,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"08937e0b-520a-4b38-bbed-3d4f48c31d60","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":41,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"a36d360c-797b-4357-af72-8a910744e5e5","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":41,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"6382a60d-eacc-446f-983f-1391b998b40f","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":41,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"ad79ac84-4f2f-4459-8c5a-2ac63cd660b4","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":41,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"40667d06-84eb-4844-879f-184d8112631f","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":41,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"6897417c-18fa-4372-ba6a-894e1a43b52b","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":41,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"ed41e667-770c-45a3-a720-47277d5b64fd","block_type":"box","text":"information.","page_number":41,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"9ee140c4-1061-440f-9208-6b13bed2f5eb","block_type":"box","text":"S-30","page_number":41,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1d7e5507-4aab-4564-b209-5a15989fee4a","block_type":"box","text":"iSHARES","page_number":42,"box":{"x":317,"y":24,"width":118,"height":15}},{"id":"912378c0-8143-40ce-a81e-aae2e74161d8","block_type":"box","text":"®","page_number":42,"box":{"x":439,"y":17,"width":10,"height":8}},{"id":"171443f9-5c55-4eb3-9569-b15891848116","block_type":"box","text":"MSCI GERMANY ETF","page_number":42,"box":{"x":461,"y":24,"width":280,"height":15}},{"id":"929e3086-60b6-4212-80f4-24e0e35f5195","block_type":"box","text":"Ticker: EWG Stock Exchange: NYSE Arca","page_number":42,"box":{"x":283,"y":53,"width":485,"height":12}},{"id":"34928a61-62a9-48be-9a70-4e1ed2d2c3be","block_type":"box","text":"Investment Objective","page_number":42,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"fa6ae89e-098e-48ee-81fa-738aeded67ec","block_type":"box","text":"The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities.","page_number":42,"box":{"x":82,"y":116,"width":801,"height":11}},{"id":"c36caa58-de92-4a0c-ad35-8616803b9236","block_type":"box","text":"Fees and Expenses","page_number":42,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"e6609300-8208-48f6-9dc2-d1ae32eee536","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":42,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"41fa3ca8-89e8-4a41-9d12-ee0f7ec7e83f","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":42,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"7cb8d24b-3c71-4e53-bef2-f05b2b70659a","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":42,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"82515c5a-cf12-4d2d-9884-ba8962046143","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":42,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"d0bf10e6-889e-44db-b226-915b848a635a","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":42,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"676bb41f-3449-47cf-b829-4a903488fde9","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":42,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"965a6998-c397-4162-af78-0b0688cca5fc","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":42,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"3b092263-cc11-4438-ba32-cb5821e011b3","block_type":"box","text":"the tables and examples below.","page_number":42,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"df7d595e-221a-43cd-b884-ae7769268924","block_type":"box","text":"Annual Fund Operating Expenses","page_number":42,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"76758359-a161-4b9b-a1da-1b0abd7565bc","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":42,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"036d43e2-4e55-4623-95e1-c66af49c6e2c","block_type":"box","text":"percentage of the value of your investments)","page_number":42,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"abc3ba30-a9f6-4673-a4bc-cc287d4a796d","block_type":"box","text":"1","page_number":42,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"8b386836-90f9-4757-b3d8-1f0430303978","block_type":"box","text":"Management","page_number":42,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"d208b854-f449-48ea-be0b-7310fc57e459","block_type":"box","text":"Fees","page_number":42,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"fd7fbc8c-05cc-4b30-8026-6bc37cd09253","block_type":"box","text":"Distribution","page_number":42,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"847427ee-a47b-4389-b145-f657e011856f","block_type":"box","text":"and Service","page_number":42,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"06677ec7-1698-4ad0-b538-9bceb6fab88b","block_type":"box","text":"(12b-1) Fees","page_number":42,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"819f9c26-8eb5-4767-b456-b082381c8258","block_type":"box","text":"Other","page_number":42,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"8c460a08-a26f-4e20-a91b-67f3327e78e9","block_type":"box","text":"Expenses","page_number":42,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"8a0b7c20-b6f6-489b-9aaf-bbbb876f31ce","block_type":"box","text":"Total Annual","page_number":42,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"9211e32c-5d62-4f8f-9e64-5ea97a0637ff","block_type":"box","text":"Fund","page_number":42,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"0be9b968-c56f-42ef-a9fb-04e1bd947aee","block_type":"box","text":"Operating","page_number":42,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"246e5aab-8e24-49f5-9857-903bf7aaaa7d","block_type":"box","text":"Expenses","page_number":42,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"a9674617-a23e-433d-86de-d6ac310336c8","block_type":"box","text":"0.49% None 0.00% 0.49%","page_number":42,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"942baa24-2608-446c-823d-08daf7574215","block_type":"box","text":"1","page_number":42,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"a745ce67-c9b8-4caf-94c7-49b5f5844d50","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":42,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"66c5afba-c24a-4224-a569-d2c897a6b0b9","block_type":"box","text":"Example.","page_number":42,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"fb1918ba-39d8-4e25-9c94-08c86e428ad3","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":42,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"2e998640-e0c7-4aae-b45c-be1280a2ba5c","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":42,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"3d6bb195-6ac4-44b2-a604-2e95fb74e525","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":42,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"e3aa7c0e-4322-44f0-a7d6-dbd6e231e976","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":42,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"07a5379d-df93-4a2d-aa77-209cfb344ea5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":42,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"9030da72-ad1b-48ca-a4ac-5396514da072","block_type":"box","text":"$50 $157 $274 $616","page_number":42,"box":{"x":202,"y":534,"width":647,"height":9}},{"id":"ac467099-cc93-4a5d-8a9a-9d7c33ba43bc","block_type":"box","text":"Portfolio Turnover.","page_number":42,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"4133c910-1112-47b6-956a-132933e465dc","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":42,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"d1d1f068-9f8d-46de-b673-6f5b791f3c98","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":42,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"4aa11a29-39c5-42a5-b4e2-991ef4d02275","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":42,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"e322accf-9c6b-447c-9c3e-8fea60ff5cf9","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":42,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"9b0c797f-5b65-411e-b598-e57f0b2e4abe","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":42,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"dea7074e-564b-49a0-87a9-e85fc13b20be","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":42,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"c4a3f8d1-05ba-42db-b263-3fd6ed09787c","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":42,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"f39131a9-043a-4b52-9edd-5a312be5d3a2","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 2% of the","page_number":42,"box":{"x":82,"y":673,"width":377,"height":11}},{"id":"eea5c2cc-d4ce-4e61-a342-db79bc531113","block_type":"box","text":"average value of its portfolio.","page_number":42,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"3a1fe0df-f0d1-44b6-a7f9-e3eb688daf4e","block_type":"box","text":"Principal Investment Strategies","page_number":42,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"9d3c1146-371d-440c-9631-0aa4baf0e423","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":42,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"094bf910-dbc5-437b-9345-f47f645b13aa","block_type":"box","text":"Germany Index (the “Underlying Index”), which is designed to","page_number":42,"box":{"x":83,"y":755,"width":391,"height":11}},{"id":"caff8987-a240-4db7-8bec-53d09f7d5f17","block_type":"box","text":"measure the performance of the large- and mid-capitalization","page_number":42,"box":{"x":83,"y":770,"width":392,"height":10}},{"id":"68ff33d7-087b-4664-abdc-9b18893bb91b","block_type":"box","text":"segments of the German equity market. As of August 31, 2025, a","page_number":42,"box":{"x":83,"y":784,"width":414,"height":11}},{"id":"9e3aeae1-0eb7-4f38-9b1b-8e88b02a5525","block_type":"box","text":"significant portion of the Underlying Index is represented by","page_number":42,"box":{"x":83,"y":798,"width":383,"height":11}},{"id":"f44ab540-330d-4563-8d96-c349f6ab5c90","block_type":"box","text":"securities of companies in the financials, industrials and","page_number":42,"box":{"x":83,"y":812,"width":357,"height":11}},{"id":"f82ca8b4-60b6-4f0f-8821-c4ea0a16e16f","block_type":"box","text":"technology industries or sectors. The components of the","page_number":42,"box":{"x":83,"y":826,"width":360,"height":11}},{"id":"a1c9f1db-947c-451e-a5cd-76737bb1599c","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":42,"box":{"x":83,"y":840,"width":303,"height":11}},{"id":"e52f2443-e7d1-49dd-94ce-6f23daab8137","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":42,"box":{"x":84,"y":864,"width":376,"height":10}},{"id":"628ba238-4db5-424a-941c-7d832ae22389","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":42,"box":{"x":83,"y":878,"width":417,"height":11}},{"id":"953663f2-edc7-48d5-bf8f-f7fb5b3fda4a","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":42,"box":{"x":549,"y":566,"width":396,"height":11}},{"id":"d62b3c91-fd41-4361-a272-ead6dacab3c9","block_type":"box","text":"markets decline or appear overvalued.","page_number":42,"box":{"x":549,"y":580,"width":244,"height":11}},{"id":"bb06d6da-a310-4435-9e06-c9339861c395","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":42,"box":{"x":550,"y":603,"width":420,"height":11}},{"id":"7e60f2d7-c7c1-4b53-bec0-a10fb5ffed82","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":42,"box":{"x":549,"y":617,"width":421,"height":11}},{"id":"6b36409d-a893-4f49-b2ef-6e774c542133","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":42,"box":{"x":549,"y":632,"width":386,"height":10}},{"id":"65c1420d-d120-4575-9284-d7d3a0a6c95f","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":42,"box":{"x":550,"y":646,"width":369,"height":11}},{"id":"8c321bc2-96b1-4390-a8d0-38efaa8eaed2","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":42,"box":{"x":549,"y":660,"width":356,"height":11}},{"id":"030f8f93-7036-471e-b817-e2d34b0eda41","block_type":"box","text":"comparison to actively managed investment companies.","page_number":42,"box":{"x":549,"y":674,"width":359,"height":11}},{"id":"689e3442-13e8-4336-ab37-75cdfeb1ca0d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":42,"box":{"x":550,"y":697,"width":411,"height":11}},{"id":"a1c42ba0-f191-45c6-b9ae-6dbfc5af053b","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":42,"box":{"x":549,"y":712,"width":411,"height":10}},{"id":"bbdbb830-a44e-4a74-a2f0-3798b68d0a66","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":42,"box":{"x":549,"y":726,"width":424,"height":11}},{"id":"f03a6206-20d3-4691-bcdc-0430a51c417c","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":42,"box":{"x":549,"y":740,"width":410,"height":11}},{"id":"3720de65-3126-49a3-916d-788e45c80b84","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":42,"box":{"x":549,"y":754,"width":408,"height":11}},{"id":"e08777ae-dc3c-4c83-abe1-7a04a68d1ebc","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":42,"box":{"x":549,"y":768,"width":423,"height":11}},{"id":"3af42c2b-333f-45c8-9ea0-87f0828467ee","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":42,"box":{"x":549,"y":782,"width":386,"height":11}},{"id":"628447d0-e7d8-43ba-b4ac-cc3d1930e283","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":42,"box":{"x":549,"y":797,"width":360,"height":10}},{"id":"c027e625-c592-4ca4-ba55-822a40a9ced9","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":42,"box":{"x":548,"y":811,"width":414,"height":11}},{"id":"34b4bfc8-3691-42dd-aee6-86ba4b7e0a23","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":42,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"c9f47b3f-3954-40ea-a18a-4a5b40698f37","block_type":"box","text":"the components of the Underlying Index.","page_number":42,"box":{"x":549,"y":839,"width":259,"height":11}},{"id":"897f4dfe-8ed0-45af-acde-13af7aed1c09","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":42,"box":{"x":549,"y":862,"width":389,"height":11}},{"id":"d2bc6894-5293-434a-bb9e-7f213f85ad25","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":42,"box":{"x":549,"y":877,"width":410,"height":10}},{"id":"d3379aaa-9a5a-4cea-9c03-620276ebe9c4","block_type":"box","text":"S-31","page_number":42,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"343564ea-0b46-4c63-962f-30ba6ea3582c","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":43,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"e157cc4c-03c7-4159-8d36-a0d202eec962","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":43,"box":{"x":83,"y":37,"width":335,"height":11}},{"id":"91d1604e-9c25-4a31-823e-92c956e73634","block_type":"box","text":"i.e","page_number":43,"box":{"x":419,"y":37,"width":14,"height":9}},{"id":"701063ec-c403-45a3-b1ec-3f02e0f300cb","block_type":"box","text":".,","page_number":43,"box":{"x":435,"y":44,"width":6,"height":3}},{"id":"326652ea-acf4-42e9-88d8-435a0d647147","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":43,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"49d8571a-8e6d-4d87-b59c-929d128a2358","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":43,"box":{"x":83,"y":66,"width":403,"height":10}},{"id":"885eb65c-87bd-4fac-84d9-f67d27d2c57f","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":43,"box":{"x":83,"y":80,"width":418,"height":11}},{"id":"47dbee79-790d-4cf2-a656-2b1cf596ce62","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":43,"box":{"x":83,"y":94,"width":411,"height":11}},{"id":"3a0f0981-2008-4a53-9e97-6b24b1b127a4","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":43,"box":{"x":82,"y":108,"width":389,"height":11}},{"id":"5c9fa1e7-771f-444f-bd7b-1c086da16108","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":43,"box":{"x":82,"y":122,"width":415,"height":11}},{"id":"546747f4-e9f9-42d5-a191-cd48da54574e","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":43,"box":{"x":83,"y":137,"width":360,"height":10}},{"id":"b1c284bf-e27d-4064-afc5-7c13a4c1ef83","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":43,"box":{"x":83,"y":151,"width":407,"height":11}},{"id":"a44ec030-bac2-4ee5-933a-9d8f5712c547","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":43,"box":{"x":83,"y":165,"width":421,"height":11}},{"id":"d803cb8b-8607-419e-afcd-0177ea2b4930","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":43,"box":{"x":83,"y":179,"width":392,"height":11}},{"id":"779d903a-3e22-4b7e-8c00-4ab8a85b7836","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":43,"box":{"x":83,"y":193,"width":404,"height":11}},{"id":"a87a42d2-9785-4a63-a2a6-092be2401315","block_type":"box","text":"Fund.","page_number":43,"box":{"x":84,"y":208,"width":33,"height":8}},{"id":"befc7e9c-4909-4f72-8a06-ef0d87395b5d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":43,"box":{"x":82,"y":231,"width":412,"height":11}},{"id":"e0c70975-e656-4053-84d4-4d154697875e","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":43,"box":{"x":82,"y":245,"width":371,"height":11}},{"id":"25e93de8-61ca-45f0-b871-235bba1713ad","block_type":"box","text":"collateral received).","page_number":43,"box":{"x":83,"y":259,"width":125,"height":11}},{"id":"1d96ee84-08f7-4ffa-8270-9e1326424b06","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":43,"box":{"x":82,"y":282,"width":380,"height":11}},{"id":"cfc17c5b-3f36-4ee2-8a3e-988b3f93a580","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":43,"box":{"x":84,"y":296,"width":411,"height":11}},{"id":"85db04fc-dee8-4f67-87fb-f593c8bd0cb8","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":43,"box":{"x":82,"y":311,"width":381,"height":10}},{"id":"f6477a3a-5374-4762-b885-bf20b2aaf193","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":43,"box":{"x":82,"y":325,"width":420,"height":11}},{"id":"c3e8abbf-b7fb-4dab-a6b4-c15a4d862539","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":43,"box":{"x":83,"y":339,"width":405,"height":11}},{"id":"fef572cc-279d-4226-8815-c56d1b2ff79f","block_type":"box","text":"Industry Concentration Policy.","page_number":43,"box":{"x":83,"y":362,"width":210,"height":11}},{"id":"f7a7fedd-a7d4-42b8-8288-dc959c56797b","block_type":"box","text":"The Fund will concentrate its","page_number":43,"box":{"x":298,"y":362,"width":184,"height":9}},{"id":"0ce4a0d9-940a-4425-b9d1-95412073c9bb","block_type":"box","text":"investments (","page_number":43,"box":{"x":83,"y":376,"width":85,"height":11}},{"id":"93dfa311-a4eb-492d-a04a-4699aed79ac7","block_type":"box","text":"i.e.","page_number":43,"box":{"x":169,"y":376,"width":17,"height":9}},{"id":"903accb3-162a-4021-8f91-5299b193dde6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":43,"box":{"x":189,"y":376,"width":264,"height":11}},{"id":"f623c84d-3207-4544-b441-47540eea34c9","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":43,"box":{"x":83,"y":391,"width":394,"height":10}},{"id":"359aeda7-d562-4732-8a8f-6f5ac40a612d","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":43,"box":{"x":83,"y":405,"width":377,"height":11}},{"id":"546f26b5-51e5-4303-bbff-9bead2ea71e4","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":43,"box":{"x":83,"y":419,"width":389,"height":11}},{"id":"fedb11f5-f8a9-43a6-8eb6-27af94c6f89b","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":43,"box":{"x":83,"y":433,"width":389,"height":11}},{"id":"89b10e94-4e9f-4b97-b950-3b4eb65587d7","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":43,"box":{"x":83,"y":447,"width":410,"height":11}},{"id":"c3d09ccd-136f-4f4b-aa1a-204fac9d9518","block_type":"box","text":"considered to be issued by members of any industry.","page_number":43,"box":{"x":83,"y":461,"width":337,"height":11}},{"id":"bf7a4788-2e6a-42c2-990d-a012da77f3b5","block_type":"box","text":"Summary of Principal Risks","page_number":43,"box":{"x":83,"y":490,"width":235,"height":14}},{"id":"4e2a676f-01c5-4197-8081-42c37e9bd310","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":43,"box":{"x":82,"y":516,"width":363,"height":10}},{"id":"a3adbc9b-10ca-4d30-8d88-a1358ecbf9c0","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":43,"box":{"x":83,"y":530,"width":402,"height":11}},{"id":"fb4197ca-4f52-4c30-90f5-419ec4f0e2ab","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":43,"box":{"x":83,"y":544,"width":396,"height":11}},{"id":"ea9d9008-8e96-4731-b5ec-68acfe5ca0f8","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":43,"box":{"x":83,"y":558,"width":376,"height":11}},{"id":"f25d1bba-d814-48ff-bf8e-a4224f295ec1","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":43,"box":{"x":83,"y":572,"width":392,"height":11}},{"id":"91d3d083-ce73-4e2f-b9c2-ef958dbdd284","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":43,"box":{"x":83,"y":587,"width":416,"height":10}},{"id":"d56a1398-d5f7-4239-8d8b-d1fb845a5061","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":43,"box":{"x":83,"y":601,"width":387,"height":10}},{"id":"f91dc602-50b9-4610-ae3a-1af285a9d61a","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":43,"box":{"x":82,"y":615,"width":426,"height":11}},{"id":"02c169b6-dee4-4915-993d-47f656678de2","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":43,"box":{"x":83,"y":629,"width":404,"height":11}},{"id":"db44cf12-5bbf-4027-ba4c-5570aab6df2b","block_type":"box","text":"review each risk factor carefully.","page_number":43,"box":{"x":83,"y":643,"width":206,"height":11}},{"id":"bd17701a-f92c-47a2-9eff-343fb59d9cb1","block_type":"box","text":"Risk of Investing in Germany.","page_number":43,"box":{"x":83,"y":666,"width":197,"height":11}},{"id":"fd70f6e1-085f-465a-b432-01caa9f92b7e","block_type":"box","text":"The Fund’s investments in German","page_number":43,"box":{"x":285,"y":666,"width":221,"height":9}},{"id":"653ec28f-6f13-453c-a12e-4eb03eac8fd5","block_type":"box","text":"issuers subjects the Fund to legal, regulatory, political, currency,","page_number":43,"box":{"x":83,"y":681,"width":412,"height":10}},{"id":"e73b0ade-86ad-4ffd-a7fb-95b69db4a38d","block_type":"box","text":"security, and economic risks specific to Germany. Ongoing","page_number":43,"box":{"x":83,"y":695,"width":375,"height":11}},{"id":"2676ff56-0dff-4286-9842-52df3f2fd0b2","block_type":"box","text":"concerns in relation to the economic health of the European","page_number":43,"box":{"x":83,"y":709,"width":383,"height":11}},{"id":"73913fe9-674e-4ef4-8e20-e798e5fd51c5","block_type":"box","text":"Union (the “EU”) continue to constrain the economic resilience of","page_number":43,"box":{"x":83,"y":723,"width":419,"height":11}},{"id":"f45cdef4-a5e2-43da-b122-9ed4217c7279","block_type":"box","text":"certain EU member states, including Germany. Germany has an","page_number":43,"box":{"x":83,"y":737,"width":404,"height":11}},{"id":"7e324fa4-1d3b-4024-9fcc-eae6affbf0a5","block_type":"box","text":"industrial and export-dependent economy and therefore relies","page_number":43,"box":{"x":83,"y":751,"width":397,"height":11}},{"id":"aee23022-afdf-4eba-adb9-f4f2a2bb8dc3","block_type":"box","text":"heavily on trade with key trading partners, including the","page_number":43,"box":{"x":83,"y":766,"width":355,"height":11}},{"id":"62130a55-1880-4380-be35-243703f5ba6e","block_type":"box","text":"Netherlands, China, the U.S., the United Kingdom (the “U.K.”),","page_number":43,"box":{"x":84,"y":780,"width":396,"height":11}},{"id":"68e1da89-c38e-4b8c-9afc-31ebd6f288df","block_type":"box","text":"France, Italy and other European countries. Germany is dependent","page_number":43,"box":{"x":84,"y":794,"width":423,"height":11}},{"id":"0c8776b6-53d4-4701-a620-3309f04b36c4","block_type":"box","text":"on the economies of these other countries, and a decline in the","page_number":43,"box":{"x":83,"y":808,"width":404,"height":10}},{"id":"fc8adac5-55f5-4576-9011-edd08a87fc37","block_type":"box","text":"price or demand for German exports may have an adverse impact","page_number":43,"box":{"x":83,"y":822,"width":419,"height":11}},{"id":"e1d60c75-c0db-4db6-822c-4e5dffb3120d","block_type":"box","text":"on its economy.","page_number":43,"box":{"x":83,"y":837,"width":100,"height":10}},{"id":"f7397f08-3301-44d1-978c-af9e4957a384","block_type":"box","text":"Non-U.S. Securities Risk","page_number":43,"box":{"x":83,"y":860,"width":165,"height":8}},{"id":"0a3890d2-573f-4aeb-af63-97d2d9e700a3","block_type":"box","text":".","page_number":43,"box":{"x":248,"y":866,"width":2,"height":2}},{"id":"ff30cb5d-4463-45a4-a719-307f66c93019","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":43,"box":{"x":256,"y":860,"width":236,"height":11}},{"id":"ec6b9290-60f6-4717-98dd-65a83debae0e","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":43,"box":{"x":83,"y":874,"width":382,"height":11}},{"id":"9647edf4-ad99-41af-8c88-b8803a012bef","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":43,"box":{"x":549,"y":23,"width":406,"height":11}},{"id":"0e6a76f2-61ff-4d46-afa4-27642ec19dce","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":43,"box":{"x":549,"y":37,"width":369,"height":11}},{"id":"25dfe8fe-aadb-4020-81f6-ae94c105e80f","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":43,"box":{"x":548,"y":52,"width":356,"height":10}},{"id":"112317a2-fb55-4c1b-ba70-f9c8d4e799ea","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":43,"box":{"x":549,"y":66,"width":407,"height":11}},{"id":"808393c7-7d1b-47fb-b987-faa3191fb28f","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":43,"box":{"x":549,"y":80,"width":397,"height":11}},{"id":"2c403013-c101-4d2d-8323-9a464c74a586","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":43,"box":{"x":549,"y":94,"width":403,"height":11}},{"id":"4c13db0e-2cdd-4d09-8a57-b417be78e621","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":43,"box":{"x":549,"y":108,"width":371,"height":11}},{"id":"b14e4b1a-2d4b-4a0c-bda1-204925339ab2","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":43,"box":{"x":549,"y":122,"width":386,"height":11}},{"id":"1c49585f-e8b2-42d8-a0c8-b40f85cadcb6","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":43,"box":{"x":549,"y":137,"width":391,"height":10}},{"id":"ea9e777a-1b8f-44d6-8211-240373f0997e","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":43,"box":{"x":549,"y":151,"width":351,"height":11}},{"id":"9171f5fe-bf44-47cf-8430-85eaa6e06525","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":43,"box":{"x":549,"y":165,"width":413,"height":11}},{"id":"e7fb0a7f-2e3d-4b5d-a457-37e767d1b68f","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":43,"box":{"x":549,"y":179,"width":405,"height":11}},{"id":"b93e8cd4-008e-4b39-9e61-6f136dd42700","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":43,"box":{"x":549,"y":193,"width":372,"height":10}},{"id":"8a88827d-2171-49d3-84a2-e5576bf55e6b","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":43,"box":{"x":549,"y":207,"width":395,"height":11}},{"id":"adce7b64-2593-4e67-9ee8-955f296aa27b","block_type":"box","text":"Fund is specifically exposed to","page_number":43,"box":{"x":550,"y":222,"width":194,"height":10}},{"id":"09db1aa1-39da-4678-8dfe-bbe656096524","block_type":"box","text":"European Economic Risk","page_number":43,"box":{"x":750,"y":222,"width":171,"height":10}},{"id":"282522b5-2446-45de-a9f0-479c0aadfa88","block_type":"box","text":".","page_number":43,"box":{"x":922,"y":229,"width":2,"height":1}},{"id":"34c4a62a-1f51-4f61-b1c8-b5a23d8b4721","block_type":"box","text":"Equity Securities Risk","page_number":43,"box":{"x":549,"y":245,"width":148,"height":11}},{"id":"debd51b6-2825-4781-aad5-0bead5699997","block_type":"box","text":".","page_number":43,"box":{"x":697,"y":251,"width":2,"height":2}},{"id":"7f32473c-ec80-4f1a-a17a-2083f01774ca","block_type":"box","text":"Equity securities are subject to changes","page_number":43,"box":{"x":705,"y":245,"width":254,"height":11}},{"id":"d0f12b07-58b2-4def-8b8e-ac8e2f27cd37","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":43,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"5e4d70d5-cc66-4c98-ae3b-a1e69b32f938","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":43,"box":{"x":549,"y":273,"width":420,"height":11}},{"id":"0c79b985-3ba1-445b-acde-30973affc95a","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":43,"box":{"x":549,"y":287,"width":397,"height":11}},{"id":"e667cbb3-a347-47e6-853e-a110bcf08a36","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":43,"box":{"x":549,"y":302,"width":359,"height":10}},{"id":"a22eb704-4f43-4d2e-8434-6d6b21ef4187","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":43,"box":{"x":549,"y":316,"width":390,"height":11}},{"id":"df9d84ae-29fd-4045-8889-890124f61f50","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":43,"box":{"x":549,"y":330,"width":412,"height":11}},{"id":"5b122e4f-d7b2-4cc5-ab55-ab95701353ba","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":43,"box":{"x":549,"y":344,"width":373,"height":11}},{"id":"66eb61fc-8f34-432a-807f-4c7f1de5de95","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":43,"box":{"x":549,"y":358,"width":309,"height":11}},{"id":"6692d5f0-3b58-4e0f-8106-578986220148","block_type":"box","text":"Market Risk","page_number":43,"box":{"x":549,"y":381,"width":82,"height":9}},{"id":"7d5e84a2-647c-4c77-8278-dd45aea72eb1","block_type":"box","text":".","page_number":43,"box":{"x":631,"y":388,"width":3,"height":2}},{"id":"8b9279d4-eebd-49b9-a3b3-e9ee069d277e","block_type":"box","text":"The Fund could lose money over short periods due","page_number":43,"box":{"x":639,"y":382,"width":322,"height":10}},{"id":"dc4609fa-948a-42d9-8f20-e8cc8ca6ed9a","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":43,"box":{"x":549,"y":396,"width":413,"height":11}},{"id":"7b063eeb-2d45-4c65-8bbc-a6720e896e48","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":43,"box":{"x":549,"y":410,"width":382,"height":11}},{"id":"abbd7402-195b-4535-bc4f-260ca22af26d","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":43,"box":{"x":549,"y":424,"width":411,"height":11}},{"id":"c848ea2b-8d43-491c-ae37-a2c5b690a05f","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":43,"box":{"x":549,"y":438,"width":370,"height":11}},{"id":"f48f4029-7059-47a8-a86b-464dddde9878","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":43,"box":{"x":549,"y":452,"width":404,"height":11}},{"id":"f2d8261f-7a6e-42c7-b2b7-20e241bf44aa","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":43,"box":{"x":549,"y":467,"width":395,"height":10}},{"id":"43c823a8-aa98-427a-a3b0-4cfe93c3ed29","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":43,"box":{"x":549,"y":481,"width":395,"height":11}},{"id":"690a1e2e-f2cd-4b0c-a494-83d9bf2b9a91","block_type":"box","text":"NAV.","page_number":43,"box":{"x":550,"y":495,"width":27,"height":8}},{"id":"a0226ad5-46f0-43a7-854b-da733cae1b8d","block_type":"box","text":"Index-Related Risk.","page_number":43,"box":{"x":549,"y":518,"width":129,"height":9}},{"id":"9edcb9d5-0382-40c4-90e0-9c71156cd7f1","block_type":"box","text":"The Index Provider may rely on various","page_number":43,"box":{"x":683,"y":518,"width":247,"height":11}},{"id":"abb6dfdd-1d80-4c06-82d2-f485488f0001","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":43,"box":{"x":549,"y":532,"width":423,"height":11}},{"id":"03958569-20bf-4fd6-9f07-5fcef6004dfd","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":43,"box":{"x":550,"y":547,"width":391,"height":10}},{"id":"b91530e6-4863-4286-ac99-59735fd7c29b","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":43,"box":{"x":549,"y":561,"width":406,"height":10}},{"id":"36592106-fdc8-4c56-a854-9f1e3497aa6e","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":43,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"d29d4b1b-c18b-4d7c-a4a4-00668819fcff","block_type":"box","text":"information will provide an accurate assessment of included","page_number":43,"box":{"x":549,"y":589,"width":384,"height":11}},{"id":"61529224-835c-4b51-88c3-d7be3221797d","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":43,"box":{"x":549,"y":603,"width":388,"height":11}},{"id":"af03f877-37f4-4597-a1a5-34aa59f547a3","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":43,"box":{"x":549,"y":617,"width":366,"height":11}},{"id":"23fa1948-f7be-4a9b-8522-3a123b2f201a","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":43,"box":{"x":549,"y":632,"width":377,"height":10}},{"id":"1c804c8f-a864-43c9-a899-4d43d6259a98","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":43,"box":{"x":549,"y":646,"width":413,"height":11}},{"id":"26bfa3e4-dec5-44a1-b110-aa8c58367264","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":43,"box":{"x":549,"y":660,"width":396,"height":11}},{"id":"1c003b1a-088d-48d7-8b30-901a58a2cdcc","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":43,"box":{"x":549,"y":674,"width":367,"height":11}},{"id":"368696e5-1af6-4e5e-924f-fee0ffe2129d","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":43,"box":{"x":549,"y":688,"width":400,"height":11}},{"id":"5578d2bc-692d-4ba8-86e1-7135148eb8f3","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":43,"box":{"x":549,"y":703,"width":409,"height":10}},{"id":"1b7eafab-3b9d-460f-ac00-869181ce8652","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":43,"box":{"x":549,"y":717,"width":414,"height":10}},{"id":"37c3f1a2-5b10-4aaf-a5be-edd7a802278e","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":43,"box":{"x":549,"y":731,"width":362,"height":11}},{"id":"025437ba-fc2c-42e2-bb6d-b480ad1a1d5c","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":43,"box":{"x":550,"y":745,"width":422,"height":11}},{"id":"565a2175-16a4-4772-9b95-8295da89387c","block_type":"box","text":"Asset Class Risk.","page_number":43,"box":{"x":548,"y":768,"width":114,"height":9}},{"id":"40980793-4949-4d17-8642-5f50c437bf14","block_type":"box","text":"The securities and other assets in the","page_number":43,"box":{"x":668,"y":768,"width":239,"height":9}},{"id":"b8da7f04-b873-432b-9cc5-3d44a13d5418","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":43,"box":{"x":550,"y":782,"width":405,"height":11}},{"id":"09222fea-f72f-4811-b4e6-f1d9ea1193bf","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":43,"box":{"x":549,"y":797,"width":405,"height":10}},{"id":"5a254e36-6e2d-4d8d-98c4-2a836449d504","block_type":"box","text":"market, another index, or other asset classes.","page_number":43,"box":{"x":549,"y":811,"width":292,"height":10}},{"id":"749000a9-cde6-4395-8000-5bd67a1e8a19","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":43,"box":{"x":548,"y":834,"width":290,"height":11}},{"id":"f17485e8-7cec-4d0a-a838-45ef6e7c3b9a","block_type":"box","text":"An “Authorized","page_number":43,"box":{"x":847,"y":834,"width":93,"height":8}},{"id":"b95a1555-13e6-4c5f-99be-a742bc92b841","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":43,"box":{"x":550,"y":848,"width":379,"height":11}},{"id":"9823927e-c3c3-42c6-a1e5-26ce7cd6409b","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":43,"box":{"x":549,"y":862,"width":411,"height":11}},{"id":"1760c221-ff54-4a1f-8e99-ca5beb1a5f43","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":43,"box":{"x":550,"y":877,"width":395,"height":10}},{"id":"70235325-ddc8-46b0-ba2b-08c0ce720b94","block_type":"box","text":"S-32","page_number":43,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0010b1ad-e28e-4098-9371-e4b3f1f50c8c","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":44,"box":{"x":84,"y":23,"width":399,"height":11}},{"id":"1dffe15b-90cc-42eb-8a51-7b7ef477ddbc","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":44,"box":{"x":83,"y":37,"width":407,"height":11}},{"id":"ccc2fb3b-2fc6-4848-80f8-b3554bcffadb","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":44,"box":{"x":83,"y":52,"width":409,"height":10}},{"id":"431f515f-4b1e-4309-b797-0d2f0aeb6a9c","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":44,"box":{"x":83,"y":66,"width":412,"height":10}},{"id":"3b6efb33-16a4-4190-8a9f-bc58f2ad26bc","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":44,"box":{"x":83,"y":80,"width":403,"height":11}},{"id":"84eed558-605b-4df5-aa28-ba8fcbe15442","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":44,"box":{"x":83,"y":94,"width":378,"height":11}},{"id":"c8d5f698-0baa-4588-b45c-aa76cf25d436","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":44,"box":{"x":84,"y":108,"width":379,"height":11}},{"id":"342dc6c9-de51-425b-b570-22fb4b0cf241","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":44,"box":{"x":83,"y":122,"width":404,"height":11}},{"id":"b3c4cec5-043a-4a56-ba0a-d9191733e77e","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":44,"box":{"x":83,"y":137,"width":399,"height":10}},{"id":"2d0fe217-914e-4eb2-94e1-a9eca8090d77","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":44,"box":{"x":84,"y":151,"width":391,"height":11}},{"id":"a58b39c2-6a5d-41a9-8284-9b3aeadaca9c","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":44,"box":{"x":83,"y":165,"width":408,"height":11}},{"id":"eaca4686-03cf-415d-b42d-ddc6f16c6987","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":44,"box":{"x":83,"y":179,"width":273,"height":11}},{"id":"f81b48e5-2492-44af-bea2-0a5aad952510","block_type":"box","text":"Concentration Risk.","page_number":44,"box":{"x":83,"y":202,"width":132,"height":9}},{"id":"50979094-3157-4856-95a0-3e903f2bbd57","block_type":"box","text":"The Fund may be susceptible to an","page_number":44,"box":{"x":220,"y":202,"width":222,"height":11}},{"id":"c1d91480-ab96-43a0-8ca7-e5bcb3c0899d","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":44,"box":{"x":83,"y":216,"width":419,"height":11}},{"id":"c9995702-5081-4d27-b2b9-0e947d44d3c6","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":44,"box":{"x":83,"y":231,"width":407,"height":10}},{"id":"35f3ff5c-0cb9-4391-b0df-2249f9a1c670","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":44,"box":{"x":83,"y":245,"width":417,"height":8}},{"id":"4677bbed-6982-46af-a839-90b5f6bf30f5","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":44,"box":{"x":83,"y":259,"width":395,"height":10}},{"id":"2f51f11e-1822-40cb-8c72-03e656c6a7c8","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":44,"box":{"x":83,"y":273,"width":388,"height":11}},{"id":"214816cf-0b16-4af5-98e6-bdc05996e8cc","block_type":"box","text":"asset classes.","page_number":44,"box":{"x":83,"y":288,"width":88,"height":8}},{"id":"df54bdc4-fdec-4942-a74e-00251942d2c3","block_type":"box","text":"Currency Risk","page_number":44,"box":{"x":83,"y":311,"width":95,"height":10}},{"id":"7e3c01a8-ef9a-4a8f-b7af-6e0d7e81d70a","block_type":"box","text":".","page_number":44,"box":{"x":179,"y":317,"width":2,"height":2}},{"id":"2ac801a8-513c-490b-ac8f-a99dd82a98d9","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":44,"box":{"x":187,"y":311,"width":292,"height":8}},{"id":"10bc4cb8-5afa-4b18-a076-adb1a486d81c","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":44,"box":{"x":83,"y":325,"width":388,"height":11}},{"id":"60a74fa4-69cb-43fc-a2eb-7d18c40a2c6a","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":44,"box":{"x":83,"y":339,"width":395,"height":11}},{"id":"f1d16782-2247-4059-89d5-30b5d7835949","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":44,"box":{"x":83,"y":353,"width":415,"height":11}},{"id":"8ab3fc9a-a177-4bc8-997f-2cc6ae82f5a9","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":44,"box":{"x":83,"y":367,"width":404,"height":11}},{"id":"2e6f37a5-25be-451c-b368-d5e7332718cd","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":44,"box":{"x":83,"y":382,"width":394,"height":10}},{"id":"161075be-20b2-4e70-8866-7ebb3f0c5611","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":44,"box":{"x":83,"y":396,"width":398,"height":11}},{"id":"835c4c1f-02aa-464d-8e41-d510dd17f705","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":44,"box":{"x":83,"y":410,"width":392,"height":11}},{"id":"1bbf45a9-e117-4aa7-b270-c1f07f2f1506","block_type":"box","text":"dollars and foreign currencies.","page_number":44,"box":{"x":83,"y":424,"width":193,"height":11}},{"id":"9e8195cb-f523-4b54-bf42-42a010b6c40e","block_type":"box","text":"Financial Companies Risk","page_number":44,"box":{"x":83,"y":447,"width":174,"height":11}},{"id":"86803960-c719-43f5-9099-229c094635e8","block_type":"box","text":".","page_number":44,"box":{"x":257,"y":454,"width":3,"height":2}},{"id":"d287b134-84c1-4e44-b788-79becc446a93","block_type":"box","text":"Financial services companies are","page_number":44,"box":{"x":266,"y":447,"width":211,"height":11}},{"id":"81be6993-7548-42d4-a274-5585e3ffc20f","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":44,"box":{"x":83,"y":461,"width":400,"height":11}},{"id":"13e3aad3-e798-4657-9db9-2f5ae92f9b9a","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":44,"box":{"x":82,"y":476,"width":405,"height":10}},{"id":"2d878658-29a9-42a5-ae0d-be08e8ba9cd8","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":44,"box":{"x":83,"y":490,"width":405,"height":11}},{"id":"aed09795-008e-4886-a4f4-1d9297a0f7a8","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":44,"box":{"x":83,"y":504,"width":385,"height":11}},{"id":"b1ab83f1-804b-4e77-94d2-e5c31396ecdc","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":44,"box":{"x":83,"y":518,"width":395,"height":11}},{"id":"b7bd0f5f-3405-4201-8aa1-4d3fcfd6cb40","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":44,"box":{"x":83,"y":532,"width":367,"height":11}},{"id":"5df54434-d229-46dd-ba4f-4e168aa79eff","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":44,"box":{"x":83,"y":547,"width":343,"height":10}},{"id":"d9458086-4ba0-4748-84ce-6df77ea98aad","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":44,"box":{"x":83,"y":561,"width":410,"height":11}},{"id":"d1878466-2e6f-4ef8-a070-67d8ae0b6522","block_type":"box","text":"and counterparty risk.","page_number":44,"box":{"x":83,"y":575,"width":140,"height":11}},{"id":"337f9056-61a1-411c-a6a7-eb367fec957f","block_type":"box","text":"Industrial Companies Risk.","page_number":44,"box":{"x":83,"y":598,"width":180,"height":11}},{"id":"f6c4633f-4c66-475d-980b-8038f506a590","block_type":"box","text":"Industrial companies face a number","page_number":44,"box":{"x":270,"y":598,"width":229,"height":11}},{"id":"2064757b-e2bf-432b-afb0-4959e01a3ba4","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":44,"box":{"x":83,"y":612,"width":378,"height":11}},{"id":"a0730392-204e-4fe2-8a65-30061f6079b0","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":44,"box":{"x":83,"y":626,"width":415,"height":11}},{"id":"8058f576-4385-4564-96d2-ebb7647fdc16","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":44,"box":{"x":83,"y":641,"width":380,"height":10}},{"id":"82552e22-49a7-4ada-984e-47ae970ea3e9","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":44,"box":{"x":83,"y":655,"width":418,"height":11}},{"id":"6b7653f8-9a40-47b6-8ce7-36bfab29cc04","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":44,"box":{"x":83,"y":669,"width":393,"height":11}},{"id":"e1dcb31c-c111-43f7-a94e-2451a5727f91","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":44,"box":{"x":83,"y":683,"width":388,"height":11}},{"id":"6ad5a0aa-2c6e-418c-a538-731a5e0905f4","block_type":"box","text":"affected by technological developments, labor relations,","page_number":44,"box":{"x":83,"y":697,"width":358,"height":11}},{"id":"ebc62165-3222-4b78-98db-95d0e99b5f86","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":44,"box":{"x":83,"y":712,"width":420,"height":10}},{"id":"14ac6fc7-aced-4c7d-a10d-2554a09342ab","block_type":"box","text":"and changes in domestic and international economies.","page_number":44,"box":{"x":83,"y":726,"width":348,"height":11}},{"id":"e6ca562c-7345-4beb-b04d-4cd58f141e74","block_type":"box","text":"Issuer Risk","page_number":44,"box":{"x":83,"y":749,"width":75,"height":8}},{"id":"6629ba7b-4ba1-4a5d-b3ce-59e6940b6be7","block_type":"box","text":".","page_number":44,"box":{"x":158,"y":755,"width":3,"height":2}},{"id":"642ee50b-7fe6-4e0f-8a5c-6e7d8b751461","block_type":"box","text":"The performance of the Fund depends on the","page_number":44,"box":{"x":166,"y":749,"width":288,"height":11}},{"id":"e2e754de-dfca-4da6-9cc8-29b4908647f5","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":44,"box":{"x":83,"y":763,"width":412,"height":11}},{"id":"e9cd21a3-b9db-486a-9504-0013d1ede301","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":44,"box":{"x":84,"y":777,"width":401,"height":11}},{"id":"1c99c6d6-e266-4639-91b1-7882e0fdeb6b","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":44,"box":{"x":83,"y":791,"width":418,"height":11}},{"id":"baeda44c-9573-4cad-b3d8-3a1264610344","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":44,"box":{"x":83,"y":806,"width":414,"height":10}},{"id":"ea4eac95-f9e2-4016-ad39-6360c9568e6e","block_type":"box","text":"counterparty.","page_number":44,"box":{"x":83,"y":821,"width":84,"height":10}},{"id":"36f28ece-66f5-4c8d-b1df-eed20f9e157b","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":44,"box":{"x":83,"y":843,"width":252,"height":11}},{"id":"6858b9d3-4cf6-49cb-8a5d-e4879a1dcbb0","block_type":"box","text":"Large-capitalization","page_number":44,"box":{"x":342,"y":843,"width":124,"height":11}},{"id":"d7f7f6ea-117c-4772-bd47-899e89e92fcc","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":44,"box":{"x":83,"y":857,"width":352,"height":11}},{"id":"46599495-2977-4a09-8e6c-ade0a50ec69d","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":44,"box":{"x":83,"y":871,"width":352,"height":11}},{"id":"ac9b84fa-94cc-45cc-9f0e-34ddbdbe0a46","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":44,"box":{"x":549,"y":23,"width":405,"height":11}},{"id":"605c0c6d-e2c1-4ceb-88cb-066c46cb3a75","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":44,"box":{"x":549,"y":37,"width":371,"height":11}},{"id":"7fe71450-ecee-4d67-9345-599f4c468245","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":44,"box":{"x":549,"y":52,"width":340,"height":10}},{"id":"316a0151-0b64-44bc-9a6c-c55016b949e4","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":44,"box":{"x":549,"y":66,"width":390,"height":11}},{"id":"57cf506b-928d-435e-b418-09d4099fbefe","block_type":"box","text":"overall performance of the broader securities markets.","page_number":44,"box":{"x":549,"y":80,"width":349,"height":11}},{"id":"a7c07af1-57ba-4fb1-a76d-2f630c607208","block_type":"box","text":"Management Risk","page_number":44,"box":{"x":549,"y":103,"width":123,"height":11}},{"id":"2e77722c-6d84-4acf-8d92-5486062d6f29","block_type":"box","text":".","page_number":44,"box":{"x":672,"y":110,"width":2,"height":1}},{"id":"72c1cc27-f984-45d1-92de-d552dff790f7","block_type":"box","text":"The Fund generally does not attempt to take","page_number":44,"box":{"x":679,"y":103,"width":283,"height":11}},{"id":"006dc555-6311-4f60-90c9-9a7373cde7ec","block_type":"box","text":"defensive positions under any market conditions, including","page_number":44,"box":{"x":549,"y":117,"width":376,"height":11}},{"id":"85f9b133-3d5d-4eb0-8d87-6c4bd67e7ed6","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":44,"box":{"x":549,"y":131,"width":362,"height":11}},{"id":"8bcbc2fd-3db4-42cf-98d6-f8dde7a0fb35","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":44,"box":{"x":550,"y":146,"width":387,"height":10}},{"id":"c8cd2bc6-c1c1-4e55-8a60-fe3e5f484f8f","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":44,"box":{"x":549,"y":160,"width":409,"height":11}},{"id":"f63e9f09-2a96-4d8a-9337-b848fecee865","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":44,"box":{"x":549,"y":174,"width":419,"height":11}},{"id":"40565b49-e388-420f-8311-885ea168f29c","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":44,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"d751affb-01f0-40a9-9261-44a3b5f8d71c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":44,"box":{"x":549,"y":202,"width":403,"height":11}},{"id":"1ead342f-de34-4c3b-897b-1ef7d4f68813","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":44,"box":{"x":549,"y":217,"width":323,"height":10}},{"id":"2643fb1d-5f83-4377-a50c-64f45fda39ee","block_type":"box","text":"Market Trading Risk","page_number":44,"box":{"x":549,"y":240,"width":136,"height":10}},{"id":"d567d3e0-cf13-4a20-ac77-c9373005d133","block_type":"box","text":".","page_number":44,"box":{"x":685,"y":246,"width":2,"height":2}},{"id":"bde2fbdc-2d8e-4a87-bcf2-ab47ecc7b0a5","block_type":"box","text":"The Fund faces numerous market trading","page_number":44,"box":{"x":692,"y":240,"width":264,"height":11}},{"id":"1d807082-6733-4019-b4bf-c9059655a9b7","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":44,"box":{"x":549,"y":254,"width":394,"height":11}},{"id":"a4bbd3fd-66ff-428b-84ac-dc7625a11a67","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":44,"box":{"x":549,"y":268,"width":401,"height":11}},{"id":"328ee7a1-1fd3-4379-a59d-3114d449c885","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":44,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"011c5395-30dc-4747-afad-0cf5aee56d73","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":44,"box":{"x":549,"y":296,"width":416,"height":11}},{"id":"90eb681d-6b9a-44ef-85ac-8d443583b33f","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":44,"box":{"x":549,"y":311,"width":404,"height":10}},{"id":"dc96e38c-643d-4290-bae6-4cbcce5d4a73","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":44,"box":{"x":549,"y":325,"width":411,"height":11}},{"id":"62f252e0-ae59-4323-af88-56f6aa23dd36","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":44,"box":{"x":549,"y":339,"width":397,"height":11}},{"id":"673f8983-fd11-4fad-acc4-d6547ffaa737","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":44,"box":{"x":549,"y":353,"width":419,"height":11}},{"id":"b8d8738a-7847-45b5-b925-15429815850a","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":44,"box":{"x":549,"y":367,"width":413,"height":11}},{"id":"c6866a4a-1f74-4862-b651-7b7fac3113a4","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":44,"box":{"x":549,"y":381,"width":397,"height":11}},{"id":"f298a4cd-eccd-43e0-aa45-a237ba4fbadf","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":44,"box":{"x":549,"y":396,"width":316,"height":11}},{"id":"49566e41-31c8-4d75-9bcc-8b13d3175022","block_type":"box","text":"National Closed Market Trading Risk.","page_number":44,"box":{"x":549,"y":419,"width":250,"height":11}},{"id":"46dc28c3-a3bc-419c-8b0d-25879226b8ef","block_type":"box","text":"To the extent that","page_number":44,"box":{"x":805,"y":419,"width":113,"height":8}},{"id":"a363bf54-14c9-477a-a6f1-e485c1c4c7f4","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":44,"box":{"x":549,"y":433,"width":378,"height":11}},{"id":"fc1902bc-608b-4764-b9a4-38d71ac50851","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":44,"box":{"x":549,"y":447,"width":393,"height":11}},{"id":"0725e7d8-3ada-44cd-9945-4fd937aaaae7","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":44,"box":{"x":549,"y":461,"width":396,"height":11}},{"id":"d8d3e487-46b8-493d-9f32-95d37d879f6e","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":44,"box":{"x":549,"y":476,"width":392,"height":10}},{"id":"d1c64f0f-ebb1-42bf-9e74-685cc62c4f52","block_type":"box","text":"price and its last quoted price (","page_number":44,"box":{"x":549,"y":490,"width":198,"height":11}},{"id":"7bd43ed0-5636-4e12-be66-47b0e0bd87f5","block_type":"box","text":"i.e","page_number":44,"box":{"x":748,"y":490,"width":14,"height":8}},{"id":"9848ae67-6920-4333-96ae-e228fe4981b8","block_type":"box","text":"., the quote from the closed","page_number":44,"box":{"x":764,"y":490,"width":176,"height":11}},{"id":"5b8302d9-a6f8-492f-bc4a-749173b6cf50","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":44,"box":{"x":549,"y":504,"width":376,"height":11}},{"id":"707bc79e-254c-4807-a1a9-9392546cbb1e","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":44,"box":{"x":549,"y":518,"width":420,"height":11}},{"id":"fdefda5c-44d0-41ff-afa8-59ea15487238","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":44,"box":{"x":549,"y":532,"width":403,"height":11}},{"id":"e47acbe8-68d9-4cea-b207-a4d935c41e78","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":44,"box":{"x":549,"y":546,"width":360,"height":11}},{"id":"f3323422-e670-48c8-bb31-12be036b4a96","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":44,"box":{"x":549,"y":561,"width":398,"height":10}},{"id":"ffffb062-0fb5-4974-9fec-53cd483003cd","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":44,"box":{"x":550,"y":575,"width":410,"height":11}},{"id":"4f8c6c18-c070-4603-8b07-fe4b5ca5f7c9","block_type":"box","text":"Non-Diversification Risk","page_number":44,"box":{"x":549,"y":598,"width":165,"height":9}},{"id":"c4193b95-61c7-49d8-91f8-97dd58573b6e","block_type":"box","text":".","page_number":44,"box":{"x":714,"y":605,"width":2,"height":1}},{"id":"1b49e3b4-423b-4227-8805-8e9dda1f73ca","block_type":"box","text":"The Fund is classified as “non","page_number":44,"box":{"x":721,"y":598,"width":194,"height":9}},{"id":"0f6577ca-9a26-441f-ab83-e62adf27dec9","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":44,"box":{"x":549,"y":612,"width":377,"height":11}},{"id":"85a39685-45cd-41a3-aa3a-04fda66dc25d","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":44,"box":{"x":549,"y":626,"width":358,"height":11}},{"id":"3abdebf5-5a50-4cfc-94ad-751638baceb8","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":44,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"74a80eb0-0d8c-4415-a7ff-7492f7373e67","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":44,"box":{"x":549,"y":655,"width":423,"height":11}},{"id":"e9c93dbb-2db1-461f-b9d7-173544c39ac6","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":44,"box":{"x":549,"y":669,"width":379,"height":11}},{"id":"e1e51fed-b5ae-49dc-bae8-cba99eb005d8","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":44,"box":{"x":549,"y":683,"width":375,"height":11}},{"id":"ffc5da35-eee7-4452-be2b-1d16e7307f95","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":44,"box":{"x":549,"y":697,"width":418,"height":11}},{"id":"16fffa0e-2b44-4c00-b7ec-3d92e37e6b93","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":44,"box":{"x":549,"y":712,"width":418,"height":10}},{"id":"782657d7-affe-401f-84d4-3f1e5fdcb2d8","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":44,"box":{"x":549,"y":726,"width":210,"height":11}},{"id":"84856dd5-523c-4e2f-924c-67ed5c84b2bb","block_type":"box","text":"Operational and Technology Risks","page_number":44,"box":{"x":549,"y":749,"width":230,"height":11}},{"id":"f0c79e28-ec1d-4743-b9cf-dbe30df4877b","block_type":"box","text":".","page_number":44,"box":{"x":780,"y":755,"width":2,"height":2}},{"id":"0c82baf2-3401-4e06-a65e-e6cc535f24d6","block_type":"box","text":"The Fund is directly and","page_number":44,"box":{"x":787,"y":749,"width":152,"height":11}},{"id":"7a537e3f-f906-4ed5-b7d3-9cf0370ca3e4","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":44,"box":{"x":549,"y":763,"width":368,"height":11}},{"id":"e7e3efba-90e5-49a0-bc3d-614a2ac4d119","block_type":"box","text":"including those related to human errors, processing errors,","page_number":44,"box":{"x":549,"y":777,"width":376,"height":11}},{"id":"0627792b-f0f2-42c3-ab15-5a0ea5e9ec76","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":44,"box":{"x":549,"y":791,"width":413,"height":11}},{"id":"37e8a231-19bc-40a3-8aa4-e575231e03e0","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":44,"box":{"x":549,"y":806,"width":404,"height":10}},{"id":"3c0b5b16-99c5-430f-92bb-ba633b5f69e0","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":44,"box":{"x":549,"y":820,"width":401,"height":11}},{"id":"815b973d-6652-497d-a7db-c7f75d5d1db7","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":44,"box":{"x":549,"y":834,"width":377,"height":11}},{"id":"3154b89a-47ab-4dc0-9986-69530003be95","block_type":"box","text":"providers are required to have appropriate operational,","page_number":44,"box":{"x":549,"y":848,"width":350,"height":11}},{"id":"64056f43-3b23-48b4-9023-65a82ef20903","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":44,"box":{"x":549,"y":862,"width":414,"height":11}},{"id":"c334f3a0-1e81-4c05-9d46-a6a3db3c8f47","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":44,"box":{"x":549,"y":877,"width":397,"height":10}},{"id":"616a5f1c-d129-4c25-bdb4-14060db44844","block_type":"box","text":"S-33","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a436ebff-15e5-4ca4-a708-00f0f96b349a","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":45,"box":{"x":82,"y":23,"width":411,"height":11}},{"id":"2676e9e9-fc76-44ae-bcdd-95945ccfbead","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":45,"box":{"x":83,"y":37,"width":391,"height":9}},{"id":"1e13e84a-4279-4ac9-9514-43e5a89a801b","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":45,"box":{"x":83,"y":51,"width":421,"height":11}},{"id":"d571ae22-cc1a-4fa9-926b-877fe8a8aa16","block_type":"box","text":"investments in such issuers to lose value.","page_number":45,"box":{"x":83,"y":66,"width":264,"height":8}},{"id":"5f3ae67c-6b54-402c-aa95-f16fdbb7c4ed","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":45,"box":{"x":83,"y":89,"width":228,"height":11}},{"id":"18215c74-75d1-4320-bd4b-a443385ce310","block_type":"box","text":".","page_number":45,"box":{"x":311,"y":95,"width":2,"height":2}},{"id":"a526f5f1-9eb4-43c4-8d2e-ea7d48baa746","block_type":"box","text":"The Fund invests in a country","page_number":45,"box":{"x":318,"y":89,"width":188,"height":11}},{"id":"353777f0-40ee-4de7-b898-3f19c8abbe66","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":45,"box":{"x":82,"y":103,"width":381,"height":11}},{"id":"7e34fc27-07b1-411d-bd72-81fc6e32581f","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":45,"box":{"x":83,"y":117,"width":380,"height":11}},{"id":"12d1ead2-e9ed-4177-9439-0c1d501925b4","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":45,"box":{"x":83,"y":131,"width":370,"height":11}},{"id":"2221bab8-8be6-4b36-be6f-2a59bac349f9","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":45,"box":{"x":83,"y":146,"width":403,"height":10}},{"id":"d95e3a51-cfa6-4c7d-80b0-77bd306b0894","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":45,"box":{"x":82,"y":160,"width":326,"height":11}},{"id":"407eb8e9-a7ad-493f-b761-5c9a0846c53d","block_type":"box","text":"and","page_number":45,"box":{"x":413,"y":160,"width":22,"height":8}},{"id":"13e5231e-729c-4540-9051-f7ab4d41ec2d","block_type":"box","text":"U.S.","page_number":45,"box":{"x":441,"y":160,"width":26,"height":8}},{"id":"6b986dfa-5f69-4624-8901-23eedb6ede4c","block_type":"box","text":"Economic Risk","page_number":45,"box":{"x":83,"y":174,"width":101,"height":8}},{"id":"5a16b179-df9f-4d22-8e82-e0868a67d222","block_type":"box","text":".","page_number":45,"box":{"x":186,"y":181,"width":1,"height":1}},{"id":"83984407-b5a4-43ba-b448-e0bbf268d4e2","block_type":"box","text":"Securities Lending Risk.","page_number":45,"box":{"x":82,"y":197,"width":162,"height":11}},{"id":"4ca4661e-8c5f-4451-a74e-270c56bd65bb","block_type":"box","text":"The Fund may engage in securities","page_number":45,"box":{"x":249,"y":197,"width":221,"height":11}},{"id":"fce6237d-d534-4653-9888-13fb0a2f713c","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":45,"box":{"x":83,"y":211,"width":396,"height":11}},{"id":"8980e96e-6514-475d-b55a-fd2fde8ff87e","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":45,"box":{"x":83,"y":226,"width":418,"height":10}},{"id":"4fdeda5a-aa25-4f9e-9d2b-7c4a19fb894d","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":45,"box":{"x":83,"y":240,"width":408,"height":11}},{"id":"6fc484d6-f62e-4fd7-bd21-b15b321db898","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":45,"box":{"x":83,"y":254,"width":416,"height":11}},{"id":"d99574e4-c88e-40ca-8cc6-7c78c15ada2e","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":45,"box":{"x":83,"y":268,"width":389,"height":11}},{"id":"17de83ee-b3ac-438c-ab14-23ea54209655","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":45,"box":{"x":83,"y":282,"width":406,"height":9}},{"id":"4fe1f93b-2644-472b-bc69-dec37f3b5281","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":45,"box":{"x":83,"y":296,"width":301,"height":11}},{"id":"a5128809-4875-44a1-a6a6-fad68b528f88","block_type":"box","text":"Technology Companies Risk","page_number":45,"box":{"x":84,"y":320,"width":190,"height":10}},{"id":"3a7934c1-d3a5-4e53-8139-a3e669449057","block_type":"box","text":".","page_number":45,"box":{"x":274,"y":326,"width":2,"height":2}},{"id":"e74c89b2-5709-48e8-9135-96ee6891eaed","block_type":"box","text":"Technology companies and","page_number":45,"box":{"x":281,"y":320,"width":172,"height":10}},{"id":"2abe775c-6459-4ded-bb65-c60a7a0fc11e","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":45,"box":{"x":83,"y":334,"width":412,"height":11}},{"id":"fd1c97aa-9da5-4875-9751-213583fbd15b","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":45,"box":{"x":83,"y":348,"width":414,"height":11}},{"id":"8bc317da-23b5-4b71-9934-789bb5c390b6","block_type":"box","text":"and personnel. These companies typically face intense","page_number":45,"box":{"x":83,"y":362,"width":348,"height":11}},{"id":"babfcdba-82dc-4ec4-8a87-82f78c644008","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":45,"box":{"x":83,"y":376,"width":418,"height":11}},{"id":"fb817c45-82df-4505-82ad-4ea2ce50ae7e","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":45,"box":{"x":83,"y":391,"width":381,"height":10}},{"id":"c89d62e6-ca51-4153-a1ff-a0fd566d4920","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":45,"box":{"x":83,"y":405,"width":367,"height":11}},{"id":"979a0be8-d902-449a-b842-ff638ede084c","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":45,"box":{"x":83,"y":419,"width":423,"height":11}},{"id":"6887227f-75d8-4886-aeab-e2407d652687","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":45,"box":{"x":82,"y":433,"width":369,"height":11}},{"id":"ecd2c92b-82ec-4beb-a9a1-c5ca4a3a9f81","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":45,"box":{"x":83,"y":447,"width":384,"height":11}},{"id":"e4d8fe88-a77e-43e0-a565-dbadec6b19ca","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":45,"box":{"x":83,"y":461,"width":384,"height":11}},{"id":"241892ad-096f-4712-a645-1a41f73b168c","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":45,"box":{"x":83,"y":476,"width":397,"height":10}},{"id":"dc4449ac-faa2-4a7f-ad16-3ceca47909b5","block_type":"box","text":"government or legal action.","page_number":45,"box":{"x":83,"y":490,"width":174,"height":11}},{"id":"85fa13a5-e291-4835-ab5e-7722bff1c265","block_type":"box","text":"Tracking Error Risk","page_number":45,"box":{"x":84,"y":513,"width":128,"height":11}},{"id":"b4dfd0b4-0936-4a27-8b60-5fdc349670f9","block_type":"box","text":".","page_number":45,"box":{"x":212,"y":520,"width":2,"height":1}},{"id":"f32f5c39-920b-4e3b-ab9a-3b172cef541e","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":45,"box":{"x":219,"y":513,"width":284,"height":11}},{"id":"61e66bf1-cd21-41c2-bb09-158fcba76435","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":45,"box":{"x":82,"y":527,"width":405,"height":11}},{"id":"315277c7-47ba-470d-a58c-f9bea2ad49f4","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":45,"box":{"x":83,"y":541,"width":425,"height":11}},{"id":"510110d7-3239-4df6-aeaa-39922873d20d","block_type":"box","text":"factors, including differences between the securities and other","page_number":45,"box":{"x":82,"y":556,"width":402,"height":10}},{"id":"008e75ee-aff2-4792-bf78-5f5be0cc14df","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":45,"box":{"x":83,"y":570,"width":381,"height":10}},{"id":"6c0b4298-fde9-4368-a76b-c8c81a05edce","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":45,"box":{"x":550,"y":23,"width":396,"height":11}},{"id":"d5cd0f2c-d9ad-473a-8d51-e8cb1ad569ac","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":45,"box":{"x":549,"y":37,"width":407,"height":10}},{"id":"9fa5f855-f70d-40de-b5a1-b5cf2534c0a9","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":45,"box":{"x":549,"y":52,"width":400,"height":10}},{"id":"a637a7b3-7729-4eee-bc60-f711b76cec4c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":45,"box":{"x":549,"y":66,"width":421,"height":11}},{"id":"c727df89-6a44-44a2-ae70-86fee83a6b7c","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":45,"box":{"x":549,"y":80,"width":374,"height":11}},{"id":"21126af8-40a1-46d9-85c9-2a4c16b0ad50","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":45,"box":{"x":549,"y":94,"width":370,"height":11}},{"id":"48b9d2a6-08ac-427f-9533-3ae3b6328124","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":45,"box":{"x":549,"y":108,"width":372,"height":11}},{"id":"9b6f82da-4b4a-4e69-8b49-2e6875f82d57","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":45,"box":{"x":549,"y":122,"width":420,"height":11}},{"id":"fcb28127-2bf7-4d63-b5ee-767a904b92da","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":45,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"7f54789a-d09b-45ce-8423-f88e6102c222","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":45,"box":{"x":549,"y":151,"width":377,"height":11}},{"id":"e0f4e277-49a2-49bc-8438-f5e467a4e498","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":45,"box":{"x":549,"y":165,"width":380,"height":11}},{"id":"8744c41a-5e24-4bb4-8bad-e91c96341f98","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":45,"box":{"x":549,"y":179,"width":366,"height":11}},{"id":"b75e1fd0-5eb1-452d-bfa6-1413d6f48a9b","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":45,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"1aa1a054-753b-4cc4-b501-72dd9474f997","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":45,"box":{"x":550,"y":207,"width":386,"height":11}},{"id":"71618740-4e54-4737-866d-d6cb6107e966","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":45,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"b1db229b-32f8-4e92-aae7-5440af667b07","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":45,"box":{"x":549,"y":236,"width":420,"height":11}},{"id":"8b4e0bae-f58a-4e52-aa0c-ec0dfb67355f","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":45,"box":{"x":549,"y":250,"width":383,"height":8}},{"id":"c35e47e0-2bf1-46bb-b7ac-df5572f5944a","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":45,"box":{"x":549,"y":264,"width":390,"height":11}},{"id":"4ba2647c-2083-4724-ae49-4379367f2b47","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":45,"box":{"x":549,"y":278,"width":299,"height":9}},{"id":"6a57189a-aeee-427f-89df-3b3c7fa5dbe4","block_type":"box","text":"Valuation Risk","page_number":45,"box":{"x":550,"y":302,"width":96,"height":8}},{"id":"f68952d7-64a4-42c2-89b0-e6fa70421847","block_type":"box","text":".","page_number":45,"box":{"x":646,"y":308,"width":2,"height":2}},{"id":"cdafefa9-00a3-4f19-8a68-d57b7bb237ca","block_type":"box","text":"The price that the Fund could receive upon the","page_number":45,"box":{"x":653,"y":302,"width":298,"height":10}},{"id":"a3a16e53-7590-414d-8a32-399811a60e38","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":45,"box":{"x":549,"y":316,"width":408,"height":11}},{"id":"8efab3d9-9902-4286-b23d-6e07c9f36bdc","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":45,"box":{"x":549,"y":330,"width":355,"height":11}},{"id":"75164083-78e0-4f80-8d50-a24f2dbf2344","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":45,"box":{"x":549,"y":344,"width":418,"height":11}},{"id":"64461dff-13d4-477d-bb7e-3d3e82dd2659","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":45,"box":{"x":549,"y":358,"width":347,"height":11}},{"id":"94d13c84-1823-4ada-984d-fed50c1eaffe","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":45,"box":{"x":549,"y":372,"width":418,"height":11}},{"id":"68c65d97-baf2-41f6-84bb-eaaec0291807","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":45,"box":{"x":549,"y":387,"width":406,"height":10}},{"id":"75ccd14f-3d47-4391-b86e-fa8b6738c0a6","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":45,"box":{"x":549,"y":401,"width":411,"height":11}},{"id":"fab78dde-a131-43c0-ac27-61b77038b876","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":45,"box":{"x":549,"y":415,"width":392,"height":11}},{"id":"ee9a5636-59ba-467a-a14c-529f92785418","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":45,"box":{"x":549,"y":429,"width":414,"height":11}},{"id":"a59fa3c7-c9f3-4b55-af05-3c8d5e8aa2e1","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":45,"box":{"x":549,"y":443,"width":394,"height":11}},{"id":"49c950ad-f463-4195-bc8b-043e71eb8438","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":45,"box":{"x":548,"y":458,"width":383,"height":10}},{"id":"21f7d2a5-e9a6-4bb3-b99d-bdf3e51ac327","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":45,"box":{"x":549,"y":472,"width":414,"height":11}},{"id":"aca17abe-1308-4bc9-b58a-3ee0113be07b","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":45,"box":{"x":549,"y":486,"width":392,"height":8}},{"id":"dbbb098a-9e83-40d5-8434-c6fe8922d9bb","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":45,"box":{"x":548,"y":500,"width":425,"height":11}},{"id":"d51e66bd-2d70-439e-9ce2-eced095cc844","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":45,"box":{"x":548,"y":514,"width":400,"height":11}},{"id":"9958e3ad-8951-4df8-9cdf-6fd8b2feb814","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":45,"box":{"x":549,"y":529,"width":405,"height":10}},{"id":"7a713dbb-7f7f-4522-acfa-f96f47c14ad7","block_type":"box","text":"S-34","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d355d1d3-90c0-4b8d-aac1-25ef59d0f2f4","block_type":"box","text":"Performance Information","page_number":46,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"949a179a-fffb-48be-8e1f-6f5fb66463f5","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":46,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"44055cdb-7e51-45f3-b0db-c5953a6c1089","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":46,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"b3f45007-2a1f-4738-a83d-74ba5e6c0544","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":46,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"e4c3710f-f1fa-437b-86df-bb6456ce0e95","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":46,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"52cf7ab7-ff89-4e29-8cd8-76593e33b2e1","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":46,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"6d034cae-a0bb-4093-b86b-f7933c1f0691","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":46,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"d4da65f3-4b53-4f13-9d71-f4e1b66e336e","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":46,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"7b2ce015-c6eb-440e-93a9-c647f39f665f","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":46,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"c30ef253-faa6-4f85-a349-1e33f5e127be","block_type":"box","text":"45%","page_number":46,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"56559f53-94e1-4a0e-aade-7647d408c8a6","block_type":"box","text":"30%","page_number":46,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"146018df-769d-4d20-9609-8fc416b626d2","block_type":"box","text":"15%","page_number":46,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"c5102277-5f61-4fcb-bcba-6285600338a8","block_type":"box","text":"0%","page_number":46,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"3a315475-a57c-4b88-85dd-6f7868915f4e","block_type":"box","text":"-15%","page_number":46,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"ac70ee1d-d773-4f0c-a77e-92d31de3965e","block_type":"box","text":"-30%","page_number":46,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"e4596ca0-5d43-4507-97e2-3a18bddcc732","block_type":"box","text":"2","page_number":46,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"11f87e99-5a25-433d-ad43-e681da6f63dc","block_type":"box","text":"0","page_number":46,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"515ec180-97e7-45ce-afaa-08fc624a7da8","block_type":"box","text":"1","page_number":46,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"701a0c2b-4b0b-4755-a6c8-83d397feade2","block_type":"box","text":"5","page_number":46,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"f65b3f5a-834e-43fa-b2c4-08fef56aa30c","block_type":"box","text":"2","page_number":46,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"620903a3-c590-47e2-8a5f-48e5aed818c6","block_type":"box","text":"0","page_number":46,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"22771d0a-ea5d-47d8-9f0f-e4b0aa292d58","block_type":"box","text":"1","page_number":46,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"078e30e1-321e-4f8e-a84e-3a2308fa79d0","block_type":"box","text":"6","page_number":46,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"c9028bb8-9986-46c3-82ab-0d3915425adc","block_type":"box","text":"2","page_number":46,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"b130873c-fc91-4f88-82ba-31a99d29c468","block_type":"box","text":"0","page_number":46,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"59ec9109-b8e9-45d0-86f3-4816ac0e0905","block_type":"box","text":"17 2","page_number":46,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"57852171-b6e3-4b0b-801e-b67cb49bb188","block_type":"box","text":"0","page_number":46,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"0d5622e8-53eb-43cb-a185-81326badc0e3","block_type":"box","text":"1","page_number":46,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"47da343e-f408-4aa9-b140-5365548e72d3","block_type":"box","text":"8","page_number":46,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"a3806bb3-2b81-46ba-ab65-446ba09f75b4","block_type":"box","text":"2","page_number":46,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"58c2c3c5-eb02-4de1-a69c-82b6995f80ca","block_type":"box","text":"0","page_number":46,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"6ec58181-ee42-4375-9a47-14d5b22a3871","block_type":"box","text":"1","page_number":46,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"72d435fc-0584-4890-a56c-bd713506df5f","block_type":"box","text":"9","page_number":46,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"33fe031e-022d-473f-91b1-8d209aad9991","block_type":"box","text":"2","page_number":46,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"72fd7870-43a4-4ee2-830f-96007d0b1bb9","block_type":"box","text":"0","page_number":46,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"71c92a9a-8b9c-4cff-acf0-587f28207542","block_type":"box","text":"2","page_number":46,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"a4afb9b9-e24e-4558-8859-5143142229e5","block_type":"box","text":"0","page_number":46,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"91d9eafb-179a-4cbf-8ab8-34aa8e29fcff","block_type":"box","text":"2","page_number":46,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"0fdcd153-67e2-4e0d-8a3e-522c5ce887b2","block_type":"box","text":"0","page_number":46,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"4928c9cb-4cb9-44de-bea1-4c557d293a2a","block_type":"box","text":"21 2","page_number":46,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"76e42a80-d055-4b01-a7a6-18abf5c144c7","block_type":"box","text":"0","page_number":46,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"36087be9-ce57-4aa3-bbdc-b0399dd89037","block_type":"box","text":"22 2","page_number":46,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"38c761ac-92ae-4514-99d0-d8df9e3c1d19","block_type":"box","text":"0","page_number":46,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"9bce8098-3f20-479e-84ba-58f46e9b4cd2","block_type":"box","text":"2","page_number":46,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"1625743a-611d-4c55-9c1d-e6653de293f0","block_type":"box","text":"3","page_number":46,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"89fa6601-122d-4a84-8daa-afe7bfebe51a","block_type":"box","text":"2","page_number":46,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"379c386b-39e9-4c6e-8a54-13d9d1aa3ab8","block_type":"box","text":"0","page_number":46,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"0f5c252f-74b6-4407-904d-6f8cf65d2b1c","block_type":"box","text":"2","page_number":46,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"b4a41adb-bfa1-4734-804a-5e8974bba4c8","block_type":"box","text":"4","page_number":46,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"0f162cb5-e2c6-4822-9dc0-747ddaa03dec","block_type":"box","text":"-2.06%","page_number":46,"box":{"x":363,"y":269,"width":28,"height":6}},{"id":"07d5f937-332a-49e4-b9b2-5befa2a35839","block_type":"box","text":"2.58%","page_number":46,"box":{"x":401,"y":249,"width":25,"height":6}},{"id":"05af322c-e736-4cc5-96af-13b28ae5ad8a","block_type":"box","text":"27.44%","page_number":46,"box":{"x":434,"y":216,"width":31,"height":7}},{"id":"b4b7ac8a-432d-4ebc-94fc-9a4083f88d8c","block_type":"box","text":"-22.30%","page_number":46,"box":{"x":468,"y":296,"width":34,"height":6}},{"id":"526bbfe0-8308-4611-be6a-aaba09aee62f","block_type":"box","text":"20.62%","page_number":46,"box":{"x":507,"y":225,"width":30,"height":6}},{"id":"d3ca7418-d9cf-4da3-b627-e5c33484b5fa","block_type":"box","text":"11.34%","page_number":46,"box":{"x":544,"y":237,"width":29,"height":7}},{"id":"9d8e1569-bf96-44b7-8ce6-1449e2e375d9","block_type":"box","text":"4.85%","page_number":46,"box":{"x":582,"y":246,"width":24,"height":6}},{"id":"2e7e1e1c-042a-4ca7-a038-b80d9f05a137","block_type":"box","text":"-22.17%","page_number":46,"box":{"x":613,"y":296,"width":34,"height":6}},{"id":"1b860498-f0c5-4d7b-b0af-2b2892d1ea5f","block_type":"box","text":"22.90%","page_number":46,"box":{"x":651,"y":222,"width":30,"height":6}},{"id":"c4f451df-8ede-45e5-a660-413d4791f580","block_type":"box","text":"10.32%","page_number":46,"box":{"x":689,"y":239,"width":29,"height":6}},{"id":"39b963f9-db6d-4d82-8119-028a850b3bd5","block_type":"box","text":"Return (%) Period Ended","page_number":46,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"5199bcbe-5192-4502-b2ea-60ed031f39a5","block_type":"box","text":"Calendar Year-to-Date Return","page_number":46,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"627aff28-c120-4f6b-a48e-085c14a5cd99","block_type":"box","text":"32.72% September 30, 2025","page_number":46,"box":{"x":559,"y":366,"width":180,"height":9}},{"id":"a1b491f0-d91e-49db-bc29-17f39a665f85","block_type":"box","text":"During the periods shown in the chart:","page_number":46,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"5fcd1f5f-bbcd-4e92-bd73-59bf82b11311","block_type":"box","text":"Best Quarter 26.67% June 30, 2020","page_number":46,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"0c87bb8d-8884-4dca-9f0a-576c1eeed63a","block_type":"box","text":"Worst Quarter -27.07% March 31, 2020","page_number":46,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"583f4ec1-f5fe-4e7d-a05a-cc3e673e2e50","block_type":"box","text":"Average Annual Total Returns","page_number":46,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"ed34ac50-0f62-408d-aeb2-f71cad1dca1f","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":46,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"3c20addf-fbbb-4658-ae2b-a58aae954ef6","block_type":"box","text":"One Year Five Years Ten Years","page_number":46,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"cd9b1b74-7e4c-424f-8a32-c93122eb55b0","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":46,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"e70a6bf8-973f-4964-914f-8f8aee267ebb","block_type":"box","text":"Return Before Taxes","page_number":46,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"246a5a1d-3480-4fb5-a98c-2dd31eb92e3c","block_type":"box","text":"10.32% 4.26% 3.99%","page_number":46,"box":{"x":722,"y":493,"width":198,"height":8}},{"id":"7a3ba7f0-72e6-43ef-b994-8b11e079b3b6","block_type":"box","text":"Return After Taxes on Distributions 10.04% 3.94% 3.70%","page_number":46,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"42ee1940-9815-4e7e-a9a1-5058806583f5","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 6.88% 3.56% 3.38%","page_number":46,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"3aa8e50b-6fe2-494d-ad6f-da35fc2d4a0f","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":46,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"8a0ed00a-9cad-44f6-91ae-08302c140793","block_type":"box","text":"1","page_number":46,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"11843a1e-a7d8-4ab9-b688-8460b2978f62","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":46,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"e2b98aed-d2b6-4ed4-8942-87257a2bd49c","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":46,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"4c59c6db-f094-4357-8b7e-bffeba870217","block_type":"box","text":"MSCI Germany Index (Net)","page_number":46,"box":{"x":124,"y":553,"width":163,"height":9}},{"id":"2475bc1d-6d86-4032-a6e0-f12dbdadae6d","block_type":"box","text":"1","page_number":46,"box":{"x":289,"y":551,"width":3,"height":5}},{"id":"b1f64f83-096c-40ab-8168-386760502a35","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":46,"box":{"x":298,"y":553,"width":352,"height":9}},{"id":"1014ef6a-0b43-4b3e-a6ab-12deeb1da112","block_type":"box","text":"except for withholding taxes on reinvested dividends) 10.22% 4.34% 4.12%","page_number":46,"box":{"x":137,"y":565,"width":783,"height":10}},{"id":"ac05d64c-3dcb-4363-9bf1-78952e744aca","block_type":"box","text":"1","page_number":46,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"9e432aee-7081-4f02-9d95-101a0b5d4420","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":46,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"e8e64226-3d2b-40b6-9baa-b4ba868aa37c","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":46,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"05e3e2bb-34e6-4ec6-b39b-eb70bb30f4e1","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":46,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"f526f982-86d1-45d3-90c6-e852bc2a23e9","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":46,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"202469a0-d6ba-4730-85a0-615a78c27f4b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":46,"box":{"x":82,"y":646,"width":882,"height":11}},{"id":"fe86e5f1-1de8-4e4f-a587-5f4b86ff2705","block_type":"box","text":"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,","page_number":46,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"a6c3894f-e431-41e7-9f64-7d4d2c8dabea","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":46,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"f410e816-9408-447c-8cb7-fd9a6bcb4f6a","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":46,"box":{"x":83,"y":688,"width":855,"height":11}},{"id":"2317163c-a538-4723-9811-09f5764d4236","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":46,"box":{"x":83,"y":703,"width":883,"height":10}},{"id":"a6c4f8e9-75b7-4721-8c4f-1c6c5e90ad56","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":46,"box":{"x":82,"y":717,"width":861,"height":11}},{"id":"a9202647-8223-4ef2-a6a0-6612e029775c","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":46,"box":{"x":83,"y":731,"width":359,"height":10}},{"id":"78b3d83e-3e89-4918-966e-2dffeedfe098","block_type":"box","text":"S-35","page_number":46,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"4aea7dca-be2a-437d-9eae-3b3902c855b5","block_type":"box","text":"Management","page_number":47,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"f9e18a60-2bfd-4632-ad11-fd603ba0583b","block_type":"box","text":"Investment Adviser.","page_number":47,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"b1ec5a01-f735-4868-a40c-77ec972e6077","block_type":"box","text":"BlackRock Fund Advisors.","page_number":47,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"07f2f20f-0484-464f-8e18-159cf113220c","block_type":"box","text":"Portfolio Managers.","page_number":47,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"feed9e0c-2349-464b-ba70-2d8886b57565","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":47,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"a5ef847c-ab7d-4efd-b507-3568da8d01a7","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":47,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"cd3e3c8c-5812-4026-9e39-29b1f23c9d0d","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":47,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"702e89c9-7dac-4f41-a8f8-8e8b84bcf242","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":47,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"33a00dc7-da14-4482-97c0-3b32c794507b","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":47,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"eb6f3f1d-eca7-4ada-b954-2efd05a510ab","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":47,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"f2cecefb-584c-45cc-b265-58ae6a3df17c","block_type":"box","text":"Managers of the Fund since 2025.","page_number":47,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"b9e623d1-275b-4777-966f-99b3ebc332d3","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":47,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"4c70884d-d080-4875-a7f1-c102411045b7","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":47,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"1a9d38b0-2835-417c-9647-c089568c948f","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":47,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"24f1536c-65f8-43d9-a995-17398a1adb4f","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":47,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"efe1f6fa-6353-40a6-85cc-59e6f484ab62","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":47,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"752ed78c-4874-4a2c-a08e-3226073c580b","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":47,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"8238a740-d74b-4e57-afd4-1ee68096162b","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":47,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"c62960ad-d0be-48cd-8f71-c3b544aad458","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":47,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"44342c45-d397-486e-8228-20573e52596a","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":47,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"923609a1-dcc9-41a4-a05c-20015cb6fedf","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":47,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"70a6e65f-2e40-40b0-bc23-6f65941c0b4e","block_type":"box","text":"Tax Information","page_number":47,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"295254c4-5360-4b31-ba13-e3042bd13285","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":47,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"9767f5f2-56f4-4d99-b32a-e97f929b86c9","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":47,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"bc454f64-5aef-42bf-9d4a-3411c5fe888d","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":47,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"d34c0b8f-a6a9-44e6-95c2-92e17d7d07cc","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":47,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"f2cf4a5f-c992-4986-afa9-fabb40a9f580","block_type":"box","text":"withdrawn.","page_number":47,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"29f0a4a4-1c30-4fed-9eec-595383d03b3d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":47,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"1bee15a9-d62e-4e90-a0f9-df791fd1f17c","block_type":"box","text":"Intermediaries","page_number":47,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"43aa4894-0494-4451-a3dc-ca7dbb36a15e","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":47,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"dcdb17c9-2985-445f-9d71-f404e461f50b","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":47,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"646dcfd8-bf00-4eec-999d-ad3037d47776","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":47,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"0ab3c04e-4a30-4f77-974a-9308f540f23a","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":47,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"bbe74995-062c-4f99-a475-cfed43b03107","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":47,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"889054e5-6d43-4527-8a38-86c65cbeea9c","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":47,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"4e9c59bf-09bc-4ed8-9a8b-6052e6c0a67a","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":47,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"5cbc0253-d747-468d-a333-55d086a55c8f","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":47,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"a7bac62f-fd64-495d-9c2c-184e67ba2825","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":47,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"84326b7c-5069-4a77-91fa-7da7effc5a68","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":47,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"9f2851b4-c89e-4041-89b9-d6de8c115646","block_type":"box","text":"information.","page_number":47,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"f70dde69-9528-4ef3-9c92-491665259d30","block_type":"box","text":"S-36","page_number":47,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"52f35b9d-0843-4cf8-9a06-38905c3a390c","block_type":"box","text":"iSHARES","page_number":48,"box":{"x":338,"y":24,"width":119,"height":15}},{"id":"4c644dd2-5815-402c-b73e-5f7c78d57100","block_type":"box","text":"®","page_number":48,"box":{"x":460,"y":17,"width":11,"height":8}},{"id":"cea06680-e2e6-4d28-a058-5b51ae666bb5","block_type":"box","text":"MSCI ISRAEL ETF","page_number":48,"box":{"x":482,"y":24,"width":238,"height":15}},{"id":"f2d7e977-8a75-4e46-8e1b-d4247edc8ce4","block_type":"box","text":"Ticker: EIS Stock Exchange: NYSE Arca","page_number":48,"box":{"x":287,"y":53,"width":478,"height":12}},{"id":"b98df3df-86ff-4f7f-a84c-6fc960a46a8e","block_type":"box","text":"Investment Objective","page_number":48,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"5d0f38b4-2113-41ad-a9dc-3c6d85934a2d","block_type":"box","text":"The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities.","page_number":48,"box":{"x":82,"y":116,"width":842,"height":11}},{"id":"53334cab-ebc9-44d1-9568-f53a6023f788","block_type":"box","text":"Fees and Expenses","page_number":48,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"d99940b4-8cdd-48a5-8b05-27331cfb7139","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":48,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"14e56d0a-db22-4444-9efa-45e9a9f60f66","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":48,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"ae089fca-dde4-44bc-b000-16e2a2049861","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":48,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"f65bbbff-4d53-4708-a580-caf5d7fc4b0c","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":48,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"8c2a3f7b-e2f4-4e3e-9a15-12369b4ba865","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":48,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"132c14c6-b2a9-47ff-aaf0-cf6f42d64c9e","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":48,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"c428888c-709e-4de9-96c4-6266873965e7","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":48,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"c9743196-82eb-490b-af2a-259afcf2f054","block_type":"box","text":"the tables and examples below.","page_number":48,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"c5cbe47b-5058-4510-909f-743c3f9c23c4","block_type":"box","text":"Annual Fund Operating Expenses","page_number":48,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"8d423d04-2234-4546-948e-4e43c72d96ef","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":48,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"5385fd8b-f759-48eb-ab5a-ec77c6aeb7aa","block_type":"box","text":"percentage of the value of your investments)","page_number":48,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"bbc1a7e4-0013-416e-b59f-7bda2fbcf8ab","block_type":"box","text":"1","page_number":48,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"f9887be2-7ec5-455f-940a-cc8e2255228f","block_type":"box","text":"Management","page_number":48,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"79e96e0a-7667-41b1-b779-b807e4e26686","block_type":"box","text":"Fees","page_number":48,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"19f689ba-8fa5-4f1e-9ebe-ea0748e33daf","block_type":"box","text":"Distribution","page_number":48,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"2d56fadd-ed74-4e27-b7bc-eeb64ad330fb","block_type":"box","text":"and Service","page_number":48,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"af38b9b4-dd6f-48ef-b570-bebeb2c82049","block_type":"box","text":"(12b-1) Fees","page_number":48,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"10e333d8-4280-4c6a-8566-87b02a7ec915","block_type":"box","text":"Other","page_number":48,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"ef017918-8428-4d10-843e-d2923d051c2c","block_type":"box","text":"Expenses","page_number":48,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"f19115db-794d-4bed-af98-d95197bdf60f","block_type":"box","text":"Total Annual","page_number":48,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"87ea15d2-0df4-4daf-a8d3-e1db4b0ea83d","block_type":"box","text":"Fund","page_number":48,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"91fdc323-6ad1-48c9-ab9b-8b77178292e2","block_type":"box","text":"Operating","page_number":48,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"ad9f9fb0-b735-4ea9-a5cc-5c3232a7aa3b","block_type":"box","text":"Expenses","page_number":48,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"8fdfc93c-eb3d-4c35-bca5-1380aa0de34e","block_type":"box","text":"0.59% None 0.00% 0.59%","page_number":48,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"245184a9-75e6-4b6d-bcd9-2e27adb9538c","block_type":"box","text":"1","page_number":48,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"dca372e4-00d8-4b8a-a151-c81831490f56","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":48,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"bcde21a8-8664-4705-9dd0-2ad1d37ec0d9","block_type":"box","text":"Example.","page_number":48,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"c979528c-dd41-4217-b6b1-27c7bb961d02","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":48,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"6ed82500-e6b6-44f0-b0a2-e1b959f90217","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":48,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"516a3aed-10dc-4471-86b3-89f4034d2108","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":48,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"28b334dc-4907-44ec-90cc-03d75392c475","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":48,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"2f05df22-8d42-473c-b4ee-1b0a1279d3a3","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":48,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"f7d23127-d2ec-4a20-8b13-753348d5da54","block_type":"box","text":"$60 $189 $329 $738","page_number":48,"box":{"x":202,"y":534,"width":649,"height":9}},{"id":"31264d36-fb73-450b-839f-806ba4947bb9","block_type":"box","text":"Portfolio Turnover.","page_number":48,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"82e6a45e-2995-4c9e-8b57-eec90223c75c","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":48,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"d567319c-d86e-4adf-b7df-ea6ebdc7fd6e","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":48,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"309a7e57-4d26-4784-af65-ad5df9b85909","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":48,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"67b8e3c3-6c31-4e09-8599-0a374f2621ef","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":48,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"34fc6872-bdf7-4b51-8afc-b86e23b4e9de","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":48,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"c0c345ce-4ab0-4425-bcd4-89954d02eda3","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":48,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"8b4960cf-0d70-47ef-86d4-e2f69bccd97b","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":48,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"4a527c7a-0b4e-4301-93c8-6acf5f509239","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 8% of the","page_number":48,"box":{"x":82,"y":673,"width":377,"height":11}},{"id":"17ee1498-bb02-4f63-b1d2-811326b3a59e","block_type":"box","text":"average value of its portfolio.","page_number":48,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"970aa9d9-8f38-4c6a-b643-661bec877f49","block_type":"box","text":"Principal Investment Strategies","page_number":48,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"6d8acba0-a1af-46a3-87bc-ed31c573037b","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Israel","page_number":48,"box":{"x":82,"y":741,"width":419,"height":9}},{"id":"7e0d8942-5676-4291-8bdc-1240844bcf10","block_type":"box","text":"Capped Investable Market Index (IMI) (the “Underlying Index”),","page_number":48,"box":{"x":83,"y":755,"width":401,"height":11}},{"id":"c94acc77-8efd-4e99-b924-6fe0f9373ad8","block_type":"box","text":"which is a free float-adjusted market capitalization-weighted index","page_number":48,"box":{"x":82,"y":770,"width":426,"height":10}},{"id":"73be204f-31df-4714-921e-5cd736cfd7d0","block_type":"box","text":"that is designed to measure the performance of the large-, mid","page_number":48,"box":{"x":83,"y":784,"width":406,"height":11}},{"id":"4b17ce1b-9c5d-482a-90d1-bb7001ac806d","block_type":"box","text":"and small-capitalization segments of the equity market in Israel.","page_number":48,"box":{"x":83,"y":798,"width":408,"height":11}},{"id":"51a8f078-7c5d-4c28-8154-d52056fb5d2a","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization","page_number":48,"box":{"x":82,"y":812,"width":425,"height":11}},{"id":"92facfdf-c240-41f5-b08d-c55f000099fa","block_type":"box","text":"process that aims to minimize the constituent weight differences","page_number":48,"box":{"x":83,"y":826,"width":415,"height":11}},{"id":"90d8ef0f-4687-436f-9037-120e9e9a0677","block_type":"box","text":"between the Underlying Index and the MSCI Israel Index (the","page_number":48,"box":{"x":83,"y":840,"width":388,"height":11}},{"id":"e707e2aa-4f05-4871-84b0-5e7b73102058","block_type":"box","text":"“Parent Index”).","page_number":48,"box":{"x":83,"y":855,"width":99,"height":10}},{"id":"8f41051a-673a-4b4d-a08c-ab3ef1fd78d4","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":48,"box":{"x":549,"y":566,"width":413,"height":11}},{"id":"63152cc8-5664-4889-8b41-60b1478442bd","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":48,"box":{"x":549,"y":580,"width":375,"height":11}},{"id":"e9ab36ba-28e1-4c6b-856b-724f18e2bebc","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":48,"box":{"x":549,"y":594,"width":409,"height":11}},{"id":"4b5bd338-0d40-4192-9809-73ba1b84c8db","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":48,"box":{"x":549,"y":608,"width":422,"height":11}},{"id":"3d191057-7bab-4f22-9c17-07be07f2da5d","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":48,"box":{"x":549,"y":623,"width":421,"height":10}},{"id":"4960b88b-ed23-4682-9af3-e369f16695c9","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":48,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"50ceda32-060e-4670-8474-2f93aa60f640","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":48,"box":{"x":549,"y":651,"width":364,"height":11}},{"id":"a938ade7-3a78-42c0-8f97-48bf7800439b","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":48,"box":{"x":549,"y":665,"width":416,"height":11}},{"id":"945c2ded-b52e-445b-a5b8-39d55c6f0a71","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":48,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"c267638f-9a98-4214-bdf3-0ad0da15ad36","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":48,"box":{"x":549,"y":694,"width":398,"height":10}},{"id":"7b6f6aad-3244-4f9f-9b50-adc73305e726","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":48,"box":{"x":549,"y":708,"width":390,"height":11}},{"id":"55f5e468-ea29-432f-a321-ec2d7836215a","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":48,"box":{"x":549,"y":722,"width":408,"height":11}},{"id":"76b08f88-c901-4aca-b4ab-124a9a616888","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":48,"box":{"x":549,"y":736,"width":411,"height":11}},{"id":"63ebf32f-8e90-4945-87dd-aaa82dfe5584","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":48,"box":{"x":549,"y":750,"width":417,"height":11}},{"id":"ae019c1c-9f36-4681-94f5-c103dc9efe18","block_type":"box","text":"are reviewed on an annual basis.","page_number":48,"box":{"x":549,"y":764,"width":208,"height":9}},{"id":"b5d741de-ed5b-4bc6-af87-466c3e4a01b9","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":48,"box":{"x":549,"y":786,"width":389,"height":11}},{"id":"b289137c-4246-480e-82bf-ffb782828029","block_type":"box","text":"Index is represented by securities of companies in the financials","page_number":48,"box":{"x":550,"y":800,"width":409,"height":11}},{"id":"7d542b32-c989-4076-8a42-4af2380046c9","block_type":"box","text":"and technology industries or sectors. The components of the","page_number":48,"box":{"x":549,"y":815,"width":388,"height":11}},{"id":"b8cf677c-94f3-4482-8bbd-7dbc84c3be2e","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":48,"box":{"x":550,"y":829,"width":302,"height":11}},{"id":"fe132b03-cace-4935-89bc-a3c65bd157e9","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":48,"box":{"x":550,"y":852,"width":376,"height":11}},{"id":"63d83712-d690-413d-a2cf-188cc21009f2","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":48,"box":{"x":549,"y":866,"width":417,"height":11}},{"id":"6b54c620-33cc-45ae-8c8e-c3169455514f","block_type":"box","text":"S-37","page_number":48,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ef42f799-35c5-4341-aa5f-fc12021060df","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":49,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"075077a5-b4ea-40d2-b034-06ca54a3e71c","block_type":"box","text":"markets decline or appear overvalued.","page_number":49,"box":{"x":83,"y":37,"width":244,"height":11}},{"id":"39b9d8c3-fbfe-46a0-bbb4-175384b4458c","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":49,"box":{"x":83,"y":61,"width":421,"height":10}},{"id":"8fc50665-ba45-4a6c-b30c-137744037a04","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":49,"box":{"x":83,"y":75,"width":421,"height":11}},{"id":"7988ba98-d3fa-41fe-887f-336ef85e97a0","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":49,"box":{"x":83,"y":89,"width":386,"height":11}},{"id":"2548b080-289a-4d1c-8641-35fe7f074b68","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":49,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"9c7c379a-4e74-4ee0-86e2-0acd76aed345","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":49,"box":{"x":83,"y":117,"width":356,"height":11}},{"id":"49fb7f46-5b37-4b11-bbdd-297f6afc6a75","block_type":"box","text":"comparison to actively managed investment companies.","page_number":49,"box":{"x":83,"y":131,"width":359,"height":11}},{"id":"ba3e308a-bfb1-4e87-9257-f0941fc27f0e","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":49,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"ee70db42-c46c-4be0-9189-ea317367da64","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":49,"box":{"x":83,"y":169,"width":411,"height":11}},{"id":"a26cf32a-4daf-4e7b-9e1d-203cef050388","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":49,"box":{"x":83,"y":183,"width":424,"height":11}},{"id":"8ca4d2a2-0fa2-4050-b7ef-dd86564ce80e","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":49,"box":{"x":83,"y":197,"width":410,"height":11}},{"id":"6a3f151d-261f-4bab-9d71-e8ce0cd162f3","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":49,"box":{"x":83,"y":211,"width":408,"height":11}},{"id":"cf584392-ebd1-404f-a332-b03346116176","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":49,"box":{"x":83,"y":226,"width":423,"height":10}},{"id":"66308c6e-f3de-41eb-a423-b91d4e1ddbe4","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":49,"box":{"x":83,"y":240,"width":386,"height":11}},{"id":"f449023e-cb1e-4205-b448-c1dc3b12c186","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":49,"box":{"x":82,"y":254,"width":360,"height":11}},{"id":"54cae314-c976-465d-9348-b61ce17b5fc6","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":49,"box":{"x":82,"y":268,"width":414,"height":11}},{"id":"ccf8ac56-50ff-451d-ac72-7756f9d5fd6f","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":49,"box":{"x":83,"y":282,"width":410,"height":11}},{"id":"ff598a8f-c65a-4b09-b5dc-76cb046ec051","block_type":"box","text":"the components of the Underlying Index.","page_number":49,"box":{"x":83,"y":296,"width":259,"height":11}},{"id":"aabe3f10-e947-4076-8187-bda70d610e66","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":49,"box":{"x":82,"y":320,"width":390,"height":10}},{"id":"b57c6f90-f9db-475e-a511-7bd4f2d8fc46","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":49,"box":{"x":83,"y":334,"width":410,"height":11}},{"id":"210a4ea5-1cc4-49b1-a13a-f5f3808beb4e","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":49,"box":{"x":83,"y":348,"width":421,"height":11}},{"id":"df6ce21e-c567-4bfa-8c18-f115e57685ee","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":49,"box":{"x":83,"y":362,"width":335,"height":11}},{"id":"c83d79bb-60e0-430b-a1ae-d930cc616bf7","block_type":"box","text":"i.e","page_number":49,"box":{"x":419,"y":362,"width":14,"height":9}},{"id":"479042db-1220-485b-bd43-734420afb5ec","block_type":"box","text":".,","page_number":49,"box":{"x":435,"y":369,"width":6,"height":3}},{"id":"2151fbea-c770-49a8-8bb8-89ede117b3e4","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":49,"box":{"x":83,"y":376,"width":388,"height":11}},{"id":"663eff4e-3fb2-41ae-a5d5-abdff92dd800","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":49,"box":{"x":83,"y":391,"width":403,"height":10}},{"id":"52493468-91df-40d1-8881-c069e15b8253","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":49,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"604f36a8-1f68-443f-aa27-29662ead1ac7","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":49,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"f4b48db3-cf7a-42e6-9d55-03927808c511","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":49,"box":{"x":82,"y":433,"width":389,"height":11}},{"id":"860db76b-a913-4d2e-9965-d781a65c2e6a","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":49,"box":{"x":82,"y":447,"width":415,"height":11}},{"id":"d979c9c6-88aa-4582-b0ae-8a20a0fba6c6","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":49,"box":{"x":83,"y":461,"width":360,"height":11}},{"id":"7a7bfc9a-afbb-4293-b8ba-edfe14004cda","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":49,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"2b587cc7-ffa6-4b00-bb0b-431aba8cff7c","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":49,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"3fb2ae01-1941-464f-abab-e8fb89b6a23f","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":49,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"af654296-8490-4fb2-b6f1-5b3e0a4c57ff","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":49,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"45ffa8f8-a279-485e-9f15-734c6e134a14","block_type":"box","text":"Fund.","page_number":49,"box":{"x":84,"y":532,"width":33,"height":9}},{"id":"2c585385-012f-4989-9edc-9f4f63194c43","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":49,"box":{"x":82,"y":556,"width":412,"height":10}},{"id":"719bd3d3-c276-46cd-a0c2-bad0c8928ad4","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":49,"box":{"x":82,"y":570,"width":371,"height":11}},{"id":"a4c7857e-f17a-451f-91ea-4eba1e52a139","block_type":"box","text":"collateral received).","page_number":49,"box":{"x":83,"y":584,"width":125,"height":11}},{"id":"886e7341-05db-4678-9f44-f13902a64d39","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":49,"box":{"x":82,"y":607,"width":380,"height":11}},{"id":"cd9b371d-4a1e-4841-9f3b-89f554b021b2","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":49,"box":{"x":84,"y":621,"width":411,"height":11}},{"id":"5b3183fe-b88c-47f0-b17b-0a38d0186f76","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":49,"box":{"x":82,"y":636,"width":381,"height":10}},{"id":"a1a3389e-fb1a-4d88-81b4-a347ad6c6337","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":49,"box":{"x":82,"y":650,"width":420,"height":10}},{"id":"727e5d12-5376-4e11-93f5-e3d158bfe8bb","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":49,"box":{"x":83,"y":664,"width":405,"height":11}},{"id":"dac4fb88-3a2f-4aff-99fc-a761c85b93fc","block_type":"box","text":"Industry Concentration Policy.","page_number":49,"box":{"x":83,"y":687,"width":210,"height":11}},{"id":"f76c4d21-e1eb-4acb-bf49-942f469f08bb","block_type":"box","text":"The Fund will concentrate its","page_number":49,"box":{"x":298,"y":687,"width":184,"height":9}},{"id":"1aa2b78f-50e6-4022-a5a8-ae33b857160c","block_type":"box","text":"investments (","page_number":49,"box":{"x":83,"y":701,"width":85,"height":11}},{"id":"ff9b20ee-1dc2-47e5-ad5a-ca995e33003d","block_type":"box","text":"i.e.","page_number":49,"box":{"x":169,"y":701,"width":17,"height":9}},{"id":"939bdde6-165b-4c11-be7e-8ca0c89df3ee","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":49,"box":{"x":189,"y":701,"width":264,"height":11}},{"id":"d762c0d2-24a6-4228-bb6d-4408ad58cd2a","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":49,"box":{"x":83,"y":715,"width":394,"height":11}},{"id":"facfb238-a70c-4996-af8c-5e493ee61919","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":49,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"ede31296-7d2d-4510-978e-59cccf6a3caa","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":49,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"264f42e5-9231-47a3-af51-badbad27ea42","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":49,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"2d61907a-96c2-4c5b-abf5-42cd89abe0a3","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":49,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"3ac622ec-ad47-4ecc-85a7-8371a4f6daae","block_type":"box","text":"considered to be issued by members of any industry.","page_number":49,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"101eca52-ed17-4ece-8282-d52e2f084f6c","block_type":"box","text":"Summary of Principal Risks","page_number":49,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"94ac10a2-3465-40be-808f-8fd88ab63026","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":49,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"fa17b01d-b516-416e-8285-31fc33e950df","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":49,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"7c52c7ef-7c95-4237-8157-f0d5e25c8c49","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":49,"box":{"x":83,"y":869,"width":396,"height":10}},{"id":"20de0385-b455-4ea6-aa69-2a31d96f2205","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":49,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"cc2ff03c-4bcf-412b-8beb-b17b4559aaa3","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":49,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"98affcc9-71ce-47db-a28d-94e5db1ec52d","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":49,"box":{"x":549,"y":52,"width":416,"height":10}},{"id":"8aabe7ff-c69c-4fa3-baaf-ffeb1bb0d42e","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":49,"box":{"x":549,"y":66,"width":388,"height":10}},{"id":"50beba45-5191-409e-964f-f26ea9a9f2c4","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":49,"box":{"x":549,"y":80,"width":425,"height":11}},{"id":"c8842726-9350-49fb-b31c-b80d1f0a12b5","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":49,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"0e9388fa-e3f7-4b96-82de-e85760012bcf","block_type":"box","text":"review each risk factor carefully.","page_number":49,"box":{"x":549,"y":108,"width":206,"height":11}},{"id":"11e097d0-ee07-43f6-a29d-fb77db8b3af6","block_type":"box","text":"Risk of Investing in Israel","page_number":49,"box":{"x":549,"y":131,"width":172,"height":11}},{"id":"7b70e87f-9b1a-4add-aafe-32336f97b944","block_type":"box","text":".","page_number":49,"box":{"x":721,"y":138,"width":2,"height":2}},{"id":"6a4e576c-b802-4825-bf55-02c72dba9001","block_type":"box","text":"Investments in Israeli issuers will","page_number":49,"box":{"x":729,"y":131,"width":210,"height":9}},{"id":"72cb99f8-6ba8-464a-a741-8ccb07e97609","block_type":"box","text":"subject the Fund to legal, security, regulatory, political, and","page_number":49,"box":{"x":549,"y":146,"width":378,"height":10}},{"id":"dab8ef9f-b3f1-4c11-944b-918b9d3600b1","block_type":"box","text":"economic risk specific to Israel. Among other things, Israel’s","page_number":49,"box":{"x":549,"y":160,"width":385,"height":11}},{"id":"0d14f394-6a3d-4ebb-bbe3-51943b660389","block_type":"box","text":"economy depends on imports of certain key items, such as crude","page_number":49,"box":{"x":549,"y":174,"width":416,"height":11}},{"id":"cc1a820a-663b-4ff7-8d6b-a4523add27d4","block_type":"box","text":"oil, natural gas, grains, raw materials, and military equipment.","page_number":49,"box":{"x":549,"y":188,"width":394,"height":11}},{"id":"941b4a93-33f1-4119-a549-cb492f0c11a0","block_type":"box","text":"Israel’s relations with Palestinians and its neighboring countries","page_number":49,"box":{"x":550,"y":202,"width":405,"height":11}},{"id":"ef415c44-2e7e-4a6f-8e2f-8ae1a3b00f38","block_type":"box","text":"Lebanon, Syria and Iran, among others, have at times been","page_number":49,"box":{"x":550,"y":217,"width":374,"height":10}},{"id":"eec3c1ae-771e-4646-af67-c164b7ed3f9a","block_type":"box","text":"strained due to territorial disputes, historical animosities or","page_number":49,"box":{"x":549,"y":231,"width":380,"height":10}},{"id":"79e344e7-3518-41bb-9bdd-27a0228114e4","block_type":"box","text":"defense concerns. On October 7, 2023, Hamas launched a","page_number":49,"box":{"x":549,"y":245,"width":375,"height":10}},{"id":"b8d92267-b01e-4537-82b3-411d0eea152c","block_type":"box","text":"significant attack on Israel from the Gaza Strip. The extent and","page_number":49,"box":{"x":549,"y":259,"width":399,"height":11}},{"id":"5aff6995-964b-44f6-9aa4-030a8742e7df","block_type":"box","text":"duration of the Israel-Hamas war and any related economic and","page_number":49,"box":{"x":549,"y":273,"width":406,"height":11}},{"id":"802754a2-9a07-426d-962e-19953f8f8a89","block_type":"box","text":"market impacts are impossible to predict but may be significant,","page_number":49,"box":{"x":549,"y":287,"width":411,"height":11}},{"id":"c6a40067-e73a-40f6-9c98-691b3053b35d","block_type":"box","text":"and may negatively impact Israel’s economy and issuers of","page_number":49,"box":{"x":549,"y":302,"width":376,"height":10}},{"id":"71b92e7a-5e08-4c7b-9730-1d01e60dd476","block_type":"box","text":"securities in which the Fund invests.","page_number":49,"box":{"x":549,"y":316,"width":231,"height":8}},{"id":"26a032db-a1ce-4257-a0ff-55eaf59b0c81","block_type":"box","text":"Non-U.S. Securities Risk","page_number":49,"box":{"x":549,"y":339,"width":165,"height":8}},{"id":"b32e6518-1836-45b8-ab2d-bdc33454522d","block_type":"box","text":".","page_number":49,"box":{"x":714,"y":346,"width":2,"height":1}},{"id":"0b4ac4f2-608b-491d-82a2-9cf65b2d6358","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":49,"box":{"x":722,"y":339,"width":236,"height":11}},{"id":"1975908a-d0e2-4da8-9e6c-28297d94c42d","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":49,"box":{"x":549,"y":353,"width":382,"height":11}},{"id":"f990247f-554a-406c-8a09-deaf72d60c24","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":49,"box":{"x":549,"y":367,"width":406,"height":11}},{"id":"0c7f60fb-c526-4cd3-9a50-35ccd73942cf","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":49,"box":{"x":549,"y":382,"width":369,"height":10}},{"id":"0454dd32-f5a0-4c0d-9dbb-f8694c6ae691","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":49,"box":{"x":548,"y":396,"width":356,"height":11}},{"id":"9f42a659-ab18-451f-a1fc-428d9a36b7e0","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":49,"box":{"x":549,"y":410,"width":407,"height":11}},{"id":"482bd75f-ca4b-4bb4-ba10-f8cef719f4cb","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":49,"box":{"x":549,"y":424,"width":397,"height":11}},{"id":"4c6be49b-37ff-4b5e-8764-6a222711b9b7","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":49,"box":{"x":549,"y":438,"width":403,"height":11}},{"id":"f71447ec-55f5-44f0-a592-fe68d5982719","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":49,"box":{"x":549,"y":452,"width":371,"height":11}},{"id":"31cfa967-2f95-46a1-b8bc-fe82484005ee","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":49,"box":{"x":549,"y":467,"width":386,"height":10}},{"id":"4072d5f9-a82a-40e5-bdcc-48958c2b4275","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":49,"box":{"x":549,"y":481,"width":391,"height":11}},{"id":"4f5baf3a-7b80-4019-b036-874571d65e5c","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":49,"box":{"x":549,"y":495,"width":351,"height":11}},{"id":"a23adf17-8dc8-4f6f-8026-1684367da65f","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":49,"box":{"x":549,"y":509,"width":413,"height":11}},{"id":"9a64773b-afe5-43ad-a9cb-23407ed9812b","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":49,"box":{"x":549,"y":523,"width":405,"height":11}},{"id":"5469af35-45d5-4faf-a086-e56929c8de00","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":49,"box":{"x":549,"y":537,"width":372,"height":11}},{"id":"7ecee9a0-6b4f-4cdb-8258-5fdeaeeb96de","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":49,"box":{"x":549,"y":552,"width":395,"height":11}},{"id":"24de1441-0422-4b70-ad75-16fd040f50e1","block_type":"box","text":"Fund is specifically exposed to","page_number":49,"box":{"x":550,"y":566,"width":194,"height":11}},{"id":"1b04961f-5096-4de4-974b-20934ae04bfd","block_type":"box","text":"Middle Eastern Economic Risk","page_number":49,"box":{"x":750,"y":566,"width":210,"height":8}},{"id":"1f4d619b-efa5-4b18-8e21-cd6d85406a00","block_type":"box","text":".","page_number":49,"box":{"x":961,"y":573,"width":2,"height":1}},{"id":"44a88141-6827-4faf-82c7-015abb881628","block_type":"box","text":"Equity Securities Risk","page_number":49,"box":{"x":549,"y":589,"width":148,"height":11}},{"id":"1f35377c-85a3-4e32-995a-7d512e3a0169","block_type":"box","text":".","page_number":49,"box":{"x":697,"y":596,"width":2,"height":1}},{"id":"cc409627-d5cc-40d0-a7c7-adbe32304c44","block_type":"box","text":"Equity securities are subject to changes","page_number":49,"box":{"x":705,"y":589,"width":254,"height":11}},{"id":"04f09f34-bc40-4436-9b24-9a108a30ef39","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":49,"box":{"x":549,"y":603,"width":422,"height":11}},{"id":"6f42eaf8-80d7-43df-a47c-0eeb628dea2c","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":49,"box":{"x":549,"y":617,"width":420,"height":11}},{"id":"6f9fbd84-a4c4-436b-9a8a-3d6aa33dbb84","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":49,"box":{"x":549,"y":632,"width":397,"height":10}},{"id":"4f16d4f0-a0d1-4ca5-ac73-f22097587855","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":49,"box":{"x":549,"y":646,"width":359,"height":11}},{"id":"9fc8a0cb-db13-4378-8088-4e6d5798f8d5","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":49,"box":{"x":549,"y":660,"width":390,"height":11}},{"id":"e05bec68-f0d4-45a3-8e73-d7a626e8da7b","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":49,"box":{"x":549,"y":674,"width":412,"height":11}},{"id":"60ad1df3-b566-4d59-b902-c35ebd81f687","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":49,"box":{"x":549,"y":688,"width":373,"height":11}},{"id":"c14ac6fc-d088-4d16-a3c3-80ce02e34352","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":49,"box":{"x":549,"y":702,"width":309,"height":11}},{"id":"742cc92d-ad9e-420c-91b4-d0d6ca7e0e3f","block_type":"box","text":"Market Risk","page_number":49,"box":{"x":549,"y":726,"width":82,"height":8}},{"id":"0100db3b-879b-4ce9-8f2b-fa9d9179d06e","block_type":"box","text":".","page_number":49,"box":{"x":631,"y":732,"width":3,"height":2}},{"id":"bd7828d9-9585-4894-905c-8cd2fe0f54ee","block_type":"box","text":"The Fund could lose money over short periods due","page_number":49,"box":{"x":639,"y":726,"width":322,"height":11}},{"id":"f4783ed6-d3a2-4c8f-8759-4409e8090c8a","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":49,"box":{"x":549,"y":740,"width":413,"height":11}},{"id":"1fa5049c-e23d-4624-ba04-65f2e2f24c9f","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":49,"box":{"x":549,"y":754,"width":382,"height":11}},{"id":"78eae125-b28b-4547-b133-2971e647daed","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":49,"box":{"x":549,"y":768,"width":411,"height":11}},{"id":"b453d30c-8808-4f92-9a4b-3b39bae087a7","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":49,"box":{"x":549,"y":782,"width":370,"height":11}},{"id":"40396f86-adaf-4d13-9c90-75776e00ce5d","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":49,"box":{"x":549,"y":797,"width":404,"height":10}},{"id":"d96506d8-525d-4c79-9070-78472ed74ab9","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":49,"box":{"x":549,"y":811,"width":395,"height":11}},{"id":"3e513067-5c78-449a-ba45-3f110b561d6e","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":49,"box":{"x":549,"y":825,"width":395,"height":11}},{"id":"2d66425a-b941-40c5-8d62-8000772c1874","block_type":"box","text":"NAV.","page_number":49,"box":{"x":550,"y":839,"width":27,"height":9}},{"id":"afd9a3ab-e465-4110-a134-596938c9fd57","block_type":"box","text":"Index-Related Risk.","page_number":49,"box":{"x":549,"y":862,"width":129,"height":9}},{"id":"b2e97c5b-190f-4b4e-a896-2f0b9c740de9","block_type":"box","text":"The Index Provider may rely on various","page_number":49,"box":{"x":683,"y":862,"width":247,"height":11}},{"id":"5d97f03b-a50a-464d-8a5b-69f898e1cb48","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":49,"box":{"x":549,"y":877,"width":423,"height":10}},{"id":"cd262b97-4db4-44fa-a902-e24962fe564f","block_type":"box","text":"S-38","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"356a3024-b56f-4018-85c8-16c095a26334","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":50,"box":{"x":83,"y":23,"width":391,"height":11}},{"id":"245f5f6c-9b64-4730-8503-5ccf96258d49","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":50,"box":{"x":83,"y":37,"width":406,"height":11}},{"id":"a89fb8c7-0168-421e-9bd5-82f1e597c798","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":50,"box":{"x":83,"y":51,"width":408,"height":11}},{"id":"ba6d7abc-7d3e-43b6-986e-d1d515bbf252","block_type":"box","text":"information will provide an accurate assessment of included","page_number":50,"box":{"x":83,"y":66,"width":384,"height":10}},{"id":"42b72fd6-6252-4ed5-853b-dff756a89560","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":50,"box":{"x":83,"y":80,"width":387,"height":11}},{"id":"cd223e32-b9bc-4a99-91b3-0417486ce073","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":50,"box":{"x":83,"y":94,"width":366,"height":11}},{"id":"0382d365-5952-464d-b231-36aabfec0ccf","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":50,"box":{"x":83,"y":108,"width":377,"height":11}},{"id":"ea3a4787-baf2-42fd-bb5a-ff8ec81e227a","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":50,"box":{"x":83,"y":122,"width":413,"height":11}},{"id":"eaba7e74-a8a2-4102-b04b-cfeb2e55bbf0","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":50,"box":{"x":83,"y":137,"width":396,"height":10}},{"id":"d2198cd5-1475-4ecf-9075-383a2378e3b1","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":50,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"16009c8c-fce3-4e45-824e-f2d050d2a7c2","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":50,"box":{"x":83,"y":165,"width":400,"height":11}},{"id":"d1ea660e-7534-436a-aae8-76da5d30d871","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":50,"box":{"x":83,"y":179,"width":409,"height":11}},{"id":"f27e61fe-c9e6-4163-8cb4-a09923ede415","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":50,"box":{"x":83,"y":193,"width":414,"height":11}},{"id":"b2bc5b05-f8fa-4dcd-b38a-91f60330cd04","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":50,"box":{"x":83,"y":208,"width":362,"height":10}},{"id":"229d73c0-5613-42e2-a3e1-34baaaef4d84","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":50,"box":{"x":83,"y":222,"width":423,"height":10}},{"id":"12f7cbfa-c309-4fc2-8220-c0ec51c36b1d","block_type":"box","text":"Asset Class Risk.","page_number":50,"box":{"x":81,"y":245,"width":115,"height":8}},{"id":"03546ba2-aee2-43ea-88f0-305ed737870b","block_type":"box","text":"The securities and other assets in the","page_number":50,"box":{"x":202,"y":245,"width":239,"height":8}},{"id":"aee965a3-cf38-4ee5-868a-776d7ab0bd32","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":50,"box":{"x":83,"y":259,"width":406,"height":11}},{"id":"461ef0ee-d83d-488e-afc9-25ee2aa4b6dd","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":50,"box":{"x":83,"y":273,"width":405,"height":11}},{"id":"b490e7fe-4c2d-4f01-b7bc-4e4259053de4","block_type":"box","text":"market, another index, or other asset classes.","page_number":50,"box":{"x":83,"y":287,"width":292,"height":11}},{"id":"4c50bc96-baae-4041-814e-51d0aae518ff","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":50,"box":{"x":81,"y":311,"width":290,"height":10}},{"id":"dc3b8deb-902c-4cc9-a15f-9220b50eb624","block_type":"box","text":"An “Authorized","page_number":50,"box":{"x":381,"y":311,"width":93,"height":8}},{"id":"05a48b9f-09c6-4486-8a73-06ec68436055","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":50,"box":{"x":84,"y":325,"width":379,"height":11}},{"id":"21be4ddf-fb34-415b-a404-de251898ba20","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":50,"box":{"x":83,"y":339,"width":411,"height":11}},{"id":"35e6f1cb-c014-4c46-97fb-e99eff7936bc","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":50,"box":{"x":84,"y":353,"width":395,"height":11}},{"id":"38a0cd9d-9eb7-4c49-b41a-ddfdfccdc2bf","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":50,"box":{"x":84,"y":367,"width":399,"height":11}},{"id":"19553cfe-77b0-49d7-b69b-4049e3db03d5","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":50,"box":{"x":83,"y":382,"width":407,"height":10}},{"id":"43edfd90-8f17-4fb0-b602-c864921c9071","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":50,"box":{"x":83,"y":396,"width":409,"height":11}},{"id":"73dc4d78-56e8-44b6-b3c2-034401ddb233","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":50,"box":{"x":83,"y":410,"width":412,"height":11}},{"id":"456f2d9b-4f85-4299-8e2b-675cc8d8713b","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":50,"box":{"x":83,"y":424,"width":403,"height":11}},{"id":"6a479731-a897-4ed0-a6f4-a986183eeaf6","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":50,"box":{"x":83,"y":438,"width":378,"height":11}},{"id":"c85a8f97-5367-42a4-b3e8-bffeaad1c388","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":50,"box":{"x":84,"y":452,"width":379,"height":11}},{"id":"6c298f89-f83c-4d39-ac24-8cb02ef881dc","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":50,"box":{"x":83,"y":467,"width":404,"height":10}},{"id":"cf5ea6d2-dd1b-41ff-a978-7f5c2caf29f9","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":50,"box":{"x":83,"y":481,"width":399,"height":11}},{"id":"62a12b4a-790d-4fe7-a310-c62762960323","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":50,"box":{"x":84,"y":495,"width":391,"height":11}},{"id":"6aed1e39-ce32-4215-87a2-f5bf7aae676f","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":50,"box":{"x":83,"y":509,"width":408,"height":11}},{"id":"f281534d-7e00-47c5-96d0-5df6002e2aa3","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":50,"box":{"x":83,"y":523,"width":273,"height":11}},{"id":"8d067e03-95e6-451c-a370-e5ac44bf08f9","block_type":"box","text":"Concentration Risk.","page_number":50,"box":{"x":83,"y":546,"width":132,"height":9}},{"id":"b692a450-10a4-44d6-88b0-ac76f1ec4cee","block_type":"box","text":"The Fund may be susceptible to an","page_number":50,"box":{"x":220,"y":547,"width":222,"height":10}},{"id":"9401f70c-a555-45fb-b310-dd66476114aa","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":50,"box":{"x":83,"y":561,"width":419,"height":11}},{"id":"f2f2c07e-51f1-4498-b76e-39611047fe0d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":50,"box":{"x":83,"y":575,"width":407,"height":10}},{"id":"459e51e4-8c9f-4440-b91a-32bc533d82b5","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":50,"box":{"x":83,"y":589,"width":417,"height":9}},{"id":"519cbc44-5ced-420b-8315-093409d09152","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":50,"box":{"x":83,"y":603,"width":395,"height":10}},{"id":"6bef5674-0b87-4e90-897c-e45d8a5e8518","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":50,"box":{"x":83,"y":617,"width":388,"height":11}},{"id":"011b3497-b761-403d-9296-da93bc6ce8b6","block_type":"box","text":"asset classes.","page_number":50,"box":{"x":83,"y":632,"width":88,"height":8}},{"id":"9d926713-40be-4264-82ad-42dfed1f818f","block_type":"box","text":"Currency Risk","page_number":50,"box":{"x":83,"y":655,"width":95,"height":11}},{"id":"34ab5ab1-16bb-48a7-9472-da6783436ccd","block_type":"box","text":".","page_number":50,"box":{"x":179,"y":661,"width":2,"height":2}},{"id":"523da326-dbe9-4f8b-805d-7c651c131ae4","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":50,"box":{"x":187,"y":655,"width":292,"height":8}},{"id":"00179a32-de0a-4812-8fc9-c05265c0c2d7","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":50,"box":{"x":83,"y":669,"width":388,"height":11}},{"id":"02f1c76c-9a4c-4ff6-8b10-e886a00a98da","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":50,"box":{"x":83,"y":683,"width":395,"height":11}},{"id":"10d9983d-217e-4e25-a70e-c3ce85d1654c","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":50,"box":{"x":83,"y":697,"width":415,"height":11}},{"id":"162bb4c7-9666-47ac-8441-18b25de8d241","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":50,"box":{"x":83,"y":712,"width":404,"height":10}},{"id":"3392075c-e4fe-43c3-9f7f-f58cfbc6123f","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":50,"box":{"x":83,"y":726,"width":394,"height":11}},{"id":"f6072f70-8e6a-4cc8-adff-59e88f37e6fd","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":50,"box":{"x":83,"y":740,"width":398,"height":11}},{"id":"6bec3157-f7c6-4b71-bc1d-341ec23da8c5","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":50,"box":{"x":83,"y":754,"width":392,"height":11}},{"id":"25d04e41-5c3a-4e48-a3af-30c20cf30c9f","block_type":"box","text":"dollars and foreign currencies.","page_number":50,"box":{"x":83,"y":768,"width":193,"height":11}},{"id":"9850267c-ce0c-446e-ade4-c16407bd935c","block_type":"box","text":"Financial Companies Risk","page_number":50,"box":{"x":83,"y":791,"width":174,"height":11}},{"id":"491bcca4-87c0-44a3-9b38-4ef592fa79e2","block_type":"box","text":".","page_number":50,"box":{"x":257,"y":798,"width":3,"height":2}},{"id":"e1c94c79-537b-4662-87d7-dfb9d6bf65ac","block_type":"box","text":"Financial services companies are","page_number":50,"box":{"x":266,"y":791,"width":211,"height":11}},{"id":"926cdb23-a9e3-4e80-96ba-23bd96eb59e0","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":50,"box":{"x":83,"y":806,"width":400,"height":10}},{"id":"e9c58557-cf52-4b05-a31d-3a32bba73fb9","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":50,"box":{"x":82,"y":820,"width":405,"height":11}},{"id":"586ad6ce-66dc-4637-afd8-04cabe12a8e6","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":50,"box":{"x":83,"y":834,"width":405,"height":11}},{"id":"c0c222f7-33d0-4db3-b438-b638431da7a6","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":50,"box":{"x":83,"y":848,"width":385,"height":11}},{"id":"2bc08be2-6903-4cbb-b0d4-61915d7d9d8e","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":50,"box":{"x":83,"y":862,"width":395,"height":11}},{"id":"26544784-98c7-4a94-9e06-429fc95e8942","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":50,"box":{"x":83,"y":877,"width":367,"height":10}},{"id":"d0f10843-32b7-4838-9811-76c0adaed93d","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":50,"box":{"x":549,"y":23,"width":343,"height":11}},{"id":"66759475-ad10-46d7-b024-86324408c4d2","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":50,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"6a280308-6ca7-4668-8083-2506261a26cc","block_type":"box","text":"and counterparty risk.","page_number":50,"box":{"x":549,"y":52,"width":140,"height":10}},{"id":"56321657-69b5-481a-8b74-3292845246ac","block_type":"box","text":"Issuer Risk","page_number":50,"box":{"x":549,"y":75,"width":75,"height":8}},{"id":"212fa9e4-1eb4-44ea-94e7-9caa0bb39286","block_type":"box","text":".","page_number":50,"box":{"x":624,"y":81,"width":3,"height":2}},{"id":"85f92678-dd1e-4732-a899-fe882a344af6","block_type":"box","text":"The performance of the Fund depends on the","page_number":50,"box":{"x":632,"y":75,"width":288,"height":10}},{"id":"73d43d93-2689-4ea2-bc1e-5e7e1aa52672","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":50,"box":{"x":549,"y":89,"width":412,"height":11}},{"id":"06e51a39-7dfe-4232-b132-bfb5f43b531d","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":50,"box":{"x":550,"y":103,"width":402,"height":11}},{"id":"e610da2f-7b99-441e-9037-9b73b370a3cf","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":50,"box":{"x":549,"y":117,"width":418,"height":11}},{"id":"db134347-1b12-4ea9-9675-84053911c18d","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":50,"box":{"x":549,"y":131,"width":414,"height":11}},{"id":"7e472bed-2faf-45c6-9061-4a6da1c4edb0","block_type":"box","text":"counterparty.","page_number":50,"box":{"x":549,"y":146,"width":84,"height":10}},{"id":"be55509b-8d9e-4a4a-b4c2-f6cd28e48cd5","block_type":"box","text":"Management Risk","page_number":50,"box":{"x":549,"y":169,"width":123,"height":11}},{"id":"38d75734-60da-4ab9-ad4b-c4bd4e575786","block_type":"box","text":".","page_number":50,"box":{"x":672,"y":175,"width":2,"height":2}},{"id":"a98f9299-6ca7-4497-9f33-4c4f60ca3e8a","block_type":"box","text":"The Fund generally does not attempt to take","page_number":50,"box":{"x":679,"y":169,"width":283,"height":11}},{"id":"be02a793-968f-4097-8be2-d30eaad6f10d","block_type":"box","text":"defensive positions under any market conditions, including","page_number":50,"box":{"x":549,"y":183,"width":376,"height":11}},{"id":"787daacd-2797-4e72-a5c1-9bad94dd7767","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":50,"box":{"x":549,"y":197,"width":362,"height":11}},{"id":"8cc8ed08-d443-4660-a1ee-455b44807772","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":50,"box":{"x":550,"y":211,"width":387,"height":11}},{"id":"f9bf307f-cd89-45c3-9ac4-520721e628be","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":50,"box":{"x":549,"y":226,"width":409,"height":10}},{"id":"3e60a439-3b4f-4194-9b3d-f62b44c0b80d","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":50,"box":{"x":549,"y":240,"width":419,"height":11}},{"id":"316a54b5-2b9e-4684-8b66-edc0ddea2217","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":50,"box":{"x":549,"y":254,"width":420,"height":11}},{"id":"b8eee263-dce5-4e01-81df-065017603fa7","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":50,"box":{"x":549,"y":268,"width":403,"height":11}},{"id":"3faba6f9-2823-49f4-8bf0-ae8b4cc87681","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":50,"box":{"x":549,"y":282,"width":323,"height":11}},{"id":"bc898a9b-86c9-4257-844d-f9a9ac9ddd28","block_type":"box","text":"Market Trading Risk","page_number":50,"box":{"x":549,"y":305,"width":136,"height":11}},{"id":"c79a44be-730d-41e7-baf5-7ebdb4afe6da","block_type":"box","text":".","page_number":50,"box":{"x":685,"y":312,"width":2,"height":2}},{"id":"cc5d0cad-86b3-4852-92f2-e3f22e5ac760","block_type":"box","text":"The Fund faces numerous market trading","page_number":50,"box":{"x":692,"y":305,"width":264,"height":11}},{"id":"2acc3e38-16af-4a76-9170-adecd40dff53","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":50,"box":{"x":549,"y":320,"width":394,"height":10}},{"id":"b90353ce-9ac6-4266-a054-56a935baf2a4","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":50,"box":{"x":549,"y":334,"width":401,"height":11}},{"id":"f2a514ea-6421-40a6-851e-f4f87635711a","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":50,"box":{"x":549,"y":348,"width":404,"height":11}},{"id":"bff251e8-566c-49b3-bbaa-498c83086ffb","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":50,"box":{"x":549,"y":362,"width":416,"height":11}},{"id":"52ee5af3-805e-452f-ae0c-c7f7a8f33176","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":50,"box":{"x":549,"y":376,"width":404,"height":11}},{"id":"1a5ca895-d169-4632-95d2-136ed1ced0bf","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":50,"box":{"x":549,"y":391,"width":411,"height":10}},{"id":"adad7958-4e0d-468e-856a-d32d93471332","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":50,"box":{"x":549,"y":405,"width":397,"height":11}},{"id":"5bf8d92b-28db-4dd0-ac0b-661d6ac8b623","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":50,"box":{"x":549,"y":419,"width":419,"height":11}},{"id":"d7d345b4-e283-45c9-9647-cb3a63983dd7","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":50,"box":{"x":549,"y":433,"width":413,"height":11}},{"id":"40e459a6-7241-4473-8591-229a6d5716a2","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":50,"box":{"x":549,"y":447,"width":397,"height":11}},{"id":"ae882e37-b313-4381-90ea-7ec8cd67e10d","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":50,"box":{"x":549,"y":461,"width":316,"height":11}},{"id":"afc13607-ff45-4671-b7c7-ee9341aba2a4","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":50,"box":{"x":549,"y":485,"width":238,"height":10}},{"id":"7c7f2eda-114b-45d9-a06a-35875a12f34e","block_type":"box","text":".","page_number":50,"box":{"x":787,"y":491,"width":3,"height":2}},{"id":"6a6170df-46ad-4383-8c27-725fa7e5f8dd","block_type":"box","text":"Compared to large","page_number":50,"box":{"x":795,"y":485,"width":124,"height":10}},{"id":"86b67ba3-082a-4136-9fcf-0c3adc4ed551","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":50,"box":{"x":549,"y":499,"width":403,"height":11}},{"id":"f9a526ce-9bf4-4994-aaae-49f1088880e2","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":50,"box":{"x":549,"y":513,"width":405,"height":11}},{"id":"3d4258cd-ee80-4560-8820-a0eda3bbc3a5","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":50,"box":{"x":549,"y":527,"width":407,"height":11}},{"id":"8fb82600-3fbd-45e0-b6b0-ce48d7a28ae5","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":50,"box":{"x":549,"y":541,"width":414,"height":11}},{"id":"1c1da48d-ff8d-44ea-a9f1-26015cd133ea","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":50,"box":{"x":549,"y":556,"width":413,"height":10}},{"id":"ec9157f8-1867-4a74-beac-b271094249fd","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":50,"box":{"x":549,"y":570,"width":386,"height":11}},{"id":"d286da6c-f3de-48e4-bc1b-df484c045fc9","block_type":"box","text":"National Closed Market Trading Risk.","page_number":50,"box":{"x":549,"y":593,"width":250,"height":11}},{"id":"de581fff-8cf1-4577-8864-236977c09d2b","block_type":"box","text":"To the extent that","page_number":50,"box":{"x":805,"y":593,"width":113,"height":8}},{"id":"176ab1d0-d0c8-4686-9fb6-c614010def32","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":50,"box":{"x":549,"y":607,"width":378,"height":11}},{"id":"dd290115-c63e-4ecf-a090-86ee4a1c58f9","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":50,"box":{"x":549,"y":621,"width":393,"height":11}},{"id":"757dd8b7-7fe0-4241-bea4-e9dc4e553566","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":50,"box":{"x":549,"y":635,"width":396,"height":11}},{"id":"574c7b0d-41e4-4837-884b-6f8138488d0b","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":50,"box":{"x":549,"y":650,"width":392,"height":10}},{"id":"f39a5751-5e96-47d5-b550-761af37507e7","block_type":"box","text":"price and its last quoted price (","page_number":50,"box":{"x":549,"y":664,"width":198,"height":11}},{"id":"ad5a671e-ba72-4923-a462-9d2379b1eefc","block_type":"box","text":"i.e","page_number":50,"box":{"x":748,"y":664,"width":14,"height":8}},{"id":"8bebd4bf-a5c8-416f-9ff0-5f808025e41f","block_type":"box","text":"., the quote from the closed","page_number":50,"box":{"x":764,"y":664,"width":176,"height":11}},{"id":"6a9bc1fc-2167-4de4-aabf-ee6edab0456f","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":50,"box":{"x":549,"y":678,"width":376,"height":11}},{"id":"a42e676d-a604-41d5-92a2-cdabd475b384","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":50,"box":{"x":549,"y":692,"width":420,"height":11}},{"id":"6136ef44-67cb-4f4c-899e-4361cb0f1854","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":50,"box":{"x":549,"y":706,"width":403,"height":11}},{"id":"1025a7d4-0d54-4ba1-a827-f3fe27f5e262","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":50,"box":{"x":549,"y":721,"width":360,"height":10}},{"id":"f0e6f2c8-c167-4bac-81d3-0e65b354a886","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":50,"box":{"x":549,"y":735,"width":398,"height":10}},{"id":"9cac1c60-eeac-4519-ba04-4cab7c8a2134","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":50,"box":{"x":550,"y":749,"width":410,"height":11}},{"id":"54a5d9c5-b007-41a1-8c0d-90958088ea3c","block_type":"box","text":"Non-Diversification Risk","page_number":50,"box":{"x":549,"y":772,"width":165,"height":9}},{"id":"84708917-3504-438f-aff3-699323c07e4e","block_type":"box","text":".","page_number":50,"box":{"x":714,"y":779,"width":2,"height":2}},{"id":"78a849fb-9db1-4ad0-a778-41aea4fb51b9","block_type":"box","text":"The Fund is classified as “non","page_number":50,"box":{"x":721,"y":772,"width":194,"height":9}},{"id":"addac600-4da5-4c47-aeb0-232dd3ef955e","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":50,"box":{"x":549,"y":786,"width":377,"height":11}},{"id":"e02731e1-6734-4b61-8c5e-7da633c88fa5","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":50,"box":{"x":549,"y":800,"width":358,"height":11}},{"id":"4b9a22d1-23ac-4a4f-b2d1-40a3eb4ad915","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":50,"box":{"x":549,"y":815,"width":370,"height":10}},{"id":"332f65fa-4455-4ef2-94b2-42fe5d7ad1b2","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":50,"box":{"x":549,"y":829,"width":423,"height":11}},{"id":"231de697-3a09-459c-9da5-f271b6cc6f7c","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":50,"box":{"x":549,"y":843,"width":379,"height":11}},{"id":"d6d5fcda-ba0b-4905-847e-a8baf763d1a0","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":50,"box":{"x":549,"y":857,"width":375,"height":11}},{"id":"711cf88d-2983-4eff-8469-fa9c9473134f","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":50,"box":{"x":549,"y":871,"width":418,"height":11}},{"id":"5f3ddd61-1c6b-4c36-a73d-6af808786af1","block_type":"box","text":"S-39","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c4beb82f-dd34-4e17-9722-0afcd13207c5","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":51,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"22ab025f-be5a-462b-832c-81747b641b18","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":51,"box":{"x":83,"y":37,"width":209,"height":11}},{"id":"0b8bedf1-2e98-4931-95c9-d1b7ec53eebb","block_type":"box","text":"Operational and Technology Risks","page_number":51,"box":{"x":83,"y":60,"width":230,"height":11}},{"id":"96f9f274-6c34-4c38-a0e9-cdac6761f317","block_type":"box","text":".","page_number":51,"box":{"x":314,"y":67,"width":2,"height":2}},{"id":"67114a33-f0ea-4e32-913c-fa935743c452","block_type":"box","text":"The Fund is directly and","page_number":51,"box":{"x":321,"y":61,"width":151,"height":10}},{"id":"da501475-7d0d-42be-970a-d8496dea092e","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":51,"box":{"x":83,"y":75,"width":368,"height":11}},{"id":"f49b8888-0b0a-4546-bf4d-8b390b5e14d9","block_type":"box","text":"including those related to human errors, processing errors,","page_number":51,"box":{"x":83,"y":89,"width":376,"height":11}},{"id":"4f770b5e-2d5f-43c7-b715-b7d51058a0e7","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":51,"box":{"x":83,"y":103,"width":413,"height":11}},{"id":"3c0cfbd4-085d-41ca-8a6a-f2d093027b47","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":51,"box":{"x":83,"y":117,"width":404,"height":11}},{"id":"a156b96f-916b-4786-aac8-7acd4fed6bf2","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":51,"box":{"x":82,"y":131,"width":402,"height":11}},{"id":"4c2dff68-d9de-439e-ad1d-6f20c21df316","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":51,"box":{"x":83,"y":146,"width":376,"height":10}},{"id":"62bc2c73-5d6f-43f6-9ebc-eb2e5705d6e6","block_type":"box","text":"providers are required to have appropriate operational,","page_number":51,"box":{"x":83,"y":160,"width":350,"height":11}},{"id":"01e28112-5540-4655-9d92-dbce37d8da87","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":51,"box":{"x":83,"y":174,"width":414,"height":11}},{"id":"70f169f2-9d67-400e-a949-a2761310feeb","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":51,"box":{"x":83,"y":188,"width":397,"height":11}},{"id":"ae79e580-9c3e-430d-8de7-bd4ebc7107af","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":51,"box":{"x":82,"y":202,"width":411,"height":11}},{"id":"ca27ea45-72e9-46be-bd16-29b4905557d8","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":51,"box":{"x":83,"y":217,"width":391,"height":8}},{"id":"f5805bfb-4b1e-4ade-aedf-603f5963bafb","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":51,"box":{"x":83,"y":231,"width":421,"height":10}},{"id":"42e69813-020e-4f43-8004-848a780ee388","block_type":"box","text":"investments in such issuers to lose value.","page_number":51,"box":{"x":83,"y":245,"width":264,"height":8}},{"id":"2ba422e8-6ea7-479b-9ea8-ff44cdcfd13e","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":51,"box":{"x":83,"y":268,"width":228,"height":11}},{"id":"320930ed-4fd7-42b3-a766-8f289806987c","block_type":"box","text":".","page_number":51,"box":{"x":311,"y":275,"width":2,"height":1}},{"id":"5326015d-947b-4ccb-8e83-9571dbc913a0","block_type":"box","text":"The Fund invests in a country","page_number":51,"box":{"x":318,"y":268,"width":188,"height":11}},{"id":"0e05087b-88ef-4e8d-8d7f-17f798f22266","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":51,"box":{"x":82,"y":282,"width":381,"height":11}},{"id":"ce184075-5ae3-4a05-bbda-70f35101db57","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":51,"box":{"x":83,"y":296,"width":380,"height":11}},{"id":"12eadcfc-278a-4a5d-95fb-b0f3b2abed5f","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":51,"box":{"x":83,"y":311,"width":370,"height":10}},{"id":"48e2d0ac-2689-4ffe-83ea-dd3494a70362","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":51,"box":{"x":83,"y":325,"width":403,"height":11}},{"id":"078f8353-4140-4aea-856a-a9984e18af05","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":51,"box":{"x":82,"y":339,"width":326,"height":11}},{"id":"8cf6c246-db64-4d0a-b89a-87af3b77672b","block_type":"box","text":"and","page_number":51,"box":{"x":413,"y":339,"width":22,"height":8}},{"id":"4f7e06ee-6a46-40b7-be58-ea48b7b4ebef","block_type":"box","text":"U.S.","page_number":51,"box":{"x":441,"y":339,"width":26,"height":8}},{"id":"905ea19c-c35e-48b7-9129-692d071493c5","block_type":"box","text":"Economic Risk","page_number":51,"box":{"x":83,"y":353,"width":101,"height":9}},{"id":"ce8391bf-929c-460b-bdfd-769acf90f20f","block_type":"box","text":".","page_number":51,"box":{"x":186,"y":360,"width":1,"height":2}},{"id":"df604953-2f39-4791-9fdf-8c6c666e922d","block_type":"box","text":"Securities Lending Risk.","page_number":51,"box":{"x":82,"y":376,"width":162,"height":11}},{"id":"641e06fe-6e6d-469c-990a-12ed9c77b1e5","block_type":"box","text":"The Fund may engage in securities","page_number":51,"box":{"x":249,"y":376,"width":221,"height":11}},{"id":"62577f54-9f5d-4039-8a1f-b9c22b3d91c2","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":51,"box":{"x":83,"y":391,"width":396,"height":10}},{"id":"339b0f30-68a9-4822-b776-0c6711ce0741","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":51,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"3cbd20f6-7cad-4cac-8c5d-f1f6646aa0f8","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":51,"box":{"x":83,"y":419,"width":408,"height":11}},{"id":"1df53783-bcdd-4eb2-9a9c-dbfb837f9e46","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":51,"box":{"x":83,"y":433,"width":416,"height":11}},{"id":"c00eb852-2bd3-4c88-8f6e-27ae90debd20","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":51,"box":{"x":83,"y":447,"width":389,"height":11}},{"id":"2b24ce75-889c-4096-b008-3637b51fb3a3","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":51,"box":{"x":83,"y":461,"width":406,"height":9}},{"id":"53837f6b-7de7-4c2b-9caf-feefb3618a20","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":51,"box":{"x":83,"y":476,"width":301,"height":10}},{"id":"046d7247-3b73-4792-a5be-95171fa2ce0a","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":51,"box":{"x":82,"y":499,"width":250,"height":11}},{"id":"940d39a2-ffaf-4f23-b99f-457115f3f800","block_type":"box","text":".","page_number":51,"box":{"x":332,"y":505,"width":3,"height":2}},{"id":"67c5cecc-3198-4ddb-933e-2d07aca720e9","block_type":"box","text":"Compared to mid- and","page_number":51,"box":{"x":340,"y":499,"width":143,"height":11}},{"id":"494a28cc-4e74-4b6e-b489-1ce389a368ec","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":51,"box":{"x":83,"y":513,"width":400,"height":11}},{"id":"52f692c5-4c8d-4fe1-9de0-99bf9065b097","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":51,"box":{"x":83,"y":527,"width":330,"height":11}},{"id":"a1b5d05b-9a4e-4f28-912e-e9c91ebef29b","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":51,"box":{"x":83,"y":541,"width":404,"height":11}},{"id":"ac48ae55-03d5-4ae7-bfc0-969ba5afd267","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":51,"box":{"x":83,"y":556,"width":417,"height":10}},{"id":"ccabe6d0-e819-4b7e-99d2-2cc172cc59ab","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":51,"box":{"x":83,"y":570,"width":415,"height":11}},{"id":"978abbaa-9281-4864-8eed-aec468d1cd1a","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":51,"box":{"x":83,"y":584,"width":407,"height":11}},{"id":"e31394fd-8c21-4f98-9798-87ef58e32c99","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":51,"box":{"x":83,"y":598,"width":220,"height":11}},{"id":"64111625-c0c4-4d2c-b4b8-00aa348d5b83","block_type":"box","text":"Technology Companies Risk","page_number":51,"box":{"x":84,"y":621,"width":190,"height":11}},{"id":"45d3023e-0cc9-409d-9eab-d2e0434ccf22","block_type":"box","text":".","page_number":51,"box":{"x":274,"y":628,"width":2,"height":2}},{"id":"86a1c111-9495-4bc9-bf1c-596be349fe7d","block_type":"box","text":"Technology companies and","page_number":51,"box":{"x":281,"y":621,"width":172,"height":11}},{"id":"51c303c6-face-4602-9803-fbfdd84479c8","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":51,"box":{"x":83,"y":636,"width":412,"height":10}},{"id":"4b11ae4e-a813-47b3-9744-193264541722","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":51,"box":{"x":83,"y":650,"width":414,"height":10}},{"id":"5c24191b-e24a-48b1-8c9f-8f2787e87242","block_type":"box","text":"and personnel. These companies typically face intense","page_number":51,"box":{"x":83,"y":664,"width":348,"height":11}},{"id":"cc3acf30-a154-4cf1-9546-59aa22381d8c","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":51,"box":{"x":83,"y":678,"width":418,"height":11}},{"id":"732bd5a9-ae93-4860-8f50-8a941fbaba2c","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":51,"box":{"x":83,"y":692,"width":381,"height":11}},{"id":"9150452a-1ea8-4f6b-b6dc-be038f93e797","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":51,"box":{"x":83,"y":706,"width":367,"height":11}},{"id":"39fe28e6-95a6-40d8-9814-798e4188166c","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":51,"box":{"x":83,"y":721,"width":423,"height":10}},{"id":"f1274a30-940d-4789-bd4d-a981eac2582a","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":51,"box":{"x":549,"y":23,"width":368,"height":11}},{"id":"9802a9fc-73bd-4740-9ecc-b56a3ea78086","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":51,"box":{"x":549,"y":37,"width":384,"height":11}},{"id":"1b850bb6-b5c5-4e6d-9ae0-df9a8e7ee034","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":51,"box":{"x":549,"y":51,"width":384,"height":11}},{"id":"5ac6823f-3b87-415f-8700-6d289dc02c7e","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":51,"box":{"x":549,"y":66,"width":397,"height":11}},{"id":"a1c360af-8414-4153-b517-c52005547af7","block_type":"box","text":"government or legal action.","page_number":51,"box":{"x":549,"y":80,"width":174,"height":11}},{"id":"6e11cd81-ca70-4a78-b505-e3f302245a71","block_type":"box","text":"Tracking Error Risk","page_number":51,"box":{"x":550,"y":103,"width":128,"height":11}},{"id":"d3a5c1bd-c0ba-45f9-8ca1-34d8566c1656","block_type":"box","text":".","page_number":51,"box":{"x":678,"y":110,"width":3,"height":1}},{"id":"76836306-7719-42ac-bac3-dbcfa0f2f330","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":51,"box":{"x":686,"y":103,"width":284,"height":11}},{"id":"d00d0fc4-1e94-4d49-a306-d6392d3abe15","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":51,"box":{"x":549,"y":117,"width":404,"height":11}},{"id":"743665e5-fae4-40b4-ad3b-b66a73a749cf","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":51,"box":{"x":549,"y":131,"width":425,"height":11}},{"id":"a89d7070-4393-4652-9c1b-789cb68980b6","block_type":"box","text":"factors, including differences between the securities and other","page_number":51,"box":{"x":549,"y":146,"width":401,"height":10}},{"id":"61bd5586-496a-4784-8b4c-43bb8e0e4f53","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":51,"box":{"x":549,"y":160,"width":381,"height":11}},{"id":"519bd2c7-d969-4c3e-8e19-0d5882b5b1d8","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":51,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"e3b6f74e-95e8-4eb0-8b53-c80f4d94c37e","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":51,"box":{"x":549,"y":188,"width":407,"height":10}},{"id":"756924c5-1013-4f7e-9a9d-50082a0f6b47","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":51,"box":{"x":549,"y":202,"width":400,"height":11}},{"id":"cb8d1bb9-5a95-4b0c-b6eb-f16ccd043a96","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":51,"box":{"x":549,"y":216,"width":421,"height":11}},{"id":"502472ea-9099-426e-89e8-e30b22ed9f2e","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":51,"box":{"x":549,"y":231,"width":374,"height":11}},{"id":"dab3784e-b8c8-4df2-8360-7ff67fc9e7b9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":51,"box":{"x":549,"y":245,"width":370,"height":11}},{"id":"e6feaaaf-c7b9-45e5-b2c9-b7d4600b6ac3","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":51,"box":{"x":549,"y":259,"width":372,"height":11}},{"id":"d9c820bc-8582-4edc-8568-40f47ab8c830","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":51,"box":{"x":549,"y":273,"width":420,"height":11}},{"id":"f745b101-8755-4390-8e96-908b6c08e134","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":51,"box":{"x":549,"y":287,"width":387,"height":11}},{"id":"98cdb6da-cd33-4968-880d-a2d5f10f113a","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":51,"box":{"x":549,"y":302,"width":377,"height":10}},{"id":"42bd53e1-74d3-421c-acd3-9f746becc0ae","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":51,"box":{"x":549,"y":316,"width":380,"height":11}},{"id":"5cd45c32-3370-42f2-a193-d1646b59aecd","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":51,"box":{"x":549,"y":330,"width":366,"height":11}},{"id":"904e1a89-d0ac-4f35-9628-95ef28c157d4","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":51,"box":{"x":549,"y":344,"width":414,"height":11}},{"id":"f01df185-a157-4189-9713-b7d7238d2961","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":51,"box":{"x":550,"y":358,"width":386,"height":11}},{"id":"fcd03e37-ece7-4b8e-83dc-044895eb24f5","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":51,"box":{"x":549,"y":373,"width":414,"height":10}},{"id":"b2cd9525-e8c8-44e7-a5a7-bfce345cb96c","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":51,"box":{"x":549,"y":387,"width":420,"height":10}},{"id":"f0f5530f-aaed-4894-960b-7929fcab358a","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":51,"box":{"x":549,"y":401,"width":383,"height":8}},{"id":"5fa71e2c-0b34-4b39-a0a7-b6e8863a0da7","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":51,"box":{"x":549,"y":415,"width":390,"height":11}},{"id":"92dd1cd9-9ac4-44e2-a9f2-d0692b966e68","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":51,"box":{"x":549,"y":429,"width":299,"height":9}},{"id":"de45ee4f-f407-4d58-b208-f4bd96853a57","block_type":"box","text":"Valuation Risk","page_number":51,"box":{"x":550,"y":452,"width":96,"height":9}},{"id":"30559326-67e4-4c87-bd2d-23c935a348a0","block_type":"box","text":".","page_number":51,"box":{"x":646,"y":459,"width":2,"height":2}},{"id":"aa2379b4-0d02-4328-8e90-38b169b25786","block_type":"box","text":"The price that the Fund could receive upon the","page_number":51,"box":{"x":653,"y":452,"width":298,"height":11}},{"id":"bea52edf-f5a4-4479-a620-ca7cf1b4dd02","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":51,"box":{"x":549,"y":467,"width":408,"height":10}},{"id":"718cd12b-5bd7-4ae6-9f41-c2650fc1fed3","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":51,"box":{"x":549,"y":481,"width":355,"height":11}},{"id":"6ecd5f9b-c10c-4975-8803-515fbd5eaf16","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":51,"box":{"x":549,"y":495,"width":418,"height":11}},{"id":"c5e74c62-b6ae-47c2-835d-0be121eb3144","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":51,"box":{"x":549,"y":509,"width":347,"height":11}},{"id":"321fd30f-4b5a-4fa8-b36f-e933f237d8b1","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":51,"box":{"x":549,"y":523,"width":418,"height":11}},{"id":"d3776432-dee4-44cc-a34c-3ad8291d445e","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":51,"box":{"x":549,"y":537,"width":406,"height":11}},{"id":"688cb76d-c00d-4be1-a0ac-24b9693b87a2","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":51,"box":{"x":549,"y":552,"width":411,"height":11}},{"id":"128d011c-744a-4122-8d81-eced5ade336d","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":51,"box":{"x":549,"y":566,"width":392,"height":11}},{"id":"6d38fa90-4901-43a5-962b-ba066973059f","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":51,"box":{"x":549,"y":580,"width":414,"height":11}},{"id":"c32dd25e-a2b9-4712-927b-01b5ed587b6f","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":51,"box":{"x":549,"y":594,"width":394,"height":11}},{"id":"6b4a6264-bfb1-40a2-9058-72b4541084de","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":51,"box":{"x":548,"y":608,"width":383,"height":11}},{"id":"ab678c77-b2bd-41cc-a5f6-0cdc6a4abdd1","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":51,"box":{"x":549,"y":623,"width":414,"height":10}},{"id":"cbb089f2-5da4-4055-8aa9-8f535a661e9a","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":51,"box":{"x":549,"y":637,"width":392,"height":8}},{"id":"1eaf5cb2-3513-4161-8c26-f9fc06069421","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":51,"box":{"x":548,"y":651,"width":425,"height":11}},{"id":"e1944708-ddbf-4e4c-9846-03ae832417d6","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":51,"box":{"x":548,"y":665,"width":400,"height":11}},{"id":"aeae72df-d0b7-4844-9e42-f0d8e40029d9","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":51,"box":{"x":549,"y":679,"width":405,"height":11}},{"id":"3c78829c-5da4-454f-bda8-b4b085a1e304","block_type":"box","text":"S-40","page_number":51,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"156a5bb3-d375-4f2f-8473-ae9ccdf17109","block_type":"box","text":"Performance Information","page_number":52,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"5bb95c57-c485-44ce-bc9b-3bc3a149a3b4","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":52,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"fbec989d-2d82-406e-b4cb-1cbe44fce253","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":52,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"daabe966-193b-442f-842a-fcc00e9e470b","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":52,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"1ea98731-40eb-4d97-ae88-0d6b74c2338d","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":52,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"cf962659-e440-4b53-837d-f432e8bf04c2","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":52,"box":{"x":83,"y":99,"width":874,"height":11}},{"id":"b0f984d8-d39b-41bc-8912-ab619e754c5f","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":52,"box":{"x":83,"y":112,"width":888,"height":11}},{"id":"1fc0a2f2-bfa3-4760-abe8-3e63788b2969","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":52,"box":{"x":83,"y":125,"width":652,"height":11}},{"id":"1c57fba4-e112-4c59-9ef7-6bac0a1cc3b0","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":52,"box":{"x":422,"y":146,"width":212,"height":10}},{"id":"ccb5edaa-edac-4509-95bb-5b50337400e8","block_type":"box","text":"60%","page_number":52,"box":{"x":332,"y":192,"width":21,"height":7}},{"id":"1acbd162-ad29-4f0b-8504-e5952b05b336","block_type":"box","text":"40%","page_number":52,"box":{"x":332,"y":212,"width":21,"height":7}},{"id":"3d71eabe-edaa-4ea8-908e-fa5643b46099","block_type":"box","text":"20%","page_number":52,"box":{"x":333,"y":231,"width":20,"height":7}},{"id":"71490eb1-f7e1-49c2-b178-0400f023444b","block_type":"box","text":"0%","page_number":52,"box":{"x":339,"y":251,"width":14,"height":7}},{"id":"f4ed8da6-3ddc-46da-be41-8d7a5adcb183","block_type":"box","text":"-20%","page_number":52,"box":{"x":328,"y":271,"width":25,"height":6}},{"id":"dd5ef4dd-a281-40d6-a40d-796442b8932a","block_type":"box","text":"-40%","page_number":52,"box":{"x":328,"y":290,"width":25,"height":7}},{"id":"99c4107b-f1fd-4380-b191-855310984378","block_type":"box","text":"2","page_number":52,"box":{"x":364,"y":312,"width":5,"height":7}},{"id":"f4edfb50-48ae-4b92-adcd-c42c91662db9","block_type":"box","text":"0","page_number":52,"box":{"x":371,"y":312,"width":5,"height":7}},{"id":"98a06e4a-4ec6-4e3e-a5f1-af752e957b8e","block_type":"box","text":"1","page_number":52,"box":{"x":379,"y":312,"width":3,"height":7}},{"id":"14b2fc26-5f07-475b-a8b8-a19ef199bffa","block_type":"box","text":"5","page_number":52,"box":{"x":385,"y":312,"width":5,"height":7}},{"id":"cb9cdcfa-1056-48fa-83f9-feff0d2139b3","block_type":"box","text":"2","page_number":52,"box":{"x":400,"y":312,"width":5,"height":7}},{"id":"1440921c-5e49-4aec-9e5c-3471f233bea5","block_type":"box","text":"0","page_number":52,"box":{"x":407,"y":312,"width":5,"height":7}},{"id":"706e282d-18a7-45e8-b297-c2b73168eefc","block_type":"box","text":"1","page_number":52,"box":{"x":415,"y":312,"width":3,"height":7}},{"id":"c283cde9-d626-452c-94b8-c146348e825e","block_type":"box","text":"6","page_number":52,"box":{"x":421,"y":312,"width":5,"height":7}},{"id":"afea077b-3a34-4666-83da-e86422723e64","block_type":"box","text":"2","page_number":52,"box":{"x":436,"y":312,"width":5,"height":7}},{"id":"15e922a9-5167-4770-8229-d373d868df40","block_type":"box","text":"0","page_number":52,"box":{"x":443,"y":312,"width":6,"height":7}},{"id":"ea7c6f01-93e1-45ad-9623-d65dbdbbff65","block_type":"box","text":"17 2","page_number":52,"box":{"x":452,"y":312,"width":25,"height":7}},{"id":"d491ce64-5fd2-4cc6-a826-cb6ed5a735ee","block_type":"box","text":"0","page_number":52,"box":{"x":479,"y":312,"width":6,"height":7}},{"id":"e8a5c453-ef6a-4189-8956-03037878e68a","block_type":"box","text":"1","page_number":52,"box":{"x":488,"y":312,"width":2,"height":7}},{"id":"0d6a7f2f-23af-478f-95bb-f855ffd0f7a9","block_type":"box","text":"8","page_number":52,"box":{"x":493,"y":312,"width":6,"height":7}},{"id":"caf592be-c4b4-4b19-8bb6-a27ecdea89ac","block_type":"box","text":"2","page_number":52,"box":{"x":508,"y":312,"width":5,"height":7}},{"id":"f518ecec-8be0-4a8c-ba2b-88cdc9da42da","block_type":"box","text":"0","page_number":52,"box":{"x":515,"y":312,"width":6,"height":7}},{"id":"8ff420e6-2fe9-4ffd-838e-34340b0822b7","block_type":"box","text":"1","page_number":52,"box":{"x":524,"y":312,"width":2,"height":7}},{"id":"ab8dbef8-9225-49c8-bb01-827d8c4a3ada","block_type":"box","text":"9","page_number":52,"box":{"x":530,"y":312,"width":5,"height":7}},{"id":"c781fcb8-1ee7-482b-bfdb-008ab21525ed","block_type":"box","text":"2","page_number":52,"box":{"x":544,"y":312,"width":5,"height":7}},{"id":"f3a9cf8c-f357-40e6-bb2a-49cee95ed626","block_type":"box","text":"0","page_number":52,"box":{"x":551,"y":312,"width":6,"height":7}},{"id":"0c0dda14-5152-498e-aad4-0692b20ae50d","block_type":"box","text":"2","page_number":52,"box":{"x":559,"y":312,"width":5,"height":7}},{"id":"b436ee57-bd7a-42f8-8a22-9671d01b21d1","block_type":"box","text":"0","page_number":52,"box":{"x":566,"y":312,"width":5,"height":7}},{"id":"c79d6f87-3bdc-46c3-97ec-1b7cd31b20f7","block_type":"box","text":"2","page_number":52,"box":{"x":581,"y":312,"width":5,"height":7}},{"id":"88333d33-e798-4d01-9732-0cd304b0a649","block_type":"box","text":"0","page_number":52,"box":{"x":587,"y":312,"width":6,"height":7}},{"id":"fa9e575f-5b0c-4595-a67c-70d3e8ddc34b","block_type":"box","text":"21 2","page_number":52,"box":{"x":595,"y":312,"width":27,"height":7}},{"id":"60e6c06f-aa84-44be-81d3-44d10eb43341","block_type":"box","text":"0","page_number":52,"box":{"x":624,"y":312,"width":5,"height":7}},{"id":"80c6a9ff-2c89-4d02-b191-da0dc96f2f43","block_type":"box","text":"22 2","page_number":52,"box":{"x":631,"y":312,"width":27,"height":7}},{"id":"a72e318f-c78f-4801-9d28-c8be6b56d95c","block_type":"box","text":"0","page_number":52,"box":{"x":660,"y":312,"width":5,"height":7}},{"id":"53e38f4d-523c-4318-8be8-af015cb72dfc","block_type":"box","text":"2","page_number":52,"box":{"x":667,"y":312,"width":5,"height":7}},{"id":"ee238715-abd0-44b0-b59a-877c07aad393","block_type":"box","text":"3","page_number":52,"box":{"x":674,"y":312,"width":6,"height":7}},{"id":"da3055da-cfde-4680-b367-15db6828992f","block_type":"box","text":"2","page_number":52,"box":{"x":689,"y":312,"width":5,"height":7}},{"id":"5bfb4e5f-565a-4a5e-bb84-abd4e9e42d00","block_type":"box","text":"0","page_number":52,"box":{"x":696,"y":312,"width":6,"height":7}},{"id":"a641b49b-293c-4534-95db-2dfc3bb2a10f","block_type":"box","text":"2","page_number":52,"box":{"x":703,"y":312,"width":5,"height":7}},{"id":"885998d0-7247-4c5f-a3f5-8bc1b7ca1683","block_type":"box","text":"4","page_number":52,"box":{"x":710,"y":312,"width":6,"height":7}},{"id":"87471a79-424b-4e77-9008-27a9bdf27521","block_type":"box","text":"7.13%","page_number":52,"box":{"x":365,"y":236,"width":24,"height":6}},{"id":"475e6ecf-61c7-4bc6-ab6f-7bfdbc6a65a2","block_type":"box","text":"-4.08%","page_number":52,"box":{"x":399,"y":262,"width":28,"height":6}},{"id":"9bf7a7b9-e7aa-4de5-906e-9de64cdce69d","block_type":"box","text":"13.08%","page_number":52,"box":{"x":435,"y":230,"width":30,"height":6}},{"id":"e80878d7-0d34-4552-879d-0dc39044c1c5","block_type":"box","text":"-4.99%","page_number":52,"box":{"x":471,"y":263,"width":28,"height":6}},{"id":"2da573ec-d415-4be7-ac53-d491f1570b72","block_type":"box","text":"20.91%","page_number":52,"box":{"x":507,"y":223,"width":30,"height":6}},{"id":"1faf73f3-8db5-4a64-b963-6afff37b0f02","block_type":"box","text":"11.48%","page_number":52,"box":{"x":544,"y":232,"width":29,"height":6}},{"id":"a93b4bf9-eed3-4320-8624-0ab6582efce2","block_type":"box","text":"23.23%","page_number":52,"box":{"x":579,"y":221,"width":30,"height":6}},{"id":"aba7d059-a74d-459d-8bcb-5ca0a38e4998","block_type":"box","text":"-26.99%","page_number":52,"box":{"x":613,"y":284,"width":34,"height":6}},{"id":"cf7753ae-c7c0-4a93-a70d-878bc9c21d3d","block_type":"box","text":"5.32%","page_number":52,"box":{"x":654,"y":238,"width":25,"height":6}},{"id":"71633c31-6a6f-48f6-b7c7-17521cfc2e31","block_type":"box","text":"33.79%","page_number":52,"box":{"x":687,"y":210,"width":31,"height":6}},{"id":"30fd307e-688f-4d73-b4ac-f6b1a8751bde","block_type":"box","text":"Return (%) Period Ended","page_number":52,"box":{"x":547,"y":339,"width":174,"height":9}},{"id":"79c274d0-3e19-4a75-96df-4a99ca5aa5cb","block_type":"box","text":"Calendar Year-to-Date Return","page_number":52,"box":{"x":317,"y":357,"width":182,"height":7}},{"id":"c56cf421-388a-4462-8953-0f0918031a45","block_type":"box","text":"31.15% September 30, 2025","page_number":52,"box":{"x":564,"y":357,"width":175,"height":9}},{"id":"c5315cc4-9b80-45c5-a1f5-fa77f8593957","block_type":"box","text":"During the periods shown in the chart:","page_number":52,"box":{"x":318,"y":370,"width":239,"height":9}},{"id":"9b469202-18d1-4bda-ba32-8ae208f2af46","block_type":"box","text":"Best Quarter 22.11% December 31, 2020","page_number":52,"box":{"x":331,"y":382,"width":408,"height":9}},{"id":"2060864b-eb13-4db0-87f0-ceb9dcd03ae4","block_type":"box","text":"Worst Quarter -21.00% March 31, 2020","page_number":52,"box":{"x":330,"y":395,"width":409,"height":9}},{"id":"c12a86d5-c4c9-494c-9d45-a1adfa04d1a6","block_type":"box","text":"Average Annual Total Returns","page_number":52,"box":{"x":425,"y":424,"width":206,"height":11}},{"id":"84a4e81f-3939-4d55-91e0-19812a6823b4","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":52,"box":{"x":378,"y":438,"width":301,"height":11}},{"id":"d1303481-a583-4b0a-894a-e40d3f2cba1d","block_type":"box","text":"One Year Five Years Ten Years","page_number":52,"box":{"x":712,"y":455,"width":221,"height":7}},{"id":"5f250ea6-494d-4dc6-9abb-29d9bc2ba8a1","block_type":"box","text":"(Inception Date: 3/26/2008)","page_number":52,"box":{"x":123,"y":473,"width":179,"height":9}},{"id":"b197738d-4093-4837-af3e-889ff5c92fae","block_type":"box","text":"Return Before Taxes","page_number":52,"box":{"x":124,"y":484,"width":112,"height":8}},{"id":"1f20f8b5-c86a-47dd-849d-06b7df682b66","block_type":"box","text":"33.79% 7.16% 6.55%","page_number":52,"box":{"x":719,"y":484,"width":201,"height":8}},{"id":"2f328774-8c1c-41ff-8ffd-af758ced5bb3","block_type":"box","text":"Return After Taxes on Distributions 33.72% 7.21% 6.50%","page_number":52,"box":{"x":124,"y":496,"width":796,"height":7}},{"id":"b5a4a2e7-af73-4932-88fb-916938fdef32","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 20.69% 5.92% 5.52%","page_number":52,"box":{"x":124,"y":507,"width":796,"height":8}},{"id":"daf85c16-e4d5-4f3c-aa2c-921245a1d577","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":52,"box":{"x":124,"y":519,"width":188,"height":10}},{"id":"13a07adf-3d74-44d6-b899-3822b12ff3b4","block_type":"box","text":"1","page_number":52,"box":{"x":315,"y":518,"width":3,"height":4}},{"id":"090e7b6d-acdc-4ecb-adbe-4fd4c020fa12","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":52,"box":{"x":324,"y":519,"width":352,"height":10}},{"id":"5ceb3550-d6ab-4d42-b0db-d333d79785b1","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":52,"box":{"x":137,"y":532,"width":783,"height":10}},{"id":"4d46f279-1ca8-4d0e-b2fa-64d9019cb22f","block_type":"box","text":"MSCI Israel Capped Investable Market Index (Net)","page_number":52,"box":{"x":124,"y":544,"width":308,"height":9}},{"id":"298a7eb3-64a8-43f6-ba74-96d6568a3cb6","block_type":"box","text":"1","page_number":52,"box":{"x":435,"y":542,"width":2,"height":5}},{"id":"2feaa3fd-32e6-461c-a049-3514123f25e7","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":52,"box":{"x":444,"y":544,"width":245,"height":9}},{"id":"32353ec3-e95d-4f79-b9ca-329d5cfaafe2","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 34.04% 7.61% 7.02%","page_number":52,"box":{"x":137,"y":556,"width":783,"height":10}},{"id":"dbabbe3c-98b5-4c7d-a091-975b3a7d027c","block_type":"box","text":"1","page_number":52,"box":{"x":112,"y":585,"width":2,"height":4}},{"id":"0fe1411a-d0bc-41f3-82ee-a0af6662b6f2","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":52,"box":{"x":124,"y":586,"width":793,"height":10}},{"id":"8ba234da-54c9-488e-960e-e28ac39892e1","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":52,"box":{"x":123,"y":596,"width":843,"height":10}},{"id":"2584fc40-a189-4d05-a5bc-d01e8b607ba5","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":52,"box":{"x":123,"y":607,"width":835,"height":9}},{"id":"9f9e2d0c-bfac-48d1-b6e7-17fd7c6c3e5c","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":52,"box":{"x":123,"y":617,"width":650,"height":10}},{"id":"5637f42d-1e7e-490e-b816-b86075f0ed87","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":52,"box":{"x":82,"y":637,"width":882,"height":11}},{"id":"8efc3af7-bc22-4f1e-a131-b8a9688aef86","block_type":"box","text":"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,","page_number":52,"box":{"x":83,"y":650,"width":871,"height":10}},{"id":"022f0b93-5c60-4db2-ae45-f3fe23925266","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":52,"box":{"x":83,"y":663,"width":860,"height":10}},{"id":"a6cade5a-050e-4b5e-b54b-892738223a34","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":52,"box":{"x":83,"y":675,"width":855,"height":11}},{"id":"6a2d9ba0-2a2b-473e-b3d6-136d25b6dcf3","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":52,"box":{"x":83,"y":688,"width":883,"height":11}},{"id":"0722e791-22ca-414e-af93-4fd5579b104b","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":52,"box":{"x":82,"y":701,"width":861,"height":11}},{"id":"9849e871-56c2-46b2-af42-7b9812f0e3ee","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":52,"box":{"x":83,"y":714,"width":359,"height":10}},{"id":"c8582208-6340-48be-b665-8370e9a7e690","block_type":"box","text":"S-41","page_number":52,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"deec7e00-cbfd-46f4-b581-eda5d1683e5f","block_type":"box","text":"Management","page_number":53,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"299ebda3-f8e4-491c-a5f7-a991661e1dbf","block_type":"box","text":"Investment Adviser.","page_number":53,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"ddb31d89-fce0-44cd-a7e2-215a3ff82dd6","block_type":"box","text":"BlackRock Fund Advisors.","page_number":53,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"dd8c2f2d-6d07-4cee-a507-87780cf0edf4","block_type":"box","text":"Portfolio Managers.","page_number":53,"box":{"x":83,"y":69,"width":135,"height":11}},{"id":"250b2bba-d2bc-4bb8-b3e3-8186a27d710b","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":53,"box":{"x":223,"y":70,"width":225,"height":10}},{"id":"47504985-8819-4a6d-bd08-f27ed9385cf1","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":53,"box":{"x":82,"y":82,"width":425,"height":11}},{"id":"969fe01e-4f15-41a0-abfa-04330cb9b30f","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":53,"box":{"x":83,"y":95,"width":395,"height":11}},{"id":"7c92bc5f-dfff-4f20-95c9-2714ddf0a62a","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":53,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"742d67e1-57aa-4ed9-80de-2f21c1ef6b38","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":53,"box":{"x":84,"y":121,"width":396,"height":11}},{"id":"dd2d9081-f7bc-4e9c-9fa1-81ea18173e4f","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":53,"box":{"x":83,"y":134,"width":364,"height":10}},{"id":"82fac5e3-07dc-4ee5-8177-00d369683f06","block_type":"box","text":"Managers of the Fund since 2025.","page_number":53,"box":{"x":83,"y":147,"width":218,"height":11}},{"id":"7f62515d-e101-4e76-b354-855798332d96","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":53,"box":{"x":84,"y":175,"width":290,"height":10}},{"id":"791f6a79-b31f-496a-b576-598b8dfeacaf","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":53,"box":{"x":82,"y":200,"width":391,"height":11}},{"id":"ea2b3191-fbcc-4e45-afd7-f83d576cf5d7","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":53,"box":{"x":83,"y":213,"width":420,"height":10}},{"id":"d8315fe7-2376-495e-8675-99050effecbf","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":53,"box":{"x":84,"y":226,"width":399,"height":10}},{"id":"9d1c200a-1acb-4f51-9281-b18df84601e3","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":53,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"9eb7de54-b4c4-474a-a5e8-d31c59b4e12e","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":53,"box":{"x":83,"y":251,"width":419,"height":11}},{"id":"07ef766a-57d2-4b8e-8379-715a9e517a70","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":53,"box":{"x":83,"y":264,"width":412,"height":11}},{"id":"eccbd250-5722-4016-91b6-39555c36707b","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":53,"box":{"x":83,"y":277,"width":416,"height":11}},{"id":"9dc65bd6-b699-40aa-8c23-2f2af3fff3e8","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":53,"box":{"x":83,"y":290,"width":400,"height":11}},{"id":"74b4a175-8a51-40d8-8951-ea9ea199b620","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":53,"box":{"x":83,"y":303,"width":394,"height":11}},{"id":"11286482-1f29-43d1-a120-3e0d41af5a4c","block_type":"box","text":"Tax Information","page_number":53,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"bea09b63-2728-42e1-97e7-1e15b3aa3803","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":53,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"00ae3d65-8185-48f6-87f9-10fec7f31346","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":53,"box":{"x":549,"y":61,"width":385,"height":10}},{"id":"89c71171-99a5-4b51-b221-a4b47cd70875","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":53,"box":{"x":549,"y":73,"width":406,"height":11}},{"id":"17db047d-9a79-4560-80d5-958edb0b7a4a","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":53,"box":{"x":550,"y":86,"width":418,"height":11}},{"id":"1352f5e4-5fc0-4278-b163-b95269abcab0","block_type":"box","text":"withdrawn.","page_number":53,"box":{"x":549,"y":99,"width":69,"height":9}},{"id":"a05ed119-a841-44ce-aa5a-90a9c5e2d773","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":53,"box":{"x":550,"y":127,"width":410,"height":13}},{"id":"d53ba7ce-316a-43db-bfa9-b44b10479fd3","block_type":"box","text":"Intermediaries","page_number":53,"box":{"x":550,"y":144,"width":123,"height":10}},{"id":"217230b3-2d92-4db7-a5d2-41fa24b424b9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":53,"box":{"x":550,"y":169,"width":393,"height":11}},{"id":"5df02ac5-e66d-488f-96e4-b4d22ca600d0","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":53,"box":{"x":549,"y":182,"width":421,"height":11}},{"id":"765e8e95-f60b-4193-8a88-da79c7f8ee5b","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":53,"box":{"x":549,"y":195,"width":415,"height":10}},{"id":"f6decc08-7358-4633-b74d-a3c09d8e94f9","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":53,"box":{"x":549,"y":207,"width":403,"height":11}},{"id":"cf39817c-381d-4bd1-9996-83052b700987","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":53,"box":{"x":549,"y":220,"width":403,"height":11}},{"id":"fa68de14-79bf-45c1-830d-41c03244a674","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":53,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"68a725e7-f87f-48ad-9dad-fccc459a2e91","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":53,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"4809f9a4-bc54-4430-9ac3-930152a33caf","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":53,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"48aad84e-ef39-4688-96b6-0fb41b682f10","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":53,"box":{"x":549,"y":272,"width":361,"height":11}},{"id":"8880478a-6039-4881-b17c-bacd34eabd2f","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":53,"box":{"x":549,"y":285,"width":421,"height":11}},{"id":"6b7bb9e0-9b3d-4c42-9e7a-e7a2c26c948a","block_type":"box","text":"information.","page_number":53,"box":{"x":549,"y":298,"width":76,"height":8}},{"id":"600100d4-a583-44f6-a714-c23b5d342f92","block_type":"box","text":"S-42","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ccebdbbd-d743-459a-9217-271148a7b232","block_type":"box","text":"iSHARES","page_number":54,"box":{"x":351,"y":24,"width":119,"height":15}},{"id":"de0428df-c6e8-489f-8304-6842b48e0ea6","block_type":"box","text":"®","page_number":54,"box":{"x":473,"y":17,"width":11,"height":8}},{"id":"0c1ce20a-d4bc-4e30-9d45-d9ffed14aeaf","block_type":"box","text":"MSCI ITALY ETF","page_number":54,"box":{"x":495,"y":24,"width":212,"height":15}},{"id":"ed77908e-5fc0-461d-9e1a-3534e20011ef","block_type":"box","text":"Ticker: EWI Stock Exchange: NYSE Arca","page_number":54,"box":{"x":286,"y":53,"width":480,"height":12}},{"id":"5d2c5c9c-a042-453c-82e9-e56611298345","block_type":"box","text":"Investment Objective","page_number":54,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"63ec9469-3f8d-4efb-ab8f-40af3bb2bce7","block_type":"box","text":"The iShares MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities.","page_number":54,"box":{"x":82,"y":116,"width":758,"height":11}},{"id":"cbb57d23-bc52-4d97-a550-61767c016bf0","block_type":"box","text":"Fees and Expenses","page_number":54,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"d7f7f33a-efd2-4a2b-8777-71cc7f9315c7","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":54,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"6e2e7616-b4d2-460e-9f95-4bf6fc83415f","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":54,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"123e4a30-8b6c-4053-a7ba-ff76be83d1e2","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":54,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"a6b8b89f-eabf-486f-870a-dde3f37c9ec5","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":54,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"97f088fd-a8f7-4429-88d0-0b3439e7a0b7","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":54,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"c7f80c7c-5bfe-4608-b2ea-f9b910a8b679","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":54,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"ae59f6a0-1034-4883-97ec-6556ec6acd62","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":54,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"d794c909-2a2f-4895-b415-a65bf5e56b90","block_type":"box","text":"the tables and examples below.","page_number":54,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"9f661c2a-c76e-48aa-be21-c0907bb33947","block_type":"box","text":"Annual Fund Operating Expenses","page_number":54,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"3ab80241-fcb2-4bcf-a256-249d84e13397","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":54,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"1264fe6e-ae70-4dfa-a8be-a9f456f85366","block_type":"box","text":"percentage of the value of your investments)","page_number":54,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"177a0ba2-407d-4a7c-9567-9640a3904f07","block_type":"box","text":"1","page_number":54,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"c40754fc-b55c-4ca0-b234-a7a87e916552","block_type":"box","text":"Management","page_number":54,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"e49fdcd5-0b0b-4ef8-8ddb-45cabe2ca2c6","block_type":"box","text":"Fees","page_number":54,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"f1c56f88-9d75-404d-a4fb-b6d5294e2b7f","block_type":"box","text":"Distribution","page_number":54,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"3cd1d431-1c89-45ed-83bf-c694f5b03856","block_type":"box","text":"and Service","page_number":54,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"f4c4dc6b-0751-4145-bcff-e1351504930d","block_type":"box","text":"(12b-1) Fees","page_number":54,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"7604952c-312e-4ea3-afc8-e15d102b6624","block_type":"box","text":"Other","page_number":54,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"ca4b8ba4-2419-43a4-8e09-ede721e581a0","block_type":"box","text":"Expenses","page_number":54,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"7b559a53-6b23-4d83-a931-e3d405c3e4c4","block_type":"box","text":"Total Annual","page_number":54,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"91d667f1-ebad-4bb3-b7d2-779e47d153ce","block_type":"box","text":"Fund","page_number":54,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"017770a6-55fe-4504-9992-c743a0cbe8ca","block_type":"box","text":"Operating","page_number":54,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"e5d5cb03-cb02-4782-86f1-fac46b522451","block_type":"box","text":"Expenses","page_number":54,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"8b00a8a2-3e17-4b85-991b-cafae4c75b48","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":54,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"16e4877f-0480-4a73-b735-a1608eec36b2","block_type":"box","text":"1","page_number":54,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"89d07b3e-87b9-437b-9349-45f2963cac07","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":54,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"c0955b3c-8077-449c-8980-d7e69c0c2744","block_type":"box","text":"Example.","page_number":54,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"6074eb27-deb8-4b9c-9934-512f3f66acf3","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":54,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"272979c4-e5f2-4068-b9ca-7af14a5034aa","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":54,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"672ae44f-29e6-422b-a271-35983d4fe992","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":54,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"d75ed4ae-1303-43f1-8893-2d100cbb5dcd","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":54,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"915fc827-85a0-4ac1-8c33-246e7f771586","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":54,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"dc14f56c-3197-47c6-8f03-be6b6a9d68b2","block_type":"box","text":"$51 $160 $280 $628","page_number":54,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"d1f15db3-35a4-4608-95b4-c2698e04ae2b","block_type":"box","text":"Portfolio Turnover.","page_number":54,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"1b27c174-883e-4971-8083-49b77c9a3af3","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":54,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"adfcfe60-e29c-41c1-acf1-c7ebe5d57eef","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":54,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"7d6efab3-8142-4f5a-a604-5798dad15837","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":54,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"653b615e-37f4-45dc-b8bf-3f46372ee4f2","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":54,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"2f47e9ff-36cd-4ac5-995a-7d01d2508946","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":54,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"adf72bd4-50cf-4f7a-ac55-8dd57baca946","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":54,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"14c7fdd1-46d7-4413-b3c5-6e4e3cd6dc3e","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":54,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"395c13eb-b6ee-4592-9c08-57bfca3e8493","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 13% of the","page_number":54,"box":{"x":82,"y":673,"width":384,"height":11}},{"id":"b7f247da-f2b3-4572-a638-901b57a28b8d","block_type":"box","text":"average value of its portfolio.","page_number":54,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"1c6597b5-6f08-49e5-b6eb-adb99ae0425b","block_type":"box","text":"Principal Investment Strategies","page_number":54,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"0e02bc0d-12fb-42c4-9f3f-4c87f88cc6ef","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Italy","page_number":54,"box":{"x":82,"y":741,"width":412,"height":11}},{"id":"8b8aea8a-a1ca-4a8a-839d-00ce7240c8d4","block_type":"box","text":"25/50 Index (the “Underlying Index”), which is a free float","page_number":54,"box":{"x":83,"y":755,"width":377,"height":11}},{"id":"edb319a6-7bd2-423f-8990-c546ac581d00","block_type":"box","text":"adjusted market capitalization-weighted index that is designed to","page_number":54,"box":{"x":83,"y":770,"width":417,"height":10}},{"id":"26150664-6e70-456e-8166-9eb05c2de845","block_type":"box","text":"measure the performance of the large- and mid-capitalization","page_number":54,"box":{"x":83,"y":784,"width":392,"height":11}},{"id":"a183c274-4279-459f-8c71-fb66b9235d0e","block_type":"box","text":"segments of the equity market in Italy. The Underlying Index is","page_number":54,"box":{"x":83,"y":798,"width":397,"height":11}},{"id":"041e07dd-95d7-415d-aeca-3402eb001178","block_type":"box","text":"rebalanced quarterly using an optimization process that aims to","page_number":54,"box":{"x":83,"y":812,"width":407,"height":11}},{"id":"db5f46a9-5ef5-4778-a4da-c226a0d32c94","block_type":"box","text":"minimize the constituent weight differences between the","page_number":54,"box":{"x":83,"y":826,"width":363,"height":11}},{"id":"c5557b16-59f8-48b1-b5fa-e26781c5adb6","block_type":"box","text":"Underlying Index and the MSCI Italy Index (the “Parent Index”).","page_number":54,"box":{"x":83,"y":840,"width":402,"height":11}},{"id":"c4870d56-c486-4b0d-b5d3-37616f33ef92","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":54,"box":{"x":82,"y":862,"width":414,"height":11}},{"id":"5bf28ff5-3836-4a27-a800-0e1825f6ea6d","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":54,"box":{"x":82,"y":877,"width":376,"height":10}},{"id":"7dcfcbb0-5795-49ca-b37c-c6a760f4b4a0","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":54,"box":{"x":549,"y":566,"width":409,"height":11}},{"id":"b387b1ce-3d8f-4a08-8f07-83bb4bc04f31","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":54,"box":{"x":549,"y":580,"width":422,"height":11}},{"id":"238102f2-093f-4122-acce-c867a4feb229","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":54,"box":{"x":549,"y":594,"width":421,"height":11}},{"id":"f7ea9536-9c7c-4e2e-b9e7-80e8a79d9f2b","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":54,"box":{"x":549,"y":608,"width":417,"height":11}},{"id":"2a27b1e0-695d-46e1-93a8-f0e3ac6a0059","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":54,"box":{"x":549,"y":623,"width":364,"height":10}},{"id":"28004532-e514-46b2-a307-9a05102f8303","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":54,"box":{"x":549,"y":637,"width":416,"height":11}},{"id":"1ff86a69-df9b-415a-a3bf-4bfcf03f5ade","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":54,"box":{"x":549,"y":651,"width":399,"height":11}},{"id":"b1009bbf-2e9b-4b48-9dea-150ff9b8a49c","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":54,"box":{"x":549,"y":665,"width":398,"height":11}},{"id":"d9d4c277-cd18-4689-8667-f1e931953989","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":54,"box":{"x":549,"y":679,"width":390,"height":11}},{"id":"44921b56-b038-416d-97a0-7920521d7bcc","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":54,"box":{"x":549,"y":693,"width":408,"height":11}},{"id":"56cadc97-10e0-41b1-9478-c9374b6bf6e2","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":54,"box":{"x":549,"y":708,"width":411,"height":11}},{"id":"242e4566-d273-4310-9e5f-8a018ef0e299","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":54,"box":{"x":549,"y":722,"width":417,"height":11}},{"id":"a3ac5494-ecd3-47a8-b6e6-19aaea2855a2","block_type":"box","text":"are reviewed on an annual basis.","page_number":54,"box":{"x":549,"y":736,"width":208,"height":9}},{"id":"f9ec1540-fcd2-4c9a-a52c-5a0dd98326cc","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":54,"box":{"x":549,"y":758,"width":389,"height":11}},{"id":"f0fed94b-7541-4b4c-ba64-2e92e4fcd2e2","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":54,"box":{"x":550,"y":772,"width":412,"height":11}},{"id":"70667f64-67e7-4749-9f24-51a6e7d9756c","block_type":"box","text":"goods and services, financials and utilities industries or sectors.","page_number":54,"box":{"x":549,"y":786,"width":408,"height":11}},{"id":"0e3f06e5-0cb4-400a-9e09-53ffa519fb13","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":54,"box":{"x":549,"y":800,"width":419,"height":11}},{"id":"9884d12e-16ea-4b4d-8e0e-a4d69c58d053","block_type":"box","text":"time.","page_number":54,"box":{"x":549,"y":815,"width":31,"height":8}},{"id":"5b7f46b4-b95f-4f15-be5c-6c26e08d0360","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":54,"box":{"x":550,"y":838,"width":376,"height":11}},{"id":"b53699ff-419c-4dc7-8ce7-77932bc8ecde","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":54,"box":{"x":549,"y":852,"width":417,"height":11}},{"id":"53777c0b-b175-45a1-b173-f74ad5deddb9","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":54,"box":{"x":549,"y":866,"width":396,"height":11}},{"id":"1242c6f6-681c-4f8b-81e8-d56daeed6d55","block_type":"box","text":"markets decline or appear overvalued.","page_number":54,"box":{"x":549,"y":880,"width":244,"height":11}},{"id":"5596cf95-4202-40ac-9c15-6d850c9b41b2","block_type":"box","text":"S-43","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3996d359-9c35-4ebd-8e72-8476be9c0958","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":55,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"99d6fc89-c2f8-4eda-a1cf-d99ec2601374","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":55,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"524aa4bc-4657-4ad4-8f63-2778f97a2f74","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":55,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"3f192898-3e7a-4cac-85bd-517d03971431","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":55,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"c329deea-415f-4afa-ab20-8fa4b9d16284","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":55,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"47e9668c-9293-46e2-a362-13129258a331","block_type":"box","text":"comparison to actively managed investment companies.","page_number":55,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"305c9307-6466-4937-960b-72be79cbaaa9","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":55,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"576f9b15-9b77-45bb-a431-4fa1be319d81","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":55,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"f614b9d3-3e03-4e06-8c22-5fdee40c7b56","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":55,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"ed3671d2-49be-4cc8-93da-82a15fe6bdc6","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":55,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"065857a4-233c-41bf-80ff-f439df8a6cf8","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":55,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"fa8e5158-1d10-4f5e-bb86-56b4b96659ae","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":55,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"04a13e7f-27dd-4cb8-9676-3571e5bdf7cc","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":55,"box":{"x":83,"y":202,"width":386,"height":11}},{"id":"e6bccd0e-27f0-47aa-8294-0878f9426748","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":55,"box":{"x":82,"y":216,"width":360,"height":11}},{"id":"83cc37e4-79e0-471b-9ef5-922481a80fd7","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":55,"box":{"x":82,"y":231,"width":414,"height":10}},{"id":"435c9225-925c-46cd-bea5-7e9719e6433c","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":55,"box":{"x":83,"y":245,"width":410,"height":11}},{"id":"4d88e3ee-1c5f-4a22-85fe-6f9c7e301b02","block_type":"box","text":"the components of the Underlying Index.","page_number":55,"box":{"x":83,"y":259,"width":259,"height":11}},{"id":"f3efd7bf-cef6-44f6-9a10-b83063438289","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":55,"box":{"x":82,"y":282,"width":390,"height":11}},{"id":"94d5bbb1-bad2-4624-99f1-40af1ba34f8a","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":55,"box":{"x":83,"y":296,"width":410,"height":11}},{"id":"6ce4b9cb-0637-4eb3-be6b-064757320622","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":55,"box":{"x":83,"y":311,"width":421,"height":10}},{"id":"4e735d02-eef2-48e4-8949-23804d103ee7","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":55,"box":{"x":83,"y":325,"width":335,"height":11}},{"id":"f0458ade-24a9-4f7d-aaf9-9870409bf8af","block_type":"box","text":"i.e","page_number":55,"box":{"x":419,"y":325,"width":14,"height":8}},{"id":"c1205952-02fd-4a00-8b8f-7edaea8d29c7","block_type":"box","text":".,","page_number":55,"box":{"x":435,"y":332,"width":6,"height":3}},{"id":"bd42e279-d2a8-4866-8f42-d4c54ef99f30","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":55,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"2b40585e-d02b-4170-be88-0432904ff0ff","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":55,"box":{"x":83,"y":353,"width":403,"height":11}},{"id":"738b4d27-019d-4a43-93e0-694232f47702","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":55,"box":{"x":83,"y":367,"width":418,"height":11}},{"id":"66276549-dd18-4e74-bc4b-f166164750ae","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":55,"box":{"x":83,"y":382,"width":411,"height":10}},{"id":"197c7838-b05e-43a6-8160-02174d76e7cf","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":55,"box":{"x":82,"y":396,"width":389,"height":11}},{"id":"0f30da12-8ecc-48b6-b412-70b61acc083d","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":55,"box":{"x":82,"y":410,"width":415,"height":11}},{"id":"5c929a9c-efa7-4d66-944c-64d298e79d7f","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":55,"box":{"x":83,"y":424,"width":360,"height":11}},{"id":"7df9dab8-139b-45a4-b1ba-437e212231db","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":55,"box":{"x":83,"y":438,"width":407,"height":11}},{"id":"1dd1af14-6562-4de8-832f-b949cf7863ee","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":55,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"905fe9db-5ea5-4660-afbf-3df371ca8613","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":55,"box":{"x":83,"y":467,"width":392,"height":10}},{"id":"6d191f62-01a9-49d9-9276-8052fe01ef17","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":55,"box":{"x":83,"y":481,"width":404,"height":11}},{"id":"53626eeb-4287-4432-b493-bb4a4074a2dd","block_type":"box","text":"Fund.","page_number":55,"box":{"x":84,"y":495,"width":33,"height":8}},{"id":"d56af973-8600-4eae-a80a-b69fe9761b2b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":55,"box":{"x":82,"y":518,"width":412,"height":11}},{"id":"3eb0a17f-b8fb-40c5-a079-868817cf1a64","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":55,"box":{"x":82,"y":532,"width":371,"height":11}},{"id":"8cb952ff-08b5-472e-bf32-a80c62430851","block_type":"box","text":"collateral received).","page_number":55,"box":{"x":83,"y":547,"width":125,"height":10}},{"id":"0858ee51-9ee7-4638-93bb-b2930be92350","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":55,"box":{"x":82,"y":570,"width":380,"height":11}},{"id":"471f46a8-680a-4c6f-9fe1-027090d555fd","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":55,"box":{"x":84,"y":584,"width":411,"height":11}},{"id":"5a892176-3b2d-42ae-9156-88ead28c16ce","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":55,"box":{"x":82,"y":598,"width":381,"height":11}},{"id":"71935107-0172-445d-aa63-212004f14ad1","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":55,"box":{"x":82,"y":612,"width":420,"height":11}},{"id":"63046e84-a74b-4cc1-97b5-cc0695ba8c21","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":55,"box":{"x":83,"y":626,"width":405,"height":11}},{"id":"35aa7e34-ea4a-41ef-aefe-d9df17552bc1","block_type":"box","text":"Industry Concentration Policy.","page_number":55,"box":{"x":83,"y":650,"width":210,"height":10}},{"id":"e7c43fba-368b-456d-b79b-cea111ee0a36","block_type":"box","text":"The Fund will concentrate its","page_number":55,"box":{"x":298,"y":650,"width":184,"height":8}},{"id":"83b16158-bf6c-4c4d-a10f-4b968e724eef","block_type":"box","text":"investments (","page_number":55,"box":{"x":83,"y":664,"width":85,"height":11}},{"id":"17f324f4-1d75-4b42-9007-dbba0b8b104a","block_type":"box","text":"i.e.","page_number":55,"box":{"x":169,"y":664,"width":17,"height":8}},{"id":"8dcbba2b-a091-4eda-a7ad-c99241fca320","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":55,"box":{"x":189,"y":664,"width":264,"height":11}},{"id":"a4bf23e4-b48e-414e-a065-d3bb3e7b18e6","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":55,"box":{"x":83,"y":678,"width":394,"height":11}},{"id":"7a399e9f-5f54-4e4a-9c08-913ee00837e0","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":55,"box":{"x":83,"y":692,"width":377,"height":11}},{"id":"741a76ef-4ce1-402c-b7ff-601707a86b3b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":55,"box":{"x":83,"y":706,"width":389,"height":11}},{"id":"ee80343b-1eb7-43d1-8577-007629e90e66","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":55,"box":{"x":83,"y":721,"width":389,"height":10}},{"id":"965a4412-1d3b-4805-88f3-32c6cfe688fb","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":55,"box":{"x":83,"y":735,"width":410,"height":11}},{"id":"280542f9-1db5-49fc-993e-bd835bd34172","block_type":"box","text":"considered to be issued by members of any industry.","page_number":55,"box":{"x":83,"y":749,"width":337,"height":11}},{"id":"3f9ecc37-f4cf-4798-a29d-324289ec5c1a","block_type":"box","text":"Summary of Principal Risks","page_number":55,"box":{"x":83,"y":778,"width":235,"height":13}},{"id":"40e276c0-94a5-4119-aa83-8717bb57ba7a","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":55,"box":{"x":82,"y":803,"width":363,"height":11}},{"id":"53af72be-bf25-4f30-b383-4cff19b6a80d","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":55,"box":{"x":83,"y":817,"width":402,"height":11}},{"id":"e5f39c72-97b7-4889-8407-fef64f4389b4","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":55,"box":{"x":83,"y":831,"width":396,"height":11}},{"id":"a678b768-3334-4127-9b5e-395bd7d255d9","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":55,"box":{"x":83,"y":846,"width":376,"height":10}},{"id":"b01832cf-7ba0-4848-b117-3fa55a3e6a1e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":55,"box":{"x":83,"y":860,"width":392,"height":11}},{"id":"3153401a-7648-4980-b9b0-2d66e7388d07","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":55,"box":{"x":83,"y":874,"width":416,"height":11}},{"id":"63c611a3-db44-4ede-be64-23d67edef11c","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":55,"box":{"x":549,"y":23,"width":388,"height":11}},{"id":"f02d1b46-fa37-4078-a7c1-d461d11b9e54","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":55,"box":{"x":549,"y":37,"width":425,"height":11}},{"id":"0c5f6c27-6476-43b2-9b6f-405d4db512ba","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":55,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"7d59198c-c0fb-4d4d-83dd-06e492c3068f","block_type":"box","text":"review each risk factor carefully.","page_number":55,"box":{"x":549,"y":66,"width":206,"height":10}},{"id":"0d9ae1c6-b876-4552-b48b-941c77692e8c","block_type":"box","text":"Risk of Investing in Italy.","page_number":55,"box":{"x":549,"y":89,"width":164,"height":11}},{"id":"75ae09fe-0f15-41c7-8a75-1ccaa09d5854","block_type":"box","text":"y.","page_number":55,"box":{"x":713,"y":95,"width":2,"height":2}},{"id":"7d72f4b1-0e8a-4d8c-9ebf-93303c1295d7","block_type":"box","text":"The Fund’s investments in Italian","page_number":55,"box":{"x":720,"y":89,"width":209,"height":8}},{"id":"2fa5d9ce-9b0c-47d8-848f-c446f26cad70","block_type":"box","text":"issuers subject the Fund to legal, regulatory, political, currency","page_number":55,"box":{"x":549,"y":103,"width":402,"height":11}},{"id":"a5e5c8de-3a6c-4b43-a3f9-0cd0300379b8","block_type":"box","text":"and economic risks specific to Italy. Among other things, Italy’s","page_number":55,"box":{"x":549,"y":117,"width":403,"height":11}},{"id":"247e7571-8a0a-4616-b75b-2645dd47d7f5","block_type":"box","text":"economy has been characterized by slow growth over the past","page_number":55,"box":{"x":549,"y":131,"width":399,"height":11}},{"id":"c4aae4ca-06f2-44d8-8b8d-462bb06c6ce0","block_type":"box","text":"few decades due to factors such as a high tax rate, rigid labor","page_number":55,"box":{"x":549,"y":146,"width":394,"height":10}},{"id":"100a376d-ed56-44d7-94d0-0f2a0931679a","block_type":"box","text":"market and a generous pension system. The Italian government","page_number":55,"box":{"x":549,"y":160,"width":406,"height":11}},{"id":"1b2ed748-de24-49c7-b215-cf2b85e698fb","block_type":"box","text":"has experienced significant budget deficits and a high amount of","page_number":55,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"91b23227-2a0c-4029-82eb-1ca848382109","block_type":"box","text":"public debt relative to economic output, which has impaired Italy’s","page_number":55,"box":{"x":549,"y":188,"width":424,"height":11}},{"id":"5a9ef4ae-24cd-425b-a7f8-abd48813e456","block_type":"box","text":"sovereign debt rating. Interest rates on Italy’s sovereign debt may","page_number":55,"box":{"x":549,"y":202,"width":420,"height":11}},{"id":"3a9a7744-7d77-45f3-85eb-9f14cf156634","block_type":"box","text":"rise to levels that may make it difficult for it to service high debt","page_number":55,"box":{"x":549,"y":216,"width":408,"height":11}},{"id":"2ad0d81b-454c-4267-ae14-8a2d4b9e7bbe","block_type":"box","text":"levels without significant financial help from the EU and could","page_number":55,"box":{"x":549,"y":231,"width":393,"height":11}},{"id":"e7eda808-c8ed-47b2-9d70-8515c4d4e6ac","block_type":"box","text":"potentially lead to default. The Italian economy is also heavily","page_number":55,"box":{"x":549,"y":245,"width":392,"height":11}},{"id":"80d3f7d3-434e-417d-8680-3d532199052c","block_type":"box","text":"dependent on trade with other European countries.","page_number":55,"box":{"x":549,"y":259,"width":326,"height":11}},{"id":"f1b66fdc-a5db-44c1-938a-4bb88bff5ab3","block_type":"box","text":"Non-U.S. Securities Risk","page_number":55,"box":{"x":549,"y":282,"width":165,"height":9}},{"id":"addafc7b-8d8d-4048-b74e-4f292336032a","block_type":"box","text":".","page_number":55,"box":{"x":714,"y":289,"width":2,"height":2}},{"id":"df6705b6-86d5-483c-947a-4290f1ee675d","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":55,"box":{"x":722,"y":282,"width":236,"height":11}},{"id":"81c63fa3-8a4e-4ee6-ad98-92cfb0edb48a","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":55,"box":{"x":549,"y":296,"width":382,"height":11}},{"id":"3dcdf640-3b7e-420d-8796-a300545f87b8","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":55,"box":{"x":549,"y":311,"width":406,"height":10}},{"id":"a3667442-ad75-4f82-8d60-bd1f20ee27c7","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":55,"box":{"x":549,"y":325,"width":369,"height":11}},{"id":"7a200464-90b5-46cf-b1cf-20295df46428","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":55,"box":{"x":548,"y":339,"width":356,"height":11}},{"id":"787a2fe9-fa13-409a-82a4-52dec04d755e","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":55,"box":{"x":549,"y":353,"width":407,"height":11}},{"id":"b35913fc-b6fb-4ba4-b6ae-d820c3499db3","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":55,"box":{"x":549,"y":367,"width":397,"height":11}},{"id":"c8715409-dff4-44e7-85c9-049598c6ba1e","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":55,"box":{"x":549,"y":381,"width":403,"height":11}},{"id":"2cdd69a6-c323-4f71-8d43-ce74fdd3b5a9","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":55,"box":{"x":549,"y":396,"width":371,"height":11}},{"id":"fb032355-14b4-451f-bac4-150048d02752","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":55,"box":{"x":549,"y":410,"width":386,"height":11}},{"id":"d818486c-4a0b-4389-9e4f-cf19b7eb28cb","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":55,"box":{"x":549,"y":424,"width":391,"height":11}},{"id":"0769ecfa-3e5c-4bf5-8bf0-7aeefb0aa255","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":55,"box":{"x":549,"y":438,"width":351,"height":11}},{"id":"4845d07f-e272-437c-bfa0-b2bab78d51dc","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":55,"box":{"x":549,"y":452,"width":413,"height":11}},{"id":"1ee73b74-2471-48bd-b764-434ed5a9c9db","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":55,"box":{"x":549,"y":467,"width":405,"height":10}},{"id":"eaa70253-b45e-4b23-98d3-1bf4cf39f97a","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":55,"box":{"x":549,"y":481,"width":372,"height":10}},{"id":"6b9c8312-ba64-4a2a-bbc5-7d22f7ebc62a","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":55,"box":{"x":549,"y":495,"width":395,"height":11}},{"id":"fe1fe09a-1ff5-4f74-933f-d39cb4b3fc08","block_type":"box","text":"Fund is specifically exposed to","page_number":55,"box":{"x":550,"y":509,"width":194,"height":11}},{"id":"b7d4afc8-84a8-4396-bbbd-73dbe7597611","block_type":"box","text":"European Economic Risk","page_number":55,"box":{"x":750,"y":509,"width":171,"height":11}},{"id":"59503841-14ec-4cde-b236-a7ec4dfbad36","block_type":"box","text":".","page_number":55,"box":{"x":922,"y":516,"width":2,"height":2}},{"id":"0bda8cf1-6498-458a-bfd3-b70890a2d031","block_type":"box","text":"Equity Securities Risk","page_number":55,"box":{"x":549,"y":532,"width":148,"height":11}},{"id":"57910d84-f994-45cf-ad56-8936c8a7c4cc","block_type":"box","text":".","page_number":55,"box":{"x":697,"y":539,"width":2,"height":2}},{"id":"900aa9c5-213f-48cf-aa98-0c4bc66c6f2e","block_type":"box","text":"Equity securities are subject to changes","page_number":55,"box":{"x":705,"y":532,"width":254,"height":11}},{"id":"bb5cb8f3-22b4-47fe-9896-3b12d35d9e36","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":55,"box":{"x":549,"y":547,"width":422,"height":10}},{"id":"9efa15c3-16fe-4b00-b34d-31fb78f120aa","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":55,"box":{"x":549,"y":561,"width":420,"height":11}},{"id":"bbcc29d1-a75f-47b6-969a-04797f8533dd","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":55,"box":{"x":549,"y":575,"width":397,"height":11}},{"id":"134e70bb-7c4e-454b-9b57-bdc6d539a6ac","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":55,"box":{"x":549,"y":589,"width":359,"height":11}},{"id":"164589d0-64e0-4698-bee2-2525febd0b8f","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":55,"box":{"x":549,"y":603,"width":390,"height":11}},{"id":"4064c750-34fb-46df-a7ca-d8ebb0fcc7a8","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":55,"box":{"x":549,"y":617,"width":412,"height":11}},{"id":"f3e4b622-4539-4f2d-b991-098a3c2dd252","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":55,"box":{"x":549,"y":632,"width":373,"height":10}},{"id":"a03ded62-5477-43b9-9d92-863366f7a4ab","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":55,"box":{"x":549,"y":646,"width":309,"height":11}},{"id":"803eee7a-6f58-41be-9ad7-fbf7be34b2e6","block_type":"box","text":"Market Risk","page_number":55,"box":{"x":549,"y":669,"width":82,"height":8}},{"id":"079c2335-b947-4281-b5a9-8160088a7256","block_type":"box","text":".","page_number":55,"box":{"x":631,"y":676,"width":3,"height":1}},{"id":"86675c3f-3240-4970-9950-2292e8814909","block_type":"box","text":"The Fund could lose money over short periods due","page_number":55,"box":{"x":639,"y":669,"width":322,"height":11}},{"id":"fa2ff2df-28b4-431b-8d70-1b5444d892f6","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":55,"box":{"x":549,"y":683,"width":413,"height":11}},{"id":"c3093d40-737c-4afa-92bc-5fab165c9785","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":55,"box":{"x":549,"y":697,"width":382,"height":11}},{"id":"822f8c8d-6c21-457d-95e1-a0766e63e79e","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":55,"box":{"x":549,"y":712,"width":411,"height":10}},{"id":"8b8710de-be67-4f6d-87a9-72cae7dd6bee","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":55,"box":{"x":549,"y":726,"width":370,"height":10}},{"id":"593778f9-9ecf-463e-9dca-0cabac2dade8","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":55,"box":{"x":549,"y":740,"width":404,"height":11}},{"id":"6ab9f5d6-b04b-49b5-b3d7-9ad4f62d91c5","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":55,"box":{"x":549,"y":754,"width":395,"height":11}},{"id":"6ecae931-d06c-439d-b0f0-8347005cb176","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":55,"box":{"x":549,"y":768,"width":395,"height":11}},{"id":"d44cc1c2-58d2-4d4b-bce8-a2931513ceda","block_type":"box","text":"NAV.","page_number":55,"box":{"x":550,"y":783,"width":27,"height":8}},{"id":"d8be1791-3d71-474b-81bb-f70ad20c362b","block_type":"box","text":"Index-Related Risk.","page_number":55,"box":{"x":549,"y":806,"width":129,"height":8}},{"id":"100f9603-1c9d-4e99-aede-cab6b4d0641b","block_type":"box","text":"The Index Provider may rely on various","page_number":55,"box":{"x":683,"y":806,"width":247,"height":10}},{"id":"bfa4b6ff-5797-4540-9a50-9690f32a961c","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":55,"box":{"x":549,"y":820,"width":423,"height":11}},{"id":"e9a4c045-be11-4d93-9a34-03f913d4a01e","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":55,"box":{"x":550,"y":834,"width":391,"height":11}},{"id":"f729d93a-8494-4174-9808-d3d9a6171f48","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":55,"box":{"x":549,"y":848,"width":406,"height":11}},{"id":"7491bdad-ad71-4bdf-8c49-2be7b6991aaa","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":55,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"2f7c8a39-1fbe-4077-b70a-5934917571f6","block_type":"box","text":"information will provide an accurate assessment of included","page_number":55,"box":{"x":549,"y":877,"width":384,"height":10}},{"id":"83b72a8e-2711-4262-b3f9-03704ae4345f","block_type":"box","text":"S-44","page_number":55,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f3aba56a-a050-4129-869b-ae8ffc2f7d1d","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":56,"box":{"x":83,"y":23,"width":387,"height":11}},{"id":"73d5085d-d0b1-4b15-b445-7969bbde215e","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":56,"box":{"x":83,"y":37,"width":366,"height":11}},{"id":"8a601bc5-a6cf-4390-a417-6a6892dc2b16","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":56,"box":{"x":83,"y":51,"width":377,"height":11}},{"id":"a143e034-e8ab-4395-8554-87d9b06486f4","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":56,"box":{"x":83,"y":66,"width":413,"height":11}},{"id":"d391b11f-e3cd-49d5-8890-73620fc2f286","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":56,"box":{"x":83,"y":80,"width":396,"height":11}},{"id":"96b5861b-a365-42c2-a98b-c9c23c18dc52","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":56,"box":{"x":83,"y":94,"width":367,"height":11}},{"id":"3e49d414-c093-4284-a867-7e42987c5916","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":56,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"f5b05b4d-5523-4a4b-84d5-9d09681d98de","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":56,"box":{"x":83,"y":122,"width":409,"height":11}},{"id":"743be572-ff15-4808-bd81-be685332a31e","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":56,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"3547e684-5776-49c5-bd6b-920446b84b38","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":56,"box":{"x":83,"y":151,"width":362,"height":11}},{"id":"d028c27e-24f3-4992-b61c-f7a0a99b17ee","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":56,"box":{"x":83,"y":165,"width":423,"height":11}},{"id":"6fb0d308-79b7-4627-97d8-a6aac018617e","block_type":"box","text":"Asset Class Risk.","page_number":56,"box":{"x":81,"y":188,"width":115,"height":9}},{"id":"113af191-0ae8-450a-a346-e1520ed4faac","block_type":"box","text":"The securities and other assets in the","page_number":56,"box":{"x":202,"y":188,"width":239,"height":9}},{"id":"94427b72-ba1e-4a8f-9ab0-0798acb38e55","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":56,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"90126452-9461-497c-8a14-810547bada57","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":56,"box":{"x":83,"y":216,"width":405,"height":11}},{"id":"6e2c0024-90e6-4e7f-9a81-d3470e6e32d4","block_type":"box","text":"market, another index, or other asset classes.","page_number":56,"box":{"x":83,"y":231,"width":292,"height":10}},{"id":"6a764e43-cc6c-471f-a7ca-6f3be82872e1","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":56,"box":{"x":81,"y":254,"width":290,"height":11}},{"id":"15d75ae6-b421-4aa5-ac59-77767ad34c96","block_type":"box","text":"An “Authorized","page_number":56,"box":{"x":381,"y":254,"width":93,"height":8}},{"id":"932a05ca-03c4-4341-a519-dc29c61e9819","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":56,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"f112a1d2-bb2c-4b54-89ba-cea3fb4ab143","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":56,"box":{"x":83,"y":282,"width":411,"height":11}},{"id":"05ea8816-3e0a-4010-b3d2-f780421de9cc","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":56,"box":{"x":84,"y":296,"width":395,"height":11}},{"id":"ff8b6b06-d3ef-4e51-83ea-483384bc6979","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":56,"box":{"x":84,"y":311,"width":399,"height":10}},{"id":"f387e89d-397e-4eef-bc12-cef724d43d44","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":56,"box":{"x":83,"y":325,"width":407,"height":11}},{"id":"15bbdeef-0d8c-40ea-847a-4ee1228a813b","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":56,"box":{"x":83,"y":339,"width":409,"height":11}},{"id":"b3d68556-270b-452c-81d9-64358d2ca6cb","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":56,"box":{"x":83,"y":353,"width":412,"height":11}},{"id":"5c350c41-7875-4d4c-b719-79c6c45a0d6b","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":56,"box":{"x":83,"y":367,"width":403,"height":11}},{"id":"0fbfaf12-d6c9-4fac-8b78-1122ce2e15e3","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":56,"box":{"x":83,"y":382,"width":378,"height":10}},{"id":"ee7ad1cc-9c04-4c19-9bd5-85b4256bea2a","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":56,"box":{"x":84,"y":396,"width":379,"height":11}},{"id":"38a4d18c-a170-4b80-90f3-baa851617c4f","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":56,"box":{"x":83,"y":410,"width":404,"height":11}},{"id":"bb2d00c3-74e2-4c73-8b2f-03f3356a5045","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":56,"box":{"x":83,"y":424,"width":399,"height":11}},{"id":"f66e862a-9b50-4f11-a0b2-24932e3155bd","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":56,"box":{"x":84,"y":438,"width":391,"height":11}},{"id":"c48f5cf3-e149-451a-8679-a2deac44d5d5","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":56,"box":{"x":83,"y":452,"width":408,"height":11}},{"id":"0875007f-9e58-4f18-99df-2bc1bc6ee038","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":56,"box":{"x":83,"y":467,"width":273,"height":10}},{"id":"9d114950-da33-473e-8a41-79aa5e1f5b61","block_type":"box","text":"Concentration Risk.","page_number":56,"box":{"x":83,"y":490,"width":132,"height":8}},{"id":"b9b16899-3c10-4001-a5a4-05d2d68771c9","block_type":"box","text":"The Fund may be susceptible to an","page_number":56,"box":{"x":220,"y":490,"width":222,"height":11}},{"id":"66c7dff8-b93f-42cc-9c67-3dd8caa64023","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":56,"box":{"x":83,"y":504,"width":419,"height":11}},{"id":"341658b9-a63d-4e2a-93f5-55e1d7f178c6","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":56,"box":{"x":83,"y":518,"width":407,"height":10}},{"id":"08ced544-515e-424b-a309-fa0b2cdf0e70","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":56,"box":{"x":83,"y":532,"width":417,"height":9}},{"id":"9369cc59-771e-40ec-a2cb-b90449b6757b","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":56,"box":{"x":83,"y":547,"width":395,"height":10}},{"id":"56e53cc5-97ec-4168-95b9-97421092f005","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":56,"box":{"x":83,"y":561,"width":388,"height":11}},{"id":"df956b03-081e-4956-981f-287d400d7a4d","block_type":"box","text":"asset classes.","page_number":56,"box":{"x":83,"y":575,"width":88,"height":8}},{"id":"f560f818-ef5b-4037-b874-dfbdbe3ca554","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":56,"box":{"x":83,"y":598,"width":325,"height":11}},{"id":"8e0e0389-7d4b-4836-a5e3-f59d36bb1730","block_type":"box","text":"Consumer","page_number":56,"box":{"x":414,"y":598,"width":65,"height":9}},{"id":"41eb1ce9-a920-41f8-9127-e08045520f0c","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":56,"box":{"x":83,"y":612,"width":399,"height":11}},{"id":"351d5e5e-3a76-41d9-b58a-896fb39179a4","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":56,"box":{"x":83,"y":626,"width":420,"height":11}},{"id":"d28abcc6-fba6-4fea-9eea-84e7cbaef886","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":56,"box":{"x":83,"y":641,"width":423,"height":10}},{"id":"e38252d1-6bc5-4638-8089-f2463c4dbd3f","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":56,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"4e273909-4f55-469d-b0bc-4a0ffd9f3e41","block_type":"box","text":"other things.","page_number":56,"box":{"x":83,"y":669,"width":79,"height":11}},{"id":"bef0c64d-9d23-417c-a20a-e7b93702f481","block_type":"box","text":"Currency Risk","page_number":56,"box":{"x":83,"y":692,"width":95,"height":11}},{"id":"8c4d6ad5-e122-4f04-9958-85a65e72e7f7","block_type":"box","text":".","page_number":56,"box":{"x":179,"y":699,"width":2,"height":2}},{"id":"fb4874f9-8578-4705-9a6e-df00429ddbf5","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":56,"box":{"x":187,"y":692,"width":292,"height":9}},{"id":"89188f3d-00bb-4468-8e71-4b8127087294","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":56,"box":{"x":83,"y":706,"width":388,"height":11}},{"id":"358394a7-15a1-4763-a7b2-ce1facc210e7","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":56,"box":{"x":83,"y":721,"width":395,"height":10}},{"id":"525f34fc-1899-40ca-9f16-0e0eb90547b8","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":56,"box":{"x":83,"y":735,"width":415,"height":11}},{"id":"6bc16dd8-309f-42a9-a10a-772d70122764","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":56,"box":{"x":83,"y":749,"width":404,"height":11}},{"id":"d5ebb915-a969-4ffe-a4ab-58e7c7c2f570","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":56,"box":{"x":83,"y":763,"width":394,"height":11}},{"id":"35f748a6-8a6b-414e-8612-46b5dbb487d5","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":56,"box":{"x":83,"y":777,"width":398,"height":11}},{"id":"403cd794-76bb-4b02-8b0c-ac6422300fd7","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":56,"box":{"x":83,"y":791,"width":392,"height":11}},{"id":"29b93bbb-d7c7-41f3-ac28-2c724ffa9998","block_type":"box","text":"dollars and foreign currencies.","page_number":56,"box":{"x":83,"y":806,"width":193,"height":10}},{"id":"a03e0a27-1118-4b55-a43c-4e6b98552a88","block_type":"box","text":"Financial Companies Risk","page_number":56,"box":{"x":83,"y":829,"width":174,"height":11}},{"id":"9a8a921a-189c-41bc-86f4-b34c28ec805a","block_type":"box","text":".","page_number":56,"box":{"x":257,"y":835,"width":3,"height":2}},{"id":"00aaaa66-5300-4509-bbf7-53f1d6c24765","block_type":"box","text":"Financial services companies are","page_number":56,"box":{"x":266,"y":829,"width":211,"height":11}},{"id":"8e9d2136-edf1-43b5-b210-f64cf12b18f5","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":56,"box":{"x":83,"y":843,"width":400,"height":11}},{"id":"a5aa77f6-1a71-4583-be8e-528249011242","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":56,"box":{"x":82,"y":857,"width":405,"height":11}},{"id":"4dc6c4b1-0326-4b5f-90ad-3daf20c72f4c","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":56,"box":{"x":83,"y":871,"width":405,"height":11}},{"id":"5ccad9ef-0225-41f3-82fe-440a20dbb8e0","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":56,"box":{"x":549,"y":23,"width":385,"height":11}},{"id":"c0f0a7d1-dbdd-48b2-9b18-257551ecd68c","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":56,"box":{"x":549,"y":37,"width":395,"height":11}},{"id":"c81c6db7-b36b-425b-b7e6-207f1a3f0ab0","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":56,"box":{"x":549,"y":51,"width":367,"height":11}},{"id":"3a8e6d2f-f0cd-47be-b3f2-8ae8ede1d7b7","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":56,"box":{"x":549,"y":66,"width":343,"height":11}},{"id":"78064fd0-9fc7-4beb-a5f0-c889af5df536","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":56,"box":{"x":549,"y":80,"width":410,"height":11}},{"id":"cb266823-bf6e-488d-92bd-392d217b2894","block_type":"box","text":"and counterparty risk.","page_number":56,"box":{"x":549,"y":94,"width":140,"height":11}},{"id":"94e66a47-957f-40e6-a8ff-cccbcdec4ed6","block_type":"box","text":"Issuer Risk","page_number":56,"box":{"x":549,"y":117,"width":75,"height":9}},{"id":"5112e5d5-8984-4c6c-b2d6-61c80c6d808c","block_type":"box","text":".","page_number":56,"box":{"x":624,"y":124,"width":3,"height":2}},{"id":"e472eb90-eb86-4456-ae47-063b0cab5d16","block_type":"box","text":"The performance of the Fund depends on the","page_number":56,"box":{"x":632,"y":117,"width":288,"height":11}},{"id":"b6553921-c3b8-4c54-add2-96ed56ddbef5","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":56,"box":{"x":549,"y":131,"width":412,"height":11}},{"id":"1d43f72a-8d96-480b-b870-b5e9d4074b76","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":56,"box":{"x":550,"y":146,"width":402,"height":10}},{"id":"0f02da00-70c9-44ab-950f-4bfa6e48ac37","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":56,"box":{"x":549,"y":160,"width":418,"height":11}},{"id":"304ee85b-bb63-4798-944a-48224e50d040","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":56,"box":{"x":549,"y":174,"width":414,"height":11}},{"id":"e929de1c-e9ac-4c18-9c5b-92130c63fcf6","block_type":"box","text":"counterparty.","page_number":56,"box":{"x":549,"y":189,"width":84,"height":10}},{"id":"1b2a27d2-491c-4c30-b5af-4a5101d7a56e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":56,"box":{"x":549,"y":211,"width":252,"height":11}},{"id":"0202be3f-1003-4bf1-9a92-d2f26695fa6d","block_type":"box","text":"Large-capitalization","page_number":56,"box":{"x":808,"y":211,"width":124,"height":11}},{"id":"261ede92-78f6-4561-8da1-82e57ec3f53b","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":56,"box":{"x":549,"y":226,"width":352,"height":10}},{"id":"57421e80-2ea4-4707-a2c7-4e2bd2937861","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":56,"box":{"x":549,"y":240,"width":352,"height":11}},{"id":"c6b1efa7-2279-4f8d-be89-3ed21828b33a","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":56,"box":{"x":549,"y":254,"width":405,"height":11}},{"id":"23115fd8-efa8-4105-a73f-320d12880cc8","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":56,"box":{"x":549,"y":268,"width":371,"height":11}},{"id":"7577b64d-fec2-4646-a2e6-0d02af36eecd","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":56,"box":{"x":549,"y":282,"width":340,"height":11}},{"id":"af5ed2c2-3ef0-4608-8c5b-66302c05ed42","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":56,"box":{"x":549,"y":296,"width":390,"height":11}},{"id":"8f06c3b4-5540-4fba-9385-d5b9ba9ba988","block_type":"box","text":"overall performance of the broader securities markets.","page_number":56,"box":{"x":549,"y":311,"width":349,"height":10}},{"id":"3784378b-7993-4270-a89e-4a466108e3ad","block_type":"box","text":"Management Risk","page_number":56,"box":{"x":549,"y":334,"width":123,"height":11}},{"id":"e2a31153-f6a2-44bd-9473-4934b018d3b0","block_type":"box","text":".","page_number":56,"box":{"x":672,"y":340,"width":2,"height":2}},{"id":"eb74357e-5b67-40c3-800c-2ed4c9686882","block_type":"box","text":"The Fund generally does not attempt to take","page_number":56,"box":{"x":679,"y":334,"width":283,"height":11}},{"id":"15171e94-2cfa-4b3c-9e72-17d43c8e8321","block_type":"box","text":"defensive positions under any market conditions, including","page_number":56,"box":{"x":549,"y":348,"width":376,"height":11}},{"id":"48b129e7-f61f-4d4e-bdfe-2560df3e7e4e","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":56,"box":{"x":549,"y":362,"width":362,"height":11}},{"id":"319352bb-5859-46cd-8a16-986417224f51","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":56,"box":{"x":550,"y":376,"width":387,"height":11}},{"id":"ac0bee09-3593-40d9-9bf3-4dd7a22cebe7","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":56,"box":{"x":549,"y":391,"width":409,"height":10}},{"id":"7e080e82-fa16-4d55-a826-e45fb0a63cdf","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":56,"box":{"x":549,"y":405,"width":419,"height":11}},{"id":"2e2fcacc-56c6-41ee-bcd2-4165074e194d","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":56,"box":{"x":549,"y":419,"width":420,"height":11}},{"id":"08715b3d-b6d8-460e-8db5-dd291400f17c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":56,"box":{"x":549,"y":433,"width":403,"height":11}},{"id":"467eb1ed-2029-4677-ac55-d9ec03b76ea2","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":56,"box":{"x":549,"y":447,"width":323,"height":11}},{"id":"72961976-be20-458a-bf39-63a975004d02","block_type":"box","text":"Market Trading Risk","page_number":56,"box":{"x":549,"y":470,"width":136,"height":11}},{"id":"eb7ec75c-8a89-45e3-8241-d436f025c5a4","block_type":"box","text":".","page_number":56,"box":{"x":685,"y":477,"width":2,"height":2}},{"id":"44e31514-a23a-4f34-a1bd-63755c196a09","block_type":"box","text":"The Fund faces numerous market trading","page_number":56,"box":{"x":692,"y":470,"width":264,"height":11}},{"id":"fcc9335e-fe33-4ee8-96c2-153946a58a18","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":56,"box":{"x":549,"y":485,"width":394,"height":10}},{"id":"f61bf329-8af5-47d6-b71f-3a0aba367a98","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":56,"box":{"x":549,"y":499,"width":401,"height":11}},{"id":"5e26014d-64a2-4b02-bce0-75f56c5f814b","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":56,"box":{"x":549,"y":513,"width":404,"height":11}},{"id":"8b505d1b-190b-4c3f-ab0e-45a51d8ec653","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":56,"box":{"x":549,"y":527,"width":416,"height":11}},{"id":"72089d45-a3db-46ca-afce-f76c2fe86225","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":56,"box":{"x":549,"y":541,"width":404,"height":11}},{"id":"7bef9b1c-14d9-416f-9304-d9b5e74e0b32","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":56,"box":{"x":549,"y":556,"width":411,"height":10}},{"id":"e4044ed1-eac8-4ac9-b075-73396c404231","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":56,"box":{"x":549,"y":570,"width":397,"height":11}},{"id":"5498990b-6607-40ea-bd04-f924d5a35083","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":56,"box":{"x":549,"y":584,"width":419,"height":11}},{"id":"70ca978b-03c5-408f-a848-44cf09d32d2d","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":56,"box":{"x":549,"y":598,"width":413,"height":11}},{"id":"56505393-2458-4338-b4d8-b7672039d572","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":56,"box":{"x":549,"y":612,"width":397,"height":11}},{"id":"b20c0da2-fee4-4386-a084-208fdfbe676a","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":56,"box":{"x":549,"y":626,"width":316,"height":11}},{"id":"d3067bbc-d578-46ff-a1e2-c3dc8c7272c3","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":56,"box":{"x":549,"y":650,"width":238,"height":10}},{"id":"ebb5dce0-9206-47a3-ab04-e4667d7553d1","block_type":"box","text":".","page_number":56,"box":{"x":787,"y":656,"width":3,"height":2}},{"id":"85b05d33-d1b4-4ba6-ae56-8c1d4d9823f3","block_type":"box","text":"Compared to large","page_number":56,"box":{"x":795,"y":650,"width":124,"height":10}},{"id":"c7046016-7d81-44f1-b5f6-541208b02d17","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":56,"box":{"x":549,"y":664,"width":403,"height":11}},{"id":"5b1c2681-f18b-4114-962d-282f3644d7ed","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":56,"box":{"x":549,"y":678,"width":405,"height":11}},{"id":"d8923574-a92a-4aaf-9ee2-011eedaba7c8","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":56,"box":{"x":549,"y":692,"width":407,"height":11}},{"id":"2f513534-8584-4b2a-9986-29caf630a59b","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":56,"box":{"x":549,"y":706,"width":414,"height":11}},{"id":"e0c55eb5-6d42-45e8-8105-17be58f0f731","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":56,"box":{"x":549,"y":721,"width":413,"height":10}},{"id":"ad06cba7-3f77-424e-a3b0-2d388c5a3206","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":56,"box":{"x":549,"y":735,"width":386,"height":11}},{"id":"4a37c9b9-488c-4ea8-a9be-918b841cb736","block_type":"box","text":"National Closed Market Trading Risk.","page_number":56,"box":{"x":549,"y":758,"width":250,"height":11}},{"id":"317ef1f5-20f6-41f5-9652-df0f25c4ce12","block_type":"box","text":"To the extent that","page_number":56,"box":{"x":805,"y":758,"width":113,"height":8}},{"id":"8355e7e9-3179-442f-b755-a5eb0b6a7863","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":56,"box":{"x":549,"y":772,"width":378,"height":11}},{"id":"c486692d-89d3-45dc-b828-edee96b3adb3","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":56,"box":{"x":549,"y":786,"width":393,"height":11}},{"id":"7b5a781c-d1fe-45e9-a49c-7a9289cdde28","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":56,"box":{"x":549,"y":800,"width":396,"height":11}},{"id":"e11216d2-6027-4813-95b3-c0fe8782fe7a","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":56,"box":{"x":549,"y":815,"width":392,"height":10}},{"id":"c574a203-1028-4d4e-abd6-db0ca754ca51","block_type":"box","text":"price and its last quoted price (","page_number":56,"box":{"x":549,"y":829,"width":198,"height":11}},{"id":"888db4e7-3bc5-41d2-8bcc-ee4e46c4a76d","block_type":"box","text":"i.e","page_number":56,"box":{"x":748,"y":829,"width":14,"height":8}},{"id":"f2ea5de3-c799-4862-8b19-a0bd0f23a9d4","block_type":"box","text":"., the quote from the closed","page_number":56,"box":{"x":764,"y":829,"width":176,"height":11}},{"id":"07bae1e7-abf3-4e49-958b-c4960a4cd760","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":56,"box":{"x":549,"y":843,"width":376,"height":11}},{"id":"ece5ea59-dfbd-4b13-b077-84e80c084ae7","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":56,"box":{"x":549,"y":857,"width":420,"height":11}},{"id":"bfbed9e5-2499-407f-b79e-356a08c2d60e","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":56,"box":{"x":549,"y":871,"width":403,"height":11}},{"id":"b081b4fd-8a94-4dab-9523-7ae5d19de6a5","block_type":"box","text":"S-45","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"66556dc1-089b-4b9a-888e-cb632172122e","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":57,"box":{"x":82,"y":23,"width":361,"height":11}},{"id":"6f01bfca-84d8-47ee-93a3-069d08645806","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":57,"box":{"x":83,"y":37,"width":398,"height":11}},{"id":"00b8733b-7388-4d1a-965c-1db6e115d909","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":57,"box":{"x":84,"y":51,"width":410,"height":11}},{"id":"7b593396-bb39-4c88-9179-dd40326519dd","block_type":"box","text":"Non-Diversification Risk","page_number":57,"box":{"x":83,"y":75,"width":165,"height":8}},{"id":"4eda3202-cd73-4350-9991-41fdf8d5df7b","block_type":"box","text":".","page_number":57,"box":{"x":248,"y":81,"width":2,"height":2}},{"id":"3a2e2df8-d423-4e14-a671-826edf40dacf","block_type":"box","text":"The Fund is classified as “non","page_number":57,"box":{"x":255,"y":75,"width":193,"height":8}},{"id":"60d26787-b677-4e3b-94f1-dcfc2979db47","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":57,"box":{"x":83,"y":89,"width":377,"height":11}},{"id":"18d41e6b-6356-43cc-9e3c-433d0807a3c4","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":57,"box":{"x":83,"y":103,"width":358,"height":11}},{"id":"316ee1ab-d22d-432c-adcd-ebb29107b357","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":57,"box":{"x":83,"y":117,"width":370,"height":11}},{"id":"2f321386-fedb-49e0-9de0-f5edd89750ec","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":57,"box":{"x":83,"y":131,"width":422,"height":11}},{"id":"3152238a-0a6b-4abf-9320-e8a99b76deea","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":57,"box":{"x":83,"y":146,"width":379,"height":10}},{"id":"008ee7d9-0f9a-4790-be4e-0e0835b1b27f","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":57,"box":{"x":83,"y":160,"width":375,"height":11}},{"id":"9b43a304-de09-43e5-8434-0902884f2f4b","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":57,"box":{"x":83,"y":174,"width":418,"height":11}},{"id":"fdea27fe-0f89-423c-b892-664321ff31cf","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":57,"box":{"x":83,"y":188,"width":418,"height":11}},{"id":"9adec8b7-f76f-4d0f-b269-47af7a12ba1a","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":57,"box":{"x":83,"y":202,"width":209,"height":11}},{"id":"2ff8e771-6056-4c84-b936-703f437b4013","block_type":"box","text":"Operational and Technology Risks","page_number":57,"box":{"x":83,"y":226,"width":230,"height":10}},{"id":"f220af2b-3b04-4acb-a5ca-48b4a09b0035","block_type":"box","text":".","page_number":57,"box":{"x":314,"y":232,"width":2,"height":2}},{"id":"92650393-1a27-45bb-971a-e20751fc419c","block_type":"box","text":"The Fund is directly and","page_number":57,"box":{"x":321,"y":226,"width":151,"height":10}},{"id":"9434a6d0-1322-4057-a9a4-c934a429ecc6","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":57,"box":{"x":83,"y":240,"width":368,"height":11}},{"id":"ad5d85c7-3f11-4b29-a56a-3b88d5009a60","block_type":"box","text":"including those related to human errors, processing errors,","page_number":57,"box":{"x":83,"y":254,"width":376,"height":11}},{"id":"04e0f12b-cb01-4948-a448-f733b5aa7def","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":57,"box":{"x":83,"y":268,"width":413,"height":11}},{"id":"c3ba922d-bceb-458a-a631-5fb4c72a48eb","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":57,"box":{"x":83,"y":282,"width":404,"height":11}},{"id":"356c67e8-6bc1-4f5c-a0b0-16c57d551c7a","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":57,"box":{"x":82,"y":296,"width":402,"height":11}},{"id":"67146bf6-213a-49cc-9331-e838fd936ecd","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":57,"box":{"x":83,"y":311,"width":376,"height":10}},{"id":"daee2b30-6924-4dc8-8957-009b1440587f","block_type":"box","text":"providers are required to have appropriate operational,","page_number":57,"box":{"x":83,"y":325,"width":350,"height":11}},{"id":"2f0de638-333a-4fd3-99ff-5b8a446eeedd","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":57,"box":{"x":83,"y":339,"width":414,"height":11}},{"id":"88657c34-d9ec-49c6-8bb1-a2e98b67065f","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":57,"box":{"x":83,"y":353,"width":397,"height":11}},{"id":"30aed330-d3c4-42ae-9ff1-a947b6fecf5e","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":57,"box":{"x":82,"y":367,"width":411,"height":11}},{"id":"16032b44-084f-427d-9029-54e71ff1b3cd","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":57,"box":{"x":83,"y":382,"width":391,"height":8}},{"id":"50e13f13-25a1-42c1-b9c4-aa2fd7f1f89f","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":57,"box":{"x":83,"y":396,"width":421,"height":11}},{"id":"db1a728c-e31f-4e6a-ab58-a47893ddd6ee","block_type":"box","text":"investments in such issuers to lose value.","page_number":57,"box":{"x":83,"y":410,"width":264,"height":8}},{"id":"adf03a65-471f-4c5e-be15-d5faac57b5dd","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":57,"box":{"x":83,"y":433,"width":228,"height":11}},{"id":"5a20ef15-2632-46a5-b523-3788edd9fac5","block_type":"box","text":".","page_number":57,"box":{"x":311,"y":440,"width":2,"height":2}},{"id":"a2575b96-3dbc-40a4-b070-841d92220ef7","block_type":"box","text":"The Fund invests in a country","page_number":57,"box":{"x":318,"y":433,"width":188,"height":11}},{"id":"b9cf5184-b5c6-4d08-b464-ed54a9bd4865","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":57,"box":{"x":82,"y":447,"width":381,"height":11}},{"id":"e3fecb78-0dde-484c-8cf5-5d0a040380ee","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":57,"box":{"x":83,"y":461,"width":380,"height":11}},{"id":"e41c286d-4196-48a2-b3d9-19366c781e99","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":57,"box":{"x":83,"y":476,"width":370,"height":10}},{"id":"9034120e-1ce5-46b8-802b-f7cfd9ccfe45","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":57,"box":{"x":83,"y":490,"width":403,"height":11}},{"id":"3b89ca32-fedc-4ebb-a91d-efbe2cafc47a","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":57,"box":{"x":82,"y":504,"width":326,"height":11}},{"id":"eddd130b-59aa-4d2a-8010-c5e3dad97f7c","block_type":"box","text":"and","page_number":57,"box":{"x":413,"y":504,"width":22,"height":8}},{"id":"36038a1e-8733-4505-9eec-3150ad4916fd","block_type":"box","text":"U.S.","page_number":57,"box":{"x":441,"y":504,"width":26,"height":8}},{"id":"9d823635-d042-4020-95d8-d46d08b3a53e","block_type":"box","text":"Economic Risk","page_number":57,"box":{"x":83,"y":518,"width":101,"height":9}},{"id":"65350590-8354-4424-9d14-3f6f89f75872","block_type":"box","text":".","page_number":57,"box":{"x":186,"y":525,"width":1,"height":2}},{"id":"05031203-dbd8-4af5-98f5-3956a305aa36","block_type":"box","text":"Securities Lending Risk.","page_number":57,"box":{"x":82,"y":541,"width":162,"height":11}},{"id":"f18b913f-0169-4836-a637-ef7bf4206786","block_type":"box","text":"The Fund may engage in securities","page_number":57,"box":{"x":249,"y":541,"width":221,"height":11}},{"id":"9d0d696c-87c9-4e4f-a10a-25f7e1ceec9d","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":57,"box":{"x":83,"y":556,"width":396,"height":10}},{"id":"219644df-a7fe-4537-aa72-078431d2002a","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":57,"box":{"x":83,"y":570,"width":418,"height":11}},{"id":"fcf5da8b-7614-4256-b35e-d6855391f376","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":57,"box":{"x":83,"y":584,"width":408,"height":11}},{"id":"27dd71b1-bf44-4616-998c-9dac74a980e2","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":57,"box":{"x":83,"y":598,"width":416,"height":11}},{"id":"ff50e8c6-1bd3-4c63-8802-b269c21d11ff","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":57,"box":{"x":83,"y":612,"width":389,"height":11}},{"id":"9c6ad3ef-92e0-4ff3-b6f2-d289f53934bf","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":57,"box":{"x":83,"y":626,"width":406,"height":9}},{"id":"0329fad2-ac4a-4d6d-8224-a75088925668","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":57,"box":{"x":83,"y":641,"width":301,"height":10}},{"id":"dcf4bafb-0adf-4d71-80fa-1c22bdb4f875","block_type":"box","text":"Tracking Error Risk","page_number":57,"box":{"x":84,"y":664,"width":128,"height":11}},{"id":"ec1ec54b-9344-4704-b012-b8bdd641c857","block_type":"box","text":".","page_number":57,"box":{"x":212,"y":670,"width":2,"height":2}},{"id":"c8431937-6e7d-47a7-9cd7-3b8d9078ce73","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":57,"box":{"x":219,"y":664,"width":284,"height":11}},{"id":"803a29dd-9b72-409e-885c-9206ffaa685f","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":57,"box":{"x":82,"y":678,"width":405,"height":11}},{"id":"1a006a7a-a66b-47ed-9492-04141d45e674","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":57,"box":{"x":83,"y":692,"width":425,"height":11}},{"id":"796af9e6-a9da-4e1e-bdda-a36e35d3b166","block_type":"box","text":"factors, including differences between the securities and other","page_number":57,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"61556f14-63d6-4b4b-980a-be643dba3a7a","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":57,"box":{"x":549,"y":37,"width":381,"height":11}},{"id":"3b85baa8-6c10-4a37-b858-4897954140ae","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":57,"box":{"x":550,"y":51,"width":396,"height":11}},{"id":"103a3872-1247-4849-bcd6-bff7320d9221","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":57,"box":{"x":549,"y":66,"width":407,"height":10}},{"id":"2370187c-fec0-40b2-92b1-8fcb56cf5607","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":57,"box":{"x":549,"y":80,"width":400,"height":11}},{"id":"734e9ba9-3604-41cf-bee8-e3576e65b7f5","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":57,"box":{"x":549,"y":94,"width":421,"height":11}},{"id":"b145fca5-72b6-46cf-896c-11b3a0bbb872","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":57,"box":{"x":549,"y":108,"width":374,"height":11}},{"id":"3cc748a1-ecdd-4b54-8e38-8a3d007ce3cf","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":57,"box":{"x":549,"y":122,"width":370,"height":11}},{"id":"9d824515-6d3f-40ee-9efe-5ddf654fa668","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":57,"box":{"x":549,"y":137,"width":372,"height":10}},{"id":"67c0c908-4299-42f2-ab2a-f75d52026b84","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":57,"box":{"x":549,"y":151,"width":420,"height":11}},{"id":"30af4b90-b573-4d9b-8c3d-0a2adc0b63cd","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":57,"box":{"x":549,"y":165,"width":387,"height":11}},{"id":"ba329331-9adc-4b30-8c9c-1f4e3d1ffefe","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":57,"box":{"x":549,"y":179,"width":377,"height":11}},{"id":"328d2d80-e16d-4491-956a-a0c0e256dd64","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":57,"box":{"x":549,"y":193,"width":380,"height":11}},{"id":"899c841f-5431-4062-928e-300a3df19e34","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":57,"box":{"x":549,"y":207,"width":366,"height":11}},{"id":"89a4830a-c643-49c9-aef3-8dc287c9845e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":57,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"9b25bfe1-0f44-4b5f-8eeb-ff3eb34ef89c","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":57,"box":{"x":550,"y":236,"width":386,"height":11}},{"id":"fffe1247-8d2b-4237-9f33-a4faa50afd20","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":57,"box":{"x":549,"y":250,"width":414,"height":11}},{"id":"27d7777f-8f8d-4c41-8a94-80aba83f0d9e","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":57,"box":{"x":549,"y":264,"width":420,"height":11}},{"id":"7d9abb73-4a88-476a-83b6-27b2e4ee0bd0","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":57,"box":{"x":549,"y":278,"width":383,"height":9}},{"id":"7ef38f48-3538-45af-851f-63f39d8ff305","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":57,"box":{"x":549,"y":293,"width":390,"height":10}},{"id":"63972e44-ab14-4c55-947c-9a1f07afbe92","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":57,"box":{"x":549,"y":307,"width":299,"height":8}},{"id":"3d65abf0-4a77-43ee-b86c-3fbe1c4b6dcf","block_type":"box","text":"Utility Companies Risk.","page_number":57,"box":{"x":549,"y":330,"width":156,"height":11}},{"id":"c4d02844-64df-43cd-8e51-943d765a2800","block_type":"box","text":"The utilities sector is generally subject to","page_number":57,"box":{"x":711,"y":330,"width":262,"height":11}},{"id":"0bfc4ca2-9701-4f5d-878f-1364794c125f","block_type":"box","text":"significant government regulation and oversight, including","page_number":57,"box":{"x":549,"y":344,"width":371,"height":11}},{"id":"a80b679b-aab7-4ac2-a5af-005f9ce4e029","block_type":"box","text":"restrictions on rates as well as environmental and other","page_number":57,"box":{"x":549,"y":358,"width":356,"height":9}},{"id":"07902522-bee3-4bcf-b52c-30e8c7f4c322","block_type":"box","text":"regulations. Utility companies also may face risks related to,","page_number":57,"box":{"x":549,"y":372,"width":385,"height":11}},{"id":"6d8b7b3e-a57e-45e1-8b30-4d8f14b96b87","block_type":"box","text":"among other things, natural disasters, cyber or other attacks,","page_number":57,"box":{"x":549,"y":387,"width":391,"height":10}},{"id":"ccbd70f3-b54c-4f5c-8b42-f33541b8b483","block_type":"box","text":"capital project funding, energy price volatility and increased","page_number":57,"box":{"x":549,"y":401,"width":381,"height":11}},{"id":"71bb878a-a0fa-4b5c-b676-31ba22fc3a24","block_type":"box","text":"competition.","page_number":57,"box":{"x":549,"y":415,"width":79,"height":11}},{"id":"e38e803c-9340-4ad7-97f9-f173946d99d4","block_type":"box","text":"Valuation Risk","page_number":57,"box":{"x":550,"y":438,"width":96,"height":9}},{"id":"39bff8c7-b32a-4745-940d-3eccbb2de357","block_type":"box","text":".","page_number":57,"box":{"x":646,"y":445,"width":2,"height":2}},{"id":"69d754b4-5cae-4fc5-9100-01355aecab2f","block_type":"box","text":"The price that the Fund could receive upon the","page_number":57,"box":{"x":653,"y":438,"width":298,"height":11}},{"id":"d8decfa7-2ddf-489a-aba0-99b91d920904","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":57,"box":{"x":549,"y":452,"width":408,"height":11}},{"id":"0c5de8d2-8c70-44ca-914c-99e71c890e71","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":57,"box":{"x":549,"y":467,"width":355,"height":10}},{"id":"58271e1f-1bab-4053-b5c0-d9470d7a8463","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":57,"box":{"x":549,"y":481,"width":418,"height":11}},{"id":"1c9fecab-1f80-4cf9-9870-1139cd8b197a","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":57,"box":{"x":549,"y":495,"width":347,"height":11}},{"id":"52eb6b2d-f47b-4993-a83e-9eae0b30b533","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":57,"box":{"x":549,"y":509,"width":418,"height":11}},{"id":"c45c6160-3d1b-4b9a-8c51-d64a98b6eb08","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":57,"box":{"x":549,"y":523,"width":406,"height":11}},{"id":"f4d021d5-29b8-4b81-bb0c-7e8711bd1ba5","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":57,"box":{"x":549,"y":537,"width":411,"height":11}},{"id":"bc0e9b01-f32a-42ff-9341-cf2d673a35b0","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":57,"box":{"x":549,"y":552,"width":392,"height":11}},{"id":"c2b52029-0d91-4e0d-9bc6-281844ec8e03","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":57,"box":{"x":549,"y":566,"width":414,"height":11}},{"id":"dda3676b-4daf-4f72-8ec6-5f5aece8421e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":57,"box":{"x":549,"y":580,"width":394,"height":11}},{"id":"5c6cc4d4-8ea1-41c0-bdaa-5a0939e11fb1","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":57,"box":{"x":548,"y":594,"width":383,"height":11}},{"id":"326d7d4e-f95b-4bfd-a4d4-6eadc6756af5","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":57,"box":{"x":549,"y":608,"width":414,"height":11}},{"id":"825ff314-3d34-4529-a232-c8f1b06cf7dd","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":57,"box":{"x":549,"y":623,"width":392,"height":8}},{"id":"ce1c7d0c-aa68-4b43-ae0d-697de9b1285e","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":57,"box":{"x":548,"y":637,"width":425,"height":11}},{"id":"d4ff6639-eef0-4cfd-aec6-0f2689996eaa","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":57,"box":{"x":548,"y":651,"width":400,"height":11}},{"id":"67916248-d8ab-4681-94ac-6fc742d10a96","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":57,"box":{"x":549,"y":665,"width":405,"height":11}},{"id":"f1427b6e-8ed0-44da-a459-dca4592c795b","block_type":"box","text":"S-46","page_number":57,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d1504a0b-017b-433c-8d19-4b9788f411ca","block_type":"box","text":"Performance Information","page_number":58,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"f51cc99a-db4a-42dc-a3da-6c17b0fc5a34","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":58,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"b120e8fd-0881-4698-9939-6d99f7276250","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":58,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"79979516-a25d-444b-a947-fee68f62bb34","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":58,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"a969ce98-b5de-4868-9b65-bcf3c73e507f","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":58,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"a9900752-0370-42e4-a6d5-6757b40e97d0","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":58,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"12d6ff11-e4bf-4feb-abd0-71e1be516ff8","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":58,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"0d6de1e7-54c1-4d01-9ff2-0a582de1974c","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":58,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"343845af-5c3f-4b91-96cf-0d1844234999","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":58,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"8ea727be-60d7-4823-8f78-06054dd71743","block_type":"box","text":"45%","page_number":58,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"b2d6a8dc-be1d-4afb-aba0-20b3948f37c5","block_type":"box","text":"30%","page_number":58,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"1fa5638a-c45d-4867-a49f-628c4ad49acb","block_type":"box","text":"15%","page_number":58,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"e8fd7e73-2799-44de-acdd-bb64db0c1871","block_type":"box","text":"0%","page_number":58,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"c44bfdfe-7b00-4cf2-ae84-a7d5c7806844","block_type":"box","text":"-15%","page_number":58,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"b5142d28-9c54-4260-a184-409b112cf022","block_type":"box","text":"-30%","page_number":58,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"148587a0-5551-41d8-bea5-0addb3540243","block_type":"box","text":"2","page_number":58,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"19b2a75f-61d8-4a56-b4c0-7c6785bc47ac","block_type":"box","text":"0","page_number":58,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"36e66333-f236-4d7b-bbdd-aad83b26137e","block_type":"box","text":"1","page_number":58,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"8ff90447-e250-4bbc-a8b0-efdc2969cad9","block_type":"box","text":"5","page_number":58,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"3da87a4d-9265-4806-8410-5c19dec4f420","block_type":"box","text":"2","page_number":58,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"3fad0036-6835-4037-a4dd-ddbbf952b475","block_type":"box","text":"0","page_number":58,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"49f30ede-109a-4603-908d-928e58b134f8","block_type":"box","text":"1","page_number":58,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"b6ee38df-1764-4836-8656-b4f172c0f82b","block_type":"box","text":"6","page_number":58,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"0cc7e796-9888-468c-9861-ede8d4618053","block_type":"box","text":"2","page_number":58,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"47bcb6d9-0aa2-4d88-8126-1f6813f51f25","block_type":"box","text":"0","page_number":58,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"4799104f-8e63-4bce-90ef-62ada980fa28","block_type":"box","text":"17 2","page_number":58,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"b5518643-bd3c-46cb-9783-2c0f8d20b1a4","block_type":"box","text":"0","page_number":58,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"8826c639-c0f9-4d55-b686-fcfa26c5e7e9","block_type":"box","text":"1","page_number":58,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"d978403a-8afb-4d98-852e-99d1b039f1ca","block_type":"box","text":"8","page_number":58,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"97df5296-a1d3-4647-a8ec-271aac27d23e","block_type":"box","text":"2","page_number":58,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"9a7a0414-3bca-4fac-9127-e07d90eb7629","block_type":"box","text":"0","page_number":58,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"4c136a79-0dce-4f8e-ba53-c538fe3a185d","block_type":"box","text":"1","page_number":58,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"fdad421d-72ad-43dd-961c-ce2280d6bbb1","block_type":"box","text":"9","page_number":58,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"08fd114a-f9be-4357-aded-9029d7a7cb16","block_type":"box","text":"2","page_number":58,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"7a3feeb3-3817-44b7-8cad-fd1cf31ecaca","block_type":"box","text":"0","page_number":58,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"0d11b9a2-db67-4c9e-95fe-8fb352c41683","block_type":"box","text":"2","page_number":58,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"a3545d7f-26f0-489a-895a-9becf42c5b74","block_type":"box","text":"0","page_number":58,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"4f66abe1-d25d-4d05-9aa0-9d306b23825e","block_type":"box","text":"2","page_number":58,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"9ad3cce1-61b5-4806-a0d5-66af4d281ce9","block_type":"box","text":"0","page_number":58,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"befcddec-e3b2-4468-8354-ed994289692b","block_type":"box","text":"21 2","page_number":58,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"d153d5b1-3aab-44e4-b69b-46ff13a6deae","block_type":"box","text":"0","page_number":58,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"f292ab75-c2a8-47ec-b52b-9d24788aac9a","block_type":"box","text":"22 2","page_number":58,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"af168ef5-ca39-49cb-93dd-59c890dfbb85","block_type":"box","text":"0","page_number":58,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"ff830243-01eb-4c83-b37e-8bc044a38cd1","block_type":"box","text":"2","page_number":58,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"218c4c31-6fcf-4543-b58a-00a9f241a556","block_type":"box","text":"3","page_number":58,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"30df160d-e778-44e2-aed9-e43713bb5795","block_type":"box","text":"2","page_number":58,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"220b30ed-d5db-433d-92d5-936fcdda5900","block_type":"box","text":"0","page_number":58,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"aff3f3d9-56b8-4db9-b3a3-17858c211167","block_type":"box","text":"2","page_number":58,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"1d3a14d8-2acb-4613-844c-0690528e8b63","block_type":"box","text":"4","page_number":58,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"8cd847d0-1837-47f3-bdff-07c6fee99b10","block_type":"box","text":"4.00%","page_number":58,"box":{"x":365,"y":247,"width":24,"height":6}},{"id":"f4736f50-250c-45a9-a2fd-a028f28b7b7e","block_type":"box","text":"-9.40%","page_number":58,"box":{"x":399,"y":279,"width":28,"height":6}},{"id":"95106211-b13f-41f3-9798-5ffaabedbed4","block_type":"box","text":"28.47%","page_number":58,"box":{"x":434,"y":215,"width":31,"height":6}},{"id":"ab1504e1-e79e-4afb-b214-5a9e807f89c9","block_type":"box","text":"-17.51%","page_number":58,"box":{"x":468,"y":290,"width":34,"height":6}},{"id":"8538fc47-3490-41f0-bfb2-cdcdefcf20c7","block_type":"box","text":"27.19%","page_number":58,"box":{"x":507,"y":217,"width":30,"height":6}},{"id":"8d491a38-d3a3-4eba-be03-9ee584946fa5","block_type":"box","text":"2.56%","page_number":58,"box":{"x":546,"y":249,"width":24,"height":6}},{"id":"86714ce5-6acb-4fe2-9224-fcda30b7ca21","block_type":"box","text":"13.80%","page_number":58,"box":{"x":580,"y":234,"width":29,"height":6}},{"id":"fb850bc2-0c8c-466a-976d-f93e8d4a526a","block_type":"box","text":"-14.19%","page_number":58,"box":{"x":613,"y":285,"width":34,"height":6}},{"id":"0c21eb93-1d84-474e-a7cf-15304fe77f41","block_type":"box","text":"30.34%","page_number":58,"box":{"x":651,"y":213,"width":30,"height":6}},{"id":"09464cd0-ae1b-45b5-aa88-6139183157b8","block_type":"box","text":"10.39%","page_number":58,"box":{"x":689,"y":239,"width":29,"height":6}},{"id":"5d64cfcf-dfdb-4c72-9855-eadfe7c0b7bc","block_type":"box","text":"Return (%) Period Ended","page_number":58,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"51b7d5ad-e1ea-494f-8ab3-faf01dc4a237","block_type":"box","text":"Calendar Year-to-Date Return","page_number":58,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"db49ea05-44c0-4f5d-9f6e-f309ae52a70b","block_type":"box","text":"47.24% September 30, 2025","page_number":58,"box":{"x":561,"y":366,"width":178,"height":9}},{"id":"5bae7d13-cffe-41ce-95f6-e289adbe54bd","block_type":"box","text":"During the periods shown in the chart:","page_number":58,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"90f19cc5-2176-4fc2-9d03-8e2a779345da","block_type":"box","text":"Best Quarter 27.29% December 31, 2022","page_number":58,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"5fc91e30-6c1e-4774-837a-3ef01375e5a7","block_type":"box","text":"Worst Quarter -29.51% March 31, 2020","page_number":58,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"f555e5fc-5ae2-4aed-87b8-860b34086796","block_type":"box","text":"Average Annual Total Returns","page_number":58,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"dcb47678-2bc2-45d1-adeb-833f446c67ca","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":58,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"104529f9-4398-4797-ac70-e02f220b73a7","block_type":"box","text":"One Year Five Years Ten Years","page_number":58,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"55709903-87c6-4903-8e3b-f801681a2ad5","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":58,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"be3d349f-bcdb-408f-a997-372c50903a6d","block_type":"box","text":"Return Before Taxes","page_number":58,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"39aae1b3-18c7-4f29-8044-bf6ea6ae5ba2","block_type":"box","text":"10.39% 7.58% 6.23%","page_number":58,"box":{"x":722,"y":493,"width":198,"height":8}},{"id":"ee4e4f51-3a35-40ae-add7-5d1df95df412","block_type":"box","text":"Return After Taxes on Distributions 9.95% 7.25% 5.89%","page_number":58,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"e2dacfd4-69b1-4f6e-84a2-dbee8e56097c","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 7.48% 6.34% 5.30%","page_number":58,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"459c6f1a-326a-4fdf-ad00-02c207533efa","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":58,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"c95a5dc4-66da-43a3-a76a-399751c62482","block_type":"box","text":"1","page_number":58,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"e9f5145c-ad88-4ff9-bfe3-100602ff38e1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":58,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"492748ef-a159-4cb2-a7fa-da02cc1ab387","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":58,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"0d66eb1e-233e-486b-890f-4c8923cf3a6d","block_type":"box","text":"MSCI Italy 25/50 Index (Net)","page_number":58,"box":{"x":124,"y":553,"width":178,"height":9}},{"id":"7e419ff1-f422-4633-a795-cf9de005e5f0","block_type":"box","text":"1","page_number":58,"box":{"x":305,"y":551,"width":2,"height":5}},{"id":"b0b235b5-9049-470c-b11d-907d69e2f3a5","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":58,"box":{"x":313,"y":553,"width":353,"height":9}},{"id":"d77cbba5-6f24-4e71-90ab-3fb948a0eea5","block_type":"box","text":"except for withholding taxes on reinvested dividends) 10.66% 7.72% 6.36%","page_number":58,"box":{"x":137,"y":565,"width":783,"height":10}},{"id":"89013f73-218a-44a0-a5c4-932ed08109b0","block_type":"box","text":"1","page_number":58,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"dfa70cb2-b469-45ce-8fc7-c71c1d41fcd8","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":58,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"fe1d5d06-38c7-4ce9-91cd-6c6c745e62b6","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":58,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"53df116a-a024-4fb6-b4e8-d65bf54e967b","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":58,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"2da5db86-793b-4063-a9b7-bffe7c032ba7","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":58,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"ccdcc97f-e319-43ca-bfba-0196e34d8365","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":58,"box":{"x":82,"y":646,"width":882,"height":11}},{"id":"aa66ad6c-540d-4edd-b0bf-0c11d4b8176f","block_type":"box","text":"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,","page_number":58,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"8727dc87-c495-433b-abfb-167f2e5edccd","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":58,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"a99a94ae-b839-4065-be50-90fc64080d21","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":58,"box":{"x":83,"y":688,"width":855,"height":11}},{"id":"25ae756e-5a90-4c73-bd83-f5b1ae1f7fa9","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":58,"box":{"x":83,"y":703,"width":883,"height":10}},{"id":"c002b7bc-c659-4698-a515-529f0578d8e6","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":58,"box":{"x":82,"y":717,"width":861,"height":11}},{"id":"f3a90add-5a4f-4ba3-9f17-edd1cd542c49","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":58,"box":{"x":83,"y":731,"width":359,"height":10}},{"id":"432a5336-c741-4d4a-b0d3-acdaa49bd976","block_type":"box","text":"S-47","page_number":58,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"65ac0223-77c8-4202-b484-b31ee96206bf","block_type":"box","text":"Management","page_number":59,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"5f26d566-81e8-42d8-961a-8d684e127dfa","block_type":"box","text":"Investment Adviser.","page_number":59,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"51e5249d-f0ac-4d98-a8e8-b265fe15fe72","block_type":"box","text":"BlackRock Fund Advisors.","page_number":59,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"0203c368-e45d-4a4c-ae4c-8fa7a4b9b2bc","block_type":"box","text":"Portfolio Managers.","page_number":59,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"cffeb931-4531-4a1b-927c-3adc7fc5a037","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":59,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"f25ff840-b0e8-4278-80b8-e179b96f3319","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":59,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"f11e66f8-be68-4871-a967-f45b790b5308","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":59,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"a1fe3139-a599-4ae9-871e-289e3e981bd2","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":59,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"2d92706b-f07f-41fd-9af6-eacbed6a2172","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":59,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"0d283c2c-e3a8-47b5-abd0-c434e87ab779","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":59,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"32619afa-5fa6-4016-8493-c418c67b95b7","block_type":"box","text":"Managers of the Fund since 2025.","page_number":59,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"a063aeac-2b1e-4e13-955b-8d66e2a56139","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":59,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"9097dd97-1762-4ea4-8064-5562e85eae82","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":59,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"b6e7cae2-a775-48ab-83a3-a9080fcc764a","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":59,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"d83b929d-a75f-4030-8f71-8bae302cded9","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":59,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"4ca71a3a-75a0-454a-ab5b-7c4f4d6a600a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":59,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"c64401f6-f544-4d97-bc0d-ae5708416c49","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":59,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"ca601252-7c8a-454d-99a7-555947b51f7d","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":59,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"1b2ba1a5-8368-4de7-9ba7-1a7a3b44fb76","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":59,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"339473a8-b06b-4fb3-a9bc-bf9cd6c9dbee","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":59,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"24a14608-aa0f-4f89-8ff2-00a4270a260e","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":59,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"e7b1e2f8-da48-4819-9776-e921d956c9f1","block_type":"box","text":"Tax Information","page_number":59,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"445b2248-6150-4536-841c-ec919db828c0","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":59,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"9e062c42-1148-45ed-a80d-a25089649e3e","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":59,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"16c5cccd-a834-4e5e-b994-5de8c892cf80","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":59,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"6af67cb6-71d1-40cc-a5c4-8ff97a2b76ae","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":59,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"66706c3a-873e-4890-9e55-b52bd7c1215b","block_type":"box","text":"withdrawn.","page_number":59,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"80d14d78-1ca7-4aa6-8618-117a455eb1f0","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":59,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"5a3e5a4f-e962-4aac-8895-534c67702f64","block_type":"box","text":"Intermediaries","page_number":59,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"09a0fcc6-fbec-4194-87a8-4a063d8a3e08","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":59,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"3d0c55ab-c63a-412f-81c1-f689da95ed95","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":59,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"e77166f7-8f87-4e87-ae2b-e090299e8865","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":59,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"66ea706f-b4dd-4cb0-8de1-1f90195f46dc","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":59,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"131d9a21-842c-46c1-9bdc-f52cb6b5c007","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":59,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"64f41507-ce81-4fdc-b8d5-490844ba4395","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":59,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"546b2a6a-47d6-4097-9857-54307d09a275","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":59,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"4b67afbd-f0e3-4116-869e-8fe520b551aa","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":59,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"4e8049f0-53c2-4146-b4e2-b7d3cbc3477e","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":59,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"85800916-dffa-4be9-b185-5cce1fe807a3","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":59,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"ec7d0a05-f451-4d30-b847-54a9f07df4da","block_type":"box","text":"information.","page_number":59,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"a9d08d0d-37e1-4cb4-968e-61f49b410eed","block_type":"box","text":"S-48","page_number":59,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"116da34f-adcf-40f8-b3c3-a293cb38ad5b","block_type":"box","text":"iSHARES","page_number":60,"box":{"x":280,"y":24,"width":119,"height":15}},{"id":"55c82be2-576a-42fa-a0e0-2d554c968cd0","block_type":"box","text":"®","page_number":60,"box":{"x":402,"y":17,"width":11,"height":8}},{"id":"d26d99ef-20dd-4f49-b994-809801c437e0","block_type":"box","text":"MSCI NETHERLANDS ETF","page_number":60,"box":{"x":424,"y":24,"width":354,"height":15}},{"id":"e9eb0e02-c691-40db-8a07-485f8e6a6675","block_type":"box","text":"Ticker: EWN Stock Exchange: NYSE Arca","page_number":60,"box":{"x":283,"y":53,"width":485,"height":12}},{"id":"1118a218-64a4-44f1-ad70-d1c057ffc0ce","block_type":"box","text":"Investment Objective","page_number":60,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"b64d0689-deef-4263-b753-ec0295af2ad3","block_type":"box","text":"The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities.","page_number":60,"box":{"x":82,"y":116,"width":885,"height":11}},{"id":"bc3471d9-cebf-4f80-8d99-da17228d6adc","block_type":"box","text":"Fees and Expenses","page_number":60,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"61ce94b1-8e0f-4372-bf0f-993209a6d264","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":60,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"c8aa8bd7-cb3c-427d-8105-d42d41ace3ab","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":60,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"2f5abf6b-40fe-4aed-9fcf-3900dde18e2e","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":60,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"191dff48-036e-4986-a167-ba7fbb39865a","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":60,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"7eb1023f-29af-40a1-989d-47562f325e2a","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":60,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"fe8ae9a6-ca0c-47a7-bf1b-719f4ebbd1fa","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":60,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"c2cdb88e-a224-4c53-befd-5a71e41b0827","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":60,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"4688620f-05ba-4e15-aad2-1aa8bd10ef7c","block_type":"box","text":"the tables and examples below.","page_number":60,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"c7dc69fe-cb3f-4b3e-aaa0-b3bdf8b680ad","block_type":"box","text":"Annual Fund Operating Expenses","page_number":60,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"ed8392f8-34f8-4b7f-ac56-7b310c1db28b","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":60,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"74553e39-be96-43ed-b1d3-6be93d480286","block_type":"box","text":"percentage of the value of your investments)","page_number":60,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"08159a88-240f-4156-bbd6-791b51864831","block_type":"box","text":"1","page_number":60,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"986131df-04a7-4488-9103-66d1b788fbb6","block_type":"box","text":"Management","page_number":60,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"c24dd4fa-5da0-4300-a170-33c2f7f635a7","block_type":"box","text":"Fees","page_number":60,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"0845c509-7ea5-4c2c-86ab-612239a113a7","block_type":"box","text":"Distribution","page_number":60,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"0d76016f-fb6f-41f0-8661-26933cea3855","block_type":"box","text":"and Service","page_number":60,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"da8d431c-5b65-4f9c-a266-9e5357f94467","block_type":"box","text":"(12b-1) Fees","page_number":60,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"4b0cf0c4-28b4-420c-b925-18fa382bf8f0","block_type":"box","text":"Other","page_number":60,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"a081e4ac-5e1d-4185-b0de-30a569f7e884","block_type":"box","text":"Expenses","page_number":60,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"719cb483-37dd-4b10-b7d7-8acc22d305ad","block_type":"box","text":"Total Annual","page_number":60,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"7a455a60-7aeb-4cfa-9cd7-3623619ea19b","block_type":"box","text":"Fund","page_number":60,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"1c6da31b-89bd-4c87-8bac-07fcb7cde3a9","block_type":"box","text":"Operating","page_number":60,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"3694daf8-7437-4b43-9bb7-27f5a8a66996","block_type":"box","text":"Expenses","page_number":60,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"067a242a-e70f-4ab0-9498-8c021fbb7418","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":60,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"efcf7847-b05a-4544-8f32-575bda920e89","block_type":"box","text":"1","page_number":60,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"cdece4f4-1a9d-4716-8b96-a21b21a013a8","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":60,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"c4b66a8a-73cb-416c-bd9f-a6e2c0610d87","block_type":"box","text":"Example.","page_number":60,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"8adce804-7b6e-4338-8bc2-556e72c3b496","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":60,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"31360b8e-4b5a-4f51-b1e7-7d2e38e6056f","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":60,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"c9fcfdef-399b-49f9-9a74-d66721e18cfe","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":60,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"217a64e3-543a-4586-8f6c-35d5f3783913","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":60,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"e6f50395-1268-42e2-b99f-f78b2ece9988","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":60,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"ab9e9642-6bb9-4e57-b164-a0ccbe34cba0","block_type":"box","text":"$51 $160 $280 $628","page_number":60,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"a75a84ec-386a-4eb9-aa27-e40f58552dc9","block_type":"box","text":"Portfolio Turnover.","page_number":60,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"9070f001-8756-40c0-b643-7f8af68f7942","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":60,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"a9fcfe1e-3666-49d3-9966-f0be402b8f14","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":60,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"a18678bf-7183-4a3f-8664-69b63f69cef9","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":60,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"4e4aa49e-9f44-4052-8bbc-a931cc1f6648","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":60,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"a1cd59b0-ae0b-4791-b59c-03f4e34334fa","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":60,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"962fc816-2098-45c9-8d09-459be8427c26","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":60,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"cb1b46ac-d76e-4f87-9aad-12f59412a5db","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":60,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"da9ca41c-94e8-4589-b167-0f37eea33b5b","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 12% of the","page_number":60,"box":{"x":82,"y":673,"width":384,"height":11}},{"id":"ef3474cf-3431-4cc2-b796-141058ba1512","block_type":"box","text":"average value of its portfolio.","page_number":60,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"77971ff7-7f8a-4baa-ac87-0f242c3f86c2","block_type":"box","text":"Principal Investment Strategies","page_number":60,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"6e48164b-e88e-45bb-a58d-25b0739db8fd","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":60,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"d1b06d19-9c80-4036-bf07-e344ec08d71a","block_type":"box","text":"Netherlands IMI 25/50 Index (the “Underlying Index”), which is a","page_number":60,"box":{"x":84,"y":755,"width":415,"height":11}},{"id":"b396360d-6728-4fe2-bd60-84f70d185bb1","block_type":"box","text":"free float-adjusted market capitalization-weighted index that is","page_number":60,"box":{"x":82,"y":770,"width":402,"height":10}},{"id":"afca0aab-62f0-4aa2-8f06-5cea968b4b26","block_type":"box","text":"designed to measure the performance of the large-, mid- and","page_number":60,"box":{"x":83,"y":784,"width":389,"height":11}},{"id":"3328fca3-9fb9-4684-a128-c0b09c10bee3","block_type":"box","text":"small-capitalization segments of the equity market in the","page_number":60,"box":{"x":83,"y":798,"width":363,"height":11}},{"id":"9ff844ac-3172-45d4-901d-4daa40e75446","block_type":"box","text":"Netherlands. The Underlying Index is rebalanced quarterly using","page_number":60,"box":{"x":84,"y":812,"width":408,"height":11}},{"id":"57245070-0032-41d2-a833-f8e415b39653","block_type":"box","text":"an optimization process that aims to minimize the constituent","page_number":60,"box":{"x":83,"y":826,"width":395,"height":11}},{"id":"be8bf612-d95d-4ba0-babe-69ed757df68e","block_type":"box","text":"weight differences between the Underlying Index and the MSCI","page_number":60,"box":{"x":82,"y":840,"width":404,"height":11}},{"id":"08144a47-7910-4cf5-9891-39c24277579b","block_type":"box","text":"Netherlands Index (the “Parent Index”).","page_number":60,"box":{"x":84,"y":855,"width":249,"height":10}},{"id":"9cd7bf74-5ed9-4767-bb60-d431cc6430e7","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":60,"box":{"x":549,"y":566,"width":413,"height":11}},{"id":"d1909c67-3936-4290-bc75-6cc3256abe31","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":60,"box":{"x":549,"y":580,"width":375,"height":11}},{"id":"0b67e926-26dd-4c87-bcd4-18d5be76e5c1","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":60,"box":{"x":549,"y":594,"width":409,"height":11}},{"id":"a29b8cb2-0060-4020-bc9b-0d9919264d22","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":60,"box":{"x":549,"y":608,"width":422,"height":11}},{"id":"3b11da4c-1efe-4456-b43d-30f26825efdf","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":60,"box":{"x":549,"y":623,"width":421,"height":10}},{"id":"c6f666e5-1b10-4063-abc7-a28bf8699151","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":60,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"78e04eef-7847-4082-9b9d-d869a31f682c","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":60,"box":{"x":549,"y":651,"width":364,"height":11}},{"id":"996b6d94-9224-4c5f-acb0-8c63a156724a","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":60,"box":{"x":549,"y":665,"width":416,"height":11}},{"id":"7d305234-1829-4689-b778-41c203909328","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":60,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"cd8a1485-da97-4f86-b253-9edf26720268","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":60,"box":{"x":549,"y":694,"width":398,"height":10}},{"id":"2a819a90-bb2c-4a60-a1d7-41e9fb0c0d38","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":60,"box":{"x":549,"y":708,"width":390,"height":11}},{"id":"786b26c0-5ae4-4e6d-b1ef-575aecf002c0","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":60,"box":{"x":549,"y":722,"width":408,"height":11}},{"id":"8ad2b4c9-4be6-44c5-98c8-d5ef12aaf071","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":60,"box":{"x":549,"y":736,"width":411,"height":11}},{"id":"aa72f767-44ea-46ea-84a0-9327c3d38a98","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":60,"box":{"x":549,"y":750,"width":417,"height":11}},{"id":"f245260b-eb0d-4379-b710-b7c2f934e48b","block_type":"box","text":"are reviewed on an annual basis.","page_number":60,"box":{"x":549,"y":764,"width":208,"height":9}},{"id":"0cdb4a2b-9c4f-408e-89ee-a5dd0506fc4e","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":60,"box":{"x":549,"y":786,"width":389,"height":11}},{"id":"aa0c1ef1-7bc1-4a40-8a23-f9e9e7450c8a","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":60,"box":{"x":550,"y":800,"width":412,"height":11}},{"id":"18f0d925-2066-450c-ad93-792d25067dc5","block_type":"box","text":"goods and services, financials and technology industries or","page_number":60,"box":{"x":549,"y":815,"width":378,"height":11}},{"id":"a2af4fa6-f588-4968-a4c0-a132eabd4ab5","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":60,"box":{"x":549,"y":829,"width":392,"height":11}},{"id":"511b4f72-5114-4689-b0e1-2c09e678d817","block_type":"box","text":"change over time.","page_number":60,"box":{"x":549,"y":843,"width":113,"height":11}},{"id":"d4a356bc-8497-47f0-9689-889bb0c6a7a7","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":60,"box":{"x":550,"y":866,"width":376,"height":11}},{"id":"04a4de8a-38c6-4b85-9110-00f24b82ff2b","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":60,"box":{"x":549,"y":880,"width":417,"height":11}},{"id":"dd7c51bf-6563-4a74-b093-9ccde67e074f","block_type":"box","text":"S-49","page_number":60,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c7ea8244-cd91-4dcc-b41c-1d74464d81c1","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":61,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"b1f06899-2278-428a-95db-91d135e9f265","block_type":"box","text":"markets decline or appear overvalued.","page_number":61,"box":{"x":83,"y":37,"width":244,"height":11}},{"id":"da2d735a-cfa8-46f1-99e5-8b3a64582fe7","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":61,"box":{"x":83,"y":61,"width":421,"height":10}},{"id":"736e2b72-f58b-428c-84bc-d930cdde1389","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":61,"box":{"x":83,"y":75,"width":421,"height":11}},{"id":"726450bb-cd86-4235-88d3-026faffba73a","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":61,"box":{"x":83,"y":89,"width":386,"height":11}},{"id":"ec0c130a-1715-4e13-b1be-410c34912f7c","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":61,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"4c1a7b9d-7f66-426c-93f1-22f4b8ab0abb","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":61,"box":{"x":83,"y":117,"width":356,"height":11}},{"id":"d8f5cacd-c044-4c99-8276-a2d1ffee5cdd","block_type":"box","text":"comparison to actively managed investment companies.","page_number":61,"box":{"x":83,"y":131,"width":359,"height":11}},{"id":"536f83d2-c680-4f16-85a7-edcea174c8be","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":61,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"b942c392-5f76-482f-96c2-d57b5b93a34d","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":61,"box":{"x":83,"y":169,"width":411,"height":11}},{"id":"9a1ba9cf-6565-47b0-a8aa-e054eeb79e2b","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":61,"box":{"x":83,"y":183,"width":424,"height":11}},{"id":"c25cd372-70ff-469d-9844-00cf046342ed","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":61,"box":{"x":83,"y":197,"width":410,"height":11}},{"id":"a3be675d-638b-41e6-80c5-4c626660c681","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":61,"box":{"x":83,"y":211,"width":408,"height":11}},{"id":"0c445d79-660e-404c-bc5c-35dcb0983a58","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":61,"box":{"x":83,"y":226,"width":423,"height":10}},{"id":"9aec6bdc-66ed-4d59-8207-af1e938d7825","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":61,"box":{"x":83,"y":240,"width":386,"height":11}},{"id":"c3194529-3225-49ed-946d-c7105929d573","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":61,"box":{"x":82,"y":254,"width":360,"height":11}},{"id":"57653d36-22f7-447f-abf6-9be958a55453","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":61,"box":{"x":82,"y":268,"width":414,"height":11}},{"id":"4ace56de-e50b-4c6c-8c10-add4a81b00de","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":61,"box":{"x":83,"y":282,"width":410,"height":11}},{"id":"f78bf7c1-077a-4485-8ad5-7248b6f77176","block_type":"box","text":"the components of the Underlying Index.","page_number":61,"box":{"x":83,"y":296,"width":259,"height":11}},{"id":"4945f07c-04f8-4542-a1be-475e13132428","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":61,"box":{"x":82,"y":320,"width":390,"height":10}},{"id":"bb9d9370-3e86-474b-bc5a-34d2e1463b41","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":61,"box":{"x":83,"y":334,"width":410,"height":11}},{"id":"dd76b15b-2396-49d2-8ec2-a6e9fe757d75","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":61,"box":{"x":83,"y":348,"width":421,"height":11}},{"id":"14d05e40-d0a5-4cf7-a677-4102ffb31ddb","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":61,"box":{"x":83,"y":362,"width":335,"height":11}},{"id":"502d08ae-b508-445e-aea9-a401fff66802","block_type":"box","text":"i.e","page_number":61,"box":{"x":419,"y":362,"width":14,"height":9}},{"id":"659bb1ff-50a4-43e0-b1b0-ad601801b5c0","block_type":"box","text":".,","page_number":61,"box":{"x":435,"y":369,"width":6,"height":3}},{"id":"dda187d0-16dc-42a0-9f30-979ef4fdb54a","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":61,"box":{"x":83,"y":376,"width":388,"height":11}},{"id":"d4efa271-7fbe-4188-85ce-3cd58d551b6d","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":61,"box":{"x":83,"y":391,"width":403,"height":10}},{"id":"2ac6beb1-7b88-4df0-9aba-3dfab4e48c2e","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":61,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"d4900bb2-8c70-437c-bb69-357c3b32cf68","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":61,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"06ecb0a7-442a-491e-9206-dab2a30bb273","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":61,"box":{"x":82,"y":433,"width":389,"height":11}},{"id":"d5b9f2f9-d224-4df0-8abb-0ade1615b0ff","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":61,"box":{"x":82,"y":447,"width":415,"height":11}},{"id":"b9fc4c93-8d56-4b8e-b262-756c09f85cd6","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":61,"box":{"x":83,"y":461,"width":360,"height":11}},{"id":"f7b2f6e3-fa43-49fb-ae07-af94a9fc9b65","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":61,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"f02bec10-dbe1-4b94-8c47-5cb63d399f5c","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":61,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"274326bf-6c9c-4863-8ce6-43f7e5d31460","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":61,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"53ba6197-986e-4598-88c8-9ba3a129628e","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":61,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"fad0bfa0-77d0-46df-839b-842d381c6f65","block_type":"box","text":"Fund.","page_number":61,"box":{"x":84,"y":532,"width":33,"height":9}},{"id":"ee31d39a-2755-4675-8745-665db762d604","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":61,"box":{"x":82,"y":556,"width":412,"height":10}},{"id":"2bcdd615-4fbc-4421-8778-678f2db0b512","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":61,"box":{"x":82,"y":570,"width":371,"height":11}},{"id":"726b07fa-5d8e-4137-890c-6a1518ef00b8","block_type":"box","text":"collateral received).","page_number":61,"box":{"x":83,"y":584,"width":125,"height":11}},{"id":"f863540e-96fb-482e-9170-36b95c0ec474","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":61,"box":{"x":82,"y":607,"width":380,"height":11}},{"id":"cd51bf91-bca3-49dc-a4c0-6df16d8d3f91","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":61,"box":{"x":84,"y":621,"width":411,"height":11}},{"id":"bdde5d8c-63cb-4d6c-8a60-69bf737cced3","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":61,"box":{"x":82,"y":636,"width":381,"height":10}},{"id":"dd68134d-45dd-4555-b399-564a3b9116e2","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":61,"box":{"x":82,"y":650,"width":420,"height":10}},{"id":"408c612a-e682-44a5-8d59-a56e196e9276","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":61,"box":{"x":83,"y":664,"width":405,"height":11}},{"id":"9952cf86-6ba2-4d4f-84a2-eece61d5bb01","block_type":"box","text":"Industry Concentration Policy.","page_number":61,"box":{"x":83,"y":687,"width":210,"height":11}},{"id":"cd8d2b48-a12f-40f0-a0d7-90eecca2aadd","block_type":"box","text":"The Fund will concentrate its","page_number":61,"box":{"x":298,"y":687,"width":184,"height":9}},{"id":"0b506aaf-5d26-4c89-8426-1570e0aab103","block_type":"box","text":"investments (","page_number":61,"box":{"x":83,"y":701,"width":85,"height":11}},{"id":"db1e1aaa-54aa-4893-8b1b-830a53ee0494","block_type":"box","text":"i.e.","page_number":61,"box":{"x":169,"y":701,"width":17,"height":9}},{"id":"9548d81e-bd75-45c9-b166-cf0014c87255","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":61,"box":{"x":189,"y":701,"width":264,"height":11}},{"id":"963a8d30-49d2-474d-8293-34becbe0cdaa","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":61,"box":{"x":83,"y":715,"width":394,"height":11}},{"id":"4e756fe5-717b-481d-b73c-69709c004d7a","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":61,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"b970673b-1fcd-4c17-8ad6-e650039ce087","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":61,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"04198ef9-b559-44b1-9e50-1c85d9ce60fc","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":61,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"da2b3833-d477-441a-b640-93c2160138e0","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":61,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"2c0583d5-f567-404b-a2d7-52c01e9962c2","block_type":"box","text":"considered to be issued by members of any industry.","page_number":61,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"4470c4d5-91a4-4edf-a945-469ad7e120fa","block_type":"box","text":"Summary of Principal Risks","page_number":61,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"628cbdc7-580e-4f73-9111-53319d37a33f","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":61,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"eb4439b8-39f3-4ff2-a9c0-5750cd2d6060","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":61,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"a67a2a48-f1f4-4d0f-b396-4ec37da8344a","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":61,"box":{"x":83,"y":869,"width":396,"height":10}},{"id":"1e39c87d-9033-4b93-a4e6-44f94f71d30e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":61,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"6a05dd14-2421-49e9-aef2-82e38da6c190","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":61,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"06e8732e-67d5-4777-b88c-20f17bc41fb0","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":61,"box":{"x":549,"y":52,"width":416,"height":10}},{"id":"49927687-422f-443b-9118-b7da456b880d","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":61,"box":{"x":549,"y":66,"width":388,"height":10}},{"id":"1e63f6d9-4847-465d-ad28-a8030efabf2e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":61,"box":{"x":549,"y":80,"width":425,"height":11}},{"id":"4bf0a1e7-0222-4b50-a27e-c5bc76f804e9","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":61,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"fbdd8ea0-7529-44df-9e96-dcd915387bbd","block_type":"box","text":"review each risk factor carefully.","page_number":61,"box":{"x":549,"y":108,"width":206,"height":11}},{"id":"50f350b0-8b61-46d5-beae-446c26544023","block_type":"box","text":"Risk of Investing in the Netherlands.","page_number":61,"box":{"x":549,"y":131,"width":246,"height":11}},{"id":"0e050970-573a-4d66-8d95-0c35e8bcf0f0","block_type":"box","text":"Investments in Dutch","page_number":61,"box":{"x":802,"y":131,"width":134,"height":9}},{"id":"672e0bbe-7b60-41e5-893d-449f5c52a507","block_type":"box","text":"issuers will subject the Fund to legal, regulatory, political,","page_number":61,"box":{"x":549,"y":146,"width":367,"height":10}},{"id":"09853371-cee7-436b-8e97-93f2713c1d45","block_type":"box","text":"currency, security and economic risk specific to the Netherlands","page_number":61,"box":{"x":549,"y":160,"width":412,"height":11}},{"id":"bad3583c-fc14-4e79-979f-e19ec9f520ff","block_type":"box","text":"and the countries that use the euro. In addition, because the","page_number":61,"box":{"x":549,"y":174,"width":386,"height":10}},{"id":"34d42ef2-e930-4297-96d8-71684bbb3ab3","block_type":"box","text":"economy of the Netherlands is export driven, the Netherlands","page_number":61,"box":{"x":549,"y":188,"width":395,"height":11}},{"id":"961be0a3-3bc8-472e-a1a4-c7f4dbd9420f","block_type":"box","text":"relies heavily on its key trading partners.","page_number":61,"box":{"x":549,"y":202,"width":258,"height":11}},{"id":"256a86bf-0943-4c65-876d-a4e50402ed69","block_type":"box","text":"Non-U.S. Securities Risk","page_number":61,"box":{"x":549,"y":226,"width":165,"height":8}},{"id":"118f7cb9-32fd-4d16-b837-5cbfcb1ed960","block_type":"box","text":".","page_number":61,"box":{"x":714,"y":232,"width":2,"height":2}},{"id":"14b2a615-29d5-4774-abaf-b7dc4c86e448","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":61,"box":{"x":722,"y":226,"width":236,"height":10}},{"id":"f41c6546-a284-46d5-94c1-52e768956d7c","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":61,"box":{"x":549,"y":240,"width":382,"height":11}},{"id":"ee6e693f-0d83-4166-9112-423601e8a6fb","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":61,"box":{"x":549,"y":254,"width":406,"height":11}},{"id":"e9770aa6-a29c-417d-b545-d0b8898dde11","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":61,"box":{"x":549,"y":268,"width":369,"height":11}},{"id":"340c0df3-dda5-41bc-8c2c-d0e4978e323b","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":61,"box":{"x":548,"y":282,"width":356,"height":11}},{"id":"3249654f-e917-404c-80a7-a236926fb25f","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":61,"box":{"x":549,"y":296,"width":407,"height":11}},{"id":"211bf7ac-7622-43fe-98cd-317b1b986d3f","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":61,"box":{"x":549,"y":311,"width":397,"height":10}},{"id":"cfdbb90b-8946-48f3-841f-a69571e5ee1a","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":61,"box":{"x":549,"y":325,"width":403,"height":11}},{"id":"487827d9-3dae-48b9-8abb-7beadb4dff22","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":61,"box":{"x":549,"y":339,"width":371,"height":11}},{"id":"f242c7e2-771c-44aa-a77c-ebbc48f18b52","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":61,"box":{"x":549,"y":353,"width":386,"height":11}},{"id":"91bf7b55-2ee9-4bb6-8a06-7391624ce902","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":61,"box":{"x":549,"y":367,"width":391,"height":11}},{"id":"0b4b4628-f251-4fc6-aabf-2b8c7cd59252","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":61,"box":{"x":549,"y":381,"width":351,"height":11}},{"id":"ae1d7854-b492-49a3-9eee-35a139452574","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":61,"box":{"x":549,"y":396,"width":413,"height":11}},{"id":"76dda4a5-8be4-4f52-8fdf-4516d92f19e1","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":61,"box":{"x":549,"y":410,"width":405,"height":11}},{"id":"9879d20e-c272-4f12-876c-01d3a92836fe","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":61,"box":{"x":549,"y":424,"width":372,"height":10}},{"id":"86c50ec7-021f-412c-9d87-c667b8b0bb13","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":61,"box":{"x":549,"y":438,"width":395,"height":11}},{"id":"33ab88a3-19e5-4c62-800b-7325c54417c1","block_type":"box","text":"Fund is specifically exposed to","page_number":61,"box":{"x":550,"y":452,"width":194,"height":11}},{"id":"1e33b0ae-5066-4f29-8c7f-824cb1b53192","block_type":"box","text":"European Economic Risk","page_number":61,"box":{"x":750,"y":452,"width":171,"height":11}},{"id":"d35a6527-4e03-487f-8a54-a54e5546ec5a","block_type":"box","text":".","page_number":61,"box":{"x":922,"y":459,"width":2,"height":2}},{"id":"45faa788-9b52-4513-9c77-b66ce7cbfd43","block_type":"box","text":"Equity Securities Risk","page_number":61,"box":{"x":549,"y":476,"width":148,"height":10}},{"id":"95369a22-8366-4c37-8bea-d2564c9a9f16","block_type":"box","text":".","page_number":61,"box":{"x":697,"y":482,"width":2,"height":2}},{"id":"97d04fb8-8330-47f2-801f-b116b2c3233c","block_type":"box","text":"Equity securities are subject to changes","page_number":61,"box":{"x":705,"y":476,"width":254,"height":10}},{"id":"620a70f9-2010-46d1-bdbb-81467f70280c","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":61,"box":{"x":549,"y":490,"width":422,"height":11}},{"id":"e982ad9c-6fe4-43a8-b248-fe54898562dd","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":61,"box":{"x":549,"y":504,"width":420,"height":11}},{"id":"7c0b043c-51e1-45fa-a4a0-ffd320d94b48","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":61,"box":{"x":549,"y":518,"width":397,"height":11}},{"id":"50c3f2bf-b57e-4d56-9ae8-3d1c102310ef","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":61,"box":{"x":549,"y":532,"width":359,"height":11}},{"id":"3a9b9936-823e-463b-9168-93fc4556319d","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":61,"box":{"x":549,"y":547,"width":390,"height":10}},{"id":"ba2d882e-3d07-4fc1-bab4-f40932ce3467","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":61,"box":{"x":549,"y":561,"width":412,"height":11}},{"id":"17f5a651-2d63-44fb-8792-c0dc54244daf","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":61,"box":{"x":549,"y":575,"width":373,"height":11}},{"id":"763cff4d-9130-4cf8-9d3f-37c281b2d926","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":61,"box":{"x":549,"y":589,"width":309,"height":11}},{"id":"e286079c-067f-498f-a9f7-8f4dcc18396e","block_type":"box","text":"Market Risk","page_number":61,"box":{"x":549,"y":612,"width":82,"height":9}},{"id":"5e9dbbc3-f5db-46cf-8a0f-8c274017ce12","block_type":"box","text":".","page_number":61,"box":{"x":631,"y":619,"width":3,"height":2}},{"id":"657c8c27-8a2f-4545-a86b-aadb421c2a09","block_type":"box","text":"The Fund could lose money over short periods due","page_number":61,"box":{"x":639,"y":612,"width":322,"height":11}},{"id":"b2f37239-c709-48c5-971a-a5a4f8f471e3","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":61,"box":{"x":549,"y":626,"width":413,"height":11}},{"id":"7969e44d-5e48-4f7e-ac82-24c0c300399e","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":61,"box":{"x":549,"y":641,"width":382,"height":10}},{"id":"d0fa7d80-5518-40e6-b538-b88d17936209","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":61,"box":{"x":549,"y":655,"width":411,"height":11}},{"id":"888f1076-e1fb-4d55-ac9c-08c673363eb6","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":61,"box":{"x":549,"y":669,"width":370,"height":11}},{"id":"22cfe6c3-9587-4a43-aed5-b96cffbab8d7","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":61,"box":{"x":549,"y":683,"width":404,"height":11}},{"id":"37737f56-22c8-40df-be9f-a43df60bc098","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":61,"box":{"x":549,"y":697,"width":395,"height":11}},{"id":"d0ea9b01-04e7-4809-a22a-3af88d028ad2","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":61,"box":{"x":549,"y":712,"width":395,"height":10}},{"id":"80dffb11-95f5-4206-b7d9-1569c68c1a78","block_type":"box","text":"NAV.","page_number":61,"box":{"x":550,"y":726,"width":27,"height":8}},{"id":"b1dce2a0-9fec-4fda-8a56-e902e97fd7dd","block_type":"box","text":"Index-Related Risk.","page_number":61,"box":{"x":549,"y":749,"width":129,"height":8}},{"id":"177bad41-02a4-46ed-af8a-b95c4d35d0a1","block_type":"box","text":"The Index Provider may rely on various","page_number":61,"box":{"x":683,"y":749,"width":247,"height":11}},{"id":"b8d68262-8cc5-4e89-b1a9-09f77589236c","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":61,"box":{"x":549,"y":763,"width":423,"height":11}},{"id":"02537acd-db4c-4f7c-8bdc-cd3b5cb0a55f","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":61,"box":{"x":550,"y":777,"width":391,"height":11}},{"id":"286b9f3e-8097-42a3-9df7-9e937d555c77","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":61,"box":{"x":549,"y":791,"width":406,"height":11}},{"id":"33176ac9-8da7-420e-a957-d46f090327e1","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":61,"box":{"x":549,"y":806,"width":408,"height":10}},{"id":"902fce18-7ed6-4910-a38b-142753cb5726","block_type":"box","text":"information will provide an accurate assessment of included","page_number":61,"box":{"x":549,"y":820,"width":384,"height":11}},{"id":"e6cd8c39-dc85-470f-af72-2a0d89992164","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":61,"box":{"x":549,"y":834,"width":388,"height":11}},{"id":"503544d7-40b5-4c3a-afcb-a9a1325974b4","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":61,"box":{"x":549,"y":848,"width":366,"height":11}},{"id":"77cdf4ee-4052-44ce-ba40-212de128fb67","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":61,"box":{"x":549,"y":862,"width":377,"height":11}},{"id":"369bb356-9a23-40d5-9fb0-5ca10756db3b","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":61,"box":{"x":549,"y":877,"width":413,"height":10}},{"id":"a62d2416-74da-47dd-8973-118b5f645d60","block_type":"box","text":"S-50","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"54c7797e-03f2-48f9-b764-d1ef5955c5fa","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":62,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"e0e8c457-af6d-4bfc-acdf-b6d72b34030e","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":62,"box":{"x":83,"y":37,"width":367,"height":11}},{"id":"553ecf85-2ffb-4822-a4a8-e2cd68d3059d","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":62,"box":{"x":83,"y":51,"width":400,"height":11}},{"id":"bc9284b7-659d-4131-8781-b8381f1bdaae","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":62,"box":{"x":83,"y":66,"width":409,"height":10}},{"id":"ef1a4ecf-466d-43b4-a132-4515ec3e2eb2","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":62,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"90398fc6-cadb-46ed-9569-614b3e12b45c","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":62,"box":{"x":83,"y":94,"width":362,"height":11}},{"id":"03a9898f-ffcb-443d-93dd-b4eecfbe24b4","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":62,"box":{"x":83,"y":108,"width":423,"height":11}},{"id":"81a7d878-e386-414d-a56d-443ac14fdc9d","block_type":"box","text":"Asset Class Risk.","page_number":62,"box":{"x":81,"y":131,"width":115,"height":9}},{"id":"ff8d7020-6746-4aa3-b0b7-4629d4a249db","block_type":"box","text":"The securities and other assets in the","page_number":62,"box":{"x":202,"y":131,"width":239,"height":9}},{"id":"1e4ca5d3-6d12-489d-9120-5da17f4719ce","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":62,"box":{"x":83,"y":146,"width":406,"height":10}},{"id":"a51a7252-f217-439d-8491-3fc890a163d1","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":62,"box":{"x":83,"y":160,"width":405,"height":11}},{"id":"c959dca5-26d3-46d7-b5d6-d908cf9915fd","block_type":"box","text":"market, another index, or other asset classes.","page_number":62,"box":{"x":83,"y":174,"width":292,"height":10}},{"id":"ba33e2d9-68ff-477b-b01c-8b508e191adc","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":62,"box":{"x":81,"y":197,"width":290,"height":11}},{"id":"588e9cb7-3f43-44b6-b02b-3bed745f4d2b","block_type":"box","text":"An “Authorized","page_number":62,"box":{"x":381,"y":197,"width":93,"height":9}},{"id":"6197af30-e1bf-421b-817e-52735096e6fd","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":62,"box":{"x":84,"y":211,"width":379,"height":11}},{"id":"1b046119-606f-4827-8613-aa88506fd44b","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":62,"box":{"x":83,"y":226,"width":411,"height":10}},{"id":"a8bea473-6b2a-41dc-8b06-73a7426122fa","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":62,"box":{"x":84,"y":240,"width":395,"height":10}},{"id":"b0ec8495-b0c3-4967-8cce-e50e764e5904","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":62,"box":{"x":84,"y":254,"width":399,"height":11}},{"id":"b7ee54fb-09a9-4ecd-a4e5-4f09240e5e25","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":62,"box":{"x":83,"y":268,"width":407,"height":11}},{"id":"99a2ccef-3365-47f1-b57e-3a2c916a3d17","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":62,"box":{"x":83,"y":282,"width":409,"height":11}},{"id":"93e4e800-b40f-4896-9a4a-28725cd0c8a8","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":62,"box":{"x":83,"y":296,"width":412,"height":11}},{"id":"140bf2f8-8d58-4030-abd8-70092144762d","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":62,"box":{"x":83,"y":311,"width":403,"height":10}},{"id":"e3dc0d0e-5b41-4d39-99af-df8c68f40337","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":62,"box":{"x":83,"y":325,"width":378,"height":11}},{"id":"f7c84b0a-7af3-4749-9ca3-029795f25fd8","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":62,"box":{"x":84,"y":339,"width":379,"height":11}},{"id":"968efabd-97e2-4c45-9d60-b2069624c402","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":62,"box":{"x":83,"y":353,"width":404,"height":11}},{"id":"1dbebe2c-a1a9-466e-a178-cdaf5201f084","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":62,"box":{"x":83,"y":367,"width":399,"height":11}},{"id":"fe56e1ad-ecb3-4510-8862-743399de7c07","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":62,"box":{"x":84,"y":382,"width":391,"height":10}},{"id":"504c5d88-67fd-47ca-8308-5eed548eaa18","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":62,"box":{"x":83,"y":396,"width":408,"height":11}},{"id":"1eb3c695-3886-4c45-a992-9979447c3b87","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":62,"box":{"x":83,"y":410,"width":273,"height":11}},{"id":"8be1eb63-a995-4b6d-a8d5-4c92af4c5ea7","block_type":"box","text":"Concentration Risk.","page_number":62,"box":{"x":83,"y":433,"width":132,"height":9}},{"id":"3beaa7e1-5c6e-4cf6-9b66-b12cc23617ba","block_type":"box","text":"The Fund may be susceptible to an","page_number":62,"box":{"x":220,"y":433,"width":222,"height":11}},{"id":"d8c30bcc-345d-43b2-8098-ba1728fd6f63","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":62,"box":{"x":83,"y":447,"width":419,"height":11}},{"id":"152597dc-1ff8-4fa1-b008-c5d623aec5c5","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":62,"box":{"x":83,"y":461,"width":407,"height":11}},{"id":"ed138323-13ee-49a2-a634-9fc338a142e1","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":62,"box":{"x":83,"y":476,"width":417,"height":8}},{"id":"468e1b1d-995b-4b51-a608-1e46c0decffb","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":62,"box":{"x":83,"y":490,"width":395,"height":10}},{"id":"d24cad36-c219-40cb-bea2-1ce9b5655b5b","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":62,"box":{"x":83,"y":504,"width":388,"height":11}},{"id":"38c27421-9ab5-413c-a193-a8abbc08adbb","block_type":"box","text":"asset classes.","page_number":62,"box":{"x":83,"y":518,"width":88,"height":9}},{"id":"45f5f958-1438-44ee-8856-65060ec9bd99","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":62,"box":{"x":83,"y":541,"width":325,"height":11}},{"id":"ccb1bb22-4057-4b92-b781-6e68ff90bd26","block_type":"box","text":"Consumer","page_number":62,"box":{"x":414,"y":541,"width":65,"height":9}},{"id":"e6bc5dde-ef31-4c85-8c1a-31a838a2ebd1","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":62,"box":{"x":83,"y":556,"width":399,"height":10}},{"id":"300d8918-1157-478d-896c-d4bd9f7c5863","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":62,"box":{"x":83,"y":570,"width":420,"height":11}},{"id":"87aa1903-77a9-4911-99b2-2be9ef3f468e","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":62,"box":{"x":83,"y":584,"width":423,"height":11}},{"id":"c5dbae3f-9596-4aae-991f-c3f215d75b31","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":62,"box":{"x":83,"y":598,"width":403,"height":11}},{"id":"f9a82cdc-87b8-4323-8f4f-63efb4c2f7d3","block_type":"box","text":"other things.","page_number":62,"box":{"x":83,"y":612,"width":79,"height":11}},{"id":"fa32d3a8-01ac-42e8-ae11-d8acdeb0c8ad","block_type":"box","text":"Currency Risk","page_number":62,"box":{"x":83,"y":635,"width":95,"height":11}},{"id":"9e0534ce-f685-42cd-9040-bcc3e664bda9","block_type":"box","text":".","page_number":62,"box":{"x":179,"y":642,"width":2,"height":2}},{"id":"ada0d4c9-6002-42b7-9119-c538c61b9c71","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":62,"box":{"x":187,"y":635,"width":292,"height":9}},{"id":"73a626b6-d9ed-496f-8c91-eeb5693922a4","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":62,"box":{"x":83,"y":650,"width":388,"height":10}},{"id":"b67c728e-f3fb-4a0f-aff8-3cc89e6c13d0","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":62,"box":{"x":83,"y":664,"width":395,"height":11}},{"id":"87b05e7e-9ab3-4018-b987-ad854e75e802","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":62,"box":{"x":83,"y":678,"width":415,"height":11}},{"id":"a67476d8-b212-45c8-832b-cd520a18cc70","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":62,"box":{"x":83,"y":692,"width":404,"height":11}},{"id":"f6bd01de-ad61-43a5-bf66-ad3d55dd40e2","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":62,"box":{"x":83,"y":706,"width":394,"height":11}},{"id":"d3f8e266-46d0-4544-b31d-e5c301fc2708","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":62,"box":{"x":83,"y":721,"width":398,"height":10}},{"id":"6274a57b-6bbc-4e3b-9f27-d118cc6fe12f","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":62,"box":{"x":83,"y":735,"width":392,"height":11}},{"id":"f8cb08ea-f512-458d-9a56-eb7d0d171ed8","block_type":"box","text":"dollars and foreign currencies.","page_number":62,"box":{"x":83,"y":749,"width":193,"height":11}},{"id":"06480090-c893-47e7-83c5-e4640b5f9d7a","block_type":"box","text":"Financial Companies Risk","page_number":62,"box":{"x":83,"y":772,"width":174,"height":11}},{"id":"ff70a3f1-2bdf-41ca-b5aa-3a97e79cca10","block_type":"box","text":".","page_number":62,"box":{"x":257,"y":779,"width":3,"height":2}},{"id":"7a85f49b-7893-4351-8974-583068772eb4","block_type":"box","text":"Financial services companies are","page_number":62,"box":{"x":266,"y":772,"width":211,"height":11}},{"id":"5fa784e5-694a-4fa9-97ff-c0cf7a2ab605","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":62,"box":{"x":83,"y":786,"width":400,"height":11}},{"id":"5484113b-acde-47b5-a39c-7a251d3a248b","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":62,"box":{"x":82,"y":800,"width":405,"height":11}},{"id":"f72829e2-f986-40f8-8d1c-1c2272f118e1","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":62,"box":{"x":83,"y":815,"width":405,"height":10}},{"id":"8aff9dfc-302e-42b2-a158-98b2b9489a62","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":62,"box":{"x":83,"y":829,"width":385,"height":11}},{"id":"623d1c3f-f038-4448-9de3-3347103a14f9","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":62,"box":{"x":83,"y":843,"width":395,"height":11}},{"id":"54903b1e-3cfc-46d6-ad5b-7612914f6d18","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":62,"box":{"x":83,"y":857,"width":367,"height":11}},{"id":"00ad2a34-d1d9-4333-92dd-1e6d17157e50","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":62,"box":{"x":83,"y":871,"width":343,"height":11}},{"id":"31fcb8b6-d57e-431d-b16a-ae9871f5b328","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":62,"box":{"x":549,"y":23,"width":410,"height":11}},{"id":"b3cfee00-d7a8-4d50-a764-a0247c99355b","block_type":"box","text":"and counterparty risk.","page_number":62,"box":{"x":549,"y":37,"width":140,"height":11}},{"id":"8b82981f-4363-4b92-8579-00c793310d6d","block_type":"box","text":"Issuer Risk","page_number":62,"box":{"x":549,"y":60,"width":75,"height":9}},{"id":"901289da-b3bc-4bfc-b9d7-d92840592bb6","block_type":"box","text":".","page_number":62,"box":{"x":624,"y":67,"width":3,"height":2}},{"id":"7d4050ca-7e73-4c09-9dbe-b06453552262","block_type":"box","text":"The performance of the Fund depends on the","page_number":62,"box":{"x":632,"y":60,"width":288,"height":11}},{"id":"04cbd950-616e-4864-85d4-744d0201302f","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":62,"box":{"x":549,"y":75,"width":412,"height":10}},{"id":"151bc448-64ae-43fc-8292-41a48a08c14e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":62,"box":{"x":550,"y":89,"width":402,"height":11}},{"id":"a4f1761a-597d-49f2-b806-b9de0b2142ff","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":62,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"bf4e4b66-60e5-44fd-95e5-cecc2cb7d39d","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":62,"box":{"x":549,"y":117,"width":414,"height":11}},{"id":"0edffcd6-d887-4eb7-9ba4-394ee665ca15","block_type":"box","text":"counterparty.","page_number":62,"box":{"x":549,"y":132,"width":84,"height":10}},{"id":"529818c0-c209-4406-8697-e6f2d977177c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":62,"box":{"x":549,"y":155,"width":252,"height":10}},{"id":"503dc1d6-2359-4c33-8ca0-1c66d09545ca","block_type":"box","text":"Large-capitalization","page_number":62,"box":{"x":808,"y":155,"width":124,"height":10}},{"id":"aa2ef6df-9425-44c8-a2ff-b33472deb3d1","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":62,"box":{"x":549,"y":169,"width":352,"height":11}},{"id":"b23e7749-dd86-4986-9768-0438a79365e7","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":62,"box":{"x":549,"y":183,"width":352,"height":11}},{"id":"649cc3d4-973f-4b11-a1a8-02ff655c008f","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":62,"box":{"x":549,"y":197,"width":405,"height":11}},{"id":"aad4cd55-1dba-4fb4-a4b0-40c7e425a811","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":62,"box":{"x":549,"y":211,"width":371,"height":11}},{"id":"2c690878-04c7-4c37-b419-8f01d9b91841","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":62,"box":{"x":549,"y":226,"width":340,"height":10}},{"id":"be26b848-995f-4f61-8911-f322b37b7614","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":62,"box":{"x":549,"y":240,"width":390,"height":11}},{"id":"ae6b5cf2-7d41-45e1-ac2a-7e0964d60002","block_type":"box","text":"overall performance of the broader securities markets.","page_number":62,"box":{"x":549,"y":254,"width":349,"height":11}},{"id":"216e4308-278d-4790-aa7a-b0107b209cc8","block_type":"box","text":"Management Risk","page_number":62,"box":{"x":549,"y":277,"width":123,"height":11}},{"id":"7bab48d1-b898-4165-bb00-edd9ceb4a0cf","block_type":"box","text":".","page_number":62,"box":{"x":672,"y":284,"width":2,"height":2}},{"id":"93ccd64c-61d9-406f-8375-e3e2d6eeec50","block_type":"box","text":"The Fund generally does not attempt to take","page_number":62,"box":{"x":679,"y":277,"width":283,"height":11}},{"id":"15a1be84-59ce-4097-a66f-e5d4630e6791","block_type":"box","text":"defensive positions under any market conditions, including","page_number":62,"box":{"x":549,"y":291,"width":376,"height":11}},{"id":"6b1706d2-eabd-46f1-afde-efbb717cd397","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":62,"box":{"x":549,"y":305,"width":362,"height":11}},{"id":"28d21e1e-8683-45d4-90e0-e4b4af8f523a","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":62,"box":{"x":550,"y":320,"width":387,"height":10}},{"id":"6c7fde62-140c-486a-a4bd-55e49629168f","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":62,"box":{"x":549,"y":334,"width":409,"height":11}},{"id":"c950d15f-edf4-474b-b431-17890fa10994","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":62,"box":{"x":549,"y":348,"width":419,"height":11}},{"id":"b0829ada-4246-4e4b-ac7f-56e8ec16fe38","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":62,"box":{"x":549,"y":362,"width":420,"height":11}},{"id":"28f75fb0-c946-4699-bb5d-30371a76b1a7","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":62,"box":{"x":549,"y":376,"width":403,"height":11}},{"id":"215147ab-ff21-4864-9a0d-db4d2bcc44a5","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":62,"box":{"x":549,"y":391,"width":323,"height":10}},{"id":"35f29b39-f293-4e9f-b5e1-0bebb51d7f0a","block_type":"box","text":"Market Trading Risk","page_number":62,"box":{"x":549,"y":414,"width":136,"height":10}},{"id":"3b3a4b82-5654-4554-a56b-e6a71b77ef1c","block_type":"box","text":".","page_number":62,"box":{"x":685,"y":420,"width":2,"height":2}},{"id":"9c67b7e2-c5a6-4985-ad95-547958257b35","block_type":"box","text":"The Fund faces numerous market trading","page_number":62,"box":{"x":692,"y":414,"width":264,"height":11}},{"id":"58164801-cc50-4193-a547-23fe9d9498ca","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":62,"box":{"x":549,"y":428,"width":394,"height":11}},{"id":"f62a6258-42d6-482d-9fb7-df2f9d908498","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":62,"box":{"x":549,"y":442,"width":401,"height":11}},{"id":"ac888e0e-6201-4339-94f3-3b43b552f342","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":62,"box":{"x":549,"y":456,"width":404,"height":11}},{"id":"364d8465-502d-46aa-ad41-5fc55f2233fc","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":62,"box":{"x":549,"y":470,"width":416,"height":11}},{"id":"d5eb215b-ea52-4c69-b09c-77d7e73a6273","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":62,"box":{"x":549,"y":485,"width":404,"height":10}},{"id":"101e429c-13b8-489d-bc0f-48b07ac454ae","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":62,"box":{"x":549,"y":499,"width":411,"height":11}},{"id":"d6c8fe31-7ee5-47fa-bbc7-d1ec038dc5d7","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":62,"box":{"x":549,"y":513,"width":397,"height":11}},{"id":"a4174946-fadd-4a13-ab85-b4f587581862","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":62,"box":{"x":549,"y":527,"width":419,"height":11}},{"id":"11967012-16de-4fbb-ba75-57032d3c0e38","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":62,"box":{"x":549,"y":541,"width":413,"height":11}},{"id":"3d153620-cc22-4658-99d6-74cac66a6798","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":62,"box":{"x":549,"y":556,"width":397,"height":10}},{"id":"087cf755-921b-40bf-ab92-297cfe8815ec","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":62,"box":{"x":549,"y":570,"width":316,"height":11}},{"id":"cd50644e-544d-49ab-92b5-124d81a86f0b","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":62,"box":{"x":549,"y":593,"width":238,"height":11}},{"id":"b6d643ab-54f4-4fb7-9191-4c7e1611bece","block_type":"box","text":".","page_number":62,"box":{"x":787,"y":599,"width":3,"height":2}},{"id":"f94bf391-940e-49e0-b114-ebbe489e948f","block_type":"box","text":"Compared to large","page_number":62,"box":{"x":795,"y":593,"width":124,"height":11}},{"id":"80698796-25c6-4416-b7da-0219860c8c45","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":62,"box":{"x":549,"y":607,"width":403,"height":11}},{"id":"a52da224-525a-45cf-83e7-977b13acb7d3","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":62,"box":{"x":549,"y":621,"width":405,"height":11}},{"id":"1a89a5bb-7c38-4b55-8302-a4415f7f3072","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":62,"box":{"x":549,"y":635,"width":407,"height":11}},{"id":"18c42c4b-0abc-470d-aa51-379b0ec44a5b","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":62,"box":{"x":549,"y":650,"width":414,"height":10}},{"id":"d233d39b-0990-4d45-932c-256cef19ada0","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":62,"box":{"x":549,"y":664,"width":413,"height":11}},{"id":"ec842338-767a-4197-8e6a-65962c8fa165","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":62,"box":{"x":549,"y":678,"width":386,"height":11}},{"id":"0b18548f-b6fb-4aaf-a10d-26f70c375ea8","block_type":"box","text":"National Closed Market Trading Risk.","page_number":62,"box":{"x":549,"y":701,"width":250,"height":11}},{"id":"db5162bd-2b88-4ca7-bd48-2ff942be6905","block_type":"box","text":"To the extent that","page_number":62,"box":{"x":805,"y":701,"width":113,"height":9}},{"id":"8f7eb474-97b5-4a10-9f99-70b460a0ac4b","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":62,"box":{"x":549,"y":715,"width":378,"height":11}},{"id":"45424805-1eaf-43ff-a3e9-4268fbc8dab5","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":62,"box":{"x":549,"y":730,"width":393,"height":10}},{"id":"5a37f112-aba6-4b08-96ea-8989d9761c7a","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":62,"box":{"x":549,"y":744,"width":396,"height":11}},{"id":"3229d7ce-0af2-4842-8ff9-d7fff79b7a7d","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":62,"box":{"x":549,"y":758,"width":392,"height":11}},{"id":"393e8a30-1d58-4e46-b1ef-dbd5e624ea0f","block_type":"box","text":"price and its last quoted price (","page_number":62,"box":{"x":549,"y":772,"width":198,"height":11}},{"id":"a5a9a0f2-2e62-4920-b65b-be91ea58844b","block_type":"box","text":"i.e","page_number":62,"box":{"x":748,"y":772,"width":14,"height":9}},{"id":"c677d949-a4dc-447d-bcdf-d04aaa3c476d","block_type":"box","text":"., the quote from the closed","page_number":62,"box":{"x":764,"y":772,"width":176,"height":11}},{"id":"b1b16d9b-2f22-4b43-891d-ecc6f46a16e0","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":62,"box":{"x":549,"y":786,"width":376,"height":11}},{"id":"1bacb753-35a5-4d94-83cb-22a7a67234dd","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":62,"box":{"x":549,"y":800,"width":420,"height":11}},{"id":"9e9d6451-6c4d-4e31-a5d2-2d0c73bf8359","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":62,"box":{"x":549,"y":815,"width":403,"height":10}},{"id":"b6f099a8-6022-4c2c-ba3c-e6cae3ff7f0e","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":62,"box":{"x":549,"y":829,"width":360,"height":11}},{"id":"ae39fe1a-8a0d-4e25-8d7e-9a5e1338355b","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":62,"box":{"x":549,"y":843,"width":398,"height":11}},{"id":"050eeadb-9a06-4c43-8421-f496df5a34f3","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":62,"box":{"x":550,"y":857,"width":410,"height":11}},{"id":"36dd5ea2-b3d6-416d-8eea-33a315121f49","block_type":"box","text":"S-51","page_number":62,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"3e8931e2-438f-4c7c-99d4-9f67cb3be3b0","block_type":"box","text":"Non-Diversification Risk","page_number":63,"box":{"x":83,"y":23,"width":165,"height":9}},{"id":"c91a140c-1753-4844-af9a-3f92af1794dc","block_type":"box","text":".","page_number":63,"box":{"x":248,"y":30,"width":2,"height":2}},{"id":"d18dd887-2f67-4841-bc28-24e04264e9a9","block_type":"box","text":"The Fund is classified as “non","page_number":63,"box":{"x":255,"y":23,"width":193,"height":9}},{"id":"1b98b6ee-a4da-4d30-b597-2f2e96f39411","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":63,"box":{"x":83,"y":37,"width":377,"height":11}},{"id":"84c3f0d0-b886-4e95-ab19-b14f17501812","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":63,"box":{"x":83,"y":51,"width":358,"height":11}},{"id":"8d2c575c-f349-4931-ac20-c1d408f6cb93","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":63,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"6801cfa9-71c1-4578-8e88-73afa82dac2d","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":63,"box":{"x":83,"y":80,"width":422,"height":11}},{"id":"f840f0ed-a122-457a-9c46-bc5043dccfba","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":63,"box":{"x":83,"y":94,"width":379,"height":11}},{"id":"2078e4a3-57f7-404b-a8be-d8338edbbd81","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":63,"box":{"x":83,"y":108,"width":375,"height":11}},{"id":"974e2475-5f27-49fa-add8-9acc9b09af12","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":63,"box":{"x":83,"y":122,"width":418,"height":11}},{"id":"81981f78-7608-4e29-8e70-4b601ff0a58f","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":63,"box":{"x":83,"y":137,"width":418,"height":10}},{"id":"b9d6d5c1-6bcd-473f-8e1c-f67eb88888d6","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":63,"box":{"x":83,"y":151,"width":209,"height":11}},{"id":"e26553e8-a8ac-4b5b-b4a1-cec02a57f1ad","block_type":"box","text":"Operational and Technology Risks","page_number":63,"box":{"x":83,"y":174,"width":230,"height":11}},{"id":"62612fe3-b26d-43f0-a410-9b986f81b0f6","block_type":"box","text":".","page_number":63,"box":{"x":314,"y":181,"width":2,"height":1}},{"id":"424de08f-7454-4ae4-90d2-6ad86ff7681e","block_type":"box","text":"The Fund is directly and","page_number":63,"box":{"x":321,"y":174,"width":151,"height":11}},{"id":"bd4c17e2-ccd1-4967-bffa-3b972afa893b","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":63,"box":{"x":83,"y":188,"width":368,"height":11}},{"id":"4bef0286-e7b9-4ad4-9a3c-abaf598f3565","block_type":"box","text":"including those related to human errors, processing errors,","page_number":63,"box":{"x":83,"y":202,"width":376,"height":11}},{"id":"4477ca72-e5bd-4814-aeb4-e94ddbcc0441","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":63,"box":{"x":83,"y":216,"width":413,"height":11}},{"id":"4d6768b6-b275-421b-afda-d1022762a402","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":63,"box":{"x":83,"y":231,"width":404,"height":11}},{"id":"1a1043dd-1116-41d3-8b4b-119efcec894b","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":63,"box":{"x":82,"y":245,"width":402,"height":11}},{"id":"a8b03fde-138c-4c0f-8e91-ed5504ab6c61","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":63,"box":{"x":83,"y":259,"width":376,"height":11}},{"id":"4f7a2e5c-6404-4e11-9306-d2f75b5e1764","block_type":"box","text":"providers are required to have appropriate operational,","page_number":63,"box":{"x":83,"y":273,"width":350,"height":11}},{"id":"d4da8d67-b22f-44d1-9585-549722323428","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":63,"box":{"x":83,"y":287,"width":414,"height":11}},{"id":"2c298b62-327d-4a26-b353-59f24f5a4005","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":63,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"38902de5-d55d-4598-ab6d-f080f339438d","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":63,"box":{"x":82,"y":316,"width":411,"height":11}},{"id":"06fa2a44-d85f-4df5-a046-89cb1495e764","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":63,"box":{"x":83,"y":330,"width":391,"height":8}},{"id":"dade1639-652a-4c26-98d0-e8bb7170a2fc","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":63,"box":{"x":83,"y":344,"width":421,"height":11}},{"id":"4b89a89b-d84c-4d5b-9f92-21159960f355","block_type":"box","text":"investments in such issuers to lose value.","page_number":63,"box":{"x":83,"y":358,"width":264,"height":9}},{"id":"58d76f78-e858-4ec0-8b91-facd88f8374b","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":63,"box":{"x":83,"y":381,"width":228,"height":11}},{"id":"3cb60f46-abac-42f7-904a-b1002a0c9fee","block_type":"box","text":".","page_number":63,"box":{"x":311,"y":388,"width":2,"height":2}},{"id":"3372c3a1-4a35-4a9c-91cc-e73e6987e80f","block_type":"box","text":"The Fund invests in a country","page_number":63,"box":{"x":318,"y":382,"width":188,"height":10}},{"id":"00a24afa-7106-4a80-bb84-0cc4bc258e6e","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":63,"box":{"x":82,"y":396,"width":381,"height":11}},{"id":"61567b23-2bd2-4df0-a36c-a2c445cbe850","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":63,"box":{"x":83,"y":410,"width":380,"height":11}},{"id":"413c37bf-a37b-4977-a6e5-fe3f7f752f40","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":63,"box":{"x":83,"y":424,"width":370,"height":11}},{"id":"36602e0a-4dc3-4ff5-b02d-b95346a5b5ef","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":63,"box":{"x":83,"y":438,"width":403,"height":11}},{"id":"8bf1226b-82d5-4efd-ba5b-da6c297a6f03","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":63,"box":{"x":82,"y":452,"width":326,"height":12}},{"id":"468021f2-7ce4-421a-b8e7-9062405fe36f","block_type":"box","text":"and","page_number":63,"box":{"x":414,"y":453,"width":22,"height":8}},{"id":"1eb3e1ce-614f-40ff-a25a-e934b8f1bf93","block_type":"box","text":"U.S.","page_number":63,"box":{"x":442,"y":452,"width":26,"height":9}},{"id":"927a9220-be14-44c3-846a-39e6162179c6","block_type":"box","text":"Economic Risk.","page_number":63,"box":{"x":83,"y":467,"width":105,"height":8}},{"id":"b070c7ac-c99e-42b9-a0d4-33cfc91923ab","block_type":"box","text":"Securities Lending Risk.","page_number":63,"box":{"x":82,"y":490,"width":162,"height":11}},{"id":"6d86c382-a47d-4bf1-b17e-794cf1f5b752","block_type":"box","text":"The Fund may engage in securities","page_number":63,"box":{"x":249,"y":490,"width":221,"height":11}},{"id":"39742afd-5a89-4074-9553-e7bbcf5746e2","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":63,"box":{"x":83,"y":504,"width":396,"height":11}},{"id":"608d5f3a-5446-4fbe-a018-0a4170937ec2","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":63,"box":{"x":83,"y":518,"width":418,"height":11}},{"id":"bfa77afb-039b-4c02-9e83-ab126aeb0b20","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":63,"box":{"x":83,"y":532,"width":408,"height":11}},{"id":"1fbe72e4-0421-42dd-b59e-174fae980a4e","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":63,"box":{"x":83,"y":547,"width":416,"height":10}},{"id":"91387f19-6e54-46c3-a756-a3d2b3396f7d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":63,"box":{"x":83,"y":561,"width":389,"height":11}},{"id":"91795c79-000d-4844-b662-9fd4559334d9","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":63,"box":{"x":83,"y":575,"width":406,"height":8}},{"id":"ea326716-4344-4ad7-8bdd-347ccef0d89c","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":63,"box":{"x":83,"y":589,"width":301,"height":11}},{"id":"c2f6014f-0b19-466e-8cc0-2512f28de0e4","block_type":"box","text":"Technology Companies Risk","page_number":63,"box":{"x":84,"y":612,"width":190,"height":11}},{"id":"73ad7b99-e73e-4811-b435-31b7f92fede3","block_type":"box","text":".","page_number":63,"box":{"x":274,"y":619,"width":2,"height":2}},{"id":"b0763d6c-cf60-444d-b24c-31c1e44b92de","block_type":"box","text":"Technology companies and","page_number":63,"box":{"x":281,"y":612,"width":172,"height":11}},{"id":"b8251a8c-3309-49ee-800f-5d6d5a5aa751","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":63,"box":{"x":83,"y":626,"width":412,"height":11}},{"id":"6f10dc85-02f6-4fbc-b22d-b7ebdaa91cb6","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":63,"box":{"x":83,"y":641,"width":414,"height":10}},{"id":"d579a078-7aaa-4f75-9650-402d8545df8d","block_type":"box","text":"and personnel. These companies typically face intense","page_number":63,"box":{"x":83,"y":655,"width":348,"height":11}},{"id":"28f97bff-a8f7-427a-9f72-b1ebfac9c615","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":63,"box":{"x":83,"y":669,"width":418,"height":11}},{"id":"fad88367-5bd2-4f60-bc63-a6d27c3cd45e","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":63,"box":{"x":83,"y":683,"width":381,"height":11}},{"id":"d17afb29-fe9e-469d-96d6-bb289a4ddad4","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":63,"box":{"x":83,"y":697,"width":367,"height":11}},{"id":"99f413ab-406c-4d1a-b436-0321ba735b1e","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":63,"box":{"x":549,"y":23,"width":424,"height":11}},{"id":"555e154d-2bf0-48f6-898e-8f13dcef1590","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":63,"box":{"x":549,"y":37,"width":368,"height":11}},{"id":"17ef89a7-0cfe-4960-a744-861cffc6ee0c","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":63,"box":{"x":549,"y":51,"width":384,"height":11}},{"id":"28276498-43f6-4524-9d55-2b1b84f669a6","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":63,"box":{"x":549,"y":66,"width":384,"height":11}},{"id":"4ba3c01d-3b0e-456b-8bc1-c7dc45a38eac","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":63,"box":{"x":549,"y":80,"width":397,"height":11}},{"id":"1bd273af-b309-4c89-8115-688dd98168c4","block_type":"box","text":"government or legal action.","page_number":63,"box":{"x":549,"y":94,"width":174,"height":11}},{"id":"f4779886-a0f5-4507-a79f-7183e2268acf","block_type":"box","text":"Tracking Error Risk","page_number":63,"box":{"x":550,"y":117,"width":128,"height":11}},{"id":"5520ad14-ab91-4759-a7e2-9a3d991989a5","block_type":"box","text":".","page_number":63,"box":{"x":678,"y":124,"width":3,"height":2}},{"id":"e86685c9-14d8-46e1-b9f8-59ac37c37e67","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":63,"box":{"x":686,"y":117,"width":284,"height":11}},{"id":"da8aa54d-68de-4873-94de-72b4586eea83","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":63,"box":{"x":549,"y":131,"width":404,"height":11}},{"id":"e6e802e6-2932-4857-9c7b-b6e685ad17a5","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":63,"box":{"x":549,"y":146,"width":425,"height":10}},{"id":"b5f52185-4a0c-415b-88df-510ab2939f5c","block_type":"box","text":"factors, including differences between the securities and other","page_number":63,"box":{"x":549,"y":160,"width":401,"height":11}},{"id":"67172397-17f9-4a59-a35d-4b13ce14898d","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":63,"box":{"x":549,"y":174,"width":381,"height":11}},{"id":"c2af52fe-68a3-4f13-bed6-4d30575a016c","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":63,"box":{"x":550,"y":188,"width":396,"height":11}},{"id":"10863e81-7d62-4317-b26a-63eeba9a3b5f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":63,"box":{"x":549,"y":202,"width":407,"height":10}},{"id":"2dbd237c-3883-4ad9-b60e-cdbd446c25dd","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":63,"box":{"x":549,"y":217,"width":400,"height":10}},{"id":"e837ad80-41e8-47e7-b9bb-d29f67301382","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":63,"box":{"x":549,"y":231,"width":421,"height":11}},{"id":"077f765a-e9e4-41df-af83-bdc5313e38f3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":63,"box":{"x":549,"y":245,"width":374,"height":11}},{"id":"41dda18d-8c47-4019-8a45-6f4e402df761","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":63,"box":{"x":549,"y":259,"width":370,"height":11}},{"id":"6ba53045-8257-4ff7-a1e3-6661be69d563","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":63,"box":{"x":549,"y":273,"width":372,"height":11}},{"id":"8b62623c-207d-4ec1-9c2a-8811acdea72c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":63,"box":{"x":549,"y":287,"width":420,"height":11}},{"id":"cf841ad4-08fb-43e0-9bd3-fe93f1220ada","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":63,"box":{"x":549,"y":302,"width":387,"height":10}},{"id":"f935feaa-05ba-4a6f-87c1-60777ad871a0","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":63,"box":{"x":549,"y":316,"width":377,"height":11}},{"id":"7a73dcaa-b68a-4dd9-9c41-ef87d1218f41","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":63,"box":{"x":549,"y":330,"width":380,"height":11}},{"id":"68ac9838-7808-4df8-b55f-75def1b401d7","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":63,"box":{"x":549,"y":344,"width":366,"height":11}},{"id":"318e175e-8f90-4589-8507-24f20b986d50","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":63,"box":{"x":549,"y":358,"width":414,"height":11}},{"id":"5776131e-2e00-43cb-aa87-e231a61251c8","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":63,"box":{"x":550,"y":372,"width":386,"height":11}},{"id":"14eee438-1606-4e3e-897c-8d23948e9fee","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":63,"box":{"x":549,"y":387,"width":414,"height":10}},{"id":"42c8cd70-d6ee-4e7e-90fc-001acd6df3f9","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":63,"box":{"x":549,"y":401,"width":420,"height":11}},{"id":"cee45960-5c28-40dd-b77c-bc22ac0f2507","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":63,"box":{"x":549,"y":415,"width":383,"height":9}},{"id":"c5be8887-9ab8-40ce-ae34-45c3da6f90bd","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":63,"box":{"x":549,"y":429,"width":390,"height":11}},{"id":"a68701ec-0e38-40d8-9d93-5ec0d878f4a9","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":63,"box":{"x":549,"y":443,"width":299,"height":9}},{"id":"c7504201-852e-49fd-86d5-b41b777ca165","block_type":"box","text":"Valuation Risk","page_number":63,"box":{"x":550,"y":467,"width":96,"height":8}},{"id":"db0c9a02-53d6-4ee2-8825-1a6f2ad34cbc","block_type":"box","text":".","page_number":63,"box":{"x":646,"y":473,"width":2,"height":2}},{"id":"8bdcf021-466c-476b-bbe5-d14bf2939177","block_type":"box","text":"The price that the Fund could receive upon the","page_number":63,"box":{"x":653,"y":467,"width":298,"height":10}},{"id":"4d48b4a6-c72f-4cd4-84f7-6b9935b204aa","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":63,"box":{"x":549,"y":481,"width":408,"height":11}},{"id":"44aa64f5-7ddc-4ef5-982c-8c02d41ea461","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":63,"box":{"x":549,"y":495,"width":355,"height":11}},{"id":"eee08241-a2af-4aca-abfb-fe8a9e2f9e12","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":63,"box":{"x":549,"y":509,"width":418,"height":11}},{"id":"1c601d69-69ae-4ea2-8e92-8f4f4b861f8f","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":63,"box":{"x":549,"y":523,"width":347,"height":11}},{"id":"44fb01bc-179d-401b-a1cb-665525cb3786","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":63,"box":{"x":549,"y":537,"width":418,"height":11}},{"id":"bc8bfffd-587f-403b-855c-c62eb4b2993e","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":63,"box":{"x":549,"y":552,"width":406,"height":11}},{"id":"703255fd-3d60-4e8b-81a3-4d9e9ae25567","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":63,"box":{"x":549,"y":566,"width":411,"height":11}},{"id":"d645c9a0-94e6-4f4c-a76c-aca651ac6224","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":63,"box":{"x":549,"y":580,"width":392,"height":11}},{"id":"d9986dd4-08d8-4813-9a55-75a06eb19b45","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":63,"box":{"x":549,"y":594,"width":414,"height":11}},{"id":"6b9d7345-049c-4567-90b7-1db2d898ec6a","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":63,"box":{"x":549,"y":608,"width":394,"height":11}},{"id":"d82d58a6-8902-4d8e-b4ed-f902e14c01de","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":63,"box":{"x":548,"y":623,"width":383,"height":10}},{"id":"c9a4391b-f007-4bf8-b21c-d5a9e6271876","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":63,"box":{"x":549,"y":637,"width":414,"height":11}},{"id":"8cd8aafb-7f45-4db9-b1d7-4f250d714cf4","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":63,"box":{"x":549,"y":651,"width":392,"height":8}},{"id":"5588bbb2-93dd-44d5-a55b-fb1b5ce990de","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":63,"box":{"x":548,"y":665,"width":425,"height":11}},{"id":"2a154c04-b4c2-4fdb-abe6-194275b1c3d2","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":63,"box":{"x":548,"y":679,"width":400,"height":11}},{"id":"78151b54-73d6-4d57-b6ea-797724f1d7f8","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":63,"box":{"x":549,"y":694,"width":405,"height":10}},{"id":"bac767bb-3fbf-4aea-83a7-94ab4a6b3f2e","block_type":"box","text":"S-52","page_number":63,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3ac2029c-c223-4db4-841c-e30d88050702","block_type":"box","text":"Performance Information","page_number":64,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"40d899b1-efdd-4a91-bf5e-feeef36b1c2f","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":64,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9bd943b0-c2fb-49e0-9878-8f45f29b5c80","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":64,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"922af357-91ab-4db1-a3a6-12a8892286af","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":64,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"165bbeae-4f43-4f68-b8e9-bbba6ac63a57","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":64,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"f2141ee4-6307-4218-8da1-d37a5a72b692","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":64,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"5584abe7-1cd0-48d1-9582-ceb381e80e1f","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":64,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"3a1d4e78-a617-4b56-a2e7-bfb3151bd3fb","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":64,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"3d34f092-27e4-4734-99b5-ee672120c4a3","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":64,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"d017b203-8d82-4c3a-bd73-63d5e3d0d72b","block_type":"box","text":"60%","page_number":64,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"1b1727c0-f2b2-406d-8c6f-ab23b8ded3df","block_type":"box","text":"40%","page_number":64,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"b8446b71-52f9-48ba-bffe-f656298dafdc","block_type":"box","text":"20%","page_number":64,"box":{"x":333,"y":240,"width":20,"height":7}},{"id":"0f769874-131e-4645-adf5-2db983d2daa1","block_type":"box","text":"0%","page_number":64,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"a3f44294-a738-4e71-8917-b116dce92cb7","block_type":"box","text":"-20%","page_number":64,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"630da679-c387-4a0c-9203-7e303e74e91c","block_type":"box","text":"-40%","page_number":64,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"6cd6ed2c-6da3-4168-89cd-db871f3ef2b3","block_type":"box","text":"2","page_number":64,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"e4bd4f58-0234-43f6-8b56-6b4ed2a37aee","block_type":"box","text":"0","page_number":64,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"05bbaea6-a6c1-4bf5-88bd-7c300076f808","block_type":"box","text":"1","page_number":64,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"555e2359-4196-45ed-ac72-dbeb49f4911d","block_type":"box","text":"5","page_number":64,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"7b0c1122-a14c-4eb3-8e62-9e7b560e715d","block_type":"box","text":"2","page_number":64,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"4e5aa53f-55f3-4d16-b505-20366f83b6ae","block_type":"box","text":"0","page_number":64,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"6287cd40-8ddd-4ca5-989e-f008d98c1d47","block_type":"box","text":"1","page_number":64,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"3e5bdeea-71df-4f45-b87f-0fe45aa157a3","block_type":"box","text":"6","page_number":64,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"66cfd12b-239d-4588-9c84-8c1abb036678","block_type":"box","text":"2","page_number":64,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"5ecae6d5-ffa8-49ef-8b66-ce1f4a23e7db","block_type":"box","text":"0","page_number":64,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"81c514cb-8d64-428f-8b71-e5fd28b017ca","block_type":"box","text":"17 2","page_number":64,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"f2c4d194-1e47-4fae-bffa-f3f876857e38","block_type":"box","text":"0","page_number":64,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"715f07f0-5be1-4494-8ca2-4a91d1e4177e","block_type":"box","text":"1","page_number":64,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"d670da39-e473-4b2b-b18c-8e0c708b4c44","block_type":"box","text":"8","page_number":64,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"2d959a21-7f99-4351-92e0-ea075438039c","block_type":"box","text":"2","page_number":64,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"fb984ca7-a2bc-4617-9e1c-083b4d8d52f9","block_type":"box","text":"0","page_number":64,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"000eb0b3-273e-40b2-95f8-76002e40f7ee","block_type":"box","text":"1","page_number":64,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"c5ef1d98-1b8c-48f5-b269-d909fcb0a446","block_type":"box","text":"9","page_number":64,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"cabb396e-b081-48c2-bf69-8d259fa02372","block_type":"box","text":"2","page_number":64,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"45187dd7-9195-4cb4-8182-f8278d90a9dc","block_type":"box","text":"0","page_number":64,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"9d17e1c6-adbc-4394-87d2-7fa5752e7947","block_type":"box","text":"2","page_number":64,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"ec82941a-02a2-4803-ad8d-8e0eca2ceda9","block_type":"box","text":"0","page_number":64,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"7aeb31aa-84e9-4d7a-9624-d39300470afb","block_type":"box","text":"2","page_number":64,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"db2dbf5e-decf-4ad0-9160-53419d9376c6","block_type":"box","text":"0","page_number":64,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"be64909a-3dd9-4a3c-b00d-1f6b269eee66","block_type":"box","text":"21 2","page_number":64,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"5c6b389d-cf94-4750-8491-09bad97fcfda","block_type":"box","text":"0","page_number":64,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"98f779a7-9b54-4544-827d-89a56558f92b","block_type":"box","text":"22 2","page_number":64,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"7698626f-9705-4f80-9581-9d7a7d496cbb","block_type":"box","text":"0","page_number":64,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"7788ee46-64f8-4e6d-88a7-58d6f7e4e753","block_type":"box","text":"2","page_number":64,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"b542e1bb-53c0-4a82-9bd8-2b97c885433c","block_type":"box","text":"3","page_number":64,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"5069c3d5-fb75-459c-ae2f-1dfd44e68fa9","block_type":"box","text":"2","page_number":64,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"a52a64e6-01d2-4fcd-8d8e-36f246e4c0e2","block_type":"box","text":"0","page_number":64,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"ae8ca885-d488-4070-9936-f9b337c39da9","block_type":"box","text":"2","page_number":64,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"147dc954-9baa-4019-b7af-ab971b327d43","block_type":"box","text":"4","page_number":64,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"f46e756c-3a1c-4897-b573-74acdc3e45ae","block_type":"box","text":"1.34%","page_number":64,"box":{"x":366,"y":251,"width":23,"height":6}},{"id":"6625abdc-721a-438e-9c09-cec1b5a7b988","block_type":"box","text":"3.91%","page_number":64,"box":{"x":401,"y":248,"width":25,"height":6}},{"id":"8236f4c7-e7da-46cb-9c72-edb83f6bd0e5","block_type":"box","text":"33.40%","page_number":64,"box":{"x":434,"y":220,"width":31,"height":6}},{"id":"6553edc2-de0a-4fa3-845e-071d1f3f902e","block_type":"box","text":"-14.99%","page_number":64,"box":{"x":468,"y":281,"width":34,"height":6}},{"id":"8623b95c-34e4-4f1e-ba52-bb22d5f117b0","block_type":"box","text":"31.34%","page_number":64,"box":{"x":507,"y":222,"width":30,"height":6}},{"id":"a7348fff-fe29-4280-8b90-ff983140769d","block_type":"box","text":"24.19%","page_number":64,"box":{"x":543,"y":229,"width":30,"height":6}},{"id":"caecd26e-b488-49e9-b800-b45e52130290","block_type":"box","text":"22.39%","page_number":64,"box":{"x":579,"y":230,"width":30,"height":6}},{"id":"0a8b9d34-addf-482a-bcc2-eb56528e2dcd","block_type":"box","text":"-24.12%","page_number":64,"box":{"x":613,"y":290,"width":34,"height":6}},{"id":"eed1fa41-42f4-4e61-be39-b28050cf4717","block_type":"box","text":"21.34%","page_number":64,"box":{"x":651,"y":231,"width":30,"height":6}},{"id":"feb116cf-68d5-4344-b3ab-1380ea8bb837","block_type":"box","text":"2.34%","page_number":64,"box":{"x":690,"y":250,"width":25,"height":6}},{"id":"a48c0512-3315-4e81-93f8-4a0aa7f5e151","block_type":"box","text":"Return (%) Period Ended","page_number":64,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"24c2ad53-513f-43a8-a596-c29acf3eee8b","block_type":"box","text":"Calendar Year-to-Date Return","page_number":64,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"ac7832a1-1d1f-4c9c-819f-3c18ea744798","block_type":"box","text":"31.87% September 30, 2025","page_number":64,"box":{"x":562,"y":366,"width":177,"height":9}},{"id":"15d0eeb3-b709-4c23-8031-3d82170b8088","block_type":"box","text":"During the periods shown in the chart:","page_number":64,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"d1e44fe8-95ab-4575-98bd-fc5ccd868e25","block_type":"box","text":"Best Quarter 25.30% June 30, 2020","page_number":64,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"e3a7070a-df5f-4785-97bb-12966fef4d7c","block_type":"box","text":"Worst Quarter -22.21% March 31, 2020","page_number":64,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"43956b5b-2ae1-4e26-b0e1-566082fb6fbf","block_type":"box","text":"Average Annual Total Returns","page_number":64,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"47ec863e-6772-43bc-8a2a-784ba9991f11","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":64,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"1f145765-cc1d-4747-8ef1-e3e5f39596d9","block_type":"box","text":"One Year Five Years Ten Years","page_number":64,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"c64900e3-79a9-46e2-a262-33fec33ceca8","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":64,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"1d89b321-537c-414c-8da5-decf8b72ee1f","block_type":"box","text":"Return Before Taxes","page_number":64,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"0b599711-f3e0-4ebc-b4d0-59b28ecf80f0","block_type":"box","text":"2.34% 7.45% 8.43%","page_number":64,"box":{"x":723,"y":493,"width":197,"height":8}},{"id":"b7d53625-6237-49b5-a8a3-6cc16104e8f7","block_type":"box","text":"Return After Taxes on Distributions 2.11% 7.30% 8.24%","page_number":64,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"28ea3d93-7027-451d-b950-144a245e7245","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.04% 6.09% 7.09%","page_number":64,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"b1193aab-c41b-4c87-a43a-fedb2ecb1295","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":64,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"11ec8c9d-4134-4080-9f6c-6b3aaf48e02c","block_type":"box","text":"1","page_number":64,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"55e4f729-d72b-4bea-8dc0-25051e9d3428","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":64,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"0a3484f8-8e1e-47c6-9971-c7ef3b856b1f","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":64,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"29c9c440-462b-4074-9465-99bb2d7844ac","block_type":"box","text":"MSCI Netherlands IMI 25/50 Index (Spliced)","page_number":64,"box":{"x":124,"y":553,"width":275,"height":9}},{"id":"4b1f5bb1-1cfa-4713-aa32-c4b02eff91e0","block_type":"box","text":"1,2","page_number":64,"box":{"x":401,"y":551,"width":12,"height":6}},{"id":"c775ce94-0122-47dc-a014-1155d61a8dab","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":64,"box":{"x":418,"y":553,"width":245,"height":9}},{"id":"9f85356e-2722-48e9-9eaa-81592f43c303","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 3.14% 7.97% 8.95%","page_number":64,"box":{"x":137,"y":565,"width":783,"height":10}},{"id":"1227b009-98e8-4dbe-b53f-7c3b98ff5fcd","block_type":"box","text":"1","page_number":64,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"9b69b5f8-4f4a-40db-9e64-b060fc273d9a","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":64,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"88aabf5b-f07e-4869-8d5e-b9ced09d1fae","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":64,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"40a91faa-04d5-4f91-9451-10472972247d","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":64,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"9832a5b0-4526-4dfa-ad96-f6bc11f73832","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":64,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"88e9a080-c35f-44b3-a9ad-61cfe4906a0e","block_type":"box","text":"2","page_number":64,"box":{"x":111,"y":635,"width":4,"height":5}},{"id":"67c281e7-43d4-44e4-ae87-c3b71da625b2","block_type":"box","text":"The MSCI Netherlands IMI 25/50 Index (Spliced) reflects the performance of the MSCI Netherlands IMI (Net) through August 31, 2017 and the MSCI","page_number":64,"box":{"x":123,"y":636,"width":846,"height":10}},{"id":"534b850d-0865-4f92-8447-cd592272b7c7","block_type":"box","text":"Netherlands IMI 25/50 Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":64,"box":{"x":124,"y":647,"width":713,"height":9}},{"id":"228dcee6-0f49-4a7a-8fd2-48b8920e3551","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":64,"box":{"x":82,"y":666,"width":882,"height":11}},{"id":"59a416d2-1187-4165-be19-de2ec47a7c12","block_type":"box","text":"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,","page_number":64,"box":{"x":83,"y":681,"width":871,"height":10}},{"id":"51b75fcb-8f57-4d17-8372-d3e1bed404b7","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":64,"box":{"x":83,"y":695,"width":860,"height":11}},{"id":"7cb21b36-2b7d-42a5-9ead-69822b3748c1","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":64,"box":{"x":83,"y":709,"width":855,"height":11}},{"id":"dd50fab1-ad77-4b2f-a32a-6314685720b7","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":64,"box":{"x":83,"y":723,"width":883,"height":11}},{"id":"3f35b8bb-479f-43fe-b6b5-f2fa8c718f1b","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":64,"box":{"x":82,"y":737,"width":861,"height":11}},{"id":"9a318d05-29c1-4fb7-88a4-882d14cb34e2","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":64,"box":{"x":83,"y":751,"width":359,"height":11}},{"id":"4fa17574-4bae-43e4-8d0f-ca40e9905789","block_type":"box","text":"S-53","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"bbcb0e47-6110-4208-8bac-9c315532e29f","block_type":"box","text":"Management","page_number":65,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"c0b7806a-10ac-4192-8976-2b2f50b6b504","block_type":"box","text":"Investment Adviser.","page_number":65,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"ece09697-f4c9-4df6-b1c3-8b85074c2155","block_type":"box","text":"BlackRock Fund Advisors.","page_number":65,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"d66cee8f-cb43-48e6-9bc5-72873d0b19f2","block_type":"box","text":"Portfolio Managers.","page_number":65,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"aa52f9f8-531d-4867-bf0c-1cc53e37be9b","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":65,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"2f5fe966-c6b6-49f2-8970-d49499632b39","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":65,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"9fe56c80-1326-47e9-ac36-e587cc26e2ea","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":65,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"2952896a-f5ee-4fae-9a7c-4a19a48d3cb1","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":65,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"11a9011f-abb8-4928-852a-4141e2b53b52","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":65,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"a2b5667c-ab78-47d9-9911-9e62a011cdf6","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":65,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"9dbb6481-edc7-4da0-85cf-7bf5a4991b56","block_type":"box","text":"Managers of the Fund since 2025.","page_number":65,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"d33bb32e-7971-4af0-8ebf-6493e8b9d5fd","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":65,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"c1c224fe-0476-4b69-bf8b-418b50c2d2ce","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":65,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"a63523a1-f82b-4a4e-83de-bba8ee693e2a","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":65,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"3a88b1ee-7670-4d8d-893d-a84cfed42f70","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":65,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"ae4ba7cc-1555-4993-bb84-6d7046080e9a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":65,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"2730b95b-1bb4-4d34-9085-f1c6844e6a74","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":65,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"1ff104c6-4b0f-430f-9906-bea4406d2845","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":65,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"389fc2fa-12e8-4e2e-8343-bea503be0e66","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":65,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"2cebb247-4c78-496f-91a2-1d42b461ad4f","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":65,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"9414470a-e18c-4993-bc57-376909060402","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":65,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"31e8cbbf-8290-45a1-b442-34c2336732e9","block_type":"box","text":"Tax Information","page_number":65,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"4adb1fb2-d482-4112-9c53-a23ed6e48174","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":65,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"43df5595-d392-4205-80b2-6b1a0bfa063a","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":65,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"a2804db6-db77-4b45-ae1c-6b3f84baffb5","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":65,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"2292bd6f-beae-4807-9d4f-31756ffb2baf","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":65,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"2b7c8717-4c3a-499a-af82-2baf5f5f5b8b","block_type":"box","text":"withdrawn.","page_number":65,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"71dc7eab-a29f-4588-9b21-4cb1b8a6144e","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":65,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"82b44798-915d-48ce-9515-836574c7c21c","block_type":"box","text":"Intermediaries","page_number":65,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"65098729-e1ce-471d-bc9f-650a6862d37f","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":65,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"5492a72f-fe3f-4056-838b-85018f336e3a","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":65,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"ed69c90f-6663-4778-ae11-d5478ccedd53","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":65,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"f55845ca-7b4e-4d97-a165-89ab0ae1e467","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":65,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"7f7944a2-58a1-4147-b93f-afcb163e6403","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":65,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"69310e4c-2535-47fd-bd52-a4a11443e7e1","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":65,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"567aa809-61a1-40b4-a2fc-35108b40e941","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":65,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"4b4e64d6-13c7-4a63-9519-4678257e48e7","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":65,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"f8f43071-53bb-405d-93be-a227c0995792","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":65,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"2633561c-32c4-4ff5-82bb-ad13767a94cf","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":65,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"d78efa79-f0d6-43c0-aeb6-08441b3321c1","block_type":"box","text":"information.","page_number":65,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"15bf798d-5415-4647-a18a-80df0b92c749","block_type":"box","text":"S-54","page_number":65,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b0129e5f-1637-4596-84b0-c09ef9964332","block_type":"box","text":"iSHARES","page_number":66,"box":{"x":346,"y":24,"width":119,"height":15}},{"id":"0ed8e41d-3072-456f-a9e4-dae8d6202191","block_type":"box","text":"®","page_number":66,"box":{"x":468,"y":17,"width":11,"height":8}},{"id":"e06936e2-b91e-452c-8ea8-17ab6844b2fa","block_type":"box","text":"MSCI SPAIN ETF","page_number":66,"box":{"x":490,"y":24,"width":222,"height":15}},{"id":"90b5a891-b083-47aa-b885-133cfdba23ce","block_type":"box","text":"Ticker: EWP Stock Exchange: NYSE Arca","page_number":66,"box":{"x":284,"y":53,"width":483,"height":12}},{"id":"1735cda7-29dd-4c17-8195-185b26dee28d","block_type":"box","text":"Investment Objective","page_number":66,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"dd4e6637-3091-4071-8c47-60c8d13ea2ae","block_type":"box","text":"The iShares MSCI Spain ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities.","page_number":66,"box":{"x":82,"y":116,"width":779,"height":11}},{"id":"3aac68ad-60a8-4060-b7ab-eb590226b262","block_type":"box","text":"Fees and Expenses","page_number":66,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"b30ed80c-36eb-4623-b8c5-51d112623de5","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":66,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"27038fd0-2165-41d4-96e3-cd831a195823","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":66,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"f9d48b6b-7edb-4f64-94a0-3187f88a9231","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":66,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"7cbd55d8-7deb-4b99-8c21-d8464a1835d6","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":66,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"a2a40d52-70ec-4a4a-82fe-9f025c37b42d","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":66,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"0f0bdf62-6ce5-45d9-8a5a-f996ffc5a5d0","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":66,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"3ebc45cc-f3c6-4cb0-8ae2-a2b16a8ffc6a","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":66,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"224c2a4c-92be-41b2-aae6-f82b65ba3160","block_type":"box","text":"the tables and examples below.","page_number":66,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"f7b86952-bc71-4062-80ad-f4bed66b580a","block_type":"box","text":"Annual Fund Operating Expenses","page_number":66,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"c29dfa23-8e3f-4a01-8509-159135beb0fa","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":66,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"192e390b-b622-4e64-9f8c-aef00ef1ed18","block_type":"box","text":"percentage of the value of your investments)","page_number":66,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"77a10430-2bf0-4ec9-93d1-16f68f0743b9","block_type":"box","text":"1","page_number":66,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"ed7bd631-2d9a-4f55-bea5-3dcabf82cc07","block_type":"box","text":"Management","page_number":66,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"7d1f35f6-a42e-4932-8a68-733cbcde3303","block_type":"box","text":"Fees","page_number":66,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"5af56380-e33c-4c44-b26f-a2046527b40d","block_type":"box","text":"Distribution","page_number":66,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"5f6c27c3-d5f4-4faa-90c9-c88508df5e6f","block_type":"box","text":"and Service","page_number":66,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"be27d1e4-96f3-4e22-a98d-2ce93cc9059f","block_type":"box","text":"(12b-1) Fees","page_number":66,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"e96b533e-8e99-45ab-ba70-2bc86eff8dbd","block_type":"box","text":"Other","page_number":66,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"5bdf679a-31b6-4578-aceb-3f721ce531fe","block_type":"box","text":"Expenses","page_number":66,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"7ab87e29-ef38-484a-b51e-4a754b86fe42","block_type":"box","text":"Total Annual","page_number":66,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"66d347c3-0fbb-4c34-aa52-2ec02c1e2aec","block_type":"box","text":"Fund","page_number":66,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"77330fc7-503f-43a9-905d-d4e300e4d8b6","block_type":"box","text":"Operating","page_number":66,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"db861f68-6c1f-4025-bdeb-f774b17a7290","block_type":"box","text":"Expenses","page_number":66,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"2092ac48-03eb-402a-8f9b-0c81cbfe50c8","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":66,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"a6e72aa6-29ac-4579-b46b-fa92a5fd23e5","block_type":"box","text":"1","page_number":66,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"2b6bb178-130d-4414-a759-05823e5117f8","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":66,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"35feb1e6-af29-4563-af6e-aac04c77f065","block_type":"box","text":"Example.","page_number":66,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"341e184b-72c6-4b77-ae2b-587cb94a6a1c","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":66,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"577f016a-29fb-401e-9391-7c262e704aac","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":66,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"49c82f63-df45-4ddc-9bf7-f1cd5a6b2d42","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":66,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"75b372ce-ff6e-4c47-99a7-0e0cf25d245f","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":66,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"2e4841e0-ccae-40de-905e-6b1a3d1b7b6b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":66,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"d40d80a9-0730-4417-9d87-ffa047885e67","block_type":"box","text":"$51 $160 $280 $628","page_number":66,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"208d9ab4-ca94-4113-afed-9a05d56b6ccc","block_type":"box","text":"Portfolio Turnover.","page_number":66,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"403699bc-8e07-4b19-be6b-7a66e156ad15","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":66,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"3468c40f-a665-46ff-b4fd-e32a0f723515","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":66,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"776913ad-f5ab-4787-b3d1-5c2a5c824c80","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":66,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"de957a0b-49be-4d40-ba65-8acf848c06f5","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":66,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"3f0471bf-276a-4ef7-8c58-75d52adacb60","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":66,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"f4932472-48c7-4dbf-825f-eab9e6974d1b","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":66,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"d29f864b-3418-4d47-8cdc-d65a1cdb82e2","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":66,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"b7aa3886-c48f-41fd-8f73-9d5fa0fa78e4","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 29% of the","page_number":66,"box":{"x":82,"y":673,"width":385,"height":11}},{"id":"f7e4f56c-fbe0-4a01-88fd-855fcb8bf9fd","block_type":"box","text":"average value of its portfolio.","page_number":66,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"c9718ea4-0b6d-4ee8-b594-3fafe81de043","block_type":"box","text":"Principal Investment Strategies","page_number":66,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"9474eeef-7f47-4bbb-8cc2-798be9301c39","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Spain","page_number":66,"box":{"x":82,"y":741,"width":420,"height":11}},{"id":"8678a011-bf00-4da7-80cd-9ca324c4ad6c","block_type":"box","text":"25/50 Index (the “Underlying Index”), which is a free float","page_number":66,"box":{"x":83,"y":755,"width":377,"height":11}},{"id":"64fa02f9-d00e-4d1a-bc8d-e7743a0e22d6","block_type":"box","text":"adjusted market capitalization-weighted index that is designed to","page_number":66,"box":{"x":83,"y":770,"width":417,"height":10}},{"id":"4ad3f148-3ce3-473a-b18c-38b74e7ca8a0","block_type":"box","text":"measure the performance of the large- and mid-capitalization","page_number":66,"box":{"x":83,"y":784,"width":392,"height":11}},{"id":"cc406d36-c752-46f0-9f05-cb9d4b0b9b86","block_type":"box","text":"segments of the equity market in Spain. The Underlying Index is","page_number":66,"box":{"x":83,"y":798,"width":407,"height":11}},{"id":"8a1c43bb-ac71-407a-9adb-e729e7f2e965","block_type":"box","text":"rebalanced quarterly using an optimization process that aims to","page_number":66,"box":{"x":83,"y":812,"width":407,"height":11}},{"id":"9ac36c5e-7f0f-493f-b023-a9cb7886a89f","block_type":"box","text":"minimize the constituent weight differences between the","page_number":66,"box":{"x":83,"y":826,"width":363,"height":11}},{"id":"185a3568-ad2c-43c3-862e-f4570aa68c92","block_type":"box","text":"Underlying Index and the MSCI Spain Index (the “Parent Index”).","page_number":66,"box":{"x":83,"y":840,"width":410,"height":11}},{"id":"3aac8e31-3b6a-4120-96ef-084a429d55e3","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":66,"box":{"x":82,"y":862,"width":414,"height":11}},{"id":"10aefac9-7bf5-46d2-8ce4-353791ce405b","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":66,"box":{"x":82,"y":877,"width":376,"height":10}},{"id":"87239596-55b5-4d31-8536-145f63429c2b","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":66,"box":{"x":549,"y":566,"width":409,"height":11}},{"id":"7d9e1608-1252-4cd6-a5f3-5205dd83ad28","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":66,"box":{"x":549,"y":580,"width":422,"height":11}},{"id":"12bf0bef-7400-492e-8e2f-427bd8de7e13","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":66,"box":{"x":549,"y":594,"width":421,"height":11}},{"id":"a9103cfb-3a2d-44d3-991e-a5ac1bbf1205","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":66,"box":{"x":549,"y":608,"width":417,"height":11}},{"id":"816b63e3-9b66-4473-8dd6-b2bd2711e45a","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":66,"box":{"x":549,"y":623,"width":364,"height":10}},{"id":"45dc79c3-d777-4723-8238-58cd564f045a","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":66,"box":{"x":549,"y":637,"width":416,"height":11}},{"id":"96190408-7919-4528-9485-e32a799e9e27","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":66,"box":{"x":549,"y":651,"width":399,"height":11}},{"id":"391bdd02-36c9-4f3f-9831-798a2b5a5f69","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":66,"box":{"x":549,"y":665,"width":398,"height":11}},{"id":"97ca5fbc-158d-41fc-a768-8c417fa8fb7e","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":66,"box":{"x":549,"y":679,"width":390,"height":11}},{"id":"eb266d1c-2e20-4b92-8895-e2273c68ad43","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":66,"box":{"x":549,"y":693,"width":408,"height":11}},{"id":"2ebf3bda-2fd4-4b64-a4be-b501d18a1618","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":66,"box":{"x":549,"y":708,"width":411,"height":11}},{"id":"6314d009-cfc0-4cda-a3e5-769ad52f4da3","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":66,"box":{"x":549,"y":722,"width":417,"height":11}},{"id":"93673c0f-6ed3-43ae-815c-0c48246fdc51","block_type":"box","text":"are reviewed on an annual basis.","page_number":66,"box":{"x":549,"y":736,"width":208,"height":9}},{"id":"214e1652-1ad7-482c-ab77-62bfb157f79d","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":66,"box":{"x":549,"y":758,"width":389,"height":11}},{"id":"e968747a-e1da-4f3f-b36c-8b61473d8511","block_type":"box","text":"Index is represented by securities of companies in the financials","page_number":66,"box":{"x":550,"y":772,"width":409,"height":11}},{"id":"907727fb-d497-4ce4-838c-9ad3179fb4b7","block_type":"box","text":"and utilities industries or sectors. The components of the","page_number":66,"box":{"x":549,"y":786,"width":364,"height":11}},{"id":"0ba8326e-2c44-4e47-ae16-a4dcbc24f8e5","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":66,"box":{"x":550,"y":801,"width":302,"height":10}},{"id":"a8e2fae9-7d0c-4a24-a0ca-027e97e7c51d","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":66,"box":{"x":550,"y":824,"width":376,"height":11}},{"id":"0d6f17bc-4e1d-4eea-a01e-187775a279f5","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":66,"box":{"x":549,"y":838,"width":417,"height":11}},{"id":"be03e2a3-30d2-45ab-9f9c-e390016bb98b","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":66,"box":{"x":549,"y":852,"width":396,"height":11}},{"id":"56debcb2-2dbc-40f3-93db-ef094f53532b","block_type":"box","text":"markets decline or appear overvalued.","page_number":66,"box":{"x":549,"y":866,"width":244,"height":11}},{"id":"3679d7d6-14de-45c4-b6e4-bcb9659b90e5","block_type":"box","text":"S-55","page_number":66,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c4905ea3-f398-4205-a3ab-24e8138ae67e","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":67,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"286e8340-eb14-4160-9462-851de821c94b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":67,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"bedb2d5d-0e17-4774-8019-cdf95cfb9932","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":67,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"fe8efeeb-aa0c-4abe-bb1f-dab7f12cda0a","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":67,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"a61526dd-3d0a-4dae-af8c-935e68582cf0","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":67,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"abbf01ab-ccc7-47bb-9888-a3dc10d93ab0","block_type":"box","text":"comparison to actively managed investment companies.","page_number":67,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"a55cd403-a7bb-4f0f-9899-d8f751ef755c","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":67,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"d87abd5d-940c-47c9-a1a6-44ac3b3fb65c","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":67,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"17d8d0cc-c34c-45a2-b96a-97e8b38aa0a0","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":67,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"e09e071f-487e-445e-b824-107b0784739b","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":67,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"023bd1f9-209b-49d8-b18a-64831df43d1f","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":67,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"3a4fb9f3-7ccd-4807-82bd-06833f4985ab","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":67,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"4d76ff7d-d391-424b-bc68-c09373601b45","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":67,"box":{"x":83,"y":202,"width":386,"height":11}},{"id":"b10d53c3-c070-4121-a036-1297198c9f84","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":67,"box":{"x":82,"y":216,"width":360,"height":11}},{"id":"e3fe7e82-9458-4c80-af40-d795717dfac3","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":67,"box":{"x":82,"y":231,"width":414,"height":10}},{"id":"dab82e21-4510-49c5-ba57-8887c25bc81c","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":67,"box":{"x":83,"y":245,"width":410,"height":11}},{"id":"011f81e7-cbec-405b-ad9c-1e687bca3972","block_type":"box","text":"the components of the Underlying Index.","page_number":67,"box":{"x":83,"y":259,"width":259,"height":11}},{"id":"9c8c48cb-46d7-4764-bfce-55115bdf7232","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":67,"box":{"x":82,"y":282,"width":390,"height":11}},{"id":"3e6bccd7-4c2c-40fc-8bdb-8eca7a62d9ba","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":67,"box":{"x":83,"y":296,"width":410,"height":11}},{"id":"de10ba74-a455-485c-976c-ed72a676054f","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":67,"box":{"x":83,"y":311,"width":421,"height":10}},{"id":"b11cc761-7012-4282-a40f-23ce49a5ecd3","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":67,"box":{"x":83,"y":325,"width":335,"height":11}},{"id":"dfcbe9d2-6379-4cfa-a726-7adf84824496","block_type":"box","text":"i.e","page_number":67,"box":{"x":419,"y":325,"width":14,"height":8}},{"id":"02de6a2f-fe85-4165-a2cb-60517ba57862","block_type":"box","text":".,","page_number":67,"box":{"x":435,"y":332,"width":6,"height":3}},{"id":"49c609ca-d10b-4f8c-a429-dfd3eeb7d7b2","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":67,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"c4eb014b-8ea7-47f1-abd0-37f029ecc83d","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":67,"box":{"x":83,"y":353,"width":403,"height":11}},{"id":"6ac272ff-216b-42e4-b437-e4f16185bf3b","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":67,"box":{"x":83,"y":367,"width":418,"height":11}},{"id":"e708de15-7dda-4abc-8687-53aff3f4ceb1","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":67,"box":{"x":83,"y":382,"width":411,"height":10}},{"id":"25aa0b21-5242-4a11-a0ec-25ab7004cf4b","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":67,"box":{"x":82,"y":396,"width":389,"height":11}},{"id":"2a92a4ff-b598-450b-87db-a26646d5bbe8","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":67,"box":{"x":82,"y":410,"width":415,"height":11}},{"id":"ac61724b-f2bb-4444-aa92-80f28b9e4481","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":67,"box":{"x":83,"y":424,"width":360,"height":11}},{"id":"cc4b46fe-cd14-4462-a99a-28be97f7e9d6","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":67,"box":{"x":83,"y":438,"width":407,"height":11}},{"id":"40e3cd0c-aeee-42a0-bd55-7da61174f07e","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":67,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"097669f4-2dd7-44b5-854e-c1966f49ae6d","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":67,"box":{"x":83,"y":467,"width":392,"height":10}},{"id":"de0228ec-8f59-4389-9cf6-5159cf2594ff","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":67,"box":{"x":83,"y":481,"width":404,"height":11}},{"id":"3a3c180a-68e7-43b9-bf5a-a143535215ee","block_type":"box","text":"Fund.","page_number":67,"box":{"x":84,"y":495,"width":33,"height":8}},{"id":"3e6de06e-af34-4888-a87d-9b1d1e86814c","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":67,"box":{"x":82,"y":518,"width":412,"height":11}},{"id":"1ff103c1-ed84-420a-b4c5-9aff2f9d366a","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":67,"box":{"x":82,"y":532,"width":371,"height":11}},{"id":"9c322337-93f2-4a1d-9891-db9d4ffa743a","block_type":"box","text":"collateral received).","page_number":67,"box":{"x":83,"y":547,"width":125,"height":10}},{"id":"0c67bcd1-fade-4d81-b358-342ae4728f15","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":67,"box":{"x":82,"y":570,"width":380,"height":11}},{"id":"1724ee27-8a15-49d5-a6e2-767b45f322e7","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":67,"box":{"x":84,"y":584,"width":411,"height":11}},{"id":"db54e489-2800-48fc-9bfd-16847171865d","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":67,"box":{"x":82,"y":598,"width":381,"height":11}},{"id":"4b6fb693-11d2-40db-a99d-171ab3ce86c5","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":67,"box":{"x":82,"y":612,"width":420,"height":11}},{"id":"8cc97caa-27e1-4830-aa43-c6a74210f549","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":67,"box":{"x":83,"y":626,"width":405,"height":11}},{"id":"b873e58c-23f6-4dc2-89f6-da160e6bbe84","block_type":"box","text":"Industry Concentration Policy.","page_number":67,"box":{"x":83,"y":650,"width":210,"height":10}},{"id":"34d2c7ab-ec36-44a8-a520-f4f0c339a27e","block_type":"box","text":"The Fund will concentrate its","page_number":67,"box":{"x":298,"y":650,"width":184,"height":8}},{"id":"265780b3-546e-475b-8526-a5d0f9d85acc","block_type":"box","text":"investments (","page_number":67,"box":{"x":83,"y":664,"width":85,"height":11}},{"id":"bde50975-4a12-4213-897d-a76beb98b70e","block_type":"box","text":"i.e.","page_number":67,"box":{"x":169,"y":664,"width":17,"height":8}},{"id":"74cee4a8-962e-47d6-8bdd-f1c3b6cd0d66","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":67,"box":{"x":189,"y":664,"width":264,"height":11}},{"id":"d98638ec-de80-43ff-9c99-09813ee03352","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":67,"box":{"x":83,"y":678,"width":394,"height":11}},{"id":"b1d52be7-9b97-478b-b618-3c23d7334a14","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":67,"box":{"x":83,"y":692,"width":377,"height":11}},{"id":"41993410-1fa9-4c98-99b6-1aa202761b18","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":67,"box":{"x":83,"y":706,"width":389,"height":11}},{"id":"5e313fd1-7de8-4661-923c-1aec048c8d91","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":67,"box":{"x":83,"y":721,"width":389,"height":10}},{"id":"0eb87f74-bfe7-4fe3-9174-e5ac419d856b","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":67,"box":{"x":83,"y":735,"width":410,"height":11}},{"id":"f08b85c5-518b-45c1-92af-7e164fef178d","block_type":"box","text":"considered to be issued by members of any industry.","page_number":67,"box":{"x":83,"y":749,"width":337,"height":11}},{"id":"19b29e36-9a35-4f19-aaf1-92dc648ab587","block_type":"box","text":"Summary of Principal Risks","page_number":67,"box":{"x":83,"y":778,"width":235,"height":13}},{"id":"0a28a30f-84df-4cfa-9cbc-368be34e8646","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":67,"box":{"x":82,"y":803,"width":363,"height":11}},{"id":"e7573efa-930b-41f7-a8be-9408fa878ba3","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":67,"box":{"x":83,"y":817,"width":402,"height":11}},{"id":"1bcab9d5-a25b-4e11-9e91-fd79f110b52b","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":67,"box":{"x":83,"y":831,"width":396,"height":11}},{"id":"39d02c59-5088-417c-9a38-a4858e3393f6","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":67,"box":{"x":83,"y":846,"width":376,"height":10}},{"id":"c2fa0a03-965f-44d4-b204-7fafab00c479","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":67,"box":{"x":83,"y":860,"width":392,"height":11}},{"id":"67a42595-eade-4bde-8eb7-bb8678f1bd9b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":67,"box":{"x":83,"y":874,"width":416,"height":11}},{"id":"eaddca06-165c-485e-a468-260fee782806","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":67,"box":{"x":549,"y":23,"width":388,"height":11}},{"id":"c1d922e5-b83a-4212-b6b8-6a6302aac445","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":67,"box":{"x":549,"y":37,"width":425,"height":11}},{"id":"01268854-5877-4b62-b8c5-547670d4c82f","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":67,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"5a24bd1a-755b-4cfe-af5c-0bb543a8bce8","block_type":"box","text":"review each risk factor carefully.","page_number":67,"box":{"x":549,"y":66,"width":206,"height":10}},{"id":"eda9b935-7bf5-405f-9fee-e5a53c2e3734","block_type":"box","text":"Risk of Investing in Spain","page_number":67,"box":{"x":549,"y":89,"width":170,"height":11}},{"id":"658ba928-74cd-421d-b386-900662a74437","block_type":"box","text":".","page_number":67,"box":{"x":720,"y":95,"width":3,"height":2}},{"id":"996c0934-0b68-4f12-809b-ff53c4ebc639","block_type":"box","text":"Investments in Spanish issuers will","page_number":67,"box":{"x":729,"y":89,"width":221,"height":11}},{"id":"b32a2bbb-163e-4c64-839f-4af686a980f3","block_type":"box","text":"subject the Fund to legal, regulatory, political, currency, security,","page_number":67,"box":{"x":549,"y":103,"width":415,"height":11}},{"id":"5bb70ac1-ece1-48f5-81e0-74c0674c2d87","block_type":"box","text":"and economic risks specific to Spain. Spain’s economy has from","page_number":67,"box":{"x":549,"y":117,"width":410,"height":11}},{"id":"8404c356-1799-4dc9-bead-bb06272ae09d","block_type":"box","text":"time to time experienced significant financial market volatility and","page_number":67,"box":{"x":549,"y":131,"width":421,"height":11}},{"id":"b1cb3766-75ea-4305-8d80-914db8c74b83","block_type":"box","text":"economic adversity due to concerns about economic downturn,","page_number":67,"box":{"x":549,"y":146,"width":407,"height":10}},{"id":"86fd7f7e-d9a9-493b-924a-67bd2889c127","block_type":"box","text":"political instability and government debt levels. Political tensions","page_number":67,"box":{"x":549,"y":160,"width":413,"height":11}},{"id":"b3df4be4-f7c5-4ae4-9ce4-3120c9401c68","block_type":"box","text":"and social conflict have escalated recently as a result of a","page_number":67,"box":{"x":549,"y":174,"width":369,"height":11}},{"id":"e2537de0-09ae-4a3d-99e5-4c1a4c17768a","block_type":"box","text":"referendum by Catalonia for independence from Spain. The","page_number":67,"box":{"x":549,"y":188,"width":378,"height":11}},{"id":"65ba86b3-5646-4611-a35b-979a031bd864","block_type":"box","text":"secessionist movement could have a negative impact on the","page_number":67,"box":{"x":549,"y":202,"width":385,"height":11}},{"id":"01dbeebb-c944-42a2-bc3a-a40b14af3316","block_type":"box","text":"Spanish economy and a destabilizing effect on the country.","page_number":67,"box":{"x":549,"y":216,"width":377,"height":11}},{"id":"e58a9b24-e19e-4b58-9df7-ca476801aad9","block_type":"box","text":"Non-U.S. Securities Risk","page_number":67,"box":{"x":549,"y":240,"width":165,"height":8}},{"id":"eab4f128-5d82-4204-bb63-3e13b6460570","block_type":"box","text":".","page_number":67,"box":{"x":714,"y":246,"width":2,"height":2}},{"id":"6f24ed0e-1831-4dd7-bfcb-161ce4139452","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":67,"box":{"x":722,"y":240,"width":236,"height":11}},{"id":"69acaf16-c81f-4b1e-9d54-0037b8d566bb","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":67,"box":{"x":549,"y":254,"width":382,"height":11}},{"id":"1ce2f6b9-673a-46c0-8bb4-43bfefadc39c","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":67,"box":{"x":549,"y":268,"width":406,"height":11}},{"id":"c54c3f83-a10b-415a-95ce-996720ea3c8a","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":67,"box":{"x":549,"y":282,"width":369,"height":11}},{"id":"40ddacd6-f5ba-4994-9654-0720dfecc22d","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":67,"box":{"x":548,"y":296,"width":356,"height":11}},{"id":"ad745243-4ba0-43b7-bffc-1a404b575091","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":67,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"e7ba4e9d-78bf-4ede-881d-2946ee08b925","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":67,"box":{"x":549,"y":325,"width":397,"height":11}},{"id":"d4bb371e-f5eb-47d9-864d-e8b7ac5c9ad1","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":67,"box":{"x":549,"y":339,"width":403,"height":11}},{"id":"c928e8c3-f984-45d2-bf0d-91e6909cc3d8","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":67,"box":{"x":549,"y":353,"width":371,"height":11}},{"id":"00d68d16-c9d6-4202-a21b-1719f8b85ad9","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":67,"box":{"x":549,"y":367,"width":386,"height":11}},{"id":"8bb8eef5-e0ae-4a59-bcd0-4330a860802f","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":67,"box":{"x":549,"y":381,"width":391,"height":11}},{"id":"0fd8afdf-ba94-4e61-92b0-a93e41f06ac5","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":67,"box":{"x":549,"y":396,"width":351,"height":11}},{"id":"daa27a1c-f007-4cea-97ce-8cbb10d5e9bc","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":67,"box":{"x":549,"y":410,"width":413,"height":11}},{"id":"60a20535-f3f7-4404-81b4-3eddbbf59498","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":67,"box":{"x":549,"y":424,"width":405,"height":11}},{"id":"644d4e79-1118-45e5-bd05-3caaf4f796c7","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":67,"box":{"x":549,"y":438,"width":372,"height":10}},{"id":"ef498e35-5681-49d3-84a5-16cb146b10d5","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":67,"box":{"x":549,"y":452,"width":395,"height":11}},{"id":"8faf6bd8-7583-4c7d-91b5-ee8c5346e590","block_type":"box","text":"Fund is specifically exposed to","page_number":67,"box":{"x":550,"y":467,"width":194,"height":10}},{"id":"9b6cd5b3-5aff-4867-a9b6-57960ec85ab7","block_type":"box","text":"European Economic Risk","page_number":67,"box":{"x":750,"y":467,"width":171,"height":10}},{"id":"aaaa91e9-c07b-4ebd-888f-41156e6cbad2","block_type":"box","text":".","page_number":67,"box":{"x":922,"y":474,"width":2,"height":1}},{"id":"d3bc1718-881f-4ce1-8a57-166a1c375660","block_type":"box","text":"Equity Securities Risk","page_number":67,"box":{"x":549,"y":490,"width":148,"height":11}},{"id":"f755eec1-2de1-4c03-b5a1-06bebd4ec3fb","block_type":"box","text":".","page_number":67,"box":{"x":697,"y":496,"width":2,"height":2}},{"id":"c3d78036-a974-4acc-804d-4cbb7311d90f","block_type":"box","text":"Equity securities are subject to changes","page_number":67,"box":{"x":705,"y":490,"width":254,"height":11}},{"id":"1248b191-5ab8-4c11-bdbe-95d00267c1da","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":67,"box":{"x":549,"y":504,"width":422,"height":11}},{"id":"986d560a-3f8b-4f68-8e75-e00cb7aeb918","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":67,"box":{"x":549,"y":518,"width":420,"height":11}},{"id":"0c1d7ee1-b43c-4f89-85aa-1d539dfeaa63","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":67,"box":{"x":549,"y":532,"width":397,"height":11}},{"id":"fd793c1b-13eb-42f7-b4a4-670ebacc677d","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":67,"box":{"x":549,"y":547,"width":359,"height":10}},{"id":"412d1440-5df6-4131-8c0b-404ad8f8b46c","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":67,"box":{"x":549,"y":561,"width":390,"height":11}},{"id":"b99dbfac-a08f-4d5f-aff4-af07eee12553","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":67,"box":{"x":549,"y":575,"width":412,"height":11}},{"id":"bba8ade9-b507-4212-a2a4-5f151bc39ba2","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":67,"box":{"x":549,"y":589,"width":373,"height":11}},{"id":"5588a221-6d1b-457f-bd02-151dfc733c32","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":67,"box":{"x":549,"y":603,"width":309,"height":11}},{"id":"e1c1ed08-d71b-4c13-8b51-e522c2170356","block_type":"box","text":"Market Risk","page_number":67,"box":{"x":549,"y":626,"width":82,"height":9}},{"id":"196e354a-71b9-45d6-9a0f-3c06a5a79528","block_type":"box","text":".","page_number":67,"box":{"x":631,"y":633,"width":3,"height":2}},{"id":"7006ec9e-da87-40b5-9896-b97c6f6b717f","block_type":"box","text":"The Fund could lose money over short periods due","page_number":67,"box":{"x":639,"y":626,"width":322,"height":11}},{"id":"f015664a-c8ea-49af-8e70-2343a3907211","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":67,"box":{"x":549,"y":641,"width":413,"height":10}},{"id":"a4fab8c4-abc2-4331-9e1f-f4dfa4882082","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":67,"box":{"x":549,"y":655,"width":382,"height":11}},{"id":"1127cbe0-9517-40b4-8ad8-f283b11a5826","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":67,"box":{"x":549,"y":669,"width":411,"height":11}},{"id":"e97b730c-6d2f-474b-825e-696ae70b82d2","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":67,"box":{"x":549,"y":683,"width":370,"height":11}},{"id":"36dffd1c-3bfa-45c6-83a1-5e3c0d6fa512","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":67,"box":{"x":549,"y":697,"width":404,"height":11}},{"id":"1fa8928e-8111-4970-9bc1-b539fe2ee481","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":67,"box":{"x":549,"y":712,"width":395,"height":10}},{"id":"ce58f9eb-1693-42a8-983d-787e8ebf8d8c","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":67,"box":{"x":549,"y":726,"width":395,"height":10}},{"id":"f4c8db93-fa8f-4f78-9e14-a7d7369046b3","block_type":"box","text":"NAV.","page_number":67,"box":{"x":550,"y":740,"width":27,"height":8}},{"id":"ec1a7ec1-34c2-4940-be80-3b416fba04de","block_type":"box","text":"Index-Related Risk.","page_number":67,"box":{"x":549,"y":763,"width":129,"height":9}},{"id":"7e42e418-b101-4d53-8037-97100b03cce3","block_type":"box","text":"The Index Provider may rely on various","page_number":67,"box":{"x":683,"y":763,"width":247,"height":11}},{"id":"f15a341a-fe8e-495c-9c3c-5757c282df5c","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":67,"box":{"x":549,"y":777,"width":423,"height":11}},{"id":"ed3b43bd-43ec-406c-a87d-ea86321c66eb","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":67,"box":{"x":550,"y":791,"width":391,"height":11}},{"id":"b08cf27f-e551-4389-8165-6f3673418e41","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":67,"box":{"x":549,"y":806,"width":406,"height":10}},{"id":"c4a4ddfb-f16b-44c9-b668-c176008f251e","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":67,"box":{"x":549,"y":820,"width":408,"height":11}},{"id":"791f76b2-7ece-4af9-aa82-574aaf436808","block_type":"box","text":"information will provide an accurate assessment of included","page_number":67,"box":{"x":549,"y":834,"width":384,"height":11}},{"id":"b36f0239-b19c-4aaa-abbc-7374245fe836","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":67,"box":{"x":549,"y":848,"width":388,"height":11}},{"id":"36c260ba-581f-486b-a559-356bdd1e437f","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":67,"box":{"x":549,"y":862,"width":366,"height":11}},{"id":"c1a0b586-ab14-4587-a503-f2504b25b64f","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":67,"box":{"x":549,"y":877,"width":377,"height":10}},{"id":"c28f4592-77b9-4557-bbef-1f043fbbfccb","block_type":"box","text":"S-56","page_number":67,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b4b11ca0-444f-4552-a87d-714634372bb2","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":68,"box":{"x":83,"y":23,"width":413,"height":11}},{"id":"d98e8646-3d71-4352-b368-e4805771b25b","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":68,"box":{"x":83,"y":37,"width":396,"height":11}},{"id":"e9ab95a2-d1fa-4e28-998b-09540551112c","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":68,"box":{"x":83,"y":52,"width":367,"height":10}},{"id":"71105084-4151-48bf-8703-f26e325e751c","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":68,"box":{"x":83,"y":66,"width":400,"height":10}},{"id":"01345a4f-a321-43dc-9741-0b37270d7ba3","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":68,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"48b30735-8a6d-4b60-97fa-0dcbc079757d","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":68,"box":{"x":83,"y":94,"width":414,"height":11}},{"id":"a3cb4951-9b29-4d90-bc9a-ef08601e7719","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":68,"box":{"x":83,"y":108,"width":362,"height":11}},{"id":"c84fc820-62c2-4c68-bb9a-f43d5a4b7337","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":68,"box":{"x":83,"y":122,"width":423,"height":11}},{"id":"a67a9eee-c6e1-4b97-8199-a1a1ab30a3f4","block_type":"box","text":"Asset Class Risk.","page_number":68,"box":{"x":81,"y":146,"width":115,"height":8}},{"id":"e7e4d8d3-0664-47d4-a22f-5835b133da08","block_type":"box","text":"The securities and other assets in the","page_number":68,"box":{"x":202,"y":146,"width":239,"height":8}},{"id":"031017bf-c72c-425d-89e4-1fd8b4deffec","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":68,"box":{"x":83,"y":160,"width":406,"height":11}},{"id":"c9d85505-245e-429e-8ccf-696d2be9fcc9","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":68,"box":{"x":83,"y":174,"width":405,"height":11}},{"id":"35f6efd8-8630-4c86-8162-34c252c9c25f","block_type":"box","text":"market, another index, or other asset classes.","page_number":68,"box":{"x":83,"y":188,"width":292,"height":10}},{"id":"8c6a2706-e64d-4f7d-8546-eefd4847a521","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":68,"box":{"x":81,"y":211,"width":290,"height":11}},{"id":"40247168-6ae7-409c-b258-ac46bcca5693","block_type":"box","text":"An “Authorized","page_number":68,"box":{"x":381,"y":211,"width":93,"height":9}},{"id":"03ac90f7-897c-4de2-ae3a-2720d8cc1044","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":68,"box":{"x":84,"y":226,"width":379,"height":10}},{"id":"e847b6f0-1457-42bb-a83a-172a29455bc9","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":68,"box":{"x":83,"y":240,"width":411,"height":11}},{"id":"43e97838-677f-4976-9852-d7fe35483d50","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":68,"box":{"x":84,"y":254,"width":395,"height":11}},{"id":"9ea0297b-688b-4ad8-a05a-a20f62863d37","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":68,"box":{"x":84,"y":268,"width":399,"height":11}},{"id":"ac3e5496-7023-4018-9c86-ec204a3cde95","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":68,"box":{"x":83,"y":282,"width":407,"height":11}},{"id":"a69a5deb-d0c2-4d19-9a06-2056d7b2c527","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":68,"box":{"x":83,"y":296,"width":409,"height":11}},{"id":"450ab7b4-9d68-4217-a236-e7b0f1e155b9","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":68,"box":{"x":83,"y":311,"width":412,"height":10}},{"id":"4cb16a09-2830-4b02-8660-0444b2df3544","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":68,"box":{"x":83,"y":325,"width":403,"height":11}},{"id":"914857af-f7e8-4615-aff0-c7e193a6bcc6","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":68,"box":{"x":83,"y":339,"width":378,"height":11}},{"id":"7c9112de-a37b-4fef-9599-f60de66bdbbc","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":68,"box":{"x":84,"y":353,"width":379,"height":11}},{"id":"eedec82e-e6ff-4e75-921f-3b3a7b2d3e89","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":68,"box":{"x":83,"y":367,"width":404,"height":11}},{"id":"7eeacddc-a330-4009-83df-b63de9deb77d","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":68,"box":{"x":83,"y":382,"width":399,"height":10}},{"id":"e799a234-fd20-4e07-86de-deefcacfff98","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":68,"box":{"x":84,"y":396,"width":391,"height":10}},{"id":"345d5bc8-5069-4169-a791-f1c0ff22ce48","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":68,"box":{"x":83,"y":410,"width":408,"height":11}},{"id":"ca8b3f4c-0a52-4941-8091-a77e0922ea5a","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":68,"box":{"x":83,"y":424,"width":273,"height":11}},{"id":"72e07bd7-8801-49ae-bfb6-b649c328bfea","block_type":"box","text":"Concentration Risk.","page_number":68,"box":{"x":83,"y":447,"width":132,"height":9}},{"id":"6ca26bce-6503-471a-be37-08d06933295e","block_type":"box","text":"The Fund may be susceptible to an","page_number":68,"box":{"x":220,"y":447,"width":222,"height":11}},{"id":"98f367ed-8a57-44ad-92fc-d34a2a798ec8","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":68,"box":{"x":83,"y":461,"width":419,"height":11}},{"id":"01678821-df2d-4ec1-b4aa-1f6f271ce211","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":68,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"0d365e94-f532-439b-8a13-32c24325d3cd","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":68,"box":{"x":83,"y":490,"width":417,"height":8}},{"id":"1837f457-43b6-44a8-b281-ebb4a2147c9d","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":68,"box":{"x":83,"y":504,"width":395,"height":10}},{"id":"f3440490-b3d1-45db-8c91-a864efb46d45","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":68,"box":{"x":83,"y":518,"width":388,"height":11}},{"id":"73bf4b74-1820-4b76-9549-dc766fda4158","block_type":"box","text":"asset classes.","page_number":68,"box":{"x":83,"y":532,"width":88,"height":9}},{"id":"6831be35-caf5-41c2-8da3-47d5c35d6a94","block_type":"box","text":"Currency Risk","page_number":68,"box":{"x":83,"y":556,"width":95,"height":10}},{"id":"b11d0f53-8482-4d49-ac0f-7c50c59781ec","block_type":"box","text":".","page_number":68,"box":{"x":179,"y":562,"width":2,"height":2}},{"id":"7f4fe414-cbae-41cd-8112-0169adc05dd3","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":68,"box":{"x":187,"y":556,"width":292,"height":8}},{"id":"ba146a9e-7ab4-4ad3-a6e8-56d9356b4cd2","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":68,"box":{"x":83,"y":570,"width":388,"height":11}},{"id":"ffcbfc93-23f4-4867-97c5-073c9ec3480d","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":68,"box":{"x":83,"y":584,"width":395,"height":11}},{"id":"7c18ea73-8b09-413e-a55a-453a272f2922","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":68,"box":{"x":83,"y":598,"width":415,"height":11}},{"id":"8749767e-ee8b-490b-864b-9514de183e99","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":68,"box":{"x":83,"y":612,"width":404,"height":11}},{"id":"4ddba700-1dc3-4bd8-a65d-fd4b646f0a66","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":68,"box":{"x":83,"y":626,"width":394,"height":11}},{"id":"d80e63dc-6134-4b07-828a-4f4f998ff0a0","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":68,"box":{"x":83,"y":641,"width":398,"height":10}},{"id":"925b9bfe-3c48-43a8-91ef-6376b50cd7f0","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":68,"box":{"x":83,"y":655,"width":392,"height":11}},{"id":"3c6f1b01-d295-45fc-8e76-65130142114a","block_type":"box","text":"dollars and foreign currencies.","page_number":68,"box":{"x":83,"y":669,"width":193,"height":11}},{"id":"e60063e1-dcc0-46f3-a5e3-a6dbaa2ddde3","block_type":"box","text":"Financial Companies Risk","page_number":68,"box":{"x":83,"y":692,"width":174,"height":11}},{"id":"e2369f77-388b-432a-8fc2-3aff177d1254","block_type":"box","text":".","page_number":68,"box":{"x":257,"y":699,"width":3,"height":2}},{"id":"ed116766-3f6a-45b3-b0df-141656d2f173","block_type":"box","text":"Financial services companies are","page_number":68,"box":{"x":266,"y":692,"width":211,"height":11}},{"id":"5e0f0bd9-4a84-4922-9bab-48b3092d3ea9","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":68,"box":{"x":83,"y":706,"width":400,"height":11}},{"id":"43237cb0-8c68-43b5-8f9d-da5cecd30faa","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":68,"box":{"x":82,"y":721,"width":405,"height":10}},{"id":"b4dcfdf4-95f2-4e88-979a-385615492dd9","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":68,"box":{"x":83,"y":735,"width":405,"height":11}},{"id":"a3f786dd-2906-4d20-bda8-a6f7e3c59b05","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":68,"box":{"x":83,"y":749,"width":385,"height":11}},{"id":"d06b1526-9550-42ca-ad66-c27e853c8655","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":68,"box":{"x":83,"y":763,"width":395,"height":11}},{"id":"3c2569d7-4f38-459c-a74f-a02eecabf37c","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":68,"box":{"x":83,"y":777,"width":367,"height":11}},{"id":"6fce9a84-0015-4ffa-998d-ec08ba8985da","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":68,"box":{"x":83,"y":791,"width":343,"height":11}},{"id":"bc7cc1a2-79ce-4e0c-b531-ed8dc1840ad3","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":68,"box":{"x":83,"y":806,"width":410,"height":10}},{"id":"3fa90dfa-58d5-4519-bc00-ff113df00a63","block_type":"box","text":"and counterparty risk.","page_number":68,"box":{"x":83,"y":820,"width":140,"height":11}},{"id":"8e5cd088-abd1-47bb-a313-e6fc806e32ab","block_type":"box","text":"Issuer Risk","page_number":68,"box":{"x":83,"y":843,"width":75,"height":9}},{"id":"fa89b7c1-5135-401c-83c5-ec53361540c6","block_type":"box","text":".","page_number":68,"box":{"x":158,"y":850,"width":3,"height":1}},{"id":"1d5e9731-d3c7-4e5c-af70-ad5b1559223c","block_type":"box","text":"The performance of the Fund depends on the","page_number":68,"box":{"x":166,"y":843,"width":288,"height":11}},{"id":"71e77aa8-b5c6-455e-b11f-9483c2824305","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":68,"box":{"x":83,"y":857,"width":412,"height":11}},{"id":"bbc9b79c-d8cb-403f-ab26-1ec95b3ec33f","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":68,"box":{"x":84,"y":871,"width":401,"height":11}},{"id":"47607db7-e0cd-4adf-abc2-7f537bf80a9c","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":68,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"d7405547-8af9-4acc-b2a3-477225537b52","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":68,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"76ebc9ba-ca13-4044-90f8-a9c9767c9390","block_type":"box","text":"counterparty.","page_number":68,"box":{"x":549,"y":52,"width":84,"height":10}},{"id":"2e8bf738-e544-435c-a4fc-2e3117c24fd8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":68,"box":{"x":549,"y":75,"width":252,"height":10}},{"id":"d8999dae-cb11-4839-b52e-ffb2f6f088a6","block_type":"box","text":"Large-capitalization","page_number":68,"box":{"x":808,"y":75,"width":124,"height":11}},{"id":"79dd6915-f622-4739-b305-ee50439a272f","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":68,"box":{"x":549,"y":89,"width":352,"height":11}},{"id":"f665814b-d948-418e-952e-4f24d543707d","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":68,"box":{"x":549,"y":103,"width":352,"height":11}},{"id":"365dcb22-e877-410d-a49f-d3e98b7440e2","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":68,"box":{"x":549,"y":117,"width":405,"height":11}},{"id":"5f4816a9-a59b-4040-824a-a48a39101d3d","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":68,"box":{"x":549,"y":131,"width":371,"height":11}},{"id":"c2cd5790-77f5-4911-accd-971f7a374113","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":68,"box":{"x":549,"y":146,"width":340,"height":10}},{"id":"27d54e6f-6660-47bc-bcd9-13600c4303dc","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":68,"box":{"x":549,"y":160,"width":390,"height":11}},{"id":"ef16fddd-9fa7-4d5a-8dc2-14447e8ee06f","block_type":"box","text":"overall performance of the broader securities markets.","page_number":68,"box":{"x":549,"y":174,"width":349,"height":11}},{"id":"2e3071de-5bba-47b4-92fe-aadef2077e9f","block_type":"box","text":"Management Risk","page_number":68,"box":{"x":549,"y":197,"width":123,"height":11}},{"id":"b77ecb35-ee95-48dd-b800-9edae155d9ec","block_type":"box","text":".","page_number":68,"box":{"x":672,"y":204,"width":2,"height":2}},{"id":"b6700c60-0d56-4105-bf0c-6634176d7039","block_type":"box","text":"The Fund generally does not attempt to take","page_number":68,"box":{"x":679,"y":197,"width":283,"height":11}},{"id":"b36b6c4d-6c6f-4056-834f-3c48aa91ede6","block_type":"box","text":"defensive positions under any market conditions, including","page_number":68,"box":{"x":549,"y":211,"width":376,"height":11}},{"id":"84d692ab-64a1-4912-8049-ecf629679262","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":68,"box":{"x":549,"y":226,"width":362,"height":10}},{"id":"2ed7d3b1-a855-48ed-af2e-874bd6106648","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":68,"box":{"x":550,"y":240,"width":387,"height":11}},{"id":"03bdad04-a572-4e11-838f-9061a7e797c4","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":68,"box":{"x":549,"y":254,"width":409,"height":11}},{"id":"fa7f848d-f387-4fb9-b3d1-f6a9f6b97d58","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":68,"box":{"x":549,"y":268,"width":419,"height":11}},{"id":"71872fff-3bdf-4e53-b72e-5cded987576b","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":68,"box":{"x":549,"y":282,"width":420,"height":11}},{"id":"4af10c4f-8272-4323-8cd3-50eea23ffd9e","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":68,"box":{"x":549,"y":296,"width":403,"height":11}},{"id":"2cd20659-c7a0-436a-9add-dc7181799175","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":68,"box":{"x":549,"y":311,"width":323,"height":10}},{"id":"68b6dddd-aae1-409f-b0a1-acb23db0e5a2","block_type":"box","text":"Market Trading Risk","page_number":68,"box":{"x":549,"y":334,"width":136,"height":11}},{"id":"e50812d5-54b6-4b13-a10c-56151d3b3c73","block_type":"box","text":".","page_number":68,"box":{"x":685,"y":340,"width":2,"height":2}},{"id":"98c3ae9e-4830-4c52-84c0-a050b9744a2c","block_type":"box","text":"The Fund faces numerous market trading","page_number":68,"box":{"x":692,"y":334,"width":264,"height":11}},{"id":"d453e400-0198-4b1a-8b11-c463081734a2","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":68,"box":{"x":549,"y":348,"width":394,"height":11}},{"id":"d04304b3-d8e9-49a5-a951-3b1697810635","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":68,"box":{"x":549,"y":362,"width":401,"height":11}},{"id":"ad3c5472-dc50-4281-97e3-b328670f6a60","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":68,"box":{"x":549,"y":376,"width":404,"height":11}},{"id":"e5d5e55c-371d-4238-b83f-af7a1931c3ff","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":68,"box":{"x":549,"y":391,"width":416,"height":10}},{"id":"de4bcea7-09bd-4fb1-9d5e-6e585882debf","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":68,"box":{"x":549,"y":405,"width":404,"height":11}},{"id":"9e46d1bc-cd3d-49c2-a23a-7be4016b9ea4","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":68,"box":{"x":549,"y":419,"width":411,"height":11}},{"id":"c0b6cde4-1b7c-4148-8c55-027692b7b248","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":68,"box":{"x":549,"y":433,"width":397,"height":11}},{"id":"e1c59d15-d559-4c93-bb3a-39b766cd9ed8","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":68,"box":{"x":549,"y":447,"width":419,"height":11}},{"id":"65aa3546-c226-448c-a8e9-4ba41b8b50db","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":68,"box":{"x":549,"y":461,"width":413,"height":11}},{"id":"0157c0d6-b31a-4304-97da-73473119bf1e","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":68,"box":{"x":549,"y":476,"width":397,"height":10}},{"id":"aae450cd-8ead-4f99-9fba-5f20ac1cbb78","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":68,"box":{"x":549,"y":490,"width":316,"height":11}},{"id":"1e7a410a-c207-4de2-a127-d637e072f7f7","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":68,"box":{"x":549,"y":513,"width":238,"height":11}},{"id":"49b52230-cdd4-451d-a5e0-762fcaa0d58e","block_type":"box","text":".","page_number":68,"box":{"x":787,"y":520,"width":3,"height":1}},{"id":"2ce05377-58f1-43c9-8e3e-c620aade4b2a","block_type":"box","text":"Compared to large","page_number":68,"box":{"x":795,"y":513,"width":124,"height":11}},{"id":"6d37f485-a515-407c-8e4f-6a2386d80d6d","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":68,"box":{"x":549,"y":527,"width":403,"height":11}},{"id":"9ee7edac-930b-4e7d-a01e-4f882054a3cc","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":68,"box":{"x":549,"y":541,"width":405,"height":11}},{"id":"02e68db6-daaf-4e7a-90bf-de44b35e501e","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":68,"box":{"x":549,"y":556,"width":407,"height":10}},{"id":"dbcc4a80-be2d-4ba5-98b5-692f7c3b9d4a","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":68,"box":{"x":549,"y":570,"width":414,"height":11}},{"id":"83b5940e-e094-4200-8728-60f333b39edd","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":68,"box":{"x":549,"y":584,"width":413,"height":11}},{"id":"0cf599e2-5456-4466-b9f3-42973384b926","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":68,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"37a60195-6034-45fd-8fa2-0557215003ef","block_type":"box","text":"National Closed Market Trading Risk.","page_number":68,"box":{"x":549,"y":621,"width":250,"height":11}},{"id":"fc1729ee-21d9-45ec-a4ac-2949fa330858","block_type":"box","text":"To the extent that","page_number":68,"box":{"x":805,"y":621,"width":113,"height":9}},{"id":"7ea34b77-e157-4ece-aca6-747d12f5e493","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":68,"box":{"x":549,"y":635,"width":378,"height":11}},{"id":"e69abd1c-eb36-4135-bbf0-5292f0f2202c","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":68,"box":{"x":549,"y":650,"width":393,"height":10}},{"id":"5fe17ba0-440b-40ae-bf0d-52a21ca2a8c2","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":68,"box":{"x":549,"y":664,"width":396,"height":11}},{"id":"1ba8c2bb-ac60-494e-af9c-b512437127e3","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":68,"box":{"x":549,"y":678,"width":392,"height":11}},{"id":"f60471cc-43c8-4545-af42-58d909def769","block_type":"box","text":"price and its last quoted price (","page_number":68,"box":{"x":549,"y":692,"width":198,"height":11}},{"id":"2a78387d-8cba-43ca-bbdd-09ef59e126ae","block_type":"box","text":"i.e","page_number":68,"box":{"x":748,"y":692,"width":14,"height":9}},{"id":"1ea82693-5803-4196-8fe6-e9bdd52d26b5","block_type":"box","text":"., the quote from the closed","page_number":68,"box":{"x":764,"y":692,"width":176,"height":11}},{"id":"5dcfe4c1-9e5a-4083-927c-159ed545e4a3","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":68,"box":{"x":549,"y":706,"width":376,"height":11}},{"id":"e771c758-0bb8-4a48-8079-a51aa68148d7","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":68,"box":{"x":549,"y":721,"width":420,"height":10}},{"id":"39fe5bef-ebd6-41dd-bb9d-244d91a4867b","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":68,"box":{"x":549,"y":735,"width":403,"height":11}},{"id":"973c6cc3-09ad-44ba-a99b-3c588b7bd8c2","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":68,"box":{"x":549,"y":749,"width":360,"height":11}},{"id":"36b3a633-a9d1-42dc-b7c6-e20c83da270b","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":68,"box":{"x":549,"y":763,"width":398,"height":11}},{"id":"4b5cd1df-37e3-4169-aa9e-f81b46edf465","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":68,"box":{"x":550,"y":777,"width":410,"height":11}},{"id":"3c51b04c-fba5-4264-bc7e-59d23888f7a7","block_type":"box","text":"Non-Diversification Risk","page_number":68,"box":{"x":549,"y":800,"width":165,"height":9}},{"id":"1fc5b901-a315-412a-a2b2-bac2b7bdfd41","block_type":"box","text":".","page_number":68,"box":{"x":714,"y":807,"width":2,"height":2}},{"id":"450f2adc-6b4f-48fb-a5a2-1f5207b91846","block_type":"box","text":"The Fund is classified as “non","page_number":68,"box":{"x":721,"y":800,"width":194,"height":9}},{"id":"ad027431-90a3-462e-b467-96dadbbfbcf7","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":68,"box":{"x":549,"y":815,"width":377,"height":10}},{"id":"a4229017-ec00-4805-81a8-44135b7f3668","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":68,"box":{"x":549,"y":829,"width":358,"height":11}},{"id":"d31db3b2-8f2a-44ed-b374-ef65ae8b36b2","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":68,"box":{"x":549,"y":843,"width":370,"height":11}},{"id":"4436812e-e58c-4a1c-8346-b098104a5ead","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":68,"box":{"x":549,"y":857,"width":423,"height":11}},{"id":"cb8c351f-30a6-42df-8be0-5f2175c0e0d8","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":68,"box":{"x":549,"y":871,"width":379,"height":11}},{"id":"886ed297-a8f3-4da7-ba77-8c56076fd3a2","block_type":"box","text":"S-57","page_number":68,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1ab3a2f7-6791-4823-bde9-c621c9ee7b53","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":69,"box":{"x":83,"y":23,"width":375,"height":11}},{"id":"ea92672f-cc24-474f-a39c-da56e40b56e3","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":69,"box":{"x":83,"y":37,"width":418,"height":11}},{"id":"401059ef-36c8-4278-b75c-3a27dad14dc3","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":69,"box":{"x":83,"y":51,"width":418,"height":11}},{"id":"ba2e60de-ada1-4857-aa18-d025e3035914","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":69,"box":{"x":83,"y":66,"width":209,"height":10}},{"id":"43335cd1-59f9-4446-b19c-a5033fdfe82b","block_type":"box","text":"Operational and Technology Risks","page_number":69,"box":{"x":83,"y":89,"width":230,"height":11}},{"id":"aa528888-47a1-4561-b126-261a7ecc89c2","block_type":"box","text":".","page_number":69,"box":{"x":314,"y":95,"width":2,"height":2}},{"id":"83d76220-1d62-4abb-99c8-62b84d422b11","block_type":"box","text":"The Fund is directly and","page_number":69,"box":{"x":321,"y":89,"width":151,"height":11}},{"id":"54fb94aa-7733-4784-9172-8c8e109a464b","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":69,"box":{"x":83,"y":103,"width":368,"height":11}},{"id":"4e24fe6a-a4f6-4945-990b-0c6a9266b4d6","block_type":"box","text":"including those related to human errors, processing errors,","page_number":69,"box":{"x":83,"y":117,"width":376,"height":11}},{"id":"6af3aa3c-c47b-40b3-84f7-7071dfa3f371","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":69,"box":{"x":83,"y":131,"width":413,"height":11}},{"id":"52117051-fea1-4dd9-ad04-1d73c3f99041","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":69,"box":{"x":83,"y":146,"width":404,"height":10}},{"id":"cc17a41f-3e77-46fe-8d5d-6df78d61680a","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":69,"box":{"x":82,"y":160,"width":402,"height":11}},{"id":"86caf08a-751d-4d8d-a799-331a7230ab59","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":69,"box":{"x":83,"y":174,"width":376,"height":11}},{"id":"78ab78ed-522d-44dd-8fa6-0cc2d5138576","block_type":"box","text":"providers are required to have appropriate operational,","page_number":69,"box":{"x":83,"y":188,"width":350,"height":11}},{"id":"8bf4c5f1-fd41-4350-8af0-1372f975c21a","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":69,"box":{"x":83,"y":202,"width":414,"height":11}},{"id":"b6034a9b-b290-46a9-9a68-185558242a60","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":69,"box":{"x":83,"y":216,"width":397,"height":11}},{"id":"b7e6c394-19ba-4577-8f99-7358d234abbf","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":69,"box":{"x":82,"y":231,"width":411,"height":11}},{"id":"39ebfbe5-bdcb-4db6-87e4-a272c66b8b70","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":69,"box":{"x":83,"y":245,"width":391,"height":8}},{"id":"a3b800ec-f9ec-4714-85d1-d0acf1705474","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":69,"box":{"x":83,"y":259,"width":421,"height":11}},{"id":"0149fba6-1bed-4a07-a58b-b80f2cd96281","block_type":"box","text":"investments in such issuers to lose value.","page_number":69,"box":{"x":83,"y":273,"width":264,"height":9}},{"id":"f0c02575-c2c1-4e0d-8a53-f540b97da32c","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":69,"box":{"x":83,"y":296,"width":228,"height":11}},{"id":"877893b1-7183-4f64-bd16-6de1aceef5ad","block_type":"box","text":".","page_number":69,"box":{"x":311,"y":303,"width":2,"height":2}},{"id":"aeb0ae61-1876-4ba4-aa38-0fb9bc07c6bf","block_type":"box","text":"The Fund invests in a country","page_number":69,"box":{"x":318,"y":296,"width":188,"height":11}},{"id":"0e950a62-092d-497c-bab7-4c05ea2a5b89","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":69,"box":{"x":82,"y":311,"width":381,"height":10}},{"id":"86a21e2a-372b-4577-868b-7a9ec8dd79a5","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":69,"box":{"x":83,"y":325,"width":380,"height":11}},{"id":"7f0eae6d-7dad-4cc6-8715-a37495e790c6","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":69,"box":{"x":83,"y":339,"width":370,"height":11}},{"id":"a08abf6d-10a3-4227-8c85-36e6aca49018","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":69,"box":{"x":83,"y":353,"width":403,"height":11}},{"id":"e51e8b48-fe2c-45f4-9f25-5a181eb1e98e","block_type":"box","text":"Asian Economic Risk","page_number":69,"box":{"x":82,"y":367,"width":145,"height":9}},{"id":"eb8bb882-3e37-4aa2-949a-e66b220766cf","block_type":"box","text":",","page_number":69,"box":{"x":228,"y":374,"width":2,"height":3}},{"id":"c67769e6-8a7f-4c7d-ac0e-8fc43864553b","block_type":"box","text":"European Economic Risk","page_number":69,"box":{"x":236,"y":367,"width":172,"height":11}},{"id":"69a65a94-ac8c-45aa-b937-960dc5a7aa4d","block_type":"box","text":"and","page_number":69,"box":{"x":413,"y":367,"width":22,"height":9}},{"id":"5efced60-d0e9-49cb-9776-51c852cf7540","block_type":"box","text":"U.S.","page_number":69,"box":{"x":441,"y":367,"width":26,"height":9}},{"id":"d05b54cb-e29b-4419-99de-b3d31e240067","block_type":"box","text":"Economic Risk","page_number":69,"box":{"x":83,"y":382,"width":101,"height":8}},{"id":"7bfba7ca-41eb-40ec-80b6-0b065d30fe37","block_type":"box","text":".","page_number":69,"box":{"x":186,"y":389,"width":1,"height":1}},{"id":"d136c74a-aa7c-4ecc-94b6-debc3e024e86","block_type":"box","text":"Securities Lending Risk.","page_number":69,"box":{"x":82,"y":405,"width":162,"height":10}},{"id":"b544bf10-a01f-418c-b2fd-f325b69af1d5","block_type":"box","text":"The Fund may engage in securities","page_number":69,"box":{"x":249,"y":405,"width":221,"height":11}},{"id":"19a54709-60aa-45ab-aa68-7ea8659614e9","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":69,"box":{"x":83,"y":419,"width":396,"height":11}},{"id":"1cb23c7b-3061-4710-9adb-05bd08e8af0d","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":69,"box":{"x":83,"y":433,"width":418,"height":11}},{"id":"5736f8f7-3e68-4b40-a726-7ba2dad39143","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":69,"box":{"x":83,"y":447,"width":408,"height":11}},{"id":"ee23435c-ab8c-4ca9-943d-7770e59d4ae7","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":69,"box":{"x":83,"y":461,"width":416,"height":11}},{"id":"44ee7ee6-fd6f-4ae8-b5b0-b2ad341c5763","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":69,"box":{"x":83,"y":476,"width":389,"height":10}},{"id":"b9b8276c-bee8-4155-a5ab-a9918ca38248","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":69,"box":{"x":83,"y":490,"width":406,"height":8}},{"id":"a0e5920e-f423-4743-b6c1-fdcba6acb22e","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":69,"box":{"x":83,"y":504,"width":301,"height":11}},{"id":"3f493682-f91d-4e97-993b-9149ac6c7712","block_type":"box","text":"Tracking Error Risk","page_number":69,"box":{"x":84,"y":527,"width":128,"height":11}},{"id":"16301e17-9404-4376-b94f-06d20870b77c","block_type":"box","text":".","page_number":69,"box":{"x":212,"y":534,"width":2,"height":2}},{"id":"f4ac1836-6c47-4fb4-a06a-e323b1eabca2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":69,"box":{"x":219,"y":527,"width":284,"height":11}},{"id":"32f65397-ab6a-4ac6-aa62-ec9054109c7c","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":69,"box":{"x":82,"y":541,"width":405,"height":11}},{"id":"1f9efd5b-1de0-4990-8df6-8e6e9fdbfbc2","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":69,"box":{"x":83,"y":556,"width":425,"height":10}},{"id":"af2f0760-81d0-4621-a96c-1af6678338f2","block_type":"box","text":"factors, including differences between the securities and other","page_number":69,"box":{"x":82,"y":570,"width":402,"height":11}},{"id":"f71a9f0c-9ab4-4ebe-8b38-d617f5777f8b","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":69,"box":{"x":83,"y":584,"width":381,"height":11}},{"id":"c182efeb-31c3-47a6-8bd9-963cc1d8eab2","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":69,"box":{"x":83,"y":598,"width":396,"height":11}},{"id":"f7da0bf8-9d44-4438-8c1d-93eb2e50f6dc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":69,"box":{"x":83,"y":612,"width":407,"height":10}},{"id":"6710ec26-5c04-4d06-8095-a917fa6b9d71","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":69,"box":{"x":83,"y":626,"width":400,"height":11}},{"id":"3f5e111b-3396-4749-8a8e-15a588075c32","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":69,"box":{"x":549,"y":23,"width":421,"height":11}},{"id":"e7efb67a-2ae8-4762-b4b3-aca74ed4ad8b","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":69,"box":{"x":549,"y":37,"width":374,"height":11}},{"id":"9281001f-7882-4a83-ad2c-54b07a55608c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":69,"box":{"x":549,"y":52,"width":370,"height":10}},{"id":"87d9429e-a460-4b4d-9598-b746dc26820d","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":69,"box":{"x":549,"y":66,"width":372,"height":11}},{"id":"edf553af-b467-4979-957d-38473071053a","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":69,"box":{"x":549,"y":80,"width":420,"height":11}},{"id":"2f7edb48-c7aa-49c9-ba70-b2cc36ce2412","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":69,"box":{"x":549,"y":94,"width":387,"height":11}},{"id":"7923f2bf-2740-41d6-a8d3-07791d3d8470","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":69,"box":{"x":549,"y":108,"width":377,"height":11}},{"id":"21158215-d451-46ab-90a1-173037ea3aa8","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":69,"box":{"x":549,"y":122,"width":380,"height":11}},{"id":"b4bf66b7-eb39-4d03-8166-f4547969e3de","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":69,"box":{"x":549,"y":137,"width":366,"height":10}},{"id":"b19c5229-845b-4777-bddd-ec3e41a7bf98","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":69,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"3e3c7f97-9c74-4a38-a304-886550ee6e9e","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":69,"box":{"x":550,"y":165,"width":386,"height":11}},{"id":"63888e49-f149-4357-8d28-c4dd4413b86c","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":69,"box":{"x":549,"y":179,"width":414,"height":11}},{"id":"7e79ca33-a348-4ae3-a5f8-0067de94abe5","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":69,"box":{"x":549,"y":193,"width":420,"height":11}},{"id":"08a970c1-23d6-46f0-aca9-91dabf7e0260","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":69,"box":{"x":549,"y":208,"width":383,"height":8}},{"id":"c3693c32-ab7d-42d6-a8a3-32ba27fdb7f5","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":69,"box":{"x":549,"y":222,"width":390,"height":10}},{"id":"2351cd15-7f0c-4b73-a1f6-adbc182bba0c","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":69,"box":{"x":549,"y":236,"width":299,"height":8}},{"id":"41a69592-95d7-43c3-832c-56dc23ea8589","block_type":"box","text":"Utility Companies Risk.","page_number":69,"box":{"x":549,"y":259,"width":156,"height":11}},{"id":"f7c3bb7a-71bc-4725-8995-46ce50019083","block_type":"box","text":"The utilities sector is generally subject to","page_number":69,"box":{"x":711,"y":259,"width":262,"height":11}},{"id":"42c482ac-e4b8-4f82-852b-dde24d50944c","block_type":"box","text":"significant government regulation and oversight, including","page_number":69,"box":{"x":549,"y":273,"width":371,"height":11}},{"id":"e77f103b-ad42-4e20-80e7-7509aa3bba39","block_type":"box","text":"restrictions on rates as well as environmental and other","page_number":69,"box":{"x":549,"y":287,"width":356,"height":9}},{"id":"dfb78d94-f73f-4283-a862-f8d95d45dc0c","block_type":"box","text":"regulations. Utility companies also may face risks related to,","page_number":69,"box":{"x":549,"y":302,"width":385,"height":10}},{"id":"89c190c8-55fe-4e95-b941-f31573a8f07d","block_type":"box","text":"among other things, natural disasters, cyber or other attacks,","page_number":69,"box":{"x":549,"y":316,"width":391,"height":11}},{"id":"38d2e2bb-0691-43f9-bf4f-831cd38e96ea","block_type":"box","text":"capital project funding, energy price volatility and increased","page_number":69,"box":{"x":549,"y":330,"width":381,"height":11}},{"id":"1a7ec3fa-05c9-4dd1-910d-bb02b02d0019","block_type":"box","text":"competition.","page_number":69,"box":{"x":549,"y":344,"width":79,"height":11}},{"id":"23741ead-6212-4f01-a262-2f6af1cab342","block_type":"box","text":"Valuation Risk","page_number":69,"box":{"x":550,"y":367,"width":96,"height":9}},{"id":"ecc46d24-b8ed-42a0-9f6e-47002eac6eed","block_type":"box","text":".","page_number":69,"box":{"x":646,"y":374,"width":2,"height":2}},{"id":"26fc683c-a534-4619-afa6-1a54c38af7d9","block_type":"box","text":"The price that the Fund could receive upon the","page_number":69,"box":{"x":653,"y":367,"width":298,"height":11}},{"id":"7fa3a478-8b6f-48ca-98e8-1eca8f45acd4","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":69,"box":{"x":549,"y":381,"width":408,"height":11}},{"id":"e59ed9a1-2fd9-4f64-94d9-975a1017f35e","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":69,"box":{"x":549,"y":396,"width":355,"height":10}},{"id":"1f59178a-0387-45f0-bbd8-a2f8f5c61c50","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":69,"box":{"x":549,"y":410,"width":418,"height":11}},{"id":"6079406f-f80a-44ac-946a-06554243a1af","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":69,"box":{"x":549,"y":424,"width":347,"height":11}},{"id":"78449d21-2e98-4a23-8441-9399494d881f","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":69,"box":{"x":549,"y":438,"width":418,"height":11}},{"id":"cb03e6ea-9728-491b-ad1a-2d6ff997d220","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":69,"box":{"x":549,"y":452,"width":406,"height":11}},{"id":"871c8785-f108-4ed9-b491-85550cc4d827","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":69,"box":{"x":549,"y":467,"width":411,"height":10}},{"id":"9615d976-a874-445d-ab7f-e987bda72b25","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":69,"box":{"x":549,"y":481,"width":392,"height":11}},{"id":"b295db7d-e433-49c9-b192-e4ce6516c380","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":69,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"f5483256-ca35-4553-99a0-ffe073635de1","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":69,"box":{"x":549,"y":509,"width":394,"height":11}},{"id":"002a2284-c1a5-400e-96bd-479993246019","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":69,"box":{"x":548,"y":523,"width":383,"height":11}},{"id":"27aecc92-0a52-4d0e-9c35-c908d71fd6d2","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":69,"box":{"x":549,"y":538,"width":414,"height":10}},{"id":"520e86c1-7964-4132-ac0a-952c621e8a11","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":69,"box":{"x":549,"y":552,"width":392,"height":8}},{"id":"a3d759ac-c183-4575-a8c7-a1b936fbb3ce","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":69,"box":{"x":548,"y":566,"width":425,"height":11}},{"id":"c08ecf57-8470-4d9c-8dd8-bd75a3950505","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":69,"box":{"x":548,"y":580,"width":400,"height":11}},{"id":"5081c7e4-6bc8-4ba3-a9e5-49fa029406a2","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":69,"box":{"x":549,"y":594,"width":405,"height":11}},{"id":"d7d76dcd-28db-45c1-9b47-3aa057605b2c","block_type":"box","text":"S-58","page_number":69,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2914c380-60d2-471b-8497-23d7ad66eb49","block_type":"box","text":"Performance Information","page_number":70,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"aef7f930-ff9a-435d-99be-c009e4b9093c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":70,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"18d13b9c-78b4-4c4f-b144-cff57e028577","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":70,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"5db2ddac-e4ca-4bbe-9f5e-2d9ff5162332","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":70,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"cb5e933e-dee4-45c3-af9f-69370f327f09","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":70,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"837de053-3bc1-498d-96a6-a8c6ec4b772f","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":70,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"13306d37-dd97-4e9b-b751-e3d35e487f63","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":70,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"579b1ca4-918c-4d63-ba43-9a2270c7acc9","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":70,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"c7945f10-0a5f-4217-8c47-282bae1e0a9a","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":70,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"48448b07-5282-421a-95b5-6f87b584f3a5","block_type":"box","text":"45%","page_number":70,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"9af780bf-5f9a-45a6-8cb5-7e00aceb6d89","block_type":"box","text":"30%","page_number":70,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"2f1a04c8-c489-4e44-b8f0-af2ae2225936","block_type":"box","text":"15%","page_number":70,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"ae32ae2f-0415-4b86-ad3c-6497079bb08d","block_type":"box","text":"0%","page_number":70,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"cdbf8a0e-24fe-4af8-874f-e37f50c36680","block_type":"box","text":"-15%","page_number":70,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"9d14b78d-c8ed-4892-9f4f-5aedac370d7f","block_type":"box","text":"-30%","page_number":70,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"eba4305b-0d9f-453a-8799-9b917d94a598","block_type":"box","text":"2","page_number":70,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"4b753913-8c58-44c3-b928-58d12c965d35","block_type":"box","text":"0","page_number":70,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"459baf17-f9c5-403e-b27e-3644e778ccc7","block_type":"box","text":"1","page_number":70,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"3e4f9cf3-0b28-476b-9155-e064542c3530","block_type":"box","text":"5","page_number":70,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"46f5d6a7-a607-488e-8c46-2976d31095d8","block_type":"box","text":"2","page_number":70,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"d254ca7b-4597-45a0-b72c-e8ca45589424","block_type":"box","text":"0","page_number":70,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"52060726-e275-45df-b569-85d7b5c819e2","block_type":"box","text":"1","page_number":70,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"c4b046b1-81df-4050-a7b9-568770b797d6","block_type":"box","text":"6","page_number":70,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"b807bc92-7426-46e4-a4d8-04609da8c450","block_type":"box","text":"2","page_number":70,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"2db8db01-4974-4944-98a9-cc7aabdc3aaf","block_type":"box","text":"0","page_number":70,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"ba30a709-626d-4b02-841e-2c2f198bc5e3","block_type":"box","text":"17 2","page_number":70,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"b943ac14-373f-4874-9b53-19b54c6c6006","block_type":"box","text":"0","page_number":70,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"1d85388c-f7f8-4e09-81aa-f66bbf7993d4","block_type":"box","text":"1","page_number":70,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"06197cfe-71a0-49e7-bd7f-a2fde2481bd2","block_type":"box","text":"8","page_number":70,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"4948030b-a290-4cb9-8259-b227ebceee57","block_type":"box","text":"2","page_number":70,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"608e49d8-0c29-435a-99a5-0250ec39faba","block_type":"box","text":"0","page_number":70,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"a3c94ea5-69ee-47fb-9c0c-2d9335d110d2","block_type":"box","text":"1","page_number":70,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"16c52ddb-4ae2-405e-982b-8a1b0079760b","block_type":"box","text":"9","page_number":70,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"c5d6fcdd-53b4-48a8-8eb8-1b874d810066","block_type":"box","text":"2","page_number":70,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"e94ec509-62e2-4d24-8ed6-748e50a79e8a","block_type":"box","text":"0","page_number":70,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"575e1bfc-0b5d-47ab-a22e-902dfcec5919","block_type":"box","text":"2","page_number":70,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"a8ccf587-2c9d-4931-a212-290e854e7fd8","block_type":"box","text":"0","page_number":70,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"7a4c5961-2e58-43bf-b588-99c9fd486428","block_type":"box","text":"2","page_number":70,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"3e0ef6fd-ef5b-403d-a8f4-57ac3cfdb8c6","block_type":"box","text":"0","page_number":70,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"0d7ee6a3-6e48-4038-be29-9e0f8d52d6fd","block_type":"box","text":"21 2","page_number":70,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"9d3569d0-5d23-4365-a1d3-6a84d7df58a3","block_type":"box","text":"0","page_number":70,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"1092b66d-438a-4292-9d7a-fadd9dd0d2cc","block_type":"box","text":"22 2","page_number":70,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"e964e15e-3985-44cc-853f-790cab9c3afc","block_type":"box","text":"0","page_number":70,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"8657bff9-673a-403d-97eb-feb4fbee4ae4","block_type":"box","text":"2","page_number":70,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"373e4836-f324-44a1-8ceb-e12d43d9c873","block_type":"box","text":"3","page_number":70,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"03e943ca-0f79-4e41-bdc7-85cc84f4d262","block_type":"box","text":"2","page_number":70,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"47d08c9a-5202-45cc-a2b5-3ead7938ce21","block_type":"box","text":"0","page_number":70,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"65a7b98b-89c3-4b43-a618-67b60bec52c9","block_type":"box","text":"2","page_number":70,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"63993b41-d1db-4176-a18e-21c09eb41a84","block_type":"box","text":"4","page_number":70,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"b46ae968-2dcd-4e16-9242-004ef6e0fca3","block_type":"box","text":"-15.84%","page_number":70,"box":{"x":363,"y":287,"width":38,"height":6}},{"id":"3265b977-9b53-4af4-b64e-f9056736e962","block_type":"box","text":"-2.18%","page_number":70,"box":{"x":397,"y":270,"width":32,"height":6}},{"id":"03731c53-1348-4185-86cd-296e648fe2ac","block_type":"box","text":"26.97%","page_number":70,"box":{"x":433,"y":217,"width":33,"height":6}},{"id":"4819c243-e7f8-4a6b-a617-f2ef0759f10b","block_type":"box","text":"-15.07%","page_number":70,"box":{"x":467,"y":286,"width":37,"height":6}},{"id":"81db554d-1bb6-4c07-b243-7656d7cdd10f","block_type":"box","text":"10.94%","page_number":70,"box":{"x":506,"y":238,"width":32,"height":6}},{"id":"39243e52-a29a-4c93-bf20-a9f0dc6b267a","block_type":"box","text":"-3.14%","page_number":70,"box":{"x":542,"y":271,"width":31,"height":6}},{"id":"691e2de0-bae7-44f1-879c-c72795813b72","block_type":"box","text":"0.10%","page_number":70,"box":{"x":580,"y":252,"width":28,"height":6}},{"id":"286b48d7-3006-4902-9ed8-df8294c5490d","block_type":"box","text":"-5.34%","page_number":70,"box":{"x":614,"y":274,"width":31,"height":6}},{"id":"31fe06af-e3a6-46be-986e-a9fd0cf57d79","block_type":"box","text":"29.80%","page_number":70,"box":{"x":650,"y":213,"width":33,"height":7}},{"id":"212beb75-8963-443f-8d3a-73442eca538a","block_type":"box","text":"6.30%","page_number":70,"box":{"x":689,"y":244,"width":27,"height":6}},{"id":"15cff955-102c-419f-a1fc-a22df53e94f5","block_type":"box","text":"Return (%) Period Ended","page_number":70,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"79903787-3de9-4c5b-a404-4d49ba7df226","block_type":"box","text":"Calendar Year-to-Date Return","page_number":70,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"dd6344e3-af10-418f-bd39-d74c40ed9801","block_type":"box","text":"60.97% September 30, 2025","page_number":70,"box":{"x":561,"y":366,"width":178,"height":9}},{"id":"bce57509-0d8d-49b3-b1ae-e287d742ebe6","block_type":"box","text":"During the periods shown in the chart:","page_number":70,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"ed15585e-2f20-443d-94b8-3958c9bd72fa","block_type":"box","text":"Best Quarter 26.54% December 31, 2020","page_number":70,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"18c6e1b1-9c40-49c3-89ba-201fbe040ef5","block_type":"box","text":"Worst Quarter -29.08% March 31, 2020","page_number":70,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"f880426f-f982-4b14-9426-5663df2fd1c5","block_type":"box","text":"Average Annual Total Returns","page_number":70,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"61e80583-5d7c-46f7-8cb9-2f8658b025d9","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":70,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"a7ef5348-e054-49e9-b2a1-aad9a3d0fd32","block_type":"box","text":"One Year Five Years Ten Years","page_number":70,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"42c086c6-4522-40f4-806a-1795f72e5b16","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":70,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"577a525b-ffbc-4ce0-b4b0-88f7f8da18af","block_type":"box","text":"Return Before Taxes","page_number":70,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"b38fac80-5ab2-4708-b849-c3ceec3efd24","block_type":"box","text":"6.30% 4.84% 2.23%","page_number":70,"box":{"x":723,"y":493,"width":197,"height":8}},{"id":"faab3a1c-ab4f-4a9c-b804-57d061c28de8","block_type":"box","text":"Return After Taxes on Distributions 5.67% 4.30% 1.70%","page_number":70,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"48b13d22-b2ef-4da8-99f5-45c35e6a1a1a","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.92% 3.91% 1.88%","page_number":70,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"27668bdc-ed64-492c-9b61-80ef88684b1f","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":70,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"773a9c0a-025a-407b-8e40-fbd1dda9c654","block_type":"box","text":"1","page_number":70,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"4e49238e-62f5-43ff-9afd-01d5eb071f00","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":70,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"dac7b414-1ac7-413d-bf35-62bc2d94df66","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":70,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"fc3a269e-027a-4566-bc1e-236b03c9fa20","block_type":"box","text":"MSCI Spain 25/50 Index (Net)","page_number":70,"box":{"x":124,"y":553,"width":185,"height":9}},{"id":"38315b32-58e8-4bca-9912-0a6c7b385ac2","block_type":"box","text":"1","page_number":70,"box":{"x":312,"y":551,"width":2,"height":5}},{"id":"c42cd2a4-ce1f-49f9-87cc-15c2ce4cbf93","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":70,"box":{"x":321,"y":553,"width":352,"height":9}},{"id":"ce5c9639-263a-4b9b-bbe8-a82ac2251276","block_type":"box","text":"except for withholding taxes on reinvested dividends) 6.88% 5.18% 2.59%","page_number":70,"box":{"x":137,"y":565,"width":783,"height":10}},{"id":"19f4d9fa-7239-4e0a-a8bb-c0e9b98084a6","block_type":"box","text":"1","page_number":70,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"98f4a477-b910-4114-9c6c-cf6a256d2980","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":70,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"6849722c-740f-446b-897a-45b9b821c242","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":70,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"aa42f1d6-d5f6-4e55-a15c-d06a79918f05","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":70,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"2c16a34a-1c7e-4add-ac91-c1ee2298181c","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":70,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"2eae6035-b392-4897-87ac-4ceadac85e05","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":70,"box":{"x":82,"y":646,"width":882,"height":11}},{"id":"b90257a9-0cb1-45b2-a1e5-5ff9dc9c8f45","block_type":"box","text":"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,","page_number":70,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"97448c53-7d8a-4305-9678-b89230a7cbc3","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":70,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"b6ef0ad6-6d49-4049-997e-7b108086d5ea","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":70,"box":{"x":83,"y":688,"width":855,"height":11}},{"id":"ba72d0a4-b52a-471c-9e9c-633cff641da9","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":70,"box":{"x":83,"y":703,"width":883,"height":10}},{"id":"99c59ea4-02d7-4b1f-90fb-e344ab92cfb3","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":70,"box":{"x":82,"y":717,"width":861,"height":11}},{"id":"f0d43b59-e5c1-431a-8105-f339ba3fae93","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":70,"box":{"x":83,"y":731,"width":359,"height":10}},{"id":"3b730a56-317b-4c63-97a0-25be4ac3f0d9","block_type":"box","text":"S-59","page_number":70,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"bf741a9b-bf18-4a3d-a5cc-7b77c709c21e","block_type":"box","text":"Management","page_number":71,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"9d90f519-c693-42af-ad60-5f502b16802e","block_type":"box","text":"Investment Adviser.","page_number":71,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"e3a46c5d-d222-4a2a-83f2-23ddd88d080b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":71,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"d80c6ce2-8c39-42eb-96d1-bce4183353ca","block_type":"box","text":"Portfolio Managers.","page_number":71,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"3b116d12-1a31-4036-99b2-3072055446b2","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":71,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"4226eb63-35b3-4cf9-8e5a-168599d26ea4","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":71,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"1a8127f5-2157-4030-b250-3569302f5b51","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":71,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"fe107b8f-905f-452b-950b-1fec71c75f59","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":71,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"0a499525-1aca-4dcf-a587-47bef08a18b4","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":71,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"879df1c4-4eda-4d5c-9b3a-bea8dd13f9f1","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":71,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"e2ef738d-1916-4f28-a6f8-adfe23041375","block_type":"box","text":"Managers of the Fund since 2025.","page_number":71,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"9b413a8e-4113-48dd-a130-e5cf3d421953","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":71,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"ff942a8a-70af-482b-ada9-1e581344618f","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":71,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"11b4b2ee-cb45-4a88-b24a-63bb1320dca7","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":71,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"45a8726b-14d1-4571-8f22-2cc60de8c023","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":71,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"823ed45f-64e4-400b-81b0-c601761ddf54","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":71,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"d69a99cf-4213-44ac-a4b2-27a840be50cc","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":71,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"94ed0b47-3dac-43b8-a3ed-2073d1f8bbef","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":71,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"ca4571a2-1950-4847-9d63-04c0d3d9d170","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":71,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"b1937cb2-c7ad-40bf-9495-0a4ee7278177","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":71,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"b2d04938-fc27-457a-b59e-8d856a4945a5","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":71,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"b3a0ea02-26bd-44d6-97d4-0edd115eb3ac","block_type":"box","text":"Tax Information","page_number":71,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"7c9f1fed-df89-458c-8ceb-f16b4ad3f8ef","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":71,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"f7af2c44-27e0-466f-8785-6d3018723294","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":71,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"8e84e8fd-b07a-4ca2-928b-46435d0e22e3","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":71,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"f2a6a079-5ab6-4960-8b9d-98ae74cb80db","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":71,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"9c6106db-b963-4bc7-8d19-a864c628ef6e","block_type":"box","text":"withdrawn.","page_number":71,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"dcd2e24e-2fbf-498b-b6e8-0d2774f28877","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":71,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"652f9d62-34ff-44b5-b28f-278f30cfcecd","block_type":"box","text":"Intermediaries","page_number":71,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"74220978-645b-4796-8715-aaf2a12b10a7","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":71,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"4d942f79-de4b-4712-99dc-8c0dddf72351","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":71,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"d9d8ce2c-ace1-48b5-b809-c254a1a1a9ad","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":71,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"fa643bed-7c0a-48c6-8742-867c75dc5014","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":71,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"9aa03067-dfdf-4a13-8fcc-d673dddd6f61","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":71,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"a49114a3-f090-456b-ace2-7ca02530c9ac","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":71,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"9aac667c-5188-478b-bb15-8c642570ee54","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":71,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"5f18c916-d41c-4f43-8d99-1b1c7df83bb0","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":71,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"34cec869-5d2b-4f67-956f-ed5aae90c71b","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":71,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"516baa91-a147-4be3-8ce7-0d5f5c022e32","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":71,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"b88c78bd-3254-40f1-b971-20071d13ea29","block_type":"box","text":"information.","page_number":71,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"e3069756-917b-49c7-8d9a-27bd19a633b0","block_type":"box","text":"S-60","page_number":71,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"14af5ce7-967a-42f8-9ce6-811e5875142c","block_type":"box","text":"iSHARES","page_number":72,"box":{"x":326,"y":24,"width":119,"height":15}},{"id":"4430ae8b-e578-425a-80b7-28bfe55a11a0","block_type":"box","text":"®","page_number":72,"box":{"x":448,"y":17,"width":11,"height":8}},{"id":"f51346ee-e04e-4df6-832b-667f2ced59f0","block_type":"box","text":"MSCI SWEDEN ETF","page_number":72,"box":{"x":470,"y":24,"width":262,"height":15}},{"id":"91300ef0-74c9-4995-b4cb-11e1518f94b1","block_type":"box","text":"Ticker: EWD Stock Exchange: NYSE Arca","page_number":72,"box":{"x":283,"y":53,"width":485,"height":12}},{"id":"a411f267-e6b7-4d91-9a89-b25d060e7f05","block_type":"box","text":"Investment Objective","page_number":72,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"1cfe90fe-cccf-4868-84a1-178409e01d39","block_type":"box","text":"The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities.","page_number":72,"box":{"x":82,"y":116,"width":796,"height":11}},{"id":"052cb149-e489-4a72-a994-f165fd87f7dd","block_type":"box","text":"Fees and Expenses","page_number":72,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"2819641b-d785-4469-a83c-856db75edcd7","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":72,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"374209c0-0b70-48cb-b4b4-2ae6e3d4b011","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":72,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"1f1979ba-af3a-471c-9cb7-ee621d2c2dc4","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":72,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"f697de80-6b58-4002-b08c-f53d67d02ab0","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":72,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"08175bad-ce7a-4d51-874e-30c57f166585","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":72,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"192c70fa-9c89-4e3c-917a-3d2b64f1dfed","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":72,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"a46b6d0e-e438-4adc-a314-657612996afd","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":72,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"55ae665e-77df-49fc-a58a-21049c654400","block_type":"box","text":"the tables and examples below.","page_number":72,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"360a6630-b1bc-464a-988e-044c0dfe25b5","block_type":"box","text":"Annual Fund Operating Expenses","page_number":72,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"61308669-c550-49c8-92ae-54497214e364","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":72,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"8b33fa69-31b7-4bfa-879b-1070fec39434","block_type":"box","text":"percentage of the value of your investments)","page_number":72,"box":{"x":381,"y":319,"width":280,"height":10}},{"id":"a6fe841c-6b28-45e9-9d1f-0cd45242fffd","block_type":"box","text":"1","page_number":72,"box":{"x":664,"y":318,"width":2,"height":5}},{"id":"c0cb4c1a-b1e6-4135-b036-afb8320c04c6","block_type":"box","text":"Management","page_number":72,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"b50895e7-6d8a-46c6-9387-4ecc34bba1d1","block_type":"box","text":"Fees","page_number":72,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"1ffa8f66-bd26-4083-93d7-810bbfe30f38","block_type":"box","text":"Distribution","page_number":72,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"367dee38-50d0-49d2-a66f-170f53a1c5a1","block_type":"box","text":"and Service","page_number":72,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"41534047-9a9e-4634-aa18-10dcdb171f9c","block_type":"box","text":"(12b-1) Fees","page_number":72,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"740bf58a-a32a-4d1f-99e3-ef3e1a677c79","block_type":"box","text":"Other","page_number":72,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"36002459-d3e8-4ff1-a501-d5039746b3ea","block_type":"box","text":"Expenses","page_number":72,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"c2e2565c-4db3-46d2-96a5-6e2a538a2a2e","block_type":"box","text":"Total Annual","page_number":72,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"85356dd1-0cf5-4d61-ace5-4d2085e2d3b7","block_type":"box","text":"Fund","page_number":72,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"e292c271-50ae-4e3f-877b-2e506e20f802","block_type":"box","text":"Operating","page_number":72,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"072453cc-2f43-4649-aaf8-c0746169e19d","block_type":"box","text":"Expenses","page_number":72,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"6cb37c8c-c0d3-4576-8323-2a0e90ffb914","block_type":"box","text":"0.49% None 0.02% 0.51%","page_number":72,"box":{"x":193,"y":389,"width":672,"height":7}},{"id":"6e43482f-0230-417c-9911-66c3e6403071","block_type":"box","text":"1","page_number":72,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"abd4d65a-7d87-4557-a2b6-b6a83f1b3470","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":72,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"dd6b4c5b-2678-44ca-9552-f4105878864a","block_type":"box","text":"Example.","page_number":72,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"c274673c-bb3f-403d-8a30-2930cb35ff3e","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":72,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"2b8b6129-0ff0-49f1-9b06-2293b4a06838","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":72,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"79a4eb59-a38b-4578-ba3d-1f16ad5dd40d","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":72,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"f18f5277-19cd-4efd-8664-e7573d2a0b0d","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":72,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"73ee2341-c9da-49f0-b912-48747ab0756d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":72,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"ccedf36e-7568-4215-a931-01fff47aeee1","block_type":"box","text":"$52 $164 $285 $640","page_number":72,"box":{"x":202,"y":534,"width":649,"height":9}},{"id":"307d4e34-e5e2-4acf-9f5b-27ea85de0cac","block_type":"box","text":"Portfolio Turnover.","page_number":72,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"2ccb7833-6025-4598-a16d-1d93c9c5451c","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":72,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"1eb7eb4e-74d5-477c-b910-ded951936a8d","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":72,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"c5915e31-5513-443c-860c-3093c6702fd9","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":72,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"a43de299-1d9d-4d27-a570-1a4b4258a88e","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":72,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"ba4c2593-fe33-47ae-9543-0a01e46c5fbb","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":72,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"d6ddd963-fe25-4fb6-88be-12daf3ee5434","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":72,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"900ddf34-615f-4d9e-813d-67793e74d5b0","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":72,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"f2e5326e-9b05-4d9f-b78e-3bbd4a97d005","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 20% of the","page_number":72,"box":{"x":82,"y":673,"width":385,"height":11}},{"id":"b57bab6b-d16a-41e2-bdbd-e635a0bac09a","block_type":"box","text":"average value of its portfolio.","page_number":72,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"98b85aaa-0b59-4355-8b5f-249ff24a9672","block_type":"box","text":"Principal Investment Strategies","page_number":72,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"c8272e9c-de01-4c7b-8431-65464e51df31","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":72,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"fe3818a3-dc80-4e20-a5bf-d107b6878390","block_type":"box","text":"Sweden 25/50 Index (the “Underlying Index”), which is a free","page_number":72,"box":{"x":83,"y":755,"width":393,"height":11}},{"id":"fbfcb4ea-d9f0-4778-85c4-31f30dcfcacd","block_type":"box","text":"float-adjusted market capitalization-weighted index that is","page_number":72,"box":{"x":82,"y":770,"width":373,"height":10}},{"id":"f9d991a4-e7e5-4d35-9d07-044574acf12d","block_type":"box","text":"designed to measure the performance of the large- and mid","page_number":72,"box":{"x":83,"y":784,"width":386,"height":11}},{"id":"16145f9f-0167-4728-b4cd-6c2da2c713cd","block_type":"box","text":"capitalization segments of the equity market in Sweden. The","page_number":72,"box":{"x":83,"y":798,"width":385,"height":11}},{"id":"d2223c2a-8c47-4d29-82a1-e30e488ea85b","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization","page_number":72,"box":{"x":83,"y":812,"width":397,"height":11}},{"id":"8420ba66-9034-4777-87f3-24f203388625","block_type":"box","text":"process that aims to minimize the constituent weight differences","page_number":72,"box":{"x":83,"y":826,"width":415,"height":11}},{"id":"16ad53c7-1080-4736-9323-954cbdb3f866","block_type":"box","text":"between the Underlying Index and the MSCI Sweden Index (the","page_number":72,"box":{"x":83,"y":840,"width":404,"height":11}},{"id":"0e46b5ab-c5ad-41c3-98b8-179ded41936c","block_type":"box","text":"“Parent Index”).","page_number":72,"box":{"x":83,"y":855,"width":99,"height":10}},{"id":"e92b8968-1ee2-4c9d-a780-19956979c796","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":72,"box":{"x":549,"y":566,"width":413,"height":11}},{"id":"02a43e0f-209a-4238-8397-59ec6a4225d7","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":72,"box":{"x":549,"y":580,"width":375,"height":11}},{"id":"6b75eba4-18fd-4eb7-a72a-8059d343300a","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":72,"box":{"x":549,"y":594,"width":409,"height":11}},{"id":"a0362810-5748-4284-82a6-fe49a38bd89e","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":72,"box":{"x":549,"y":608,"width":422,"height":11}},{"id":"370be944-b9a4-4ab7-9c45-7c010314dc80","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":72,"box":{"x":549,"y":623,"width":421,"height":10}},{"id":"65c5f8fa-2daa-4a30-a787-2cdd25987d74","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":72,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"4793ed53-e11e-4d53-96a6-bebe212108bd","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":72,"box":{"x":549,"y":651,"width":364,"height":11}},{"id":"3a563641-9f56-4dc5-9d9d-f80c8a9b70b3","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":72,"box":{"x":549,"y":665,"width":416,"height":11}},{"id":"ae3a4b47-f746-4878-aa3b-60ef74d5edb3","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":72,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"1938196b-12a5-4293-ba38-06829f3269a2","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":72,"box":{"x":549,"y":694,"width":398,"height":10}},{"id":"42384ef7-00a0-4655-a337-28e83c03e12b","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":72,"box":{"x":549,"y":708,"width":390,"height":11}},{"id":"18c3028f-3bab-452b-b39e-4b452e3469a2","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":72,"box":{"x":549,"y":722,"width":408,"height":11}},{"id":"f19866e4-e410-4250-9fc7-2ea494ab00f5","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":72,"box":{"x":549,"y":736,"width":411,"height":11}},{"id":"9e27cc77-27f2-4acc-b0ed-f75e73b54bd1","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":72,"box":{"x":549,"y":750,"width":417,"height":11}},{"id":"d052f65d-201d-47a2-8684-7bc50924421a","block_type":"box","text":"are reviewed on an annual basis.","page_number":72,"box":{"x":549,"y":764,"width":208,"height":9}},{"id":"f5e8323d-20d8-478a-ab22-33bd4ee8e79a","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":72,"box":{"x":549,"y":786,"width":389,"height":11}},{"id":"052fa196-476f-443a-8ee1-69f7009e89bd","block_type":"box","text":"Index is represented by securities of companies in the","page_number":72,"box":{"x":550,"y":800,"width":344,"height":11}},{"id":"b72d3498-c5e5-4770-9019-34f25f04310d","block_type":"box","text":"communications, financials and industrials industries or sectors.","page_number":72,"box":{"x":549,"y":815,"width":411,"height":10}},{"id":"a1686970-cc7d-424a-aca1-954af7b337ce","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":72,"box":{"x":549,"y":829,"width":419,"height":11}},{"id":"684b07fe-7f56-47b1-8d39-117a71ac0ecb","block_type":"box","text":"time.","page_number":72,"box":{"x":549,"y":843,"width":31,"height":9}},{"id":"84316eb2-4f10-4525-92c2-e403c3e2bfca","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":72,"box":{"x":550,"y":866,"width":376,"height":11}},{"id":"296cdce5-dc7e-4c6b-ab6e-559a9a840d90","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":72,"box":{"x":549,"y":880,"width":417,"height":11}},{"id":"30e880bb-41ac-44f7-b671-756c69756d8b","block_type":"box","text":"S-61","page_number":72,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"d7019048-11b3-49a6-8447-081bf0db16dc","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":73,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"9ce95a0c-5fa0-4c18-bd54-434b143bc575","block_type":"box","text":"markets decline or appear overvalued.","page_number":73,"box":{"x":83,"y":37,"width":244,"height":11}},{"id":"a1faab55-9c05-44d2-a01f-c44e7cffcb48","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":73,"box":{"x":83,"y":61,"width":421,"height":10}},{"id":"ebb147c1-55ea-4aef-8f69-23eb924c4e6e","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":73,"box":{"x":83,"y":75,"width":421,"height":11}},{"id":"a17ff7c6-7728-416d-97d3-cdd00e13f71b","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":73,"box":{"x":83,"y":89,"width":386,"height":11}},{"id":"aac01c4e-ef73-460b-a91a-72b5decf39cc","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":73,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"846b869c-0950-4dff-af5c-df2027ea9614","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":73,"box":{"x":83,"y":117,"width":356,"height":11}},{"id":"a5047ab4-000a-485a-9c96-479609801ef8","block_type":"box","text":"comparison to actively managed investment companies.","page_number":73,"box":{"x":83,"y":131,"width":359,"height":11}},{"id":"4080a707-2149-4323-803d-faff9918fdba","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":73,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"a5812fad-01bb-4f98-a548-cc4d7f3f1391","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":73,"box":{"x":83,"y":169,"width":411,"height":11}},{"id":"ec44e7dd-f1f3-4996-ae41-c769e2b50825","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":73,"box":{"x":83,"y":183,"width":424,"height":11}},{"id":"26eec626-8bdf-4e54-8ac8-a164ddf9a14a","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":73,"box":{"x":83,"y":197,"width":410,"height":11}},{"id":"2cd6cbe8-7a46-42ff-8239-946baedd0104","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":73,"box":{"x":83,"y":211,"width":408,"height":11}},{"id":"00096e28-4b17-4ea7-b3ce-a5eb7aa60d8b","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":73,"box":{"x":83,"y":226,"width":423,"height":10}},{"id":"389f4930-01ea-4e9f-be0b-3e7736ef2aee","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":73,"box":{"x":83,"y":240,"width":386,"height":11}},{"id":"14b2aee7-6330-45f7-aae6-fac17c5a5caf","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":73,"box":{"x":82,"y":254,"width":360,"height":11}},{"id":"b156ed74-57be-4533-a83d-f352fafcdd05","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":73,"box":{"x":82,"y":268,"width":414,"height":11}},{"id":"c0458c8f-de7d-4bc6-b412-75f3ee5ccfba","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":73,"box":{"x":83,"y":282,"width":410,"height":11}},{"id":"dfab0fee-fa7d-4a99-8623-5cce45c3f89a","block_type":"box","text":"the components of the Underlying Index.","page_number":73,"box":{"x":83,"y":296,"width":259,"height":11}},{"id":"c1d73718-6bef-460c-b9a8-444814040042","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":73,"box":{"x":82,"y":320,"width":390,"height":10}},{"id":"4eae8853-9ac9-4338-ad31-825657e8df8f","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":73,"box":{"x":83,"y":334,"width":410,"height":11}},{"id":"142fb825-6a9c-4d2a-90c3-578f02b566ef","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":73,"box":{"x":83,"y":348,"width":421,"height":11}},{"id":"6b6993fb-43f2-4617-9751-d990148bcfa4","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":73,"box":{"x":83,"y":362,"width":335,"height":11}},{"id":"262ba4c0-e231-4f52-80dd-fbbd65342949","block_type":"box","text":"i.e","page_number":73,"box":{"x":419,"y":362,"width":14,"height":9}},{"id":"4155d456-524b-4b84-bb4d-f98d191a2445","block_type":"box","text":".,","page_number":73,"box":{"x":435,"y":369,"width":6,"height":3}},{"id":"a1e5ada7-b29b-4094-a15a-f2945125d7f8","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":73,"box":{"x":83,"y":376,"width":388,"height":11}},{"id":"fb06c9a4-8a67-44ef-8d92-7204458eccb8","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":73,"box":{"x":83,"y":391,"width":403,"height":10}},{"id":"d4716ccf-8509-401f-a0f0-9e20036c9334","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":73,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"f2caae12-3cda-4e4b-95ef-d10a5b9f2eea","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":73,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"af384259-9877-475a-9a99-a9936bfd8f5a","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":73,"box":{"x":82,"y":433,"width":389,"height":11}},{"id":"9e7605bd-3f63-4167-b7a4-beb58960f98a","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":73,"box":{"x":82,"y":447,"width":415,"height":11}},{"id":"0850f3bb-2206-4e2d-b418-985ecb12ab9c","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":73,"box":{"x":83,"y":461,"width":360,"height":11}},{"id":"7c0216d7-1a7a-45ae-8ef9-2e6aa31a319d","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":73,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"d2477f04-147a-4ad1-8ea2-4186cb5daf6f","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":73,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"cef5ca7c-b673-4ae0-a225-ba0b68e71df7","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":73,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"3be19357-6c3c-4375-8561-e74029c117bd","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":73,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"e8e9ae40-d3fd-4fe7-a651-3998012cd216","block_type":"box","text":"Fund.","page_number":73,"box":{"x":84,"y":532,"width":33,"height":9}},{"id":"b54658b8-686b-408b-8c87-fc3c15c55ba6","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":73,"box":{"x":82,"y":556,"width":412,"height":10}},{"id":"dd31f045-c67f-438c-8175-5e8f18016cea","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":73,"box":{"x":82,"y":570,"width":371,"height":11}},{"id":"7f8173d5-5ce8-4524-b0d8-d1d7032d1aee","block_type":"box","text":"collateral received).","page_number":73,"box":{"x":83,"y":584,"width":125,"height":11}},{"id":"72caa71f-7d89-4f83-a1b7-5b1c7e595270","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":73,"box":{"x":82,"y":607,"width":380,"height":11}},{"id":"8abe24de-87df-4682-972b-b6f373d27862","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":73,"box":{"x":84,"y":621,"width":411,"height":11}},{"id":"23fc97bd-6ba5-4e40-bf90-d7bb31cdec51","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":73,"box":{"x":82,"y":636,"width":381,"height":10}},{"id":"a1279611-e35c-4507-869d-dd5f4306cfe9","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":73,"box":{"x":82,"y":650,"width":420,"height":10}},{"id":"9386870c-2ef0-4354-ace4-aab398b4a65b","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":73,"box":{"x":83,"y":664,"width":405,"height":11}},{"id":"81871c22-032a-443d-9907-de37061229e3","block_type":"box","text":"Industry Concentration Policy.","page_number":73,"box":{"x":83,"y":687,"width":210,"height":11}},{"id":"f854e5c1-f76f-4191-a40f-5bcf583d23b8","block_type":"box","text":"The Fund will concentrate its","page_number":73,"box":{"x":298,"y":687,"width":184,"height":9}},{"id":"4cb8a3d4-a40a-4bce-9b4b-3c5b65009e07","block_type":"box","text":"investments (","page_number":73,"box":{"x":83,"y":701,"width":85,"height":11}},{"id":"b51f8b3c-7190-446a-83c8-f5d836d34e39","block_type":"box","text":"i.e.","page_number":73,"box":{"x":169,"y":701,"width":17,"height":9}},{"id":"8a6f5c92-78fb-4334-b226-dd426834182b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":73,"box":{"x":189,"y":701,"width":264,"height":11}},{"id":"7635f87a-27de-48fe-88cb-fdefec4c6970","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":73,"box":{"x":83,"y":715,"width":394,"height":11}},{"id":"d83d906e-808b-499b-a065-edd6a161f731","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":73,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"c01491a0-e257-4cfc-89b0-6456372dfc2f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":73,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"b9895bcc-48b1-46e4-984f-9fd0b81a29e0","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":73,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"e8accd0b-bb5a-415c-8329-737a08be65b9","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":73,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"70591adf-775f-4a80-a33a-3d4fe94db28d","block_type":"box","text":"considered to be issued by members of any industry.","page_number":73,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"9827dd81-afe4-4808-a715-64cb9fd3dac8","block_type":"box","text":"Summary of Principal Risks","page_number":73,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"aef27dbe-1724-47ff-abea-54fcef427c79","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":73,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"a6f30a87-d2e2-41c1-a335-3f7fd150f9c6","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":73,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"972425c9-1c33-4fe0-b69e-a9f92b2fda4b","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":73,"box":{"x":83,"y":869,"width":396,"height":10}},{"id":"dc7c93e5-a87a-40a1-98a9-6b9d42a1601e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":73,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"0d8cfcd9-41af-43d0-9c8c-fa3110f41ef4","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":73,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"1b67e4f9-a0b7-4e1c-8caf-8f3eb7568a4b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":73,"box":{"x":549,"y":52,"width":416,"height":10}},{"id":"c49f76f8-a860-43ba-a845-374caf81ebfd","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":73,"box":{"x":549,"y":66,"width":388,"height":10}},{"id":"46437e03-24ca-4014-9e23-378b48c25f5c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":73,"box":{"x":549,"y":80,"width":425,"height":11}},{"id":"3be2d862-a804-4c05-9455-89a695c79a66","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":73,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"ec2e007b-cd0d-447a-8a66-88b7f1746e02","block_type":"box","text":"review each risk factor carefully.","page_number":73,"box":{"x":549,"y":108,"width":206,"height":11}},{"id":"4abd7b68-bfb8-4e7a-bfb3-45f82d8da0e7","block_type":"box","text":"Risk of Investing in Sweden","page_number":73,"box":{"x":549,"y":131,"width":185,"height":11}},{"id":"48260991-83ea-4f93-b9e3-7e34af17ce10","block_type":"box","text":".","page_number":73,"box":{"x":736,"y":138,"width":2,"height":2}},{"id":"8686a76a-baac-4335-bbff-9ca136d8c5c2","block_type":"box","text":"Investments in Swedish issuers will","page_number":73,"box":{"x":744,"y":131,"width":224,"height":9}},{"id":"9293079a-913d-4860-be71-8f4815ea29e1","block_type":"box","text":"subject the Fund to legal, regulatory, political, currency, security","page_number":73,"box":{"x":549,"y":146,"width":412,"height":10}},{"id":"1f2c38ed-277f-425c-bbad-01e2e96fb814","block_type":"box","text":"and economic risks specific to Sweden. Sweden has a highly","page_number":73,"box":{"x":549,"y":160,"width":387,"height":11}},{"id":"17d57688-b427-4ed5-8b97-28ba6003de90","block_type":"box","text":"developed welfare system and the level of union membership in","page_number":73,"box":{"x":549,"y":174,"width":406,"height":11}},{"id":"f934dd49-d413-4816-9039-0453c64af0d2","block_type":"box","text":"Sweden is substantial. These factors can negatively impact the","page_number":73,"box":{"x":549,"y":188,"width":401,"height":11}},{"id":"f4d396e9-d4da-47f5-969e-c8200aea9497","block_type":"box","text":"Swedish economy by causing increased government spending,","page_number":73,"box":{"x":549,"y":202,"width":400,"height":11}},{"id":"bb5ebd33-6e76-4451-9b79-587a6402b1f4","block_type":"box","text":"higher production costs and lower productivity, among other","page_number":73,"box":{"x":549,"y":217,"width":387,"height":10}},{"id":"a006757a-2744-4877-b783-6ad8f987f675","block_type":"box","text":"things.","page_number":73,"box":{"x":549,"y":231,"width":42,"height":11}},{"id":"65261653-5eff-4bf3-bab7-c4e434bd6fa1","block_type":"box","text":"Non-U.S. Securities Risk","page_number":73,"box":{"x":549,"y":254,"width":165,"height":8}},{"id":"22c47d33-b152-4aed-adf7-3b86f1e5b696","block_type":"box","text":".","page_number":73,"box":{"x":714,"y":260,"width":2,"height":2}},{"id":"cfae26d6-d054-477c-b888-01d1b4e3e1f2","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":73,"box":{"x":722,"y":254,"width":236,"height":11}},{"id":"e03a5e70-2286-445b-9933-52bbed1a747e","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":73,"box":{"x":549,"y":268,"width":382,"height":11}},{"id":"87ab63f5-9657-431b-a352-a1b1af10d45c","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":73,"box":{"x":549,"y":282,"width":406,"height":11}},{"id":"973850f8-ee98-4971-9966-3f1c6a52d675","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":73,"box":{"x":549,"y":296,"width":369,"height":11}},{"id":"00cb44e3-ba12-43c9-838f-3d8eb3ead6cd","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":73,"box":{"x":548,"y":311,"width":356,"height":10}},{"id":"93d2fa2f-99be-49d4-b386-15254c224e1b","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":73,"box":{"x":549,"y":325,"width":407,"height":11}},{"id":"cca75c52-4f7e-4dc0-9bae-692a11bcdcb9","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":73,"box":{"x":549,"y":339,"width":397,"height":11}},{"id":"ad4e7d96-c594-44e9-a13c-a9e61f75d6ec","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":73,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"80b2ce82-60eb-46d4-8799-782d22a701ec","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":73,"box":{"x":549,"y":367,"width":371,"height":11}},{"id":"09886f2a-65c1-44b9-a918-bb4a5f46b39a","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":73,"box":{"x":549,"y":382,"width":386,"height":10}},{"id":"58b9410a-c13c-4721-b694-b924af9f26fe","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":73,"box":{"x":549,"y":396,"width":391,"height":11}},{"id":"d71e4741-7c84-4ee8-acbb-f24c9d039cbf","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":73,"box":{"x":549,"y":410,"width":351,"height":11}},{"id":"ebb96460-f78f-43a9-a21f-68873ce29f95","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":73,"box":{"x":549,"y":424,"width":413,"height":11}},{"id":"1baef849-b17c-4314-95ce-90f872362a8d","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":73,"box":{"x":549,"y":438,"width":405,"height":11}},{"id":"a6563092-d2f8-4c00-aca3-f160f48d8c55","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":73,"box":{"x":549,"y":452,"width":372,"height":11}},{"id":"25a4b545-5287-41fd-a9a5-1c4d3a81d15a","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":73,"box":{"x":549,"y":467,"width":395,"height":10}},{"id":"763cbae7-f9dc-497e-ae4f-19c373f2d800","block_type":"box","text":"Fund is specifically exposed to","page_number":73,"box":{"x":550,"y":481,"width":194,"height":11}},{"id":"bd4e2b7e-a2db-4331-bc61-c7c0c1fc878e","block_type":"box","text":"European Economic Risk","page_number":73,"box":{"x":750,"y":481,"width":171,"height":11}},{"id":"8086a068-af11-4789-b2a6-4f11c708169c","block_type":"box","text":".","page_number":73,"box":{"x":922,"y":488,"width":2,"height":1}},{"id":"c2a27524-cd72-426a-9e09-4703e8938133","block_type":"box","text":"Equity Securities Risk","page_number":73,"box":{"x":549,"y":504,"width":148,"height":11}},{"id":"38220675-7fa9-4376-9850-84dd1554e77a","block_type":"box","text":".","page_number":73,"box":{"x":697,"y":511,"width":2,"height":1}},{"id":"92b8e5e4-74f7-4e98-8de8-c4f664f1ffa9","block_type":"box","text":"Equity securities are subject to changes","page_number":73,"box":{"x":705,"y":504,"width":254,"height":11}},{"id":"1bbec0de-4792-4f58-96ec-86dd59585d28","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":73,"box":{"x":549,"y":518,"width":422,"height":11}},{"id":"e923d8f1-d68d-4497-876e-15bba7007f1d","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":73,"box":{"x":549,"y":532,"width":420,"height":11}},{"id":"fc7137b1-d37d-426f-90dd-e5f950fb6b66","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":73,"box":{"x":549,"y":547,"width":397,"height":10}},{"id":"4a7b7323-7fc3-47e6-bbaf-27fdfeb2b3a6","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":73,"box":{"x":549,"y":561,"width":359,"height":11}},{"id":"15d62fda-9d01-42ab-a994-6a5f3b93a62d","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":73,"box":{"x":549,"y":575,"width":390,"height":11}},{"id":"afe3a07c-dbea-487e-aa11-a98a86d2877f","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":73,"box":{"x":549,"y":589,"width":412,"height":11}},{"id":"c5674fa4-cf62-400d-b231-7eadd932dd47","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":73,"box":{"x":549,"y":603,"width":373,"height":11}},{"id":"c11c427f-4efd-4856-ac48-9fb3e535e14f","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":73,"box":{"x":549,"y":617,"width":309,"height":11}},{"id":"6042de4a-ee92-4dbc-b31c-29a4503e6a74","block_type":"box","text":"Market Risk","page_number":73,"box":{"x":549,"y":641,"width":82,"height":8}},{"id":"1f6af68d-d3e3-4a92-be45-d3a8a2dad60c","block_type":"box","text":".","page_number":73,"box":{"x":631,"y":647,"width":3,"height":2}},{"id":"8aee7dbc-0218-4c33-9259-c02206fab762","block_type":"box","text":"The Fund could lose money over short periods due","page_number":73,"box":{"x":639,"y":641,"width":322,"height":10}},{"id":"0d12908b-7060-4129-907f-33cb4bd4f53f","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":73,"box":{"x":549,"y":655,"width":413,"height":11}},{"id":"088771be-9656-443b-a4d8-925fbd29f4ae","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":73,"box":{"x":549,"y":669,"width":382,"height":11}},{"id":"d2f4b258-30e9-48c6-98df-c700b8451083","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":73,"box":{"x":549,"y":683,"width":411,"height":11}},{"id":"cfb5af57-05a0-4ab6-9889-c1de575ce18d","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":73,"box":{"x":549,"y":697,"width":370,"height":11}},{"id":"469bc588-1a2c-40d7-99c7-f34e1190e84b","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":73,"box":{"x":549,"y":712,"width":404,"height":10}},{"id":"2c9af68d-19ea-413d-befb-766d3929074f","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":73,"box":{"x":549,"y":726,"width":395,"height":11}},{"id":"946c384a-1793-48d1-8283-de2a364f3787","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":73,"box":{"x":549,"y":740,"width":395,"height":11}},{"id":"55a71814-da3c-499e-bba1-271558d40d06","block_type":"box","text":"NAV.","page_number":73,"box":{"x":550,"y":754,"width":27,"height":9}},{"id":"f8b03bb0-b48a-4844-9843-543adbf52e18","block_type":"box","text":"Index-Related Risk.","page_number":73,"box":{"x":549,"y":777,"width":129,"height":9}},{"id":"3ec610e1-3334-4eaa-8762-730dd3c50e7c","block_type":"box","text":"The Index Provider may rely on various","page_number":73,"box":{"x":683,"y":777,"width":247,"height":11}},{"id":"57cf5949-887c-473e-9d7d-5df05f1d6345","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":73,"box":{"x":549,"y":791,"width":423,"height":11}},{"id":"eaca36eb-9427-48a8-bc41-6f7d414fd182","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":73,"box":{"x":550,"y":806,"width":391,"height":10}},{"id":"cdd3204f-0b96-4397-b547-86ae1ef2d356","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":73,"box":{"x":549,"y":820,"width":406,"height":11}},{"id":"df4e355f-ec5f-40d9-ba53-c0212033b5d7","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":73,"box":{"x":549,"y":834,"width":408,"height":11}},{"id":"5f89985a-e5b6-436f-a777-089964a0867b","block_type":"box","text":"information will provide an accurate assessment of included","page_number":73,"box":{"x":549,"y":848,"width":384,"height":11}},{"id":"be955a22-08e2-4d3d-855b-015effff28eb","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":73,"box":{"x":549,"y":862,"width":388,"height":11}},{"id":"84155c30-0df9-4d70-aab6-9c6dc7ac9779","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":73,"box":{"x":549,"y":877,"width":366,"height":10}},{"id":"6006b0ed-06a8-48fe-8d3a-30022dfd46fa","block_type":"box","text":"S-62","page_number":73,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"836d9062-9c46-4853-ad8e-3327f67a8737","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":74,"box":{"x":83,"y":23,"width":377,"height":11}},{"id":"c4bb8ff4-c4db-4293-8f80-a9e9d124cc40","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":74,"box":{"x":83,"y":37,"width":413,"height":11}},{"id":"8dac0d8b-7f14-45a2-885a-e822dd04f051","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":74,"box":{"x":83,"y":52,"width":396,"height":10}},{"id":"e83e2ca4-6786-4c6b-883c-11567c8970aa","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":74,"box":{"x":83,"y":66,"width":367,"height":10}},{"id":"38e58ed1-c2aa-4cdb-9bb5-a34439c4a8f9","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":74,"box":{"x":83,"y":80,"width":400,"height":11}},{"id":"fc784484-6934-4787-91b7-c321b2586052","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":74,"box":{"x":83,"y":94,"width":409,"height":11}},{"id":"3fe9b19e-b6e9-425f-bae9-4b962eb7dc8c","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":74,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"9056d2a7-9027-401c-b9d0-3140a2b0790e","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":74,"box":{"x":83,"y":122,"width":362,"height":11}},{"id":"e198b11b-a998-462c-a8fb-cb93622cd01a","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":74,"box":{"x":83,"y":137,"width":423,"height":10}},{"id":"75d7d9f7-4623-45c2-a469-c16a378f5628","block_type":"box","text":"Asset Class Risk.","page_number":74,"box":{"x":81,"y":160,"width":115,"height":8}},{"id":"d593d1e8-b3e7-42fc-90c5-efdad68e47a8","block_type":"box","text":"The securities and other assets in the","page_number":74,"box":{"x":202,"y":160,"width":239,"height":8}},{"id":"c5bcf490-5739-4925-b8f8-11f5a1ce928f","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":74,"box":{"x":83,"y":174,"width":406,"height":11}},{"id":"eb085ba2-3b7e-44f1-a72a-a9735230d5c8","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":74,"box":{"x":83,"y":188,"width":405,"height":11}},{"id":"1e71bf5f-78fa-4fae-acf3-b3883f4ae6ba","block_type":"box","text":"market, another index, or other asset classes.","page_number":74,"box":{"x":83,"y":202,"width":292,"height":10}},{"id":"7753b3db-43f4-4414-b1b4-ca70e93d66f6","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":74,"box":{"x":81,"y":226,"width":290,"height":10}},{"id":"3b95b679-f0e5-44f9-a3b5-6d9d7255907b","block_type":"box","text":"An “Authorized","page_number":74,"box":{"x":381,"y":226,"width":93,"height":8}},{"id":"128cfe84-2907-4171-90ec-1055043fcda8","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":74,"box":{"x":84,"y":240,"width":379,"height":11}},{"id":"9432c21e-f923-4319-bfa7-0f29c2896bb8","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":74,"box":{"x":83,"y":254,"width":411,"height":11}},{"id":"0edcba5a-a22e-4709-94af-05ff387a128b","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":74,"box":{"x":84,"y":268,"width":395,"height":11}},{"id":"23f63958-e0ac-41be-819c-f8a6b4513563","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":74,"box":{"x":84,"y":282,"width":399,"height":11}},{"id":"93f4f919-cfca-46cd-aca2-345b7bea4447","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":74,"box":{"x":83,"y":296,"width":407,"height":11}},{"id":"5a4291a7-06d7-4caf-8d52-01c2dc4b28c3","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":74,"box":{"x":83,"y":311,"width":409,"height":10}},{"id":"eb265dd1-7372-4719-b017-35cd94f08219","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":74,"box":{"x":83,"y":325,"width":412,"height":11}},{"id":"05e193ee-c4a2-4e97-a343-7547808560fc","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":74,"box":{"x":83,"y":339,"width":403,"height":11}},{"id":"a0456000-bc69-47c5-bbb1-3bb6e0f7a903","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":74,"box":{"x":83,"y":353,"width":378,"height":11}},{"id":"933c9d24-eff3-4e63-a383-2dfdab054273","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":74,"box":{"x":84,"y":367,"width":379,"height":11}},{"id":"5d540bae-8aea-4399-961d-a8b0c7e21126","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":74,"box":{"x":83,"y":382,"width":404,"height":10}},{"id":"cf4a853a-7474-4eed-b260-36643a661285","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":74,"box":{"x":83,"y":396,"width":399,"height":10}},{"id":"51646092-7060-492d-afbc-20b4dbf572db","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":74,"box":{"x":84,"y":410,"width":391,"height":11}},{"id":"ca845dac-1fba-4033-b0dd-97df0ada145b","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":74,"box":{"x":83,"y":424,"width":408,"height":11}},{"id":"11c10476-5ca7-4c8d-951c-0ef3aa0433c6","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":74,"box":{"x":83,"y":438,"width":273,"height":11}},{"id":"28103278-6c73-487f-a6b6-3e635dd86251","block_type":"box","text":"Commodity Risk.","page_number":74,"box":{"x":83,"y":461,"width":113,"height":11}},{"id":"4e6f748e-e448-4def-b92f-0391eace96bb","block_type":"box","text":"The Fund invests in Swedish issuers that are","page_number":74,"box":{"x":202,"y":461,"width":283,"height":9}},{"id":"a70f6045-8c50-4e48-8f59-50635fa24ef7","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":74,"box":{"x":83,"y":476,"width":409,"height":10}},{"id":"99b66b82-0ea2-47c4-9f81-a6ad5b5b58ce","block_type":"box","text":"price changes due to trade relations. Any negative changes in","page_number":74,"box":{"x":83,"y":490,"width":392,"height":11}},{"id":"7272e51c-e94a-4a03-a6f7-782a12dfc001","block_type":"box","text":"commodity markets that may be due to changes in supply and","page_number":74,"box":{"x":83,"y":504,"width":396,"height":11}},{"id":"f07b612a-236e-4eb1-b0c8-d481c19a46a3","block_type":"box","text":"demand for commodities, market events, war, regulatory","page_number":74,"box":{"x":83,"y":518,"width":364,"height":11}},{"id":"3ea62929-5ffb-4da3-94ec-b9f14ac775a3","block_type":"box","text":"developments, other catastrophic events, or other factors that the","page_number":74,"box":{"x":83,"y":532,"width":423,"height":11}},{"id":"f5333350-04ed-4c99-b7a8-c94f4f6a6c0d","block_type":"box","text":"Fund cannot control could have an adverse impact on the","page_number":74,"box":{"x":84,"y":547,"width":366,"height":10}},{"id":"f2726ba1-94c6-447b-88af-ae74a61d7ad3","block_type":"box","text":"Swedish economy.","page_number":74,"box":{"x":83,"y":561,"width":118,"height":11}},{"id":"4c97a19d-5002-44d6-a01e-351c5aa7af33","block_type":"box","text":"Communications Companies Risk","page_number":74,"box":{"x":83,"y":584,"width":229,"height":11}},{"id":"6958b1a2-95f2-4d97-ba54-ce6ce563d0c4","block_type":"box","text":". Companies in the","page_number":74,"box":{"x":312,"y":584,"width":119,"height":11}},{"id":"a052f7a3-4063-4698-afd7-27b5a1d0b84b","block_type":"box","text":"communications industry (“communications companies”) include","page_number":74,"box":{"x":83,"y":598,"width":416,"height":11}},{"id":"6fc9157b-7cb2-4a89-a146-f0a2cb29c22e","block_type":"box","text":"telecommunications and media companies. Communications","page_number":74,"box":{"x":83,"y":612,"width":390,"height":11}},{"id":"4463b853-8856-41d9-8815-17b5be4b9445","block_type":"box","text":"companies face risks related to cybersecurity incidents, data","page_number":74,"box":{"x":83,"y":626,"width":388,"height":11}},{"id":"ce9e63a1-04c9-4d0e-bedd-28937c5cb054","block_type":"box","text":"breaches, new technologies, substantial capital requirements,","page_number":74,"box":{"x":83,"y":641,"width":395,"height":10}},{"id":"ff1cfec8-2b74-422c-92ce-02c5a9729900","block_type":"box","text":"government regulation, cyclicality of revenues and earnings,","page_number":74,"box":{"x":83,"y":655,"width":383,"height":11}},{"id":"81afb81c-3d29-4727-a308-07c594a900e4","block_type":"box","text":"obsolescence of products and services, and changes in consumer","page_number":74,"box":{"x":83,"y":669,"width":421,"height":11}},{"id":"394c60d1-e3b1-4a04-99a0-f01a8628aef8","block_type":"box","text":"preferences and expectations, among other things.","page_number":74,"box":{"x":83,"y":683,"width":326,"height":11}},{"id":"d3359946-e7f3-467b-ba65-0561775008e6","block_type":"box","text":"Concentration Risk.","page_number":74,"box":{"x":83,"y":706,"width":132,"height":9}},{"id":"e43668af-d073-4225-a100-cb99dd4674a0","block_type":"box","text":"The Fund may be susceptible to an","page_number":74,"box":{"x":220,"y":706,"width":222,"height":11}},{"id":"604eb609-8657-490b-b22f-604764aae729","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":74,"box":{"x":83,"y":721,"width":419,"height":10}},{"id":"2f35bb94-744a-4e5f-96a8-df0e5a243d0a","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":74,"box":{"x":83,"y":735,"width":407,"height":10}},{"id":"e61db72e-1c8e-4f92-87cb-0cfbf31ea3e6","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":74,"box":{"x":83,"y":749,"width":417,"height":8}},{"id":"0f6e0a9f-2f35-484e-b23e-b4d79c86d5ad","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":74,"box":{"x":83,"y":763,"width":395,"height":10}},{"id":"dc4d3b60-bdc3-4628-baaf-60f04a4e793f","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":74,"box":{"x":83,"y":777,"width":388,"height":11}},{"id":"fbedb8d1-5af8-421c-af82-dc6564fb4093","block_type":"box","text":"asset classes.","page_number":74,"box":{"x":83,"y":792,"width":88,"height":8}},{"id":"afc50ad2-3a52-4967-b619-bc995162df80","block_type":"box","text":"Currency Risk","page_number":74,"box":{"x":83,"y":815,"width":95,"height":10}},{"id":"0d30ed85-f44a-4d72-8607-cb25527cca44","block_type":"box","text":".","page_number":74,"box":{"x":179,"y":821,"width":2,"height":2}},{"id":"4a9accff-d7f2-494e-b498-49eea86c5ead","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":74,"box":{"x":187,"y":815,"width":292,"height":8}},{"id":"eca2bd69-32ea-4f3e-9ac3-c3a573bf29c4","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":74,"box":{"x":83,"y":829,"width":388,"height":11}},{"id":"db68a358-278f-4a47-9998-2690ead06988","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":74,"box":{"x":83,"y":843,"width":395,"height":11}},{"id":"4e41e16f-0b40-4689-a32a-f20ca06d6867","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":74,"box":{"x":83,"y":857,"width":415,"height":11}},{"id":"a0da4db8-fc29-448f-bf06-0dc3ecb9d797","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":74,"box":{"x":83,"y":871,"width":404,"height":11}},{"id":"ef11bbc9-dcdd-4d3b-8eb2-991002f50457","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":74,"box":{"x":549,"y":23,"width":395,"height":11}},{"id":"ac03b141-cf14-40c5-9f7e-eb13056ec701","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":74,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"d607988d-e94f-4a86-afa4-27f7c05607cb","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":74,"box":{"x":549,"y":51,"width":392,"height":11}},{"id":"a6bc4f65-17af-4056-a347-98a5182ea3df","block_type":"box","text":"dollars and foreign currencies.","page_number":74,"box":{"x":549,"y":66,"width":193,"height":11}},{"id":"2e503489-49ce-4ebc-878b-170279af1fe6","block_type":"box","text":"Financial Companies Risk","page_number":74,"box":{"x":549,"y":89,"width":175,"height":11}},{"id":"3c64e5f3-41ae-42cd-b6d4-2bc01ea65aca","block_type":"box","text":".","page_number":74,"box":{"x":724,"y":95,"width":2,"height":2}},{"id":"4a174a3e-7d64-4401-96e5-70222a9d01fc","block_type":"box","text":"Financial services companies are","page_number":74,"box":{"x":732,"y":89,"width":211,"height":11}},{"id":"1f39aaaa-8cfc-4bfb-ad89-4642c1f1c18a","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":74,"box":{"x":549,"y":103,"width":400,"height":11}},{"id":"94f66c55-450a-42ae-8ff7-5aabe2ea81c2","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":74,"box":{"x":549,"y":117,"width":404,"height":11}},{"id":"9562390b-acd9-4c29-8118-6c17164ee53b","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":74,"box":{"x":549,"y":131,"width":405,"height":11}},{"id":"c7019265-acfc-4a2f-a875-a4321d909972","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":74,"box":{"x":549,"y":146,"width":385,"height":10}},{"id":"347e1fc3-a080-475f-adc9-e064aa69e67a","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":74,"box":{"x":549,"y":160,"width":395,"height":11}},{"id":"3184f324-8184-47bf-84bb-a7fb917178d0","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":74,"box":{"x":549,"y":174,"width":367,"height":11}},{"id":"e3977ac1-3bf1-4311-a7be-ae3431c6b993","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":74,"box":{"x":549,"y":188,"width":343,"height":11}},{"id":"18b691e3-f235-4196-9cdd-cefcbbed739c","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":74,"box":{"x":549,"y":202,"width":410,"height":11}},{"id":"674ac5ce-d5e6-4496-8786-a3009a71c223","block_type":"box","text":"and counterparty risk.","page_number":74,"box":{"x":549,"y":217,"width":140,"height":10}},{"id":"1cc26d8c-8791-42ac-af3e-4edabdaa5391","block_type":"box","text":"Industrial Companies Risk.","page_number":74,"box":{"x":549,"y":240,"width":181,"height":10}},{"id":"a03272b7-3fb3-4a62-a26d-2e69eedd6d75","block_type":"box","text":"Industrial companies face a number","page_number":74,"box":{"x":736,"y":240,"width":229,"height":10}},{"id":"58197fc3-e8bd-4f2a-a033-4271e6d3ff1e","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":74,"box":{"x":549,"y":254,"width":378,"height":11}},{"id":"aa56a2b0-b214-4d04-a8a7-2e5d2f9758b3","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":74,"box":{"x":549,"y":268,"width":416,"height":11}},{"id":"c03efa91-6765-47a8-92e6-690895f3b0f4","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":74,"box":{"x":549,"y":282,"width":380,"height":11}},{"id":"23ed40e6-9848-414d-a7d9-67e971c18b8d","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":74,"box":{"x":549,"y":296,"width":418,"height":11}},{"id":"8368924d-0bde-40b6-9386-3201c784330a","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":74,"box":{"x":549,"y":311,"width":394,"height":10}},{"id":"8f4d41b5-8f0b-4801-ae84-76ddcdd75c4d","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":74,"box":{"x":549,"y":325,"width":388,"height":11}},{"id":"a31c4ae3-a3a2-4f0c-beae-7f2719d26fe0","block_type":"box","text":"affected by technological developments, labor relations,","page_number":74,"box":{"x":549,"y":339,"width":358,"height":11}},{"id":"59d31c77-0e54-42cd-b879-36d131254543","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":74,"box":{"x":549,"y":353,"width":420,"height":11}},{"id":"e259964d-c8fb-4967-b80c-e912f722feac","block_type":"box","text":"and changes in domestic and international economies.","page_number":74,"box":{"x":549,"y":367,"width":348,"height":11}},{"id":"285ef431-8db0-4ff8-85fc-a564f624b04b","block_type":"box","text":"Issuer Risk","page_number":74,"box":{"x":549,"y":391,"width":75,"height":8}},{"id":"ef9f59e9-6b14-45eb-8dec-e980b7ff87b4","block_type":"box","text":".","page_number":74,"box":{"x":624,"y":397,"width":3,"height":2}},{"id":"53383956-638d-469d-a9de-9590387a75c1","block_type":"box","text":"The performance of the Fund depends on the","page_number":74,"box":{"x":632,"y":391,"width":288,"height":10}},{"id":"8a956751-fafc-4087-b38f-254bdf67f288","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":74,"box":{"x":549,"y":405,"width":412,"height":10}},{"id":"4f4854bc-dbdb-46f3-abde-95cedd262be7","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":74,"box":{"x":550,"y":419,"width":402,"height":11}},{"id":"f9f4e3b2-1db3-4763-997d-ed9750cb2cb4","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":74,"box":{"x":549,"y":433,"width":418,"height":11}},{"id":"11c9a168-aca9-4663-913f-5965a0071b67","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":74,"box":{"x":549,"y":447,"width":414,"height":11}},{"id":"0a8cf60b-b21d-4ae7-b1ef-f36c6dacefa7","block_type":"box","text":"counterparty.","page_number":74,"box":{"x":549,"y":462,"width":84,"height":10}},{"id":"086e0666-9dc0-4a6d-91f3-7a1706e24ef9","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":74,"box":{"x":549,"y":485,"width":252,"height":10}},{"id":"479dd018-1ec6-44e8-a761-a3e19dcbdda0","block_type":"box","text":"Large-capitalization","page_number":74,"box":{"x":808,"y":485,"width":124,"height":10}},{"id":"e09b006c-4714-4167-b160-c32adc16be0d","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":74,"box":{"x":549,"y":499,"width":352,"height":11}},{"id":"0366511f-894f-495f-be5f-b5b9f8650630","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":74,"box":{"x":549,"y":513,"width":352,"height":11}},{"id":"4eb61f49-fe48-45db-a1fb-888101172421","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":74,"box":{"x":549,"y":527,"width":405,"height":11}},{"id":"683bb86a-d340-4855-a55c-9b219d6f8999","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":74,"box":{"x":549,"y":541,"width":371,"height":11}},{"id":"de7ef557-2662-4c3a-89d7-2e2dbd9279cb","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":74,"box":{"x":549,"y":556,"width":340,"height":10}},{"id":"d5ad1fab-8214-4775-b6e1-8384fbd4066d","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":74,"box":{"x":549,"y":570,"width":390,"height":11}},{"id":"b3aa4d70-51a9-4ebe-93c2-de918387ad0b","block_type":"box","text":"overall performance of the broader securities markets.","page_number":74,"box":{"x":549,"y":584,"width":349,"height":11}},{"id":"357fcdbf-a1aa-4c83-bd1b-54c193b60e1f","block_type":"box","text":"Management Risk","page_number":74,"box":{"x":549,"y":607,"width":123,"height":11}},{"id":"96b0bbb1-9e47-4ca8-9cda-753411d18157","block_type":"box","text":".","page_number":74,"box":{"x":672,"y":614,"width":2,"height":2}},{"id":"e13ace17-0468-4b4a-9aea-5c209ddeb4a8","block_type":"box","text":"The Fund generally does not attempt to take","page_number":74,"box":{"x":679,"y":607,"width":283,"height":11}},{"id":"4e4f6ead-8451-44fb-8b05-67e3378fef6c","block_type":"box","text":"defensive positions under any market conditions, including","page_number":74,"box":{"x":549,"y":621,"width":376,"height":11}},{"id":"ff968b37-bdac-442a-b7e6-83e452c47982","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":74,"box":{"x":549,"y":635,"width":362,"height":11}},{"id":"79fc92f2-3fce-45b6-93b2-1d73cbba9c07","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":74,"box":{"x":550,"y":650,"width":387,"height":10}},{"id":"e5d54e62-de5d-4081-aa39-7c2c5a89194b","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":74,"box":{"x":549,"y":664,"width":409,"height":11}},{"id":"99546c68-8bec-41a4-9265-cf41e5fd1002","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":74,"box":{"x":549,"y":678,"width":419,"height":11}},{"id":"a50ad5de-66be-4a52-b463-519ec856a6a5","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":74,"box":{"x":549,"y":692,"width":420,"height":11}},{"id":"843cd7f2-1d7d-4880-ae7e-0e4ab5986244","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":74,"box":{"x":549,"y":706,"width":403,"height":11}},{"id":"ddacd924-7671-4aaa-a9a8-5ce21ea3e88a","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":74,"box":{"x":549,"y":721,"width":323,"height":10}},{"id":"535d2db0-f72d-4323-8f5e-280b58955627","block_type":"box","text":"Market Trading Risk","page_number":74,"box":{"x":549,"y":744,"width":136,"height":11}},{"id":"0ad59a31-6f79-43a7-8d0c-e0e2ae93c2bb","block_type":"box","text":".","page_number":74,"box":{"x":685,"y":750,"width":2,"height":2}},{"id":"032e1fed-32f3-4881-a5fe-f631829e9f8a","block_type":"box","text":"The Fund faces numerous market trading","page_number":74,"box":{"x":692,"y":744,"width":264,"height":11}},{"id":"f6193931-ff23-46bd-852f-56ff90a1b83b","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":74,"box":{"x":549,"y":758,"width":394,"height":11}},{"id":"e9a0a8d2-85f5-4922-b015-f16c99fa43f6","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":74,"box":{"x":549,"y":772,"width":401,"height":11}},{"id":"623eeb8e-fd05-4589-8f10-b2570ada059d","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":74,"box":{"x":549,"y":786,"width":404,"height":11}},{"id":"fa864dff-74f7-4370-b587-d8c2eb577cf3","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":74,"box":{"x":549,"y":800,"width":416,"height":11}},{"id":"ac6ae164-4ae1-4b03-b8a8-924240504f0d","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":74,"box":{"x":549,"y":815,"width":404,"height":10}},{"id":"6a8f4f01-3fd5-4efc-814f-0aad2d934d56","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":74,"box":{"x":549,"y":829,"width":411,"height":11}},{"id":"bab6089c-266d-4b85-87a5-a3b5f5e08bb4","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":74,"box":{"x":549,"y":843,"width":397,"height":11}},{"id":"166fdde1-3766-41cb-bb19-f32e4aa10981","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":74,"box":{"x":549,"y":857,"width":419,"height":11}},{"id":"86219898-266b-44ce-9d95-bd8939e8930e","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":74,"box":{"x":549,"y":871,"width":413,"height":11}},{"id":"b017b5a5-90d8-4a10-9c79-c8c5e93ad191","block_type":"box","text":"S-63","page_number":74,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2731699e-6c38-4f9e-934a-267e4f94be35","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":75,"box":{"x":83,"y":23,"width":397,"height":11}},{"id":"1fd34dfb-8e1a-4c1d-b751-8bb6025993ae","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":75,"box":{"x":83,"y":37,"width":316,"height":11}},{"id":"a3ff4847-b1e1-4d05-8fa6-4cf3fe4cc54d","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":75,"box":{"x":83,"y":60,"width":238,"height":11}},{"id":"c46c3f74-b6ea-4e8f-aa0b-bcde01dc1d84","block_type":"box","text":".","page_number":75,"box":{"x":321,"y":67,"width":3,"height":2}},{"id":"fa807304-8113-4f3a-99b1-d970a1b5d7e5","block_type":"box","text":"Compared to large","page_number":75,"box":{"x":329,"y":61,"width":124,"height":10}},{"id":"52a07167-e21f-4afa-8cb4-aa8aed8b7ce0","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":75,"box":{"x":83,"y":75,"width":403,"height":11}},{"id":"e32fa952-19de-4c96-9863-ff39d1461323","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":75,"box":{"x":83,"y":89,"width":405,"height":11}},{"id":"d6b31379-4b61-4f4d-86c0-8866c18296f1","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":75,"box":{"x":83,"y":103,"width":407,"height":11}},{"id":"12596597-bdc5-4544-a449-e0aae3920072","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":75,"box":{"x":83,"y":117,"width":413,"height":11}},{"id":"44d39131-d31b-45c6-a2ef-f8aef2087fc9","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":75,"box":{"x":83,"y":131,"width":412,"height":11}},{"id":"75dfc78b-7daa-4c10-ba5b-722191fabd27","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":75,"box":{"x":82,"y":146,"width":387,"height":10}},{"id":"19414220-7be4-4df7-a404-f49c53ef7ccd","block_type":"box","text":"National Closed Market Trading Risk.","page_number":75,"box":{"x":83,"y":169,"width":250,"height":11}},{"id":"11bd4329-2b25-403b-8e5a-32b498ea573c","block_type":"box","text":"To the extent that","page_number":75,"box":{"x":339,"y":169,"width":112,"height":8}},{"id":"a903b2b9-070a-4e98-bd9a-07aa52a76f72","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":75,"box":{"x":83,"y":183,"width":378,"height":11}},{"id":"5b616d5f-2591-41c2-8222-645582a1a4cf","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":75,"box":{"x":83,"y":197,"width":393,"height":11}},{"id":"68e3be7c-5516-407d-a318-892e771658ab","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":75,"box":{"x":83,"y":211,"width":396,"height":11}},{"id":"ba1f587e-1468-40bc-89f7-6257420590e1","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":75,"box":{"x":83,"y":226,"width":392,"height":10}},{"id":"93aef4f8-d562-4b75-89cd-f3763d500497","block_type":"box","text":"price and its last quoted price (","page_number":75,"box":{"x":83,"y":240,"width":198,"height":11}},{"id":"6e80270e-8aaf-4843-8a75-b5a230e32c06","block_type":"box","text":"i.e","page_number":75,"box":{"x":282,"y":240,"width":14,"height":8}},{"id":"52681fad-a510-4a14-8c4b-3e318a864a9d","block_type":"box","text":"., the quote from the closed","page_number":75,"box":{"x":298,"y":240,"width":175,"height":10}},{"id":"f3c9e139-424a-4124-9c8c-2b33abbca2f9","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":75,"box":{"x":82,"y":254,"width":377,"height":11}},{"id":"a7455fa2-cbdd-4e6b-84da-65da4174ca7f","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":75,"box":{"x":83,"y":268,"width":420,"height":11}},{"id":"69f00508-a3a4-4f71-b38e-eb51ee3ec512","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":75,"box":{"x":83,"y":282,"width":403,"height":11}},{"id":"87e70e22-3bdd-4bfe-8e2c-9e5bc13ffa12","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":75,"box":{"x":82,"y":296,"width":361,"height":11}},{"id":"6fb01014-062e-4baa-91e8-35e51a524ac0","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":75,"box":{"x":83,"y":311,"width":398,"height":10}},{"id":"cb53bfea-d813-440b-a63f-92941a17c261","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":75,"box":{"x":84,"y":325,"width":410,"height":11}},{"id":"620312be-cdc2-497c-973d-ba8a7f6aefc5","block_type":"box","text":"Non-Diversification Risk","page_number":75,"box":{"x":83,"y":348,"width":165,"height":8}},{"id":"fcb1fa43-2397-40ca-850a-c3e2ea76fca6","block_type":"box","text":".","page_number":75,"box":{"x":248,"y":355,"width":2,"height":1}},{"id":"3f7a700a-d6ae-45c0-ab51-0b65f1eceffe","block_type":"box","text":"The Fund is classified as “non","page_number":75,"box":{"x":255,"y":348,"width":193,"height":8}},{"id":"24d09ca6-7bc2-44b1-bd6b-f738fefe56cf","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":75,"box":{"x":83,"y":362,"width":377,"height":11}},{"id":"50ef7b91-2352-497a-b1a9-452d9d112a95","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":75,"box":{"x":83,"y":376,"width":358,"height":11}},{"id":"7b1137da-e369-4c60-8d16-61e4ca7ba8c8","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":75,"box":{"x":83,"y":391,"width":370,"height":10}},{"id":"6b4b26c0-a8a3-4602-918b-af0882e7cae9","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":75,"box":{"x":83,"y":405,"width":422,"height":11}},{"id":"e1756855-e713-4f17-b22f-5485c9497d90","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":75,"box":{"x":83,"y":419,"width":379,"height":11}},{"id":"43d2c536-1f16-444c-95f9-b16f4302cafd","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":75,"box":{"x":83,"y":433,"width":375,"height":11}},{"id":"7022540e-5f52-4cc8-96b7-535ff1692e22","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":75,"box":{"x":83,"y":447,"width":418,"height":11}},{"id":"9c6a8938-fcc6-4a6a-bc80-11ec17013c53","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":75,"box":{"x":83,"y":461,"width":418,"height":11}},{"id":"4ef654a3-1185-4ba7-a500-16db5fbe2be1","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":75,"box":{"x":83,"y":476,"width":209,"height":10}},{"id":"552aa77f-8b7a-4a61-8a90-ff8a1b9a7204","block_type":"box","text":"Operational and Technology Risks","page_number":75,"box":{"x":83,"y":499,"width":230,"height":11}},{"id":"bfd795fa-caf4-4137-a242-3c7de3f6b5ed","block_type":"box","text":".","page_number":75,"box":{"x":314,"y":505,"width":2,"height":2}},{"id":"a4ea2843-36d7-4055-a9ea-b63a78ea0d03","block_type":"box","text":"The Fund is directly and","page_number":75,"box":{"x":321,"y":499,"width":151,"height":11}},{"id":"9868ec0d-e642-4d39-8aaa-ccc25e1eeaef","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":75,"box":{"x":83,"y":513,"width":368,"height":11}},{"id":"089c666b-7ea0-4f28-88d6-8a2e57a9a299","block_type":"box","text":"including those related to human errors, processing errors,","page_number":75,"box":{"x":83,"y":527,"width":376,"height":11}},{"id":"9ae24424-336f-4113-956b-4c7f963c75e3","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":75,"box":{"x":83,"y":541,"width":413,"height":11}},{"id":"9b44808c-d97d-4d84-9f72-c54085c90b98","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":75,"box":{"x":83,"y":556,"width":404,"height":10}},{"id":"7dcef6aa-ad54-4f3a-b973-265da839f400","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":75,"box":{"x":82,"y":570,"width":402,"height":11}},{"id":"1cac389d-7d45-4aaf-99b5-e8e4d1fb826d","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":75,"box":{"x":83,"y":584,"width":376,"height":11}},{"id":"0d8b935e-89d3-4e02-8e10-d1c5442adad5","block_type":"box","text":"providers are required to have appropriate operational,","page_number":75,"box":{"x":83,"y":598,"width":350,"height":11}},{"id":"c8bb75f4-a281-465b-bf82-72dd24adcdfe","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":75,"box":{"x":83,"y":612,"width":414,"height":11}},{"id":"23e0199c-57b7-4226-8fd6-cf68ded3a989","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":75,"box":{"x":83,"y":626,"width":397,"height":11}},{"id":"74990fca-5b13-44e8-b21b-0798f7417940","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":75,"box":{"x":82,"y":641,"width":411,"height":10}},{"id":"6374fdee-2883-4beb-b683-06ea38fc5a42","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":75,"box":{"x":83,"y":655,"width":391,"height":8}},{"id":"ad9caee3-9983-4c38-bdfa-e8d4d0129351","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":75,"box":{"x":83,"y":669,"width":421,"height":11}},{"id":"f5c88a4a-f9fd-4958-b888-756898e6dd6f","block_type":"box","text":"investments in such issuers to lose value.","page_number":75,"box":{"x":83,"y":683,"width":264,"height":9}},{"id":"c9804876-8c59-4f0c-8cb0-c51cfdbf3fce","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":75,"box":{"x":83,"y":706,"width":228,"height":11}},{"id":"d086e1e7-fcb9-4889-92de-c74986b1f681","block_type":"box","text":".","page_number":75,"box":{"x":311,"y":713,"width":2,"height":2}},{"id":"f04e161f-1719-4aef-8da0-c726d678d4e5","block_type":"box","text":"The Fund invests in a country","page_number":75,"box":{"x":318,"y":706,"width":188,"height":11}},{"id":"835e4738-9882-4b6c-b9ea-abf94ff6e299","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":75,"box":{"x":82,"y":721,"width":381,"height":10}},{"id":"d5823fb9-fc70-4693-814f-048bf224414c","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":75,"box":{"x":83,"y":735,"width":380,"height":11}},{"id":"e7765b7a-dd13-4437-b73b-7ebbcffc1277","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":75,"box":{"x":83,"y":749,"width":370,"height":11}},{"id":"fe2facc4-a49c-46b8-92b6-288d3adb1df3","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":75,"box":{"x":83,"y":763,"width":403,"height":11}},{"id":"55aaec52-4a01-48c9-be63-4234ead89552","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":75,"box":{"x":82,"y":777,"width":326,"height":11}},{"id":"b1e95ca3-5686-4d44-8029-2a7348a92b5d","block_type":"box","text":"and","page_number":75,"box":{"x":413,"y":777,"width":22,"height":9}},{"id":"fe08e1ca-7912-4891-afb4-1c1915b3ea73","block_type":"box","text":"U.S.","page_number":75,"box":{"x":441,"y":777,"width":26,"height":9}},{"id":"b4d8a1a0-a0c4-401d-98fa-41f9de64c02f","block_type":"box","text":"Economic Risk","page_number":75,"box":{"x":83,"y":791,"width":101,"height":9}},{"id":"1bb1dd13-9ae8-43ca-9626-7cf0e9c07210","block_type":"box","text":".","page_number":75,"box":{"x":186,"y":799,"width":1,"height":1}},{"id":"0485dbec-85ed-493f-b2ff-4ddaa7f01e26","block_type":"box","text":"Securities Lending Risk.","page_number":75,"box":{"x":548,"y":23,"width":162,"height":11}},{"id":"a4bac8fa-7e9d-4ebf-b833-3ab07e0d7df6","block_type":"box","text":"The Fund may engage in securities","page_number":75,"box":{"x":716,"y":23,"width":221,"height":11}},{"id":"54d60612-461e-429c-a539-0ba3a01b12ea","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":75,"box":{"x":549,"y":37,"width":397,"height":11}},{"id":"84f3106b-e358-4612-a581-da40fd6c14fe","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":75,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"673da156-94c5-420e-8b98-cdfa5f18424c","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":75,"box":{"x":549,"y":66,"width":409,"height":10}},{"id":"ac4046b6-b274-44b7-a8a6-3826b5fe0945","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":75,"box":{"x":549,"y":80,"width":416,"height":11}},{"id":"036866e4-87ff-4484-aa48-c2ce381421d8","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":75,"box":{"x":549,"y":94,"width":389,"height":11}},{"id":"d564b84b-daf5-4ead-a9ad-8202c8f88829","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":75,"box":{"x":549,"y":108,"width":406,"height":9}},{"id":"ee58cfa7-6857-41eb-afe2-2a9ff9230aad","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":75,"box":{"x":549,"y":122,"width":301,"height":11}},{"id":"5f0690ca-490d-41c3-b66b-631a323ba7c2","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":550,"y":146,"width":128,"height":10}},{"id":"38a05f12-cf87-43d4-b41a-d8c43ec23601","block_type":"box","text":".","page_number":75,"box":{"x":678,"y":152,"width":3,"height":2}},{"id":"7f8a1cbe-ec4c-41df-ae05-03d23da1665b","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":75,"box":{"x":686,"y":146,"width":284,"height":10}},{"id":"4e8e57ba-cc73-4763-82ca-6ab68444ebf2","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":75,"box":{"x":549,"y":160,"width":404,"height":11}},{"id":"78dd5c65-3d10-4df6-898b-092f293f7f98","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":75,"box":{"x":549,"y":174,"width":425,"height":11}},{"id":"66d0bd72-e563-469d-9364-891b3d785398","block_type":"box","text":"factors, including differences between the securities and other","page_number":75,"box":{"x":549,"y":188,"width":401,"height":11}},{"id":"7a5f77ec-2a24-478e-8084-fba272d2cb8d","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":75,"box":{"x":549,"y":202,"width":381,"height":11}},{"id":"c45bf2a6-1851-4b0e-a2f8-489aa4313d44","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":75,"box":{"x":550,"y":216,"width":396,"height":11}},{"id":"d4733345-0b18-48b7-ae38-8423dfc0f34f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":75,"box":{"x":549,"y":231,"width":407,"height":10}},{"id":"07358f42-44ec-45ec-ad28-a1b4957d19d1","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":75,"box":{"x":549,"y":245,"width":400,"height":11}},{"id":"4a6236e2-098f-4686-9f97-9420143443d0","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":75,"box":{"x":549,"y":259,"width":421,"height":11}},{"id":"ae6dac6d-4dbc-4428-9c71-d6fead2cc5ae","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":75,"box":{"x":549,"y":273,"width":374,"height":11}},{"id":"b0cb58a3-cd63-407d-a430-50ce511991f1","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":75,"box":{"x":549,"y":287,"width":370,"height":11}},{"id":"11d8bf81-9809-45ca-a4c6-005d2a2a0a3f","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":75,"box":{"x":549,"y":302,"width":372,"height":10}},{"id":"7cdf3048-5c9f-4bee-8a58-eb7eaf1a8d7a","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":75,"box":{"x":549,"y":316,"width":420,"height":11}},{"id":"513c2ed5-1788-4efc-955d-1ff4f8a55fc7","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":75,"box":{"x":549,"y":330,"width":387,"height":11}},{"id":"2ebb0698-07b6-4fc8-9828-ae78c4c95b20","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":75,"box":{"x":549,"y":344,"width":377,"height":11}},{"id":"bd4c880d-0a2f-49b3-ad8e-8edcc157a755","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":75,"box":{"x":549,"y":358,"width":380,"height":11}},{"id":"d16882eb-dfe1-42b8-9415-13663d9e39ce","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":75,"box":{"x":549,"y":372,"width":366,"height":11}},{"id":"2635011a-47ad-4ba7-a2c8-1cf4ef864c72","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":75,"box":{"x":549,"y":387,"width":414,"height":10}},{"id":"92690e5f-f31f-4507-98b5-2dc9bd73dd41","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":75,"box":{"x":550,"y":401,"width":386,"height":11}},{"id":"a70e48f1-965f-4313-ae22-4926198a8d7b","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":75,"box":{"x":549,"y":415,"width":414,"height":11}},{"id":"89e151ef-2172-40d1-898a-10d9ba25416f","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":75,"box":{"x":549,"y":429,"width":420,"height":11}},{"id":"e5847c26-33a1-489c-86b4-be8bc0925e30","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":75,"box":{"x":549,"y":443,"width":383,"height":9}},{"id":"a5df8947-b747-4e20-90fb-415f3364a067","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":75,"box":{"x":549,"y":458,"width":390,"height":10}},{"id":"aaa27180-cd6d-4229-86f9-05d5a1a98cbb","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":75,"box":{"x":549,"y":472,"width":299,"height":8}},{"id":"7f9cddd1-41d2-4d5d-8a55-5b3beedba250","block_type":"box","text":"Valuation Risk","page_number":75,"box":{"x":550,"y":495,"width":96,"height":8}},{"id":"bec02509-40e5-4dea-80c8-38a56a522eab","block_type":"box","text":".","page_number":75,"box":{"x":646,"y":502,"width":2,"height":1}},{"id":"6c2905c1-a0f3-4a4b-9ae8-a00ab0bc247b","block_type":"box","text":"The price that the Fund could receive upon the","page_number":75,"box":{"x":653,"y":495,"width":298,"height":11}},{"id":"067d195a-cdd7-45c0-a4be-6e3eacd28095","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":75,"box":{"x":549,"y":509,"width":408,"height":11}},{"id":"c4c6aec5-acdd-43ae-a98b-070343a54bdc","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":75,"box":{"x":549,"y":523,"width":355,"height":11}},{"id":"bb147024-30e7-4e59-844a-bf72b10830ae","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":75,"box":{"x":549,"y":537,"width":418,"height":11}},{"id":"92a81b57-e9c2-4a65-a896-47cc65750595","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":75,"box":{"x":549,"y":552,"width":347,"height":11}},{"id":"34161550-6555-47b3-bd4e-34252f95dedd","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":75,"box":{"x":549,"y":566,"width":418,"height":11}},{"id":"c7344b3e-4d34-4f21-9484-60438a5dabb1","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":75,"box":{"x":549,"y":580,"width":406,"height":11}},{"id":"a370e3da-c344-431b-a610-11eeb6227ffd","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":75,"box":{"x":549,"y":594,"width":411,"height":11}},{"id":"5ae1de9d-154f-4532-9559-de40fc96d146","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":75,"box":{"x":549,"y":608,"width":392,"height":11}},{"id":"b42ddea5-82e2-47aa-a4a8-c3a15610bbe9","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":75,"box":{"x":549,"y":623,"width":414,"height":10}},{"id":"1471e921-30ce-4742-a145-2d5e30acdc3f","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":75,"box":{"x":549,"y":637,"width":394,"height":11}},{"id":"ddd0c341-44a3-4c0a-bcaf-9c428e11570d","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":75,"box":{"x":548,"y":651,"width":383,"height":11}},{"id":"57634057-9d52-4dd0-8761-558851865d17","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":75,"box":{"x":549,"y":665,"width":414,"height":11}},{"id":"b6fdd0b9-e1e5-4c3e-9710-2e9c899a74aa","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":75,"box":{"x":549,"y":679,"width":392,"height":9}},{"id":"d29fa884-69d7-4c3a-ba91-a7ea6ba54d06","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":75,"box":{"x":548,"y":693,"width":425,"height":11}},{"id":"c6c0519b-dc6d-4ff0-9448-4c8b5a68ee24","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":75,"box":{"x":548,"y":708,"width":400,"height":10}},{"id":"5d781ea8-ab1b-4fa2-8e5b-e4d2af29199b","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":75,"box":{"x":549,"y":722,"width":405,"height":11}},{"id":"9bbe972d-4574-47c2-8359-ce24544e5724","block_type":"box","text":"S-64","page_number":75,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"46a54a28-7c89-4b0c-870d-2d7aec49810d","block_type":"box","text":"Performance Information","page_number":76,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"9b8d742d-cfcd-4bd9-a11a-ee7e506ce9d7","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":76,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"94b7c097-8fea-4f55-b77b-75861b18012f","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":76,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"9eebb17a-62ee-48c7-a559-eb320543cc16","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":76,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"26d1e77b-96d2-4da8-9e0e-23ee718e8bc4","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":76,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"36f61ae5-de64-45fa-b324-140ec4c6469b","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":76,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"9a77e6e6-b614-4c46-9302-3f00cec8ef0e","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":76,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"589510b7-5a35-4a5f-9c48-d08a40931a3a","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":76,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"78fea193-f7b3-4831-b405-4ebe87532217","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":76,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"e8f37cf4-8198-4a52-9561-d29d1ce3df26","block_type":"box","text":"40%","page_number":76,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"bc6c055b-f11e-492c-8aad-a415befcca4b","block_type":"box","text":"20%","page_number":76,"box":{"x":333,"y":226,"width":20,"height":7}},{"id":"3b55fd07-63b6-4e30-aa2b-d7dc767af12d","block_type":"box","text":"0%","page_number":76,"box":{"x":339,"y":250,"width":14,"height":7}},{"id":"c1231e9e-cf47-4902-9dca-c44df8ef4e5c","block_type":"box","text":"-20%","page_number":76,"box":{"x":328,"y":275,"width":25,"height":7}},{"id":"14d29364-a50e-45ac-aefd-d5307f804ac9","block_type":"box","text":"-40%","page_number":76,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"822cb3ee-3c3d-4d14-b207-ed1eeba6fae9","block_type":"box","text":"2","page_number":76,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"34576429-8956-4bf0-bf71-05f028755b24","block_type":"box","text":"0","page_number":76,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"abed0e18-e27e-4c25-88e1-09b458f9b37b","block_type":"box","text":"1","page_number":76,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"9826c4e5-703b-4fb9-be06-78454db6f0c4","block_type":"box","text":"5","page_number":76,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"4f067a31-0d3b-40df-8a4a-df5abcd21f06","block_type":"box","text":"2","page_number":76,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"948b357e-de3f-4ca4-b555-073b8c9a43f1","block_type":"box","text":"0","page_number":76,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"dc09db31-0327-4f04-bece-db4ee099ae38","block_type":"box","text":"1","page_number":76,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"06ecb23e-f3b6-4c4b-af9d-8ccad246ef24","block_type":"box","text":"6","page_number":76,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"0f7ace9f-5759-4e44-bf2b-7434ad58173c","block_type":"box","text":"2","page_number":76,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"075a8a5b-3941-432e-83e1-7ae9856c2ddb","block_type":"box","text":"0","page_number":76,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"44bbc2ab-405a-47f9-a79c-09617b4180d3","block_type":"box","text":"17 2","page_number":76,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"1f750864-5b5a-4880-8251-1b8774290ca2","block_type":"box","text":"0","page_number":76,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"4f621853-1317-472d-9c46-30c8999a3d31","block_type":"box","text":"1","page_number":76,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"5fbde747-e48f-4039-a7b3-d0ba71b22dc2","block_type":"box","text":"8","page_number":76,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"54e10a06-5df4-421f-97c3-3bbf6a80c266","block_type":"box","text":"2","page_number":76,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"b6fa0439-40c2-46ff-8614-b7b6d61d0a3d","block_type":"box","text":"0","page_number":76,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"62279e99-fc1b-4080-9ed8-c7b4d597f7d5","block_type":"box","text":"1","page_number":76,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"190c384c-cb9e-4083-b7fd-952bcc1e4a69","block_type":"box","text":"9","page_number":76,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"e9326a79-07a0-493d-ad79-9470a83f7047","block_type":"box","text":"2","page_number":76,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"950f3bf5-098c-4682-9207-b8ea3bff852d","block_type":"box","text":"0","page_number":76,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"4e0133e2-2bf0-4548-bfb7-2ef271393de7","block_type":"box","text":"2","page_number":76,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"8dd97411-1b20-4724-8b42-eff3541943f8","block_type":"box","text":"0","page_number":76,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"222fb097-72a9-4f29-9191-5347bccb8619","block_type":"box","text":"2","page_number":76,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"1f86ab34-e6e3-404b-8652-b5c763d4d7c8","block_type":"box","text":"0","page_number":76,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"d9b18563-70c1-4bd7-9421-635abde7a3e9","block_type":"box","text":"21 2","page_number":76,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"ad9f6881-7e7a-4a95-8076-db2d4e74e209","block_type":"box","text":"0","page_number":76,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"4a1fc2ae-ae21-4a96-bdf9-7b60c388b279","block_type":"box","text":"22 2","page_number":76,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"8e7fd06f-b984-4655-8654-941eb9c39546","block_type":"box","text":"0","page_number":76,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"da2d08cc-f924-4770-8963-2ff5fc62e9a0","block_type":"box","text":"2","page_number":76,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"75032441-98b4-4f61-8518-2bd5f40367bd","block_type":"box","text":"3","page_number":76,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"0b840b8b-1d82-46f8-84ac-131ab3738de1","block_type":"box","text":"2","page_number":76,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"a5e5e04d-85fa-4f67-bb71-2ac3beccbfe4","block_type":"box","text":"0","page_number":76,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"dcca2f56-c6c1-4ad7-975a-03f515f3d4af","block_type":"box","text":"2","page_number":76,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"8759aa77-a9b1-45a0-aba9-8a243690b56f","block_type":"box","text":"4","page_number":76,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"32f70272-8d44-4501-9fbb-ba348d514b21","block_type":"box","text":"-3.72%","page_number":76,"box":{"x":363,"y":262,"width":28,"height":6}},{"id":"c383a79d-78a4-43da-abf0-e3faa189c972","block_type":"box","text":"1.26%","page_number":76,"box":{"x":402,"y":241,"width":24,"height":6}},{"id":"3a060214-2018-446d-8a7a-5008eeb372b9","block_type":"box","text":"21.95%","page_number":76,"box":{"x":435,"y":216,"width":29,"height":6}},{"id":"8d857ba3-f351-4231-9e25-16940f04fa80","block_type":"box","text":"-13.23%","page_number":76,"box":{"x":468,"y":273,"width":34,"height":6}},{"id":"28e155df-fc70-42cf-ac15-2bafbda8cbe1","block_type":"box","text":"22.12%","page_number":76,"box":{"x":507,"y":215,"width":30,"height":7}},{"id":"9d16be88-ec1c-4a0d-888a-3d3a80817c6e","block_type":"box","text":"23.33%","page_number":76,"box":{"x":543,"y":214,"width":30,"height":6}},{"id":"1cda1cf7-8594-4ccf-9577-3fa214959a29","block_type":"box","text":"22.04%","page_number":76,"box":{"x":579,"y":216,"width":30,"height":6}},{"id":"ea8ac91f-aa6a-41f4-ba9b-62369a0d81cc","block_type":"box","text":"-27.81%","page_number":76,"box":{"x":613,"y":291,"width":34,"height":6}},{"id":"a4468fc4-b24f-492c-b4f1-4dcbedd5d164","block_type":"box","text":"24.75%","page_number":76,"box":{"x":651,"y":212,"width":30,"height":6}},{"id":"4ca739ca-5c02-4b9e-ada6-8526d44987f8","block_type":"box","text":"-3.66%","page_number":76,"box":{"x":688,"y":261,"width":28,"height":7}},{"id":"b5bab931-8490-4d1f-895d-28bb6cc808c8","block_type":"box","text":"Return (%) Period Ended","page_number":76,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"41b05273-ce9b-4190-8a89-2d0c22764e6e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":76,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"093dedfb-a1ac-45ff-a785-317e8de1718b","block_type":"box","text":"29.35% September 30, 2025","page_number":76,"box":{"x":558,"y":366,"width":181,"height":9}},{"id":"320e27ef-1f1d-43df-84e5-a478fe3a0d1a","block_type":"box","text":"During the periods shown in the chart:","page_number":76,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"8add1a64-55c5-4bc1-95fa-dc3b766ded90","block_type":"box","text":"Best Quarter 22.37% December 31, 2023","page_number":76,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"378e9779-3dfd-457c-9202-9536d49bdfde","block_type":"box","text":"Worst Quarter -21.51% March 31, 2020","page_number":76,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"64f600bc-3ce8-40bb-a1fa-26d6b0d73ab7","block_type":"box","text":"Average Annual Total Returns","page_number":76,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"98554f51-4bcc-456f-a811-be31f00e6bd9","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":76,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"613d01cc-aa26-428f-a6ca-9f16c36be7ff","block_type":"box","text":"One Year Five Years Ten Years","page_number":76,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"416623bc-0bc8-4bc5-825c-51e89f6cf281","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":76,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"c35ac8f1-55ad-46c1-936b-ed651b15c984","block_type":"box","text":"Return Before Taxes","page_number":76,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"3870e196-8465-4954-b95e-73ba7e00c46d","block_type":"box","text":"-3.66% 5.48% 5.10%","page_number":76,"box":{"x":721,"y":493,"width":199,"height":8}},{"id":"55c7c454-b2c5-48b4-99d8-4d4c028a3e5f","block_type":"box","text":"Return After Taxes on Distributions -4.03% 4.72% 4.22%","page_number":76,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"f8aa3f18-b38d-4480-9ca6-d746565b7a95","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -1.86% 4.22% 3.89%","page_number":76,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"0f610b7e-5daa-4f94-b867-666fed714fcb","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":76,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"e9f9f2f0-6482-4453-be04-ec282240ac09","block_type":"box","text":"1","page_number":76,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"c0fd59e1-8e3d-4d68-897e-f2dc8946e5da","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":76,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"1f915e42-aabf-4912-8006-261bf90f54aa","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":76,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"dafefb6e-f0e8-409f-a407-3f6ecee425d7","block_type":"box","text":"MSCI Sweden 25/50 Index (Spliced)","page_number":76,"box":{"x":124,"y":553,"width":223,"height":9}},{"id":"2925af65-2823-4e47-b7b4-d209f46987e7","block_type":"box","text":"1,2","page_number":76,"box":{"x":350,"y":551,"width":11,"height":6}},{"id":"6eba4f0e-0cc8-444f-989d-b9dede645d29","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":76,"box":{"x":366,"y":553,"width":319,"height":9}},{"id":"c98e4cc9-9461-4c66-9bc6-1a541686fcab","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) -3.71% 5.12% 4.53%","page_number":76,"box":{"x":136,"y":565,"width":784,"height":10}},{"id":"37750267-9584-48cb-821c-42cc44723e3e","block_type":"box","text":"1","page_number":76,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"9c6c4503-1438-489d-b5fd-a631e5aecc1f","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":76,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"62f095bb-f1e5-4a02-9286-8d324d3920ad","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":76,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"b43d3bae-89b0-4846-9f44-84865f4bf6ca","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":76,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"e12ec230-b4c5-47c8-8254-a6e3969103a5","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":76,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"33d09b59-f097-4c03-b4e5-ba5c307edecc","block_type":"box","text":"2","page_number":76,"box":{"x":111,"y":635,"width":4,"height":5}},{"id":"b9823650-51c7-45e5-a3d3-16f8868ac47c","block_type":"box","text":"The MSCI Sweden 25/50 Index (Spliced) reflects the performance of the MSCI Sweden Index (Net) through November 30, 2016 and the MSCI","page_number":76,"box":{"x":123,"y":636,"width":809,"height":10}},{"id":"ac841c71-7f3a-4a3b-9478-45f19d030aad","block_type":"box","text":"Sweden 25/50 Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":76,"box":{"x":123,"y":647,"width":668,"height":9}},{"id":"ca8a5fc6-b950-456a-9ae0-33051fa1a114","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":76,"box":{"x":82,"y":666,"width":882,"height":11}},{"id":"21cf315e-ef20-439d-9384-673ae566852e","block_type":"box","text":"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,","page_number":76,"box":{"x":83,"y":681,"width":871,"height":10}},{"id":"c26c54ef-ad6b-4295-b6ff-0d455e877f5c","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":76,"box":{"x":83,"y":695,"width":860,"height":11}},{"id":"fa2a55ed-45b7-423c-a2c2-91a897b18b3b","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":76,"box":{"x":83,"y":709,"width":855,"height":11}},{"id":"84eb3e56-7a08-4274-8635-e0a5b30bee38","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":76,"box":{"x":83,"y":723,"width":883,"height":11}},{"id":"acec6010-04c8-46e3-8b02-74613c5125c0","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":76,"box":{"x":82,"y":737,"width":861,"height":11}},{"id":"3658a6f1-3598-467a-9ded-722561e7e602","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":76,"box":{"x":83,"y":751,"width":359,"height":11}},{"id":"08306753-f969-4821-93c0-0fe1d7115b8b","block_type":"box","text":"S-65","page_number":76,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"08dfddad-8bb9-4e6a-a125-d402bbd3da94","block_type":"box","text":"Management","page_number":77,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"079c8006-fe08-4504-81c5-b82fc2e61b54","block_type":"box","text":"Investment Adviser.","page_number":77,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"f7e902ab-c28c-42ca-9a0d-4cbc87c47d7b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":77,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"c64e55e6-2d20-4cdf-99b5-373b5c9fbd78","block_type":"box","text":"Portfolio Managers.","page_number":77,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"4a896b96-67db-471a-a105-42f486caf0f5","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":77,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"3cdadf36-8a07-4494-9e70-2c6356d765f0","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":77,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"47500f28-6dcf-4c0c-a3fa-c519d3a5eaa2","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":77,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"2c139b65-fc4a-4659-83cd-e7e00352ea70","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":77,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"7456c6bb-4dd2-4d04-87ae-80552c90d9b5","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":77,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"3857cacf-9341-4d2a-b07c-93e1cb4e8704","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":77,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"ab90ef78-2e37-46d4-a407-42964760e372","block_type":"box","text":"Managers of the Fund since 2025.","page_number":77,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"fcad53e7-e612-4e78-acaf-3087beecf3ff","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":77,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"2db1ae85-b2aa-4488-90f9-381cca9f3e3f","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":77,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"81a1da25-8767-471e-a62a-0c5b66916c6e","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":77,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"8a6ab741-dd2e-487c-afaf-6a47053d2726","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":77,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"64433795-b9ba-4b18-919f-f4411b3e04df","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":77,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"bf5f4b93-55fa-4189-9697-51c59ee17c60","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":77,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"f439e4fc-7e91-46fa-a999-cfb890e8178d","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":77,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"ae93221c-ca36-41c9-9b62-427f47319dac","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":77,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"0d155e64-91e1-401c-97af-4fe6d36fd21b","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":77,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"4763edfe-78e7-49a4-9d44-247cbaee7a82","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":77,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"d1dee7e4-7e15-4151-a2a4-b608123a1b0f","block_type":"box","text":"Tax Information","page_number":77,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"7aaaf362-8c2f-4426-ae3e-1224595821b9","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":77,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"d2f01f6a-a01b-42df-9403-b608fb32b887","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":77,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"843100db-08ea-472a-a068-f69510d9b948","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":77,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"5dfb764c-496f-40d6-8281-909671f9383a","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":77,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"fc7d3704-6af6-4e56-90a4-5c9cccf7009a","block_type":"box","text":"withdrawn.","page_number":77,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"80068f0a-9356-4d6f-aff5-5f46dfe7174c","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":77,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"9a5e3646-2d0b-49dc-92e7-c8d7b96d1b3e","block_type":"box","text":"Intermediaries","page_number":77,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"16390075-6299-43de-8b4a-834fa7d84486","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":77,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"6e49c4dd-5290-43fc-98af-df52c5b7c695","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":77,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"5acc5c3f-d6d8-46ac-8ff7-ef506b68edf7","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":77,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"8f087a69-0dca-469e-825a-3bb73ec86c56","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":77,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"fd37a28c-94fb-453d-b2df-9640b407c408","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":77,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"97d404e2-0061-48de-8f6e-69c5c1409e88","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":77,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"951a697b-123e-42ec-9294-a5072b719027","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":77,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"9fe173af-cde0-4919-938e-0b600b66f31e","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":77,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"065fddfe-5d9c-42ac-9a6b-e89a1e6acf02","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":77,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"51017e86-a734-4991-ba84-9d1ef68da465","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":77,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"e788d254-ca9d-40a3-a1b9-bc658709a4ae","block_type":"box","text":"information.","page_number":77,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"23b42f29-c150-42ee-81c0-207b2f43fd5e","block_type":"box","text":"S-66","page_number":77,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c372352f-03a9-42fd-a8ba-4b71301921b0","block_type":"box","text":"iSHARES","page_number":78,"box":{"x":287,"y":24,"width":118,"height":15}},{"id":"56278019-d21c-4f66-ba15-6c01dbd72693","block_type":"box","text":"®","page_number":78,"box":{"x":408,"y":17,"width":11,"height":8}},{"id":"9903108b-5885-473c-b377-86ebb5ba134a","block_type":"box","text":"MSCI SWITZERLAND ETF","page_number":78,"box":{"x":430,"y":24,"width":342,"height":15}},{"id":"8f7f40a8-9905-4220-a921-4e9c0dbff3e9","block_type":"box","text":"Ticker: EWL Stock Exchange: NYSE Arca","page_number":78,"box":{"x":284,"y":53,"width":483,"height":12}},{"id":"96b24ed7-a7a1-4fab-a978-b8ad1da41ab6","block_type":"box","text":"Investment Objective","page_number":78,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"608563d6-1ef6-49f8-bdac-a818818f61c4","block_type":"box","text":"The iShares MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities.","page_number":78,"box":{"x":82,"y":116,"width":803,"height":11}},{"id":"a1e1e671-a155-4eb7-aad5-6245daeaebe4","block_type":"box","text":"Fees and Expenses","page_number":78,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"d311ef2e-b829-451e-9b44-c26d119dda71","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":78,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"71cd7e3a-37e4-4ec7-bf94-718f7f553b8e","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":78,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"5ae0b842-96c1-481c-8a7c-21aea15ceb63","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":78,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"bc506398-cedb-4718-9c30-120b5b7b8c84","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":78,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"0874e270-c1c7-412f-a32c-5815d58f4809","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":78,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"6c0da624-b86f-43b0-8381-c835739f995e","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":78,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"102f44be-6639-4a40-8578-16838a219d8c","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":78,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"31aed8ea-f807-40d1-ad2e-15090ab435c9","block_type":"box","text":"the tables and examples below.","page_number":78,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"39b36dc8-8f3e-4019-84dd-747a7cf90afc","block_type":"box","text":"Annual Fund Operating Expenses","page_number":78,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"7b908799-104f-44a5-b900-6720b71ebcce","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":78,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"3f679c98-1d7d-43fd-820c-15952cdfcdb3","block_type":"box","text":"percentage of the value of your investments)","page_number":78,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"18062cc4-4107-4471-aee6-5bc602b4fef2","block_type":"box","text":"1","page_number":78,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"938cbf63-649c-4334-a552-dd364fc9cc50","block_type":"box","text":"Management","page_number":78,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"d348757a-fc59-4758-a3a1-6ee662f9ef8d","block_type":"box","text":"Fees","page_number":78,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"8ba815c2-bfd1-4bce-9d62-5cc322d6c410","block_type":"box","text":"Distribution","page_number":78,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"e83136c6-19ad-4c72-92ed-c412d0631355","block_type":"box","text":"and Service","page_number":78,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"5db35488-4117-4a7a-9a06-4efbde88eb60","block_type":"box","text":"(12b-1) Fees","page_number":78,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"515f0c96-b5ad-43dc-8367-6989634b4024","block_type":"box","text":"Other","page_number":78,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"e2396269-2ad5-42c9-a074-694d4f0a2bd8","block_type":"box","text":"Expenses","page_number":78,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"842b6890-17fc-4fac-bfc3-aa6d4fb20c61","block_type":"box","text":"Total Annual","page_number":78,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"de35f704-b56b-44c0-ae8c-63a39a30c41e","block_type":"box","text":"Fund","page_number":78,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"c3992dac-b0b9-4794-a665-2095d7471470","block_type":"box","text":"Operating","page_number":78,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"dd35aee1-432d-4408-b412-b1cbfb8b790d","block_type":"box","text":"Expenses","page_number":78,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"4fa4da26-010a-4ba0-ac18-0b668c018995","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":78,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"926e7749-3e97-4b0e-96f7-d50b37170400","block_type":"box","text":"1","page_number":78,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"45729551-dd65-49c7-867b-529b1b4e0687","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":78,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"54cc15b8-ffad-445a-aed8-66562d69ecf8","block_type":"box","text":"Example.","page_number":78,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"187f5a3a-bf78-4de7-8d9e-05053e4602c5","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":78,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"c4818919-8f33-47ba-8805-29b1be85a912","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":78,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"31f5c9d5-9900-42d3-9194-27309244266f","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":78,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"15fa6953-8eee-4c53-b8f7-59c5bb6182c8","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":78,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"cb83ee99-b45b-4b04-8126-a23029f6a58c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":78,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"cd11c5e1-3dda-4c4e-9694-bbc7dd3ffee4","block_type":"box","text":"$51 $160 $280 $628","page_number":78,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"b0c5d18c-2eb7-4f40-8cba-a0033f6c538a","block_type":"box","text":"Portfolio Turnover.","page_number":78,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"8dc792c6-4ea6-472b-9ca2-c69fb8c7d658","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":78,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"125f69c5-bfb5-418f-af08-c36470c5e08b","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":78,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"fdd941a6-4b1d-482f-901c-0b67c6c224c8","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":78,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"9ddd6416-7792-45e4-9e38-79d62b4dc802","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":78,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"66cd0273-8799-48c9-8e1b-ae7b39503f4c","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":78,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"31fa86f8-0ffe-4a47-9807-c3138083c73c","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":78,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"1873a2c1-460c-4168-8200-7d49e1996681","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":78,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"e8181117-b036-4447-9b1e-d467191ec694","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 9% of the","page_number":78,"box":{"x":82,"y":673,"width":377,"height":11}},{"id":"dac36855-0166-43b2-a3e7-983e7ed32cc6","block_type":"box","text":"average value of its portfolio.","page_number":78,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"ecd70331-32b9-4e72-a34f-210d5ea0d772","block_type":"box","text":"Principal Investment Strategies","page_number":78,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"7c72f85b-3191-497f-8f3f-55c37146b8fa","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":78,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"02ee8d7a-48d1-4733-9c5a-8c3f18dab53e","block_type":"box","text":"Switzerland 25/50 Index (the “Underlying Index”), which is a free","page_number":78,"box":{"x":83,"y":755,"width":417,"height":11}},{"id":"34c86367-dfb6-469b-add3-994c764c584c","block_type":"box","text":"float-adjusted market capitalization-weighted index that is","page_number":78,"box":{"x":82,"y":770,"width":373,"height":10}},{"id":"5986fa4a-6644-4726-bd28-e7ee28eb8c59","block_type":"box","text":"designed to measure the performance of the large- and mid","page_number":78,"box":{"x":83,"y":784,"width":386,"height":11}},{"id":"1ef411ab-112d-42bf-82e2-11706520dfc3","block_type":"box","text":"capitalization segments of the equity market in Switzerland. The","page_number":78,"box":{"x":83,"y":798,"width":408,"height":11}},{"id":"45cc0f4c-8896-44b2-b993-27d79127690a","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization","page_number":78,"box":{"x":83,"y":812,"width":397,"height":11}},{"id":"7fa8f42b-6c8c-4646-917e-715fed7a2f03","block_type":"box","text":"process that aims to minimize the constituent weight differences","page_number":78,"box":{"x":83,"y":826,"width":415,"height":11}},{"id":"8386d2ec-c6fa-48cb-99fa-2592f5f3980e","block_type":"box","text":"between the Underlying Index and the MSCI Switzerland Index","page_number":78,"box":{"x":83,"y":840,"width":399,"height":11}},{"id":"a944fdc6-f0d6-4ca5-889e-0200b9f5049e","block_type":"box","text":"(the “Parent Index”).","page_number":78,"box":{"x":83,"y":855,"width":129,"height":10}},{"id":"557930ad-0045-4f03-bf0c-6d736fdf1df8","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the","page_number":78,"box":{"x":549,"y":566,"width":413,"height":11}},{"id":"afd8ab58-7203-4ca0-9bc3-7201b041c45f","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI","page_number":78,"box":{"x":549,"y":580,"width":375,"height":11}},{"id":"6e0c6041-a306-491c-aaeb-d534a4ebf3dd","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of","page_number":78,"box":{"x":549,"y":594,"width":409,"height":11}},{"id":"7b0772f2-9f0b-49d3-ad28-0fa35176dc57","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with","page_number":78,"box":{"x":549,"y":608,"width":422,"height":11}},{"id":"167d896e-3a5d-4b7b-81a1-a7e09699937c","block_type":"box","text":"a weight above 5% to an aggregate of 50% of the Underlying Index","page_number":78,"box":{"x":549,"y":623,"width":421,"height":10}},{"id":"c428f3a8-d515-41a7-bb50-0dced0be0037","block_type":"box","text":"weight. A group entity is a group of companies that operate as an","page_number":78,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"a80bbf0a-20e2-441a-b8aa-070852be3bb6","block_type":"box","text":"affiliated corporate group but may separately issue listed","page_number":78,"box":{"x":549,"y":651,"width":364,"height":11}},{"id":"cf9cd824-49a3-477f-b3a2-bd1718cdb9aa","block_type":"box","text":"securities. To determine “group entities,” MSCI analyzes financial","page_number":78,"box":{"x":549,"y":665,"width":416,"height":11}},{"id":"451e3d9f-efac-49d1-9fc9-45c1275faae0","block_type":"box","text":"accounts of listed companies holding stakes of 20% or more in","page_number":78,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"88560f63-d358-4f68-8216-6263beb0e093","block_type":"box","text":"other listed companies to determine whether these stakes are","page_number":78,"box":{"x":549,"y":694,"width":398,"height":10}},{"id":"118ad321-1655-4acf-b68a-fdb49ea29e8b","block_type":"box","text":"controlling in nature. In certain cases, even in the absence of","page_number":78,"box":{"x":549,"y":708,"width":390,"height":11}},{"id":"4d5298ed-120a-413f-b936-3f61c43057b5","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies","page_number":78,"box":{"x":549,"y":722,"width":408,"height":11}},{"id":"b5c61122-fb50-47af-982e-a75be7ef3d4c","block_type":"box","text":"as belonging to the same group entity where there is reasonable","page_number":78,"box":{"x":549,"y":736,"width":411,"height":11}},{"id":"54de2a0c-4546-4bcc-a5c7-fa678cf8280b","block_type":"box","text":"evidence of control based on other information. All group entities","page_number":78,"box":{"x":549,"y":750,"width":417,"height":11}},{"id":"53df4e35-438b-4a14-8df5-20a67c2b87c4","block_type":"box","text":"are reviewed on an annual basis.","page_number":78,"box":{"x":549,"y":764,"width":208,"height":9}},{"id":"2e7ed809-3b33-4ebf-a860-a0b8601de556","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":78,"box":{"x":549,"y":786,"width":389,"height":11}},{"id":"67e4edc0-d8c9-42b6-9559-57e88557fb15","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":78,"box":{"x":550,"y":800,"width":412,"height":11}},{"id":"72903660-7194-46ad-a4f6-a4348385f3bf","block_type":"box","text":"goods and services, financials and healthcare industries or","page_number":78,"box":{"x":549,"y":815,"width":375,"height":11}},{"id":"86dd041c-c9ff-44dc-a1d5-f052d33c572c","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":78,"box":{"x":549,"y":829,"width":392,"height":11}},{"id":"d5794af5-c3c5-4640-89d7-e9a6cec29272","block_type":"box","text":"change over time.","page_number":78,"box":{"x":549,"y":843,"width":113,"height":11}},{"id":"935546ca-bc31-4fb3-90ed-0b24334c98bf","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":78,"box":{"x":550,"y":866,"width":376,"height":11}},{"id":"a0e4564b-0fb9-43e9-9d26-9bb55d287305","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":78,"box":{"x":549,"y":880,"width":417,"height":11}},{"id":"9a933a5d-cd6e-441b-b75f-2f98440d4890","block_type":"box","text":"S-67","page_number":78,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"33bdcd89-d1e0-4905-8b9b-e954f60761b8","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":79,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"bb77e3c7-018b-4643-a19d-be201459f1ad","block_type":"box","text":"markets decline or appear overvalued.","page_number":79,"box":{"x":83,"y":37,"width":244,"height":11}},{"id":"f859f2a5-75ae-437c-ba2d-c497108ef6af","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":79,"box":{"x":83,"y":61,"width":421,"height":10}},{"id":"547e6567-e423-413b-bb70-9d5992fc6759","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":79,"box":{"x":83,"y":75,"width":421,"height":11}},{"id":"32139c5f-bb57-4572-9218-0a6ba276bb50","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":79,"box":{"x":83,"y":89,"width":386,"height":11}},{"id":"47d84c4d-3da1-4f8a-9f2a-de801064d579","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":79,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"75323825-520f-4bff-b643-a752021fbfaf","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":79,"box":{"x":83,"y":117,"width":356,"height":11}},{"id":"d5322958-592a-4299-ba92-cd73ac461b1d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":79,"box":{"x":83,"y":131,"width":359,"height":11}},{"id":"ad9aeeb9-28d3-4fc7-a3b6-b1242875d54b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":79,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"c2a4ebcb-2e03-4b15-aaa1-d9603308bfa7","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":79,"box":{"x":83,"y":169,"width":411,"height":11}},{"id":"d2ee0361-467d-41f4-8499-0572b4578145","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":79,"box":{"x":83,"y":183,"width":424,"height":11}},{"id":"5365c009-2c0b-4256-95ea-a8bc2e6f9d11","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":79,"box":{"x":83,"y":197,"width":410,"height":11}},{"id":"1910e3c6-125f-47e3-b2c5-cb00d578c85b","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":79,"box":{"x":83,"y":211,"width":408,"height":11}},{"id":"3ebb99d8-2da8-4f36-909b-317113ebb347","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":79,"box":{"x":83,"y":226,"width":423,"height":10}},{"id":"3c4b0574-7a2a-4440-9ca3-4cb0d1e95c39","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":79,"box":{"x":83,"y":240,"width":386,"height":11}},{"id":"d1f6ebe8-af5e-4111-a35d-2d81155dd037","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":79,"box":{"x":82,"y":254,"width":360,"height":11}},{"id":"fc3966b8-0fc1-4816-a05a-0ff568d84e77","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":79,"box":{"x":82,"y":268,"width":414,"height":11}},{"id":"add8f499-061b-47ae-8649-55b0c1af4853","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":79,"box":{"x":83,"y":282,"width":410,"height":11}},{"id":"e91abadf-a3d2-4cba-8b3c-dee73dccae47","block_type":"box","text":"the components of the Underlying Index.","page_number":79,"box":{"x":83,"y":296,"width":259,"height":11}},{"id":"19ad27b9-5616-4477-adc1-e3f719864b7f","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":79,"box":{"x":82,"y":320,"width":390,"height":10}},{"id":"d1cfdca9-9b0c-4883-acc7-95b8544ff855","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":79,"box":{"x":83,"y":334,"width":410,"height":11}},{"id":"8ef74288-d04d-431b-980f-d261da43b35c","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":79,"box":{"x":83,"y":348,"width":421,"height":11}},{"id":"abd18805-0de3-47f3-a692-771043ed4439","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":79,"box":{"x":83,"y":362,"width":335,"height":11}},{"id":"8b2dcf0a-a9dd-4990-b717-79d1f4646615","block_type":"box","text":"i.e","page_number":79,"box":{"x":419,"y":362,"width":14,"height":9}},{"id":"3f3db37b-05f5-4c83-a06c-823299c0104c","block_type":"box","text":".,","page_number":79,"box":{"x":435,"y":369,"width":6,"height":3}},{"id":"8fb68681-4315-4951-a9cd-e443fe1c420b","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":79,"box":{"x":83,"y":376,"width":388,"height":11}},{"id":"31bce99e-4793-4fb0-8b37-a2001252b480","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":79,"box":{"x":83,"y":391,"width":403,"height":10}},{"id":"4efc03ef-b387-40f3-b1a9-47090bd15bf5","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":79,"box":{"x":83,"y":405,"width":418,"height":11}},{"id":"75d75776-8d4b-40e6-a6c0-1292f6fb9b8a","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":79,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"199ae9ce-046a-4743-bca7-930f3df1ccc4","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":79,"box":{"x":82,"y":433,"width":389,"height":11}},{"id":"d289e6ab-f806-43f8-823c-0856ceb44c28","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":79,"box":{"x":82,"y":447,"width":415,"height":11}},{"id":"584f6a27-aa8e-4da6-ba0c-536230ce235e","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":79,"box":{"x":83,"y":461,"width":360,"height":11}},{"id":"6c1fa55c-6da1-422c-997e-d6c0b5f4604e","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":79,"box":{"x":83,"y":476,"width":407,"height":10}},{"id":"3ccf8a5a-106a-4dde-b504-b2723ca931ec","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":79,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"3179dc68-da61-4528-8d68-ce757d2b213b","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":79,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"832c2ee7-49c1-49c0-a41c-78ad4ff71ca6","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":79,"box":{"x":83,"y":518,"width":404,"height":11}},{"id":"8c9e3dea-cfe5-4c3e-bd73-09ad298a636a","block_type":"box","text":"Fund.","page_number":79,"box":{"x":84,"y":532,"width":33,"height":9}},{"id":"88ad0e8a-2cb9-49b9-8d33-a9c53afdd7bc","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":79,"box":{"x":82,"y":556,"width":412,"height":10}},{"id":"9222d791-6495-4d68-8082-eb5123a4e249","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":79,"box":{"x":82,"y":570,"width":371,"height":11}},{"id":"ee0d9e6d-7479-43eb-9e6b-a4cf30e97207","block_type":"box","text":"collateral received).","page_number":79,"box":{"x":83,"y":584,"width":125,"height":11}},{"id":"fbde708c-513f-45b8-a325-dd7ef875cfd7","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":79,"box":{"x":82,"y":607,"width":380,"height":11}},{"id":"c608b51d-469e-41ab-a6e4-9670136b013f","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":79,"box":{"x":84,"y":621,"width":411,"height":11}},{"id":"aa556113-9952-48b3-80a6-302e7db21257","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":79,"box":{"x":82,"y":636,"width":381,"height":10}},{"id":"6a28aa1f-7d57-4311-b972-4ec4e5c4779f","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":79,"box":{"x":82,"y":650,"width":420,"height":10}},{"id":"1c075875-0438-4151-b1bf-924b664fe3d7","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":79,"box":{"x":83,"y":664,"width":405,"height":11}},{"id":"571da351-5456-4932-be8b-11554e51c770","block_type":"box","text":"Industry Concentration Policy.","page_number":79,"box":{"x":83,"y":687,"width":210,"height":11}},{"id":"09edafcf-c88f-4348-8048-9cc3574d249d","block_type":"box","text":"The Fund will concentrate its","page_number":79,"box":{"x":298,"y":687,"width":184,"height":9}},{"id":"78f5978c-e948-4491-9d60-de239e9cc62e","block_type":"box","text":"investments (","page_number":79,"box":{"x":83,"y":701,"width":85,"height":11}},{"id":"f84bb24a-3b42-4019-a7eb-be33836b66ef","block_type":"box","text":"i.e.","page_number":79,"box":{"x":169,"y":701,"width":17,"height":9}},{"id":"2dc9f157-e339-4761-b59b-b931327b6154","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":79,"box":{"x":189,"y":701,"width":264,"height":11}},{"id":"45c5152e-1fd2-4f9d-8ca1-c063a6f3fc23","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":79,"box":{"x":83,"y":715,"width":394,"height":11}},{"id":"5dbc9d1a-fc86-48a1-a98e-382e341288f3","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":79,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"c82c6d60-3fac-47c7-8ffa-fa56400a6fd2","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":79,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"0f5e236d-585c-4364-8b58-b00b52883d22","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":79,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"8ddc9e31-120e-486d-b5ee-bd447691c9c0","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":79,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"dc0d1b24-bc64-450a-8f33-aeae430122f4","block_type":"box","text":"considered to be issued by members of any industry.","page_number":79,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"f1bfdb98-e766-46a8-9159-bfab0900d7f5","block_type":"box","text":"Summary of Principal Risks","page_number":79,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"92326b3f-ba90-46f9-8bbb-d84a38f1fc89","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":79,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"c55ff52c-4c79-42e7-a9b8-b4e2fd8de1e3","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":79,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"2c2ae639-768b-4a07-98b1-994c992c86b4","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":79,"box":{"x":83,"y":869,"width":396,"height":10}},{"id":"d9a7d5bb-03c4-4edd-8ea5-9c8c16e3e7b6","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":79,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"b9aff5fa-2e10-4e5c-88df-0d271da5fff1","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":79,"box":{"x":549,"y":37,"width":392,"height":11}},{"id":"9ead54ea-af28-4874-aa3d-466df38e7bc1","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":79,"box":{"x":549,"y":52,"width":416,"height":10}},{"id":"f2905887-5732-4ee1-91be-91c7e2d873fd","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":79,"box":{"x":549,"y":66,"width":388,"height":10}},{"id":"92565c23-2d0f-42f6-befa-ffb79ae4b9c7","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":79,"box":{"x":549,"y":80,"width":425,"height":11}},{"id":"8e18e2b7-f30a-4cc0-8027-95e37f4d9a97","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":79,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"b095ce3f-a062-4d81-b791-ed73e62de320","block_type":"box","text":"review each risk factor carefully.","page_number":79,"box":{"x":549,"y":108,"width":206,"height":11}},{"id":"c5e1f853-c3d7-42e3-bf88-f652ca254b13","block_type":"box","text":"Risk of Investing in Switzerland","page_number":79,"box":{"x":549,"y":131,"width":213,"height":11}},{"id":"502b1d37-7169-4141-a4f1-884e77087483","block_type":"box","text":".","page_number":79,"box":{"x":762,"y":138,"width":3,"height":2}},{"id":"8163e848-a9f3-4b6d-abca-0a0a2d8311d0","block_type":"box","text":"Investments in Swiss issuers","page_number":79,"box":{"x":771,"y":131,"width":182,"height":9}},{"id":"78bcaeaf-6e16-42d9-b985-651728c87582","block_type":"box","text":"will subject the Fund to legal, regulatory, political, currency,","page_number":79,"box":{"x":549,"y":146,"width":381,"height":10}},{"id":"5074304f-7755-4ffd-b332-8cfd6e996b0b","block_type":"box","text":"security, and economic risks specific to Switzerland. International","page_number":79,"box":{"x":549,"y":160,"width":419,"height":11}},{"id":"b1e62c5e-9304-4bca-aec6-28f1fa696cb8","block_type":"box","text":"trade is a large component of the Swiss economy and Switzerland","page_number":79,"box":{"x":549,"y":174,"width":421,"height":11}},{"id":"2e002206-4a25-46c9-9dc8-2fd023cee32b","block_type":"box","text":"depends upon exports to generate economic growth. The Swiss","page_number":79,"box":{"x":549,"y":188,"width":406,"height":11}},{"id":"c517e6fe-77bb-4647-b94a-cbb7dd0dbc78","block_type":"box","text":"economy relies on certain key trading partners in order to sustain","page_number":79,"box":{"x":549,"y":202,"width":418,"height":11}},{"id":"47efb853-9bc8-47e4-ac24-dc092f6f7ca9","block_type":"box","text":"continued economic growth. Switzerland’s economic growth","page_number":79,"box":{"x":549,"y":217,"width":385,"height":10}},{"id":"8a816dfd-2dc5-4592-8e97-75b399f6a73e","block_type":"box","text":"generally mirrors slowdowns and growth spurts experienced in","page_number":79,"box":{"x":549,"y":231,"width":400,"height":11}},{"id":"313f89f5-54a6-46ec-808f-1c15f3d2239b","block_type":"box","text":"other countries, including the U.S. and certain Western European","page_number":79,"box":{"x":549,"y":245,"width":415,"height":11}},{"id":"ebc13459-1d10-4617-b15b-0826f927cda1","block_type":"box","text":"countries.","page_number":79,"box":{"x":549,"y":259,"width":62,"height":9}},{"id":"0ed0d650-75b2-49a9-a64d-1f45148ed154","block_type":"box","text":"Non-U.S. Securities Risk","page_number":79,"box":{"x":549,"y":282,"width":165,"height":9}},{"id":"26c27488-7201-4091-8432-675f2a3bd21e","block_type":"box","text":".","page_number":79,"box":{"x":714,"y":289,"width":2,"height":2}},{"id":"388f1711-a7ec-45c4-9ad2-4234ed1a2f4d","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":79,"box":{"x":722,"y":282,"width":236,"height":11}},{"id":"2e91ad04-f112-482c-8e76-8a73d2c550d2","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":79,"box":{"x":549,"y":296,"width":382,"height":11}},{"id":"7d3bffcb-0949-4123-9ad9-c52b73593bef","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":79,"box":{"x":549,"y":311,"width":406,"height":10}},{"id":"912c62c3-58ee-4606-a1d5-deaccc6055e5","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":79,"box":{"x":549,"y":325,"width":369,"height":11}},{"id":"b703974c-49e0-43c1-a0b0-c4bd3e5d2fec","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":79,"box":{"x":548,"y":339,"width":356,"height":11}},{"id":"a323a369-52f7-49a6-8b0e-b8d36a73e06a","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":79,"box":{"x":549,"y":353,"width":407,"height":11}},{"id":"89261507-7d62-4d91-81fe-ae0fbeb98eb6","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":79,"box":{"x":549,"y":367,"width":397,"height":11}},{"id":"8870b9cd-ec15-423c-bdde-25b911d65f2d","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":79,"box":{"x":549,"y":381,"width":403,"height":11}},{"id":"0dcc16d4-ae04-406e-afdf-33375cbdc4c0","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":79,"box":{"x":549,"y":396,"width":371,"height":11}},{"id":"652cec3f-36ff-43c3-82da-428646b7670f","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":79,"box":{"x":549,"y":410,"width":386,"height":11}},{"id":"77eca45b-b05f-4a3e-8f65-e7ba27b6637c","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":79,"box":{"x":549,"y":424,"width":391,"height":11}},{"id":"107345a8-3e96-4587-a876-8c7f5545e255","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":79,"box":{"x":549,"y":438,"width":351,"height":11}},{"id":"5ad3dbef-4c72-4da6-a1ba-c2398789b14d","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":79,"box":{"x":549,"y":452,"width":413,"height":11}},{"id":"53782d54-660c-4bf0-8f11-2564436eea24","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":79,"box":{"x":549,"y":467,"width":405,"height":10}},{"id":"122a177e-fdc0-4951-b644-5229001cd098","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":79,"box":{"x":549,"y":481,"width":372,"height":10}},{"id":"1a1e2d46-9873-479e-b0cb-c8bde73a6084","block_type":"box","text":"countries will have a more significant impact on the Fund. The","page_number":79,"box":{"x":549,"y":495,"width":395,"height":11}},{"id":"34515cdf-f57b-46cf-b76c-0872ec032ead","block_type":"box","text":"Fund is specifically exposed to","page_number":79,"box":{"x":550,"y":509,"width":194,"height":11}},{"id":"11534871-799d-4efc-987f-4b9c1235756d","block_type":"box","text":"European Economic Risk","page_number":79,"box":{"x":750,"y":509,"width":171,"height":11}},{"id":"577dd3cb-a691-45a9-9804-ece0dcdc99b0","block_type":"box","text":".","page_number":79,"box":{"x":922,"y":516,"width":2,"height":2}},{"id":"286b4a6d-29ae-4929-9f34-787531967b75","block_type":"box","text":"Equity Securities Risk","page_number":79,"box":{"x":549,"y":532,"width":148,"height":11}},{"id":"698ee4b3-8d2d-4c1f-9f70-5f00ebc7c21d","block_type":"box","text":".","page_number":79,"box":{"x":697,"y":539,"width":2,"height":2}},{"id":"e48edb0c-faff-40ac-a5b0-a056c9397019","block_type":"box","text":"Equity securities are subject to changes","page_number":79,"box":{"x":705,"y":532,"width":254,"height":11}},{"id":"6dcd62d6-5240-449a-bf6c-e32d0140dae9","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":79,"box":{"x":549,"y":547,"width":422,"height":10}},{"id":"767c94ac-63b1-44a5-b234-8b2da1af081c","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":79,"box":{"x":549,"y":561,"width":420,"height":11}},{"id":"38aa7250-753c-4471-aea4-a52953a8126b","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":79,"box":{"x":549,"y":575,"width":397,"height":11}},{"id":"48d9a6c5-1020-4d8e-ae56-3e96b60394e6","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":79,"box":{"x":549,"y":589,"width":359,"height":11}},{"id":"2ea0db8f-643b-4589-902c-48acc34a64ad","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":79,"box":{"x":549,"y":603,"width":390,"height":11}},{"id":"a037d7f9-fe71-4bd4-a267-a1d56b0492ce","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":79,"box":{"x":549,"y":617,"width":412,"height":11}},{"id":"d8e6410b-933e-4456-831b-9103c551be0f","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":79,"box":{"x":549,"y":632,"width":373,"height":10}},{"id":"c93531d2-58af-4d8b-85f2-15bcd07f0f6b","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":79,"box":{"x":549,"y":646,"width":309,"height":11}},{"id":"1295e0a7-5731-4555-b839-5212fc45295c","block_type":"box","text":"Market Risk","page_number":79,"box":{"x":549,"y":669,"width":82,"height":8}},{"id":"fac60c02-6642-47b2-a511-cdc980274421","block_type":"box","text":".","page_number":79,"box":{"x":631,"y":676,"width":3,"height":1}},{"id":"3af1091c-1c6f-4314-b74d-99894f48219e","block_type":"box","text":"The Fund could lose money over short periods due","page_number":79,"box":{"x":639,"y":669,"width":322,"height":11}},{"id":"3ffbee56-1c7f-459f-b2d8-29547fdfc201","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":79,"box":{"x":549,"y":683,"width":413,"height":11}},{"id":"12020598-d287-42a5-b8bf-9eebfa2495e6","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":79,"box":{"x":549,"y":697,"width":382,"height":11}},{"id":"f3844a1a-ff19-40af-aa55-744a37b89015","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":79,"box":{"x":549,"y":712,"width":411,"height":10}},{"id":"dae5e969-c677-42bf-b955-a70c99b09042","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":79,"box":{"x":549,"y":726,"width":370,"height":10}},{"id":"8d770e34-ac5b-4911-988b-7a11fc7aa80e","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":79,"box":{"x":549,"y":740,"width":404,"height":11}},{"id":"cab2bf02-cf47-4e37-af82-fa32fa8e047a","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":79,"box":{"x":549,"y":754,"width":395,"height":11}},{"id":"6365d7fd-89f1-45da-9288-d0d3c7e380ee","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":79,"box":{"x":549,"y":768,"width":395,"height":11}},{"id":"fec19703-c746-4470-8c14-292bc49c4fad","block_type":"box","text":"NAV.","page_number":79,"box":{"x":550,"y":783,"width":27,"height":8}},{"id":"35a2c7d0-0618-471b-9fcc-f4be3312a82a","block_type":"box","text":"Index-Related Risk.","page_number":79,"box":{"x":549,"y":806,"width":129,"height":8}},{"id":"affc5c7c-ff26-4888-932a-2953e4a191ac","block_type":"box","text":"The Index Provider may rely on various","page_number":79,"box":{"x":683,"y":806,"width":247,"height":10}},{"id":"cabac076-a760-468a-8bb3-75a6ec86830b","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":79,"box":{"x":549,"y":820,"width":423,"height":11}},{"id":"da282fc4-8247-4c31-a79e-edd6cad22874","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":79,"box":{"x":550,"y":834,"width":391,"height":11}},{"id":"abe3da44-a7c8-4345-9454-f0d477f2c12a","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":79,"box":{"x":549,"y":848,"width":406,"height":11}},{"id":"5d7c5175-773b-4699-8294-4aa8f119d9d4","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":79,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"8fab7b08-e8b0-48de-82e3-d147ec27e25a","block_type":"box","text":"information will provide an accurate assessment of included","page_number":79,"box":{"x":549,"y":877,"width":384,"height":10}},{"id":"e8d68ca7-17be-4440-88df-47515233f957","block_type":"box","text":"S-68","page_number":79,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f6b51acf-0c6a-4f54-af82-fcd34df0baad","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":80,"box":{"x":83,"y":23,"width":387,"height":11}},{"id":"63cc611e-7ced-4381-90f0-aff9e5f30a20","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":80,"box":{"x":83,"y":37,"width":366,"height":11}},{"id":"b4e0d47a-40ae-470d-a902-bf44f5762b64","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":80,"box":{"x":83,"y":51,"width":377,"height":11}},{"id":"aa5f3b9a-924a-4ccf-b44a-fbac42600019","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":80,"box":{"x":83,"y":66,"width":413,"height":11}},{"id":"646267e8-6b33-43ed-9b31-09f30f441081","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":80,"box":{"x":83,"y":80,"width":396,"height":11}},{"id":"a82d602b-ada8-4aa1-b39e-2518b43dbc07","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":80,"box":{"x":83,"y":94,"width":367,"height":11}},{"id":"7b5bf08a-df20-46c9-b8e0-161c6f7cd076","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":80,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"13a34bb4-55b0-4743-91b6-bf7a89c2e45b","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":80,"box":{"x":83,"y":122,"width":409,"height":11}},{"id":"9a4512bb-656c-49b5-a87c-3700553a7ff9","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":80,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"656a1e26-50a4-4312-b0b5-b247f9484f76","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":80,"box":{"x":83,"y":151,"width":362,"height":11}},{"id":"47e20bf1-704c-4773-a669-e386e40dfa65","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":80,"box":{"x":83,"y":165,"width":423,"height":11}},{"id":"20d7b946-c7df-4c88-a249-dfeb90a70703","block_type":"box","text":"Asset Class Risk.","page_number":80,"box":{"x":81,"y":188,"width":115,"height":9}},{"id":"f83e8c3f-5718-4101-b375-74b7774c8be4","block_type":"box","text":"The securities and other assets in the","page_number":80,"box":{"x":202,"y":188,"width":239,"height":9}},{"id":"0e78a976-57f7-41f3-8fe8-08701a8dd204","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":80,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"6231c208-2929-4c9a-ab46-e9f2d7350229","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":80,"box":{"x":83,"y":216,"width":405,"height":11}},{"id":"2b6a2b3d-5419-43e7-977d-66bee07c10e3","block_type":"box","text":"market, another index, or other asset classes.","page_number":80,"box":{"x":83,"y":231,"width":292,"height":10}},{"id":"12556632-3f9b-4dcd-8108-39e8447f53a6","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":80,"box":{"x":81,"y":254,"width":290,"height":11}},{"id":"7a5ba432-e724-4c8c-be09-f635d8a71510","block_type":"box","text":"An “Authorized","page_number":80,"box":{"x":381,"y":254,"width":93,"height":8}},{"id":"a1a9df3d-74bf-462a-aeb0-fa49f25a8a79","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":80,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"6aeed377-f410-413a-ab8c-fbffde5b7529","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":80,"box":{"x":83,"y":282,"width":411,"height":11}},{"id":"e7cacb69-9d3f-4c0a-9ce8-a216b48a1135","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":80,"box":{"x":84,"y":296,"width":395,"height":11}},{"id":"abcd510b-4578-4816-9132-a7a3085c7505","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":80,"box":{"x":84,"y":311,"width":399,"height":10}},{"id":"2da199ba-74ad-4df1-873a-2ed944312d0e","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":80,"box":{"x":83,"y":325,"width":407,"height":11}},{"id":"29265d42-0644-476a-a427-39894be66bbd","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":80,"box":{"x":83,"y":339,"width":409,"height":11}},{"id":"ae634ce3-124b-4dd7-9163-8dbc2c7fd17e","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":80,"box":{"x":83,"y":353,"width":412,"height":11}},{"id":"89e6d468-5c92-4f4e-a0fb-0c4c390097d8","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":80,"box":{"x":83,"y":367,"width":403,"height":11}},{"id":"648ddd6d-d3b9-42f5-bac4-fb1bbcdf126e","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":80,"box":{"x":83,"y":382,"width":378,"height":10}},{"id":"ba122867-af65-4655-9f91-b6348d3984c4","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":80,"box":{"x":84,"y":396,"width":379,"height":11}},{"id":"e84e7f03-d979-4e82-95bf-cd29c75b59b6","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":80,"box":{"x":83,"y":410,"width":404,"height":11}},{"id":"3a506577-1696-4104-8622-66419ffb76cb","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":80,"box":{"x":83,"y":424,"width":399,"height":11}},{"id":"94d02511-1ffd-4ed4-814b-ca028c02cb83","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":80,"box":{"x":84,"y":438,"width":391,"height":11}},{"id":"1c79d996-3fc0-4af0-99cb-531e7de37530","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":80,"box":{"x":83,"y":452,"width":408,"height":11}},{"id":"7d060995-bb58-4f13-b1dd-17621d17b98a","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":80,"box":{"x":83,"y":467,"width":273,"height":10}},{"id":"fe54a487-71c5-41a8-a470-42aa26b5b65f","block_type":"box","text":"Concentration Risk.","page_number":80,"box":{"x":83,"y":490,"width":132,"height":8}},{"id":"ec9c79d2-6e55-4615-bf4c-3684f315ed2e","block_type":"box","text":"The Fund may be susceptible to an","page_number":80,"box":{"x":220,"y":490,"width":222,"height":11}},{"id":"13e1db4b-ac52-4a4c-ae31-b4e519fb5458","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":80,"box":{"x":83,"y":504,"width":419,"height":11}},{"id":"c6925b7e-410f-45df-b824-0912a6081395","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":80,"box":{"x":83,"y":518,"width":407,"height":10}},{"id":"c61a4bba-9be3-44b8-8f67-c6e3ebba2ba3","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":80,"box":{"x":83,"y":532,"width":417,"height":9}},{"id":"0a2f6504-9c39-4901-9ca2-21ca34acd035","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":80,"box":{"x":83,"y":547,"width":395,"height":10}},{"id":"278c4453-516b-4910-8b03-f7e0677e5cc4","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":80,"box":{"x":83,"y":561,"width":388,"height":11}},{"id":"e5e1be1d-6ea4-4bcc-9d5a-a72daf1cb86d","block_type":"box","text":"asset classes.","page_number":80,"box":{"x":83,"y":575,"width":88,"height":8}},{"id":"a4100d1f-54eb-483d-86a6-68736e5a82f9","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":80,"box":{"x":83,"y":598,"width":325,"height":11}},{"id":"171362fb-bea3-4af3-80cc-0a0b99570364","block_type":"box","text":"Consumer","page_number":80,"box":{"x":414,"y":598,"width":65,"height":9}},{"id":"598bf3b1-f3b2-4e4f-add7-cee2c3194cdc","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":80,"box":{"x":83,"y":612,"width":399,"height":11}},{"id":"c54cb8b7-cc06-4d14-a364-a10480f98015","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":80,"box":{"x":83,"y":626,"width":420,"height":11}},{"id":"568fcfb2-8c67-401c-bbaf-d0a595e92972","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":80,"box":{"x":83,"y":641,"width":423,"height":10}},{"id":"5c2f36cc-4813-4061-a859-72c93d41d9d3","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":80,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"f9e71de7-6496-44e3-8fc1-527d3331fd27","block_type":"box","text":"other things.","page_number":80,"box":{"x":83,"y":669,"width":79,"height":11}},{"id":"486e5cf4-4fbd-461a-92b2-6f518beb856a","block_type":"box","text":"Currency Risk","page_number":80,"box":{"x":83,"y":692,"width":95,"height":11}},{"id":"c2116470-dfe4-43e3-9551-4857be1f3b81","block_type":"box","text":".","page_number":80,"box":{"x":179,"y":699,"width":2,"height":2}},{"id":"5fc781a9-4d3b-4716-a1d4-ca960ef8d633","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":80,"box":{"x":187,"y":692,"width":292,"height":9}},{"id":"f44e32c7-d5ec-4c6c-ac8d-fdffc23351e8","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":80,"box":{"x":83,"y":706,"width":388,"height":11}},{"id":"b894ac8f-bb0c-4142-b882-008aa23cb253","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":80,"box":{"x":83,"y":721,"width":395,"height":10}},{"id":"8d664320-0350-44f3-9f0f-7cf4b48b0617","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":80,"box":{"x":83,"y":735,"width":415,"height":11}},{"id":"96a22a6c-2ba0-4e23-b9e5-c8a5e6250f9e","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":80,"box":{"x":83,"y":749,"width":404,"height":11}},{"id":"45c78aa6-c341-4110-b96b-214001eaec52","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":80,"box":{"x":83,"y":763,"width":394,"height":11}},{"id":"f6cc2a75-abbb-4c3e-b991-0868e434b124","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":80,"box":{"x":83,"y":777,"width":398,"height":11}},{"id":"012ee90e-e043-4a70-bc00-7db572473f46","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":80,"box":{"x":83,"y":791,"width":392,"height":11}},{"id":"122cfbd9-5774-44ff-9224-c2be0d26bc68","block_type":"box","text":"dollars and foreign currencies.","page_number":80,"box":{"x":83,"y":806,"width":193,"height":10}},{"id":"d0b7c71a-5922-44ee-a69d-8691fa2706dc","block_type":"box","text":"Financial Companies Risk","page_number":80,"box":{"x":83,"y":829,"width":174,"height":11}},{"id":"dc06f87f-69af-4321-b927-62b972e229c4","block_type":"box","text":".","page_number":80,"box":{"x":257,"y":835,"width":3,"height":2}},{"id":"d09d8eb6-7044-4a10-997b-22ead02c8bae","block_type":"box","text":"Financial services companies are","page_number":80,"box":{"x":266,"y":829,"width":211,"height":11}},{"id":"afb2414a-7ff7-4e2f-92c6-0a20c67d4e7a","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":80,"box":{"x":83,"y":843,"width":400,"height":11}},{"id":"95cfbe15-520c-49d9-9e62-a23b8d5ec155","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":80,"box":{"x":82,"y":857,"width":405,"height":11}},{"id":"2748514d-3c0b-4da8-a28e-07b71bbe8252","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":80,"box":{"x":83,"y":871,"width":405,"height":11}},{"id":"08bb2e15-37b6-4903-8aca-a84e864d171b","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":80,"box":{"x":549,"y":23,"width":385,"height":11}},{"id":"3897729b-0278-4229-aac6-2c5a0d511a45","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":80,"box":{"x":549,"y":37,"width":395,"height":11}},{"id":"62ba7a11-6241-4019-8e34-9bc1450b61bc","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":80,"box":{"x":549,"y":51,"width":367,"height":11}},{"id":"0a177d4d-6d02-4ccc-a6fb-f5c68ba835c7","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":80,"box":{"x":549,"y":66,"width":343,"height":11}},{"id":"705291f0-1e9f-4af9-9615-d2b2392c7877","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":80,"box":{"x":549,"y":80,"width":410,"height":11}},{"id":"b978dd63-10c4-4f4c-b9a2-ae81807d7270","block_type":"box","text":"and counterparty risk.","page_number":80,"box":{"x":549,"y":94,"width":140,"height":11}},{"id":"7bcab165-cd44-4f6c-a62f-7d0050ff729a","block_type":"box","text":"Healthcare Companies Risk","page_number":80,"box":{"x":549,"y":117,"width":188,"height":11}},{"id":"c9457130-79bf-44b2-9b6e-5a879e92a776","block_type":"box","text":".","page_number":80,"box":{"x":737,"y":124,"width":3,"height":2}},{"id":"73b431ac-8f4b-4c6b-ba9c-ff6de3f7394c","block_type":"box","text":"The profitability of healthcare","page_number":80,"box":{"x":745,"y":117,"width":187,"height":11}},{"id":"236687c2-f11f-4037-ac79-313d150f9ad5","block_type":"box","text":"companies may be adversely affected by extensive government","page_number":80,"box":{"x":549,"y":131,"width":405,"height":11}},{"id":"3a3d72ff-db70-4a68-ab22-fc0c7c280a14","block_type":"box","text":"regulations, restrictions on government reimbursement for","page_number":80,"box":{"x":549,"y":146,"width":376,"height":10}},{"id":"6a1289c6-902e-4f9a-a82e-514fb7e20509","block_type":"box","text":"medical expenses, rising costs of medical products and services,","page_number":80,"box":{"x":549,"y":160,"width":414,"height":11}},{"id":"54fcc470-1a7c-42d4-a65b-3e305d2ee905","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited","page_number":80,"box":{"x":549,"y":174,"width":417,"height":11}},{"id":"82f8738b-573d-4b66-b4ae-72724e7e0c8f","block_type":"box","text":"product lines, supply chain issues, labor shortages and product","page_number":80,"box":{"x":549,"y":188,"width":403,"height":11}},{"id":"71a44d2f-995f-45b4-a046-2103e9e9f7ca","block_type":"box","text":"liability claims, among other factors.","page_number":80,"box":{"x":549,"y":202,"width":231,"height":11}},{"id":"3ec3abf3-45fd-4876-8b9f-087a99e7ba06","block_type":"box","text":"Issuer Risk","page_number":80,"box":{"x":549,"y":225,"width":75,"height":9}},{"id":"235c96df-e409-4d25-93f3-b01b4df8aa17","block_type":"box","text":".","page_number":80,"box":{"x":624,"y":232,"width":3,"height":2}},{"id":"ebeaebfd-e0bb-40c2-8e0f-336dbb472386","block_type":"box","text":"The performance of the Fund depends on the","page_number":80,"box":{"x":632,"y":226,"width":288,"height":10}},{"id":"321420bd-d03f-4fc2-89d2-aad7ca4945e1","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":80,"box":{"x":549,"y":240,"width":412,"height":10}},{"id":"fd1ad8cd-2513-4c09-8aaf-9f7a4c9ce552","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":80,"box":{"x":550,"y":254,"width":402,"height":11}},{"id":"8ef307f7-c79e-4590-a54b-03daa0dfd17a","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":80,"box":{"x":549,"y":268,"width":418,"height":11}},{"id":"484a43a3-d9b2-44a0-b772-e7febde9d41e","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":80,"box":{"x":549,"y":282,"width":414,"height":11}},{"id":"3d539b21-7b31-459d-81d7-e69db046794f","block_type":"box","text":"counterparty.","page_number":80,"box":{"x":549,"y":297,"width":84,"height":10}},{"id":"316aace3-1c32-4ac5-a5f5-8b389b86f969","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":80,"box":{"x":549,"y":320,"width":252,"height":10}},{"id":"447d5918-b3b1-4133-a42c-1556c6ac809b","block_type":"box","text":"Large-capitalization","page_number":80,"box":{"x":808,"y":320,"width":124,"height":10}},{"id":"63e077b4-8fe1-49f6-86a1-48a3e8928996","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":80,"box":{"x":549,"y":334,"width":352,"height":11}},{"id":"0aa32703-fa49-423f-aca0-5e5b6a11b381","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":80,"box":{"x":549,"y":348,"width":352,"height":11}},{"id":"9726eac2-9465-4a48-a41a-2805e562c9ee","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":80,"box":{"x":549,"y":362,"width":405,"height":11}},{"id":"d21d7c61-60f7-4fb1-8225-6e60cf3ce7bf","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":80,"box":{"x":549,"y":376,"width":371,"height":11}},{"id":"2810937c-8a46-48ec-ab9d-d95a80885168","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":80,"box":{"x":549,"y":391,"width":340,"height":10}},{"id":"a7dc9ceb-81d4-4aad-b919-d2b8968d9a7c","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":80,"box":{"x":549,"y":405,"width":390,"height":11}},{"id":"8976627b-d967-499c-8fe9-77be44855e93","block_type":"box","text":"overall performance of the broader securities markets.","page_number":80,"box":{"x":549,"y":419,"width":349,"height":11}},{"id":"80890d34-57d0-4158-88fa-7fb46b122c05","block_type":"box","text":"Management Risk","page_number":80,"box":{"x":549,"y":442,"width":123,"height":11}},{"id":"e0c660d7-2489-49df-b496-956a31c68dc4","block_type":"box","text":".","page_number":80,"box":{"x":672,"y":449,"width":2,"height":2}},{"id":"deda36f1-9490-489c-9050-52740196e479","block_type":"box","text":"The Fund generally does not attempt to take","page_number":80,"box":{"x":679,"y":442,"width":283,"height":11}},{"id":"bb1aa810-79be-4ee7-826b-7edf3044fffd","block_type":"box","text":"defensive positions under any market conditions, including","page_number":80,"box":{"x":549,"y":456,"width":376,"height":11}},{"id":"ab5abf94-dfc1-416f-9c5f-e0eb045cc420","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":80,"box":{"x":549,"y":470,"width":362,"height":11}},{"id":"80a5a2b4-c437-4ba9-b7a1-29646f8b0116","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":80,"box":{"x":550,"y":485,"width":387,"height":10}},{"id":"af6d55de-c08d-4625-b61a-8d0e2e7c3a43","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":80,"box":{"x":549,"y":499,"width":409,"height":11}},{"id":"f234e752-1a90-49c0-bfa9-6306fb011d3e","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":80,"box":{"x":549,"y":513,"width":419,"height":11}},{"id":"b58c453f-67eb-4e5f-ba8e-4030269d4b8d","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":80,"box":{"x":549,"y":527,"width":420,"height":11}},{"id":"2c257bb0-7c00-4ec8-9dbe-fe09b034a235","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":80,"box":{"x":549,"y":541,"width":403,"height":11}},{"id":"8193cc80-e84e-4d93-a5a9-7f51da0b825d","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":80,"box":{"x":549,"y":556,"width":323,"height":10}},{"id":"003d6262-a180-43f8-973f-325b3cf353ca","block_type":"box","text":"Market Trading Risk","page_number":80,"box":{"x":549,"y":579,"width":136,"height":11}},{"id":"f47a5e7a-2127-47e9-b709-33ac932d6b20","block_type":"box","text":".","page_number":80,"box":{"x":685,"y":585,"width":2,"height":2}},{"id":"8700872f-ac4a-4012-99b7-dd9b5b8de9e0","block_type":"box","text":"The Fund faces numerous market trading","page_number":80,"box":{"x":692,"y":579,"width":264,"height":11}},{"id":"c395d2d9-8eab-461a-acf4-4ed7df146508","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":80,"box":{"x":549,"y":593,"width":394,"height":11}},{"id":"c92fdf7f-ba86-4756-80e7-959c33f55dc4","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":80,"box":{"x":549,"y":607,"width":401,"height":11}},{"id":"6eec256a-9deb-4666-9312-ec4d7c87cd44","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":80,"box":{"x":549,"y":621,"width":404,"height":11}},{"id":"d6604b39-58ac-40ca-abc6-9d8d8f82ea48","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":80,"box":{"x":549,"y":635,"width":416,"height":11}},{"id":"37649a59-27e6-482b-8897-1ccc44f4d1f6","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":80,"box":{"x":549,"y":650,"width":404,"height":10}},{"id":"d5b851e4-41cc-4617-9ffc-1ccfab4717af","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":80,"box":{"x":549,"y":664,"width":411,"height":11}},{"id":"89459662-2216-483f-80bb-ac7dcea981a7","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":80,"box":{"x":549,"y":678,"width":397,"height":11}},{"id":"f9d37b35-135b-4481-bbd9-c723781dbeac","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":80,"box":{"x":549,"y":692,"width":419,"height":11}},{"id":"09561ee4-5c89-4ae5-9fea-3dc528d781ed","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":80,"box":{"x":549,"y":706,"width":413,"height":11}},{"id":"e5de8f86-463b-4232-8168-84cf72464eed","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":80,"box":{"x":549,"y":721,"width":397,"height":10}},{"id":"8d0d4654-2843-468b-8d15-047674d974e6","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":80,"box":{"x":549,"y":735,"width":316,"height":11}},{"id":"11fa3ce4-bd86-43c2-a4ad-cd56cde1d1ed","block_type":"box","text":"National Closed Market Trading Risk.","page_number":80,"box":{"x":549,"y":758,"width":250,"height":11}},{"id":"a8015f06-3c04-4a8c-87cf-148d7fc9ab25","block_type":"box","text":"To the extent that","page_number":80,"box":{"x":805,"y":758,"width":113,"height":8}},{"id":"f30deae8-1b35-424a-9cae-41259eb13529","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":80,"box":{"x":549,"y":772,"width":378,"height":11}},{"id":"49852103-7291-4fa0-9c30-d9271c0176c6","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":80,"box":{"x":549,"y":786,"width":393,"height":11}},{"id":"c20e43fd-54e0-4e9f-8787-c7bc68e2e614","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":80,"box":{"x":549,"y":800,"width":396,"height":11}},{"id":"0c81e6a9-1ab3-432e-84da-e28cc3165fa7","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":80,"box":{"x":549,"y":815,"width":392,"height":10}},{"id":"3576aeda-d3e6-41e1-8a8a-2e7738dce181","block_type":"box","text":"price and its last quoted price (","page_number":80,"box":{"x":549,"y":829,"width":198,"height":11}},{"id":"7cbaad54-7d9a-44d7-b886-5793af1cb406","block_type":"box","text":"i.e","page_number":80,"box":{"x":748,"y":829,"width":14,"height":8}},{"id":"7bf012ab-086b-4418-accc-f075ccc1fe02","block_type":"box","text":"., the quote from the closed","page_number":80,"box":{"x":764,"y":829,"width":176,"height":11}},{"id":"a0103f38-c629-4ab7-a502-80565a58370e","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":80,"box":{"x":549,"y":843,"width":376,"height":11}},{"id":"e54d8718-8331-447a-95b8-4bb271610c57","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":80,"box":{"x":549,"y":857,"width":420,"height":11}},{"id":"90a3e546-2ed5-4236-a887-5363d8aa6851","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":80,"box":{"x":549,"y":871,"width":403,"height":11}},{"id":"1ee61c29-4419-4027-9372-709c6709929d","block_type":"box","text":"S-69","page_number":80,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9187b26c-6383-4153-9717-2b8dcad4dc82","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":81,"box":{"x":82,"y":23,"width":361,"height":11}},{"id":"b28ec550-dc49-4780-a6f7-b91493b65661","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":81,"box":{"x":83,"y":37,"width":398,"height":11}},{"id":"a68b3e8e-b797-4477-a477-f2164a2a0f1e","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":81,"box":{"x":84,"y":51,"width":410,"height":11}},{"id":"5c500ffb-172b-45fb-9029-dcce880bf436","block_type":"box","text":"Non-Diversification Risk","page_number":81,"box":{"x":83,"y":75,"width":165,"height":8}},{"id":"fd302f8e-a55d-460b-a767-ff1405d0e501","block_type":"box","text":".","page_number":81,"box":{"x":248,"y":81,"width":2,"height":2}},{"id":"26521aac-154e-4775-a629-dd8c59683722","block_type":"box","text":"The Fund is classified as “non","page_number":81,"box":{"x":255,"y":75,"width":193,"height":8}},{"id":"258b03cf-440b-4247-8641-c501ea140e98","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":81,"box":{"x":83,"y":89,"width":377,"height":11}},{"id":"09b9fd09-58d5-445b-bcc1-076c43cf8f3f","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":81,"box":{"x":83,"y":103,"width":358,"height":11}},{"id":"f223d469-cd8a-4fbb-b203-1bfa8067cbae","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":81,"box":{"x":83,"y":117,"width":370,"height":11}},{"id":"74bc5d05-ef00-4adf-9e1e-b1080c52f952","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":81,"box":{"x":83,"y":131,"width":422,"height":11}},{"id":"3ff5c5a8-e2e5-48a1-9fa6-ab27feaa200b","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":81,"box":{"x":83,"y":146,"width":379,"height":10}},{"id":"db2dfbf9-054d-4596-b376-979f652f2335","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":81,"box":{"x":83,"y":160,"width":375,"height":11}},{"id":"8665416b-e79b-4deb-ad3f-36e999a5187f","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":81,"box":{"x":83,"y":174,"width":418,"height":11}},{"id":"e8c15711-4bec-4953-8db6-3e2564eb6932","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":81,"box":{"x":83,"y":188,"width":418,"height":11}},{"id":"dbc55506-6d5e-4d4e-ad5d-ef7963f564d6","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":81,"box":{"x":83,"y":202,"width":209,"height":11}},{"id":"eee9f1f5-451b-4282-89c9-2022f912b587","block_type":"box","text":"Operational and Technology Risks","page_number":81,"box":{"x":83,"y":226,"width":230,"height":10}},{"id":"e75211a3-fe46-462b-867e-7fe5fc94b33b","block_type":"box","text":".","page_number":81,"box":{"x":314,"y":232,"width":2,"height":2}},{"id":"9f33ce96-820c-430c-b4a2-c959284e469d","block_type":"box","text":"The Fund is directly and","page_number":81,"box":{"x":321,"y":226,"width":151,"height":10}},{"id":"07129ddb-9a97-429a-8c49-146dea827cca","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":81,"box":{"x":83,"y":240,"width":368,"height":11}},{"id":"52a24926-4759-4b4d-8429-2cf5d8ce5013","block_type":"box","text":"including those related to human errors, processing errors,","page_number":81,"box":{"x":83,"y":254,"width":376,"height":11}},{"id":"718d93d3-7b77-4358-90f2-31f05c21f16d","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":81,"box":{"x":83,"y":268,"width":413,"height":11}},{"id":"2eac62c8-3a82-43f0-b987-30868d53c00e","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":81,"box":{"x":83,"y":282,"width":404,"height":11}},{"id":"7a7f8d43-dc38-4e30-964f-24c33e10a5da","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":81,"box":{"x":82,"y":296,"width":402,"height":11}},{"id":"db6949a3-1dc5-4131-8dc8-e9bf47b02669","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":81,"box":{"x":83,"y":311,"width":376,"height":10}},{"id":"fb76b0d8-c4cf-42e4-ac31-866f2ef19990","block_type":"box","text":"providers are required to have appropriate operational,","page_number":81,"box":{"x":83,"y":325,"width":350,"height":11}},{"id":"821cfdc8-c775-4301-8339-280647f5fddd","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":81,"box":{"x":83,"y":339,"width":414,"height":11}},{"id":"dcfeaea1-3c3e-446d-9c57-99812c53cadc","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":81,"box":{"x":83,"y":353,"width":397,"height":11}},{"id":"31fd94be-8e04-4021-8306-464d314c6f27","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":81,"box":{"x":82,"y":367,"width":411,"height":11}},{"id":"aa0875f7-03ae-474b-a65e-8d0296e6b723","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":81,"box":{"x":83,"y":382,"width":391,"height":8}},{"id":"a0d50886-eb05-4e71-b447-b7b3089526bb","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":81,"box":{"x":83,"y":396,"width":421,"height":11}},{"id":"5bf0478a-8d71-4a09-b5ba-ccef795920b4","block_type":"box","text":"investments in such issuers to lose value.","page_number":81,"box":{"x":83,"y":410,"width":264,"height":8}},{"id":"4b3c90c1-e7b7-478e-bcfc-7a2e6bcb24e9","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":81,"box":{"x":83,"y":433,"width":228,"height":11}},{"id":"37805611-5c56-4a03-8d12-e7b06af9a8d7","block_type":"box","text":".","page_number":81,"box":{"x":311,"y":440,"width":2,"height":2}},{"id":"0787d8ec-334d-4a6f-8af0-da20cbdc9a85","block_type":"box","text":"The Fund invests in a country","page_number":81,"box":{"x":318,"y":433,"width":188,"height":11}},{"id":"c0afbf42-284e-45b2-8d1a-144d51388964","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":81,"box":{"x":82,"y":447,"width":381,"height":11}},{"id":"118d6309-a208-4de9-af5b-d758711c7f0a","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":81,"box":{"x":83,"y":461,"width":380,"height":11}},{"id":"c09e6114-2960-41e0-a721-22df5b1678b0","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":81,"box":{"x":83,"y":476,"width":370,"height":10}},{"id":"a1a692ed-44da-4473-8ea4-817d637bf8f5","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":81,"box":{"x":83,"y":490,"width":403,"height":11}},{"id":"58ae81ac-bc50-4ada-99fd-43610ea60495","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":81,"box":{"x":82,"y":504,"width":326,"height":11}},{"id":"1c6a4146-c6b7-4942-8711-bcd7fce4551e","block_type":"box","text":"and","page_number":81,"box":{"x":413,"y":504,"width":22,"height":8}},{"id":"eeaaedf3-00b0-45a6-9c88-e93be03d05df","block_type":"box","text":"U.S.","page_number":81,"box":{"x":441,"y":504,"width":26,"height":8}},{"id":"45cb415d-fbeb-4ac1-9e00-dc52583a9d15","block_type":"box","text":"Economic Risk","page_number":81,"box":{"x":83,"y":518,"width":101,"height":9}},{"id":"44516b13-1b87-449e-a5bc-68c9f9c3dba4","block_type":"box","text":".","page_number":81,"box":{"x":186,"y":525,"width":1,"height":2}},{"id":"10272873-7e2c-4742-899e-3ea97c214df6","block_type":"box","text":"Securities Lending Risk.","page_number":81,"box":{"x":82,"y":541,"width":162,"height":11}},{"id":"faa270dc-cd9e-4436-b238-ca64cec1edc4","block_type":"box","text":"The Fund may engage in securities","page_number":81,"box":{"x":249,"y":541,"width":221,"height":11}},{"id":"394055a5-3062-4800-94a4-105d59c5e834","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":81,"box":{"x":83,"y":556,"width":396,"height":10}},{"id":"879a4135-f7b0-44d2-b67f-0d1c28066485","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":81,"box":{"x":83,"y":570,"width":418,"height":11}},{"id":"a2ec4da1-5972-4cdb-9ef6-c3c57d2eaccf","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":81,"box":{"x":83,"y":584,"width":408,"height":11}},{"id":"c58c573e-ef6d-45fc-947d-67e0431cfd15","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":81,"box":{"x":83,"y":598,"width":416,"height":11}},{"id":"23d2e402-d5e9-4c9e-9d04-d66957608f57","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":81,"box":{"x":83,"y":612,"width":389,"height":11}},{"id":"ea7a8ea3-08ee-4b70-a8de-7bff53ee9124","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":81,"box":{"x":83,"y":626,"width":406,"height":9}},{"id":"c81bd850-54cc-4e38-ae42-c85ad7bf86a7","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":81,"box":{"x":83,"y":641,"width":301,"height":10}},{"id":"1fe239c9-9b6c-4922-a78c-148200786d6f","block_type":"box","text":"Tracking Error Risk","page_number":81,"box":{"x":550,"y":23,"width":128,"height":11}},{"id":"a6cbfdd6-a859-4672-814d-31801359cd0b","block_type":"box","text":".","page_number":81,"box":{"x":678,"y":30,"width":3,"height":2}},{"id":"099bbbb6-a5d8-47cf-a0c5-be87531daf3f","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":81,"box":{"x":686,"y":23,"width":284,"height":11}},{"id":"b8e2d63c-4cb5-45d9-a475-c54f1eeea022","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":81,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"8d5b4da2-e44a-487b-b9bd-b75def04bb30","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":81,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"d3c78d1b-7dc6-42a7-916b-c274eed3d5ea","block_type":"box","text":"factors, including differences between the securities and other","page_number":81,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"2166206c-46f1-44c6-b466-aabb828d91cb","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":81,"box":{"x":549,"y":80,"width":381,"height":11}},{"id":"9b72c8b3-0d13-412c-ac7d-483c79c5587f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":81,"box":{"x":550,"y":94,"width":396,"height":11}},{"id":"0400bff3-2a47-4db9-85f7-054f7826b551","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":81,"box":{"x":549,"y":108,"width":407,"height":10}},{"id":"6630ad0a-51e2-4e59-83b7-4de8af2d736f","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":81,"box":{"x":549,"y":122,"width":400,"height":11}},{"id":"dd7c59b9-6177-4dec-961e-efac955037d9","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":81,"box":{"x":549,"y":137,"width":421,"height":10}},{"id":"faff98f2-5601-4363-898b-c94a2fa6bbf3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":81,"box":{"x":549,"y":151,"width":374,"height":11}},{"id":"0c668907-7e77-4908-8e73-c9a379dec124","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":81,"box":{"x":549,"y":165,"width":370,"height":11}},{"id":"089bd59c-0b9a-43c4-a5d0-261e570fa4e6","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":81,"box":{"x":549,"y":179,"width":372,"height":11}},{"id":"562d8050-313e-4a64-8093-022e44ca3afe","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":81,"box":{"x":549,"y":193,"width":420,"height":11}},{"id":"9475abbc-d65e-464e-a198-fc1c06c8553c","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":81,"box":{"x":549,"y":207,"width":387,"height":11}},{"id":"56777985-491c-4165-a494-579333c18914","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":81,"box":{"x":549,"y":222,"width":377,"height":10}},{"id":"12685d99-9500-4efc-82c6-95b31f78aa7c","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":81,"box":{"x":549,"y":236,"width":380,"height":11}},{"id":"00705540-8221-42c1-a4eb-dcc204e6fa38","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":81,"box":{"x":549,"y":250,"width":366,"height":11}},{"id":"3317e4a3-1aa9-4692-bd6a-7590062f2d6a","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":81,"box":{"x":549,"y":264,"width":414,"height":11}},{"id":"385a7f77-93e1-48b5-b249-94d1af96da15","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":81,"box":{"x":550,"y":278,"width":386,"height":11}},{"id":"677305c0-c369-40f7-8571-392f12104069","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":81,"box":{"x":549,"y":293,"width":414,"height":10}},{"id":"1f69bbc5-d9b7-4eb2-a44b-6eac65062615","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":81,"box":{"x":549,"y":307,"width":420,"height":11}},{"id":"fb36abdb-879b-4115-a92b-2a4a62bfe964","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":81,"box":{"x":549,"y":321,"width":383,"height":8}},{"id":"f4c02c81-a59d-4add-a81f-d1fedbba4d79","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":81,"box":{"x":549,"y":335,"width":390,"height":11}},{"id":"e89bdb8a-7092-4cfa-8452-122a22327442","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":81,"box":{"x":549,"y":349,"width":299,"height":9}},{"id":"d3dc6b95-f63d-4116-9715-aa36c958993a","block_type":"box","text":"Valuation Risk","page_number":81,"box":{"x":550,"y":372,"width":96,"height":9}},{"id":"347f2e0f-7455-4d2d-82fc-93f84d9ac2ec","block_type":"box","text":".","page_number":81,"box":{"x":646,"y":379,"width":2,"height":2}},{"id":"da4c7623-9cec-4f63-a1fd-f58778e78add","block_type":"box","text":"The price that the Fund could receive upon the","page_number":81,"box":{"x":653,"y":373,"width":298,"height":10}},{"id":"2a016f72-66cc-4ee9-91ed-ebad7b4706ae","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":81,"box":{"x":549,"y":387,"width":408,"height":10}},{"id":"14360f41-7f6d-4482-848c-aa317ce41737","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":81,"box":{"x":549,"y":401,"width":355,"height":11}},{"id":"77a2d60f-173b-4481-a588-bddd694ff987","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":81,"box":{"x":549,"y":415,"width":418,"height":11}},{"id":"417253ce-a25e-4522-8da7-e179bf838602","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":81,"box":{"x":549,"y":429,"width":347,"height":11}},{"id":"0be62cc2-9337-4d33-af75-2b1fc81fff76","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":81,"box":{"x":549,"y":443,"width":418,"height":11}},{"id":"f4e981b2-74c4-41c0-82de-d30737b66999","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":81,"box":{"x":549,"y":458,"width":406,"height":10}},{"id":"60316cdd-c2bc-4b5b-86a2-7fac30e803de","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":81,"box":{"x":549,"y":472,"width":411,"height":11}},{"id":"4a15cb27-10d7-471f-beb5-08d19e3909e6","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":81,"box":{"x":549,"y":486,"width":392,"height":11}},{"id":"c2db21cb-3424-4a0e-926b-3fdd553e3bc8","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":81,"box":{"x":549,"y":500,"width":414,"height":11}},{"id":"7bb557ef-3aae-4d0b-8840-f96a57ec10bf","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":81,"box":{"x":549,"y":514,"width":394,"height":11}},{"id":"522fe8ea-68b7-45f1-95a7-3ce17b0c226c","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":81,"box":{"x":548,"y":528,"width":383,"height":11}},{"id":"109834fc-fe35-4186-a94d-59bf53121c1d","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":81,"box":{"x":549,"y":543,"width":414,"height":10}},{"id":"cc909fe7-c2f8-431a-a4ca-322ebb1ffe43","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":81,"box":{"x":549,"y":557,"width":392,"height":8}},{"id":"f60ad303-7c6e-4c3c-b6e4-6c9dde22d1a5","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":81,"box":{"x":548,"y":571,"width":425,"height":11}},{"id":"9083f41b-7fa1-43d3-9672-aca760c97c46","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":81,"box":{"x":548,"y":585,"width":400,"height":11}},{"id":"35b9ecb7-8f7e-40d0-8c2e-9ab007bedf16","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":81,"box":{"x":549,"y":599,"width":405,"height":11}},{"id":"e6b6440c-908d-48e4-9306-cb66aa95e96a","block_type":"box","text":"S-70","page_number":81,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"da310370-bbe6-4914-8910-809ebc8ac44e","block_type":"box","text":"Performance Information","page_number":82,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"1327d373-984d-4e7a-a817-2106c085731b","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":82,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"a5ea6f33-b61b-4038-bf47-937481d5d907","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":82,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"666fe349-9a07-4846-85b6-74afb70022ca","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":82,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3182270e-819f-4fe0-946f-093f76101cc8","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":82,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"1cf7c249-076d-412c-a241-e11d07e4ba82","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":82,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"9d08ab9c-0071-42b2-a3fe-a73996f1ed50","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":82,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"f77ffd85-d9d1-4996-ad06-2e9d837e8502","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":82,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"3af0cde6-e157-4722-9daf-b3eea19239d2","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":82,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"6ac20e47-f24b-4ce4-b647-5cf5f80d7298","block_type":"box","text":"45%","page_number":82,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"fa99e0df-d8d5-4c68-b6cd-4ff49781ff84","block_type":"box","text":"30%","page_number":82,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"1d5774dc-73cd-4b58-a6d0-1bf3e1873fab","block_type":"box","text":"15%","page_number":82,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"be46e94e-8053-495b-9013-6fb012014ba7","block_type":"box","text":"0%","page_number":82,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"302a8144-72be-4a10-837c-1ec0a75dca85","block_type":"box","text":"-15%","page_number":82,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"2c5f670d-49bb-465a-8bed-5f8bd420a333","block_type":"box","text":"-30%","page_number":82,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"97b64c34-fdd1-4b3c-aaa5-8fd088872888","block_type":"box","text":"2","page_number":82,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"61e24b95-5edf-4d41-b44d-b7f56eec2615","block_type":"box","text":"0","page_number":82,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"af95febd-bee3-4fdf-9140-c78fef5d5ca3","block_type":"box","text":"1","page_number":82,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"999eb027-acb4-487f-8240-ebb859a8e3c6","block_type":"box","text":"5","page_number":82,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"b1626498-e007-4bfb-9fdd-a8708136a839","block_type":"box","text":"2","page_number":82,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"b459a9b4-a994-439a-aab0-96dac0f47d6d","block_type":"box","text":"0","page_number":82,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"62c24833-d6c2-45ab-b705-197916557ce8","block_type":"box","text":"1","page_number":82,"box":{"x":415,"y":321,"width":3,"height":7}},{"id":"8c9bd4af-6d80-42b8-87a2-9378f8fc739d","block_type":"box","text":"6","page_number":82,"box":{"x":421,"y":321,"width":5,"height":7}},{"id":"a118ea3a-b4b8-40ff-ab5a-9a37baa26639","block_type":"box","text":"2","page_number":82,"box":{"x":436,"y":321,"width":5,"height":7}},{"id":"f48c0be0-8071-47ab-b66f-8d4d6094da28","block_type":"box","text":"0","page_number":82,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"35da057e-3255-4f33-949b-75df1d103c34","block_type":"box","text":"17 2","page_number":82,"box":{"x":452,"y":321,"width":25,"height":7}},{"id":"106d8c84-ba1b-4161-bfde-794a398ffd8f","block_type":"box","text":"0","page_number":82,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"b29e8064-fda4-4880-b122-82cdc74c5b59","block_type":"box","text":"1","page_number":82,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"7b9f23af-517b-41e8-845c-025e726a2516","block_type":"box","text":"8","page_number":82,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"54003f12-1193-4989-9b7e-620c473da3ab","block_type":"box","text":"2","page_number":82,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"182ecf60-31b4-48fd-b82d-cb3141714db1","block_type":"box","text":"0","page_number":82,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"d971a1f7-2df3-438a-af21-99a764acb5d9","block_type":"box","text":"1","page_number":82,"box":{"x":524,"y":321,"width":2,"height":7}},{"id":"d13d909f-ba2b-4102-8b53-87e25eb3672b","block_type":"box","text":"9","page_number":82,"box":{"x":530,"y":321,"width":5,"height":7}},{"id":"146cc7fb-9160-4db1-8c2a-bad8fc053488","block_type":"box","text":"2","page_number":82,"box":{"x":544,"y":321,"width":5,"height":7}},{"id":"cf1d6fb0-6cf9-44f0-baac-35fd8c945dc8","block_type":"box","text":"0","page_number":82,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"856fdf17-4b3e-4fb5-be0f-08746585d5ca","block_type":"box","text":"2","page_number":82,"box":{"x":559,"y":321,"width":5,"height":7}},{"id":"1fa17366-9da7-47e2-9da2-b37a125b4a57","block_type":"box","text":"0","page_number":82,"box":{"x":566,"y":321,"width":5,"height":7}},{"id":"a8eea0bf-1c26-4d2b-bbe9-3ef9f3c6c2e5","block_type":"box","text":"2","page_number":82,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"48a9f3b4-3882-4b4e-8e98-96472a7e1918","block_type":"box","text":"0","page_number":82,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"f1346dac-cb02-4ab8-a530-b7c52e0792ba","block_type":"box","text":"21 2","page_number":82,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"21c8fabf-0b2c-4727-86ec-aa89db6f13ca","block_type":"box","text":"0","page_number":82,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"014467ef-703b-46ec-bd9e-d9796dfa8e5b","block_type":"box","text":"22 2","page_number":82,"box":{"x":631,"y":321,"width":27,"height":7}},{"id":"8f8e11db-2377-4a40-8be0-ddc577fbadd2","block_type":"box","text":"0","page_number":82,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"a8c0e375-d8c8-4fc3-9ff4-75d7fa5c86f9","block_type":"box","text":"2","page_number":82,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"2bd3e2a8-e028-4d0d-94d5-8b4f16c9f8c6","block_type":"box","text":"3","page_number":82,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"3f9fb40e-16d7-4bdf-a48b-3e0191569933","block_type":"box","text":"2","page_number":82,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"55d892e4-a963-4cb0-995f-c1bf967855aa","block_type":"box","text":"0","page_number":82,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"67b1a41f-5a0c-4d13-99f3-3e26c5ae891e","block_type":"box","text":"2","page_number":82,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"0530884b-d315-4f5d-9b05-e3e0da0d0dc1","block_type":"box","text":"4","page_number":82,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"79ac2d61-951d-4ce4-bb69-e6d42821aae4","block_type":"box","text":"0.51%","page_number":82,"box":{"x":365,"y":252,"width":24,"height":6}},{"id":"23471f6c-acab-4a27-9df3-5108272a92e2","block_type":"box","text":"-3.04%","page_number":82,"box":{"x":399,"y":271,"width":28,"height":6}},{"id":"e8ff101d-b4db-4b6a-8b50-b54081e322bf","block_type":"box","text":"23.37%","page_number":82,"box":{"x":434,"y":222,"width":31,"height":6}},{"id":"81294945-1cf8-4b08-8e38-5933e5385855","block_type":"box","text":"-9.78%","page_number":82,"box":{"x":471,"y":279,"width":28,"height":7}},{"id":"06b0e665-b7a2-4f50-a9c5-a773adf21199","block_type":"box","text":"32.27%","page_number":82,"box":{"x":507,"y":210,"width":30,"height":6}},{"id":"8f42bd34-627d-4974-b2ed-be2b515b8671","block_type":"box","text":"12.66%","page_number":82,"box":{"x":544,"y":236,"width":29,"height":6}},{"id":"f551ff75-014b-4888-a68a-918137bde5cc","block_type":"box","text":"19.27%","page_number":82,"box":{"x":580,"y":227,"width":29,"height":6}},{"id":"22add57a-8f59-432a-ad81-bce5c8574bf0","block_type":"box","text":"-18.57%","page_number":82,"box":{"x":613,"y":291,"width":34,"height":6}},{"id":"90cec3b8-1082-4d13-9bde-ce497befb45f","block_type":"box","text":"17.37%","page_number":82,"box":{"x":652,"y":230,"width":29,"height":6}},{"id":"3befff11-555d-4a91-9e10-7ede912aeced","block_type":"box","text":"-2.64%","page_number":82,"box":{"x":688,"y":270,"width":28,"height":6}},{"id":"b27c3d21-57af-4bfa-8e92-92315540f020","block_type":"box","text":"Return (%) Period Ended","page_number":82,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"85fbda1c-550f-4cc4-81a0-3da0cfafe89f","block_type":"box","text":"Calendar Year-to-Date Return","page_number":82,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"b83799e8-8498-454b-a440-abd24137d2ef","block_type":"box","text":"22.80% September 30, 2025","page_number":82,"box":{"x":559,"y":366,"width":180,"height":9}},{"id":"26ee560f-e529-42c8-90ce-a061432d3f1b","block_type":"box","text":"During the periods shown in the chart:","page_number":82,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"80f9ef5f-c0e8-48cf-bdb2-0ea0ce565c4c","block_type":"box","text":"Best Quarter 12.87% December 31, 2021","page_number":82,"box":{"x":331,"y":391,"width":406,"height":9}},{"id":"045d27f6-c89e-478b-8346-9d60e039a3e6","block_type":"box","text":"Worst Quarter -13.75% June 30, 2022","page_number":82,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"e0ed507e-8597-4f50-890b-eb93c10aa626","block_type":"box","text":"Average Annual Total Returns","page_number":82,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"485491b1-b35c-4d35-8d6f-289c6bb3a364","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":82,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"6ca35d75-ff8b-47c9-b5ab-20ca45531cc8","block_type":"box","text":"One Year Five Years Ten Years","page_number":82,"box":{"x":712,"y":464,"width":221,"height":7}},{"id":"5c518bb1-7564-4756-8222-f3f41fdc98a3","block_type":"box","text":"(Inception Date: 3/12/1996)","page_number":82,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"27ca5345-7a9a-47ba-8d43-c183f43cacb5","block_type":"box","text":"Return Before Taxes","page_number":82,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"4a2f2cdc-fede-406e-84f1-32e0f78ca726","block_type":"box","text":"-2.64% 4.57% 6.02%","page_number":82,"box":{"x":720,"y":493,"width":200,"height":8}},{"id":"25bacafe-9679-4a44-86f3-405b35c3a41a","block_type":"box","text":"Return After Taxes on Distributions -2.72% 4.50% 5.89%","page_number":82,"box":{"x":124,"y":505,"width":796,"height":7}},{"id":"3d57e7b4-e7ea-4c85-a251-6797c6a56fb0","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -0.79% 3.96% 5.16%","page_number":82,"box":{"x":124,"y":517,"width":796,"height":7}},{"id":"1c314401-288f-4fc7-a0f3-2afdf70e7d85","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":82,"box":{"x":124,"y":528,"width":188,"height":10}},{"id":"060ac68e-a215-41c9-b219-5ed4e5c3ed67","block_type":"box","text":"1","page_number":82,"box":{"x":315,"y":527,"width":3,"height":4}},{"id":"ae61d461-84fb-47a0-b60e-aaed12a93345","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":82,"box":{"x":324,"y":528,"width":352,"height":10}},{"id":"db1e9401-133f-4b08-a9a2-13cceb59b147","block_type":"box","text":"except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80%","page_number":82,"box":{"x":137,"y":541,"width":783,"height":10}},{"id":"d0ef4429-df89-41d5-bd84-6d34215b83bb","block_type":"box","text":"MSCI Switzerland 25/50 Index (Net)","page_number":82,"box":{"x":124,"y":553,"width":224,"height":9}},{"id":"419c6a54-1728-4f2e-ab40-63860e78aa34","block_type":"box","text":"1","page_number":82,"box":{"x":350,"y":551,"width":3,"height":5}},{"id":"0848d859-c1fa-455b-8ef7-94455102028d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":82,"box":{"x":359,"y":553,"width":319,"height":9}},{"id":"86970258-7eef-4033-a12a-9cf8de315d17","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) -2.10% 4.72% 6.17%","page_number":82,"box":{"x":136,"y":565,"width":784,"height":10}},{"id":"41fb7780-3262-4750-98d1-425b7de363b2","block_type":"box","text":"1","page_number":82,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"13023b45-843e-4da9-90e2-dc843504138b","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":82,"box":{"x":124,"y":595,"width":793,"height":10}},{"id":"4aa78958-7441-4f3b-ae73-02872ace0edb","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":82,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"5144d182-f2fe-442a-91b8-d0a53c96975c","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":82,"box":{"x":123,"y":616,"width":835,"height":9}},{"id":"90fc6cb2-a183-4b7b-85c0-60878b239ad1","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":82,"box":{"x":123,"y":626,"width":650,"height":10}},{"id":"37acfb2d-3c54-45e5-a6a0-e8089b1e7e63","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":82,"box":{"x":82,"y":646,"width":882,"height":11}},{"id":"d2f6ddfe-ea4f-4bd4-94d6-cabe651ee67b","block_type":"box","text":"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,","page_number":82,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"61e31c9f-74c9-41ce-a76d-69853912168d","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":82,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"6670cf58-a0f0-4618-a06c-1e85ddbc48cf","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":82,"box":{"x":83,"y":688,"width":855,"height":11}},{"id":"e2d7be67-dd2c-41cc-9238-a2b7941b5514","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":82,"box":{"x":83,"y":703,"width":883,"height":10}},{"id":"03a389ab-62ed-452f-bf8e-c803531cd568","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":82,"box":{"x":82,"y":717,"width":861,"height":11}},{"id":"320aec66-2b18-406d-b74e-13f120bbfaac","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":82,"box":{"x":83,"y":731,"width":359,"height":10}},{"id":"9007af96-473c-4f4e-b2f5-1fde801d059e","block_type":"box","text":"S-71","page_number":82,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"7f4d09d9-2287-4e44-8938-f50aa99aa3f4","block_type":"box","text":"Management","page_number":83,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"d5be7ea0-4f06-4859-aac3-6cd029dc1a5e","block_type":"box","text":"Investment Adviser.","page_number":83,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"bc55e31a-754a-4f24-b8c6-b19826371e1c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":83,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"66c76463-8ed5-4169-85e8-69156090ae19","block_type":"box","text":"Portfolio Managers.","page_number":83,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"d8a10a98-cef3-4948-ac5e-e458aac80b94","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":83,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"5e889c5f-186e-4784-855c-a33978eb7605","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":83,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"71490228-d5a5-4aff-b6bd-4c1d946708be","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":83,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"9848d688-97c3-4db2-a6df-8ab8252c627a","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":83,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"476a63ed-b560-441d-b6dd-29c19bf6ff14","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":83,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"52ea32a9-6277-427e-a1f0-bb8d337f1be7","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":83,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"01bd8096-9991-48e8-9fd8-488d6716b7fa","block_type":"box","text":"Managers of the Fund since 2025.","page_number":83,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"ee6bc340-5af3-43c5-875a-ccf30b942800","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":83,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"f88be645-5ebf-4076-a351-ce1abfa6e210","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":83,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"1fcf1d08-adeb-48b1-afb5-0a9ec0ad8a24","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":83,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"b9c0d616-53f5-45c0-986d-184c468afb20","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":83,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"11063d4a-53f1-45c6-afb1-068c94f4ec93","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":83,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"ab03c6f3-1ff1-4610-9e10-91b391913064","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":83,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"7b71bace-d49d-496a-988a-70e9d9732beb","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":83,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"4bffe15f-ce90-4399-b23a-02045a039c45","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":83,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"c48f9f6c-76f3-4424-afc9-ca737f535ba6","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":83,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"f33d8938-d558-488e-a8bb-8e3f60b51c63","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":83,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"d6ea19c1-ecae-4c75-beba-9d4539a9f728","block_type":"box","text":"Tax Information","page_number":83,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"26c31650-e84d-4d4d-bfa2-cf5e69f1f609","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":83,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"e1a97eab-abef-4ac6-b166-69184905400b","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":83,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"be9b83e8-ff24-4574-b54d-772b016bb615","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":83,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"c342fdb8-2aed-44e7-948a-a9e5d0ee9549","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":83,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"956973a5-b686-4c26-8105-f204113b9fb5","block_type":"box","text":"withdrawn.","page_number":83,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"b67d7157-4d12-437d-a58d-0cfd59e4b74d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":83,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"752ec94d-b7df-4584-b7b0-de1b0b179a41","block_type":"box","text":"Intermediaries","page_number":83,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"eff92eb3-b739-47b2-972d-9ab655bfd92a","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":83,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"c8e3cec0-b6b1-41e9-b846-29c5450533e7","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":83,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"5b254478-bbb8-4153-9d96-0c8aa9e095b7","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":83,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"c3fb8548-1d0a-402f-b779-9f20af3dc442","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":83,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"71609de4-3912-4ec6-9ccf-84a605863835","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":83,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"4aac2776-5b98-4d35-ad73-ad05f784ec78","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":83,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"c1138eed-41da-4301-a698-f19d9321ff75","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":83,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"92b6d76d-ffa4-4895-87f4-49eb66bae654","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":83,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"61062b3c-eb8e-4667-a1b3-f4902a4b3c15","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":83,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"a5ad140c-3052-4537-9d69-6e481db265d7","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":83,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"ce185b2b-a8ed-4368-8295-4627aee4f286","block_type":"box","text":"information.","page_number":83,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"ae77aced-3f0d-4e97-bdf0-73a91e9a734f","block_type":"box","text":"S-72","page_number":83,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a54e3035-21f9-42ac-960e-266e0bd2f9da","block_type":"box","text":"iSHARES","page_number":84,"box":{"x":227,"y":24,"width":119,"height":15}},{"id":"23ffd6ef-cd1b-4b1b-88ce-7a33e9f4d9c0","block_type":"box","text":"®","page_number":84,"box":{"x":349,"y":17,"width":11,"height":8}},{"id":"33dbd04b-a393-44a5-878a-78b8bb590e6f","block_type":"box","text":"MSCI USA EQUAL WEIGHTED ETF","page_number":84,"box":{"x":371,"y":24,"width":460,"height":17}},{"id":"666114e8-ab46-41d6-a925-414f0c2e241c","block_type":"box","text":"Ticker: EUSA Stock Exchange: NYSE Arca","page_number":84,"box":{"x":281,"y":53,"width":489,"height":12}},{"id":"94165dc9-0ddc-45b2-a41e-784fed029bc7","block_type":"box","text":"Investment Objective","page_number":84,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"b40b9cc2-6ac9-4457-bcc2-e4e90145c602","block_type":"box","text":"The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted","page_number":84,"box":{"x":82,"y":116,"width":862,"height":11}},{"id":"03197aaf-af1d-46b1-811d-65d441cc1797","block_type":"box","text":"U.S. equities.","page_number":84,"box":{"x":83,"y":130,"width":84,"height":11}},{"id":"b0769141-239f-4452-931f-9e09af2d8e56","block_type":"box","text":"Fees and Expenses","page_number":84,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"8cdd8f85-b042-4d6b-a26e-89645c79d747","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":84,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"cd67d9e0-0680-49aa-82bd-da61f20a8d9d","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":84,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"e8888d12-6326-4bcb-b02e-ff08897b7d43","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":84,"box":{"x":83,"y":213,"width":854,"height":10}},{"id":"fcc957b3-dc3d-4130-a737-b7dffbc3581c","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":84,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"0915c4a2-170e-42d5-aadd-4cbd5bf3fe74","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":84,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"94de8338-ea5e-4532-9264-ec8d2136d21b","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":84,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"beacef3a-a75a-4db8-890b-325cb9a3b439","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":84,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"0a0f2dfa-1c45-4e46-85ed-71fb85931568","block_type":"box","text":"the tables and examples below.","page_number":84,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"4bfbe62a-1038-4c4e-8e28-b09908dab551","block_type":"box","text":"Annual Fund Operating Expenses","page_number":84,"box":{"x":425,"y":313,"width":206,"height":9}},{"id":"6fc1145a-3d0b-4b58-a535-92c7391db1d0","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":84,"box":{"x":383,"y":323,"width":291,"height":10}},{"id":"ce4433cd-6326-4dcc-971b-d2f6eb53dada","block_type":"box","text":"percentage of the value of your investments)","page_number":84,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"b6e2c67d-a852-4c29-8bf7-fa4b8f7a51a1","block_type":"box","text":"1","page_number":84,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"924f601b-b55c-4f4e-9312-01ecf3db118a","block_type":"box","text":"Management","page_number":84,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"2e3734ce-9461-43c9-8260-a895518aa09a","block_type":"box","text":"Fees","page_number":84,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"6341f83f-941a-488d-8040-9a814ccfdab3","block_type":"box","text":"Distribution","page_number":84,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"b8265004-b2e2-41e2-99d4-0c74d48eb4a4","block_type":"box","text":"and Service","page_number":84,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"9966717a-4f44-4f70-bac5-7270974b7386","block_type":"box","text":"(12b-1) Fees","page_number":84,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"73716378-882c-4d5e-86e8-05fd274db849","block_type":"box","text":"Other","page_number":84,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"707a46b0-5124-4fdc-af12-06ed2b74010b","block_type":"box","text":"Expenses","page_number":84,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"26e2278b-79cf-4341-812f-08da671801a3","block_type":"box","text":"Total Annual","page_number":84,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"9f58762d-1d6d-4a0e-8b03-c3d14e4e19f4","block_type":"box","text":"Fund","page_number":84,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"dde7fb17-636f-4e7d-9775-58b654dab767","block_type":"box","text":"Operating","page_number":84,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"167130eb-306b-4586-9845-6461b02c60e0","block_type":"box","text":"Expenses","page_number":84,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"718b5ae5-a2c3-4392-bfb3-5ab042d4a604","block_type":"box","text":"0.09% None 0.00% 0.09%","page_number":84,"box":{"x":193,"y":403,"width":673,"height":8}},{"id":"d2b96754-0a2d-4525-81b8-4f27012bbcbb","block_type":"box","text":"1","page_number":84,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"5f9aa799-2975-46c1-994c-3b930fe10be6","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":84,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"b059e7d3-72c2-4065-a8cb-73288e40efbe","block_type":"box","text":"Example.","page_number":84,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"153d701e-cd20-403c-8d2f-28b2fc3c5ae4","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":84,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"533a6923-8d1f-4b9a-a23a-f18493594210","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":84,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"4101fe0d-830c-422d-a2af-98880beece9a","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":84,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"0cd345f7-7455-4294-8f7a-7b878174dc73","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":84,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"f9aada19-a2c7-4aaa-81cd-2d39e444721d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":84,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"e3f5a247-2225-4f1c-b0d9-7f26ad732ab2","block_type":"box","text":"$9 $29 $51 $115","page_number":84,"box":{"x":206,"y":548,"width":643,"height":9}},{"id":"462a4780-4c2b-4594-8535-bf164372ca58","block_type":"box","text":"Portfolio Turnover.","page_number":84,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"ee92a438-f42d-4a91-8ce0-bb29ef9a2aa5","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":84,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"304c62b1-8792-4479-904f-2c879226c6ae","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":84,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"16cddda9-7d92-4366-bf36-bd1862515dca","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":84,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"e59f15e5-f30a-4d76-b5fa-69bb30616def","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":84,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"9936213e-b0bc-43b3-83d4-78d994c8ac76","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":84,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"4f05711a-43a0-4975-b065-c2662633b1b2","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":84,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"6675dcee-07d6-4daf-9ac8-cf7f5a2e1e2d","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":84,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"83aef667-f023-4444-995c-fce14acfcaf4","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 31% of the","page_number":84,"box":{"x":82,"y":687,"width":384,"height":11}},{"id":"af069596-02d2-4b57-bbf9-857250633e1e","block_type":"box","text":"average value of its portfolio.","page_number":84,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"6597f157-6a47-4338-8ed3-8e4016c1951e","block_type":"box","text":"Principal Investment Strategies","page_number":84,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"cc7d1a73-b3ab-4cb1-8eba-180ed595801c","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":84,"box":{"x":82,"y":755,"width":412,"height":9}},{"id":"fc332a2b-ecf4-466a-96b0-454390e6eee1","block_type":"box","text":"Equal Weighted Index (the “Underlying Index”), which is an","page_number":84,"box":{"x":84,"y":770,"width":372,"height":10}},{"id":"c2ac4bf7-24f6-4fbe-b388-cfe48ce692d0","block_type":"box","text":"equally-weighted securities index that measures the performance","page_number":84,"box":{"x":83,"y":784,"width":419,"height":11}},{"id":"307b5657-2022-44f2-a884-6c62d4d32ff8","block_type":"box","text":"of the large- and mid-capitalization segments of U.S. equity","page_number":84,"box":{"x":83,"y":798,"width":379,"height":11}},{"id":"8366ce15-36bc-4b18-8539-5d47d4d6f97f","block_type":"box","text":"securities and which represents an alternative weighting scheme","page_number":84,"box":{"x":83,"y":812,"width":414,"height":11}},{"id":"ff06301f-d2a4-46f1-a113-5658ddb127bf","block_type":"box","text":"to its market capitalization-weighted parent index, the MSCI USA","page_number":84,"box":{"x":83,"y":826,"width":416,"height":11}},{"id":"336ed4ce-d2f4-4ee7-b56a-d1f93a4272ee","block_type":"box","text":"Index. The Underlying Index is rebalanced quarterly, at which time","page_number":84,"box":{"x":83,"y":840,"width":421,"height":11}},{"id":"f21b8e45-c95b-47d5-8580-726fb33d6a03","block_type":"box","text":"all securities in the Underlying Index are weighted equally.","page_number":84,"box":{"x":83,"y":855,"width":370,"height":10}},{"id":"357efb95-7908-490a-84cf-ea635df4613d","block_type":"box","text":"Between rebalances, the weightings of the securities in the","page_number":84,"box":{"x":550,"y":580,"width":376,"height":11}},{"id":"0e1ba695-a26c-4e29-93a1-a10c36c63623","block_type":"box","text":"Underlying Index will fluctuate due to price performance.","page_number":84,"box":{"x":550,"y":594,"width":362,"height":11}},{"id":"4102d8bd-3fcd-4d88-b8d0-78dde1046f22","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":84,"box":{"x":549,"y":616,"width":389,"height":11}},{"id":"22d7ee96-4d17-4a8c-ad05-5a464c4657ea","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":84,"box":{"x":550,"y":630,"width":412,"height":11}},{"id":"d8330e15-7796-410e-91f0-a52fff484dd5","block_type":"box","text":"goods and services, financials, industrials and technology","page_number":84,"box":{"x":549,"y":644,"width":368,"height":11}},{"id":"dad49480-4b1d-422c-b386-34f569395d52","block_type":"box","text":"industries or sectors. The components of the Underlying Index are","page_number":84,"box":{"x":549,"y":659,"width":422,"height":11}},{"id":"78d69585-5774-47c5-95ab-55564001ca66","block_type":"box","text":"likely to change over time.","page_number":84,"box":{"x":549,"y":673,"width":167,"height":11}},{"id":"2e3c7852-a8ee-4ed2-ac28-effad578b2f7","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":84,"box":{"x":550,"y":696,"width":376,"height":11}},{"id":"ef469a6a-c79b-4d05-b322-5f7856a579ab","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":84,"box":{"x":549,"y":710,"width":417,"height":11}},{"id":"efcf4381-7c3d-4c43-bec1-edb1acf26e94","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":84,"box":{"x":549,"y":724,"width":396,"height":11}},{"id":"f88536ce-1514-4dcb-8455-6b6a09a00a01","block_type":"box","text":"markets decline or appear overvalued.","page_number":84,"box":{"x":549,"y":739,"width":244,"height":10}},{"id":"3fd1cafb-67d2-4017-8b92-0e1b23ffe711","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":84,"box":{"x":550,"y":762,"width":420,"height":11}},{"id":"a28dbe7d-19bf-4877-a21e-4b08e634915b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":84,"box":{"x":549,"y":776,"width":421,"height":11}},{"id":"a300e269-69ef-4219-994a-1b9a41d5e198","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":84,"box":{"x":549,"y":790,"width":386,"height":11}},{"id":"7f5b6370-2e7f-43c7-9ea6-fa7b659f2d90","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":84,"box":{"x":550,"y":804,"width":369,"height":11}},{"id":"5ee5ebab-fbf1-47e7-883e-4439216cf486","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":84,"box":{"x":549,"y":819,"width":356,"height":10}},{"id":"67ee59af-f115-4536-99d4-0c27187a3681","block_type":"box","text":"comparison to actively managed investment companies.","page_number":84,"box":{"x":549,"y":833,"width":359,"height":11}},{"id":"730174b2-1b6e-443c-8aa6-2da8f42c1262","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":84,"box":{"x":550,"y":856,"width":411,"height":11}},{"id":"7a58a48f-0aec-41cc-8455-1309bdcb513d","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":84,"box":{"x":549,"y":870,"width":411,"height":11}},{"id":"8522a35a-d739-4037-b7ac-ade69bd217fa","block_type":"box","text":"S-73","page_number":84,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c8bd2d3a-0933-44af-95d0-4f30197f4e7a","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":85,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"b27a18ab-2f52-4f53-a8f8-e42ad8b34b4b","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":85,"box":{"x":83,"y":37,"width":410,"height":11}},{"id":"f8fbcd29-d337-4b8c-b081-48354320dbe0","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":85,"box":{"x":83,"y":51,"width":408,"height":11}},{"id":"d0777d0e-72aa-4cea-8d2b-1de7c9778895","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":85,"box":{"x":83,"y":66,"width":423,"height":11}},{"id":"bb36cf45-bbc6-44e1-ae8e-e3727d0042bd","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":85,"box":{"x":83,"y":80,"width":386,"height":11}},{"id":"7ee27b62-6b2b-48ea-a9d3-c669a2340334","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":85,"box":{"x":82,"y":94,"width":360,"height":11}},{"id":"f2e360a2-87fd-4c12-ba45-0cb09c07a6a0","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":85,"box":{"x":82,"y":108,"width":414,"height":11}},{"id":"8a734d93-7823-435a-a60f-4c02baced2af","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":85,"box":{"x":83,"y":122,"width":410,"height":11}},{"id":"1f5d984f-4865-4ee5-8be4-3c1d674a8ba9","block_type":"box","text":"the components of the Underlying Index.","page_number":85,"box":{"x":83,"y":137,"width":259,"height":10}},{"id":"f4ec4956-fea2-4a9c-b209-9b75e3f07ea2","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":85,"box":{"x":82,"y":160,"width":390,"height":11}},{"id":"ad31f2d7-698f-4029-9cf1-235773c0c6d1","block_type":"box","text":"component securities of its Underlying Index and may invest up to","page_number":85,"box":{"x":83,"y":174,"width":422,"height":11}},{"id":"bf773f7c-fe58-464f-9ba5-eab7a9d9454b","block_type":"box","text":"20% of its assets in certain futures, options and swap contracts,","page_number":85,"box":{"x":83,"y":188,"width":408,"height":11}},{"id":"db32a4f4-d8fe-4475-9242-c712d8a5b52b","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":85,"box":{"x":83,"y":202,"width":392,"height":11}},{"id":"347ca3ce-c30a-4b71-832b-49a5ad393cf0","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":85,"box":{"x":82,"y":216,"width":407,"height":11}},{"id":"0c4f792b-08f3-4c15-aaf1-a5c9b71f355c","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":85,"box":{"x":83,"y":231,"width":415,"height":11}},{"id":"cd6cae88-49dd-4271-aadc-4e79d9e3aa87","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":85,"box":{"x":83,"y":245,"width":400,"height":11}},{"id":"62a528f8-31b4-4d39-b5f5-b20af358150e","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":85,"box":{"x":83,"y":259,"width":409,"height":11}},{"id":"e9149076-2bdd-42c1-af89-3d6aed6ca205","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":85,"box":{"x":83,"y":273,"width":368,"height":11}},{"id":"dbb32d5c-aa3e-433d-b2bc-0aef60dfe388","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":85,"box":{"x":83,"y":287,"width":410,"height":11}},{"id":"ad4ae63d-ee13-406a-8b69-41d8463c1405","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":85,"box":{"x":84,"y":302,"width":385,"height":10}},{"id":"16e084b5-4858-4bd2-bb19-ab3362b39783","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":85,"box":{"x":83,"y":316,"width":282,"height":11}},{"id":"c2389074-f38c-4480-93b5-63e1f7d21efe","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":85,"box":{"x":82,"y":339,"width":412,"height":11}},{"id":"f4b6b38b-54bd-4ca8-a8ca-5e1d6f90d202","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":85,"box":{"x":82,"y":353,"width":371,"height":11}},{"id":"0c8fec70-aff3-4dce-9f00-13b96afaec10","block_type":"box","text":"collateral received).","page_number":85,"box":{"x":83,"y":367,"width":125,"height":11}},{"id":"5c543ac4-4bac-4a3f-a8e2-ed6f09ac4d94","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":85,"box":{"x":82,"y":391,"width":380,"height":10}},{"id":"5980c2ba-a89d-42fa-b7a8-24c519daae7b","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":85,"box":{"x":84,"y":405,"width":411,"height":11}},{"id":"7d30fc29-904d-41da-96f6-334071c113b0","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":85,"box":{"x":82,"y":419,"width":381,"height":11}},{"id":"5647a9ce-9da4-41d7-849f-efc7bbe6e7e3","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":85,"box":{"x":82,"y":433,"width":420,"height":11}},{"id":"5734edc7-47a7-4a37-8bc9-44bf26a7d356","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":85,"box":{"x":83,"y":447,"width":405,"height":11}},{"id":"47afb5fa-5c7f-4ee0-8ba8-4b50d87724ca","block_type":"box","text":"Industry Concentration Policy.","page_number":85,"box":{"x":83,"y":470,"width":210,"height":11}},{"id":"7cff7432-7d7b-4f12-92e1-3afc7cf1dba8","block_type":"box","text":"The Fund will concentrate its","page_number":85,"box":{"x":298,"y":470,"width":184,"height":9}},{"id":"21fa80fb-81eb-4bfc-ac8d-85e024d9de04","block_type":"box","text":"investments (","page_number":85,"box":{"x":83,"y":485,"width":85,"height":10}},{"id":"ee65afe8-fb91-49a7-a189-529c1c6f0064","block_type":"box","text":"i.e.","page_number":85,"box":{"x":169,"y":485,"width":17,"height":8}},{"id":"ad0084dd-256a-4dde-b469-8888abf0a92f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":85,"box":{"x":189,"y":485,"width":264,"height":10}},{"id":"973c62cd-59a9-4339-b495-1578e200edd0","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":85,"box":{"x":83,"y":499,"width":394,"height":11}},{"id":"0e34545f-a481-4897-a30c-88b97b403b4e","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":85,"box":{"x":83,"y":513,"width":377,"height":11}},{"id":"8e324999-fca7-4b31-944a-3dcb60052a1a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":85,"box":{"x":83,"y":527,"width":389,"height":11}},{"id":"331d0f91-ac7c-41b9-a125-8317d3ed3120","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":85,"box":{"x":83,"y":541,"width":389,"height":11}},{"id":"57b7afd5-d339-45ac-95b8-663ce32b2aec","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":85,"box":{"x":83,"y":556,"width":410,"height":10}},{"id":"8a9512bb-2e87-4ab7-9f9b-adc3be29ab98","block_type":"box","text":"considered to be issued by members of any industry.","page_number":85,"box":{"x":83,"y":570,"width":337,"height":11}},{"id":"2152ddff-5978-4f3c-8138-5086e3a05894","block_type":"box","text":"Summary of Principal Risks","page_number":85,"box":{"x":83,"y":599,"width":235,"height":13}},{"id":"a0882b7c-8f14-483d-b000-4de0886bff75","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":85,"box":{"x":82,"y":624,"width":363,"height":11}},{"id":"803b0c77-0089-43ee-b51d-386167604e54","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":85,"box":{"x":83,"y":638,"width":402,"height":11}},{"id":"3d63d462-833f-4e84-b8a0-1b3fb263c608","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":85,"box":{"x":83,"y":652,"width":396,"height":11}},{"id":"e3f50e38-9a24-4977-9b83-7128f8d927ac","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":85,"box":{"x":83,"y":666,"width":376,"height":11}},{"id":"d61acf9c-0c14-4e2e-93e1-0dc31af94e58","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":85,"box":{"x":83,"y":681,"width":392,"height":10}},{"id":"75fb60ce-68a1-481f-b620-39adace55964","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":85,"box":{"x":83,"y":695,"width":416,"height":11}},{"id":"0d97df9a-a2aa-4d22-a994-2c981c1befe4","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":85,"box":{"x":83,"y":709,"width":387,"height":11}},{"id":"e35eb3a8-5a39-40bc-a08c-55b2eb41b4a9","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":85,"box":{"x":82,"y":723,"width":426,"height":11}},{"id":"2d669a22-de59-4c70-8f31-600a60245fdd","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":85,"box":{"x":83,"y":737,"width":404,"height":11}},{"id":"8ef15b51-ec30-422d-bcae-96900855e073","block_type":"box","text":"review each risk factor carefully.","page_number":85,"box":{"x":83,"y":751,"width":206,"height":11}},{"id":"b56aa229-6052-4d65-96dd-30f6604fadcb","block_type":"box","text":"Risk of Investing in the U.S","page_number":85,"box":{"x":83,"y":775,"width":182,"height":10}},{"id":"c0a065d3-00b0-41e5-b8cc-029bbd8adc71","block_type":"box","text":".","page_number":85,"box":{"x":266,"y":781,"width":2,"height":2}},{"id":"3610c7c0-002a-4162-a5d8-ebe483cd6023","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":85,"box":{"x":274,"y":775,"width":210,"height":11}},{"id":"c82c90b5-dea5-4ffc-960b-46eb9b898824","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":85,"box":{"x":83,"y":789,"width":391,"height":11}},{"id":"2e5a890e-a607-461b-bc77-847d62cdc89a","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":85,"box":{"x":83,"y":803,"width":423,"height":11}},{"id":"f8050690-756c-4f2a-8ea1-f15a8b077e18","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":85,"box":{"x":83,"y":817,"width":413,"height":11}},{"id":"88ccae5b-fd60-4d5e-808c-bdc87bb54203","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":85,"box":{"x":82,"y":831,"width":397,"height":11}},{"id":"d23e2fc6-c9b6-4759-b7f8-901ed76a1b4a","block_type":"box","text":"Equity Securities Risk","page_number":85,"box":{"x":83,"y":855,"width":147,"height":10}},{"id":"722c7013-6596-496e-9820-7147e200a287","block_type":"box","text":".","page_number":85,"box":{"x":230,"y":861,"width":3,"height":2}},{"id":"9a5c1761-032b-4edb-8b64-780f1f1a998a","block_type":"box","text":"Equity securities are subject to changes","page_number":85,"box":{"x":239,"y":855,"width":254,"height":10}},{"id":"3c63904e-5f80-4a3a-8f77-6a9454d7fc74","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":85,"box":{"x":83,"y":869,"width":422,"height":11}},{"id":"76b8d086-46be-477b-b1e8-3ffaf1c96cda","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":85,"box":{"x":549,"y":23,"width":420,"height":11}},{"id":"5c167570-0692-4f9f-95b3-59f6568f87c9","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":85,"box":{"x":549,"y":37,"width":397,"height":11}},{"id":"30ccd833-c79d-47f0-b6cd-e4881d00c589","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":85,"box":{"x":549,"y":52,"width":359,"height":10}},{"id":"77ea0345-2ae6-493d-8456-123219211ed3","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":85,"box":{"x":549,"y":66,"width":390,"height":10}},{"id":"0c608518-2f1c-4520-8698-62e080f33c53","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":85,"box":{"x":549,"y":80,"width":412,"height":11}},{"id":"597ca0fb-4a55-4129-a210-2baddc9e93b5","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":85,"box":{"x":549,"y":94,"width":373,"height":11}},{"id":"8cd2edea-d1bb-4fbf-b08b-fb6c69efde92","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":85,"box":{"x":549,"y":108,"width":309,"height":11}},{"id":"e6fe8c74-ddb7-4dca-94c9-543f7506186d","block_type":"box","text":"Market Risk","page_number":85,"box":{"x":549,"y":131,"width":82,"height":9}},{"id":"d0b05d0b-b159-416a-b229-5de23afe3749","block_type":"box","text":".","page_number":85,"box":{"x":631,"y":138,"width":3,"height":2}},{"id":"f3e7dec6-9a29-4594-a4fc-098bcb466fe7","block_type":"box","text":"The Fund could lose money over short periods due","page_number":85,"box":{"x":639,"y":131,"width":322,"height":11}},{"id":"89b84a99-ced9-4d2c-bd08-9bd3bb6608a7","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":85,"box":{"x":549,"y":146,"width":413,"height":10}},{"id":"f5223072-7e41-4de6-8716-97d614804401","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":85,"box":{"x":549,"y":160,"width":382,"height":11}},{"id":"2e60d0c9-3410-4c72-ba9f-20f93eaf6956","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":85,"box":{"x":549,"y":174,"width":411,"height":11}},{"id":"de6a2c96-7b41-4cc5-b78b-36e991e7cd7c","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":85,"box":{"x":549,"y":188,"width":370,"height":11}},{"id":"b8af9b9d-33a3-460e-a987-e0ff4dcc1046","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":85,"box":{"x":549,"y":202,"width":404,"height":11}},{"id":"4446ac3d-854e-4ac1-bb95-3a7f820c5341","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":85,"box":{"x":549,"y":216,"width":395,"height":11}},{"id":"c710ce30-9c42-4c06-bc77-9a8aa43a9606","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":85,"box":{"x":549,"y":231,"width":395,"height":10}},{"id":"c1e3f3f3-1f6e-4831-8604-6c98246e10c8","block_type":"box","text":"NAV.","page_number":85,"box":{"x":550,"y":245,"width":27,"height":8}},{"id":"421e82ab-11aa-400d-9851-1b995358284e","block_type":"box","text":"Index-Related Risk.","page_number":85,"box":{"x":549,"y":268,"width":129,"height":9}},{"id":"84bbe68e-f4d9-4627-80d2-a30678bde0c2","block_type":"box","text":"The Index Provider may rely on various","page_number":85,"box":{"x":683,"y":268,"width":247,"height":11}},{"id":"8dbf6fed-8a7b-4c37-9f1b-68f198018d34","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":85,"box":{"x":549,"y":282,"width":423,"height":11}},{"id":"cc4bc8f5-e0cc-49f0-bd6b-1f0777697c04","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":85,"box":{"x":550,"y":296,"width":391,"height":11}},{"id":"6aaee443-2563-4ac5-b9bb-5387348f0ea7","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":85,"box":{"x":549,"y":311,"width":406,"height":10}},{"id":"66c09930-8fcd-46d0-afb1-79d1a71da5c0","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":85,"box":{"x":549,"y":325,"width":408,"height":11}},{"id":"529ba938-2a13-48a4-b54c-1ced97f0cd2c","block_type":"box","text":"information will provide an accurate assessment of included","page_number":85,"box":{"x":549,"y":339,"width":384,"height":11}},{"id":"f540f9e0-7ffa-4175-8497-89fe032dfe66","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":85,"box":{"x":549,"y":353,"width":388,"height":11}},{"id":"ea20e0f9-cd9e-475f-aadf-96accf321b39","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":85,"box":{"x":549,"y":367,"width":366,"height":11}},{"id":"5b6c0fb9-7aa9-41f7-b449-23fab4de4e02","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":85,"box":{"x":549,"y":381,"width":377,"height":11}},{"id":"a617ea20-27a1-4c52-a5a7-b4eff5f09ae4","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":85,"box":{"x":549,"y":396,"width":413,"height":11}},{"id":"d4fb1f5d-60e5-4c37-a265-a0c77b02a364","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":85,"box":{"x":549,"y":410,"width":396,"height":11}},{"id":"018fea5e-807f-4ebe-8485-fc20687dd57e","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":85,"box":{"x":549,"y":424,"width":367,"height":11}},{"id":"d58efe1d-17b8-456c-8705-ef9396b2b59a","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":85,"box":{"x":549,"y":438,"width":400,"height":11}},{"id":"a8039c93-8dbc-493f-bbbb-b1ebe5f18761","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":85,"box":{"x":549,"y":452,"width":409,"height":11}},{"id":"54ea2950-91f6-4d9c-b442-d6b1eae542c9","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":85,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"86e83347-a734-41cf-b5d6-6a7056097291","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":85,"box":{"x":549,"y":481,"width":362,"height":11}},{"id":"0e40866e-6f8a-4975-ab41-db4fda47dbb8","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":85,"box":{"x":550,"y":495,"width":422,"height":11}},{"id":"29f784dc-8381-4c0b-ac81-d231ce8b2047","block_type":"box","text":"Asset Class Risk.","page_number":85,"box":{"x":548,"y":518,"width":114,"height":9}},{"id":"e5802443-4368-42e9-bdc4-7b54852d5ea7","block_type":"box","text":"The securities and other assets in the","page_number":85,"box":{"x":668,"y":518,"width":239,"height":9}},{"id":"7a842079-2baf-4b51-8c39-57c595aeae0c","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":85,"box":{"x":550,"y":532,"width":405,"height":11}},{"id":"a40c350f-2c76-4d1a-b37e-ff950718467c","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":85,"box":{"x":549,"y":547,"width":405,"height":10}},{"id":"8a06ddcf-7792-4646-ac8c-db24b41e263d","block_type":"box","text":"market, another index, or other asset classes.","page_number":85,"box":{"x":549,"y":561,"width":292,"height":10}},{"id":"4c2a9701-fa8f-4d6f-acdb-d47ba2a75a42","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":85,"box":{"x":548,"y":584,"width":290,"height":11}},{"id":"f0a77227-4acc-4cd5-948e-794a920d2bb2","block_type":"box","text":"An “Authorized","page_number":85,"box":{"x":847,"y":584,"width":93,"height":8}},{"id":"fed3d4b6-e961-4a66-ab1c-1dfb198f7a35","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":85,"box":{"x":550,"y":598,"width":379,"height":11}},{"id":"cbda6cde-36e3-48f2-83a7-0142ec0a732c","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":85,"box":{"x":549,"y":612,"width":411,"height":11}},{"id":"31b9da0e-1fd4-41be-a669-b0d0f26a8d69","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":85,"box":{"x":550,"y":626,"width":395,"height":11}},{"id":"2304341e-df34-49ae-ad82-0ddc661f9653","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":85,"box":{"x":550,"y":641,"width":399,"height":10}},{"id":"5588a59a-6134-4885-bb55-5efc01923ecf","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":85,"box":{"x":549,"y":655,"width":407,"height":11}},{"id":"f307b3ba-5257-4556-8f6c-2802f354d6e8","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":85,"box":{"x":549,"y":669,"width":409,"height":11}},{"id":"feeb593c-6956-4528-bff1-f963bea8a6d0","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":85,"box":{"x":549,"y":683,"width":412,"height":11}},{"id":"0de01236-fb4e-47cb-9c51-35b83cbd731e","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":85,"box":{"x":549,"y":697,"width":403,"height":11}},{"id":"29d0e669-3388-467d-9cee-a4b225a3ed7b","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":85,"box":{"x":549,"y":712,"width":378,"height":10}},{"id":"11f07442-673d-424e-a83c-6a81cfbc9b3e","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":85,"box":{"x":550,"y":726,"width":379,"height":11}},{"id":"b9cd852b-3f1a-4f8f-a144-7a367be5065c","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":85,"box":{"x":549,"y":740,"width":404,"height":11}},{"id":"c6b3c8cc-42fe-43be-bd74-40382e2345b9","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":85,"box":{"x":549,"y":754,"width":399,"height":11}},{"id":"c516111a-0bae-481b-8ebb-88a1102469ca","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":85,"box":{"x":550,"y":768,"width":391,"height":11}},{"id":"c75adb61-f7ff-42ff-a021-9f4fc3466412","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":85,"box":{"x":549,"y":782,"width":408,"height":11}},{"id":"7d37b111-3262-46d8-a365-7238932f57f4","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":85,"box":{"x":549,"y":797,"width":273,"height":10}},{"id":"40ff6e79-259c-4efc-81d8-662610b84966","block_type":"box","text":"Concentration Risk.","page_number":85,"box":{"x":549,"y":820,"width":132,"height":8}},{"id":"e61b97ea-a718-48ac-94b1-63e8250a6483","block_type":"box","text":"The Fund may be susceptible to an","page_number":85,"box":{"x":687,"y":820,"width":221,"height":11}},{"id":"14192425-2d64-4c85-a945-f695cf1fdb87","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":85,"box":{"x":549,"y":834,"width":419,"height":11}},{"id":"895446e8-c58c-4725-b3a0-5956bfee623a","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":85,"box":{"x":549,"y":848,"width":408,"height":10}},{"id":"9ec6f8a1-2978-4525-a0e9-7ab068816489","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":85,"box":{"x":549,"y":862,"width":418,"height":9}},{"id":"b1a0577d-1b10-4c87-88b6-f79f4e503acc","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":85,"box":{"x":549,"y":877,"width":395,"height":10}},{"id":"e8aad39e-1573-4322-a9c1-4c6bab5c9be1","block_type":"box","text":"S-74","page_number":85,"box":{"x":522,"y":920,"width":28,"height":9}},{"id":"9a0ab5cd-ef0d-490a-8b8a-2d0784b579a1","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":86,"box":{"x":83,"y":23,"width":388,"height":11}},{"id":"c50d462a-faa0-43ac-a7b4-264ee1aee8e1","block_type":"box","text":"asset classes.","page_number":86,"box":{"x":83,"y":37,"width":88,"height":9}},{"id":"7466a3e8-07b6-41ac-88fd-3fc7763efad1","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":86,"box":{"x":83,"y":60,"width":325,"height":11}},{"id":"379c8d17-b373-4d8c-ac78-4058866dd1b0","block_type":"box","text":"Consumer","page_number":86,"box":{"x":414,"y":61,"width":65,"height":8}},{"id":"1d6ae58d-6a64-4b48-b005-73faa7bafe47","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":86,"box":{"x":83,"y":75,"width":399,"height":11}},{"id":"92102193-31e3-45e8-b6bb-34c77841071b","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":86,"box":{"x":83,"y":89,"width":420,"height":11}},{"id":"077c923b-ea2e-4470-aec5-65e9f1d67f6f","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":86,"box":{"x":83,"y":103,"width":423,"height":11}},{"id":"fdd5fd01-cc22-4fa8-9ff3-a16f593c626b","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":86,"box":{"x":83,"y":117,"width":403,"height":11}},{"id":"1899cf7a-1ca1-49c6-afff-3ca6a57017ef","block_type":"box","text":"other things.","page_number":86,"box":{"x":83,"y":131,"width":79,"height":11}},{"id":"6b44c1c2-af92-4d2f-a66f-5c82b1c40e58","block_type":"box","text":"Financial Companies Risk","page_number":86,"box":{"x":83,"y":155,"width":174,"height":10}},{"id":"297e59c5-dc1e-4047-ba98-aeb7c1768129","block_type":"box","text":".","page_number":86,"box":{"x":257,"y":161,"width":3,"height":2}},{"id":"b5028824-1eac-43e0-9fa6-e001d75781fe","block_type":"box","text":"Financial services companies are","page_number":86,"box":{"x":266,"y":155,"width":211,"height":10}},{"id":"57e476f5-b3a6-462b-b891-d4efaf1dc2fd","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":86,"box":{"x":83,"y":169,"width":400,"height":11}},{"id":"871a1007-3fda-4d7f-a23f-fd2d20987f09","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":86,"box":{"x":82,"y":183,"width":405,"height":11}},{"id":"6d39808d-6dec-4ae1-8329-f25dc48a53da","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":86,"box":{"x":83,"y":197,"width":405,"height":11}},{"id":"b2a42920-1415-44a8-8da1-d75e427d5875","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":86,"box":{"x":83,"y":211,"width":385,"height":11}},{"id":"4246c631-7b19-4fc5-be7d-0d05dd00ba04","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":86,"box":{"x":83,"y":226,"width":395,"height":10}},{"id":"29d5f7e8-f314-4aa0-a039-5503bcf01f8c","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":86,"box":{"x":83,"y":240,"width":367,"height":11}},{"id":"8f3d4cbf-7402-46d6-971f-7b660ce2fd92","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":86,"box":{"x":83,"y":254,"width":343,"height":11}},{"id":"98d489db-9f8f-4c8a-a86a-1112b315678c","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":86,"box":{"x":83,"y":268,"width":410,"height":11}},{"id":"67113fe1-f33c-49a5-8523-f5c911d744e1","block_type":"box","text":"and counterparty risk.","page_number":86,"box":{"x":83,"y":282,"width":140,"height":11}},{"id":"be9dbf36-8dfd-496f-a448-89d62c6f2326","block_type":"box","text":"Industrial Companies Risk.","page_number":86,"box":{"x":83,"y":305,"width":180,"height":11}},{"id":"0d4d1c7f-96d8-455a-a489-97b39fd3412c","block_type":"box","text":"Industrial companies face a number","page_number":86,"box":{"x":270,"y":305,"width":229,"height":11}},{"id":"75719dd3-f679-44a6-a3d1-d43b46e878f4","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":86,"box":{"x":83,"y":320,"width":378,"height":10}},{"id":"89cff06a-f7d1-42ab-97db-d066d73f2b6a","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":86,"box":{"x":83,"y":334,"width":415,"height":11}},{"id":"99bfd2f8-865f-4a66-ae6a-1061213da5ff","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":86,"box":{"x":83,"y":348,"width":380,"height":11}},{"id":"ef9c897c-2a44-4060-b3bf-3577ce3f3b8e","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":86,"box":{"x":83,"y":362,"width":418,"height":11}},{"id":"4237fd6f-32a0-46e5-9ba3-70c7e8595ec1","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":86,"box":{"x":83,"y":376,"width":393,"height":11}},{"id":"8c8154e8-cccf-40fd-8fac-52cb23919284","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":86,"box":{"x":83,"y":391,"width":388,"height":10}},{"id":"91494252-819a-4ff8-bbf9-e1682afce284","block_type":"box","text":"affected by technological developments, labor relations,","page_number":86,"box":{"x":83,"y":405,"width":358,"height":11}},{"id":"6cc67fd3-721a-4839-98a1-a6d2f01c1c02","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":86,"box":{"x":83,"y":419,"width":420,"height":11}},{"id":"9137b575-6fc5-49ae-86ae-b29aef2a1950","block_type":"box","text":"and changes in domestic and international economies.","page_number":86,"box":{"x":83,"y":433,"width":348,"height":11}},{"id":"1cbf906b-91da-4801-9a93-73bd990511df","block_type":"box","text":"Issuer Risk","page_number":86,"box":{"x":83,"y":456,"width":75,"height":9}},{"id":"185c9ff2-e8b7-45be-ab5a-aae51134e39e","block_type":"box","text":".","page_number":86,"box":{"x":158,"y":463,"width":3,"height":2}},{"id":"4d62c843-5731-41c1-9690-cc84d5b4c659","block_type":"box","text":"The performance of the Fund depends on the","page_number":86,"box":{"x":166,"y":456,"width":288,"height":11}},{"id":"6d28cce9-89b3-4f90-a3dc-3b65eedba9d8","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":86,"box":{"x":83,"y":470,"width":412,"height":11}},{"id":"7b243937-5928-468f-a39e-8d9cd9f4378a","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":86,"box":{"x":84,"y":485,"width":401,"height":10}},{"id":"e008b60f-8c40-4a2c-9a3f-0af49e227de8","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":86,"box":{"x":83,"y":499,"width":418,"height":11}},{"id":"8b8cd41a-e402-47f8-9e0a-03c7ec40338a","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":86,"box":{"x":83,"y":513,"width":414,"height":11}},{"id":"5fa8d8d2-3a63-49ab-ad56-ca27f5a4527b","block_type":"box","text":"counterparty.","page_number":86,"box":{"x":83,"y":528,"width":84,"height":10}},{"id":"63615d28-f5e1-4246-8d91-b0d4f22320fd","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":86,"box":{"x":83,"y":550,"width":252,"height":11}},{"id":"a3e91df6-69fe-4463-bb24-94001d39739a","block_type":"box","text":"Large-capitalization","page_number":86,"box":{"x":342,"y":550,"width":124,"height":11}},{"id":"f4609bbc-1aac-4f8b-b2fd-491431066ce1","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":86,"box":{"x":83,"y":565,"width":352,"height":10}},{"id":"db2bac44-03fa-4ce4-b201-3cfaa610e84b","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":86,"box":{"x":83,"y":579,"width":352,"height":11}},{"id":"506010bc-889a-4459-bf71-0281c98f6a7b","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":86,"box":{"x":83,"y":593,"width":405,"height":11}},{"id":"23f78bd0-fe9e-4825-a1d3-df745d073aba","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":86,"box":{"x":83,"y":607,"width":371,"height":11}},{"id":"31cfc2e0-6ab3-4d83-9874-c01fce560536","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":86,"box":{"x":83,"y":621,"width":339,"height":11}},{"id":"312f26d5-1897-437d-bc9d-dbd48cb65371","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":86,"box":{"x":83,"y":635,"width":390,"height":11}},{"id":"aa08e319-c20f-44f6-ac6e-6cdc668d574f","block_type":"box","text":"overall performance of the broader securities markets.","page_number":86,"box":{"x":83,"y":650,"width":349,"height":10}},{"id":"e570da64-eea8-4fa8-be51-e057a21a8ec5","block_type":"box","text":"Management Risk","page_number":86,"box":{"x":83,"y":673,"width":122,"height":11}},{"id":"9d23c816-64ce-42ad-b4b2-cb886a9ddbd1","block_type":"box","text":".","page_number":86,"box":{"x":206,"y":679,"width":2,"height":2}},{"id":"b40151d8-ee4d-4e9b-84dc-7dfe3f91dbd4","block_type":"box","text":"The Fund generally does not attempt to take","page_number":86,"box":{"x":213,"y":673,"width":283,"height":11}},{"id":"ac488116-5f11-4704-b427-8d5b2552b290","block_type":"box","text":"defensive positions under any market conditions, including","page_number":86,"box":{"x":83,"y":687,"width":376,"height":11}},{"id":"83f7d89e-c39c-4f33-aaea-e7d5bf65e0de","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":86,"box":{"x":83,"y":701,"width":362,"height":11}},{"id":"378a3d3c-4098-4b34-b3bc-d37746332c0f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":86,"box":{"x":83,"y":715,"width":388,"height":11}},{"id":"5ef796b3-fd74-4dc0-a03c-06b08d7da94b","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":86,"box":{"x":83,"y":730,"width":409,"height":10}},{"id":"abf0fa64-24f3-473e-82aa-19222b68324d","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":86,"box":{"x":83,"y":744,"width":419,"height":11}},{"id":"c53e126d-11e2-4af6-a091-36f0929fccad","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":86,"box":{"x":82,"y":758,"width":420,"height":11}},{"id":"e38afb76-3653-4a01-96fc-346b1e927c79","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":86,"box":{"x":83,"y":772,"width":402,"height":11}},{"id":"31535c6e-e0f8-41e3-8adf-e712f6ed16fb","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":86,"box":{"x":83,"y":786,"width":323,"height":11}},{"id":"c78ad84d-94b3-44a8-8a51-367f94f71671","block_type":"box","text":"Market Trading Risk","page_number":86,"box":{"x":83,"y":809,"width":136,"height":11}},{"id":"651e8e1d-b59f-4125-8ed1-6d0572126c8d","block_type":"box","text":".","page_number":86,"box":{"x":219,"y":816,"width":2,"height":2}},{"id":"d6dbb8ba-7c30-49f2-8ef3-d5e99da395f4","block_type":"box","text":"The Fund faces numerous market trading","page_number":86,"box":{"x":226,"y":809,"width":263,"height":11}},{"id":"5b3a5315-14c8-4be0-9599-c5416c3df513","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":86,"box":{"x":83,"y":824,"width":394,"height":11}},{"id":"df012576-277f-48c2-bd9d-eb8cbdfa68f1","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":86,"box":{"x":83,"y":838,"width":401,"height":11}},{"id":"dddd3dd6-17ff-4f87-9c40-0512c42c9c42","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":86,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"ce199301-ae44-4c6f-9271-e7aed32c3fcf","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":86,"box":{"x":83,"y":866,"width":416,"height":11}},{"id":"45f6dbe4-7f34-4ac2-8d60-54c999951247","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":86,"box":{"x":82,"y":880,"width":405,"height":11}},{"id":"9c7feaef-8e80-4fa0-86af-d25da68c1f8a","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":86,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"2113cd22-1362-4197-80fe-4e6279db5787","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":86,"box":{"x":549,"y":37,"width":397,"height":11}},{"id":"20bcd4fa-530b-42ae-a1d4-35469cd1a813","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":86,"box":{"x":549,"y":52,"width":419,"height":10}},{"id":"4049691f-3982-4b6a-8e3b-5005c01a36db","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":86,"box":{"x":549,"y":66,"width":413,"height":10}},{"id":"2bf401fd-f1e4-4949-9c1d-70bf1fe8a13c","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":86,"box":{"x":549,"y":80,"width":397,"height":11}},{"id":"416ab5d6-08a5-46cc-af76-370fde2ad458","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":86,"box":{"x":549,"y":94,"width":316,"height":11}},{"id":"6434de3c-f745-4945-951a-1db85834af52","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":86,"box":{"x":549,"y":117,"width":238,"height":11}},{"id":"0ceb54df-21e9-490e-9ea0-5d723b922edb","block_type":"box","text":".","page_number":86,"box":{"x":787,"y":124,"width":3,"height":2}},{"id":"375d5ad9-ce49-4505-847c-7b3b66a6ddcb","block_type":"box","text":"Compared to large","page_number":86,"box":{"x":795,"y":117,"width":124,"height":11}},{"id":"f2f318e8-bef2-45e9-9c6f-4653289ef550","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":86,"box":{"x":549,"y":131,"width":403,"height":11}},{"id":"0f01881c-2c9f-49df-a227-0fc2d2462a4a","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":86,"box":{"x":549,"y":146,"width":405,"height":10}},{"id":"a7644beb-88c9-4a51-a6c9-fcbbbebf39db","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":86,"box":{"x":549,"y":160,"width":407,"height":11}},{"id":"016021aa-f41b-4cfb-98c8-91cc79428897","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":86,"box":{"x":549,"y":174,"width":414,"height":11}},{"id":"e9b3ad18-55eb-4347-af73-8712c3a3cbc1","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":86,"box":{"x":549,"y":188,"width":413,"height":11}},{"id":"dafb57f2-e542-43be-acc5-ab23802781aa","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":86,"box":{"x":549,"y":202,"width":386,"height":11}},{"id":"0873408a-3a1c-4dfb-ae2a-85f76a27a7b3","block_type":"box","text":"Operational and Technology Risks","page_number":86,"box":{"x":549,"y":225,"width":230,"height":11}},{"id":"a6e805c7-62ab-43f4-9066-5106bca79cf4","block_type":"box","text":".","page_number":86,"box":{"x":780,"y":232,"width":2,"height":2}},{"id":"07412c52-fad4-46b8-9074-23d5ea6bf841","block_type":"box","text":"The Fund is directly and","page_number":86,"box":{"x":787,"y":226,"width":152,"height":10}},{"id":"d9f36611-d18c-4a9e-96e5-61f55b7a9ff4","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":86,"box":{"x":549,"y":240,"width":368,"height":11}},{"id":"df2281c3-41bb-4f9e-9c49-30424539166b","block_type":"box","text":"including those related to human errors, processing errors,","page_number":86,"box":{"x":549,"y":254,"width":376,"height":11}},{"id":"e86ffccd-f18f-49c1-a983-1f7adc279fe7","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":86,"box":{"x":549,"y":268,"width":413,"height":11}},{"id":"b20552a4-e1b6-4c47-8b4a-c6e9c4a6467c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":86,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"32fb6a97-f6b1-43d1-a2fc-e76fdbb897b3","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":86,"box":{"x":549,"y":296,"width":401,"height":11}},{"id":"fd0b723d-8c14-4813-852b-3f0a5df82bd8","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":86,"box":{"x":549,"y":311,"width":377,"height":10}},{"id":"c98476e1-3bdb-4806-91c4-5af5128208e7","block_type":"box","text":"providers are required to have appropriate operational,","page_number":86,"box":{"x":549,"y":325,"width":350,"height":11}},{"id":"ef2b7fcf-3215-4186-bb73-ac6a91383320","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":86,"box":{"x":549,"y":339,"width":414,"height":11}},{"id":"c2aa7ab7-baf9-4bfb-8c0a-f4c19b485b69","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":86,"box":{"x":549,"y":353,"width":397,"height":11}},{"id":"aede5715-6e4b-4876-b1db-a75b0fed19b4","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":86,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"d6b0a51e-718d-4ef5-91d0-6ca02aae4744","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":86,"box":{"x":549,"y":382,"width":391,"height":8}},{"id":"254ff51e-666a-4bd3-85e5-b759338c3319","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":86,"box":{"x":549,"y":396,"width":422,"height":10}},{"id":"a699621d-79c0-4674-9dc5-a3c583ea6ea5","block_type":"box","text":"investments in such issuers to lose value.","page_number":86,"box":{"x":549,"y":410,"width":264,"height":8}},{"id":"9c4c0f02-182d-4f4d-8ac2-74707827b51d","block_type":"box","text":"Securities Lending Risk.","page_number":86,"box":{"x":548,"y":433,"width":162,"height":11}},{"id":"29beaa52-3f96-40b9-b07e-89c20dc364fc","block_type":"box","text":"The Fund may engage in securities","page_number":86,"box":{"x":716,"y":433,"width":221,"height":11}},{"id":"69b3921d-f2d7-4c8f-a531-883d69b3bfe3","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":86,"box":{"x":549,"y":447,"width":397,"height":11}},{"id":"a06c5aed-2333-47e0-8a82-032238f05287","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":86,"box":{"x":549,"y":461,"width":418,"height":11}},{"id":"18863191-640c-4429-afc3-6c8eeb7ba2b9","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":86,"box":{"x":549,"y":476,"width":409,"height":10}},{"id":"d87b2d3d-9b3d-45bd-ac7d-794f8c9ebc44","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":86,"box":{"x":549,"y":490,"width":416,"height":11}},{"id":"2fbcc248-5c96-4904-bd08-75c804c709ff","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":86,"box":{"x":549,"y":504,"width":389,"height":11}},{"id":"d79043f2-4551-401d-b5d4-000e8931da06","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":86,"box":{"x":549,"y":518,"width":406,"height":9}},{"id":"5818d9b0-b33c-4c65-b82e-9676432f2548","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":86,"box":{"x":549,"y":532,"width":301,"height":11}},{"id":"fd7226d6-106d-4e8c-bfb6-fe1fa26b7d04","block_type":"box","text":"Technology Companies Risk","page_number":86,"box":{"x":550,"y":556,"width":190,"height":10}},{"id":"b9b9c710-a7c2-40fe-9e48-d2a105f9b18f","block_type":"box","text":".","page_number":86,"box":{"x":740,"y":562,"width":3,"height":2}},{"id":"cc122451-5f65-49fb-878e-9c353df5903b","block_type":"box","text":"Technology companies and","page_number":86,"box":{"x":748,"y":556,"width":172,"height":10}},{"id":"37e45b21-0bff-4bab-b2ad-b5687310e10f","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":86,"box":{"x":549,"y":570,"width":413,"height":11}},{"id":"d33f24a4-b09d-432d-9361-48f730472a56","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":86,"box":{"x":549,"y":584,"width":414,"height":11}},{"id":"30361349-e044-4e2b-9e70-a04bd73818c3","block_type":"box","text":"and personnel. These companies typically face intense","page_number":86,"box":{"x":549,"y":598,"width":348,"height":11}},{"id":"e1c0337c-50bc-4b90-9ce9-7d90e24ea3ff","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":86,"box":{"x":549,"y":612,"width":418,"height":11}},{"id":"ba5183fc-c3c6-4a38-92db-39e6a5bef43a","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":86,"box":{"x":549,"y":626,"width":381,"height":11}},{"id":"970e95cc-a31a-4c00-819e-a250586cd89b","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":86,"box":{"x":549,"y":641,"width":367,"height":10}},{"id":"b511513c-2fc6-4717-a678-d3e92378561d","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":86,"box":{"x":549,"y":655,"width":424,"height":11}},{"id":"50811fa6-6dc5-4eb6-a2e5-e8ee5681b944","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":86,"box":{"x":549,"y":669,"width":368,"height":11}},{"id":"79b2a969-39df-422b-9d4b-cf067efa6ea2","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":86,"box":{"x":549,"y":683,"width":384,"height":11}},{"id":"60668839-b381-418c-914c-3a1619dc95c2","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":86,"box":{"x":549,"y":697,"width":384,"height":11}},{"id":"a99e3d3f-be05-4436-ab63-86c2d06a0b0c","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":86,"box":{"x":549,"y":712,"width":397,"height":10}},{"id":"2ec52309-d0b4-4141-bda9-d2489038d428","block_type":"box","text":"government or legal action.","page_number":86,"box":{"x":549,"y":726,"width":174,"height":11}},{"id":"0fe41456-93ae-440f-9f5e-70d53af07818","block_type":"box","text":"Tracking Error Risk","page_number":86,"box":{"x":550,"y":749,"width":128,"height":11}},{"id":"d9878318-2da3-49a2-9b83-08c3edbeeab4","block_type":"box","text":".","page_number":86,"box":{"x":678,"y":755,"width":3,"height":2}},{"id":"cbc53d03-35bb-4cba-a5ac-0144ddf1533c","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":86,"box":{"x":686,"y":749,"width":284,"height":11}},{"id":"84343ad8-0743-4548-a466-8eb511b380d3","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":86,"box":{"x":549,"y":763,"width":404,"height":11}},{"id":"1b7767f0-9773-414e-976e-18494b9fcd0c","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":86,"box":{"x":549,"y":777,"width":425,"height":11}},{"id":"a4c335d2-d701-4990-9fc2-9daeae3eab32","block_type":"box","text":"factors, including differences between the securities and other","page_number":86,"box":{"x":549,"y":791,"width":401,"height":11}},{"id":"a5a8c890-7fcf-4f5b-9aeb-64f89cddfc88","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":86,"box":{"x":549,"y":806,"width":381,"height":10}},{"id":"064fcce9-b74e-403e-8d87-db6f7db43f9d","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":86,"box":{"x":550,"y":820,"width":396,"height":11}},{"id":"ec02aaee-c65f-486d-8300-2ed1b99e30c6","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":86,"box":{"x":549,"y":834,"width":407,"height":10}},{"id":"23ac9ba3-f710-42d9-8fb1-2cfb34371a8e","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":86,"box":{"x":549,"y":848,"width":400,"height":11}},{"id":"cd0ba103-2067-46d9-a7e4-236a6112e73e","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":86,"box":{"x":549,"y":862,"width":421,"height":11}},{"id":"278277c2-240e-47ef-9f98-becdefe2aaba","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":86,"box":{"x":549,"y":877,"width":374,"height":10}},{"id":"268865ac-061e-4192-9d0a-66d648881267","block_type":"box","text":"S-75","page_number":86,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d3fcb254-3535-4a05-9232-41ef8edae8ea","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":87,"box":{"x":83,"y":23,"width":370,"height":11}},{"id":"cd37d6b8-5792-497e-9243-aa79052e0134","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":87,"box":{"x":83,"y":37,"width":372,"height":11}},{"id":"f9580786-b825-4e0b-b39b-cfd0df1b5ecb","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":87,"box":{"x":83,"y":51,"width":420,"height":11}},{"id":"2b7386ad-8cb1-46f6-9857-7baef139efa8","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":87,"box":{"x":83,"y":66,"width":386,"height":11}},{"id":"a36325fe-5695-4d94-b8eb-3591e292cc61","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":87,"box":{"x":82,"y":80,"width":378,"height":11}},{"id":"59c35c7b-abab-49a4-a712-164ca447e9ba","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":87,"box":{"x":83,"y":94,"width":380,"height":11}},{"id":"af642d63-aa90-4282-b3b3-db71b14410d2","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":87,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"4303252b-48be-4b14-9487-feaf9fc7ef06","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":87,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"85022df2-5797-4cea-aff6-7769e473af69","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":87,"box":{"x":550,"y":51,"width":386,"height":11}},{"id":"a1b1a912-4d82-4b48-8487-5d092855f8f5","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":87,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"757d4bff-f7eb-47ff-a394-322d869e23fe","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":87,"box":{"x":549,"y":80,"width":420,"height":11}},{"id":"b9f47e00-7af8-47e7-ba50-92d59a9cea39","block_type":"box","text":"unusual market conditions.","page_number":87,"box":{"x":549,"y":94,"width":172,"height":9}},{"id":"6121a095-7fbb-4284-a4c8-759b73559d66","block_type":"box","text":"Performance Information","page_number":87,"box":{"x":84,"y":115,"width":213,"height":11}},{"id":"288554a3-9cd6-4b45-a714-646d58e4c9ec","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":87,"box":{"x":82,"y":140,"width":887,"height":11}},{"id":"f1e5c47e-4e0c-4067-b9f6-d25883c8bf3d","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":87,"box":{"x":83,"y":155,"width":872,"height":10}},{"id":"2c587a31-f45e-4753-822c-ca95660a69d8","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":87,"box":{"x":83,"y":169,"width":867,"height":11}},{"id":"76d6b4f3-fc99-4457-a898-7895383fcb59","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":87,"box":{"x":83,"y":183,"width":863,"height":11}},{"id":"3694b3dd-9f89-4c30-98f4-4ee859419f8c","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":87,"box":{"x":83,"y":197,"width":874,"height":11}},{"id":"07a6f28a-64f6-49ca-a795-9023fd888bfe","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":87,"box":{"x":83,"y":211,"width":888,"height":11}},{"id":"5e627e3c-3076-4a44-b018-7f7b7bd7f090","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":87,"box":{"x":83,"y":226,"width":652,"height":10}},{"id":"7517650f-ad99-426e-8693-e239d0e99af2","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":87,"box":{"x":422,"y":247,"width":212,"height":11}},{"id":"3dbf8f24-31fb-437a-9ced-ae1dffbe688d","block_type":"box","text":"45%","page_number":87,"box":{"x":332,"y":294,"width":21,"height":7}},{"id":"554689ec-879d-4f66-96c1-f2fd48661501","block_type":"box","text":"30%","page_number":87,"box":{"x":332,"y":314,"width":21,"height":7}},{"id":"3810d0fb-0ac6-43c6-a741-aa7826b4f4d0","block_type":"box","text":"15%","page_number":87,"box":{"x":334,"y":333,"width":19,"height":7}},{"id":"69fa6ee8-1f55-4994-a670-cb921d69dd73","block_type":"box","text":"0%","page_number":87,"box":{"x":339,"y":353,"width":14,"height":7}},{"id":"8dc76bba-8e39-457e-aff2-583da5b26e5e","block_type":"box","text":"-15%","page_number":87,"box":{"x":328,"y":372,"width":25,"height":7}},{"id":"82649f41-dc68-4146-8937-31ed439c8a98","block_type":"box","text":"-30%","page_number":87,"box":{"x":328,"y":392,"width":25,"height":7}},{"id":"5a3f0537-f363-4c7d-810c-ad0b95b19fe7","block_type":"box","text":"2","page_number":87,"box":{"x":364,"y":414,"width":5,"height":7}},{"id":"52e3d61b-7560-4f69-9773-b7a0998ccfd5","block_type":"box","text":"0","page_number":87,"box":{"x":371,"y":414,"width":5,"height":7}},{"id":"73b6dd61-0689-4b4a-a58a-eacb828bd894","block_type":"box","text":"1","page_number":87,"box":{"x":379,"y":414,"width":3,"height":7}},{"id":"f69e5c53-c68a-46dd-9401-6954e9f31107","block_type":"box","text":"5","page_number":87,"box":{"x":385,"y":414,"width":5,"height":7}},{"id":"668624f8-06f8-4d55-8988-dccab687a242","block_type":"box","text":"2","page_number":87,"box":{"x":400,"y":414,"width":5,"height":7}},{"id":"0cd5a14d-16a9-4045-a48e-f44769b48973","block_type":"box","text":"0","page_number":87,"box":{"x":407,"y":414,"width":5,"height":7}},{"id":"0c392a6c-501e-4e86-8d2a-c72fa1f1f53c","block_type":"box","text":"1","page_number":87,"box":{"x":415,"y":414,"width":3,"height":7}},{"id":"d7d9febf-6c60-491f-9045-c174ccd77439","block_type":"box","text":"6","page_number":87,"box":{"x":421,"y":414,"width":5,"height":7}},{"id":"02933cba-65c1-44f5-ab95-26edb9d072a5","block_type":"box","text":"2","page_number":87,"box":{"x":436,"y":414,"width":5,"height":7}},{"id":"1ab85c18-b8cf-42b6-899f-3f0d60d1de08","block_type":"box","text":"0","page_number":87,"box":{"x":443,"y":414,"width":6,"height":7}},{"id":"464f9bad-ed98-4b25-9356-0692d85d96dd","block_type":"box","text":"17 2","page_number":87,"box":{"x":452,"y":414,"width":25,"height":7}},{"id":"3a4e0dd5-776a-4444-8ddc-e4f3867ba395","block_type":"box","text":"0","page_number":87,"box":{"x":479,"y":414,"width":6,"height":7}},{"id":"c0d38218-72b3-4beb-88a0-245ab121b0e9","block_type":"box","text":"1","page_number":87,"box":{"x":488,"y":414,"width":2,"height":7}},{"id":"e1351e46-182f-40ff-8717-761d64d6a019","block_type":"box","text":"8","page_number":87,"box":{"x":493,"y":414,"width":6,"height":7}},{"id":"5616dd9a-e927-47f0-8397-387a1f562f9f","block_type":"box","text":"2","page_number":87,"box":{"x":508,"y":414,"width":5,"height":7}},{"id":"f1bddf5f-ddcd-422f-8583-0440c6ad4262","block_type":"box","text":"0","page_number":87,"box":{"x":515,"y":414,"width":6,"height":7}},{"id":"73819a57-f1d1-46d3-979e-5c2744658fd2","block_type":"box","text":"1","page_number":87,"box":{"x":524,"y":414,"width":2,"height":7}},{"id":"4a1fff01-d579-4612-9e31-da7613c16a66","block_type":"box","text":"9","page_number":87,"box":{"x":530,"y":414,"width":5,"height":7}},{"id":"3863dd39-e190-49a3-9e48-55ca5827ca16","block_type":"box","text":"2","page_number":87,"box":{"x":544,"y":414,"width":5,"height":7}},{"id":"a6f0938c-ae02-4a39-8e8e-976e0a4c5ef7","block_type":"box","text":"0","page_number":87,"box":{"x":551,"y":414,"width":6,"height":7}},{"id":"bcfdb027-f8e0-47a8-ae30-f03ab0af0cc4","block_type":"box","text":"2","page_number":87,"box":{"x":559,"y":414,"width":5,"height":7}},{"id":"7713d5f5-31ea-410d-b58a-381f179719fb","block_type":"box","text":"0","page_number":87,"box":{"x":566,"y":414,"width":5,"height":7}},{"id":"da26cb4a-5f86-4a6f-b209-736ebcd80dea","block_type":"box","text":"2","page_number":87,"box":{"x":581,"y":414,"width":5,"height":7}},{"id":"cdc201b2-c750-45da-8718-4333e4ff9a91","block_type":"box","text":"0","page_number":87,"box":{"x":587,"y":414,"width":6,"height":7}},{"id":"27f42c27-9cb2-4530-a7e9-ea099dca532b","block_type":"box","text":"21 2","page_number":87,"box":{"x":595,"y":414,"width":27,"height":7}},{"id":"ff99e9b5-5051-49ea-b194-ceceb3afc0d8","block_type":"box","text":"0","page_number":87,"box":{"x":624,"y":414,"width":5,"height":7}},{"id":"cee728a6-5180-4ff0-b836-08ea2b4fabcf","block_type":"box","text":"22 2","page_number":87,"box":{"x":631,"y":414,"width":27,"height":7}},{"id":"08ec487b-4b00-46c2-ae39-a5c88627db0b","block_type":"box","text":"0","page_number":87,"box":{"x":660,"y":414,"width":5,"height":7}},{"id":"0fece4d4-1cfd-479c-a952-c68af0990b58","block_type":"box","text":"2","page_number":87,"box":{"x":667,"y":414,"width":5,"height":7}},{"id":"8616e58a-2744-46ed-b4cd-d4b3829b195f","block_type":"box","text":"3","page_number":87,"box":{"x":674,"y":414,"width":6,"height":7}},{"id":"4dc3de92-d4c2-46e7-9a2a-1e4f8a07b67c","block_type":"box","text":"2","page_number":87,"box":{"x":689,"y":414,"width":5,"height":7}},{"id":"316c7378-75c7-4b6d-84ac-4f13b173be32","block_type":"box","text":"0","page_number":87,"box":{"x":696,"y":414,"width":6,"height":7}},{"id":"cd8f8894-efd3-4e73-a094-28d510d10e32","block_type":"box","text":"2","page_number":87,"box":{"x":703,"y":414,"width":5,"height":7}},{"id":"bea2c569-0252-414a-b214-7ff01e44257d","block_type":"box","text":"4","page_number":87,"box":{"x":710,"y":414,"width":6,"height":7}},{"id":"385ccd77-42b8-476d-9680-cc0a724787b8","block_type":"box","text":"-2.18%","page_number":87,"box":{"x":363,"y":362,"width":28,"height":6}},{"id":"337f3426-b564-44cd-be24-e073db9b59fc","block_type":"box","text":"14.08%","page_number":87,"box":{"x":399,"y":327,"width":29,"height":6}},{"id":"d593aace-4658-485b-a344-2578735c46bc","block_type":"box","text":"19.10%","page_number":87,"box":{"x":436,"y":320,"width":28,"height":6}},{"id":"32eb09ff-9532-4e59-b077-9d1fe620a417","block_type":"box","text":"-8.16%","page_number":87,"box":{"x":471,"y":370,"width":28,"height":6}},{"id":"71bbc685-f868-4858-8a4d-dc6759e26429","block_type":"box","text":"29.84%","page_number":87,"box":{"x":507,"y":306,"width":30,"height":6}},{"id":"ab82e7a9-9179-43e8-8d9c-8c5622af1f8b","block_type":"box","text":"15.15%","page_number":87,"box":{"x":544,"y":325,"width":29,"height":6}},{"id":"0d7973f5-34f5-4d3f-95ca-a958802662ab","block_type":"box","text":"25.52%","page_number":87,"box":{"x":579,"y":312,"width":30,"height":6}},{"id":"b5e76ba8-2ece-42c7-899e-ce7e87cc1f62","block_type":"box","text":"-17.03%","page_number":87,"box":{"x":613,"y":382,"width":34,"height":6}},{"id":"fb9554f2-e4e9-4992-a6ee-5ef883e19523","block_type":"box","text":"17.60%","page_number":87,"box":{"x":652,"y":322,"width":29,"height":6}},{"id":"e76896ba-9015-4483-8fdf-0a93857e35d8","block_type":"box","text":"14.65%","page_number":87,"box":{"x":689,"y":326,"width":29,"height":6}},{"id":"bfedd003-b416-430f-ada7-e0c7fd132a29","block_type":"box","text":"Return (%) Period Ended","page_number":87,"box":{"x":547,"y":440,"width":174,"height":10}},{"id":"156eeeb5-15f0-4c84-97a6-d6fc3c77a86e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":87,"box":{"x":317,"y":459,"width":182,"height":7}},{"id":"3e64317e-76b5-48be-9448-f4e5287f6c4c","block_type":"box","text":"9.36% September 30, 2025","page_number":87,"box":{"x":568,"y":459,"width":171,"height":9}},{"id":"6436cec6-7372-4257-ab5d-6280b5cc7815","block_type":"box","text":"During the periods shown in the chart:","page_number":87,"box":{"x":318,"y":471,"width":239,"height":10}},{"id":"8bb0a725-93f4-4b74-a583-d73bc7d03177","block_type":"box","text":"Best Quarter 22.97% June 30, 2020","page_number":87,"box":{"x":331,"y":484,"width":408,"height":9}},{"id":"25c35ac3-7f40-4648-85f1-646d73983acb","block_type":"box","text":"Worst Quarter -26.46% March 31, 2020","page_number":87,"box":{"x":330,"y":497,"width":409,"height":9}},{"id":"27b79c0d-503a-4856-b9a3-7abda637f751","block_type":"box","text":"Average Annual Total Returns","page_number":87,"box":{"x":425,"y":526,"width":206,"height":11}},{"id":"be8f5bc0-5aaa-40e8-bd7d-12c681f41ca8","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":87,"box":{"x":378,"y":540,"width":301,"height":11}},{"id":"f8b6f92b-4cab-42d3-8e48-9f35c346fe47","block_type":"box","text":"One Year Five Years Ten Years","page_number":87,"box":{"x":712,"y":556,"width":221,"height":8}},{"id":"04413f99-fde4-4267-85cc-c0817739cc05","block_type":"box","text":"(Inception Date: 5/5/2010)","page_number":87,"box":{"x":123,"y":575,"width":169,"height":9}},{"id":"0a69b543-c6b2-4a9c-bbaa-f5365864198e","block_type":"box","text":"Return Before Taxes","page_number":87,"box":{"x":124,"y":586,"width":112,"height":8}},{"id":"2c02e5c7-70a7-43fe-8fdc-3c4c58fa3541","block_type":"box","text":"14.65% 10.09% 9.87%","page_number":87,"box":{"x":723,"y":586,"width":200,"height":8}},{"id":"ccc20ab2-44f9-4357-b3ef-2fdd86ca6a4e","block_type":"box","text":"Return After Taxes on Distributions 14.22% 9.64% 9.40%","page_number":87,"box":{"x":124,"y":598,"width":799,"height":7}},{"id":"7e39648c-f15c-4cd1-b0ad-c37087018e23","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.93% 7.91% 7.98%","page_number":87,"box":{"x":124,"y":609,"width":799,"height":8}},{"id":"384db885-c248-4ab1-aafe-ee798148ca3a","block_type":"box","text":"MSCI USA Index","page_number":87,"box":{"x":124,"y":621,"width":99,"height":7}},{"id":"72d07cfe-1208-4bce-97b4-9846b00fa0d8","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 13.08%","page_number":87,"box":{"x":227,"y":621,"width":696,"height":10}},{"id":"a0baec45-b40d-4cc6-8c80-fb736848da3c","block_type":"box","text":"MSCI USA Equal Weighted Index (Spliced)","page_number":87,"box":{"x":124,"y":633,"width":257,"height":9}},{"id":"7b49c030-f163-4ed6-bbef-a0024e034c71","block_type":"box","text":"1","page_number":87,"box":{"x":384,"y":631,"width":2,"height":5}},{"id":"879bc43e-45ee-4c63-bbcf-78b540a8b0c0","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":87,"box":{"x":393,"y":633,"width":245,"height":9}},{"id":"dcfd4bcd-8d61-4d48-a808-511b0f13ee4d","block_type":"box","text":"expenses or taxes)","page_number":87,"box":{"x":137,"y":646,"width":105,"height":9}},{"id":"83371570-b3c2-442d-bfda-ac2cd61bfc56","block_type":"box","text":"14.75% 10.18% 9.99%","page_number":87,"box":{"x":723,"y":646,"width":200,"height":7}},{"id":"e0f0bbfc-fdd4-48ea-9b9f-63e5844b9625","block_type":"box","text":"1","page_number":87,"box":{"x":112,"y":674,"width":2,"height":4}},{"id":"9c0cf43b-9ccf-400f-a0fb-0a549c024b84","block_type":"box","text":"The MSCI USA Equal Weighted Index (Spliced) reflects the performance of the MSCI USA Index through August 31, 2015 and the MSCI USA Equal","page_number":87,"box":{"x":123,"y":675,"width":827,"height":10}},{"id":"0d3cda84-0b8c-4b40-9a9d-0c59cd960fa7","block_type":"box","text":"Weighted Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":87,"box":{"x":123,"y":685,"width":602,"height":10}},{"id":"e7fe0c56-7193-4304-8b04-8cbf1a0db38a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":87,"box":{"x":82,"y":705,"width":882,"height":11}},{"id":"ee96ecd5-3ee1-4fc2-957d-68148abc12c7","block_type":"box","text":"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,","page_number":87,"box":{"x":83,"y":719,"width":871,"height":11}},{"id":"248d77bd-e00c-46cc-87d9-bab24d06e1e2","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":87,"box":{"x":83,"y":733,"width":860,"height":11}},{"id":"552e8c06-f4b0-489c-8487-1b3ef65bfb5d","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":87,"box":{"x":83,"y":748,"width":855,"height":10}},{"id":"72adc95a-f0ed-4a0a-8b28-0e6864c66091","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":87,"box":{"x":83,"y":762,"width":883,"height":11}},{"id":"6a6ec4da-ad1d-483f-8efc-e9037bff6d5f","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":87,"box":{"x":82,"y":776,"width":861,"height":11}},{"id":"28900c17-c372-4bd2-87f8-f3070da6ff60","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":87,"box":{"x":83,"y":790,"width":359,"height":10}},{"id":"d88d80fd-fd92-4615-9335-c68ff549ceba","block_type":"box","text":"S-76","page_number":87,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d077c9fe-bcb3-4832-96cb-6310b4924fe3","block_type":"box","text":"Management","page_number":88,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"a1ac6f1c-4d91-4dfb-b44a-f6f605ad2936","block_type":"box","text":"Investment Adviser.","page_number":88,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"e4abdb9b-ac94-43dc-9e46-6f7c357e1486","block_type":"box","text":"BlackRock Fund Advisors.","page_number":88,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"37a9640a-83a6-487d-b1e9-cc54abf49c17","block_type":"box","text":"Portfolio Managers.","page_number":88,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"19f7bbeb-cc66-4dd7-bba7-12362791ceb6","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":88,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"a56256e6-8e85-4a60-b772-3328e41e9445","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":88,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"16c89f53-eeac-4848-a305-3240a12a3b9f","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":88,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"fda72430-0844-4255-bf38-0d9b3ed85a6e","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":88,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"39435265-5cc2-40a9-be7c-72ba32539fb4","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2012. Mr.","page_number":88,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"dd874dec-9ad7-4f9b-9c9d-b33d158288ff","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":88,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"ea80d79f-6143-4bf4-9074-768e932673bb","block_type":"box","text":"Managers of the Fund since 2025.","page_number":88,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"b1022f30-e53e-4e42-8110-2bcc1090851c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":88,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"b9f80a78-5552-4e92-b35d-595e37c2197c","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":88,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"9e5b3885-582b-4b5e-8345-31d9dbd0b98d","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":88,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"1fd74fa9-810f-4066-9ec1-b8ecdc14df93","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":88,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"efaea5c9-2088-4f2c-9509-1892cd30df9f","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":88,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"1391215c-f0fe-451c-8199-4df97588f4d3","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":88,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"817ec73d-3d5d-4154-be4a-2c5992b74e87","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":88,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"33d2143d-5bb9-4ad3-a09a-459b7c35dbd4","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":88,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"9f98ac02-aa0d-431f-8cc2-561ed9972e44","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":88,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"d4c9b470-a02f-48b1-805a-c9dfa8868753","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":88,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"da81d4d4-0e1a-487f-a15a-81dc61f12bdc","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":88,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"63779c5a-fb7a-460d-8f74-81417f6780ad","block_type":"box","text":"Tax Information","page_number":88,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"8060fb35-4858-4f34-9a62-92745951c71a","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":88,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"f49a8ad3-793e-4da8-a4b1-63d0bc8cb86d","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":88,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"2ad89f10-3afd-4023-8d73-dc629fd38eba","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":88,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"9477a2c4-cea6-4733-bca3-70a0fb231510","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":88,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"f65d84eb-6ae9-4545-af30-f95ee2590f75","block_type":"box","text":"withdrawn.","page_number":88,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"e8b07974-694e-454d-bf40-330522ffbb62","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":88,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"eadd9e7c-992c-48a0-ab7b-669e9de12f55","block_type":"box","text":"Intermediaries","page_number":88,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"1295e5f3-4a4c-44aa-85db-c397f0cb9b75","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":88,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"8ff5fac9-3dd4-4c4d-8e0b-bdf5bbe87f60","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":88,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"a3e0e268-f462-49ca-9b55-ea12fb9be89d","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":88,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"22562a34-f008-4cf4-9fda-7e1a6ef9a94b","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":88,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"f4795ab7-7125-4a50-8c5c-273f88fc2f2a","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":88,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"64b7bc91-4452-4d4b-bc47-d76e170d1181","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":88,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"7f6169e8-679b-42cf-852b-12f2f89cee40","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":88,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"dbd6ad7d-26d6-4287-b7a2-d1f0f9f12410","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":88,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"4f66f912-a42c-453c-a17e-1be8862bb082","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":88,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"f57d44b7-2956-468a-83f1-0f132581d828","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":88,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"8f17264a-f44a-49b3-98c2-de74db111a87","block_type":"box","text":"information.","page_number":88,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"5e7f1cf4-14b4-4d69-bc2a-0d84b20be482","block_type":"box","text":"S-77","page_number":88,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1a3ee8ab-c084-4a0d-bdb5-462b4bb96584","block_type":"box","text":"More Information About the Funds","page_number":89,"box":{"x":78,"y":22,"width":340,"height":14}},{"id":"dc2d18d1-d8b7-4f04-847d-52c1240778b7","block_type":"box","text":"This Prospectus contains important information about investing in the Funds listed below. Please read this Prospectus carefully before you","page_number":89,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"eec230d0-d984-443c-afaf-15eb08a3ffa8","block_type":"box","text":"make any investment decisions. Additional information regarding the Funds as well as other funds that are series of iShares Trust, iShares","page_number":89,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"7df48e22-93f1-4a4b-8a33-ca2b26eb4ece","block_type":"box","text":"U.S. ETF Trust or iShares, Inc. (each, a “Fund”) is available at www.iShares.com.","page_number":89,"box":{"x":77,"y":80,"width":508,"height":11}},{"id":"d4fd21cd-d5c5-4c31-bdec-b5d34831b87f","block_type":"box","text":"Each Fund’s investment objective and its Underlying Index may be changed without shareholder approval.","page_number":89,"box":{"x":77,"y":103,"width":675,"height":11}},{"id":"559d850b-e626-425c-8abb-7baf8eb1e1eb","block_type":"box","text":"Fund Underlying Index Investment Objective","page_number":89,"box":{"x":87,"y":134,"width":602,"height":11}},{"id":"a58859e3-e2af-4f2a-b8ae-48b43e7e7f38","block_type":"box","text":"iShares MSCI Austria ETF MSCI Austria IMI 25/50 Index The iShares MSCI Austria ETF seeks to track the investment results","page_number":89,"box":{"x":87,"y":152,"width":884,"height":11}},{"id":"51e746e9-ad09-46bc-bc57-bd947b9f8b16","block_type":"box","text":"of a broad-based index composed of Austrian equities.","page_number":89,"box":{"x":540,"y":167,"width":348,"height":10}},{"id":"5f74116f-d5ba-4a4c-89a3-4033dea4b5e0","block_type":"box","text":"iShares MSCI Belgium ETF MSCI Belgium IMI 25/50 Index The iShares MSCI Belgium ETF seeks to track the investment","page_number":89,"box":{"x":87,"y":185,"width":843,"height":10}},{"id":"50827d05-3f42-497f-923c-eaea1bc1af6e","block_type":"box","text":"results of a broad-based index composed of Belgian equities.","page_number":89,"box":{"x":540,"y":199,"width":389,"height":11}},{"id":"ee96f114-cfea-4620-be12-aeac213ddce8","block_type":"box","text":"iShares MSCI Canada ETF MSCI Canada Custom Capped","page_number":89,"box":{"x":87,"y":217,"width":419,"height":11}},{"id":"de50cd13-8627-4540-ba7f-56fe87ecd19d","block_type":"box","text":"Index","page_number":89,"box":{"x":314,"y":231,"width":33,"height":8}},{"id":"1440800d-7111-41ab-918a-3105334a3785","block_type":"box","text":"The iShares MSCI Canada ETF seeks to track the investment","page_number":89,"box":{"x":539,"y":217,"width":388,"height":8}},{"id":"eba3a9e6-cacb-4400-977c-839c0bf3c673","block_type":"box","text":"results of an index composed of Canadian equities.","page_number":89,"box":{"x":540,"y":231,"width":326,"height":11}},{"id":"e6bff97c-eb24-4687-a7f4-26bf2c71aecb","block_type":"box","text":"iShares MSCI Eurozone ETF MSCI EMU Index The iShares MSCI Eurozone ETF seeks to track the investment","page_number":89,"box":{"x":87,"y":249,"width":851,"height":9}},{"id":"2864a683-0a59-4b6f-a05d-9d0481c3d3d0","block_type":"box","text":"results of an index composed of large- and mid-capitalization","page_number":89,"box":{"x":540,"y":263,"width":389,"height":11}},{"id":"c4fef51e-ca1b-4c4f-8658-8ba11a357ec3","block_type":"box","text":"equities from developed market countries that use the euro as","page_number":89,"box":{"x":540,"y":277,"width":398,"height":11}},{"id":"2da17c74-ea17-4bfe-81f3-7759e647da75","block_type":"box","text":"their official currency.","page_number":89,"box":{"x":539,"y":292,"width":139,"height":10}},{"id":"48f6d568-901e-4e5b-9de9-1adf7358b8eb","block_type":"box","text":"iShares MSCI France ETF MSCI France Index The iShares MSCI France ETF seeks to track the investment results","page_number":89,"box":{"x":87,"y":310,"width":882,"height":8}},{"id":"510a30de-2f64-4c30-9839-cdbb303b153d","block_type":"box","text":"of an index composed of French equities.","page_number":89,"box":{"x":540,"y":324,"width":262,"height":11}},{"id":"aa7bfac6-8cdd-4938-b75d-af122219b340","block_type":"box","text":"iShares MSCI Germany ETF MSCI Germany Index The iShares MSCI Germany ETF seeks to track the investment","page_number":89,"box":{"x":87,"y":342,"width":849,"height":11}},{"id":"c6dc221f-b367-4c18-af51-3a4560587877","block_type":"box","text":"results of an index composed of German equities.","page_number":89,"box":{"x":540,"y":356,"width":316,"height":11}},{"id":"b6011d60-bb33-4e2f-8ecb-39da27e5c46f","block_type":"box","text":"iShares MSCI Israel ETF MSCI Israel Capped Investable","page_number":89,"box":{"x":87,"y":374,"width":422,"height":11}},{"id":"3f2bb1d4-f1c4-4b47-a38f-00c54e5a55bc","block_type":"box","text":"Market Index (IMI)","page_number":89,"box":{"x":314,"y":388,"width":116,"height":11}},{"id":"24f6aac6-b87f-431d-82e0-0a18d5b49e68","block_type":"box","text":"The iShares MSCI Israel ETF seeks to track the investment results","page_number":89,"box":{"x":539,"y":374,"width":421,"height":9}},{"id":"9aa1a133-9078-4714-9d04-f6972a8c96e3","block_type":"box","text":"of a broad-based index composed of Israeli equities.","page_number":89,"box":{"x":540,"y":388,"width":333,"height":11}},{"id":"cc1abae4-66d0-44df-bc85-3cc654efac2e","block_type":"box","text":"iShares MSCI Italy ETF MSCI Italy 25/50 Index The iShares MSCI Italy ETF seeks to track the investment results of","page_number":89,"box":{"x":87,"y":406,"width":883,"height":11}},{"id":"b630cd7b-f489-439d-8ade-1c9c5333f630","block_type":"box","text":"an index composed of Italian equities.","page_number":89,"box":{"x":540,"y":421,"width":241,"height":10}},{"id":"26797ee0-9040-40e6-a247-ccee309659be","block_type":"box","text":"iShares MSCI Netherlands ETF MSCI Netherlands IMI 25/50","page_number":89,"box":{"x":87,"y":439,"width":414,"height":10}},{"id":"b3c9bc31-5030-4564-bafc-6750fa7f55c2","block_type":"box","text":"Index","page_number":89,"box":{"x":314,"y":453,"width":33,"height":8}},{"id":"3442723a-e81a-40cc-abc2-b4f79e6eba97","block_type":"box","text":"The iShares MSCI Netherlands ETF seeks to track the investment","page_number":89,"box":{"x":539,"y":439,"width":418,"height":8}},{"id":"a97e3fbb-6220-4a88-bb55-354d1b6ee10c","block_type":"box","text":"results of a broad-based index composed of Dutch equities.","page_number":89,"box":{"x":540,"y":453,"width":380,"height":10}},{"id":"d265565e-b163-4b0d-873f-67a8c8e2c1f5","block_type":"box","text":"iShares MSCI Spain ETF MSCI Spain 25/50 Index The iShares MSCI Spain ETF seeks to track the investment results","page_number":89,"box":{"x":87,"y":471,"width":874,"height":11}},{"id":"d8bdd8ea-6c96-4e4a-a101-3c252fdc0b59","block_type":"box","text":"of an index composed of Spanish equities.","page_number":89,"box":{"x":540,"y":485,"width":269,"height":11}},{"id":"214f3a9d-5450-41e7-9095-04736447a32e","block_type":"box","text":"iShares MSCI Sweden ETF MSCI Sweden 25/50 Index The iShares MSCI Sweden ETF seeks to track the investment","page_number":89,"box":{"x":87,"y":503,"width":842,"height":10}},{"id":"8b7e4cee-e16e-4a68-b5ce-d54ec8ce69db","block_type":"box","text":"results of an index composed of Swedish equities.","page_number":89,"box":{"x":540,"y":517,"width":319,"height":11}},{"id":"53e0fb9a-6f67-49e5-8bb9-7709319c5f33","block_type":"box","text":"iShares MSCI Switzerland ETF MSCI Switzerland 25/50 Index The iShares MSCI Switzerland ETF seeks to track the investment","page_number":89,"box":{"x":87,"y":535,"width":866,"height":10}},{"id":"d21fd3cb-9a96-4958-b741-01d9d607270e","block_type":"box","text":"results of an index composed of Swiss equities.","page_number":89,"box":{"x":540,"y":549,"width":302,"height":11}},{"id":"de160a13-22ea-4a19-82ed-2e2e75d2bff7","block_type":"box","text":"iShares MSCI USA Equal","page_number":89,"box":{"x":87,"y":567,"width":156,"height":11}},{"id":"0085110e-3ea5-4ad7-a10d-b49e4670ffa2","block_type":"box","text":"Weighted ETF","page_number":89,"box":{"x":86,"y":582,"width":87,"height":10}},{"id":"21d6a996-91d0-4b15-a4e5-c52b70f30480","block_type":"box","text":"MSCI USA Equal Weighted Index The iShares MSCI USA Equal Weighted ETF seeks to track the","page_number":89,"box":{"x":314,"y":567,"width":620,"height":11}},{"id":"7354297b-96fa-47b1-8e60-fb36dcc5d009","block_type":"box","text":"investment results of an index composed of equal weighted U.S.","page_number":89,"box":{"x":540,"y":582,"width":410,"height":10}},{"id":"4d982582-884a-4dc9-a983-fda78a3c63e0","block_type":"box","text":"equities.","page_number":89,"box":{"x":540,"y":596,"width":53,"height":11}},{"id":"78a9756b-1df5-42c7-bbfc-457d6312a49b","block_type":"box","text":"ETFs are funds that trade like other publicly traded securities. Shares of each Fund are listed on a national securities exchange and trade in","page_number":89,"box":{"x":77,"y":626,"width":889,"height":11}},{"id":"5c744ce8-9c9b-423a-98ce-0d961f04c675","block_type":"box","text":"the secondary market at market prices that change throughout the day. The market price for a share of a Fund may be different from the","page_number":89,"box":{"x":76,"y":640,"width":873,"height":11}},{"id":"8abf1d69-74e0-4cad-8a15-22273dcfd60f","block_type":"box","text":"Fund’s most recent NAV.","page_number":89,"box":{"x":77,"y":654,"width":155,"height":9}},{"id":"3c72964a-a66a-4c2e-b80f-32bfc73c503a","block_type":"box","text":"Each Fund invests in a particular segment of the markets for securities and other instruments (as applicable) and is designed to be used as","page_number":89,"box":{"x":77,"y":677,"width":887,"height":11}},{"id":"e01863b4-771a-4638-9578-e23a17b8c991","block_type":"box","text":"part of broader asset allocation strategies. Accordingly, an investment in a Fund should not constitute a complete investment program. An","page_number":89,"box":{"x":76,"y":692,"width":885,"height":10}},{"id":"88fdcc9b-ec89-4a6c-a5b1-f8916fcbf9d5","block_type":"box","text":"investment in a Fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other","page_number":89,"box":{"x":76,"y":706,"width":863,"height":11}},{"id":"8fe74758-3163-48e4-a03f-9fce9ae17360","block_type":"box","text":"government agency, BFA or any of BFA’s affiliates.","page_number":89,"box":{"x":76,"y":720,"width":318,"height":11}},{"id":"087162f3-5f14-410f-91f8-08f346237eea","block_type":"box","text":"Index Funds","page_number":89,"box":{"x":77,"y":743,"width":83,"height":9}},{"id":"0ca4ff20-e361-4c27-a89c-920ccc8fc7db","block_type":"box","text":"A share of a Fund represents an ownership interest in an underlying portfolio of securities and other instruments (as applicable) that is","page_number":89,"box":{"x":76,"y":766,"width":861,"height":11}},{"id":"7ad86d88-1089-4b72-a6fc-ad91c20ffd53","block_type":"box","text":"intended to track the Fund’s Underlying Index. An index is a financial calculation, based on a grouping of financial instruments, and is not an","page_number":89,"box":{"x":76,"y":780,"width":894,"height":11}},{"id":"087153e3-9817-4b65-9106-7fc9ee694bde","block_type":"box","text":"investment product, while each Fund is an actual investment portfolio. The performance of a Fund and that of its Underlying Index may vary","page_number":89,"box":{"x":76,"y":795,"width":893,"height":11}},{"id":"0b3f5bc7-3f21-4a10-b3f5-56b255538126","block_type":"box","text":"for a number of reasons, including transaction costs, asset or currency valuations, corporate actions, timing variances and differences","page_number":89,"box":{"x":76,"y":809,"width":859,"height":11}},{"id":"6755f31c-6ced-4246-8764-796f8d6128c7","block_type":"box","text":"between the composition of a Fund’s portfolio and that of the Underlying Index resulting from the Fund’s use of representative sampling or","page_number":89,"box":{"x":76,"y":823,"width":887,"height":11}},{"id":"5241d8a8-04d3-4c25-a78c-5b2b97f94009","block_type":"box","text":"from legal restrictions (such as diversification requirements) that apply to the Fund but not to its Underlying Index.","page_number":89,"box":{"x":76,"y":837,"width":732,"height":11}},{"id":"7d6a6b15-ab32-4f27-b009-3b0b1ac04dde","block_type":"box","text":"From time to time, the provider of the Underlying Index (“Index Provider”) may make changes to the index methodology or other adjustments","page_number":89,"box":{"x":77,"y":860,"width":901,"height":11}},{"id":"c27838f0-e8f3-4b64-a0b0-2bbe19366411","block_type":"box","text":"to a Fund’s Underlying Index. Unless otherwise determined by BFA, any such change will be reflected in the calculation of the Underlying","page_number":89,"box":{"x":76,"y":875,"width":873,"height":10}},{"id":"fb4ce515-6944-41e5-b5f0-dbaa04880a95","block_type":"box","text":"1","page_number":89,"box":{"x":527,"y":921,"width":3,"height":8}},{"id":"2cfca3d9-b019-45d6-8d10-5ab39b26e637","block_type":"box","text":"Index’s performance on a going-forward basis after the effective date of such change. Therefore, the performance of the Underlying Index","page_number":90,"box":{"x":77,"y":23,"width":881,"height":11}},{"id":"6dd615d4-2b5b-46e6-a0b0-c2ce6370e48e","block_type":"box","text":"that is shown for periods prior to the effective date of any such change generally will not be recalculated or restated to reflect the change.","page_number":90,"box":{"x":76,"y":37,"width":883,"height":11}},{"id":"82c1e165-368e-418c-899f-067910c70cd6","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Funds. “Representative sampling” is an indexing strategy that involves","page_number":90,"box":{"x":77,"y":61,"width":890,"height":10}},{"id":"799ee89b-bc07-4a7a-92a4-e70ab53cd0d3","block_type":"box","text":"investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an","page_number":90,"box":{"x":76,"y":75,"width":848,"height":11}},{"id":"40291170-1610-4cbd-9c4f-91fc9bb2b18e","block_type":"box","text":"applicable underlying index. Because the Funds use representative sampling, they can be expected to have a larger tracking error than if they","page_number":90,"box":{"x":76,"y":89,"width":905,"height":11}},{"id":"9e3dcf76-fcca-4981-8120-386699391918","block_type":"box","text":"used a replication indexing strategy. “Replication” is an indexing strategy in which a fund invests in substantially all of the components of its","page_number":90,"box":{"x":77,"y":103,"width":894,"height":11}},{"id":"6bacc8cb-9485-4564-9597-77b33ac41672","block_type":"box","text":"underlying index in approximately the same proportions as in the underlying index.","page_number":90,"box":{"x":77,"y":117,"width":526,"height":11}},{"id":"a70209e9-465f-4932-9d43-615bd6d43bf9","block_type":"box","text":"Borrowing","page_number":90,"box":{"x":77,"y":140,"width":70,"height":11}},{"id":"a887bf2a-116a-4477-910e-db267ad2ffff","block_type":"box","text":"Each Fund listed below may borrow as a temporary measure for extraordinary or emergency purposes, including to meet redemptions or to","page_number":90,"box":{"x":77,"y":164,"width":890,"height":10}},{"id":"e5598f13-2f95-4b3a-826c-ba0f71d7acf7","block_type":"box","text":"facilitate the settlement of securities or other transactions. Each Fund does not intend to borrow money in order to leverage its portfolio.","page_number":90,"box":{"x":76,"y":178,"width":876,"height":11}},{"id":"2bcc1627-c3e5-4aa6-bf71-094c0d5f5714","block_type":"box","text":"iShares MSCI Austria ETF","page_number":90,"box":{"x":89,"y":202,"width":162,"height":9}},{"id":"e491eebf-a849-4346-8439-33aa26bf070b","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":90,"box":{"x":89,"y":217,"width":168,"height":10}},{"id":"f49110a0-7d4d-4015-a129-db9787103cfd","block_type":"box","text":"iShares MSCI Canada ETF","page_number":90,"box":{"x":89,"y":231,"width":165,"height":8}},{"id":"e7eeff01-9416-43b0-adee-b8028d6001b3","block_type":"box","text":"iShares MSCI France ETF","page_number":90,"box":{"x":89,"y":245,"width":160,"height":8}},{"id":"8e3fb32b-7a91-48e5-99b0-80fd010c16d2","block_type":"box","text":"iShares MSCI Germany ETF","page_number":90,"box":{"x":89,"y":259,"width":174,"height":11}},{"id":"6e02ec9f-317a-497d-938f-21363b89e3a4","block_type":"box","text":"iShares MSCI Israel ETF","page_number":90,"box":{"x":89,"y":273,"width":152,"height":9}},{"id":"67ab624c-e606-49eb-b080-89871c9d4ae3","block_type":"box","text":"iShares MSCI Italy ETF","page_number":90,"box":{"x":562,"y":202,"width":144,"height":11}},{"id":"2b533fd8-01de-465a-8f80-a58566ffd8ee","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":90,"box":{"x":562,"y":217,"width":196,"height":8}},{"id":"dac3b141-f5fc-4bf1-ac66-3926be136298","block_type":"box","text":"iShares MSCI Spain ETF","page_number":90,"box":{"x":562,"y":231,"width":153,"height":10}},{"id":"c270d48b-de28-41a0-834c-9def47e6f35b","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":90,"box":{"x":562,"y":245,"width":168,"height":8}},{"id":"6c81b065-a614-4349-ad19-a0a3c017003a","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":90,"box":{"x":562,"y":259,"width":192,"height":9}},{"id":"e1aff628-58d8-407d-a250-eba6a87406d1","block_type":"box","text":"European Union Disclosure","page_number":90,"box":{"x":77,"y":295,"width":188,"height":11}},{"id":"d6b071aa-ed83-433a-bded-09271a0bdc70","block_type":"box","text":"Each Fund listed below has not been categorized under the European Union (“EU”) sustainable finance disclosure regulation (“SFDR”) as an","page_number":90,"box":{"x":77,"y":318,"width":890,"height":11}},{"id":"3ab33173-55a4-4641-ac10-0bbffa9327f6","block_type":"box","text":"“Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally","page_number":90,"box":{"x":76,"y":333,"width":872,"height":10}},{"id":"7951706a-849d-48b8-96a6-997bd7540e49","block_type":"box","text":"sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on","page_number":90,"box":{"x":76,"y":347,"width":833,"height":11}},{"id":"08a7aaec-71de-437f-8b2d-b961379a0416","block_type":"box","text":"sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability","page_number":90,"box":{"x":76,"y":361,"width":886,"height":11}},{"id":"f8e3a225-ad49-49cd-bcdc-b8f63b7d1069","block_type":"box","text":"factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.","page_number":90,"box":{"x":76,"y":375,"width":862,"height":11}},{"id":"1fd1e5d3-5bb3-456e-9c10-1196bb17edb0","block_type":"box","text":"iShares MSCI Canada ETF","page_number":90,"box":{"x":89,"y":400,"width":165,"height":8}},{"id":"3da9e9b8-555f-4c9c-be9d-2ab57b39ec7a","block_type":"box","text":"iShares MSCI Germany ETF","page_number":90,"box":{"x":89,"y":414,"width":174,"height":11}},{"id":"216eabdf-54b3-4233-bf23-cc821efe4f72","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":90,"box":{"x":562,"y":400,"width":248,"height":10}},{"id":"8d111294-eef5-4882-8e9b-2d8ce949c619","block_type":"box","text":"2","page_number":90,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"06a6efba-151b-4d5f-aa75-96c8e57f627f","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":91,"box":{"x":76,"y":22,"width":455,"height":14}},{"id":"999f2513-b408-4152-a6ed-c78da137d482","block_type":"box","text":"Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet","page_number":91,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"31b706ac-0481-417c-be2e-e075daced767","block_type":"box","text":"its investment objective. Each Fund discloses its portfolio holdings daily at www.iShares.com. You could lose all or part of your investment in","page_number":91,"box":{"x":76,"y":66,"width":899,"height":11}},{"id":"66faa9e1-2a4f-47a1-9c36-d4185bd78728","block_type":"box","text":"a Fund, which could underperform other investments. The table below identifies the principal and other (non-principal) risks that apply to","page_number":91,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"64309bf7-3936-4420-8828-795512c35a79","block_type":"box","text":"each Fund. A Fund that invests in an underlying fund (“Underlying Fund”) also may be indirectly exposed to these risks through such","page_number":91,"box":{"x":76,"y":94,"width":844,"height":11}},{"id":"43120b4e-a266-4342-8a50-c308c6d823fe","block_type":"box","text":"investment. A description of each risk is provided after the table.","page_number":91,"box":{"x":76,"y":108,"width":414,"height":11}},{"id":"04f33fcf-6e4e-4959-9a60-16372971ac0f","block_type":"box","text":"iShares MSCI","page_number":91,"box":{"x":311,"y":131,"width":91,"height":9}},{"id":"94605622-5cfd-416e-82c3-cced29d764f1","block_type":"box","text":"Austria ETF","page_number":91,"box":{"x":317,"y":143,"width":79,"height":9}},{"id":"bbc72d33-4b75-46c2-becb-f26d220b5525","block_type":"box","text":"iShares MSCI","page_number":91,"box":{"x":424,"y":131,"width":91,"height":9}},{"id":"6ab99149-9ca7-4119-9cef-91f57d7b7a7d","block_type":"box","text":"Belgium ETF","page_number":91,"box":{"x":428,"y":143,"width":85,"height":11}},{"id":"293fe6b5-a390-4044-beea-71d45822d04b","block_type":"box","text":"iShares MSCI","page_number":91,"box":{"x":537,"y":131,"width":92,"height":9}},{"id":"837e950c-44c1-467a-bf61-f063899d2b72","block_type":"box","text":"Canada ETF","page_number":91,"box":{"x":543,"y":143,"width":81,"height":9}},{"id":"c871b565-6efe-42e2-b067-1c2607dea731","block_type":"box","text":"iShares MSCI","page_number":91,"box":{"x":650,"y":131,"width":92,"height":9}},{"id":"9ae053bd-3ac7-45fc-aefb-2fcb413fdbd5","block_type":"box","text":"Eurozone ETF","page_number":91,"box":{"x":651,"y":143,"width":92,"height":9}},{"id":"114e5c8c-f550-4739-b071-c35d6a821f72","block_type":"box","text":"iShares MSCI","page_number":91,"box":{"x":764,"y":131,"width":91,"height":9}},{"id":"4029372b-7330-48cf-9508-45e584cb7f9b","block_type":"box","text":"France ETF","page_number":91,"box":{"x":772,"y":143,"width":76,"height":9}},{"id":"3a9be6a1-ae8d-44ea-a9f3-c8718441da03","block_type":"box","text":"iShares MSCI","page_number":91,"box":{"x":877,"y":131,"width":92,"height":9}},{"id":"e66a119c-ecd0-4e1c-b8b3-88ca5ffb72dd","block_type":"box","text":"Germany ETF","page_number":91,"box":{"x":877,"y":143,"width":92,"height":11}},{"id":"b3b44189-0c89-42d1-afef-55c5abd7ed68","block_type":"box","text":"Principal Risk |","page_number":91,"box":{"x":102,"y":168,"width":101,"height":12}},{"id":"5673464d-d52d-4872-92e7-05c531e16865","block_type":"box","text":"•","page_number":91,"box":{"x":209,"y":170,"width":6,"height":4}},{"id":"cc1cc3f8-34cc-442c-ad1d-773c6b64ac20","block_type":"box","text":"Other Risk","page_number":91,"box":{"x":221,"y":169,"width":74,"height":8}},{"id":"c97bb563-8ff5-455a-90ea-3dc58a542ebe","block_type":"box","text":"Asian Economic Risk","page_number":91,"box":{"x":81,"y":195,"width":132,"height":8}},{"id":"b48360ff-c243-4c22-b66a-9fb5542b5ed3","block_type":"box","text":"Asset Class Risk","page_number":91,"box":{"x":81,"y":213,"width":105,"height":8}},{"id":"8fa5aae8-c211-41eb-a95a-418e817b9725","block_type":"box","text":"Assets Under Management","page_number":91,"box":{"x":81,"y":231,"width":173,"height":11}},{"id":"ad88f00b-4152-458e-9ba7-d57d2ada5af0","block_type":"box","text":"(AUM) Risk","page_number":91,"box":{"x":82,"y":245,"width":71,"height":11}},{"id":"521e3823-8b18-440b-8bd0-dde1bd351926","block_type":"box","text":"Authorized Participant","page_number":91,"box":{"x":81,"y":263,"width":142,"height":11}},{"id":"ed70f5d1-00a5-447e-8ea7-8bf966bb2006","block_type":"box","text":"Concentration Risk","page_number":91,"box":{"x":82,"y":277,"width":121,"height":9}},{"id":"1b6ff10e-5ead-45db-bf07-fcb630d839c0","block_type":"box","text":"Borrowing Risk","page_number":91,"box":{"x":82,"y":295,"width":95,"height":11}},{"id":"4035d83e-face-4ece-b545-1bb9eacceb68","block_type":"box","text":"••• ••","page_number":91,"box":{"x":354,"y":296,"width":572,"height":5}},{"id":"fd677d38-c6ac-4fbb-8fc7-7b2a28e6eb2a","block_type":"box","text":"Close-Out Risk for Qualified","page_number":91,"box":{"x":82,"y":313,"width":176,"height":9}},{"id":"f741d4dd-9a42-4270-a2ba-fa05cecb77f7","block_type":"box","text":"Financial Contracts","page_number":91,"box":{"x":82,"y":327,"width":122,"height":9}},{"id":"49022c5b-09ec-4fb6-963d-89e23d480f3e","block_type":"box","text":"••••••","page_number":91,"box":{"x":354,"y":321,"width":572,"height":5}},{"id":"23761b0e-0c5e-49c6-9452-61e0ddcc69aa","block_type":"box","text":"Commodity Risk","page_number":91,"box":{"x":82,"y":345,"width":103,"height":11}},{"id":"6e7bba7d-7ecb-4a97-9332-598ad4c72433","block_type":"box","text":"Communications Companies Risk","page_number":91,"box":{"x":82,"y":363,"width":214,"height":11}},{"id":"ce9ad82b-e8a6-42bd-9f57-702d2bb0bb25","block_type":"box","text":"•","page_number":91,"box":{"x":920,"y":365,"width":6,"height":4}},{"id":"8fc074aa-fa12-407c-873a-126ecf4fb2a8","block_type":"box","text":"Concentration Risk","page_number":91,"box":{"x":82,"y":382,"width":121,"height":8}},{"id":"b770bea4-b21e-4f59-aeee-1f28ce06eb4e","block_type":"box","text":"Consumer Goods and Services","page_number":91,"box":{"x":82,"y":400,"width":195,"height":8}},{"id":"6761bb82-2253-4ac3-bd16-75060bcf806c","block_type":"box","text":"Companies Risk","page_number":91,"box":{"x":82,"y":414,"width":101,"height":11}},{"id":"781f4953-025f-46fd-b55e-59e87d0089e5","block_type":"box","text":"•","page_number":91,"box":{"x":580,"y":408,"width":6,"height":4}},{"id":"80c6417b-6ff9-49cf-8b82-947858783958","block_type":"box","text":"•","page_number":91,"box":{"x":920,"y":408,"width":6,"height":4}},{"id":"d28eb7d1-713b-479c-93a2-e1a54e9db7d2","block_type":"box","text":"Currency Risk","page_number":91,"box":{"x":82,"y":432,"width":88,"height":11}},{"id":"c9b30ecf-3da2-4021-849b-9c78aab4afec","block_type":"box","text":"Energy Companies Risk","page_number":91,"box":{"x":82,"y":450,"width":149,"height":11}},{"id":"f0960f21-1e60-4533-8fcc-bf38f63dd772","block_type":"box","text":"•","page_number":91,"box":{"x":354,"y":451,"width":5,"height":4}},{"id":"9d3d009d-1d96-412f-8dfc-1369e653b071","block_type":"box","text":"•","page_number":91,"box":{"x":807,"y":451,"width":5,"height":4}},{"id":"58e0e451-e886-475d-8135-edcbccfebff7","block_type":"box","text":"Equity Securities Risk","page_number":91,"box":{"x":82,"y":468,"width":137,"height":11}},{"id":"09714a9d-dbcc-4707-9b73-c7b685405e7a","block_type":"box","text":"European Economic Risk","page_number":91,"box":{"x":82,"y":486,"width":157,"height":11}},{"id":"f870afc9-b0f2-49c4-9f46-aae08dc83adb","block_type":"box","text":"Financial Companies Risk","page_number":91,"box":{"x":82,"y":504,"width":162,"height":11}},{"id":"3cbc189a-8f0e-4ebe-885e-d07c9dd03ca8","block_type":"box","text":"•","page_number":91,"box":{"x":807,"y":505,"width":5,"height":4}},{"id":"52f4934f-fad5-44eb-a6e6-4fdc87813aca","block_type":"box","text":"Geographic and Security Risks","page_number":91,"box":{"x":82,"y":522,"width":194,"height":11}},{"id":"8a113e52-2d2b-4bcf-b4cc-cfe69ae0975c","block_type":"box","text":"••••••","page_number":91,"box":{"x":354,"y":523,"width":572,"height":4}},{"id":"070860ea-6691-41b8-ac82-53b373e87d44","block_type":"box","text":"Healthcare Companies Risk","page_number":91,"box":{"x":82,"y":540,"width":176,"height":11}},{"id":"9a28d599-da0c-4788-a069-1a702f058007","block_type":"box","text":"•••","page_number":91,"box":{"x":694,"y":541,"width":232,"height":5}},{"id":"52e38c58-7739-4540-b49f-42aa7c396755","block_type":"box","text":"Illiquid Investments Risk","page_number":91,"box":{"x":82,"y":558,"width":154,"height":11}},{"id":"a3115761-aba0-4b1e-9310-ba8f33f38bb0","block_type":"box","text":"••••••","page_number":91,"box":{"x":354,"y":559,"width":572,"height":5}},{"id":"3b5d3925-25c1-4826-8986-d95c4cbe01b9","block_type":"box","text":"Index-Related Risk","page_number":91,"box":{"x":82,"y":576,"width":118,"height":9}},{"id":"bcf31afb-c969-48cd-827f-f307fe3fa52a","block_type":"box","text":"Industrial Companies Risk","page_number":91,"box":{"x":82,"y":594,"width":165,"height":11}},{"id":"3e442220-c86a-4c60-b408-7944a9f999a0","block_type":"box","text":"••","page_number":91,"box":{"x":467,"y":595,"width":119,"height":5}},{"id":"4a2be3b4-fc19-423c-8d8d-84d47a46840e","block_type":"box","text":"Issuer Risk","page_number":91,"box":{"x":82,"y":612,"width":68,"height":9}},{"id":"20cef52f-9d19-4d6a-bc92-9d59030f1637","block_type":"box","text":"Large-Capitalization Companies","page_number":91,"box":{"x":82,"y":630,"width":203,"height":11}},{"id":"aa028f76-e204-4be5-9154-ec079f34fe1d","block_type":"box","text":"Risk","page_number":91,"box":{"x":82,"y":645,"width":26,"height":8}},{"id":"b6065334-0e7a-47b9-ad8e-159364340595","block_type":"box","text":"•","page_number":91,"box":{"x":354,"y":639,"width":5,"height":4}},{"id":"c94a93d4-76a5-48c0-b0a9-946a0713bc4a","block_type":"box","text":"Large Shareholder and Large","page_number":91,"box":{"x":82,"y":663,"width":189,"height":10}},{"id":"de1918f3-4339-4a06-89fe-b04dd5e435cb","block_type":"box","text":"Scale Redemption Risk","page_number":91,"box":{"x":82,"y":677,"width":146,"height":10}},{"id":"ac8497d7-067e-4f52-ad2b-8715cea64af9","block_type":"box","text":"••••••","page_number":91,"box":{"x":354,"y":671,"width":572,"height":4}},{"id":"8065f0da-90cd-4fcc-b6b9-a13e224164d5","block_type":"box","text":"Management Risk","page_number":91,"box":{"x":82,"y":695,"width":114,"height":11}},{"id":"b2485070-ac0d-41ea-81ce-6acffc5388d4","block_type":"box","text":"Market Risk","page_number":91,"box":{"x":82,"y":713,"width":75,"height":8}},{"id":"a2f04452-e28b-4046-a6dd-4cfd75ae6158","block_type":"box","text":"Market Trading Risk","page_number":91,"box":{"x":82,"y":731,"width":125,"height":11}},{"id":"7e473456-67bf-4b26-abdd-d866a1b43790","block_type":"box","text":"Materials Companies Risk","page_number":91,"box":{"x":82,"y":749,"width":165,"height":11}},{"id":"bedd6bf7-02a4-4fc4-b87a-84f53537b05e","block_type":"box","text":"••• ••","page_number":91,"box":{"x":354,"y":750,"width":572,"height":4}},{"id":"f4c0039e-c9ca-4eeb-b5d0-523cbe22b85c","block_type":"box","text":"Mid-Capitalization Companies","page_number":91,"box":{"x":82,"y":767,"width":191,"height":11}},{"id":"5d66c103-d109-40d5-b029-3b5430dca96d","block_type":"box","text":"Risk","page_number":91,"box":{"x":82,"y":781,"width":26,"height":9}},{"id":"e586dfce-a008-4ba4-849f-369fd2760d5b","block_type":"box","text":"•••••","page_number":91,"box":{"x":467,"y":775,"width":459,"height":4}},{"id":"b655f7ce-a17a-4e7d-a884-a8668a2fff2f","block_type":"box","text":"Middle Eastern Economic Risk","page_number":91,"box":{"x":82,"y":799,"width":192,"height":9}},{"id":"290a9c7e-f296-4c7d-a138-e31e1ea18b06","block_type":"box","text":"National Closed Market Trading","page_number":91,"box":{"x":82,"y":817,"width":200,"height":11}},{"id":"978a42da-c640-4fdb-8ba0-21ce065b217d","block_type":"box","text":"Risk","page_number":91,"box":{"x":82,"y":831,"width":26,"height":9}},{"id":"4820d066-38e8-4428-bc2f-dc7677cc17c3","block_type":"box","text":"Non-Diversification Risk","page_number":91,"box":{"x":82,"y":849,"width":153,"height":9}},{"id":"3eb4aefd-e77e-4ce5-b303-d9e7a46db117","block_type":"box","text":"Non-U.S. Securities Risk","page_number":91,"box":{"x":82,"y":868,"width":156,"height":8}},{"id":"8a920aac-31cd-4f6b-8cf2-db652497ab3b","block_type":"box","text":"3","page_number":91,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"cd24ddc4-45f9-4bee-94fe-cfd970eaefb5","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":311,"y":23,"width":91,"height":9}},{"id":"6faa70e5-e0be-4345-81d9-b10227d30e4f","block_type":"box","text":"Austria ETF","page_number":92,"box":{"x":317,"y":35,"width":79,"height":8}},{"id":"46b6594f-b23c-4016-9eab-8700cabbc260","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":424,"y":23,"width":91,"height":9}},{"id":"d5590e95-c728-4ce4-ac28-9cb1b3697cff","block_type":"box","text":"Belgium ETF","page_number":92,"box":{"x":428,"y":35,"width":85,"height":11}},{"id":"d82d39d7-bb4b-42a9-9eaf-0ccb8e6ddec5","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":537,"y":23,"width":92,"height":9}},{"id":"15e39073-4011-4a29-a229-6e90411edee8","block_type":"box","text":"Canada ETF","page_number":92,"box":{"x":543,"y":35,"width":81,"height":8}},{"id":"38c3df75-58ae-420c-aa8b-84657613bdb7","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":650,"y":23,"width":92,"height":9}},{"id":"105f962e-ddc8-4e40-ac37-f20b7e8dacac","block_type":"box","text":"Eurozone ETF","page_number":92,"box":{"x":651,"y":35,"width":92,"height":8}},{"id":"50852467-27bf-416a-b1cc-fec5a074b0b2","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":764,"y":23,"width":91,"height":9}},{"id":"e7e0a181-86be-4228-a438-a6d29b1dcc60","block_type":"box","text":"France ETF","page_number":92,"box":{"x":772,"y":35,"width":76,"height":8}},{"id":"314f8298-cb73-4ef2-8595-d5db17507566","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":877,"y":23,"width":92,"height":9}},{"id":"c803886d-f9f4-4006-989f-aaba75277d11","block_type":"box","text":"Germany ETF","page_number":92,"box":{"x":877,"y":35,"width":92,"height":11}},{"id":"02d18739-2719-4230-92c6-8f8982c16dbf","block_type":"box","text":"Principal Risk |","page_number":92,"box":{"x":102,"y":60,"width":101,"height":12}},{"id":"0df43b3a-94be-42cb-9178-00fb20c1e01e","block_type":"box","text":"•","page_number":92,"box":{"x":209,"y":61,"width":6,"height":5}},{"id":"dc0a9ea7-b633-4fb6-8eea-e1092387af6b","block_type":"box","text":"Other Risk","page_number":92,"box":{"x":221,"y":61,"width":74,"height":8}},{"id":"a67fa0e3-99ae-419f-a0df-0501d4d1712f","block_type":"box","text":"North American Economic Risk","page_number":92,"box":{"x":82,"y":86,"width":198,"height":9}},{"id":"84173519-2df8-4a36-a357-803bb7c8968a","block_type":"box","text":"Operational and Technology Risks","page_number":92,"box":{"x":82,"y":104,"width":214,"height":11}},{"id":"d47f8f27-b984-41ad-8278-f14622fd0518","block_type":"box","text":"Ownership Limitations Risk","page_number":92,"box":{"x":82,"y":122,"width":173,"height":11}},{"id":"2d052fae-89a6-4f8f-a33e-0fa27ac0330d","block_type":"box","text":"••••••","page_number":92,"box":{"x":354,"y":124,"width":572,"height":4}},{"id":"b6584c7d-0269-487d-863a-75ce82213902","block_type":"box","text":"Real Estate Companies Risk","page_number":92,"box":{"x":82,"y":140,"width":177,"height":11}},{"id":"98d85e28-e71b-4b69-afbc-304adb4842fe","block_type":"box","text":"••","page_number":92,"box":{"x":354,"y":142,"width":119,"height":4}},{"id":"1ce8e93c-2000-4213-a59e-38767ae5a55e","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":92,"box":{"x":82,"y":159,"width":212,"height":10}},{"id":"3144874a-9399-4534-ab47-d816b1b536fb","block_type":"box","text":"Risk of Investing in Austria","page_number":92,"box":{"x":82,"y":177,"width":168,"height":10}},{"id":"dc3565a2-5f01-4df9-bf66-cbfe7d420ecd","block_type":"box","text":"Risk of Investing in Belgium","page_number":92,"box":{"x":82,"y":195,"width":174,"height":10}},{"id":"31bcb5fe-c55a-4704-bd06-7b69aad4728c","block_type":"box","text":"Risk of Investing in Canada","page_number":92,"box":{"x":82,"y":213,"width":171,"height":10}},{"id":"e613fd02-f5b2-4c10-a7b8-200ea0857bb0","block_type":"box","text":"Risk of Investing in Developed","page_number":92,"box":{"x":82,"y":231,"width":191,"height":11}},{"id":"94dfcbfe-3d8c-4b67-8edb-e2c99cbe04d3","block_type":"box","text":"Countries","page_number":92,"box":{"x":82,"y":245,"width":61,"height":8}},{"id":"6fe3e3c9-c77b-4dbe-8d19-efc29c5be535","block_type":"box","text":"Risk of Investing in Europe","page_number":92,"box":{"x":82,"y":263,"width":168,"height":11}},{"id":"c5004778-0aff-4fac-aad3-12d6b3981e45","block_type":"box","text":"Risk of Investing in France","page_number":92,"box":{"x":82,"y":281,"width":166,"height":11}},{"id":"2e3a59a4-8d70-4003-8a66-ca5defc826c2","block_type":"box","text":"Risk of Investing in Germany","page_number":92,"box":{"x":82,"y":299,"width":181,"height":11}},{"id":"8bb5f5aa-bc6e-4900-adae-ac0e2882a688","block_type":"box","text":"Risk of Investing in Israel","page_number":92,"box":{"x":82,"y":317,"width":157,"height":11}},{"id":"895609e5-d26f-458f-9297-727b3428f970","block_type":"box","text":"Risk of Investing in Italy","page_number":92,"box":{"x":82,"y":335,"width":150,"height":11}},{"id":"53194e79-6318-40ce-ba11-69e427bf400e","block_type":"box","text":"Risk of Investing in Spain","page_number":92,"box":{"x":82,"y":353,"width":158,"height":11}},{"id":"52865a76-6f53-4e11-bf47-7a82999592f9","block_type":"box","text":"Risk of Investing in Sweden","page_number":92,"box":{"x":82,"y":371,"width":173,"height":11}},{"id":"0d3f0c40-452e-4687-97d6-50c7298e40a4","block_type":"box","text":"Risk of Investing in Switzerland","page_number":92,"box":{"x":82,"y":389,"width":197,"height":11}},{"id":"37ce50d1-7094-4f9b-9e31-abcb6921abc1","block_type":"box","text":"Risk of Investing in the","page_number":92,"box":{"x":82,"y":407,"width":144,"height":11}},{"id":"ca607123-f24d-4d48-b396-95292b216266","block_type":"box","text":"Netherlands","page_number":92,"box":{"x":82,"y":422,"width":77,"height":8}},{"id":"ab94fe86-e199-46e7-9814-da275ea37604","block_type":"box","text":"Risk of Investing in the U.S.","page_number":92,"box":{"x":82,"y":440,"width":174,"height":10}},{"id":"de4a39ab-4f4f-40f5-984f-02793e9a5ad7","block_type":"box","text":"Securities Lending Risk","page_number":92,"box":{"x":82,"y":458,"width":148,"height":10}},{"id":"8c8eca4f-9777-4a53-a0a5-38aea9b5369f","block_type":"box","text":"Small-Capitalization Companies","page_number":92,"box":{"x":82,"y":476,"width":202,"height":10}},{"id":"a64958e4-ede1-41f0-a1b9-87a669cbde89","block_type":"box","text":"Risk","page_number":92,"box":{"x":82,"y":490,"width":26,"height":8}},{"id":"840796b0-8685-4283-86a6-89f7254a8664","block_type":"box","text":"Small Fund Risk","page_number":92,"box":{"x":82,"y":508,"width":101,"height":8}},{"id":"238c1195-7677-475e-a9c0-28a018cc2ee7","block_type":"box","text":"Sustainability Risk","page_number":92,"box":{"x":82,"y":526,"width":116,"height":11}},{"id":"f5443544-d9a1-43cd-b6fa-af9db238cb01","block_type":"box","text":"••","page_number":92,"box":{"x":580,"y":527,"width":346,"height":4}},{"id":"f8b040aa-1314-4eb8-ae81-28449894d4b5","block_type":"box","text":"Technology Companies Risk","page_number":92,"box":{"x":81,"y":544,"width":178,"height":11}},{"id":"775ffaf6-a71a-468b-b839-7a070f3aacef","block_type":"box","text":"••","page_number":92,"box":{"x":580,"y":545,"width":119,"height":4}},{"id":"82d158f9-25a8-4ca8-ad3d-d72657f00134","block_type":"box","text":"Tracking Error Risk","page_number":92,"box":{"x":81,"y":562,"width":119,"height":11}},{"id":"cf25bc34-a49e-48dd-8c58-71511e8d0ba0","block_type":"box","text":"U.S. Economic Risk","page_number":92,"box":{"x":82,"y":580,"width":123,"height":9}},{"id":"93187a23-e453-4535-8b52-ec9ffe7b418e","block_type":"box","text":"Utility Companies Risk","page_number":92,"box":{"x":82,"y":598,"width":143,"height":11}},{"id":"6d4c1b6b-98dc-448f-a02f-5635f8dcb176","block_type":"box","text":"••","page_number":92,"box":{"x":354,"y":599,"width":345,"height":5}},{"id":"604f591b-d54d-40b9-8425-dd39c5741daf","block_type":"box","text":"Valuation Risk","page_number":92,"box":{"x":81,"y":616,"width":90,"height":9}},{"id":"15f774c0-2593-475d-8760-ea60560ad4a1","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":311,"y":662,"width":91,"height":8}},{"id":"d9b777af-ffeb-46ec-bac7-e061cdabacfc","block_type":"box","text":"Israel ETF","page_number":92,"box":{"x":323,"y":673,"width":68,"height":9}},{"id":"a5ffd68b-ab06-4d1d-af7b-b4986f4df064","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":424,"y":662,"width":91,"height":8}},{"id":"0d35b8a1-3cf0-4230-a392-842f1bf5d48f","block_type":"box","text":"Italy ETF","page_number":92,"box":{"x":441,"y":673,"width":59,"height":11}},{"id":"67ecd9f3-af77-40e6-8745-87941c3ed2b6","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":537,"y":650,"width":92,"height":8}},{"id":"3f897974-483c-4dfd-b176-90ed0764f520","block_type":"box","text":"Netherlands","page_number":92,"box":{"x":541,"y":662,"width":84,"height":8}},{"id":"4725617b-7a0f-4f9e-ac68-7abcf79eef79","block_type":"box","text":"ETF","page_number":92,"box":{"x":572,"y":673,"width":23,"height":9}},{"id":"aee515f3-976b-4a8c-8ba6-3c6a0519948e","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":650,"y":662,"width":92,"height":8}},{"id":"fb15f972-dc89-4d28-8e4d-0420ac658776","block_type":"box","text":"Spain ETF","page_number":92,"box":{"x":663,"y":673,"width":67,"height":11}},{"id":"821615a7-6a10-4cc2-9f2e-e17f9d762de1","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":764,"y":662,"width":91,"height":8}},{"id":"e49aa7ee-6df5-4660-be61-99aa2e4715a3","block_type":"box","text":"Sweden ETF","page_number":92,"box":{"x":768,"y":673,"width":84,"height":9}},{"id":"b53aafc0-d75f-40bd-9116-8ec8c2558de4","block_type":"box","text":"iShares MSCI","page_number":92,"box":{"x":877,"y":650,"width":92,"height":8}},{"id":"8617eb92-e877-4182-b57e-c362bbf3180c","block_type":"box","text":"Switzerland","page_number":92,"box":{"x":882,"y":662,"width":81,"height":8}},{"id":"0fd53613-110a-4825-af00-c3d84e84d2cd","block_type":"box","text":"ETF","page_number":92,"box":{"x":912,"y":673,"width":23,"height":9}},{"id":"a3cb2a4b-1de9-4e85-807b-d2b84c9e4567","block_type":"box","text":"Principal Risk |","page_number":92,"box":{"x":102,"y":699,"width":101,"height":11}},{"id":"a3dfd43b-0b97-439a-8e20-c5a6ffdd7496","block_type":"box","text":"•","page_number":92,"box":{"x":209,"y":700,"width":6,"height":5}},{"id":"463d29f2-2d67-46be-a090-4af5326ecc89","block_type":"box","text":"Other Risk","page_number":92,"box":{"x":221,"y":699,"width":74,"height":8}},{"id":"b1b280c6-c4da-49d5-955e-0d0811af6ae7","block_type":"box","text":"Asian Economic Risk","page_number":92,"box":{"x":81,"y":725,"width":132,"height":8}},{"id":"20c01ba3-7cd3-40c9-9a64-ae1dea87989c","block_type":"box","text":"Asset Class Risk","page_number":92,"box":{"x":81,"y":743,"width":105,"height":8}},{"id":"27d47e7e-f241-4185-a1b3-a8bd0c5da3a0","block_type":"box","text":"Assets Under Management","page_number":92,"box":{"x":81,"y":761,"width":173,"height":11}},{"id":"a7c24a02-651c-40b7-b383-ede522558df1","block_type":"box","text":"(AUM) Risk","page_number":92,"box":{"x":82,"y":775,"width":71,"height":11}},{"id":"e9a86b10-9a8b-4252-a3b2-b67b462d38d1","block_type":"box","text":"Authorized Participant","page_number":92,"box":{"x":81,"y":793,"width":142,"height":11}},{"id":"1d3765ee-8cab-4bae-887f-80dd22d040d5","block_type":"box","text":"Concentration Risk","page_number":92,"box":{"x":82,"y":807,"width":121,"height":9}},{"id":"0293999b-b755-4957-963f-2437521fab72","block_type":"box","text":"Borrowing Risk","page_number":92,"box":{"x":82,"y":825,"width":95,"height":11}},{"id":"4f93282a-2162-4f2a-ac52-b4a6c5375191","block_type":"box","text":"••••••","page_number":92,"box":{"x":354,"y":826,"width":572,"height":5}},{"id":"33c081e7-2437-4e9f-b373-e723f15f8cd1","block_type":"box","text":"Close-Out Risk for Qualified","page_number":92,"box":{"x":82,"y":843,"width":176,"height":9}},{"id":"f421892c-cabd-4004-8c47-5147a9c7cc67","block_type":"box","text":"Financial Contracts","page_number":92,"box":{"x":82,"y":858,"width":122,"height":8}},{"id":"3c9758a8-4ec5-4651-a807-bdd7db3c5c30","block_type":"box","text":"••••••","page_number":92,"box":{"x":354,"y":852,"width":572,"height":4}},{"id":"ea23f1c6-6837-43ba-b050-67b61dda6502","block_type":"box","text":"Commodity Risk","page_number":92,"box":{"x":82,"y":876,"width":103,"height":10}},{"id":"45ce6368-9adc-43ca-9130-4d0c4ed52104","block_type":"box","text":"4","page_number":92,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"df2fd8dc-71cc-41e8-b74e-c24b18083aa4","block_type":"box","text":"iShares MSCI","page_number":93,"box":{"x":311,"y":35,"width":91,"height":8}},{"id":"a74ae3db-32a7-4258-bbd5-a74fd3680e8f","block_type":"box","text":"Israel ETF","page_number":93,"box":{"x":323,"y":46,"width":68,"height":9}},{"id":"7dc32b1e-9ddf-491d-b80a-56fe1bf4dd64","block_type":"box","text":"iShares MSCI","page_number":93,"box":{"x":424,"y":35,"width":91,"height":8}},{"id":"72d4143b-feb7-4203-822f-308cd8c26bda","block_type":"box","text":"Italy ETF","page_number":93,"box":{"x":441,"y":46,"width":59,"height":11}},{"id":"3b1bb258-513d-4be5-a5a3-e17b759e539b","block_type":"box","text":"iShares MSCI","page_number":93,"box":{"x":537,"y":23,"width":92,"height":9}},{"id":"b8adee11-19d9-4b2a-92ba-4d41ce52a2a2","block_type":"box","text":"Netherlands","page_number":93,"box":{"x":541,"y":35,"width":84,"height":8}},{"id":"0c420f83-772b-4782-9106-30ef561b5328","block_type":"box","text":"ETF","page_number":93,"box":{"x":572,"y":47,"width":23,"height":8}},{"id":"0bf95a2f-68d2-41a2-9915-5f8feebeecf6","block_type":"box","text":"iShares MSCI","page_number":93,"box":{"x":650,"y":35,"width":92,"height":8}},{"id":"b33bd882-5777-412e-96e1-1f1d940e8249","block_type":"box","text":"Spain ETF","page_number":93,"box":{"x":663,"y":46,"width":67,"height":11}},{"id":"e1955ad3-504c-4d10-8817-78f9c6bec7fb","block_type":"box","text":"iShares MSCI","page_number":93,"box":{"x":764,"y":35,"width":91,"height":8}},{"id":"bad05f15-3525-47cf-b186-ae8f5eaa3942","block_type":"box","text":"Sweden ETF","page_number":93,"box":{"x":768,"y":46,"width":84,"height":9}},{"id":"489e0ffa-d5dc-48f5-b37a-dc56243df378","block_type":"box","text":"iShares MSCI","page_number":93,"box":{"x":877,"y":23,"width":92,"height":9}},{"id":"fba956f3-a691-4ed9-8d17-307d12f464e2","block_type":"box","text":"Switzerland","page_number":93,"box":{"x":882,"y":35,"width":81,"height":8}},{"id":"ead27060-1aac-45bd-ab1b-61703187f4ce","block_type":"box","text":"ETF","page_number":93,"box":{"x":912,"y":47,"width":23,"height":8}},{"id":"99c46fe4-4165-4f35-b235-32c024113c6b","block_type":"box","text":"Principal Risk |","page_number":93,"box":{"x":102,"y":72,"width":101,"height":11}},{"id":"9271243c-6569-4be0-b4ca-df0c5cc0e248","block_type":"box","text":"•","page_number":93,"box":{"x":209,"y":73,"width":6,"height":5}},{"id":"a6fbe441-404f-45e1-8718-0b44ecde288d","block_type":"box","text":"Other Risk","page_number":93,"box":{"x":221,"y":72,"width":74,"height":9}},{"id":"c168a6bb-361b-488d-a9f5-61804af0f520","block_type":"box","text":"Communications Companies Risk","page_number":93,"box":{"x":82,"y":98,"width":214,"height":11}},{"id":"591b6778-30a6-4b4d-9830-c6402391daad","block_type":"box","text":"••","page_number":93,"box":{"x":580,"y":99,"width":119,"height":4}},{"id":"58350e32-ea43-4e78-a5d1-9414d6d9fac1","block_type":"box","text":"Concentration Risk","page_number":93,"box":{"x":82,"y":116,"width":121,"height":8}},{"id":"f226f20b-cef6-485e-8912-cde77819fcf3","block_type":"box","text":"Consumer Goods and Services","page_number":93,"box":{"x":82,"y":134,"width":195,"height":8}},{"id":"0f19e6ca-9c8b-4b6c-b704-9902d16bbfb7","block_type":"box","text":"Companies Risk","page_number":93,"box":{"x":82,"y":148,"width":101,"height":11}},{"id":"ec342948-1973-4116-84b2-5becdbff203c","block_type":"box","text":"•","page_number":93,"box":{"x":354,"y":142,"width":5,"height":5}},{"id":"9062dd3d-2882-4a33-86ac-7fe291c52352","block_type":"box","text":"••","page_number":93,"box":{"x":694,"y":142,"width":118,"height":5}},{"id":"5276142e-7f6d-4066-a097-a9802235a117","block_type":"box","text":"Currency Risk","page_number":93,"box":{"x":82,"y":166,"width":88,"height":11}},{"id":"7b01a83e-1358-49b1-992c-75d967d890f1","block_type":"box","text":"Energy Companies Risk","page_number":93,"box":{"x":82,"y":184,"width":149,"height":11}},{"id":"16e87c9c-803d-42bf-b212-7b303da47e76","block_type":"box","text":"•","page_number":93,"box":{"x":467,"y":185,"width":6,"height":5}},{"id":"c6cdfcaa-3208-4e38-8925-73d1f59a9bc0","block_type":"box","text":"Equity Securities Risk","page_number":93,"box":{"x":82,"y":202,"width":137,"height":11}},{"id":"759ae4e1-d1d9-406c-aa6f-ebc9f4b951a3","block_type":"box","text":"European Economic Risk","page_number":93,"box":{"x":82,"y":220,"width":157,"height":11}},{"id":"e4eacc96-0389-41f9-87d2-ab397abf9bfd","block_type":"box","text":"Financial Companies Risk","page_number":93,"box":{"x":82,"y":238,"width":162,"height":11}},{"id":"55c72392-64fd-4cb7-bff7-db795359f274","block_type":"box","text":"Geographic and Security Risks","page_number":93,"box":{"x":82,"y":256,"width":194,"height":11}},{"id":"6d1e4647-66b7-4b44-b0da-966d54fc5bbe","block_type":"box","text":"••••••","page_number":93,"box":{"x":354,"y":258,"width":572,"height":4}},{"id":"9b4237a4-621d-4674-8bf6-5abfa8c3264f","block_type":"box","text":"Healthcare Companies Risk","page_number":93,"box":{"x":82,"y":275,"width":176,"height":10}},{"id":"f96418c5-0857-4342-88fb-d79a96c50f22","block_type":"box","text":"•","page_number":93,"box":{"x":354,"y":276,"width":5,"height":4}},{"id":"5d9a1750-354e-4fc0-ae61-20d6a62a2bab","block_type":"box","text":"Illiquid Investments Risk","page_number":93,"box":{"x":82,"y":293,"width":154,"height":10}},{"id":"259ada72-2ab0-4ae4-9a3c-086b696e1306","block_type":"box","text":"••••••","page_number":93,"box":{"x":354,"y":294,"width":572,"height":4}},{"id":"82395464-40f6-4db1-9c86-bb098a34ac90","block_type":"box","text":"Index-Related Risk","page_number":93,"box":{"x":82,"y":311,"width":118,"height":8}},{"id":"a7d91f80-b238-41f9-9703-60fd16bd1dab","block_type":"box","text":"Industrial Companies Risk","page_number":93,"box":{"x":82,"y":329,"width":165,"height":10}},{"id":"6549f23a-de9e-4d8b-8c38-a976088f80d5","block_type":"box","text":"••••","page_number":93,"box":{"x":354,"y":330,"width":345,"height":4}},{"id":"7506ce79-487c-43ab-a891-e1193e791632","block_type":"box","text":"•","page_number":93,"box":{"x":920,"y":330,"width":6,"height":4}},{"id":"9469554d-e348-4ee5-a755-afd34d334492","block_type":"box","text":"Issuer Risk","page_number":93,"box":{"x":82,"y":347,"width":68,"height":8}},{"id":"ddb5d8e6-0af9-4922-8c3d-860f39d32ce3","block_type":"box","text":"Large-Capitalization Companies","page_number":93,"box":{"x":82,"y":365,"width":203,"height":11}},{"id":"081e1f61-79e6-4b4c-9ead-4d5826a7990d","block_type":"box","text":"Risk","page_number":93,"box":{"x":82,"y":379,"width":26,"height":8}},{"id":"1b79cd48-99e3-4877-9f29-57ed95049cf5","block_type":"box","text":"•","page_number":93,"box":{"x":354,"y":373,"width":5,"height":4}},{"id":"c4031d82-2f75-456c-be22-1dac19984818","block_type":"box","text":"Large Shareholder and Large","page_number":93,"box":{"x":82,"y":397,"width":189,"height":11}},{"id":"69e39c4a-b98b-4ea8-a0ce-c50ac608887c","block_type":"box","text":"Scale Redemption Risk","page_number":93,"box":{"x":82,"y":411,"width":146,"height":11}},{"id":"c87ffe4d-cd1b-4268-aab4-8c21ef06f10c","block_type":"box","text":"••••••","page_number":93,"box":{"x":354,"y":405,"width":572,"height":4}},{"id":"af96f982-8495-4160-8eda-b1fcb13336e8","block_type":"box","text":"Management Risk","page_number":93,"box":{"x":82,"y":429,"width":114,"height":11}},{"id":"8ab0be40-427a-4b18-87ec-b5c850c3bca1","block_type":"box","text":"Market Risk","page_number":93,"box":{"x":82,"y":447,"width":75,"height":9}},{"id":"73698a6f-7ca4-451e-8281-c6f7741cf1ca","block_type":"box","text":"Market Trading Risk","page_number":93,"box":{"x":82,"y":465,"width":125,"height":11}},{"id":"5928b891-a6f1-467c-b369-7e96307a6156","block_type":"box","text":"Materials Companies Risk","page_number":93,"box":{"x":82,"y":483,"width":165,"height":11}},{"id":"5dc42660-87bf-4e59-b818-116c2a8cc198","block_type":"box","text":"•","page_number":93,"box":{"x":920,"y":484,"width":6,"height":5}},{"id":"27c7f524-e085-4441-b74e-73abd5fe9ec3","block_type":"box","text":"Mid-Capitalization Companies","page_number":93,"box":{"x":82,"y":501,"width":191,"height":11}},{"id":"707d4663-8f20-4c64-a3a5-ce89e75ee55d","block_type":"box","text":"Risk","page_number":93,"box":{"x":82,"y":516,"width":26,"height":8}},{"id":"c6244bfa-5404-41bf-a587-efac86e6c8d8","block_type":"box","text":"•","page_number":93,"box":{"x":920,"y":510,"width":6,"height":4}},{"id":"b947aa8c-bd77-4624-9f80-aa41fe951044","block_type":"box","text":"Middle Eastern Economic Risk","page_number":93,"box":{"x":82,"y":534,"width":192,"height":8}},{"id":"f8265d01-3c4d-4ffc-9ad5-e2dd896b0a69","block_type":"box","text":"National Closed Market Trading","page_number":93,"box":{"x":82,"y":552,"width":200,"height":11}},{"id":"8f879481-85d7-4bd6-9729-b487b3e7b11c","block_type":"box","text":"Risk","page_number":93,"box":{"x":82,"y":566,"width":26,"height":8}},{"id":"c910ef6f-2585-4014-9bf0-37d6ab0edd78","block_type":"box","text":"Non-Diversification Risk","page_number":93,"box":{"x":82,"y":584,"width":153,"height":8}},{"id":"088cf032-453e-4719-8083-638b5645e26a","block_type":"box","text":"Non-U.S. Securities Risk","page_number":93,"box":{"x":82,"y":602,"width":156,"height":8}},{"id":"23f4e075-b2bb-4270-bc55-def101cf9fd6","block_type":"box","text":"North American Economic Risk","page_number":93,"box":{"x":82,"y":620,"width":198,"height":8}},{"id":"ae535080-46f4-4fdb-a09b-1bc4ac2b6e23","block_type":"box","text":"Operational and Technology Risks","page_number":93,"box":{"x":82,"y":638,"width":214,"height":11}},{"id":"3a3bbe1f-1079-47fe-96e0-4b32d54caf1d","block_type":"box","text":"Ownership Limitations Risk","page_number":93,"box":{"x":82,"y":656,"width":173,"height":11}},{"id":"2fdb1b37-75f9-4d8e-997e-1d6710529b92","block_type":"box","text":"••••••","page_number":93,"box":{"x":354,"y":657,"width":572,"height":5}},{"id":"1dff3160-113a-44e9-9bce-d4de9b722ada","block_type":"box","text":"Real Estate Companies Risk","page_number":93,"box":{"x":82,"y":674,"width":177,"height":11}},{"id":"22709ef5-a721-4717-b025-77de016782bc","block_type":"box","text":"•","page_number":93,"box":{"x":354,"y":675,"width":5,"height":5}},{"id":"a541a8da-df64-40db-b895-cb49f8024ed5","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":93,"box":{"x":82,"y":692,"width":212,"height":11}},{"id":"e32d55ea-6d32-4048-875c-be39202c04ae","block_type":"box","text":"Risk of Investing in Austria","page_number":93,"box":{"x":82,"y":710,"width":168,"height":11}},{"id":"a25b25c8-bab5-4d4e-a1ce-a06edc901c08","block_type":"box","text":"Risk of Investing in Belgium","page_number":93,"box":{"x":82,"y":728,"width":174,"height":11}},{"id":"2a179566-1034-4443-a122-483776d34193","block_type":"box","text":"Risk of Investing in Canada","page_number":93,"box":{"x":82,"y":746,"width":171,"height":11}},{"id":"89cdb4fd-95a5-4cfd-a26f-e346d4af421b","block_type":"box","text":"Risk of Investing in Developed","page_number":93,"box":{"x":82,"y":764,"width":191,"height":11}},{"id":"a90afbd9-c688-4692-8362-a99327ca5aa3","block_type":"box","text":"Countries","page_number":93,"box":{"x":82,"y":779,"width":61,"height":8}},{"id":"ccee7f82-4b26-48a9-ad1d-1dff8f163518","block_type":"box","text":"Risk of Investing in Europe","page_number":93,"box":{"x":82,"y":797,"width":168,"height":10}},{"id":"cf6d0050-c4dc-4037-848c-f17227e59f70","block_type":"box","text":"Risk of Investing in France","page_number":93,"box":{"x":82,"y":815,"width":166,"height":11}},{"id":"ebf5dcab-e3cf-4324-8d9d-00fe8fa9b795","block_type":"box","text":"Risk of Investing in Germany","page_number":93,"box":{"x":82,"y":833,"width":181,"height":11}},{"id":"f2e7b66f-fa1b-478b-92fb-d9375452b569","block_type":"box","text":"Risk of Investing in Israel","page_number":93,"box":{"x":82,"y":851,"width":157,"height":11}},{"id":"abbce6dc-8b5a-469b-b69a-f5b2cc053633","block_type":"box","text":"Risk of Investing in Italy","page_number":93,"box":{"x":82,"y":869,"width":150,"height":11}},{"id":"392bb483-a954-4347-a0bd-20feace89506","block_type":"box","text":"5","page_number":93,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"08ccfdf9-c703-465e-ac3a-3475dacf1eb7","block_type":"box","text":"iShares MSCI","page_number":94,"box":{"x":311,"y":35,"width":91,"height":8}},{"id":"1de6f4b6-852a-4843-8fd8-0da8caef8663","block_type":"box","text":"Israel ETF","page_number":94,"box":{"x":323,"y":46,"width":68,"height":9}},{"id":"5410b000-b46e-4f4b-b948-6c2d5b2bd222","block_type":"box","text":"iShares MSCI","page_number":94,"box":{"x":424,"y":35,"width":91,"height":8}},{"id":"822f3e7f-c37c-4ecd-9f50-f875bf694a6c","block_type":"box","text":"Italy ETF","page_number":94,"box":{"x":441,"y":46,"width":59,"height":11}},{"id":"1ec18a07-a00c-4d2a-8b2b-c2d3f0c2c17d","block_type":"box","text":"iShares MSCI","page_number":94,"box":{"x":537,"y":23,"width":92,"height":9}},{"id":"0738c2c4-1f82-47bb-ae56-a456e18b48aa","block_type":"box","text":"Netherlands","page_number":94,"box":{"x":541,"y":35,"width":84,"height":8}},{"id":"d5edd6b9-d6b9-4ee0-820a-6f8428f73e09","block_type":"box","text":"ETF","page_number":94,"box":{"x":572,"y":47,"width":23,"height":8}},{"id":"fb6ff7d8-820f-4146-a97f-edfbb78d4a32","block_type":"box","text":"iShares MSCI","page_number":94,"box":{"x":650,"y":35,"width":92,"height":8}},{"id":"710f4d09-5ce8-4c2a-ae2e-7f76d8ce551a","block_type":"box","text":"Spain ETF","page_number":94,"box":{"x":663,"y":46,"width":67,"height":11}},{"id":"e2ab4489-bd19-4b12-a281-1ccd2d6bba69","block_type":"box","text":"iShares MSCI","page_number":94,"box":{"x":764,"y":35,"width":91,"height":8}},{"id":"cd2d739f-8dc5-4c2e-9f67-856c3295ef43","block_type":"box","text":"Sweden ETF","page_number":94,"box":{"x":768,"y":46,"width":84,"height":9}},{"id":"428e7b9b-e7a5-4c7f-9c1e-67a4d303be22","block_type":"box","text":"iShares MSCI","page_number":94,"box":{"x":877,"y":23,"width":92,"height":9}},{"id":"2b331c38-6d37-4f05-aa58-59714b4fc5ef","block_type":"box","text":"Switzerland","page_number":94,"box":{"x":882,"y":35,"width":81,"height":8}},{"id":"d00aaffb-a85d-4020-aedc-65c89b5915aa","block_type":"box","text":"ETF","page_number":94,"box":{"x":912,"y":47,"width":23,"height":8}},{"id":"92d1500f-0cfd-4695-b44f-762abe161e37","block_type":"box","text":"Principal Risk |","page_number":94,"box":{"x":102,"y":72,"width":101,"height":11}},{"id":"6b86c513-e406-4112-b50d-2331474a5e6f","block_type":"box","text":"•","page_number":94,"box":{"x":209,"y":73,"width":6,"height":5}},{"id":"cdf570d9-a912-4382-aead-c4da209ec001","block_type":"box","text":"Other Risk","page_number":94,"box":{"x":221,"y":72,"width":74,"height":9}},{"id":"27efc6f7-28f8-4e78-baa8-8561dcd45f53","block_type":"box","text":"Risk of Investing in Spain","page_number":94,"box":{"x":82,"y":98,"width":158,"height":11}},{"id":"176494ad-e4f1-42c4-bc36-193fb330426d","block_type":"box","text":"Risk of Investing in Sweden","page_number":94,"box":{"x":82,"y":116,"width":173,"height":11}},{"id":"17898bd4-00be-4cd7-ad19-a5446038ac6a","block_type":"box","text":"Risk of Investing in Switzerland","page_number":94,"box":{"x":82,"y":134,"width":197,"height":11}},{"id":"59ffb936-30cd-42a0-a9d7-fa77b1163b20","block_type":"box","text":"Risk of Investing in the","page_number":94,"box":{"x":82,"y":152,"width":144,"height":11}},{"id":"e0675adc-f1da-4096-b6be-73b4b129747f","block_type":"box","text":"Netherlands","page_number":94,"box":{"x":82,"y":166,"width":77,"height":9}},{"id":"48a3fdef-b5d2-4ed8-8705-bc41367d9b23","block_type":"box","text":"Risk of Investing in the U.S.","page_number":94,"box":{"x":82,"y":184,"width":174,"height":11}},{"id":"4b97f5af-169e-429a-840b-bb5d5d2a97e1","block_type":"box","text":"Securities Lending Risk","page_number":94,"box":{"x":82,"y":202,"width":148,"height":11}},{"id":"d1a97cb2-738d-4c5e-838a-5503ebae04c4","block_type":"box","text":"Small-Capitalization Companies","page_number":94,"box":{"x":82,"y":220,"width":202,"height":11}},{"id":"c015c18f-96c9-4356-9deb-99234a402ae5","block_type":"box","text":"Risk","page_number":94,"box":{"x":82,"y":235,"width":26,"height":8}},{"id":"ddde61f9-4143-4b61-9804-0f74c7ecb7cf","block_type":"box","text":"•","page_number":94,"box":{"x":580,"y":229,"width":6,"height":4}},{"id":"3fcb16f1-6439-4f37-9344-5be9c32fcaa3","block_type":"box","text":"Small Fund Risk","page_number":94,"box":{"x":82,"y":253,"width":101,"height":8}},{"id":"dfd2df62-f888-4dd6-b2a0-59a1d85804c2","block_type":"box","text":"Sustainability Risk","page_number":94,"box":{"x":82,"y":271,"width":116,"height":10}},{"id":"75e9bbef-c589-414c-b395-0a9e6b06608f","block_type":"box","text":"Technology Companies Risk","page_number":94,"box":{"x":81,"y":289,"width":178,"height":11}},{"id":"21ccf66c-d4f3-40b8-b9ba-baf3f77f342d","block_type":"box","text":"•","page_number":94,"box":{"x":807,"y":290,"width":5,"height":4}},{"id":"1b658dfc-d802-4776-a61f-db09e8f4796b","block_type":"box","text":"Tracking Error Risk","page_number":94,"box":{"x":81,"y":307,"width":119,"height":11}},{"id":"d06cecd2-7646-4b6a-9d20-2035b662426c","block_type":"box","text":"U.S. Economic Risk","page_number":94,"box":{"x":82,"y":325,"width":123,"height":8}},{"id":"77230ce7-a9cc-4af0-9d42-2c055c15586b","block_type":"box","text":"Utility Companies Risk","page_number":94,"box":{"x":82,"y":343,"width":143,"height":11}},{"id":"ee5bc14a-e17d-4e94-977e-2e6448c8d7e0","block_type":"box","text":"Valuation Risk","page_number":94,"box":{"x":81,"y":361,"width":90,"height":8}},{"id":"2eb5551a-fed1-416e-9601-ae0c201ba53f","block_type":"box","text":"iShares MSCI USA Equal","page_number":94,"box":{"x":803,"y":395,"width":169,"height":10}},{"id":"7e91ea92-4603-4686-8473-9032e1368961","block_type":"box","text":"Weighted ETF","page_number":94,"box":{"x":840,"y":406,"width":96,"height":11}},{"id":"7f2d328f-6457-4f52-b794-4cfc1ae631c5","block_type":"box","text":"Principal Risk |","page_number":94,"box":{"x":102,"y":432,"width":101,"height":11}},{"id":"863d81db-52b8-4d10-8feb-494a5f14959a","block_type":"box","text":"•","page_number":94,"box":{"x":209,"y":433,"width":6,"height":5}},{"id":"ef582e71-3df7-48b6-9929-eb6ff9f38de1","block_type":"box","text":"Other Risk","page_number":94,"box":{"x":221,"y":432,"width":74,"height":9}},{"id":"d1f1055c-02cb-4adf-bb6d-105dbdaee099","block_type":"box","text":"Asian Economic Risk","page_number":94,"box":{"x":81,"y":458,"width":132,"height":8}},{"id":"356b804a-44b0-4b2c-bfec-df3d01b2f591","block_type":"box","text":"Asset Class Risk","page_number":94,"box":{"x":81,"y":476,"width":105,"height":8}},{"id":"fbf1e219-884e-4a06-a94e-5e1a02504746","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":94,"box":{"x":81,"y":494,"width":249,"height":11}},{"id":"a97717ab-5c9e-4122-b0db-835390423f86","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":94,"box":{"x":81,"y":512,"width":268,"height":11}},{"id":"314305e0-10f1-4119-8b26-a217917477c3","block_type":"box","text":"Borrowing Risk","page_number":94,"box":{"x":82,"y":530,"width":95,"height":11}},{"id":"c3ad4bef-5622-4083-b96d-c0c8b8dafde8","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts","page_number":94,"box":{"x":82,"y":548,"width":304,"height":9}},{"id":"a5a98983-a79b-4a6c-bbc0-10b77bd627fe","block_type":"box","text":"•","page_number":94,"box":{"x":885,"y":549,"width":6,"height":5}},{"id":"a237abb6-b889-4757-92cc-3f3289d27b16","block_type":"box","text":"Commodity Risk","page_number":94,"box":{"x":82,"y":566,"width":103,"height":11}},{"id":"9cd015dc-4161-403b-8c33-d33e8a0ba881","block_type":"box","text":"Communications Companies Risk","page_number":94,"box":{"x":82,"y":584,"width":214,"height":11}},{"id":"6769a629-0388-42ac-8e27-dcd533aa31fe","block_type":"box","text":"Concentration Risk","page_number":94,"box":{"x":82,"y":602,"width":121,"height":9}},{"id":"bd3fa3f5-effb-403c-aca7-75d82b9af992","block_type":"box","text":"Consumer Goods and Services Companies Risk","page_number":94,"box":{"x":82,"y":620,"width":302,"height":11}},{"id":"e1afc916-454c-4803-ab97-a4e98b07230c","block_type":"box","text":"Currency Risk","page_number":94,"box":{"x":82,"y":638,"width":88,"height":11}},{"id":"ce2bc3c6-ad65-4d0a-8792-3edae2c5063f","block_type":"box","text":"Energy Companies Risk","page_number":94,"box":{"x":82,"y":656,"width":149,"height":11}},{"id":"99d09b0f-817f-4537-a34b-a9bcae05781f","block_type":"box","text":"Equity Securities Risk","page_number":94,"box":{"x":82,"y":674,"width":137,"height":11}},{"id":"a526a80d-ecbb-454e-8b7a-30f5b3b5b91a","block_type":"box","text":"European Economic Risk","page_number":94,"box":{"x":82,"y":693,"width":157,"height":10}},{"id":"5bd361d8-7428-43aa-af4b-2f111a5f161a","block_type":"box","text":"Financial Companies Risk","page_number":94,"box":{"x":82,"y":711,"width":162,"height":10}},{"id":"549482c2-5e2b-4e69-b3e6-3b03a987aacd","block_type":"box","text":"Geographic and Security Risks","page_number":94,"box":{"x":82,"y":729,"width":194,"height":10}},{"id":"d8dc131b-5972-4603-866d-576fa2a65b26","block_type":"box","text":"•","page_number":94,"box":{"x":885,"y":730,"width":6,"height":4}},{"id":"0cfacd06-b57a-44a7-8489-e912b7a0d310","block_type":"box","text":"Healthcare Companies Risk","page_number":94,"box":{"x":82,"y":747,"width":176,"height":10}},{"id":"13aa758f-e3e3-429c-b1e7-09792f142fa1","block_type":"box","text":"•","page_number":94,"box":{"x":885,"y":748,"width":6,"height":4}},{"id":"4975e4b5-745e-44f6-8acd-2a0472c35535","block_type":"box","text":"Illiquid Investments Risk","page_number":94,"box":{"x":82,"y":765,"width":154,"height":10}},{"id":"c51c34ae-4e3b-4920-809e-1cdb6945db1c","block_type":"box","text":"•","page_number":94,"box":{"x":885,"y":766,"width":6,"height":4}},{"id":"41fec8df-345d-4b0f-9b62-968f9bfcc775","block_type":"box","text":"Index-Related Risk","page_number":94,"box":{"x":82,"y":783,"width":118,"height":8}},{"id":"6d0891a0-308d-4efa-aed4-ce9ed24c44ba","block_type":"box","text":"Industrial Companies Risk","page_number":94,"box":{"x":82,"y":801,"width":165,"height":11}},{"id":"a5ad4831-654f-4702-9681-c6075045ba4c","block_type":"box","text":"Issuer Risk","page_number":94,"box":{"x":82,"y":819,"width":68,"height":8}},{"id":"c346ac19-3e64-4724-9c78-fd434bcdb310","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":94,"box":{"x":82,"y":837,"width":234,"height":11}},{"id":"747d3fe5-10fd-4153-9125-2d9253f9a6e1","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":94,"box":{"x":82,"y":855,"width":337,"height":11}},{"id":"b7332e7c-8d01-43c7-889a-2afb64648b30","block_type":"box","text":"•","page_number":94,"box":{"x":885,"y":856,"width":6,"height":4}},{"id":"89bc0cb4-92cb-4727-a5f6-e1ceeb8bbe11","block_type":"box","text":"Management Risk","page_number":94,"box":{"x":82,"y":873,"width":114,"height":11}},{"id":"a31e40f1-8150-4de2-aaab-c04c81b1a453","block_type":"box","text":"6","page_number":94,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"f9e35c31-9d49-4f85-a598-c1d03dade231","block_type":"box","text":"iShares MSCI USA Equal","page_number":95,"box":{"x":803,"y":23,"width":169,"height":11}},{"id":"374cfca3-b878-4668-b480-5546a4906ad2","block_type":"box","text":"Weighted ETF","page_number":95,"box":{"x":840,"y":35,"width":96,"height":11}},{"id":"31ca09f3-8d8c-43e4-b0c0-2aa6dac88fa6","block_type":"box","text":"Principal Risk |","page_number":95,"box":{"x":102,"y":60,"width":101,"height":12}},{"id":"9cf39595-fe62-4674-8019-8aea6688481a","block_type":"box","text":"•","page_number":95,"box":{"x":209,"y":61,"width":6,"height":5}},{"id":"b4173081-96f4-42a0-ad40-3a6c04906aa4","block_type":"box","text":"Other Risk","page_number":95,"box":{"x":221,"y":61,"width":74,"height":8}},{"id":"18c6e458-f68f-4896-9b68-3019d43b5968","block_type":"box","text":"Market Risk","page_number":95,"box":{"x":82,"y":86,"width":75,"height":9}},{"id":"4bf4f852-b5a7-4d2b-bf1c-3cce4aba7d56","block_type":"box","text":"Market Trading Risk","page_number":95,"box":{"x":82,"y":104,"width":125,"height":11}},{"id":"c62a6524-7f4f-4cfa-ac7d-f2a808282129","block_type":"box","text":"Materials Companies Risk","page_number":95,"box":{"x":82,"y":122,"width":165,"height":11}},{"id":"7540e690-33e4-4c76-93d0-f0c8839ded02","block_type":"box","text":"•","page_number":95,"box":{"x":885,"y":124,"width":6,"height":4}},{"id":"296c544a-22ae-4e0c-a29e-1b0229ba30ef","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":95,"box":{"x":82,"y":140,"width":222,"height":11}},{"id":"ce20170f-c378-42ba-9dc4-b32b5ef889e2","block_type":"box","text":"Middle Eastern Economic Risk","page_number":95,"box":{"x":82,"y":159,"width":192,"height":8}},{"id":"56636b14-d50b-403c-87fa-0f24782fb2ff","block_type":"box","text":"National Closed Market Trading Risk","page_number":95,"box":{"x":82,"y":177,"width":231,"height":10}},{"id":"95d43e70-08b0-412d-95c2-f870663bacb5","block_type":"box","text":"Non-Diversification Risk","page_number":95,"box":{"x":82,"y":195,"width":153,"height":8}},{"id":"3368d3e3-b239-498d-b9df-4017c827ed17","block_type":"box","text":"Non-U.S. Securities Risk","page_number":95,"box":{"x":82,"y":213,"width":156,"height":8}},{"id":"93b024ab-13d0-4d33-a575-56c13ba0ba16","block_type":"box","text":"North American Economic Risk","page_number":95,"box":{"x":82,"y":231,"width":198,"height":8}},{"id":"6bf4862a-fe6b-4eb5-a642-7c6b1b8f88ff","block_type":"box","text":"Operational and Technology Risks","page_number":95,"box":{"x":82,"y":249,"width":214,"height":11}},{"id":"c99e948d-d02d-4235-96e0-0be9076786a5","block_type":"box","text":"Ownership Limitations Risk","page_number":95,"box":{"x":82,"y":267,"width":173,"height":11}},{"id":"8932965a-9e3b-4159-969b-d12a7df8334a","block_type":"box","text":"•","page_number":95,"box":{"x":885,"y":268,"width":6,"height":4}},{"id":"ff01c00b-2cd5-45b3-9b59-ccdd39bbc9a5","block_type":"box","text":"Real Estate Companies Risk","page_number":95,"box":{"x":82,"y":285,"width":177,"height":11}},{"id":"b39640eb-3a88-4ea6-b1d4-34858a4a0121","block_type":"box","text":"•","page_number":95,"box":{"x":885,"y":286,"width":6,"height":4}},{"id":"57e8eca4-6035-49d5-9da5-d5c7babbd270","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":95,"box":{"x":82,"y":303,"width":212,"height":11}},{"id":"5f06d0c5-b7ee-4a6b-9bba-44040f1868ff","block_type":"box","text":"Risk of Investing in Austria","page_number":95,"box":{"x":82,"y":321,"width":168,"height":11}},{"id":"1e155920-a03a-4773-ab8b-f656cd6b2316","block_type":"box","text":"Risk of Investing in Belgium","page_number":95,"box":{"x":82,"y":339,"width":174,"height":11}},{"id":"4bb32338-a748-4209-bbb0-ea4bcc22ef33","block_type":"box","text":"Risk of Investing in Canada","page_number":95,"box":{"x":82,"y":357,"width":171,"height":11}},{"id":"bbd35e8f-4e52-42d0-827c-568163235c15","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":95,"box":{"x":82,"y":375,"width":257,"height":11}},{"id":"84559f33-345b-4626-8a55-1c7b0ce1125b","block_type":"box","text":"Risk of Investing in Europe","page_number":95,"box":{"x":82,"y":393,"width":168,"height":11}},{"id":"39d56201-dd24-4d5f-8635-ceed2e282059","block_type":"box","text":"Risk of Investing in France","page_number":95,"box":{"x":82,"y":411,"width":166,"height":11}},{"id":"a5764d6a-6034-4250-bc53-0a417c97cc6a","block_type":"box","text":"Risk of Investing in Germany","page_number":95,"box":{"x":82,"y":429,"width":181,"height":11}},{"id":"8753fd58-cfbd-47e8-8d34-5415cd591d5a","block_type":"box","text":"Risk of Investing in Israel","page_number":95,"box":{"x":82,"y":447,"width":157,"height":11}},{"id":"e5b4f229-ce21-4338-9a32-e182b54323b1","block_type":"box","text":"Risk of Investing in Italy","page_number":95,"box":{"x":82,"y":465,"width":150,"height":11}},{"id":"0e02d96f-7fa1-4d4f-b094-a233e7ad6b99","block_type":"box","text":"Risk of Investing in Spain","page_number":95,"box":{"x":82,"y":483,"width":158,"height":11}},{"id":"fed6628e-8942-49b7-b801-b720afc8b2eb","block_type":"box","text":"Risk of Investing in Sweden","page_number":95,"box":{"x":82,"y":501,"width":173,"height":11}},{"id":"6928b540-f9ef-4b47-a7fb-30222805bb40","block_type":"box","text":"Risk of Investing in Switzerland","page_number":95,"box":{"x":82,"y":519,"width":197,"height":11}},{"id":"ba325800-1166-4082-b56b-1a8b6bbbc558","block_type":"box","text":"Risk of Investing in the Netherlands","page_number":95,"box":{"x":82,"y":538,"width":226,"height":10}},{"id":"7a2d3752-983b-4808-80eb-a74d47c4c764","block_type":"box","text":"Risk of Investing in the U.S.","page_number":95,"box":{"x":82,"y":556,"width":174,"height":10}},{"id":"566c81e5-0fe8-4533-9362-e811df2fd3b1","block_type":"box","text":"Securities Lending Risk","page_number":95,"box":{"x":82,"y":574,"width":148,"height":10}},{"id":"9b05b091-4a5f-4094-a3f6-898707718d2f","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":95,"box":{"x":82,"y":592,"width":233,"height":10}},{"id":"9603964f-c32c-43c3-877a-082b09ec163d","block_type":"box","text":"Small Fund Risk","page_number":95,"box":{"x":82,"y":610,"width":101,"height":8}},{"id":"d755ba38-97dd-41b3-8923-ec69863c53b2","block_type":"box","text":"Sustainability Risk","page_number":95,"box":{"x":82,"y":628,"width":116,"height":11}},{"id":"36186e7d-cb96-48a2-9508-87262916d41f","block_type":"box","text":"•","page_number":95,"box":{"x":885,"y":629,"width":6,"height":4}},{"id":"00f54c2a-d955-4f20-b804-1f503b9ac124","block_type":"box","text":"Technology Companies Risk","page_number":95,"box":{"x":81,"y":646,"width":178,"height":11}},{"id":"de9cf922-ef7e-493f-bb70-8f34add20147","block_type":"box","text":"Tracking Error Risk","page_number":95,"box":{"x":81,"y":664,"width":119,"height":11}},{"id":"9fd5beff-f0d7-420c-a5ed-6df308ee2a39","block_type":"box","text":"U.S. Economic Risk","page_number":95,"box":{"x":82,"y":682,"width":123,"height":8}},{"id":"13ee7fa0-7049-4bf7-b72a-876649c0bca8","block_type":"box","text":"Utility Companies Risk","page_number":95,"box":{"x":82,"y":700,"width":143,"height":11}},{"id":"c3ac3f97-1cfd-4b78-a9b9-7ccff8fda747","block_type":"box","text":"•","page_number":95,"box":{"x":885,"y":701,"width":6,"height":4}},{"id":"a9985832-1778-4565-8f1a-b44cef815d43","block_type":"box","text":"Valuation Risk","page_number":95,"box":{"x":81,"y":718,"width":90,"height":8}},{"id":"034dd62d-1df6-4413-b796-bb013dba42dd","block_type":"box","text":"Asian Economic Risk.","page_number":95,"box":{"x":76,"y":752,"width":147,"height":8}},{"id":"6d0a3497-72fe-4155-b349-952a58b73fe0","block_type":"box","text":"Certain Asian economies have experienced rapid growth and industrialization in recent years, but there is no","page_number":95,"box":{"x":228,"y":752,"width":694,"height":11}},{"id":"97793b24-5e32-4fac-8ca3-fd581623c82c","block_type":"box","text":"assurance that this growth rate will be maintained. Other Asian economies have experienced high inflation, high unemployment, currency","page_number":95,"box":{"x":76,"y":766,"width":880,"height":11}},{"id":"0161bd4d-669b-42ad-b421-3e31a75ea8d8","block_type":"box","text":"devaluations and restrictions, and over-extension of credit. Geopolitical hostility, political instability, and economic or environmental even","page_number":95,"box":{"x":76,"y":780,"width":880,"height":11}},{"id":"c59c06d9-c45e-409a-9386-470b386cf95c","block_type":"box","text":"ts","page_number":95,"box":{"x":958,"y":781,"width":10,"height":8}},{"id":"8f84df67-4a10-4d0c-a119-7a85c06f0dcf","block_type":"box","text":"in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia.","page_number":95,"box":{"x":76,"y":794,"width":903,"height":11}},{"id":"9fb2002b-3694-43a2-ae06-dc690872f908","block_type":"box","text":"An adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which a Fund","page_number":95,"box":{"x":76,"y":809,"width":904,"height":10}},{"id":"7c0a6f29-ece2-4de2-967c-d100a5fc5379","block_type":"box","text":"invests. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":95,"box":{"x":76,"y":823,"width":888,"height":11}},{"id":"86114a43-dda1-4d38-b539-38d332238f3c","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":95,"box":{"x":76,"y":837,"width":894,"height":11}},{"id":"7b871101-1d5d-41bb-ad57-2c3b43612d70","block_type":"box","text":"U.S. or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could","page_number":95,"box":{"x":77,"y":851,"width":902,"height":11}},{"id":"0b830bfb-79b9-4df2-a4e6-8cf410c43416","block_type":"box","text":"suppress Asia’s exports and reduce foreign investment in the region.","page_number":95,"box":{"x":76,"y":865,"width":438,"height":11}},{"id":"3e318b95-13f2-476d-946a-cd27c76aa33c","block_type":"box","text":"7","page_number":95,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"14d2c111-bb80-4b4e-bc86-4e268654a325","block_type":"box","text":"Many Asian countries are subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":96,"box":{"x":77,"y":23,"width":866,"height":11}},{"id":"8f4b9755-8b95-40e8-be03-6091ca22244a","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":96,"box":{"x":77,"y":37,"width":865,"height":11}},{"id":"91ff8e77-5a79-45ef-bab9-062411701538","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":96,"box":{"x":76,"y":51,"width":876,"height":11}},{"id":"3c5c19a8-f222-4fe3-bfb0-0c8fc134eb78","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":96,"box":{"x":76,"y":66,"width":905,"height":11}},{"id":"c4d26bbd-bd27-42a8-9508-5592b4f4655d","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":96,"box":{"x":76,"y":80,"width":833,"height":11}},{"id":"2d825579-307e-4e01-8a15-c99f6a623593","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":96,"box":{"x":76,"y":94,"width":856,"height":11}},{"id":"c04494cb-5d71-4035-934d-caf8c7d5acb4","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":96,"box":{"x":76,"y":108,"width":879,"height":11}},{"id":"a2229ecb-a4e7-4506-8d80-c6bc57015b54","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":96,"box":{"x":76,"y":122,"width":889,"height":11}},{"id":"aca80ee1-8fdd-46f1-aa1d-c34c2e25d53f","block_type":"box","text":"exposure to Asia.","page_number":96,"box":{"x":76,"y":137,"width":109,"height":10}},{"id":"1b7868d2-66e3-4213-a977-e103cc2b9560","block_type":"box","text":"Asset Class Risk.","page_number":96,"box":{"x":76,"y":160,"width":117,"height":8}},{"id":"a161d2cd-203a-498a-8d74-1f1ca371b4b6","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":96,"box":{"x":198,"y":160,"width":706,"height":11}},{"id":"80bea8b2-8794-48c8-b339-67e433bf7338","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":96,"box":{"x":76,"y":174,"width":878,"height":11}},{"id":"fa1a5e8b-b796-4bb8-b32c-f2a0f8c12555","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":96,"box":{"x":76,"y":188,"width":869,"height":11}},{"id":"229e2475-a23b-4090-80c8-1b9a662792bf","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":96,"box":{"x":76,"y":202,"width":857,"height":11}},{"id":"b5c0b9e6-ed06-488a-8722-d2c6b5cf8f4c","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":96,"box":{"x":76,"y":216,"width":900,"height":11}},{"id":"2642821c-5218-4832-b325-77c8e5e93a55","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":96,"box":{"x":76,"y":231,"width":512,"height":10}},{"id":"62d7b82f-b62f-489b-a77c-4454a41c6bf2","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":96,"box":{"x":76,"y":254,"width":273,"height":11}},{"id":"783df9f4-83d1-48eb-a326-82ba71cfaca4","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":96,"box":{"x":355,"y":254,"width":613,"height":11}},{"id":"5ac2c1dc-8280-4b46-b64d-eaad9a0ccbb6","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":96,"box":{"x":76,"y":268,"width":879,"height":11}},{"id":"c3d51c3c-45b8-4ad2-a9da-52b24c4eb163","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":96,"box":{"x":76,"y":282,"width":841,"height":11}},{"id":"dde35575-66ea-4bf1-a09e-a50d49e11f21","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":96,"box":{"x":76,"y":296,"width":426,"height":11}},{"id":"9a44679d-586e-44a2-a853-d81bd4093d78","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":96,"box":{"x":76,"y":320,"width":296,"height":10}},{"id":"bf4e4d0f-7bbf-443b-8cb4-2474d843c98a","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":96,"box":{"x":378,"y":320,"width":578,"height":10}},{"id":"9eedadab-ded6-42bf-815c-7bc6ace8e04b","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":96,"box":{"x":76,"y":334,"width":894,"height":11}},{"id":"444b1c0a-9541-4040-81fa-7b5fbd0da572","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":96,"box":{"x":76,"y":348,"width":882,"height":11}},{"id":"545b1575-d9ef-488d-99b1-7a16c57a6d65","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":96,"box":{"x":76,"y":362,"width":888,"height":11}},{"id":"98b7992d-d113-4354-9c64-67b94f420c86","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":96,"box":{"x":76,"y":376,"width":889,"height":11}},{"id":"f3f18957-a422-41c4-9a7f-4b3bab8c3a8c","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":96,"box":{"x":77,"y":391,"width":885,"height":10}},{"id":"9e2e51ce-f7d3-4d33-9a62-7952f4c6ec5e","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":96,"box":{"x":76,"y":405,"width":893,"height":11}},{"id":"69a706af-2857-4e31-8085-e34d13770030","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":96,"box":{"x":76,"y":419,"width":521,"height":11}},{"id":"2a244827-983d-4ce9-95e2-68d02495b596","block_type":"box","text":"Borrowing Risk.","page_number":96,"box":{"x":77,"y":442,"width":108,"height":11}},{"id":"54e1c8f3-9b12-46af-8f96-500b333ea470","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":96,"box":{"x":191,"y":442,"width":739,"height":11}},{"id":"ba42512d-e463-47ee-bd59-7e99349e2fa1","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":96,"box":{"x":76,"y":456,"width":890,"height":11}},{"id":"09ed3d21-afd1-4145-a2b5-2f7fc901b22d","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":96,"box":{"x":76,"y":470,"width":348,"height":11}},{"id":"ab4638ce-375d-47c1-83d0-9854811c42a5","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":96,"box":{"x":76,"y":494,"width":336,"height":8}},{"id":"5e8456d9-6b96-467b-8f5c-4c2f5dfe0cd5","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":96,"box":{"x":418,"y":494,"width":562,"height":11}},{"id":"c4075ecd-2d76-4817-b212-1b9d6a9fc465","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":96,"box":{"x":76,"y":508,"width":880,"height":11}},{"id":"e9c8199a-2db5-4ab3-aad5-e4ec2865b436","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":96,"box":{"x":76,"y":522,"width":881,"height":11}},{"id":"6339bc28-85d9-4ef8-903e-6f3e469bdb0d","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":96,"box":{"x":76,"y":536,"width":896,"height":11}},{"id":"0501308f-60a1-4aca-a9fb-a5a038c39de0","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":96,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"29b64cc3-0365-4aa7-abf6-5a84ffb75c3c","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":96,"box":{"x":76,"y":565,"width":903,"height":10}},{"id":"e7c2a814-8f41-4132-a868-099ad398dd47","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":96,"box":{"x":76,"y":579,"width":231,"height":8}},{"id":"55d0a1b8-2cae-4fc7-b795-30156b9707ce","block_type":"box","text":"Commodity Risk.","page_number":96,"box":{"x":76,"y":602,"width":117,"height":11}},{"id":"64e68dd0-f52d-4746-ac3f-a01239aa1fc6","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":96,"box":{"x":198,"y":602,"width":723,"height":11}},{"id":"e0af032c-c162-4888-be81-c552051ce34b","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":96,"box":{"x":76,"y":616,"width":873,"height":11}},{"id":"2e748c57-efdc-49f6-a570-b03453a5976f","block_type":"box","text":"ts,","page_number":96,"box":{"x":951,"y":617,"width":14,"height":9}},{"id":"1da20b64-ec99-481b-be12-7e512ecbfa9e","block_type":"box","text":"changes in interest rates and monetary and other governmental policies, action and inaction, including price changes due to trade relations.","page_number":96,"box":{"x":76,"y":630,"width":895,"height":11}},{"id":"68ebec6d-c66c-4fac-8e6a-f372cf54b5ee","block_type":"box","text":"Securities of companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit","page_number":96,"box":{"x":76,"y":644,"width":890,"height":11}},{"id":"f54561a3-3762-4efc-ad44-4aa3611165c9","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":96,"box":{"x":76,"y":659,"width":349,"height":11}},{"id":"dd046213-7b38-4535-9a78-51ac0b77c3c0","block_type":"box","text":"Communications Companies Risk.","page_number":96,"box":{"x":76,"y":682,"width":236,"height":11}},{"id":"ae7dd647-833a-403e-93c9-688dddb54b19","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":96,"box":{"x":317,"y":682,"width":633,"height":11}},{"id":"949d5470-b37f-4647-b1e2-13133fa503a5","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":96,"box":{"x":76,"y":696,"width":863,"height":11}},{"id":"c81c34d6-124d-40f8-a79e-30ab489b6792","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":96,"box":{"x":76,"y":710,"width":897,"height":11}},{"id":"e0856caa-853a-4cc5-b48f-1ff0c1e40637","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":96,"box":{"x":76,"y":724,"width":868,"height":11}},{"id":"40203a78-ca6c-4a01-9d01-488ae4a288d6","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":96,"box":{"x":76,"y":739,"width":881,"height":10}},{"id":"0b2458a8-ab60-40e3-b0de-6eb9adedafb0","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":96,"box":{"x":76,"y":753,"width":694,"height":11}},{"id":"0d1fb3cc-7933-47bc-bc85-6fd272137c00","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":96,"box":{"x":76,"y":776,"width":880,"height":11}},{"id":"577d28d6-b138-4ced-8b4c-71b91c5c6b0d","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":96,"box":{"x":76,"y":790,"width":897,"height":11}},{"id":"76cef759-ae6e-4c61-9ea2-d4d2833d6555","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":96,"box":{"x":76,"y":804,"width":898,"height":11}},{"id":"1c4c6a01-58a3-4f1d-8a67-5b8f364efe64","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":96,"box":{"x":76,"y":819,"width":805,"height":10}},{"id":"b8824d33-7abf-4844-abad-1b494f7e9115","block_type":"box","text":"Concentration Risk.","page_number":96,"box":{"x":76,"y":842,"width":136,"height":8}},{"id":"21fae26f-f691-4d1e-ab70-8ba57c130094","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":96,"box":{"x":217,"y":842,"width":744,"height":11}},{"id":"708af682-ca85-4716-8721-206435965340","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":96,"box":{"x":76,"y":856,"width":903,"height":10}},{"id":"0a222e1b-1af6-48b2-96d0-40143b6e9c6c","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":96,"box":{"x":76,"y":870,"width":853,"height":11}},{"id":"72aafc26-a730-4725-891a-7896ba6b70d7","block_type":"box","text":"8","page_number":96,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"766a0a9f-e1d8-4f7f-9071-40808aa86e2e","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":97,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"55c7e23d-722c-4941-bb8c-0a2654394796","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":97,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"c0e91a2e-18d2-4697-90db-c07f9c16af63","block_type":"box","text":"its investments.","page_number":97,"box":{"x":76,"y":52,"width":100,"height":8}},{"id":"9f8c298c-3de6-428c-a4ab-a28917710ccc","block_type":"box","text":"Consumer Goods and Services Com","page_number":97,"box":{"x":76,"y":75,"width":247,"height":8}},{"id":"857c5be1-f5a8-4b06-a8d0-574c77b7bf0d","block_type":"box","text":"panies Risk.","page_number":97,"box":{"x":325,"y":75,"width":83,"height":10}},{"id":"b8305a38-953c-4c64-ba96-76a4ea1d6da6","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":97,"box":{"x":414,"y":75,"width":561,"height":11}},{"id":"2d633b9a-2b96-4ee6-abb5-3d74b39ad361","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":97,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"003712c5-91ec-4503-8ab7-8e01e87f1823","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":97,"box":{"x":76,"y":103,"width":860,"height":11}},{"id":"54daeed1-5f2c-49df-aa40-c2ec3a66552d","block_type":"box","text":"adverse impact on consumer companies.","page_number":97,"box":{"x":76,"y":117,"width":262,"height":11}},{"id":"9ca9b30b-a45d-4b31-8b77-7a2731107c6f","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":97,"box":{"x":76,"y":140,"width":849,"height":11}},{"id":"1dcf5e70-0a4f-44ee-8197-9e78160da6e2","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":97,"box":{"x":76,"y":155,"width":883,"height":10}},{"id":"fa938519-cfb8-4682-b15a-ee8b0ab06e06","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":97,"box":{"x":76,"y":169,"width":856,"height":11}},{"id":"706c923d-9bd4-4c70-a79f-8f5717a2ea08","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":97,"box":{"x":76,"y":183,"width":561,"height":11}},{"id":"cc3e54a2-dfe8-4afd-b594-d7fe8b18a47e","block_type":"box","text":"Currency Risk.","page_number":97,"box":{"x":76,"y":206,"width":100,"height":11}},{"id":"65185adf-451a-4568-86e7-54c180a41edc","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":97,"box":{"x":182,"y":206,"width":782,"height":11}},{"id":"e45870cb-4f94-4c6a-82d2-3ed22c99f59d","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":97,"box":{"x":77,"y":220,"width":871,"height":11}},{"id":"2f01c34e-54f5-44d0-9350-8e49f80ea2c7","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":97,"box":{"x":76,"y":235,"width":867,"height":10}},{"id":"12d5665b-47fe-4eb6-887a-4c44c1a1e943","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":97,"box":{"x":76,"y":249,"width":892,"height":11}},{"id":"d4a0ac55-2e08-42f5-896a-602a20857567","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":97,"box":{"x":76,"y":263,"width":470,"height":11}},{"id":"83c518a9-f722-4a1b-90a7-0357be150556","block_type":"box","text":"Eastern European Economic Risk.","page_number":97,"box":{"x":77,"y":286,"width":231,"height":11}},{"id":"b3126a14-455a-4095-b30c-9aefa4b74fa2","block_type":"box","text":"An investment in issuers located or operating in Eastern Europe will subject a Fund to legal, regulatory,","page_number":97,"box":{"x":313,"y":286,"width":659,"height":11}},{"id":"c6dd705a-c1c3-4b30-9629-e2e24de1d5a6","block_type":"box","text":"political, currency, security and economic risks specific to Eastern Europe. Economies of certain Eastern European countries rely heavily on","page_number":97,"box":{"x":76,"y":300,"width":892,"height":11}},{"id":"e944c54a-7035-4d1c-ab59-a179c09cdcaf","block_type":"box","text":"the export of commodities, including oil, gas, and certain metals. As a result, such economies may be impacted by international commodity","page_number":97,"box":{"x":76,"y":314,"width":892,"height":11}},{"id":"22fe85b3-6f5f-40cf-9a45-bd3474af7cca","block_type":"box","text":"prices and are particularly vulnerable to global demand for these products. Geopolitical events including armed conflict or war, acts of","page_number":97,"box":{"x":76,"y":329,"width":858,"height":10}},{"id":"e4c18c3b-b83c-4af3-b38a-2ad417b2f35d","block_type":"box","text":"terrorism, and other instability in certain Eastern European countries may cause uncertainty in their financial markets and adversely affect","page_number":97,"box":{"x":76,"y":343,"width":884,"height":11}},{"id":"f9245030-b7e4-4dd3-a93d-a080140486c1","block_type":"box","text":"the performance of the issuers to which a Fund has exposure. The securities markets in some Eastern European countries are substantially","page_number":97,"box":{"x":76,"y":357,"width":890,"height":11}},{"id":"4208f0f6-985c-419c-a8f2-3c14fbd2ff32","block_type":"box","text":"smaller and less developed, with less government supervision and regulation of stock exchanges, and may be less liquid and more volatile","page_number":97,"box":{"x":76,"y":371,"width":882,"height":11}},{"id":"da3d4163-68d2-4d67-bdff-04c74375072e","block_type":"box","text":"than securities markets in the U.S. or Western European countries. In addition, investing in securities of issuers located or operating in","page_number":97,"box":{"x":76,"y":385,"width":860,"height":11}},{"id":"b7c3ca6b-e0c9-434e-99f9-da6598bf198a","block_type":"box","text":"Eastern Europe may involve:","page_number":97,"box":{"x":77,"y":400,"width":179,"height":10}},{"id":"ce47dff2-3e8e-4e46-88e0-e79f9646c51f","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":97,"box":{"x":113,"y":418,"width":857,"height":10}},{"id":"f997b855-c53f-42a6-96c7-b47d41e78d47","block_type":"box","text":"in certain Eastern European countries;","page_number":97,"box":{"x":113,"y":432,"width":244,"height":11}},{"id":"7c3f9b80-0c4e-4fc8-a74b-2d8dc37be5b5","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":97,"box":{"x":114,"y":450,"width":800,"height":11}},{"id":"330821b1-3be8-4890-aa16-4d91b05cdb0f","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund;","page_number":97,"box":{"x":113,"y":464,"width":690,"height":11}},{"id":"bfb46d47-ba25-4f29-bfb5-59f82add523e","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence as a result of the fact that","page_number":97,"box":{"x":113,"y":482,"width":824,"height":11}},{"id":"17a7717c-767a-4e2f-835d-b8636b9cf66d","block_type":"box","text":"ownership in shares of certain Eastern European companies is recorded by the companies themselves and by registrars, rather than a","page_number":97,"box":{"x":113,"y":496,"width":856,"height":11}},{"id":"952ffae6-fc28-47eb-aa3e-16346e23290d","block_type":"box","text":"central registration system;","page_number":97,"box":{"x":113,"y":510,"width":175,"height":11}},{"id":"41f56d84-aa41-484c-97e1-ab42c4492e5a","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":97,"box":{"x":113,"y":528,"width":838,"height":11}},{"id":"1874d5e7-eba0-48a1-ab71-c9f622873d7b","block_type":"box","text":"custody, and because certain Eastern European banking institutions and registrars are not guaranteed by their respective governments;","page_number":97,"box":{"x":113,"y":543,"width":868,"height":10}},{"id":"8a5466cd-50c5-4447-82aa-9c7f05486853","block_type":"box","text":"and","page_number":97,"box":{"x":113,"y":557,"width":22,"height":8}},{"id":"f8138a26-6433-4b2d-9462-3d40ebc33b9b","block_type":"box","text":"Risks in connection with Eastern European countries’ dependence on the economic health of Western European countries and the EU","page_number":97,"box":{"x":114,"y":575,"width":852,"height":11}},{"id":"54794f7e-88b5-4c8d-af32-2987ca51cc3c","block_type":"box","text":"as a whole.","page_number":97,"box":{"x":113,"y":589,"width":70,"height":9}},{"id":"09d6dab8-8c3c-44c6-b197-89984f385b47","block_type":"box","text":"Other risks related to investing in securities of issuers located or operating in Eastern Europe include: the potential absence of legal","page_number":97,"box":{"x":76,"y":612,"width":842,"height":11}},{"id":"344078f3-4dfe-4bd7-ba2c-63e0d85ae88e","block_type":"box","text":"structures governing private and foreign investments and private property; the possibility of the loss of all or a substantial portion of a Fund’s","page_number":97,"box":{"x":76,"y":626,"width":902,"height":11}},{"id":"1aff8a86-eba7-4bb1-94f5-f292858431fc","block_type":"box","text":"assets invested in issuers located or operating in Eastern Europe as a result of expropriation; and certain national policies which may restrict","page_number":97,"box":{"x":76,"y":641,"width":901,"height":10}},{"id":"b10763c8-9e6e-4c48-a379-bb08a7878c9d","block_type":"box","text":"a Fund’s investment opportunities, including, without limitation, restrictions on investing in issuers or industries deemed sensitive to relevan","page_number":97,"box":{"x":76,"y":655,"width":897,"height":11}},{"id":"02eb19c5-610e-4f4a-8f39-475f9f0e6da7","block_type":"box","text":"t","page_number":97,"box":{"x":975,"y":656,"width":4,"height":7}},{"id":"3bc8ad8b-9ffa-4dd3-be75-891b6a3c5ba0","block_type":"box","text":"national interests. In addition, Eastern European securities markets are particularly sensitive to social, political, economic, and currency","page_number":97,"box":{"x":76,"y":669,"width":869,"height":11}},{"id":"3c5e8470-9af6-4cea-b31b-e9c532ede641","block_type":"box","text":"events that involve Russia and may suffer heavy losses as a result of their trading and investment links to the Russian economy and currency","page_number":97,"box":{"x":76,"y":683,"width":902,"height":11}},{"id":"a4f6bacf-6814-41e9-8970-7a8a7d8e7ca6","block_type":"box","text":"or its neighbors.","page_number":97,"box":{"x":76,"y":697,"width":103,"height":11}},{"id":"2a16f960-8c47-485d-8e42-edf0b5f898aa","block_type":"box","text":"Russian Invasion of Ukraine","page_number":97,"box":{"x":76,"y":721,"width":172,"height":8}},{"id":"4dd19a24-debc-4a73-bccc-38c9ab706db1","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":97,"box":{"x":250,"y":721,"width":720,"height":10}},{"id":"4f189668-0687-40c3-83bc-dbefac0ba0d0","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":97,"box":{"x":76,"y":735,"width":893,"height":11}},{"id":"4911a611-76ea-4ba7-ac1c-9988f541bc3b","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":97,"box":{"x":76,"y":749,"width":887,"height":11}},{"id":"b7a41695-f051-4c84-b6b0-f321c9b0ea46","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":97,"box":{"x":76,"y":763,"width":886,"height":11}},{"id":"d00a1f32-6aa2-4e55-8a2e-83a59f7edade","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":97,"box":{"x":76,"y":777,"width":894,"height":11}},{"id":"76937315-3bf6-434e-8806-df0ac082d863","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":97,"box":{"x":76,"y":791,"width":891,"height":11}},{"id":"2d584063-65ce-456c-9fdf-b19c7a937fdc","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":97,"box":{"x":76,"y":806,"width":885,"height":10}},{"id":"0126664d-deff-4a69-9a08-03e341c8dc8b","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":97,"box":{"x":76,"y":820,"width":892,"height":11}},{"id":"5d09b7de-cb21-43b4-baa3-111937bf6840","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":97,"box":{"x":77,"y":834,"width":431,"height":11}},{"id":"a0bafb62-1a99-4baa-8fc8-5f08faca5b8b","block_type":"box","text":"Energy Companies Risk.","page_number":97,"box":{"x":77,"y":857,"width":165,"height":11}},{"id":"33c81701-ad47-4276-880c-d14946142f7a","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":97,"box":{"x":247,"y":857,"width":695,"height":11}},{"id":"c73b5bf0-407f-4dc7-8693-2d4dac5f95c2","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":97,"box":{"x":76,"y":871,"width":904,"height":11}},{"id":"10e5c019-1b1f-4770-be13-8507520c8ae5","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":97,"box":{"x":76,"y":886,"width":898,"height":10}},{"id":"d7090585-a08a-4b54-8271-6196194e86bf","block_type":"box","text":"s","page_number":97,"box":{"x":976,"y":888,"width":6,"height":6}},{"id":"d1ffd889-1089-4826-a1b4-9e2c6659b230","block_type":"box","text":"9","page_number":97,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"a1772b3e-d69d-46aa-b4fd-f665c623bb00","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":98,"box":{"x":76,"y":23,"width":880,"height":11}},{"id":"1f2db1d2-ccd1-4b79-b8c9-ec9624925b3f","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":98,"box":{"x":77,"y":37,"width":866,"height":11}},{"id":"d25238d0-fcf7-42a5-add4-fe5d09910543","block_type":"box","text":"energy companies.","page_number":98,"box":{"x":76,"y":52,"width":120,"height":10}},{"id":"c75fea68-dce8-42ff-a713-00d5d1c2cfde","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":98,"box":{"x":77,"y":75,"width":892,"height":11}},{"id":"6c5b58d5-9576-4dcf-bebf-3106710bc86e","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":98,"box":{"x":76,"y":89,"width":878,"height":11}},{"id":"d3cff5e0-958c-42cd-8921-153514852dce","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":98,"box":{"x":76,"y":103,"width":885,"height":11}},{"id":"e7f8b48e-b4bf-47d8-8604-1c2893e87631","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":98,"box":{"x":77,"y":117,"width":866,"height":11}},{"id":"3d9f577d-1688-464d-8127-5390dabaf049","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":98,"box":{"x":76,"y":131,"width":883,"height":11}},{"id":"bb2f1b39-c1c8-4239-85e6-a81bea0c4a42","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":98,"box":{"x":76,"y":146,"width":800,"height":10}},{"id":"ac791875-5636-42d8-886b-48b07ac557f7","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":98,"box":{"x":76,"y":169,"width":837,"height":11}},{"id":"aa916cc6-1f1e-402a-be5a-c830ba50136b","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":98,"box":{"x":76,"y":183,"width":882,"height":11}},{"id":"7eff4dec-d1e0-4b23-a685-4e707caeb936","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":98,"box":{"x":76,"y":197,"width":899,"height":11}},{"id":"d2f6004a-c852-4fba-8d7e-69ae13ad13de","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":98,"box":{"x":76,"y":211,"width":860,"height":11}},{"id":"e740a6ca-0cb2-46ba-972c-b47dd0a828cd","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":98,"box":{"x":76,"y":226,"width":868,"height":10}},{"id":"7db9cf92-78f3-49cd-8f6d-8bd3dde68ec8","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":98,"box":{"x":76,"y":240,"width":867,"height":11}},{"id":"441e76ec-ca44-4508-a907-0a5b7bae390d","block_type":"box","text":"Equity Securities Risk.","page_number":98,"box":{"x":77,"y":263,"width":154,"height":11}},{"id":"4b82b5c8-025a-44ad-a4e3-c2ec816c90fb","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":98,"box":{"x":237,"y":263,"width":732,"height":11}},{"id":"88dbde9a-1d8c-4446-b86f-12e6684f26ef","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":98,"box":{"x":76,"y":277,"width":877,"height":11}},{"id":"4338aaf3-44ff-4b02-b227-8fc3f8686a6f","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":98,"box":{"x":76,"y":291,"width":905,"height":11}},{"id":"80e1e11c-fe48-4b4f-9d35-93bc099b3fdc","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":98,"box":{"x":76,"y":305,"width":875,"height":11}},{"id":"e1b85c8c-1fa2-43d4-b811-ad1f0e5653d7","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":98,"box":{"x":76,"y":320,"width":812,"height":10}},{"id":"3ad18e18-992b-4b39-bf4e-f94032349559","block_type":"box","text":"Financial Companies Risk.","page_number":98,"box":{"x":77,"y":343,"width":180,"height":11}},{"id":"870d3bf3-024a-4aa7-b640-c4afe9fbf5ad","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":98,"box":{"x":263,"y":343,"width":689,"height":11}},{"id":"658317ea-1c95-48f7-b20b-e4fbaa5085ad","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":98,"box":{"x":76,"y":357,"width":892,"height":11}},{"id":"84427fe6-c578-4f5a-bec3-30860d3f2a7f","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":98,"box":{"x":76,"y":371,"width":891,"height":11}},{"id":"b01404a3-d92a-477e-8d1a-f48e3813717f","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":98,"box":{"x":76,"y":385,"width":888,"height":11}},{"id":"f26c7f14-58d0-48fa-9706-3fa27c22b262","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":98,"box":{"x":77,"y":400,"width":870,"height":10}},{"id":"b561a0dd-ad9d-4b8f-9ade-569c8c22369c","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":98,"box":{"x":77,"y":414,"width":766,"height":11}},{"id":"d5463ca0-f44c-437f-b30a-6eed85487790","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":98,"box":{"x":77,"y":437,"width":890,"height":11}},{"id":"f6a5c48f-1726-42e7-b5c4-2916a9fbbb26","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":98,"box":{"x":76,"y":451,"width":848,"height":11}},{"id":"e09f1945-23de-45a6-8fd7-7170e1f36725","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":98,"box":{"x":76,"y":465,"width":884,"height":11}},{"id":"52d8262b-5f65-4634-8b81-fbe0c42809fa","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":98,"box":{"x":76,"y":479,"width":889,"height":11}},{"id":"ecd5763c-bb3f-49e6-b7eb-cc4a6d1bce7e","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":98,"box":{"x":76,"y":494,"width":856,"height":11}},{"id":"ab82a521-8483-49ef-b148-9f0b05435f04","block_type":"box","text":"financial sector generally.","page_number":98,"box":{"x":76,"y":508,"width":162,"height":11}},{"id":"cb9cfcca-95c6-4ec1-bf95-583e90279bb4","block_type":"box","text":"Geographic and Security Risks.","page_number":98,"box":{"x":76,"y":531,"width":216,"height":11}},{"id":"8a316d71-02e3-4c10-aabf-c345322c8711","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":98,"box":{"x":298,"y":531,"width":668,"height":11}},{"id":"bcac86df-1c4b-4acc-8c72-2f076d79e887","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":98,"box":{"x":76,"y":545,"width":885,"height":11}},{"id":"e9b643ae-a7fb-4ce7-ba42-6a79a7ed1746","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":98,"box":{"x":76,"y":559,"width":840,"height":11}},{"id":"e7a0a2f4-ebbf-4b42-8835-28abe41750cd","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":98,"box":{"x":76,"y":574,"width":845,"height":10}},{"id":"6efdadff-0d52-4c01-83e6-8e9568fb64af","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":98,"box":{"x":76,"y":588,"width":570,"height":11}},{"id":"f2819397-1f96-4398-b5a7-0b7ea5b265a2","block_type":"box","text":"Healthcare Companies Risk.","page_number":98,"box":{"x":77,"y":611,"width":194,"height":11}},{"id":"9325199d-c0ff-4595-8afe-22c3e4c27373","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":98,"box":{"x":276,"y":611,"width":688,"height":11}},{"id":"73f8ff66-fac2-4517-8c05-50aa211cdc63","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":98,"box":{"x":76,"y":625,"width":879,"height":11}},{"id":"6ca6f26c-872d-4783-a1ef-255f9909ba86","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":98,"box":{"x":76,"y":639,"width":899,"height":11}},{"id":"5a2fc6f7-63e0-427e-a484-5da5b50a1915","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":98,"box":{"x":76,"y":654,"width":888,"height":10}},{"id":"cb6d6896-154b-4025-a93a-21c34f655ca9","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":98,"box":{"x":76,"y":668,"width":891,"height":11}},{"id":"58784bce-15af-4231-a7ea-7b785299b0c6","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":98,"box":{"x":76,"y":682,"width":882,"height":11}},{"id":"baffc42c-6a69-484b-adf2-dda7b249bb14","block_type":"box","text":"product liability and similar claims.","page_number":98,"box":{"x":76,"y":696,"width":221,"height":11}},{"id":"6fa4a900-e4d2-4259-89ca-cf8170348e4b","block_type":"box","text":"Illiquid Investments Risk.","page_number":98,"box":{"x":77,"y":719,"width":174,"height":11}},{"id":"dae76f8f-93c0-4c97-bc92-17a10d3ca980","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":98,"box":{"x":256,"y":719,"width":719,"height":11}},{"id":"6a14c037-9d58-43a3-a514-63c7fe04c6fb","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":98,"box":{"x":76,"y":733,"width":883,"height":11}},{"id":"530569ca-621b-4da6-b026-ae25838d4484","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":98,"box":{"x":76,"y":748,"width":885,"height":10}},{"id":"916dab61-d772-4bc4-bd6d-b65d12e65013","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":98,"box":{"x":76,"y":762,"width":902,"height":11}},{"id":"5896acf7-8178-43ec-b2e4-06561fa37791","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":98,"box":{"x":76,"y":776,"width":890,"height":11}},{"id":"f9289583-d161-4b7d-bb9e-9ea2400e97b4","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":98,"box":{"x":77,"y":790,"width":751,"height":11}},{"id":"9613f2b5-f15f-4932-9b1f-361cd450acd3","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":98,"box":{"x":77,"y":813,"width":884,"height":11}},{"id":"aee76acc-5040-461f-aa76-f3d576b68b29","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":98,"box":{"x":76,"y":828,"width":900,"height":10}},{"id":"8e8f28b8-af61-4ec7-8994-de11af6f9b88","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":98,"box":{"x":76,"y":842,"width":867,"height":11}},{"id":"7a84e86a-2013-453d-9c9d-2ad14818b193","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":98,"box":{"x":77,"y":865,"width":900,"height":11}},{"id":"c8b16e95-ad4f-49b2-b824-dcb469c97b3a","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":98,"box":{"x":76,"y":879,"width":890,"height":11}},{"id":"59522d1b-2a86-4c5a-adfa-30a64969756e","block_type":"box","text":"10","page_number":98,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ad62d200-9ad2-4402-b0d4-594387104a55","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":99,"box":{"x":76,"y":23,"width":828,"height":11}},{"id":"0c940c6f-437c-4bfe-8fce-969fd7debbd5","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":99,"box":{"x":77,"y":37,"width":873,"height":11}},{"id":"7b99d28e-6e0a-4480-8dc9-27ca4dc17e99","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":99,"box":{"x":77,"y":51,"width":887,"height":11}},{"id":"b6cffeff-56ad-4f55-b721-d6d1ad16f1d4","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":99,"box":{"x":77,"y":66,"width":896,"height":11}},{"id":"44b28e32-0ded-455b-8b99-b81fb3e83db1","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":99,"box":{"x":76,"y":80,"width":869,"height":11}},{"id":"f8cfef83-e7ca-4c4a-8385-775ff8ae0ead","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":99,"box":{"x":77,"y":94,"width":886,"height":11}},{"id":"40706ccd-c398-4d86-9176-fae4489a1724","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":99,"box":{"x":77,"y":108,"width":858,"height":11}},{"id":"200c5702-d348-4889-83b3-ade59a133daf","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":99,"box":{"x":76,"y":122,"width":254,"height":11}},{"id":"bf6d8c5b-5c19-4e1d-aabd-199537da1845","block_type":"box","text":"Index-Related Risk.","page_number":99,"box":{"x":77,"y":146,"width":132,"height":8}},{"id":"c847b35d-835d-4e9d-ab3c-0e195afb1e22","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":99,"box":{"x":214,"y":146,"width":728,"height":10}},{"id":"ff7d2160-fc14-4aba-b365-bb6d70c496d6","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":99,"box":{"x":76,"y":160,"width":869,"height":11}},{"id":"c7980aca-dd49-4824-b3de-a8a212137d35","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":99,"box":{"x":77,"y":174,"width":872,"height":11}},{"id":"ea440c2a-8f6a-443b-8ed0-64e17dcdfd58","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":99,"box":{"x":77,"y":188,"width":862,"height":11}},{"id":"562adf8b-26f3-4431-9fc5-47269808fff5","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":99,"box":{"x":76,"y":202,"width":897,"height":11}},{"id":"ed440be4-207d-4da1-947c-466f7e3159d8","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":99,"box":{"x":76,"y":217,"width":881,"height":10}},{"id":"5fb5d12a-310a-4d6d-b382-cced95241be7","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":99,"box":{"x":76,"y":240,"width":852,"height":11}},{"id":"f50a9ca7-82d2-42a5-8540-0b2e5ff4c49f","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":99,"box":{"x":76,"y":254,"width":850,"height":11}},{"id":"d225bb2e-00c6-43d9-8cd2-48ce12141859","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":99,"box":{"x":76,"y":268,"width":877,"height":11}},{"id":"a97eccde-4674-479d-bb28-d69e5fc15dd6","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":99,"box":{"x":76,"y":282,"width":906,"height":11}},{"id":"49a9951f-1810-4468-a327-400aef107b04","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":99,"box":{"x":76,"y":296,"width":904,"height":11}},{"id":"db2f3199-7904-4b9d-94f7-1c8707056a88","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":99,"box":{"x":76,"y":311,"width":894,"height":10}},{"id":"e4f9af47-b9ff-4492-bacf-5aeff9962299","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":99,"box":{"x":76,"y":325,"width":877,"height":11}},{"id":"a3aad5c5-7337-4106-b7b8-df3fcbedaefb","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":99,"box":{"x":76,"y":339,"width":881,"height":11}},{"id":"28f0c9a4-4804-4313-b688-3c15ca5f5f49","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":99,"box":{"x":76,"y":353,"width":844,"height":11}},{"id":"cbbb7dc1-4b2f-442b-8c00-6ee9d3f62b18","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":99,"box":{"x":77,"y":367,"width":879,"height":11}},{"id":"d0cee82f-0f3e-4e06-bd7c-33e4fdb2ac27","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":99,"box":{"x":76,"y":382,"width":340,"height":10}},{"id":"58fd79b2-4b22-4bd6-80cf-93e1785fe19d","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":99,"box":{"x":77,"y":405,"width":857,"height":11}},{"id":"58cf07b5-607c-41b8-ab27-8c9abee4c865","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":99,"box":{"x":77,"y":419,"width":880,"height":11}},{"id":"6c0d9d85-9bfb-484a-92fe-38bd44b83166","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":99,"box":{"x":76,"y":433,"width":902,"height":11}},{"id":"3855fd3c-c601-46b9-ba47-3586b7b2d9f9","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":99,"box":{"x":76,"y":447,"width":905,"height":11}},{"id":"598c080e-f25d-458f-af4b-fdeac7688d8b","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":99,"box":{"x":76,"y":461,"width":889,"height":11}},{"id":"af453f75-234d-466a-a422-0ab75510614a","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":99,"box":{"x":76,"y":476,"width":890,"height":10}},{"id":"acacd59f-2e5e-4e78-850d-936bce5fffab","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":99,"box":{"x":76,"y":490,"width":723,"height":11}},{"id":"d68de0de-e5ab-4f73-a0fb-f1314c9cbfc0","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":99,"box":{"x":77,"y":513,"width":899,"height":11}},{"id":"36201cc9-bfc9-44f2-a3b2-0734a4104e9f","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":99,"box":{"x":76,"y":527,"width":876,"height":11}},{"id":"05f5c4aa-1908-4c47-9406-b3cca2905575","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":99,"box":{"x":76,"y":541,"width":865,"height":11}},{"id":"6bfc7ca9-fc3f-4ed4-bc0a-0fa1594a197e","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":99,"box":{"x":76,"y":556,"width":897,"height":10}},{"id":"55b821a8-253d-49df-9e42-bf44a1048bff","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":99,"box":{"x":76,"y":570,"width":213,"height":11}},{"id":"3e14b8d5-c0e3-444f-990a-95d0f914dcf8","block_type":"box","text":"Industrial Companies Risk.","page_number":99,"box":{"x":77,"y":593,"width":184,"height":11}},{"id":"8c67a822-b351-403a-8925-665dae157262","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":99,"box":{"x":267,"y":593,"width":673,"height":11}},{"id":"ceff8617-e66d-40c9-b035-334cfe93df27","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":99,"box":{"x":76,"y":607,"width":889,"height":11}},{"id":"b998bff3-5797-4845-b214-52d0288ed796","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":99,"box":{"x":76,"y":621,"width":878,"height":11}},{"id":"612020f9-fc9c-40b6-9ab7-0c98c461846b","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":99,"box":{"x":76,"y":635,"width":873,"height":11}},{"id":"3dfc8b23-9399-456b-9f08-0ca92a79a862","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":99,"box":{"x":76,"y":650,"width":902,"height":10}},{"id":"c59144fc-93b0-47e3-b7bf-0ec1314d5472","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":99,"box":{"x":76,"y":664,"width":872,"height":11}},{"id":"bbd08758-d5a1-4f30-84f3-8c5d2fb733b7","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":99,"box":{"x":77,"y":678,"width":881,"height":11}},{"id":"ff0f778e-890e-4cda-aa34-70bb9d164a0f","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":99,"box":{"x":76,"y":692,"width":892,"height":11}},{"id":"2bf4a652-dadc-4e73-b7a2-e344495d8a23","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":99,"box":{"x":76,"y":706,"width":322,"height":11}},{"id":"b318ecee-f56e-4a37-bd2d-82d4dfb3ee77","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":99,"box":{"x":77,"y":730,"width":899,"height":10}},{"id":"7e2ff395-ce2b-4afa-a1b0-8e0b47dae55e","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":99,"box":{"x":76,"y":744,"width":864,"height":11}},{"id":"9ecece5a-3fd1-4a11-9c1e-a2f7f80da2bf","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":99,"box":{"x":77,"y":758,"width":402,"height":11}},{"id":"6e59cb04-08a3-4f97-b809-d6d59f6de5d5","block_type":"box","text":"Issuer Risk.","page_number":99,"box":{"x":77,"y":781,"width":79,"height":9}},{"id":"295b0f4c-988c-45e9-b053-34e3f7224d1e","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":99,"box":{"x":161,"y":781,"width":755,"height":11}},{"id":"d134e836-4583-4bc9-8e0d-3dc5e274a66b","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":99,"box":{"x":76,"y":795,"width":861,"height":11}},{"id":"f22401fd-c362-4747-949e-a4ffa7520e55","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":99,"box":{"x":76,"y":809,"width":406,"height":11}},{"id":"8ffa1756-b583-4d13-bf6e-a8636c0962af","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":99,"box":{"x":77,"y":833,"width":256,"height":11}},{"id":"8597d0e6-ec13-41ea-bec0-ecec49a75413","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":99,"box":{"x":340,"y":833,"width":630,"height":11}},{"id":"16f1ff4f-d112-4328-8252-fe9f19f86c6e","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":99,"box":{"x":76,"y":847,"width":881,"height":11}},{"id":"85756e1f-58ab-46cf-bd61-013ca6d9c9b7","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":99,"box":{"x":76,"y":861,"width":890,"height":11}},{"id":"f8138e67-4ddf-4248-955b-9ceafb409e3f","block_type":"box","text":"performance of the broader securities markets.","page_number":99,"box":{"x":76,"y":875,"width":303,"height":11}},{"id":"3b0b308b-bd53-4c02-bac5-a6f928b45bd1","block_type":"box","text":"11","page_number":99,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"5b30eafd-a086-4dda-94f5-92e1d6471c32","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":100,"box":{"x":77,"y":23,"width":368,"height":11}},{"id":"ac1535f0-dd2e-42ec-8f2c-b488785c5f6d","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":100,"box":{"x":450,"y":23,"width":518,"height":11}},{"id":"89a46d38-631b-46cb-8ddb-8a57da7be040","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":100,"box":{"x":76,"y":37,"width":875,"height":11}},{"id":"12c3985e-1384-486c-88c9-d56d2403d952","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":100,"box":{"x":76,"y":51,"width":899,"height":11}},{"id":"c6f24dbe-2708-47dc-91fc-911f9014f9a4","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":100,"box":{"x":76,"y":66,"width":901,"height":11}},{"id":"2baf3ae9-583a-4296-a785-d2744b286132","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":100,"box":{"x":76,"y":80,"width":888,"height":11}},{"id":"4a00e244-b596-4938-aed3-205505330a36","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":100,"box":{"x":76,"y":94,"width":882,"height":11}},{"id":"0842cdd3-3f1d-48f7-81fd-aa3425e93fcd","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":100,"box":{"x":76,"y":108,"width":889,"height":11}},{"id":"4e27dd5a-45a0-4691-a388-73d39750c197","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":100,"box":{"x":76,"y":122,"width":906,"height":11}},{"id":"b366fc7d-e846-4c64-8764-a79c5a720efa","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":100,"box":{"x":76,"y":137,"width":904,"height":10}},{"id":"cabc15f1-e0e4-4bcc-b521-61c3511ff713","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":100,"box":{"x":76,"y":151,"width":855,"height":11}},{"id":"2bac1872-76d3-44bd-a392-beddad00bf2a","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":100,"box":{"x":77,"y":165,"width":892,"height":11}},{"id":"30f22b58-f940-4208-9f0d-d5eb7af1dd30","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":100,"box":{"x":77,"y":179,"width":901,"height":11}},{"id":"7cfe3d7e-9bd7-4122-b00d-e9a828491cb7","block_type":"box","text":"to price.","page_number":100,"box":{"x":76,"y":193,"width":52,"height":11}},{"id":"a6700aef-bad4-4092-ab6a-da2f3438e99e","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":100,"box":{"x":76,"y":216,"width":840,"height":11}},{"id":"d9a26fcc-9e41-4f0e-8850-bb3bda1d591f","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":100,"box":{"x":76,"y":231,"width":898,"height":11}},{"id":"e42ae437-6363-4b1f-a479-2e5e2ac3d904","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":100,"box":{"x":76,"y":245,"width":878,"height":11}},{"id":"7873f260-4c3e-4bdc-84e9-754d43ac018c","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":100,"box":{"x":76,"y":259,"width":792,"height":11}},{"id":"8d96c1b9-74b2-4a3d-9c8b-2f5935e987cd","block_type":"box","text":"Management Risk.","page_number":100,"box":{"x":77,"y":282,"width":126,"height":11}},{"id":"08563dbd-8f8e-4a1d-b466-d2e987142f20","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":100,"box":{"x":208,"y":282,"width":757,"height":11}},{"id":"92399085-0ef1-4155-9f98-6a3899d9d9d7","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":100,"box":{"x":76,"y":296,"width":863,"height":11}},{"id":"5755e5e1-2005-4243-a5a5-416ffd66c130","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":100,"box":{"x":76,"y":311,"width":864,"height":10}},{"id":"aac22525-be6e-4c26-be1a-44e8b5f0342d","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":100,"box":{"x":77,"y":325,"width":898,"height":11}},{"id":"2585b67c-8a11-46a8-bb65-764051b249bc","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":100,"box":{"x":76,"y":339,"width":837,"height":11}},{"id":"d3c8424f-21e1-4f9d-a2f1-00d899643736","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":100,"box":{"x":77,"y":353,"width":888,"height":11}},{"id":"03b18cec-0c13-433e-be51-6d1307bb7e77","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":100,"box":{"x":77,"y":367,"width":883,"height":11}},{"id":"f2469655-c7cb-42e7-8664-6be75ee53417","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":100,"box":{"x":76,"y":382,"width":889,"height":10}},{"id":"8be0342b-04b7-4725-9ff0-d7207a6a9525","block_type":"box","text":"its investment objective.","page_number":100,"box":{"x":76,"y":396,"width":156,"height":10}},{"id":"77f2508a-6c3c-4587-9f97-f3bf267e4beb","block_type":"box","text":"Market Risk.","page_number":100,"box":{"x":77,"y":419,"width":85,"height":8}},{"id":"37bfdf6a-c14e-4c00-9969-490e2faaf93c","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":100,"box":{"x":167,"y":419,"width":764,"height":11}},{"id":"1d5615ed-93a3-4221-a466-2be7bc59f42f","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":100,"box":{"x":76,"y":433,"width":879,"height":11}},{"id":"b3fbac00-8734-436e-be45-dd93e5181d78","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":100,"box":{"x":76,"y":447,"width":884,"height":11}},{"id":"3aaa360b-3f4c-42fb-aa9f-fc30052c24c2","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":100,"box":{"x":76,"y":461,"width":904,"height":11}},{"id":"f4a20a28-852c-47d0-8e51-a421ea8719bf","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":100,"box":{"x":76,"y":476,"width":858,"height":10}},{"id":"e4d1506c-17be-41a8-8cfd-1937bf961f4c","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":100,"box":{"x":76,"y":490,"width":869,"height":11}},{"id":"c9b76332-c707-4a1f-86ca-81550cde446d","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":100,"box":{"x":76,"y":504,"width":885,"height":11}},{"id":"e698d222-d5a9-44e2-a19d-ffb146c27bae","block_type":"box","text":"and assets.","page_number":100,"box":{"x":76,"y":518,"width":71,"height":9}},{"id":"6c5df9db-6a3a-4bcd-af4c-b09d9b204d71","block_type":"box","text":"Market Trading Risk.","page_number":100,"box":{"x":77,"y":541,"width":140,"height":11}},{"id":"26544799-adcb-4db3-89e6-f4b3c0c1bdd8","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":100,"box":{"x":222,"y":541,"width":753,"height":11}},{"id":"c17ef471-8fb4-4bcd-8a31-4ff75e4ca8c9","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":100,"box":{"x":76,"y":556,"width":896,"height":10}},{"id":"6efc9a30-f35d-4022-8cb0-3751a85f6f35","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":100,"box":{"x":76,"y":570,"width":877,"height":11}},{"id":"91f643c4-80af-4649-aa9a-24511a3d7c52","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":100,"box":{"x":77,"y":584,"width":446,"height":11}},{"id":"be28ba2f-58d8-4cf3-bc24-8859a1330a22","block_type":"box","text":"Absence of an Active Primary Market.","page_number":100,"box":{"x":75,"y":607,"width":236,"height":11}},{"id":"f7bce00f-e82b-4f68-a070-fe7a918d9406","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":100,"box":{"x":317,"y":607,"width":663,"height":11}},{"id":"7b050f02-9ece-4921-a6b2-7d34716364d6","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":100,"box":{"x":76,"y":621,"width":826,"height":11}},{"id":"526da30a-de00-4e87-a6d8-aec58307f5e2","block_type":"box","text":"Secondary Listing Risks.","page_number":100,"box":{"x":76,"y":644,"width":151,"height":11}},{"id":"e899ce9d-e4e2-4140-8559-d094851199b6","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":100,"box":{"x":233,"y":645,"width":732,"height":10}},{"id":"b5d3d3b7-0765-4d89-be1f-ad507b22b09a","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":100,"box":{"x":76,"y":659,"width":841,"height":11}},{"id":"33f58a70-ed7c-4687-8586-530f1f3c367f","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":100,"box":{"x":76,"y":673,"width":890,"height":11}},{"id":"f4d86f06-4544-4b3a-893b-53b471b479e5","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":100,"box":{"x":76,"y":687,"width":880,"height":11}},{"id":"7205c71b-6b35-4040-a94c-3830332105b4","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":100,"box":{"x":76,"y":701,"width":872,"height":11}},{"id":"a1f5a346-3878-4786-87df-cefaba3dc2c3","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":100,"box":{"x":76,"y":715,"width":897,"height":11}},{"id":"0e6e5d50-7626-4b7f-8fd4-57d65bd871b2","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":100,"box":{"x":76,"y":730,"width":862,"height":10}},{"id":"31a95dce-06a1-41c8-8763-8dc7038ac1bd","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":100,"box":{"x":76,"y":744,"width":579,"height":11}},{"id":"a4135ecc-7572-48a5-99f0-4b4f6ce3b8ef","block_type":"box","text":"Secondary Market Trading Risk.","page_number":100,"box":{"x":76,"y":767,"width":196,"height":11}},{"id":"fdf930af-f88e-4150-b9b6-2201a5f7b885","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":100,"box":{"x":279,"y":767,"width":703,"height":11}},{"id":"63aaac4d-f3af-4006-ab33-20f574aabd04","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":100,"box":{"x":76,"y":781,"width":896,"height":11}},{"id":"378535fa-946e-4073-9938-6e1689791775","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":100,"box":{"x":76,"y":795,"width":880,"height":11}},{"id":"d1ef95dd-2bcc-4f0d-a381-0ecb022423e8","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":100,"box":{"x":76,"y":809,"width":900,"height":11}},{"id":"49246c1f-52f8-4575-a0ef-dac0d263f1cb","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":100,"box":{"x":76,"y":824,"width":893,"height":11}},{"id":"a3d92e6f-2d87-474e-b48d-4f72abef497e","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":100,"box":{"x":76,"y":838,"width":581,"height":11}},{"id":"e7c0c4db-af26-4874-9c2d-e95858b7a1a9","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":100,"box":{"x":77,"y":861,"width":900,"height":11}},{"id":"7c6de8ae-d030-406c-a577-dc42c69a788b","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":100,"box":{"x":76,"y":875,"width":547,"height":11}},{"id":"0dbaf550-039e-4013-a57e-4e3f746f7e9a","block_type":"box","text":"12","page_number":100,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"532e6a14-0cc0-4ce0-b8af-79d6a3b08d0b","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":101,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"1ad3e3d7-087a-4948-83b6-352646ac9d4f","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":101,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"f97c2599-adf2-4dc4-b1e4-761dc856ae78","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":101,"box":{"x":77,"y":51,"width":874,"height":11}},{"id":"469c13f6-21cc-4e88-b743-7dd1597d194e","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":101,"box":{"x":76,"y":66,"width":890,"height":11}},{"id":"2b245804-1b0c-4361-8ee8-1b1d0ae06053","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":101,"box":{"x":76,"y":80,"width":857,"height":11}},{"id":"1ad105ef-83cf-4190-93a9-55d7ea39ea88","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":101,"box":{"x":76,"y":94,"width":891,"height":11}},{"id":"b7144454-f1d3-41c2-9c13-6d09eb1730c1","block_type":"box","text":"substantial trading losses.","page_number":101,"box":{"x":76,"y":108,"width":166,"height":11}},{"id":"f8ce91f4-44ab-4689-abd8-c548d1cd17bf","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":101,"box":{"x":76,"y":131,"width":874,"height":11}},{"id":"684ed59d-d796-4444-a2c7-52631554faa8","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":101,"box":{"x":76,"y":146,"width":893,"height":10}},{"id":"bd390cea-96f3-4218-9850-d83c60c3533f","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":101,"box":{"x":76,"y":160,"width":658,"height":11}},{"id":"62f1a396-a8d7-403f-985c-736213a016fb","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":101,"box":{"x":76,"y":183,"width":310,"height":11}},{"id":"c87364f6-7219-48aa-96db-c6017ddace52","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":101,"box":{"x":385,"y":183,"width":572,"height":11}},{"id":"e909aee2-5ad0-47ee-a5d5-053169aea7ef","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":101,"box":{"x":77,"y":197,"width":852,"height":11}},{"id":"5474dc46-d06c-47c4-ae56-6ff7849f071a","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":101,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"7f82e012-516e-4fbb-af5e-bbbf78ffbfc2","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":101,"box":{"x":77,"y":226,"width":885,"height":10}},{"id":"763d3885-4a47-4fa2-a3ec-1021e81a4172","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":101,"box":{"x":76,"y":240,"width":792,"height":11}},{"id":"ff71bd96-13b4-4e4d-8172-97aa7627ffbf","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":101,"box":{"x":77,"y":263,"width":886,"height":11}},{"id":"3689a3b9-f295-44e3-80d2-ae0f2c256d50","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":101,"box":{"x":77,"y":277,"width":891,"height":11}},{"id":"65080627-43f8-43b2-b461-697cec71d43d","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":101,"box":{"x":76,"y":291,"width":899,"height":11}},{"id":"250ca344-d508-4fe7-a223-baebab9c3dbb","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":101,"box":{"x":77,"y":305,"width":899,"height":11}},{"id":"b81d5096-c157-40d3-845e-881c8b5f3bb8","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":101,"box":{"x":76,"y":320,"width":878,"height":10}},{"id":"8dba2a49-fbec-4b33-9f6a-1886561dd5fe","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":101,"box":{"x":76,"y":334,"width":902,"height":11}},{"id":"388cd3a4-00f6-4ed8-88ee-0069458cb89c","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":101,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"e04bfe78-1856-4d78-8bd0-97b3fb657de6","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":101,"box":{"x":76,"y":362,"width":849,"height":11}},{"id":"cc30a6ee-ea15-40b0-8d79-73178a922ca8","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":101,"box":{"x":76,"y":376,"width":622,"height":11}},{"id":"240ad448-9ace-4935-9ae2-ce767869a3cb","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":101,"box":{"x":76,"y":400,"width":245,"height":10}},{"id":"c18d18e2-38e5-48ab-9bf3-c6a7b77642af","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":101,"box":{"x":328,"y":400,"width":636,"height":10}},{"id":"e2f74dec-19aa-4c32-8ed6-4fd82cd2cc2f","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":101,"box":{"x":76,"y":414,"width":853,"height":11}},{"id":"35d6111e-71ba-4bd5-950c-7a573b005b75","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":101,"box":{"x":76,"y":428,"width":895,"height":11}},{"id":"d00bf5e8-a3ab-4082-91c1-cc09fbb096aa","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":101,"box":{"x":76,"y":442,"width":865,"height":11}},{"id":"33b25125-3b00-4b46-88ef-267dd1bf890e","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":101,"box":{"x":76,"y":456,"width":885,"height":11}},{"id":"c7f924b9-17eb-41c3-b2b2-dc62f95f7317","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":101,"box":{"x":77,"y":470,"width":891,"height":11}},{"id":"e2a2fc1a-88e2-4250-96d6-cb7c4ad9c47c","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":101,"box":{"x":76,"y":485,"width":901,"height":10}},{"id":"4c6f1e06-9104-4d93-95c4-cf0ebe707073","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":101,"box":{"x":76,"y":499,"width":858,"height":11}},{"id":"d76df94c-8b8c-4581-872d-b70e70a41c09","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":101,"box":{"x":77,"y":513,"width":418,"height":11}},{"id":"f32498ca-679f-4621-9365-bf361d9d2147","block_type":"box","text":"Materials Companies Risk.","page_number":101,"box":{"x":77,"y":536,"width":182,"height":11}},{"id":"fe7231ad-a293-4d48-adc4-7669c26df2c8","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":101,"box":{"x":264,"y":536,"width":710,"height":11}},{"id":"5ce6688a-e565-4d77-afb5-53185018216f","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":101,"box":{"x":76,"y":550,"width":868,"height":11}},{"id":"74b7982a-ef48-4c3c-9c1c-f6eb8b594306","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":101,"box":{"x":76,"y":565,"width":897,"height":10}},{"id":"557ea495-a508-4e6f-a70e-1e9519924464","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":101,"box":{"x":77,"y":579,"width":868,"height":11}},{"id":"30be89fb-0fee-4668-86dc-5d6c49db407a","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":101,"box":{"x":76,"y":593,"width":676,"height":11}},{"id":"d9a18534-3288-4730-a874-99d5f37de95e","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":101,"box":{"x":77,"y":616,"width":243,"height":11}},{"id":"794c161b-0021-434a-88f4-516c5e9e2e7b","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":101,"box":{"x":326,"y":616,"width":607,"height":11}},{"id":"97de70a7-05da-4669-9e71-1f0e1db3eabc","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":101,"box":{"x":76,"y":630,"width":875,"height":11}},{"id":"4ea93082-4f73-4f5b-a0b0-22cda967a8bf","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":101,"box":{"x":76,"y":644,"width":847,"height":11}},{"id":"1df2c938-ff8b-4784-b3e6-55daee7c806c","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":101,"box":{"x":76,"y":659,"width":889,"height":11}},{"id":"60b20748-4431-4113-955f-e3f448e54b03","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":101,"box":{"x":76,"y":673,"width":882,"height":11}},{"id":"1aad597b-160a-419a-b75d-9f8caa059eb2","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":101,"box":{"x":76,"y":687,"width":473,"height":11}},{"id":"59d3b51e-c12f-4f54-81fd-e59a248c87d8","block_type":"box","text":"Middle Eastern Economic Risk.","page_number":101,"box":{"x":77,"y":710,"width":212,"height":9}},{"id":"a891722c-38fd-4515-a38f-0561df6fa575","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political and legal systems in","page_number":101,"box":{"x":295,"y":710,"width":680,"height":11}},{"id":"6cce9938-d814-434a-b5cf-7a2229c3ac54","block_type":"box","text":"such countries may adversely impact the companies in which the Fund invests and, as a result, the value of the Fund. Middle Eastern","page_number":101,"box":{"x":76,"y":724,"width":849,"height":11}},{"id":"920931f9-d97b-4fdf-8cbd-cb37e0a846d3","block_type":"box","text":"governments have exercised and continue to exercise substantial influence over many aspects of the private sector. Many economies in the","page_number":101,"box":{"x":76,"y":739,"width":895,"height":10}},{"id":"102cf60c-01eb-42eb-bfe2-b86eaad8f63e","block_type":"box","text":"Middle East are highly reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas,","page_number":101,"box":{"x":77,"y":753,"width":898,"height":11}},{"id":"b607f6fb-ec03-4c74-9e8e-46d5df1e8361","block_type":"box","text":"and their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As global demand","page_number":101,"box":{"x":76,"y":767,"width":898,"height":11}},{"id":"77b0cfb4-5771-46b9-8f8c-63bf5f0fca1f","block_type":"box","text":"for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted. A sustained decrease in commodity prices","page_number":101,"box":{"x":76,"y":781,"width":896,"height":11}},{"id":"7867b392-19e1-414a-a0ce-a7da24cdf581","block_type":"box","text":"could have a significant negative impact on all aspects of the economy in the region. Middle Eastern economies may be subject to acts of","page_number":101,"box":{"x":76,"y":795,"width":880,"height":11}},{"id":"ceea7b9e-704a-4668-a0da-8e5fe65df3c7","block_type":"box","text":"terrorism, political strife, religious, ethnic or socioeconomic unrest and sudden outbreaks of hostilities with neighboring countries.","page_number":101,"box":{"x":76,"y":809,"width":833,"height":11}},{"id":"8e57b050-ce72-4eaa-baeb-d7d2f584d706","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical","page_number":101,"box":{"x":76,"y":833,"width":825,"height":10}},{"id":"7a671e90-0f5b-485f-96bd-ae2f5e5af719","block_type":"box","text":"animosities, international alliances, religious tensions or defense concerns, which may adversely affect the economies of these countries.","page_number":101,"box":{"x":76,"y":847,"width":880,"height":11}},{"id":"087a28a1-0af7-4489-8f48-a9786fc43098","block_type":"box","text":"Certain Middle Eastern countries experience significant unemployment, as well as widespread underemployment.","page_number":101,"box":{"x":76,"y":861,"width":726,"height":11}},{"id":"a501d831-0ed7-430b-bcfb-2dbc951d5bf2","block_type":"box","text":"13","page_number":101,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"9eba21d4-68c1-444d-82b2-15ff7a1cdc13","block_type":"box","text":"Many Middle Eastern countries periodically have experienced political, economic and social unrest as protestors have called for widespread","page_number":102,"box":{"x":77,"y":23,"width":893,"height":11}},{"id":"81a87861-397f-4b61-a4fa-b64566ab765d","block_type":"box","text":"reform. Some of these protests have resulted in a governmental regime change, internal conflict or civil war. If further regime changes were","page_number":102,"box":{"x":77,"y":37,"width":892,"height":11}},{"id":"e4c578eb-cb09-4921-866a-c87eb3527965","block_type":"box","text":"to occur, internal conflict were to intensify, or a civil war were to continue in any of these countries, such instability could adversely affect the","page_number":102,"box":{"x":76,"y":51,"width":906,"height":11}},{"id":"11b17d40-ce42-4e9e-85d9-f936169fc979","block_type":"box","text":"economies of Middle Eastern countries in which the Fund invests and could decrease the value of the Fund’s investments.","page_number":102,"box":{"x":76,"y":66,"width":780,"height":8}},{"id":"9f26ae99-8538-4e93-8407-955e692997ef","block_type":"box","text":"National Closed Market Trading Risk.","page_number":102,"box":{"x":77,"y":89,"width":254,"height":11}},{"id":"7d0e4450-6ddb-45f5-acfc-bab5ab7122ed","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":102,"box":{"x":336,"y":89,"width":637,"height":11}},{"id":"da12f74e-0173-4464-84ef-b66574a09b82","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":102,"box":{"x":76,"y":103,"width":905,"height":11}},{"id":"8303a2e8-9830-4fd6-9295-268722d95380","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":102,"box":{"x":76,"y":117,"width":332,"height":11}},{"id":"f6bacf03-3405-4971-a183-7e1632e5d859","block_type":"box","text":"i.e","page_number":102,"box":{"x":408,"y":117,"width":15,"height":9}},{"id":"4c9210ac-dcb2-4f4d-a151-991efbb34a83","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":102,"box":{"x":425,"y":117,"width":508,"height":11}},{"id":"d937af6e-da58-4cea-b8da-ae27e58f70c5","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":102,"box":{"x":76,"y":131,"width":863,"height":11}},{"id":"2155ee65-0df0-4de1-aefc-3bda3b6daebd","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":102,"box":{"x":76,"y":146,"width":862,"height":10}},{"id":"c8454d5e-191d-440e-a8a8-cce958b2502b","block_type":"box","text":"greater than those experienced by other funds.","page_number":102,"box":{"x":76,"y":160,"width":300,"height":11}},{"id":"59b9d0ef-e94b-41c1-849a-755587f70536","block_type":"box","text":"Non-Diversification Risk.","page_number":102,"box":{"x":77,"y":183,"width":170,"height":8}},{"id":"0830cf3e-badc-44cc-983d-52af3428baf7","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":102,"box":{"x":252,"y":183,"width":711,"height":11}},{"id":"300eb017-777b-4b3a-9d0b-77e2a0c5efd8","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":102,"box":{"x":76,"y":197,"width":855,"height":11}},{"id":"91c668cc-bf41-43f5-909a-9c0881d9fac5","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":102,"box":{"x":76,"y":211,"width":886,"height":11}},{"id":"49d1c364-9ed4-45a3-b21e-0aed5f497da6","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":102,"box":{"x":76,"y":226,"width":879,"height":10}},{"id":"c9e2b33e-d6ef-4f46-abca-69b5a3658fee","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":102,"box":{"x":77,"y":240,"width":390,"height":11}},{"id":"2d9bca42-4327-4cd3-a097-52f2a62b4509","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":102,"box":{"x":77,"y":263,"width":171,"height":8}},{"id":"10cb9968-8f34-481c-805d-40fbdc2c7473","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":102,"box":{"x":253,"y":263,"width":698,"height":11}},{"id":"76db1609-0ef4-494f-bab2-501985bc1992","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":102,"box":{"x":76,"y":277,"width":889,"height":11}},{"id":"ea982f17-32ee-409d-a091-f3f10687e97f","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":102,"box":{"x":76,"y":291,"width":880,"height":11}},{"id":"7e28e8e7-bab3-465f-8b18-a2e213b8a974","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":102,"box":{"x":76,"y":305,"width":402,"height":11}},{"id":"62efb1bc-3569-44b6-a831-d9b8ad1b219f","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":102,"box":{"x":114,"y":323,"width":445,"height":11}},{"id":"e29891b0-364a-4f6b-8163-850a7f4ee8bf","block_type":"box","text":"Greater market volatility;","page_number":102,"box":{"x":113,"y":342,"width":158,"height":10}},{"id":"ccc9189e-6305-4546-9292-33e2252ce142","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":102,"box":{"x":113,"y":360,"width":383,"height":10}},{"id":"3e331ca4-dd04-4e5b-aefe-22652559ce69","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":102,"box":{"x":113,"y":378,"width":348,"height":10}},{"id":"875b9e80-e33e-498b-9880-9c17f5b67459","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":102,"box":{"x":114,"y":396,"width":316,"height":11}},{"id":"0070e2f3-4832-488d-aa63-4ba4adfeb919","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":102,"box":{"x":114,"y":414,"width":319,"height":11}},{"id":"ad070f6f-aaa3-4558-9a99-9b701a450392","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":102,"box":{"x":114,"y":432,"width":257,"height":11}},{"id":"3852bcac-97e9-46b1-ac31-f66fefe47481","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":102,"box":{"x":114,"y":450,"width":265,"height":11}},{"id":"7878ed19-d457-4fba-b6c7-53bce0effbb7","block_type":"box","text":"Higher transaction and custody costs;","page_number":102,"box":{"x":114,"y":468,"width":241,"height":11}},{"id":"b93a6933-35a9-451d-ae22-c4693fa1d6b3","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":102,"box":{"x":114,"y":486,"width":852,"height":11}},{"id":"a222204e-86a4-48de-95d7-86ad190136f5","block_type":"box","text":"engage in portfolio transactions;","page_number":102,"box":{"x":113,"y":500,"width":206,"height":11}},{"id":"050396c9-68b3-4527-9c47-617cdc558bca","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":102,"box":{"x":114,"y":518,"width":386,"height":11}},{"id":"6caf3ea9-fae3-4864-89a7-a5f1ce2deeb1","block_type":"box","text":"Less availability of public information about issuers;","page_number":102,"box":{"x":114,"y":536,"width":329,"height":11}},{"id":"d1bf8f72-64f8-4db2-b0ce-acf29ad72087","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":102,"box":{"x":113,"y":554,"width":803,"height":11}},{"id":"62b06a43-05e7-4e81-8ac0-163c91874868","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":102,"box":{"x":114,"y":572,"width":328,"height":11}},{"id":"d943372d-77bc-4288-acd8-0e5a919c79af","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":102,"box":{"x":114,"y":590,"width":853,"height":11}},{"id":"f4dd4d8c-86db-4a98-8275-a23e67462456","block_type":"box","text":"than those that apply in the U.S.","page_number":102,"box":{"x":113,"y":605,"width":205,"height":10}},{"id":"86b9b507-7199-4c63-8f0f-7015c4b13383","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":102,"box":{"x":77,"y":628,"width":188,"height":11}},{"id":"6d66e7d7-68df-49e4-94a5-26cf1fda6168","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":102,"box":{"x":265,"y":628,"width":674,"height":11}},{"id":"e506c037-819b-4720-af8c-4009677e1938","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":102,"box":{"x":76,"y":642,"width":905,"height":11}},{"id":"53aa676d-9666-4aa6-9c4c-51fba981b684","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":102,"box":{"x":76,"y":656,"width":898,"height":11}},{"id":"5e7b6809-2a2f-485e-b504-0056b17eafc5","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":102,"box":{"x":76,"y":670,"width":892,"height":11}},{"id":"f4fe6d38-4153-4645-9fdb-8b679f331244","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":102,"box":{"x":76,"y":684,"width":840,"height":11}},{"id":"ac966c1f-2fac-455f-b607-e66744e2ee7b","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":102,"box":{"x":76,"y":699,"width":901,"height":10}},{"id":"aba2d285-e5f7-4569-80dc-5f4b3c3b62ed","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":102,"box":{"x":76,"y":713,"width":897,"height":11}},{"id":"574ceab0-80eb-4bd0-9980-b09df0071c3c","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":102,"box":{"x":77,"y":727,"width":882,"height":11}},{"id":"50f9c4d1-a704-4b41-81a0-71af9aea8ad5","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":102,"box":{"x":76,"y":741,"width":906,"height":11}},{"id":"29d33dd4-71be-4f19-80f3-5ce26692cbad","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":102,"box":{"x":77,"y":755,"width":636,"height":11}},{"id":"33c4922e-dfae-4cf8-a99e-1471ad8b9ad0","block_type":"box","text":"North American Economic Risk","page_number":102,"box":{"x":77,"y":779,"width":215,"height":8}},{"id":"f2630365-4dc9-4ce2-9c0b-782b6ee25f45","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":102,"box":{"x":293,"y":779,"width":657,"height":10}},{"id":"4f94576e-b35f-45d3-b239-d60da6a4877f","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":102,"box":{"x":76,"y":793,"width":866,"height":11}},{"id":"43ec3bf3-ea74-4445-b3e1-fad2596d4b95","block_type":"box","text":"countries in which a Fund invests.","page_number":102,"box":{"x":76,"y":807,"width":215,"height":8}},{"id":"26c7ad7a-e9c0-4857-97f3-0ce441ed18bd","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":102,"box":{"x":76,"y":830,"width":903,"height":11}},{"id":"fa5df19f-9f40-4617-a0e6-3422dcd4975e","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":102,"box":{"x":76,"y":844,"width":852,"height":11}},{"id":"43f2c10c-17c3-4721-a8c0-5e5ba399170b","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":102,"box":{"x":76,"y":859,"width":891,"height":10}},{"id":"9f8ca1e2-2b82-4224-a922-f45f09e718b5","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":102,"box":{"x":76,"y":873,"width":847,"height":11}},{"id":"c98e29b1-9cfd-477d-b7dc-3f46923fb718","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":102,"box":{"x":77,"y":887,"width":883,"height":11}},{"id":"e5bd7522-c8d5-42af-a481-2a4f01ef1a20","block_type":"box","text":"14","page_number":102,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4cf5a195-6bdf-4f4d-992a-605b40a2265d","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":103,"box":{"x":76,"y":23,"width":888,"height":11}},{"id":"d189ea3c-0df8-42f1-8eab-2e9abc3f974e","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":103,"box":{"x":76,"y":37,"width":375,"height":11}},{"id":"014e7f04-f758-4a0b-81ef-6dc6885ed528","block_type":"box","text":"Operational and Technology Risks.","page_number":103,"box":{"x":76,"y":61,"width":239,"height":10}},{"id":"49d2942f-2b3a-4640-9bf9-fb96b4d3a457","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":103,"box":{"x":320,"y":61,"width":648,"height":10}},{"id":"75b8ef21-aaa2-4ecc-a8d1-150352391acb","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":103,"box":{"x":76,"y":75,"width":842,"height":11}},{"id":"d00e467d-10b0-4567-b51a-75c71162f25e","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":103,"box":{"x":76,"y":89,"width":877,"height":11}},{"id":"aaf551a5-9d6f-42d1-ac60-6e93f5b401b3","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":103,"box":{"x":76,"y":103,"width":844,"height":11}},{"id":"c5264237-c808-4fde-b4eb-f01a4e72b65b","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":103,"box":{"x":76,"y":117,"width":866,"height":11}},{"id":"17c843f5-dc5b-48cb-8c39-aff098d9354a","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":103,"box":{"x":76,"y":131,"width":892,"height":11}},{"id":"0ab549bc-33a4-4dd8-ba0b-cdbfd9403d1b","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":103,"box":{"x":76,"y":146,"width":889,"height":10}},{"id":"9e2a8a53-0c4c-4fbc-86ad-509c74c6affb","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":103,"box":{"x":76,"y":160,"width":870,"height":11}},{"id":"8178d16d-0148-4e07-9174-81f4dc2e2b80","block_type":"box","text":"risks.","page_number":103,"box":{"x":77,"y":174,"width":32,"height":8}},{"id":"86af7f91-6600-473a-a754-413575c511c4","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":103,"box":{"x":76,"y":197,"width":895,"height":11}},{"id":"629fd6db-5fc1-448e-aaff-1e1b9dff03bc","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":103,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"8867855f-19b1-47af-a9a6-7f6340660906","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":103,"box":{"x":76,"y":226,"width":905,"height":10}},{"id":"3fa7cab9-98e1-4d0f-866b-ead44f5f8b0c","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":103,"box":{"x":76,"y":240,"width":885,"height":11}},{"id":"8ae4e22a-d1d2-4ed4-82ca-1235f1b2f0dc","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":103,"box":{"x":76,"y":254,"width":828,"height":11}},{"id":"048dd36a-20a6-4bd4-9f0e-3d8b04fbc45d","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":103,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"c3b6bedf-9742-4cce-86a1-583f6a3aa920","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":103,"box":{"x":76,"y":282,"width":884,"height":11}},{"id":"d6db9e8e-ac62-4643-81f6-8857b33aee2d","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":103,"box":{"x":77,"y":296,"width":880,"height":11}},{"id":"fcb81404-5a5e-431a-950b-dd659a413445","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":103,"box":{"x":77,"y":311,"width":898,"height":10}},{"id":"9bee1c69-50b0-460f-ace3-0cdd7bc4e4a2","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":103,"box":{"x":76,"y":325,"width":866,"height":11}},{"id":"dc0572d5-b89b-4cda-be91-ab23405a5773","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":103,"box":{"x":76,"y":339,"width":906,"height":11}},{"id":"304c9d82-0402-4142-88d7-4358ec1644c6","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":103,"box":{"x":76,"y":353,"width":904,"height":11}},{"id":"0a3c3a41-1e3a-47b3-a35e-0f5e63232186","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":103,"box":{"x":76,"y":367,"width":885,"height":11}},{"id":"cd1148ee-3d80-49b5-b463-81816f4d77c3","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":103,"box":{"x":77,"y":382,"width":872,"height":10}},{"id":"ff2c51af-0e8a-4f87-9c58-82cf5e1c56e6","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":103,"box":{"x":76,"y":396,"width":855,"height":11}},{"id":"be340bdc-0a4f-4e20-917a-96303832935e","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":103,"box":{"x":76,"y":410,"width":857,"height":11}},{"id":"4f992590-d224-405b-8519-595cc8102ef5","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":103,"box":{"x":76,"y":424,"width":897,"height":11}},{"id":"cbfbed1c-91ab-4f1f-ac9f-8c13a07847a0","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":103,"box":{"x":76,"y":438,"width":886,"height":11}},{"id":"7213bdff-8b8a-4048-b457-bdb8f4b47e8a","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":103,"box":{"x":76,"y":452,"width":876,"height":11}},{"id":"69f3b54b-6924-479c-b831-5997a5eb3d2c","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":103,"box":{"x":76,"y":467,"width":585,"height":10}},{"id":"48eb0936-e70d-4c89-9a11-cf834835c747","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":103,"box":{"x":76,"y":490,"width":864,"height":11}},{"id":"c9ece423-3db1-4064-bc1a-c69a7f648892","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":103,"box":{"x":76,"y":504,"width":889,"height":11}},{"id":"d6e03736-d3a8-44bf-ae57-867be14e9e1f","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":103,"box":{"x":77,"y":518,"width":839,"height":11}},{"id":"62096bc4-d249-4725-b6ef-aa2d0165fcb7","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":103,"box":{"x":76,"y":532,"width":862,"height":11}},{"id":"cdb7ba6a-e761-43ec-9edb-df5178e30a35","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":103,"box":{"x":77,"y":547,"width":863,"height":10}},{"id":"23d5c877-e0ee-42a0-b588-5f76dc5c320f","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":103,"box":{"x":76,"y":561,"width":871,"height":11}},{"id":"51c52527-9117-4d34-b2e8-1009041f1ff2","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":103,"box":{"x":76,"y":575,"width":895,"height":11}},{"id":"a9a41523-ef3f-4559-ace9-2aa06c80d68a","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":103,"box":{"x":76,"y":589,"width":882,"height":11}},{"id":"07a15be6-5a49-4b07-b12d-e0133888875f","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":103,"box":{"x":76,"y":603,"width":659,"height":11}},{"id":"6b14fabc-e191-4116-bfe0-0fd4aa371099","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":103,"box":{"x":77,"y":626,"width":830,"height":11}},{"id":"134f1ee8-95cd-4aa2-aa26-e94912b42556","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":103,"box":{"x":75,"y":641,"width":905,"height":10}},{"id":"179f5e90-2f97-4ecf-8a23-0dddf352a5dc","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":103,"box":{"x":77,"y":655,"width":756,"height":11}},{"id":"a3ff7e46-23c4-41d9-b358-84cb5e6fb2e7","block_type":"box","text":"Ownership Limitations Risk.","page_number":103,"box":{"x":76,"y":678,"width":195,"height":11}},{"id":"74597036-910b-4002-af6b-3a1704bdf987","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":103,"box":{"x":277,"y":678,"width":697,"height":11}},{"id":"57ccb3a2-00d8-4c5f-8584-9df4204d26be","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":103,"box":{"x":77,"y":692,"width":900,"height":11}},{"id":"77e1a102-b8c0-4f01-8a48-c493f3aa800c","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":103,"box":{"x":76,"y":706,"width":851,"height":11}},{"id":"cd525f51-66de-4dfe-87e5-dbf8b984eaa9","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":103,"box":{"x":77,"y":721,"width":866,"height":10}},{"id":"f14142a8-64f1-4753-bdd7-2eedb36ac695","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":103,"box":{"x":76,"y":735,"width":903,"height":11}},{"id":"81e32375-b25e-4110-b112-f5cfb61ee81d","block_type":"box","text":"holdings.","page_number":103,"box":{"x":77,"y":749,"width":55,"height":11}},{"id":"0b848927-3fdb-4cf7-a802-5ce2565eb838","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":103,"box":{"x":77,"y":772,"width":851,"height":11}},{"id":"9696e3ab-358f-4635-a8c6-e6ccc3161832","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":103,"box":{"x":76,"y":786,"width":890,"height":11}},{"id":"d5e5cb84-8ce2-4a94-bc77-ad6fb8091281","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":103,"box":{"x":76,"y":800,"width":870,"height":11}},{"id":"f93fd505-d293-4830-88fc-fa018608c2bd","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":103,"box":{"x":76,"y":815,"width":884,"height":10}},{"id":"abd2fcea-87a8-4e84-ad6d-5f1b6414ceb4","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":103,"box":{"x":76,"y":829,"width":906,"height":11}},{"id":"1269ff32-1f16-4ca6-82c9-52674c896abb","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":103,"box":{"x":76,"y":843,"width":886,"height":11}},{"id":"8dadafed-a698-48a9-b18c-22311e89a645","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":103,"box":{"x":76,"y":857,"width":896,"height":11}},{"id":"9cbf2f07-4c3b-4ed2-a779-400360961232","block_type":"box","text":"15","page_number":103,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"4d5c3113-9f0d-498b-8601-5992ef489a53","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":104,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"3441fd25-988e-4541-b324-509ed3329af5","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":104,"box":{"x":76,"y":37,"width":854,"height":11}},{"id":"b619cc3d-66ec-4af2-9842-69523a13d0c9","block_type":"box","text":"disapproval that was obtained.","page_number":104,"box":{"x":76,"y":52,"width":195,"height":10}},{"id":"7213ea7e-bda7-44e5-857f-96922c65d3ac","block_type":"box","text":"Real Estate Companies Risk.","page_number":104,"box":{"x":77,"y":75,"width":196,"height":10}},{"id":"eea5bf09-678d-4324-920a-4e11551b2ae1","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":104,"box":{"x":279,"y":75,"width":649,"height":11}},{"id":"2c5dd084-4b4c-460d-b2e4-15509295752b","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":104,"box":{"x":76,"y":89,"width":903,"height":11}},{"id":"ee74433e-1380-47b6-9421-438daf62ed15","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":104,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"2227bc7f-e874-404d-8c10-f829a7d15b33","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":104,"box":{"x":76,"y":117,"width":897,"height":11}},{"id":"662628b0-ea56-42a8-a135-bbe4e15752ee","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":104,"box":{"x":77,"y":131,"width":329,"height":11}},{"id":"fc36bb6d-ad5b-4fcd-b6c7-8e3f28344709","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":104,"box":{"x":77,"y":155,"width":897,"height":10}},{"id":"8a605e54-4853-43eb-8c9d-972c71ace1ce","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":104,"box":{"x":77,"y":169,"width":900,"height":11}},{"id":"6185c5b7-8dc7-4487-b8f4-54b7730b5bb6","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":104,"box":{"x":76,"y":183,"width":409,"height":11}},{"id":"0efef21f-99b6-4deb-9bd4-c3d63e1d30dd","block_type":"box","text":"e.g.","page_number":104,"box":{"x":487,"y":185,"width":20,"height":9}},{"id":"695f1bef-0aa4-4973-aa09-81ecee66f4e6","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":104,"box":{"x":510,"y":183,"width":446,"height":11}},{"id":"8f3b977b-6835-42e1-9c98-4b80b190115d","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":104,"box":{"x":76,"y":197,"width":891,"height":11}},{"id":"44d2971e-5a68-469b-a336-879233e21f19","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":104,"box":{"x":76,"y":211,"width":882,"height":11}},{"id":"2342ea73-f44b-4dff-ac8f-85abcfd9859d","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":104,"box":{"x":76,"y":226,"width":858,"height":10}},{"id":"972ea5f2-2a5e-42e2-b915-de994d83f9e4","block_type":"box","text":"response to economic conditions or other events.","page_number":104,"box":{"x":77,"y":240,"width":316,"height":10}},{"id":"7e285443-9bc6-435c-978b-846b3cbb67fc","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":104,"box":{"x":77,"y":263,"width":900,"height":11}},{"id":"470086f9-7534-45dc-922d-baad1f0af337","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":104,"box":{"x":77,"y":277,"width":881,"height":11}},{"id":"d06cd84d-6d65-49a6-8595-7da92ee77b7d","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":104,"box":{"x":76,"y":291,"width":867,"height":11}},{"id":"2a7e4d2d-5e63-42e0-bcef-799e8033bd09","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":104,"box":{"x":77,"y":305,"width":343,"height":11}},{"id":"94c9f92c-8b67-42fe-93d3-0140e46d6248","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":104,"box":{"x":76,"y":329,"width":875,"height":10}},{"id":"a31703d3-0a98-4ee6-ae98-358559f0c5ec","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":104,"box":{"x":76,"y":343,"width":492,"height":11}},{"id":"14c10910-6fe8-4909-b8c0-d98c88acae19","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":104,"box":{"x":77,"y":366,"width":235,"height":11}},{"id":"b36c2283-061f-49fd-aa30-23b1283ce17c","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":104,"box":{"x":317,"y":366,"width":636,"height":11}},{"id":"c9ed8ec6-2c60-459e-890b-6942f82692bf","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":104,"box":{"x":77,"y":380,"width":873,"height":11}},{"id":"4811d3dc-d192-461b-b1f7-a2025d048831","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":104,"box":{"x":76,"y":394,"width":893,"height":11}},{"id":"f65d7fb6-413d-443f-9deb-0c9a514627d7","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":104,"box":{"x":77,"y":409,"width":681,"height":10}},{"id":"5ab5f07a-5c11-4853-aecc-ed3362484b2a","block_type":"box","text":"Risk of Investing in Austria.","page_number":104,"box":{"x":77,"y":432,"width":189,"height":11}},{"id":"532763aa-2153-4ea9-bfa1-f4043f26f7b8","block_type":"box","text":"Investments in Austrian issuers will subject the Fund to legal, regulatory, political, currency, security, and","page_number":104,"box":{"x":272,"y":432,"width":674,"height":11}},{"id":"c2bcb27f-4cb7-436e-a6ab-10d4472c74b1","block_type":"box","text":"economic risk specific to Austria. The Austrian economy, along with certain other EU economies, has from time to time experienced","page_number":104,"box":{"x":76,"y":446,"width":844,"height":11}},{"id":"cb4db1de-78b4-4eca-b933-e6e666101170","block_type":"box","text":"significant financial market volatility and economic adversity, and certain Austrian banks required government support in order to avoid","page_number":104,"box":{"x":76,"y":460,"width":865,"height":11}},{"id":"914c7723-f196-42de-b962-8b9c9ea398a9","block_type":"box","text":"potential insolvency and wider regional contagion. In addition, the Austrian banking sector has significant exposure to Central and Eastern","page_number":104,"box":{"x":76,"y":474,"width":883,"height":11}},{"id":"d16ae859-59c4-4631-b08e-8bac5475fb04","block_type":"box","text":"Europe. Eastern European markets remain relatively undeveloped and can be particularly sensitive to political and economic developments,","page_number":104,"box":{"x":77,"y":489,"width":891,"height":10}},{"id":"0019f6f4-814c-400a-8725-7899d5706bdf","block_type":"box","text":"and adverse events in these Eastern European countries may greatly impact the Austrian economy.","page_number":104,"box":{"x":76,"y":503,"width":633,"height":11}},{"id":"439fed7a-56a7-4927-9c74-641f98335703","block_type":"box","text":"Risk of Investing in Belgium.","page_number":104,"box":{"x":77,"y":526,"width":196,"height":11}},{"id":"e9ad1eda-7ac0-4343-90ae-fa48397dcdaf","block_type":"box","text":"Investments in Belgian issuers will subject the Fund to legal, regulatory, political, currency, security, and","page_number":104,"box":{"x":279,"y":526,"width":666,"height":11}},{"id":"62ebaf61-86d6-4bdc-b8b5-f2a895bc25c0","block_type":"box","text":"economic risk specific to Belgium. Although Belgium has few natural resources and imports substantial amounts of raw materials, it has an","page_number":104,"box":{"x":76,"y":540,"width":888,"height":11}},{"id":"bebb9f6f-7c6b-4f73-acc6-fa9b8f22ef14","block_type":"box","text":"established industrial sector, which is responsible for exporting a large volume of finished goods to other European countries. Belgium relies","page_number":104,"box":{"x":76,"y":554,"width":897,"height":11}},{"id":"d898618e-ffc5-409f-b9ea-e90139c7c917","block_type":"box","text":"heavily on trade with key trading partners. Most of Belgium’s trade is with fellow EU members. The Belgian economy, along with certain other","page_number":104,"box":{"x":77,"y":568,"width":903,"height":11}},{"id":"bcdd9236-6a18-42f3-a239-0ffa32843149","block_type":"box","text":"EU economies, has from time to time experienced financial market volatility and significant economic adversity. Certain banks required","page_number":104,"box":{"x":77,"y":583,"width":863,"height":10}},{"id":"9bec23f5-c108-4cc7-9cd7-ae881096eae7","block_type":"box","text":"government support in order to avoid potential insolvency. As a result, certain EU economies have experienced significant deterioration in","page_number":104,"box":{"x":76,"y":597,"width":882,"height":11}},{"id":"77aa6f44-5d14-46c4-a568-887a2cf8e34a","block_type":"box","text":"market confidence during periods of economic adversity.","page_number":104,"box":{"x":76,"y":611,"width":363,"height":11}},{"id":"a6eae7af-e4f8-45a6-97a2-a7ba4412e4ad","block_type":"box","text":"Risk of Investing in Canada.","page_number":104,"box":{"x":77,"y":634,"width":191,"height":11}},{"id":"e32b1990-ccf9-4219-b76b-c463660b81c1","block_type":"box","text":"Investing in Canadian issuers involves legal, regulatory, political, economic, currency, geographic and security","page_number":104,"box":{"x":274,"y":634,"width":703,"height":11}},{"id":"641837f1-ece8-42cb-a8b2-ff6768c4e3be","block_type":"box","text":"risks that are specific to Canada. The U.S. is Canada’s largest trading and investment partner, and the Canadian economy may be","page_number":104,"box":{"x":77,"y":648,"width":827,"height":11}},{"id":"0e11db5b-746c-4895-b5fe-040a33b8771a","block_type":"box","text":"significantly affected by developments in the U.S. economy and U.S. trade policy changes. The U.S. and Canada are particularly","page_number":104,"box":{"x":76,"y":663,"width":816,"height":10}},{"id":"4b8a15a7-4fd7-4522-bdf0-fc3a4905f027","block_type":"box","text":"interdependent with respect to their energy, timber and manufacturing sectors. Canada’s other key trading partners include China, Mexico,","page_number":104,"box":{"x":76,"y":677,"width":890,"height":11}},{"id":"d7827648-d008-45bf-bf2c-3bb4cb71238c","block_type":"box","text":"the United Kingdom and Japan. In addition, Canada is a large supplier of natural resources, including oil, natural gas and agricultural","page_number":104,"box":{"x":76,"y":691,"width":842,"height":11}},{"id":"2b00862c-41e8-42fe-9801-65da3cd37054","block_type":"box","text":"products. As a result, the Canadian economy is sensitive to fluctuations in certain commodity prices. Other risks facing the Canadian","page_number":104,"box":{"x":76,"y":705,"width":850,"height":11}},{"id":"9072474f-2276-4489-b036-b16dc4459a40","block_type":"box","text":"economy include persistent inflation and low productivity.","page_number":104,"box":{"x":76,"y":719,"width":368,"height":11}},{"id":"b90dead9-9a8c-4b95-9aa8-1d773bdc17b1","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":104,"box":{"x":77,"y":742,"width":285,"height":11}},{"id":"f2359e96-73ff-47da-9d35-77e87323a88d","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":104,"box":{"x":368,"y":743,"width":568,"height":10}},{"id":"8f063111-67c1-4b33-90bf-76a8d32cfded","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":104,"box":{"x":76,"y":757,"width":878,"height":10}},{"id":"d83b6cb1-1f9f-4b1d-8d3a-0321e5ae934e","block_type":"box","text":"sectors (","page_number":104,"box":{"x":76,"y":771,"width":55,"height":11}},{"id":"cd202fad-21dd-4222-b91f-480bef7b4d43","block_type":"box","text":"e.g.,","page_number":104,"box":{"x":132,"y":773,"width":25,"height":9}},{"id":"613882b8-71dc-40e0-a2da-2db6bc12bfe2","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":104,"box":{"x":163,"y":771,"width":817,"height":11}},{"id":"d298fcf8-ef53-425a-86aa-734328fa4917","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":104,"box":{"x":76,"y":785,"width":887,"height":11}},{"id":"21d7c869-44c7-49f7-aeb9-1f15698d3c55","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":104,"box":{"x":76,"y":799,"width":884,"height":11}},{"id":"cd6ea93d-462b-402b-b2e3-f6d5ff9ccf2d","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":104,"box":{"x":76,"y":813,"width":874,"height":11}},{"id":"96de8210-9080-4465-be42-aaa3b82f359e","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":104,"box":{"x":76,"y":828,"width":868,"height":10}},{"id":"e505f14a-6300-4eed-999e-5ecf57f9708a","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":104,"box":{"x":76,"y":842,"width":897,"height":11}},{"id":"430a711e-a5db-4bfe-971b-c95860fd90bc","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":104,"box":{"x":77,"y":856,"width":899,"height":11}},{"id":"724182aa-7cfb-477f-bf8b-694fecaf8f56","block_type":"box","text":"16","page_number":104,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"165c9d7a-c250-4491-a8d5-fffe53b74c45","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":105,"box":{"x":76,"y":23,"width":860,"height":11}},{"id":"f6536d85-c2f8-422a-ac65-eabcd4e26227","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":105,"box":{"x":76,"y":37,"width":877,"height":11}},{"id":"66d1dab0-4c2d-4325-a67c-9436da7aeb3d","block_type":"box","text":"country economies.","page_number":105,"box":{"x":76,"y":52,"width":126,"height":10}},{"id":"e25b339c-24c0-4052-ae77-a1b8d0f6d791","block_type":"box","text":"Risk of Investing in Europe.","page_number":105,"box":{"x":77,"y":75,"width":188,"height":11}},{"id":"7b94d01c-be73-4764-8ede-e6df37d4d346","block_type":"box","text":"The Fund is more exposed to the economic and political risks of Europe and of the European countries in","page_number":105,"box":{"x":270,"y":75,"width":671,"height":10}},{"id":"a6237e43-a2fe-43f7-9b2d-2425be884dc4","block_type":"box","text":"which it invests than are funds whose investments are more geographically diversified. Adverse economic and political events in Europe may","page_number":105,"box":{"x":76,"y":89,"width":900,"height":11}},{"id":"2cdb06bf-21d5-450b-a8db-47adbc5402e3","block_type":"box","text":"cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and","page_number":105,"box":{"x":76,"y":103,"width":852,"height":11}},{"id":"87b0c8f2-4ae8-4ec3-b117-8f187c77893a","block_type":"box","text":"interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments","page_number":105,"box":{"x":76,"y":117,"width":899,"height":11}},{"id":"b5e7ce8e-eb80-4498-9242-6eb6c79224fd","block_type":"box","text":"in securities of issuers that are domiciled in, have significant operations in, or that are listed on at least one securities exchange within","page_number":105,"box":{"x":76,"y":131,"width":860,"height":11}},{"id":"08232021-19b1-4e7f-9561-0619753ab913","block_type":"box","text":"member states of the EU. The EU requires compliance by member states with restrictions on inflation rates, deficits, interest rates and debt","page_number":105,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"069d18fb-31b6-4b5b-afdb-5ce2348cda94","block_type":"box","text":"levels, as well as fiscal and monetary controls, each of which may significantly affect every country in Europe, including those countries that","page_number":105,"box":{"x":77,"y":160,"width":894,"height":11}},{"id":"d003941d-16e3-4868-ac71-75649956b0fa","block_type":"box","text":"are not members of the EU. Changes in imports or exports, changes in governmental or EU regulations on trade, changes in the exchange","page_number":105,"box":{"x":76,"y":174,"width":880,"height":11}},{"id":"51f2852c-8e9a-41e2-add7-9fb96842add2","block_type":"box","text":"rate of the euro (the common currency of certain EU countries), the default or threat of default by an EU member state on its sovereign debt,","page_number":105,"box":{"x":77,"y":188,"width":900,"height":11}},{"id":"46328221-f310-4ebd-8c97-1f7568e3aadb","block_type":"box","text":"or an economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and","page_number":105,"box":{"x":76,"y":202,"width":879,"height":11}},{"id":"1ac85cf1-2cde-4861-804e-a762eaec2e76","block_type":"box","text":"their trading partners. The European financial markets have experienced volatility and adverse trends in years past due to concerns about","page_number":105,"box":{"x":76,"y":216,"width":880,"height":11}},{"id":"7eeec389-bb17-4a73-bcb9-8a32b951571f","block_type":"box","text":"economic downturns or rising government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":105,"box":{"x":76,"y":231,"width":890,"height":11}},{"id":"053888e0-8e21-4b7b-977e-97ed335cf7d7","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These events have and may in the future adversely affect the exchange rate of the","page_number":105,"box":{"x":77,"y":245,"width":901,"height":11}},{"id":"3643f22e-7e48-452e-9fed-2406ab98edee","block_type":"box","text":"euro and may significantly affect other European countries.","page_number":105,"box":{"x":76,"y":259,"width":378,"height":11}},{"id":"3d31f13d-ae30-4600-97b1-875206db6eb5","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":105,"box":{"x":77,"y":282,"width":878,"height":11}},{"id":"99082a9f-d12c-4822-b9eb-c201b7b399bf","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":105,"box":{"x":76,"y":296,"width":858,"height":11}},{"id":"214669f3-9286-4e6b-a547-693fe33407e2","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":105,"box":{"x":76,"y":311,"width":882,"height":10}},{"id":"38609f55-9f4d-4354-90fe-08e207d0d7e4","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":105,"box":{"x":76,"y":325,"width":859,"height":11}},{"id":"c8e67476-d4f9-4857-b3a4-c5359964ee10","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (Brexit) on January 31, 2020. The U.K. and EU have reached an agreement on the terms of their","page_number":105,"box":{"x":76,"y":339,"width":886,"height":11}},{"id":"39a66567-47bb-4ae3-9708-e784e969ae57","block_type":"box","text":"future trading relationship effective January 1, 2021, which principally relates to the trading of goods rather than services, including financial","page_number":105,"box":{"x":76,"y":353,"width":895,"height":11}},{"id":"62dd3dcf-7e65-4db4-a822-83f8ac19d5b2","block_type":"box","text":"services. Further discussions are to be held between the U.K. and the EU in relation to matters not covered by the trade agreement, such as","page_number":105,"box":{"x":76,"y":367,"width":897,"height":11}},{"id":"eff3619a-7af2-44a7-861c-cc532f223c13","block_type":"box","text":"financial services. The Fund faces risks associated with the potential uncertainty and consequences that may follow Brexit, including with","page_number":105,"box":{"x":76,"y":382,"width":878,"height":10}},{"id":"84d2998d-803a-4a1a-86a3-abb90273287b","block_type":"box","text":"respect to volatility in exchange rates and interest rates. Brexit could adversely affect European or worldwide political, regulatory, economic","page_number":105,"box":{"x":77,"y":396,"width":895,"height":11}},{"id":"03e37030-fe0d-4c51-b2db-bdabefff0056","block_type":"box","text":"or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets. Brexit has","page_number":105,"box":{"x":76,"y":410,"width":887,"height":11}},{"id":"c5802156-8f63-4b88-9523-00bb3db65415","block_type":"box","text":"also led to legal uncertainty and could lead to politically divergent national laws and regulations as a new relationship between the U.K. and","page_number":105,"box":{"x":76,"y":424,"width":891,"height":11}},{"id":"514a1e5e-aedd-4d19-9f23-13ee4538c2d5","block_type":"box","text":"EU is defined and the U.K. determines which EU laws to replace or replicate. Any of these effects of Brexit could adversely affect any of the","page_number":105,"box":{"x":77,"y":438,"width":889,"height":11}},{"id":"8ef7be8b-e70c-4e76-8de6-905729f6966b","block_type":"box","text":"companies to which the Fund has exposure and any other assets in which the Fund invests. The political, economic and legal consequences","page_number":105,"box":{"x":76,"y":452,"width":893,"height":11}},{"id":"3d76bbd2-7690-47d3-857d-9676280cc206","block_type":"box","text":"of Brexit are not yet fully known. In the short term, financial markets may experience heightened volatility, particularly those in the U.K. and","page_number":105,"box":{"x":76,"y":467,"width":893,"height":10}},{"id":"bfaa6708-42fa-4232-aeed-089ea553c832","block_type":"box","text":"Europe, but possibly worldwide. The U.K. and Europe may be less stable than they have been in recent years, and investments in the U.K. and","page_number":105,"box":{"x":77,"y":481,"width":903,"height":11}},{"id":"e9672b74-b3da-4c19-bd06-6e093dc28b98","block_type":"box","text":"the EU may be difficult to value or subject to greater or more frequent volatility. In the longer term, there is likely to be a period of significant","page_number":105,"box":{"x":76,"y":495,"width":899,"height":11}},{"id":"c2d44bfc-02f4-452b-9e3c-cfef89697960","block_type":"box","text":"political, regulatory and commercial uncertainty as the U.K. continues to negotiate the terms of its future trading relationships.","page_number":105,"box":{"x":76,"y":509,"width":811,"height":11}},{"id":"e9406252-5a00-4b82-8b05-85cdb7706d8a","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were to worsen, they","page_number":105,"box":{"x":76,"y":532,"width":899,"height":11}},{"id":"252c6f80-5d41-4967-aac8-34d5bbdf9206","block_type":"box","text":"could adversely affect European issuers that rely on the U.S. for trade. Secessionist movements, such as the Catalan movement in Spain and","page_number":105,"box":{"x":76,"y":547,"width":902,"height":10}},{"id":"cd8e8f77-0d2f-42ab-ad5d-7f3393651a27","block_type":"box","text":"the independence movement in Scotland, as well as governmental or other responses to such movements, may also create instability and","page_number":105,"box":{"x":76,"y":561,"width":881,"height":11}},{"id":"b9179f6d-26bf-496b-933b-514443291fd3","block_type":"box","text":"uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by varying","page_number":105,"box":{"x":77,"y":575,"width":896,"height":11}},{"id":"21105832-627f-4891-9549-d35bdee276a0","block_type":"box","text":"political groups and ideologies. The governments of EU countries may be subject to change and such countries may experience social and","page_number":105,"box":{"x":76,"y":589,"width":883,"height":11}},{"id":"b1894b76-0149-4fac-a5b8-4a364f725722","block_type":"box","text":"political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. The","page_number":105,"box":{"x":76,"y":603,"width":852,"height":11}},{"id":"fc61e5be-bd45-4463-ae16-c4beca2d1073","block_type":"box","text":"occurrence of terrorist incidents throughout Europe also could impact financial markets. The impact of these events is not clear but could be","page_number":105,"box":{"x":76,"y":617,"width":900,"height":11}},{"id":"cf7829ec-e832-4e5a-9416-85ec5ad23a97","block_type":"box","text":"significant and far-reaching and could adversely affect the value of the Fund. The Fund’s investments could be negatively impacted by any","page_number":105,"box":{"x":76,"y":632,"width":881,"height":10}},{"id":"d2601b19-78fa-477c-9840-62b029b1805b","block_type":"box","text":"economic or political instability in any European country.","page_number":105,"box":{"x":76,"y":646,"width":361,"height":11}},{"id":"8a64ef3a-cbf2-45b0-9d07-61fd8a8b6af4","block_type":"box","text":"Risk of Investing in France.","page_number":105,"box":{"x":77,"y":669,"width":186,"height":11}},{"id":"45a90433-22cf-43d9-9e55-dbf7bdf9ed4d","block_type":"box","text":"Investment in French issuers subjects the Fund to legal, regulatory, political, currency, security, and economic","page_number":105,"box":{"x":269,"y":669,"width":706,"height":11}},{"id":"8106912e-c3f5-452e-be86-afce1a06d4e8","block_type":"box","text":"risks specific to France. Ongoing concerns in relation to the economic health of the EU continue to constrain the economic resilience of","page_number":105,"box":{"x":77,"y":683,"width":868,"height":11}},{"id":"2be59387-f755-4498-bf13-6d966c46f7a3","block_type":"box","text":"certain EU member states, including France. Interest rates on France’s debt may rise to levels that make it difficult for it to service high debt","page_number":105,"box":{"x":76,"y":697,"width":898,"height":11}},{"id":"5c437a53-2e5a-4912-afad-f434331b61b4","block_type":"box","text":"levels without significant financial help from, among others, the European Central Bank and could potentially result in default. In addition, the","page_number":105,"box":{"x":77,"y":712,"width":901,"height":10}},{"id":"5a364931-f48d-4b38-a8bb-9612723ddba9","block_type":"box","text":"French economy is dependent to a significant extent on the economies of certain key trading partners, including Germany and other Western","page_number":105,"box":{"x":77,"y":726,"width":900,"height":11}},{"id":"35022a94-491d-457f-9f01-ce1a91255506","block_type":"box","text":"European countries. A reduction in spending on French products and services or changes in any of the economies may cause economic","page_number":105,"box":{"x":77,"y":740,"width":865,"height":11}},{"id":"2203ae23-5186-404b-a480-5f2d2b28581d","block_type":"box","text":"adversity in France. In addition, France has been subject to acts of terrorism, which has created a climate of insecurity that has been","page_number":105,"box":{"x":76,"y":754,"width":849,"height":11}},{"id":"436c440d-eea9-4971-b5bc-bf48878a9651","block_type":"box","text":"detrimental to tourism and may lead to further adverse economic consequences. The French economy is dependent on exports from the","page_number":105,"box":{"x":76,"y":768,"width":872,"height":11}},{"id":"8f5123ec-3590-4ff9-b66e-7ec5a4fad83b","block_type":"box","text":"agricultural sector. Leading agricultural exports include dairy products, meat, wine, fruit and vegetables, and fish. As a result, the French","page_number":105,"box":{"x":76,"y":782,"width":871,"height":11}},{"id":"1b321e54-9311-4b5e-8c0d-dc2fcd84785a","block_type":"box","text":"economy is susceptible to fluctuations in demand for agricultural products.","page_number":105,"box":{"x":76,"y":797,"width":479,"height":10}},{"id":"d434e5a9-4e1e-40b0-b494-b7ffb4dc6208","block_type":"box","text":"Risk of Investing in Germany.","page_number":105,"box":{"x":77,"y":820,"width":201,"height":11}},{"id":"212eac22-ec0e-489f-ae2f-f917a606fc74","block_type":"box","text":"Investment in German issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":105,"box":{"x":284,"y":820,"width":646,"height":11}},{"id":"7624a206-7807-44e8-a3b3-9686044f31c7","block_type":"box","text":"economic risks specific to Germany. Ongoing concerns in relation to the economic health of the EU continue to constrain the economic","page_number":105,"box":{"x":76,"y":834,"width":866,"height":11}},{"id":"e75e9a95-2b0a-4c72-bd54-7579aa164a3e","block_type":"box","text":"resilience of certain EU member states, including Germany. Germany has a large export-reliant manufacturing and industrials sector, and the","page_number":105,"box":{"x":77,"y":848,"width":900,"height":11}},{"id":"a0c795c5-4cf8-4043-8063-d5170161bf9e","block_type":"box","text":"German economy is dependent to a significant extent on the economies of certain key trading partners, including the Netherlands, China, the","page_number":105,"box":{"x":76,"y":862,"width":904,"height":11}},{"id":"86994666-e8c3-4e90-adf1-23fc077c6a70","block_type":"box","text":"U.S., the U.K., France, Italy and other European countries. A reduction in spending on German products and services or a decline in any of","page_number":105,"box":{"x":77,"y":877,"width":882,"height":10}},{"id":"71be11e9-f2a3-443b-ae01-ed6c1fbbf6a4","block_type":"box","text":"17","page_number":105,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"f95b6ae9-d943-42dc-98b4-fba829dd4643","block_type":"box","text":"the economies may have an adverse impact on the German economy. In addition, heavy regulation of labor, energy and product markets in","page_number":106,"box":{"x":76,"y":23,"width":887,"height":11}},{"id":"dda24e74-2ced-44a8-8e1c-f0b02b3801e2","block_type":"box","text":"Germany may have an adverse impact on German issuers. Such regulations may negatively impact economic growth or cause prolonged","page_number":106,"box":{"x":76,"y":37,"width":872,"height":11}},{"id":"e7f45327-1645-4210-a6fc-adc814f01a82","block_type":"box","text":"periods of recession.","page_number":106,"box":{"x":76,"y":51,"width":133,"height":11}},{"id":"5d9f6885-ec81-4789-8660-186472285465","block_type":"box","text":"Risk of Investing in Israel.","page_number":106,"box":{"x":77,"y":75,"width":178,"height":11}},{"id":"bbbc401b-9106-4f1f-b865-e6f1809e7dff","block_type":"box","text":"Investment in Israeli issuers involves risks that are specific to Israel including regulatory, political, currency and","page_number":106,"box":{"x":261,"y":75,"width":712,"height":11}},{"id":"603c753d-2204-4779-9b66-4c00cea89c7a","block_type":"box","text":"economic risks. Among other things, Israel’s economy depends on imports of certain key items, such as crude oil, natural gas, coal, grains,","page_number":106,"box":{"x":76,"y":89,"width":887,"height":11}},{"id":"19e5acd0-1e4f-45f1-b1fd-ee9aac62887f","block_type":"box","text":"raw materials, and military equipment. The economy is also dependent upon external trade with other economies, notably the U.S., China,","page_number":106,"box":{"x":77,"y":103,"width":882,"height":11}},{"id":"d1bcdacb-b720-4758-9bb2-1104c0984c45","block_type":"box","text":"Japan, Canada, the United Kingdom and EU countries. Any reduction in trade flows may have an adverse impact on the Fund’s investments.","page_number":106,"box":{"x":75,"y":117,"width":892,"height":11}},{"id":"e314803a-e58e-423a-8f4f-f352b7331d5c","block_type":"box","text":"The government of Israel may change the way in which Israeli companies are taxed or may impose taxes on foreign investment. Such actions","page_number":106,"box":{"x":76,"y":131,"width":901,"height":11}},{"id":"901f79e0-d770-42bb-8ebc-a65ffb296c3a","block_type":"box","text":"could have a negative impact on the overall market for Israeli securities and on the Fund.","page_number":106,"box":{"x":76,"y":146,"width":568,"height":10}},{"id":"676909ff-3490-4b83-b514-aa41d26050bc","block_type":"box","text":"Israel’s relations with the Palestinian Authority and certain neighboring countries such as Lebanon, Syria, Iraq and Iran, among others, have","page_number":106,"box":{"x":77,"y":169,"width":890,"height":11}},{"id":"2000626d-0658-4bee-a15d-88db599682e8","block_type":"box","text":"at times been strained due to territorial disputes, historical animosities or security concerns, which may cause uncertainty in the Israeli","page_number":106,"box":{"x":76,"y":183,"width":865,"height":11}},{"id":"e202db52-2998-466f-9b41-59c55997c16c","block_type":"box","text":"markets and adversely affect the overall economy.","page_number":106,"box":{"x":76,"y":197,"width":321,"height":11}},{"id":"7e8f895a-1f5a-42c4-9c93-c78e5bca3459","block_type":"box","text":"Terrorist groups, such as Hezbollah, the “Islamic State” and Hamas, operate in close proximity to Israel’s borders and frequently threaten","page_number":106,"box":{"x":76,"y":220,"width":876,"height":11}},{"id":"7cfd6c79-df1a-447e-b980-8a7b64848da5","block_type":"box","text":"Israel with attack. The establishment of fundamentalist Islamic regimes or governments that are hostile to Israel could have serious","page_number":106,"box":{"x":77,"y":235,"width":839,"height":10}},{"id":"b9fc775c-66c9-4ebb-a93d-3cb57822b119","block_type":"box","text":"consequences for the peace and stability of the region, place additional political, economic and military constraints upon Israel, materially","page_number":106,"box":{"x":76,"y":249,"width":883,"height":11}},{"id":"beb13017-5429-42f6-bee0-abd19db278fc","block_type":"box","text":"adversely affect the operations of Israeli issuers and limit such issuers’ ability to sell products abroad. Actual hostilities or the threat of futur","page_number":106,"box":{"x":76,"y":263,"width":897,"height":11}},{"id":"fd080ae0-465a-4cc5-b2d5-e3dde7bb93a5","block_type":"box","text":"e","page_number":106,"box":{"x":974,"y":265,"width":6,"height":6}},{"id":"7e25faf4-8bc5-4494-9f36-738fad04dbe5","block_type":"box","text":"hostilities may cause significant volatility in the share price of companies based in or having significant operations in Israel.","page_number":106,"box":{"x":77,"y":277,"width":786,"height":11}},{"id":"670c4ece-c337-4c2f-8f04-3a4b2784240d","block_type":"box","text":"Risk of Investing in Italy.","page_number":106,"box":{"x":77,"y":300,"width":169,"height":11}},{"id":"cc8d8b4d-21d5-4eeb-b06f-14acc91b3661","block_type":"box","text":"Investment in Italian issuers subjects the Fund to legal, regulatory, political, currency, and economic risks specific","page_number":106,"box":{"x":252,"y":300,"width":730,"height":11}},{"id":"889fcbea-41b5-442f-8ef5-552d999fdf71","block_type":"box","text":"to Italy. Italy’s economy is dependent upon trade with other economies, specifically Germany, France, other Western European developed","page_number":106,"box":{"x":76,"y":314,"width":879,"height":11}},{"id":"e05b4909-a6b9-47b5-b07f-a59210be33f1","block_type":"box","text":"countries and the U.S. As a result, Italy is dependent on the economies of these other countries, and any change in the price or demand for","page_number":106,"box":{"x":76,"y":329,"width":891,"height":10}},{"id":"2de9f327-07b4-4a5e-a1f4-39efd3d2c7a9","block_type":"box","text":"Italy’s exports may have an adverse impact on its economy. The Italian economy, along with certain other European economies, has from","page_number":106,"box":{"x":77,"y":343,"width":875,"height":11}},{"id":"76410e3d-9f05-4ad5-88a9-20d28c7cb77c","block_type":"box","text":"time to time experienced significant financial market volatility and economic adversity due to concerns about economic downturn, political","page_number":106,"box":{"x":76,"y":357,"width":887,"height":11}},{"id":"198e0401-8a22-416d-afa7-8f7987b0f65a","block_type":"box","text":"instability and rising government debt levels. Interest rates on Italy’s sovereign debt may rise to levels that may make it difficult for it to","page_number":106,"box":{"x":76,"y":371,"width":866,"height":11}},{"id":"c19a9c88-d947-4444-a0e5-9ab95bf9ba32","block_type":"box","text":"service high debt levels without significant financial help from the EU and could potentially lead to default. These events have adversely","page_number":106,"box":{"x":76,"y":385,"width":866,"height":11}},{"id":"c119fb31-7b5e-43a1-b8ad-3d0d99e4a3bf","block_type":"box","text":"impacted the Italian economy, causing credit agencies to lower Italy’s sovereign debt rating, and could decrease outside investment in Italian","page_number":106,"box":{"x":76,"y":400,"width":903,"height":10}},{"id":"b5196e64-bfa0-472a-ad28-d09a5abf9b06","block_type":"box","text":"companies.","page_number":106,"box":{"x":76,"y":414,"width":72,"height":10}},{"id":"180e8787-7b19-4dc3-bf96-b6ff17ef1f59","block_type":"box","text":"Risk of Investing in Spain.","page_number":106,"box":{"x":77,"y":437,"width":178,"height":11}},{"id":"c7ba462e-58b3-4884-a44e-f7d43212f8d7","block_type":"box","text":"Investment in Spanish issuers involves risks that are specific to Spain, including, legal, regulatory, political,","page_number":106,"box":{"x":261,"y":437,"width":683,"height":11}},{"id":"724f09dd-ab2c-4fd8-8b45-7bbc3bf93f21","block_type":"box","text":"currency, security and economic risks. The Spanish economy, along with certain other EU economies, has from time to time experienced a","page_number":106,"box":{"x":76,"y":451,"width":886,"height":11}},{"id":"c1bd914c-b2bc-42a9-8d9a-6ddae910a1a3","block_type":"box","text":"significant financial market volatility and economic adversity due to concerns about economic downturn, political instability and government","page_number":106,"box":{"x":76,"y":465,"width":898,"height":11}},{"id":"ace81052-6e10-471f-b53b-719f887e8de4","block_type":"box","text":"debt levels. Interest rates on Spain’s sovereign debt may rise to levels that may make it difficult for it to service high debt levels without","page_number":106,"box":{"x":76,"y":479,"width":868,"height":11}},{"id":"8695a9ad-104e-49d7-acc6-ae0a00301d23","block_type":"box","text":"significant financial help from the EU and could potentially lead to default. In addition, unemployment rates remain high. These factors could","page_number":106,"box":{"x":76,"y":494,"width":897,"height":11}},{"id":"15aebb71-eaa8-4bd4-90ae-af5bf1d3b987","block_type":"box","text":"adversely impact growth potential of Spanish stocks. In addition, the Spanish government is engaged in a long-running campaign against","page_number":106,"box":{"x":76,"y":508,"width":875,"height":11}},{"id":"7556700d-954a-4b9b-aea8-ea3b240dfb0a","block_type":"box","text":"terrorism. Acts of terrorism on Spanish soil or against Spanish interests abroad may cause uncertainty in the Spanish financial markets and","page_number":106,"box":{"x":76,"y":522,"width":892,"height":11}},{"id":"4a1bbcf6-8d7d-40ea-af75-94cb78e17def","block_type":"box","text":"adversely affect the performance of the issuers to which the Fund has exposure. Political tensions and social conflict have escalated as a","page_number":106,"box":{"x":76,"y":536,"width":877,"height":11}},{"id":"5b2125b5-56bc-490b-a854-df384081488d","block_type":"box","text":"result of a referendum by Catalonia for independence from Spain. The secessionist movement could have a negative impact on the Spanish","page_number":106,"box":{"x":77,"y":550,"width":890,"height":11}},{"id":"d9b2bcdb-e73c-4a6f-8ec0-62b3c559cb1a","block_type":"box","text":"economy and a destabilizing effect on the country.","page_number":106,"box":{"x":76,"y":565,"width":322,"height":10}},{"id":"0b46a74e-ea21-4a58-ba87-c6ca2ae56adf","block_type":"box","text":"Risk of Investing in Sweden.","page_number":106,"box":{"x":77,"y":588,"width":194,"height":11}},{"id":"b66f1f83-8244-4f93-9428-5093a3c56e7c","block_type":"box","text":"Investment in Swedish issuers will subject the Fund to legal, regulatory, political, currency, security and","page_number":106,"box":{"x":277,"y":588,"width":663,"height":11}},{"id":"a43d9373-b618-4a5f-ab00-b83ed00ce507","block_type":"box","text":"economic risks specific to Sweden. Among other things, Sweden’s economy is heavily dependent on trading relationships with certain key","page_number":106,"box":{"x":76,"y":602,"width":883,"height":11}},{"id":"4bb893c9-83ee-4053-91d7-cbdce906fe0b","block_type":"box","text":"partners, including the U.S., Germany and other Western European nations. Future changes in the price or the demand for Swedish products","page_number":106,"box":{"x":76,"y":616,"width":898,"height":11}},{"id":"0a041161-1eee-42b9-8a80-ec1db1545fe8","block_type":"box","text":"or services by these countries or changes in these countries’ economies, trade regulations or currency exchange rates could adversely","page_number":106,"box":{"x":76,"y":630,"width":862,"height":11}},{"id":"1ddf9cbf-be65-4ed8-9399-8a2c178d08c6","block_type":"box","text":"impact the Swedish economy and the issuers to which the Fund has exposure. Many of the developed Western European nations that","page_number":106,"box":{"x":76,"y":644,"width":853,"height":11}},{"id":"3b9ac137-dbd2-4de0-8d6d-aa7c4e50e3d0","block_type":"box","text":"Sweden trades with are member states of the EU and the European Economic and Monetary Union (the “EMU”). As a result, these member","page_number":106,"box":{"x":76,"y":659,"width":890,"height":10}},{"id":"71de9205-e1a9-43d1-abcf-d11fbb5309f9","block_type":"box","text":"states are dependent on one another economically and politically. While Sweden has not joined the EMU, the Swedish economy is, however,","page_number":106,"box":{"x":76,"y":673,"width":897,"height":11}},{"id":"43613629-3862-43c2-bd68-0d0949666cd4","block_type":"box","text":"vulnerable to fluctuations in the economies and monetary policies of its trading partners who are members of the EMU. In recent years,","page_number":106,"box":{"x":76,"y":687,"width":867,"height":11}},{"id":"f5e7774f-edbf-4267-849c-e9391b103572","block_type":"box","text":"Sweden has also struggled with deflationary pressure, resulting in the Swedish Central Bank setting its repurchase agreement, deposit and","page_number":106,"box":{"x":76,"y":701,"width":888,"height":11}},{"id":"27193971-e6b9-4957-8deb-45474e3baaf0","block_type":"box","text":"lending rates near or below zero. Sweden has a generous social welfare system and the level of union membership in Sweden is substantial.","page_number":106,"box":{"x":77,"y":715,"width":894,"height":11}},{"id":"47d916df-9f3e-4376-ba54-22aae354a4b0","block_type":"box","text":"These factors can negatively impact the Swedish economy by causing increased government spending, higher production costs and lower","page_number":106,"box":{"x":76,"y":730,"width":882,"height":10}},{"id":"32094e2b-621c-4990-ad8a-ca1ecc590316","block_type":"box","text":"productivity, among other things. Sweden’s economic challenges also include providing affordable housing and successfully integrating","page_number":106,"box":{"x":76,"y":744,"width":865,"height":11}},{"id":"a91b289e-8b67-49ac-a35d-2f0e518e4703","block_type":"box","text":"migrants into the labor market.","page_number":106,"box":{"x":76,"y":758,"width":198,"height":11}},{"id":"40124db8-ad05-4bfa-b26b-c262552935f0","block_type":"box","text":"Risk of Investing in Switzerland.","page_number":106,"box":{"x":77,"y":781,"width":221,"height":11}},{"id":"7da9c7fb-eded-4208-b9da-5909efa06189","block_type":"box","text":"Investment in Swiss issuers will subject the Fund to legal, regulatory, political, currency, security, and","page_number":106,"box":{"x":304,"y":781,"width":649,"height":11}},{"id":"20d7b588-2fbc-4755-9f13-b86853ca2e7c","block_type":"box","text":"economic risks specific to Switzerland. Among other things, Switzerland’s economy is heavily dependent on trading relationships with certain","page_number":106,"box":{"x":76,"y":795,"width":904,"height":11}},{"id":"c8d03698-b4f6-440a-8f8a-6119aaf43f28","block_type":"box","text":"key trading partners, including the U.S., U.K., China, France and Germany. Future changes in the price or the demand for Swiss products or","page_number":106,"box":{"x":77,"y":809,"width":889,"height":11}},{"id":"bc7b6d18-acf2-4760-8a7d-4f83075573c2","block_type":"box","text":"services by these countries or changes in these countries’ economies, trade regulations or currency exchange rates could adversely impact","page_number":106,"box":{"x":76,"y":824,"width":893,"height":11}},{"id":"1c48d091-f886-4b66-860a-6e4a3c3f1592","block_type":"box","text":"the Swiss economy and the issuers to which the Fund has exposure. Switzerland’s economy relies heavily on the banking sector, and in","page_number":106,"box":{"x":76,"y":838,"width":865,"height":11}},{"id":"9e4c312f-5c5d-4e22-93ba-b58a54e780d6","block_type":"box","text":"recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking","page_number":106,"box":{"x":77,"y":852,"width":856,"height":11}},{"id":"8eed95b4-52f1-4cdf-9fc0-c9078f423874","block_type":"box","text":"secrecy laws. Due to the lack of natural resources, Switzerland is dependent upon imports for raw materials. As a result, any drastic","page_number":106,"box":{"x":76,"y":866,"width":844,"height":11}},{"id":"eeaaaff2-7f9f-4ac1-91fe-1f061e7095f0","block_type":"box","text":"fluctuations in the price of certain raw materials will likely have a significant impact on the Swiss economy.","page_number":106,"box":{"x":76,"y":880,"width":682,"height":11}},{"id":"8f260421-b517-4352-a2b4-979498fd42f0","block_type":"box","text":"18","page_number":106,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"fb9506f7-0563-468a-89a6-8109dd366e66","block_type":"box","text":"Risk of Investing in the Netherlands.","page_number":107,"box":{"x":77,"y":23,"width":252,"height":11}},{"id":"735f50c0-ead1-44bc-8cd4-61b6aadc9d71","block_type":"box","text":"Investment in Dutch issuers will subject the Fund to regulatory, political, currency, security, and","page_number":107,"box":{"x":335,"y":23,"width":613,"height":11}},{"id":"c505febe-2e42-4429-84f2-2938d08b1c95","block_type":"box","text":"economic risk specific to the Netherlands and the countries that use the euro. Among other things, the Netherlands’ economy is heavily","page_number":107,"box":{"x":76,"y":37,"width":870,"height":11}},{"id":"d538a886-86f3-41c6-bd12-1259e1fe9d06","block_type":"box","text":"dependent on trading relationships with certain key trading partners, including Germany, Belgium, the U.K., France and Italy. Future changes","page_number":107,"box":{"x":76,"y":52,"width":898,"height":10}},{"id":"6dd951ef-005c-49b2-b043-8b6ab5ca9091","block_type":"box","text":"in the price or the demand for Dutch products or services by these countries or changes in these countries’ economies, trade regulations or","page_number":107,"box":{"x":76,"y":66,"width":895,"height":11}},{"id":"8bbd21db-6769-4462-be39-8b84a47085d9","block_type":"box","text":"currency exchange rates could adversely impact the Dutch economy and the issuers to which the Fund has exposure. The Dutch economy","page_number":107,"box":{"x":76,"y":80,"width":883,"height":11}},{"id":"3c3a164d-798f-4f96-a7a0-8a6c6af7b581","block_type":"box","text":"relies on export of financial services to other European countries. European financial markets have from time to time been adversely affected","page_number":107,"box":{"x":77,"y":94,"width":902,"height":11}},{"id":"3f01e414-eae8-4a1c-a654-6b168a543e00","block_type":"box","text":"by fiscal crises in other European nations, including Greece, Ireland, Italy, Portugal and Spain. As a result, the Netherlands may have trouble","page_number":107,"box":{"x":76,"y":108,"width":894,"height":11}},{"id":"a508fed6-fd26-4f86-89ba-a54a7feeaaba","block_type":"box","text":"accessing capital markets and may be forced to pay higher interest rates on its debt than if it did not use the euro as its currency. In addition,","page_number":107,"box":{"x":76,"y":122,"width":904,"height":11}},{"id":"0ed560ec-96b6-495b-8dce-e0239ffce83c","block_type":"box","text":"the Netherlands may be indirectly exposed to the debt of the aforementioned countries through its banking sector. Any default by a country","page_number":107,"box":{"x":76,"y":137,"width":894,"height":10}},{"id":"beb31f03-87ad-4818-bda3-be92adf43e51","block_type":"box","text":"that uses the euro may therefore have a material adverse effect on the Dutch economy.","page_number":107,"box":{"x":76,"y":151,"width":559,"height":11}},{"id":"b6c3170d-adda-4bff-93dd-cf772c66db01","block_type":"box","text":"Risk of Investing in the U.S.","page_number":107,"box":{"x":77,"y":174,"width":190,"height":11}},{"id":"a2d8531b-a4f9-4ec4-a06b-73b812c9d920","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":107,"box":{"x":273,"y":174,"width":683,"height":11}},{"id":"796ebea0-0e1f-4f99-8f40-56cf993e709f","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":107,"box":{"x":76,"y":188,"width":897,"height":11}},{"id":"2f90654b-f659-4fde-a7f1-d74d37388dfa","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":107,"box":{"x":76,"y":202,"width":902,"height":11}},{"id":"b7bd1269-8ecd-4f0e-850d-241071d9c0a4","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":107,"box":{"x":76,"y":216,"width":887,"height":11}},{"id":"7e795950-5ef4-48cc-93ef-b02f2c04a472","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":107,"box":{"x":76,"y":231,"width":894,"height":10}},{"id":"470a43ac-393f-4ffb-9711-d7b26e8ec27a","block_type":"box","text":"financial markets or issuers.","page_number":107,"box":{"x":76,"y":245,"width":179,"height":8}},{"id":"2c795c01-9555-4abd-bbdb-940843b99960","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":107,"box":{"x":76,"y":268,"width":868,"height":11}},{"id":"6f4baa90-8189-484a-a1e7-e4933c329577","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":107,"box":{"x":77,"y":282,"width":867,"height":11}},{"id":"871123a4-f703-4202-8051-ea3bfb2bf27d","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":107,"box":{"x":76,"y":296,"width":868,"height":11}},{"id":"f797d229-e369-42ac-af96-48fb87c4065a","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":107,"box":{"x":77,"y":311,"width":899,"height":10}},{"id":"992c530c-68d0-472e-93bd-4e26d7c43d3d","block_type":"box","text":"system.","page_number":107,"box":{"x":76,"y":326,"width":49,"height":10}},{"id":"a21cd2c6-15bc-4868-a0fc-48cf2bf118ae","block_type":"box","text":"Securities Lending Risk.","page_number":107,"box":{"x":76,"y":348,"width":166,"height":11}},{"id":"a504e640-ee3c-4ea3-b201-9299f9939875","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":107,"box":{"x":247,"y":348,"width":730,"height":11}},{"id":"ec8f244f-9e8b-4d76-b542-22f4b0d32d78","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":107,"box":{"x":76,"y":362,"width":898,"height":11}},{"id":"43ed134a-01cb-4676-8655-8913c6761f51","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":107,"box":{"x":76,"y":376,"width":892,"height":11}},{"id":"d8ca8390-0b24-4e1b-bfe0-88e15af29f54","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":107,"box":{"x":76,"y":391,"width":403,"height":10}},{"id":"cf5199fb-1b61-494b-a9c3-c6d198c67520","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":107,"box":{"x":76,"y":414,"width":257,"height":10}},{"id":"e3069fe6-01c0-405a-8f25-676cd48f23b3","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":107,"box":{"x":339,"y":414,"width":617,"height":11}},{"id":"a0dc1d58-fd59-49ba-831f-75aad296813b","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":107,"box":{"x":76,"y":428,"width":863,"height":11}},{"id":"096bc22e-8bcd-4395-aec0-622089981461","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":107,"box":{"x":76,"y":442,"width":868,"height":11}},{"id":"4ad0039f-95bf-4d33-ac15-3e724fe72b34","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":107,"box":{"x":76,"y":456,"width":895,"height":11}},{"id":"e456685a-0a1e-4d56-a9aa-24e85510e639","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":107,"box":{"x":77,"y":470,"width":898,"height":11}},{"id":"7da9dcf9-7817-4b51-a7bd-1920689f0199","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":107,"box":{"x":76,"y":485,"width":900,"height":10}},{"id":"bb0f3aac-0da1-400c-95b3-b9794dbfd9b5","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":107,"box":{"x":77,"y":499,"width":885,"height":11}},{"id":"7be94945-499e-4e94-9026-f6e54fb020b3","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":107,"box":{"x":76,"y":513,"width":354,"height":11}},{"id":"17a84b6b-995b-4783-919c-a7d8d80af240","block_type":"box","text":"Small Fund Risk.","page_number":107,"box":{"x":76,"y":536,"width":114,"height":9}},{"id":"76fbf194-c97c-4afb-8aa6-6f9678bfb97d","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":107,"box":{"x":195,"y":536,"width":704,"height":11}},{"id":"31b0bee6-5c4b-46ef-880f-5d0dcee4f88a","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":107,"box":{"x":76,"y":550,"width":904,"height":11}},{"id":"d9f05f1f-278e-42a0-8be5-1b7a155b5524","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":107,"box":{"x":76,"y":565,"width":898,"height":10}},{"id":"cd5b3cc1-394e-4148-bfc1-ea6f734f78ef","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":107,"box":{"x":76,"y":579,"width":873,"height":11}},{"id":"bd2b2cea-00de-4dea-933c-ae456193a65f","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":107,"box":{"x":77,"y":593,"width":710,"height":11}},{"id":"cfbc60fc-b2bd-43ee-8ade-70590aa489b5","block_type":"box","text":"Sustainability Risk.","page_number":107,"box":{"x":76,"y":616,"width":132,"height":11}},{"id":"049c1989-6407-4f84-9c9c-df337641692d","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":107,"box":{"x":214,"y":616,"width":762,"height":11}},{"id":"1cec1f4f-7a50-4786-a8b8-3aa97c140c88","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":107,"box":{"x":77,"y":630,"width":732,"height":11}},{"id":"50a712f4-2b29-4622-b664-d2c928eda09d","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":107,"box":{"x":76,"y":654,"width":874,"height":10}},{"id":"14df437a-0b69-44ca-9c57-46933ab259c1","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":107,"box":{"x":76,"y":668,"width":875,"height":11}},{"id":"f28e01f0-cf6a-444b-97b1-56363a90e012","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":107,"box":{"x":76,"y":682,"width":901,"height":11}},{"id":"6abfb41b-50a4-4b67-b5dd-1d845b64845a","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":107,"box":{"x":76,"y":696,"width":883,"height":11}},{"id":"4806f994-7f24-4fb5-ab30-be5e6bba9279","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":107,"box":{"x":76,"y":710,"width":863,"height":11}},{"id":"2479fa0e-ebfb-4915-8d72-7cca6065887a","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":107,"box":{"x":76,"y":724,"width":864,"height":11}},{"id":"02750eb9-802d-44b7-9588-bc4739c6c834","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":107,"box":{"x":76,"y":739,"width":886,"height":10}},{"id":"8787ec23-1958-4efb-ac10-edcef4dcf887","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":107,"box":{"x":76,"y":762,"width":905,"height":11}},{"id":"8a16d44f-fa3e-404c-a741-b7be8a0699b6","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":107,"box":{"x":76,"y":776,"width":851,"height":11}},{"id":"46e862ed-dfeb-42df-9413-7801d3de4f76","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":107,"box":{"x":76,"y":799,"width":875,"height":11}},{"id":"1a0d7414-656e-4c37-8a83-e48d3ffb1be4","block_type":"box","text":"edit","page_number":107,"box":{"x":952,"y":799,"width":24,"height":9}},{"id":"9181fc9c-aadd-4801-8332-f0724c40f56e","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":107,"box":{"x":76,"y":813,"width":890,"height":11}},{"id":"db69b8b4-b7f4-46a8-b630-3358b861e6dd","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":107,"box":{"x":76,"y":828,"width":343,"height":10}},{"id":"98c28786-eb04-40b5-bfaf-97599970139a","block_type":"box","text":"e.g","page_number":107,"box":{"x":420,"y":830,"width":19,"height":8}},{"id":"40f64f1c-686f-4b90-8e9a-fcacde42ddbe","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":107,"box":{"x":440,"y":828,"width":534,"height":10}},{"id":"963021bd-5fdd-41ef-9727-dac0d483889e","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":107,"box":{"x":76,"y":842,"width":468,"height":11}},{"id":"8cac2590-7515-4993-8129-eb528184cb36","block_type":"box","text":"e.g","page_number":107,"box":{"x":545,"y":844,"width":19,"height":9}},{"id":"46235f3e-4277-45ec-9681-9a8956146482","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":107,"box":{"x":565,"y":842,"width":410,"height":10}},{"id":"b11b42a5-ebff-4214-af32-009ee329198e","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":107,"box":{"x":76,"y":856,"width":845,"height":11}},{"id":"81d5744b-b8e3-48f6-b023-bc264fabd809","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":107,"box":{"x":76,"y":870,"width":777,"height":11}},{"id":"88c5caae-0f7f-4c81-b5f4-8956fd1edcb3","block_type":"box","text":"19","page_number":107,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"1621f47f-c048-4999-a2ef-6634e9a57ea9","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":108,"box":{"x":76,"y":23,"width":903,"height":11}},{"id":"00ff07e2-6392-403d-91ce-c6330293c8a3","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":108,"box":{"x":76,"y":37,"width":840,"height":11}},{"id":"271c5168-dff8-4f27-ae05-4688fae89971","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":108,"box":{"x":76,"y":51,"width":898,"height":11}},{"id":"58307fed-067b-4c61-b8e3-6bafdb504786","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":108,"box":{"x":77,"y":66,"width":873,"height":11}},{"id":"ef218560-c7cf-4f34-908c-bef519220e21","block_type":"box","text":"transition risks.","page_number":108,"box":{"x":76,"y":80,"width":98,"height":8}},{"id":"4f534a60-418e-4176-9cfa-f59e62d32296","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":108,"box":{"x":76,"y":103,"width":869,"height":11}},{"id":"cd77dd7a-1ab6-4b36-94db-d443862381cd","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":108,"box":{"x":76,"y":117,"width":443,"height":11}},{"id":"40892d96-bcbf-48b3-b5e4-c867590fbe40","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":108,"box":{"x":76,"y":140,"width":850,"height":11}},{"id":"c11ac1e1-99a6-450f-a47b-425921aa364a","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":108,"box":{"x":76,"y":155,"width":889,"height":10}},{"id":"4bb92461-552a-4a89-a9d1-f7c298fadbf0","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":108,"box":{"x":76,"y":169,"width":903,"height":11}},{"id":"42c67c20-14aa-4c09-aed3-b75abeccda9c","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":108,"box":{"x":76,"y":183,"width":252,"height":11}},{"id":"4975753a-7bd9-40c4-8a6a-16f0b559e307","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":108,"box":{"x":76,"y":206,"width":829,"height":11}},{"id":"2180d470-0a66-49c1-b372-5a0b492d1f61","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":108,"box":{"x":76,"y":220,"width":477,"height":11}},{"id":"085ac13a-43ed-427b-a371-82cbd43bc1e0","block_type":"box","text":"Technology Companies Risk.","page_number":108,"box":{"x":76,"y":244,"width":198,"height":10}},{"id":"9eb56d48-9c10-4168-9599-92f90571ec5b","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":108,"box":{"x":278,"y":244,"width":693,"height":10}},{"id":"ed0a1574-276d-474c-b079-696260b86c7c","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":108,"box":{"x":77,"y":258,"width":882,"height":11}},{"id":"e2b5246c-bdfd-4ec3-bc84-3a04138a77e4","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":108,"box":{"x":76,"y":272,"width":888,"height":11}},{"id":"a88cdbba-fc79-47ba-99b4-77945f21609d","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":108,"box":{"x":76,"y":286,"width":905,"height":11}},{"id":"90311e16-d17f-4b8f-a77f-fdbd78c5619c","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":108,"box":{"x":76,"y":300,"width":891,"height":11}},{"id":"6fd97563-b1a0-4a8f-8039-6b60f236141f","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":108,"box":{"x":76,"y":314,"width":868,"height":11}},{"id":"b3d5e3ea-f91e-4c99-9ea8-90ae97a45dbc","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":108,"box":{"x":76,"y":329,"width":898,"height":10}},{"id":"619088c8-8f29-42cb-bb9d-73766e828002","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":108,"box":{"x":76,"y":343,"width":738,"height":11}},{"id":"f854d943-d31b-49f9-b275-5046652e3378","block_type":"box","text":"Tracking Error Risk.","page_number":108,"box":{"x":76,"y":366,"width":135,"height":11}},{"id":"c8f56617-632d-4b89-bd09-300482b79303","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":108,"box":{"x":216,"y":366,"width":749,"height":11}},{"id":"8dcba72d-ac8d-4325-b2c6-e0563638137d","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":108,"box":{"x":76,"y":380,"width":871,"height":11}},{"id":"4748b739-7987-4705-b8e5-62606240f4cc","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":108,"box":{"x":76,"y":394,"width":897,"height":11}},{"id":"0825a56e-48a6-4e5d-aa1e-4651a71083cb","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":108,"box":{"x":76,"y":409,"width":868,"height":10}},{"id":"97fca6ef-8729-4b39-aa35-19d71508f14e","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":108,"box":{"x":77,"y":423,"width":823,"height":11}},{"id":"d1f25b0b-8591-4506-ad3f-27fa7cd1cf65","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":108,"box":{"x":76,"y":437,"width":905,"height":11}},{"id":"0c49cb19-a5e2-4669-8e96-d2505c4f2cbe","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":108,"box":{"x":77,"y":451,"width":901,"height":11}},{"id":"9de671f2-01ea-48b5-b33b-cc79ee572cf0","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":108,"box":{"x":76,"y":465,"width":869,"height":11}},{"id":"871b9734-528b-42de-9e16-4e06725fcf1d","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":108,"box":{"x":76,"y":479,"width":884,"height":11}},{"id":"70e37b50-2929-4b63-ba08-6a96b54d66de","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":108,"box":{"x":76,"y":494,"width":844,"height":11}},{"id":"c657ea40-bff1-4122-84c6-35afbe46948e","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":108,"box":{"x":76,"y":508,"width":851,"height":11}},{"id":"9d10bf93-892b-4ae1-bbfd-bbaee5a52127","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":108,"box":{"x":76,"y":522,"width":401,"height":11}},{"id":"e2853c9d-5f70-483c-b16f-5e284c7ff857","block_type":"box","text":"U.S. Economic Risk.","page_number":108,"box":{"x":77,"y":545,"width":135,"height":9}},{"id":"3c205987-c44d-4d6e-a137-013af027d5a4","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. As a result, the economic","page_number":108,"box":{"x":217,"y":545,"width":726,"height":11}},{"id":"c1521762-aae1-49cd-9185-f55f0a9b6517","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":108,"box":{"x":76,"y":559,"width":875,"height":11}},{"id":"75971369-bd6e-4779-aa4d-f8e2e8075d07","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":108,"box":{"x":76,"y":574,"width":874,"height":10}},{"id":"41ec9dca-e09b-43ab-b1c5-a1b37f168130","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":108,"box":{"x":76,"y":588,"width":902,"height":11}},{"id":"d0c72b6c-c3a4-4230-9248-ac33ab041844","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":108,"box":{"x":77,"y":602,"width":897,"height":11}},{"id":"b4129dbb-b399-4555-9c9e-a2f70db86633","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":108,"box":{"x":76,"y":616,"width":902,"height":11}},{"id":"76ff4e6e-03c3-447f-8f14-7749047882fe","block_type":"box","text":"global financial system.","page_number":108,"box":{"x":76,"y":630,"width":149,"height":11}},{"id":"f9474ecf-c791-4f3a-a236-81a9442c4d5d","block_type":"box","text":"Utility Companies Risk.","page_number":108,"box":{"x":77,"y":654,"width":160,"height":10}},{"id":"eb579239-9e1c-4eaa-a094-7ad653198895","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":108,"box":{"x":243,"y":654,"width":717,"height":10}},{"id":"185e4256-e514-4cc7-80ee-d606bda39bbd","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":108,"box":{"x":76,"y":668,"width":878,"height":11}},{"id":"9f9393b7-5324-4fbe-ae8a-bfe1c2979530","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":108,"box":{"x":76,"y":682,"width":856,"height":11}},{"id":"0cc78495-d3cb-4e74-9e3d-a1810e721b63","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":108,"box":{"x":76,"y":696,"width":853,"height":11}},{"id":"cb01e673-b12f-4b60-ac42-a1691eb106c0","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":108,"box":{"x":76,"y":710,"width":312,"height":11}},{"id":"8d1e502a-90a5-4b47-ba77-2354a50a3b50","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":108,"box":{"x":77,"y":733,"width":886,"height":11}},{"id":"4bdaa25c-5979-4f4f-bc88-2ce0473b6346","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":108,"box":{"x":76,"y":748,"width":842,"height":10}},{"id":"47d2e2af-1ba5-4c94-babe-8ab0f2929284","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":108,"box":{"x":76,"y":762,"width":899,"height":11}},{"id":"0d706383-763d-41d9-9b21-03352088a749","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":108,"box":{"x":76,"y":776,"width":894,"height":11}},{"id":"76df1d79-4560-4399-8ff6-cbe0922fcdf9","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":108,"box":{"x":76,"y":790,"width":873,"height":11}},{"id":"c638a44d-b82c-47d2-902d-06a2f7dfd7b9","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":108,"box":{"x":77,"y":804,"width":891,"height":11}},{"id":"ace37959-9758-42a4-903b-204ebeada6dc","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":108,"box":{"x":76,"y":819,"width":893,"height":10}},{"id":"d62753ab-d7f7-4279-bda8-d960e722a01f","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":108,"box":{"x":76,"y":833,"width":421,"height":11}},{"id":"7fd52e3f-d3a6-4707-89cf-7c15f476c92b","block_type":"box","text":"Valuation Risk.","page_number":108,"box":{"x":76,"y":856,"width":102,"height":8}},{"id":"eda2907e-2488-452e-bc89-9183f662e441","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":108,"box":{"x":183,"y":856,"width":756,"height":11}},{"id":"4cf81b7c-99ae-46de-9f0e-74cf1960570a","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":108,"box":{"x":77,"y":870,"width":889,"height":11}},{"id":"56c29261-1450-43c3-9d14-3e6d40d363b7","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":108,"box":{"x":76,"y":884,"width":857,"height":11}},{"id":"78503398-59a1-4c78-9a20-c8c34bf80262","block_type":"box","text":"20","page_number":108,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"18afa444-1ff3-4ed1-a07c-aa22ee06c6f5","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":109,"box":{"x":76,"y":23,"width":898,"height":11}},{"id":"85a04fa8-54b6-4474-a463-7c490ec00403","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":109,"box":{"x":76,"y":37,"width":849,"height":11}},{"id":"a0838da3-c2d5-4afd-8bbd-a808bcbca1ea","block_type":"box","text":"purchase or sell Fund shares.","page_number":109,"box":{"x":76,"y":52,"width":187,"height":10}},{"id":"974560ae-9767-487f-beac-faf50faa21c1","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":109,"box":{"x":77,"y":75,"width":886,"height":11}},{"id":"17c1dc60-4ca6-4c2a-8467-473dde47596c","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":109,"box":{"x":76,"y":89,"width":890,"height":11}},{"id":"b3c172f4-179f-472b-a159-2e9a51439add","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":109,"box":{"x":76,"y":103,"width":847,"height":11}},{"id":"11dc5f15-eee9-4709-8f3e-66df008d8c8d","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":109,"box":{"x":76,"y":117,"width":895,"height":11}},{"id":"ad33f7e1-37f2-4778-b471-918223d8fc74","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":109,"box":{"x":76,"y":131,"width":892,"height":11}},{"id":"411b3dbc-9969-4b90-8d76-ab246db974ca","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":109,"box":{"x":77,"y":146,"width":857,"height":10}},{"id":"d3307338-6393-4e86-9906-7ea6cc59cde2","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":109,"box":{"x":76,"y":160,"width":772,"height":11}},{"id":"5e435528-b821-4199-8e35-7d9c9789090b","block_type":"box","text":"Portfolio Holdings Information","page_number":109,"box":{"x":78,"y":189,"width":296,"height":17}},{"id":"895bf640-6066-4f51-bf95-cc0c12bf76f0","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":109,"box":{"x":76,"y":218,"width":896,"height":11}},{"id":"f437b64d-191b-4fc2-8e0d-75cd1cde02be","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":109,"box":{"x":76,"y":232,"width":906,"height":11}},{"id":"1a454bea-20eb-4632-afbc-a6501f3fe94e","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":109,"box":{"x":77,"y":246,"width":893,"height":11}},{"id":"64ed53b0-4a32-4b19-bf68-58f05c88c2b3","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":109,"box":{"x":76,"y":260,"width":256,"height":11}},{"id":"d561570b-89dd-40c0-bf47-e7e07433c1b2","block_type":"box","text":"Management of the Funds","page_number":109,"box":{"x":78,"y":289,"width":258,"height":17}},{"id":"91c46f90-99f2-4f60-9d0e-e1ac5868dad8","block_type":"box","text":"Investment Adviser","page_number":109,"box":{"x":77,"y":318,"width":135,"height":9}},{"id":"dd1454e6-a8c0-4e1f-80ee-1fb166992460","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":109,"box":{"x":76,"y":342,"width":839,"height":10}},{"id":"bd55e8d4-f1e5-437f-a3ce-49ef75f44021","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":109,"box":{"x":76,"y":356,"width":899,"height":11}},{"id":"cb719121-82ef-4bae-8362-3ab3aeca3e0f","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":109,"box":{"x":76,"y":370,"width":886,"height":11}},{"id":"fa42b870-7c27-430c-a6a4-8fd666719838","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":109,"box":{"x":77,"y":384,"width":852,"height":11}},{"id":"00800c3c-3e02-4f3d-a0c2-6129992c7b4d","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":109,"box":{"x":77,"y":407,"width":901,"height":11}},{"id":"c4dcc303-1789-490b-99e5-14a572592122","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":109,"box":{"x":76,"y":421,"width":823,"height":11}},{"id":"5d5a2cdb-cf43-4932-b770-a102ac8c9840","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":109,"box":{"x":77,"y":445,"width":887,"height":11}},{"id":"fb813106-41dc-4241-bcf7-a78974ead027","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":109,"box":{"x":76,"y":459,"width":885,"height":11}},{"id":"6c34b3e9-ae99-472d-b2de-fe0afeb296ba","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":109,"box":{"x":76,"y":473,"width":892,"height":11}},{"id":"e95929f9-6717-4175-af92-297dcac09045","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":109,"box":{"x":76,"y":487,"width":886,"height":11}},{"id":"6fb3b499-67e1-4f42-8ea9-5ff4aa8e98f7","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":109,"box":{"x":76,"y":501,"width":299,"height":11}},{"id":"fd3c45be-5bdc-4c9b-b335-ecbed27eec48","block_type":"box","text":"Fees and Expenses","page_number":109,"box":{"x":77,"y":525,"width":131,"height":10}},{"id":"9e816660-5c77-45d4-8a59-f65df2f340e3","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Company (entered into on behalf of the Funds), BFA is responsible for","page_number":109,"box":{"x":77,"y":548,"width":896,"height":11}},{"id":"9f1e3bba-69e1-4b75-b6d8-37c072a132c7","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":109,"box":{"x":76,"y":562,"width":858,"height":11}},{"id":"b9e69c4e-5ba9-4c9d-9eff-103023721a88","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":109,"box":{"x":76,"y":576,"width":891,"height":11}},{"id":"d915c837-f1e5-46f6-b589-3413ed74bbe5","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Directors who are not","page_number":109,"box":{"x":76,"y":590,"width":843,"height":11}},{"id":"5da5f495-8e02-4583-9561-58e4c2c697bc","block_type":"box","text":"“interested persons” of the Company). Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund","page_number":109,"box":{"x":76,"y":605,"width":881,"height":10}},{"id":"eb125c89-ab94-492b-aed2-824c16ce2d47","block_type":"box","text":"Fees and Expenses, if any.","page_number":109,"box":{"x":77,"y":619,"width":165,"height":11}},{"id":"7b6aacef-3709-4f49-8cb1-58da0dc8cd22","block_type":"box","text":"A discussion regarding the basis for the approval by the Company’s Board of Directors (the “Board”) of the Investment Advisory Agreement","page_number":109,"box":{"x":76,"y":642,"width":890,"height":11}},{"id":"c733e186-e15c-4e5c-bdb2-dd26d3c992cf","block_type":"box","text":"with BFA is available in the Funds’ Form N-CSR filed with the SEC for the period ended August 31 and in the applicable financial statements","page_number":109,"box":{"x":76,"y":656,"width":890,"height":11}},{"id":"b1e7817b-7731-4b29-bfad-fb0c351028d6","block_type":"box","text":"and additional information documents posted at www.iShares.com.","page_number":109,"box":{"x":76,"y":670,"width":430,"height":11}},{"id":"c29e4a3b-7307-44e1-a127-617f51ff7472","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended August 31, 2025, BFA was paid a management fee from each","page_number":109,"box":{"x":77,"y":693,"width":871,"height":11}},{"id":"bf28ba57-5bee-41f7-a5d4-b6eaa4fe0a87","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. If","page_number":109,"box":{"x":77,"y":708,"width":892,"height":11}},{"id":"8732f21a-0e8e-4037-89e3-a7144e176347","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees for a Fund, the contractual waiver may be terminated prior to its","page_number":109,"box":{"x":77,"y":722,"width":873,"height":11}},{"id":"a33fd0ab-1513-4201-a196-4ef43ed6da65","block_type":"box","text":"expiration date only upon written agreement of the Company and BFA. In addition, BFA may from time to time voluntarily waive and/or","page_number":109,"box":{"x":76,"y":736,"width":862,"height":11}},{"id":"b0972f8a-8d28-47af-8660-d7367a7bf643","block_type":"box","text":"reimburse fees or expenses to reduce a Fund’s total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any).","page_number":109,"box":{"x":77,"y":750,"width":883,"height":11}},{"id":"fcbf19bc-c883-4f87-a32e-4bf58cba306e","block_type":"box","text":"Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.","page_number":109,"box":{"x":76,"y":764,"width":533,"height":11}},{"id":"0c333748-d1ef-4b9c-9fad-d066b0c816a9","block_type":"box","text":"Fund Management Fee","page_number":109,"box":{"x":87,"y":796,"width":571,"height":10}},{"id":"cf519c6b-38d1-4a3d-b10b-c98be750e046","block_type":"box","text":"iShares MSCI Austria ETF 0.49%","page_number":109,"box":{"x":87,"y":814,"width":491,"height":8}},{"id":"b57b9065-1d0f-462f-aa7f-2c7b042a2c4e","block_type":"box","text":"1","page_number":109,"box":{"x":580,"y":812,"width":2,"height":5}},{"id":"826c9887-35b2-4f7c-bfdc-eac61a068f72","block_type":"box","text":"iShares MSCI Belgium ETF 0.49%","page_number":109,"box":{"x":87,"y":832,"width":491,"height":11}},{"id":"7cba9892-7ed3-4846-a11e-256f1fd9797b","block_type":"box","text":"1","page_number":109,"box":{"x":580,"y":830,"width":2,"height":5}},{"id":"561a53a6-0f08-4e88-b578-a57f7a0d150b","block_type":"box","text":"iShares MSCI Canada ETF 0.49%","page_number":109,"box":{"x":87,"y":850,"width":491,"height":8}},{"id":"8728e098-0a95-4137-b758-8dfc2e5dca0d","block_type":"box","text":"1","page_number":109,"box":{"x":580,"y":848,"width":2,"height":5}},{"id":"9a40bb88-7565-4d5f-adb4-4c69dd6ca15a","block_type":"box","text":"iShares MSCI Eurozone ETF 0.49%","page_number":109,"box":{"x":87,"y":868,"width":491,"height":8}},{"id":"2b25e384-afec-4c1f-a4e4-f14be9b46601","block_type":"box","text":"1","page_number":109,"box":{"x":580,"y":866,"width":2,"height":5}},{"id":"a7832f2d-a8e0-4f68-8a89-df79b2e3728c","block_type":"box","text":"21","page_number":109,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"541df65e-d100-4874-a881-ef5cb7c81345","block_type":"box","text":"Fund Management Fee","page_number":110,"box":{"x":87,"y":31,"width":571,"height":11}},{"id":"30b99152-8c4f-4f52-85db-b7c03ae1a1f9","block_type":"box","text":"iShares MSCI France ETF 0.50%","page_number":110,"box":{"x":87,"y":49,"width":491,"height":9}},{"id":"e595ad73-8c03-4eda-a45d-5847fe8bfab0","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":48,"width":3,"height":5}},{"id":"fe4c0458-37b9-491e-b8af-ec4e20dbb21d","block_type":"box","text":"iShares MSCI Germany ETF 0.49%","page_number":110,"box":{"x":87,"y":67,"width":491,"height":11}},{"id":"4101695c-5562-438e-a27d-b325e44a1cac","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":66,"width":2,"height":5}},{"id":"ad486d0b-e035-4657-ace1-6e058f8639f9","block_type":"box","text":"iShares MSCI Israel ETF 0.59%","page_number":110,"box":{"x":87,"y":85,"width":491,"height":9}},{"id":"c02dcac6-4cee-45cd-835a-9230de16dc6c","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":84,"width":2,"height":5}},{"id":"3b94cb75-275e-4e1c-90ba-ec44cf30fd61","block_type":"box","text":"iShares MSCI Italy ETF 0.49%","page_number":110,"box":{"x":87,"y":103,"width":491,"height":11}},{"id":"48ce31cd-95e1-4fa1-8102-a5f5788ebfd6","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":102,"width":2,"height":5}},{"id":"ea5aa307-d261-4be6-a0bd-0d2d8dc30edf","block_type":"box","text":"iShares MSCI Netherlands ETF 0.49%","page_number":110,"box":{"x":87,"y":121,"width":491,"height":9}},{"id":"5e9476ce-53a9-4232-8f5e-d149dace6ef5","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":120,"width":2,"height":5}},{"id":"c5769735-5796-4055-893a-7c77f8a3b9d1","block_type":"box","text":"iShares MSCI Spain ETF 0.49%","page_number":110,"box":{"x":87,"y":139,"width":491,"height":11}},{"id":"f06ed0b5-ebc9-45f1-9fe4-4a7e714e6bb7","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":138,"width":2,"height":5}},{"id":"6b9348af-cd20-46b2-bbf4-03a6749d3a7d","block_type":"box","text":"iShares MSCI Sweden ETF 0.49%","page_number":110,"box":{"x":87,"y":158,"width":491,"height":8}},{"id":"919e602c-f310-402a-b95f-6b1200e7c5e1","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":156,"width":2,"height":5}},{"id":"72b986be-485f-457a-853f-0316c8c22c87","block_type":"box","text":"iShares MSCI Switzerland ETF 0.49%","page_number":110,"box":{"x":87,"y":176,"width":491,"height":8}},{"id":"83c9a042-f225-4653-8678-c7febce01f24","block_type":"box","text":"1","page_number":110,"box":{"x":580,"y":174,"width":2,"height":5}},{"id":"fc36e60d-d5f4-45ca-a513-10fbcb5b8d77","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 0.09%","page_number":110,"box":{"x":87,"y":194,"width":491,"height":10}},{"id":"987d5ba8-4c68-412f-adc7-6b65e2ab444c","block_type":"box","text":"1","page_number":110,"box":{"x":105,"y":214,"width":2,"height":5}},{"id":"d0af21c8-2afd-464a-8940-eee5772cc851","block_type":"box","text":"The management fee schedule for the Fund, including its breakpoint pricing arrangements, is described in the Fund’s Statement of Additional","page_number":110,"box":{"x":116,"y":215,"width":803,"height":10}},{"id":"2710bacf-b778-4af1-94a3-a7dc437b0852","block_type":"box","text":"Information.","page_number":110,"box":{"x":117,"y":226,"width":68,"height":7}},{"id":"9c15583e-54eb-4029-813d-98beccc2c7e9","block_type":"box","text":"Portfolio Managers","page_number":110,"box":{"x":77,"y":245,"width":131,"height":11}},{"id":"ef5b6fd8-8495-4d46-a1cc-f91ec78c4174","block_type":"box","text":"The Portfolio Managers for each Fund are responsible for various functions related to portfolio management, including, but not limited to,","page_number":110,"box":{"x":76,"y":269,"width":877,"height":11}},{"id":"f3d51bf2-e280-4ea2-9c6e-d46b5abb78a2","block_type":"box","text":"investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes,","page_number":110,"box":{"x":76,"y":283,"width":850,"height":11}},{"id":"a081794d-a4e4-45ab-9591-f37280abea57","block_type":"box","text":"implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who","page_number":110,"box":{"x":76,"y":297,"width":885,"height":11}},{"id":"eb61f3f7-43d7-4e86-bb99-9a77096cc007","block_type":"box","text":"have more limited responsibilities.","page_number":110,"box":{"x":77,"y":311,"width":217,"height":11}},{"id":"ec18af13-b1d7-411d-a797-7fc894be703a","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White are primarily responsible for the day-to-day management of the Funds.","page_number":110,"box":{"x":75,"y":334,"width":854,"height":11}},{"id":"d9e781eb-af91-4a7d-8767-0739ece259d8","block_type":"box","text":"Jennifer Hsui has been employed by BFA or its affiliates as a senior portfolio manager since 2007. She is a Managing Director of BlackRock,","page_number":110,"box":{"x":75,"y":358,"width":890,"height":11}},{"id":"00ec40b0-e9e8-43f4-b822-858708dd9f46","block_type":"box","text":"Inc.","page_number":110,"box":{"x":77,"y":372,"width":21,"height":8}},{"id":"e6a37e3e-0fea-4d0c-9401-bf69a6e4afa0","block_type":"box","text":"Peter Sietsema has been employed by BFA or its affiliates as a portfolio manager since 2007. He is a Director of BlackRock, Inc.","page_number":110,"box":{"x":77,"y":395,"width":814,"height":11}},{"id":"032f743b-3a8e-4750-ad52-a7b9d20d9748","block_type":"box","text":"Matt Waldron has been employed by BFA or its affiliates as a portfolio manager since 2003. He is a Managing Director of BlackRock, Inc.","page_number":110,"box":{"x":77,"y":418,"width":872,"height":11}},{"id":"02524e1d-0504-47a2-8b5b-f7802d07a095","block_type":"box","text":"Steven White has been employed by BFA or its affiliates as a portfolio manager since 2013. He is a Director of BlackRock, Inc.","page_number":110,"box":{"x":76,"y":441,"width":801,"height":11}},{"id":"4347831f-ff3b-4b3e-8a53-989c5590bdd4","block_type":"box","text":"Each Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio","page_number":110,"box":{"x":77,"y":465,"width":863,"height":11}},{"id":"14264041-218e-4e92-92a8-0dc0d00e383c","block_type":"box","text":"Managers and the Portfolio Managers’ ownership (if any) of shares of the Funds.","page_number":110,"box":{"x":77,"y":479,"width":511,"height":11}},{"id":"0eb75016-d59d-47d6-b02a-40a3fb85bee9","block_type":"box","text":"Administrator, Custodian and Transfer Agent","page_number":110,"box":{"x":76,"y":502,"width":312,"height":11}},{"id":"3a6d7269-333f-4545-ad02-43a666bda87f","block_type":"box","text":"The administrator, custodian and transfer agent for each Fund is indicated in the table below.","page_number":110,"box":{"x":76,"y":525,"width":594,"height":11}},{"id":"e77ccef6-be26-45b4-9bce-bfbb0d474ab9","block_type":"box","text":"Fund","page_number":110,"box":{"x":87,"y":580,"width":33,"height":8}},{"id":"5e1eb42e-fb7f-416e-b93b-6ef7bb910c12","block_type":"box","text":"The Bank of","page_number":110,"box":{"x":498,"y":556,"width":83,"height":9}},{"id":"72276a41-dde4-4f0a-9695-ed28dd5bfd61","block_type":"box","text":"New York","page_number":110,"box":{"x":500,"y":568,"width":65,"height":9}},{"id":"56ac8087-5632-45fd-a3ca-a895f5429425","block_type":"box","text":"Mellon Citibank, N.A.","page_number":110,"box":{"x":500,"y":580,"width":214,"height":11}},{"id":"ea7074b9-98f0-4227-a2e5-838c74174699","block_type":"box","text":"JPMorgan","page_number":110,"box":{"x":740,"y":557,"width":66,"height":10}},{"id":"8250887f-a825-41dc-8be2-fdd83b7c5d66","block_type":"box","text":"Chase Bank,","page_number":110,"box":{"x":741,"y":568,"width":85,"height":11}},{"id":"6bcb4027-d265-4c41-9e79-9e13857eb5f5","block_type":"box","text":"N.A.","page_number":110,"box":{"x":741,"y":580,"width":27,"height":8}},{"id":"b35dad41-5caf-42c6-97d7-3e60badba676","block_type":"box","text":"State Street","page_number":110,"box":{"x":862,"y":557,"width":83,"height":8}},{"id":"f695a85a-3a47-454b-8d45-eca761dc148e","block_type":"box","text":"Bank and Trust","page_number":110,"box":{"x":862,"y":568,"width":104,"height":9}},{"id":"d5a88b81-c4dd-4a4a-bc9f-b29d4828620e","block_type":"box","text":"Company","page_number":110,"box":{"x":862,"y":580,"width":64,"height":11}},{"id":"bb052048-154e-429b-809b-b684d5abdccd","block_type":"box","text":"iShares MSCI Austria ETF*","page_number":110,"box":{"x":87,"y":598,"width":169,"height":8}},{"id":"7d3033c5-499c-44ef-a7d6-57e233360449","block_type":"box","text":"iShares MSCI Belgium ETF*","page_number":110,"box":{"x":87,"y":616,"width":175,"height":11}},{"id":"ecc6b39f-0708-48c0-b779-90db17f218d7","block_type":"box","text":"iShares MSCI Canada ETF*","page_number":110,"box":{"x":87,"y":634,"width":172,"height":8}},{"id":"0e3396aa-7a43-440e-b2b5-b9e552d88049","block_type":"box","text":"iShares MSCI Eurozone ETF*","page_number":110,"box":{"x":87,"y":652,"width":183,"height":8}},{"id":"ca303876-ed2c-4af2-91fe-9026d99c2b46","block_type":"box","text":"iShares MSCI France ETF*","page_number":110,"box":{"x":87,"y":670,"width":167,"height":8}},{"id":"ffeb4396-1558-4744-b14f-e88c4760800b","block_type":"box","text":"iShares MSCI Germany ETF*","page_number":110,"box":{"x":87,"y":688,"width":182,"height":11}},{"id":"de42e5c7-2038-4a5d-941c-d48c476ecc01","block_type":"box","text":"iShares MSCI Israel ETF*","page_number":110,"box":{"x":87,"y":706,"width":159,"height":9}},{"id":"dc27fc0d-c9eb-419e-9a1e-e10ca95ae7f9","block_type":"box","text":"iShares MSCI Italy ETF*","page_number":110,"box":{"x":87,"y":724,"width":151,"height":11}},{"id":"2413ac21-6ccd-4aeb-bf26-d3d5ac29afce","block_type":"box","text":"iShares MSCI Netherlands ETF*","page_number":110,"box":{"x":87,"y":742,"width":202,"height":9}},{"id":"834e8278-8cc6-4111-8490-e87f44b9bb77","block_type":"box","text":"iShares MSCI Spain ETF*","page_number":110,"box":{"x":87,"y":760,"width":160,"height":11}},{"id":"03caafa8-8c19-4a01-9084-08c677670c79","block_type":"box","text":"iShares MSCI Sweden ETF*","page_number":110,"box":{"x":87,"y":778,"width":175,"height":9}},{"id":"15837dd3-7b01-4ec0-9d0b-52dc37dd95be","block_type":"box","text":"iShares MSCI Switzerland ETF*","page_number":110,"box":{"x":87,"y":796,"width":198,"height":9}},{"id":"50c868fc-bf6b-42f2-a293-7403d2d26148","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF*","page_number":110,"box":{"x":87,"y":814,"width":255,"height":11}},{"id":"ce2e35fa-c2f2-4616-9292-4172e9dd749e","block_type":"box","text":"* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities.","page_number":110,"box":{"x":103,"y":836,"width":672,"height":10}},{"id":"654de619-c36e-4f65-ab7a-4feb10963017","block_type":"box","text":"Conflicts of Interest","page_number":110,"box":{"x":76,"y":856,"width":139,"height":8}},{"id":"82f3e334-2573-4ad3-8906-610801363723","block_type":"box","text":"22","page_number":110,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"96316f4b-1595-49ae-96d6-333d4966857d","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the “Affiliates”)), and their respec","page_number":111,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"a2955fe8-bade-4565-ab6f-ef8d18795cc9","block_type":"box","text":"tive","page_number":111,"box":{"x":951,"y":23,"width":22,"height":9}},{"id":"181d01dd-40c2-4f7a-bd11-90fe82f1d319","block_type":"box","text":"directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could","page_number":111,"box":{"x":76,"y":37,"width":827,"height":11}},{"id":"5b6089e8-d9fe-41f1-bf3b-b47233c33467","block_type":"box","text":"disadvantage a Fund and its shareholders.","page_number":111,"box":{"x":76,"y":52,"width":269,"height":10}},{"id":"b4f40fb8-0391-4247-ac13-90f474736602","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary","page_number":111,"box":{"x":77,"y":75,"width":899,"height":11}},{"id":"5e2505a9-ec07-4421-81c4-d8721fbb7a76","block_type":"box","text":"course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BFA","page_number":111,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"57fde3a3-b3ff-459b-9b4a-ce7e5296f526","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":111,"box":{"x":76,"y":103,"width":858,"height":11}},{"id":"2686e5a8-7d16-489e-abc7-552defa5427f","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and","page_number":111,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"3da4c3df-3f94-45f9-aa43-712f441cc63c","block_type":"box","text":"indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.","page_number":111,"box":{"x":76,"y":131,"width":856,"height":11}},{"id":"934d93e0-bb09-4d89-8e48-5776fb3e52e1","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those","page_number":111,"box":{"x":77,"y":155,"width":902,"height":10}},{"id":"7c8f7933-67aa-49a6-b296-1f003b40b9bb","block_type":"box","text":"of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are","page_number":111,"box":{"x":76,"y":169,"width":890,"height":11}},{"id":"4ef9f05d-dfc6-4589-9cda-3679a6303b94","block_type":"box","text":"held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":111,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"d8c73944-6972-4913-8f6a-028afc36240e","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":111,"box":{"x":76,"y":197,"width":868,"height":11}},{"id":"94e2e554-f76f-488d-bb47-0f77099200a4","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":111,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"2e4e90ef-eb62-4fc9-b344-2ac0aa5ae8d9","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":111,"box":{"x":76,"y":226,"width":861,"height":10}},{"id":"4525802f-316d-4e94-85a9-f946e4ac6d92","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":111,"box":{"x":76,"y":240,"width":411,"height":11}},{"id":"fde244be-07d7-4f59-b282-10c274fa85a2","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":111,"box":{"x":76,"y":263,"width":891,"height":11}},{"id":"abb16ea5-afc2-4478-a1be-8603ae783faf","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":111,"box":{"x":76,"y":277,"width":864,"height":11}},{"id":"49c196ac-6dfd-4456-9f5d-a166a3af83f6","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":111,"box":{"x":76,"y":291,"width":845,"height":11}},{"id":"212e62af-a2e4-4270-995e-528ffcb39c9b","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":111,"box":{"x":76,"y":305,"width":695,"height":11}},{"id":"e5d13f0d-831b-4912-8e27-e90fe7c98d3a","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":111,"box":{"x":76,"y":329,"width":871,"height":10}},{"id":"b8b62fa7-47fb-45c9-ab7a-9dc0b3af0163","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":111,"box":{"x":77,"y":343,"width":347,"height":11}},{"id":"f1b4223b-7326-4daf-bada-d3d0ee7d55f5","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":111,"box":{"x":77,"y":366,"width":891,"height":11}},{"id":"99720ad3-a5bb-4eb4-afbe-367e76cbd402","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":111,"box":{"x":76,"y":380,"width":873,"height":11}},{"id":"c960bf48-4b1e-484c-8682-9aec7e2a6797","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":111,"box":{"x":76,"y":394,"width":903,"height":11}},{"id":"087fb6fc-128a-4d3c-9d25-59315d3d7b04","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":111,"box":{"x":76,"y":409,"width":897,"height":10}},{"id":"d8c4ca97-154e-465a-9a7d-d3245dbbaa18","block_type":"box","text":"possible.","page_number":111,"box":{"x":76,"y":423,"width":56,"height":11}},{"id":"bed2a36d-8854-4111-aba9-5df5864fad98","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":111,"box":{"x":77,"y":446,"width":888,"height":11}},{"id":"1bbf789e-7fc9-4401-9478-c8af03fdee97","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":111,"box":{"x":76,"y":460,"width":857,"height":11}},{"id":"516971c8-4b08-4915-b75d-3773d35a029d","block_type":"box","text":"employees or clients.","page_number":111,"box":{"x":76,"y":474,"width":135,"height":11}},{"id":"8517f6db-5313-4e5d-9122-23d0a7a6e79f","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":111,"box":{"x":77,"y":498,"width":876,"height":10}},{"id":"34de4a20-d1c7-44e8-b8b2-95268f02d2fe","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":111,"box":{"x":76,"y":512,"width":851,"height":11}},{"id":"f48a8a16-f668-44fc-9d85-78e775b3efe2","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":111,"box":{"x":76,"y":526,"width":440,"height":11}},{"id":"877ed7fb-f29c-4a3d-b7d4-7cf12cdb2ba3","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":111,"box":{"x":76,"y":549,"width":901,"height":11}},{"id":"c1d02165-fe77-4810-81f3-5a23ba53650b","block_type":"box","text":"such restrictions.","page_number":111,"box":{"x":76,"y":563,"width":110,"height":9}},{"id":"61a84b2f-6d4e-4979-ac20-a95b255b97e9","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":111,"box":{"x":77,"y":586,"width":863,"height":11}},{"id":"7df6024a-e39e-4ad2-aaf2-e6bd0d61f618","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":111,"box":{"x":77,"y":601,"width":854,"height":11}},{"id":"2f05fc2a-3faa-4baf-9a6f-6a7d0b6f68b5","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":111,"box":{"x":77,"y":615,"width":862,"height":11}},{"id":"974f7207-ce5e-4e7f-9f3e-326de27b0d95","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":111,"box":{"x":77,"y":629,"width":876,"height":11}},{"id":"32a2e8ed-24f2-410d-880c-9fd750bbba72","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":111,"box":{"x":76,"y":643,"width":363,"height":11}},{"id":"2f2ecab9-5782-4860-abaf-4b65474d0818","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":111,"box":{"x":77,"y":666,"width":894,"height":11}},{"id":"abee8238-9f47-41cd-8201-6839021d3fa2","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":111,"box":{"x":76,"y":681,"width":860,"height":10}},{"id":"e6af0fd2-9444-4fae-8de7-6990bf0ff5cf","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":111,"box":{"x":77,"y":695,"width":854,"height":11}},{"id":"6b072ef9-2417-42a3-b41e-edb61a514299","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":111,"box":{"x":76,"y":709,"width":894,"height":11}},{"id":"f39a3b3d-8ba1-4f96-9b49-49c8b4d79795","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":111,"box":{"x":76,"y":723,"width":871,"height":11}},{"id":"e76364b7-cebc-44b4-b7c0-91d3b3c61e78","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":111,"box":{"x":76,"y":737,"width":848,"height":11}},{"id":"91852800-71cf-46df-8085-be724fefd6fa","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":111,"box":{"x":77,"y":751,"width":342,"height":11}},{"id":"927d6391-967d-42c6-a7be-cca0a7c30f3d","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":111,"box":{"x":77,"y":775,"width":893,"height":11}},{"id":"3960ac4b-beb2-41bb-b266-b5d4b1bbe848","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":111,"box":{"x":76,"y":789,"width":885,"height":11}},{"id":"ca02dc08-7302-4865-a1e9-88cfe515ecb5","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":111,"box":{"x":76,"y":803,"width":897,"height":11}},{"id":"a117e6dd-3b6c-4ae2-9b6b-65b26ec2752d","block_type":"box","text":"licensees.","page_number":111,"box":{"x":77,"y":817,"width":61,"height":9}},{"id":"54fa8081-4f8a-4200-b2cc-0596f7fff5f0","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":111,"box":{"x":76,"y":840,"width":875,"height":11}},{"id":"04702234-7395-444d-9d6e-96021ab12ec7","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":111,"box":{"x":76,"y":855,"width":886,"height":10}},{"id":"82867111-eb3d-40ee-950c-d12eda544fc0","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":111,"box":{"x":76,"y":869,"width":326,"height":8}},{"id":"8fe86a4f-3d39-40d7-95ac-0144c07774f4","block_type":"box","text":"23","page_number":111,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"e4fc653c-6df6-4e46-a8e1-af6cb51bfe18","block_type":"box","text":"Shareholder Information","page_number":112,"box":{"x":77,"y":22,"width":240,"height":14}},{"id":"28433cad-638d-454b-b0d2-2630cb593c88","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":112,"box":{"x":75,"y":51,"width":821,"height":11}},{"id":"6132a315-ce96-4258-b400-47173ea0568c","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":112,"box":{"x":78,"y":66,"width":383,"height":11}},{"id":"4e34fe2e-fafd-4823-9b40-cea3c92d0cce","block_type":"box","text":"Buying and Selling Shares","page_number":112,"box":{"x":77,"y":89,"width":180,"height":11}},{"id":"a0776913-bcc4-4aa8-8f57-cadaa4e19f4d","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":112,"box":{"x":76,"y":112,"width":839,"height":11}},{"id":"5739a066-24b7-49ba-a7a4-0eec1464ab0d","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":112,"box":{"x":76,"y":126,"width":584,"height":11}},{"id":"b2ac5acf-2cb1-4feb-a994-8eee67525d96","block_type":"box","text":"i.e","page_number":112,"box":{"x":661,"y":126,"width":14,"height":9}},{"id":"c5c415d7-4c68-47e1-a5a6-eb0406f34d23","block_type":"box","text":"., financial institutions that are authorized to","page_number":112,"box":{"x":677,"y":126,"width":282,"height":10}},{"id":"5e2bdce2-a0b8-4369-92bb-fc50e19c900b","block_type":"box","text":"participate in such transactions), as described in the","page_number":112,"box":{"x":76,"y":140,"width":335,"height":11}},{"id":"fffadc23-1608-4607-b5c0-acd09ad842ff","block_type":"box","text":"Creations and Redemptions","page_number":112,"box":{"x":417,"y":140,"width":173,"height":11}},{"id":"0aa8933f-b87a-44cd-9bee-5852b5031ba5","block_type":"box","text":"section below.","page_number":112,"box":{"x":595,"y":140,"width":90,"height":9}},{"id":"69237eab-6d49-4a71-99eb-45b3f2121ebf","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":112,"box":{"x":77,"y":164,"width":904,"height":10}},{"id":"e5c846f1-f551-40ad-87c0-d7eb6d381549","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":112,"box":{"x":77,"y":178,"width":860,"height":11}},{"id":"0ca0da63-b5eb-4a58-be11-2a45a9722d02","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":112,"box":{"x":76,"y":192,"width":857,"height":11}},{"id":"be7cf25e-d511-4b02-b945-2d11d597faf2","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":112,"box":{"x":76,"y":206,"width":598,"height":11}},{"id":"37bd4e91-7205-4121-8db1-0e0f5b8ea7bf","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":112,"box":{"x":77,"y":229,"width":899,"height":11}},{"id":"2506babd-bdb8-4aec-9f62-48a171a0cd7d","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":112,"box":{"x":76,"y":244,"width":869,"height":10}},{"id":"4ff80abc-3bec-431e-816f-d0164babc6a2","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":112,"box":{"x":76,"y":258,"width":888,"height":11}},{"id":"fdc934b4-a043-4c61-b765-64ea8144abc1","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":112,"box":{"x":76,"y":272,"width":884,"height":11}},{"id":"dad1397e-4b9a-45f8-89f9-35fd9753ad2d","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":112,"box":{"x":76,"y":286,"width":904,"height":11}},{"id":"989ab688-439d-4111-a776-c8368626bc97","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":112,"box":{"x":76,"y":300,"width":897,"height":11}},{"id":"0ce57fb2-ed6a-4bc2-ac4f-15d3b53fd29f","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":112,"box":{"x":76,"y":314,"width":887,"height":11}},{"id":"da087814-941e-4575-92ed-105b7d58bdba","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":112,"box":{"x":76,"y":329,"width":713,"height":10}},{"id":"d7b06071-fcf4-49f3-a2d6-c34f190f6d6e","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":112,"box":{"x":76,"y":352,"width":902,"height":11}},{"id":"1d84a86f-283b-4081-980b-169645a38519","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":112,"box":{"x":76,"y":366,"width":856,"height":11}},{"id":"44d4fa1d-f50f-4753-8bc1-94aded3dc9a2","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":112,"box":{"x":77,"y":380,"width":612,"height":11}},{"id":"cb985b0d-3082-4d3d-8a9e-6355fb38e792","block_type":"box","text":"Investments in Investment Companies","page_number":112,"box":{"x":77,"y":403,"width":268,"height":11}},{"id":"d288b514-1639-4d4c-8779-bacf3aa978e0","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":112,"box":{"x":76,"y":427,"width":873,"height":10}},{"id":"2f157672-b02f-4d8b-ba1e-1e5b92145a70","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":112,"box":{"x":76,"y":441,"width":889,"height":11}},{"id":"428ba7b9-d299-42b0-a347-61a0acd8eca0","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":112,"box":{"x":76,"y":455,"width":847,"height":11}},{"id":"542ddaa9-7cbf-46cd-831c-73aec7b76188","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":112,"box":{"x":76,"y":469,"width":897,"height":11}},{"id":"e37ee26b-6d1a-4300-8ad4-9fc7c7ed7458","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":112,"box":{"x":76,"y":483,"width":890,"height":11}},{"id":"d90621a8-53b4-4554-9d95-4505ffede388","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":112,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"38357eb6-c654-4388-b352-8610338e6da9","block_type":"box","text":"investment companies and companies controlled by them.","page_number":112,"box":{"x":76,"y":512,"width":374,"height":11}},{"id":"553d1d5e-f479-4a7c-946b-aca67c130057","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":112,"box":{"x":77,"y":535,"width":867,"height":11}},{"id":"e51d4a5f-9b10-4948-bfc9-7355e0c3cc94","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":112,"box":{"x":78,"y":549,"width":871,"height":11}},{"id":"5cfe5cb8-a1e5-4804-9d69-f01cfe9cbbff","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Company. If an Acquired Fund invests","page_number":112,"box":{"x":77,"y":563,"width":884,"height":11}},{"id":"77d6012b-01fa-424d-908c-e64c8c275ed8","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":112,"box":{"x":76,"y":577,"width":874,"height":11}},{"id":"1058db10-a7c5-4652-8896-81ac08b4d067","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":112,"box":{"x":78,"y":592,"width":894,"height":10}},{"id":"36743bd8-db0e-4a9b-8c69-c5fe40c68f1d","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":112,"box":{"x":76,"y":606,"width":367,"height":11}},{"id":"c6db8af9-69d2-4a38-a237-545eeccb02d7","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":112,"box":{"x":77,"y":629,"width":883,"height":11}},{"id":"7b07cb57-1899-4167-839d-a9390b30f17c","block_type":"box","text":"SEC no-action relief.","page_number":112,"box":{"x":76,"y":643,"width":130,"height":9}},{"id":"d9ff8213-3172-435d-8702-c73d032149df","block_type":"box","text":"Book Entry","page_number":112,"box":{"x":77,"y":667,"width":76,"height":10}},{"id":"70604b54-4f0e-40a3-809f-e565271c1661","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":112,"box":{"x":76,"y":690,"width":892,"height":10}},{"id":"b9a5320e-263f-4261-a947-aa389971b4fa","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":112,"box":{"x":76,"y":704,"width":832,"height":11}},{"id":"2b7bebfa-7b1e-4d23-adde-7ef1cfd11215","block_type":"box","text":"outstanding shares of the Funds.","page_number":112,"box":{"x":76,"y":718,"width":209,"height":11}},{"id":"9994d0ae-c8cd-4cf4-8446-eb6370e99aa8","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":112,"box":{"x":77,"y":741,"width":885,"height":11}},{"id":"0ec78ec6-5e4a-46d8-ab75-eff0ca986cd9","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":112,"box":{"x":76,"y":755,"width":863,"height":11}},{"id":"8555cedf-ac5d-4a85-9c8f-ad78b56aa295","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":112,"box":{"x":77,"y":770,"width":888,"height":10}},{"id":"944f095e-cd4a-4000-aea0-37a5022ced0f","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":112,"box":{"x":76,"y":784,"width":874,"height":11}},{"id":"b2b9a51c-e6de-4b5d-9aea-4fd121cf3bd4","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":112,"box":{"x":77,"y":798,"width":899,"height":11}},{"id":"86b3a517-1ccc-4f68-ae32-cc3e90ba539d","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":112,"box":{"x":76,"y":812,"width":330,"height":11}},{"id":"9d70192e-0626-4043-ab84-e8ffb61da90b","block_type":"box","text":"Share Prices","page_number":112,"box":{"x":76,"y":835,"width":87,"height":9}},{"id":"15adbced-4d0b-4a7c-a051-305636585f4e","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":112,"box":{"x":76,"y":858,"width":894,"height":11}},{"id":"820bfb85-f536-4ae1-bc59-b3c7333f97cd","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":112,"box":{"x":76,"y":873,"width":876,"height":10}},{"id":"178ae037-1c4e-4e2c-b8c9-c4c4c1ca9523","block_type":"box","text":"conditions.","page_number":112,"box":{"x":76,"y":887,"width":69,"height":8}},{"id":"1e088d92-1d61-415a-b212-c32b9bda2950","block_type":"box","text":"24","page_number":112,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"d360d95a-81f4-42a1-82a3-f20b95204165","block_type":"box","text":"Determination of Net Asset Value","page_number":113,"box":{"x":77,"y":23,"width":233,"height":9}},{"id":"c2cfcbe3-531f-4ea7-a52e-98be9667d4ce","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":113,"box":{"x":76,"y":46,"width":872,"height":11}},{"id":"5ff8ebd6-eaf8-4f3b-a0e0-411249b23fb1","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":113,"box":{"x":76,"y":61,"width":904,"height":10}},{"id":"2a5eb43e-fa31-47bd-ae0c-5193bf6a2340","block_type":"box","text":"on prices at the time of closing.","page_number":113,"box":{"x":76,"y":75,"width":201,"height":11}},{"id":"00e083da-f47e-4da5-bd2d-38288502743b","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":113,"box":{"x":76,"y":98,"width":883,"height":11}},{"id":"8b785f8e-44fa-4f09-b197-68b39307ad88","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":113,"box":{"x":76,"y":112,"width":554,"height":11}},{"id":"1ae671fe-70ca-4d85-a7f2-7ff50f1bd8e0","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":113,"box":{"x":76,"y":135,"width":501,"height":11}},{"id":"5971ca20-38ee-4cbc-bf8a-9715b80d9273","block_type":"box","text":"i.e","page_number":113,"box":{"x":578,"y":135,"width":14,"height":9}},{"id":"8990c146-24b3-4d4c-ac36-f237920236c3","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":113,"box":{"x":594,"y":135,"width":353,"height":11}},{"id":"02510dd0-9dc3-473a-a3f1-370c5caa072d","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":113,"box":{"x":77,"y":149,"width":857,"height":11}},{"id":"fa77e14f-4bc0-493f-8318-f8015ece99fb","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":113,"box":{"x":77,"y":164,"width":883,"height":10}},{"id":"be59fe65-69c0-49ee-b261-283fb59270fb","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":113,"box":{"x":77,"y":178,"width":881,"height":11}},{"id":"79cf152a-b4da-4326-98c8-1cb81b4e8698","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":113,"box":{"x":77,"y":201,"width":867,"height":11}},{"id":"4ec5fba5-ab15-4f43-8aa1-ef9dd3114584","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":113,"box":{"x":76,"y":215,"width":896,"height":11}},{"id":"049d33bd-1e11-457f-b11e-a7e0955811fc","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":113,"box":{"x":77,"y":229,"width":903,"height":11}},{"id":"1c0b39eb-fa97-4172-9c5c-aaeb5221df69","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":113,"box":{"x":76,"y":244,"width":897,"height":10}},{"id":"dcfbac56-eabe-4f07-9e39-047cb3ab6eed","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":113,"box":{"x":76,"y":258,"width":887,"height":11}},{"id":"8450492c-1b68-46a1-92ff-b0eb23f48c5e","block_type":"box","text":"price.","page_number":113,"box":{"x":76,"y":272,"width":35,"height":11}},{"id":"65925bff-1733-4fc2-9d3a-0c4857e5a93d","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":113,"box":{"x":77,"y":295,"width":904,"height":11}},{"id":"8bb3eca7-eaf3-4f1f-93f5-c3d6bb8b3104","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":113,"box":{"x":76,"y":309,"width":891,"height":11}},{"id":"f16231ca-f405-440b-8fed-4c5941f87f51","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":113,"box":{"x":76,"y":324,"width":861,"height":10}},{"id":"932d10f7-999c-4ab4-afce-7137093d51b1","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":113,"box":{"x":76,"y":338,"width":901,"height":11}},{"id":"cd45eff6-035a-4a6d-af9d-6e61eb598ca5","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":113,"box":{"x":77,"y":352,"width":904,"height":11}},{"id":"9bb026d1-ea3f-4a2b-ad1c-55c8b07d7523","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":113,"box":{"x":77,"y":366,"width":899,"height":11}},{"id":"32b3e79c-58b1-4b60-bd24-953f53e347bc","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":113,"box":{"x":77,"y":380,"width":902,"height":11}},{"id":"5b4b5970-8630-4af7-b7d9-72ed7fe18566","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":113,"box":{"x":77,"y":394,"width":491,"height":11}},{"id":"28594bda-5c21-490a-89b7-981e8a7520e8","block_type":"box","text":"Generally, trading in certain instruments (","page_number":113,"box":{"x":76,"y":418,"width":265,"height":10}},{"id":"c006a7d2-f88d-4855-b156-62c610cf9d50","block_type":"box","text":"e.g","page_number":113,"box":{"x":343,"y":420,"width":19,"height":8}},{"id":"d5873000-f31d-4b7c-8e46-7c99a6adeb56","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":113,"box":{"x":362,"y":418,"width":599,"height":10}},{"id":"4b35bfab-0eec-41d4-8f4c-586c4fa0679f","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":113,"box":{"x":76,"y":432,"width":869,"height":11}},{"id":"7216c098-035b-448c-83b9-fe587306b07b","block_type":"box","text":"determined as of such times.","page_number":113,"box":{"x":76,"y":446,"width":185,"height":8}},{"id":"a096e3b3-c447-4003-88f6-27b61ba317ca","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":113,"box":{"x":77,"y":469,"width":885,"height":11}},{"id":"d6dc27b0-192e-44b0-88fa-e07ee0154a4f","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":113,"box":{"x":76,"y":483,"width":901,"height":11}},{"id":"25292600-8654-4671-b406-3cd90ceb514e","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":113,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"823ad9c0-73a1-411b-afae-1df120b5504a","block_type":"box","text":"a Fund’s pricing time.","page_number":113,"box":{"x":76,"y":512,"width":136,"height":11}},{"id":"3d714c51-83ba-4577-b009-e6613de8d6d8","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":113,"box":{"x":76,"y":535,"width":877,"height":11}},{"id":"0a86f248-9826-4d23-b35a-3522623b9d8c","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":113,"box":{"x":76,"y":549,"width":392,"height":11}},{"id":"bd47d76b-a907-48c1-bbdb-41fb4d4239e3","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":113,"box":{"x":76,"y":572,"width":837,"height":11}},{"id":"5c804cfb-4d55-47e3-a151-3941da78959c","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":113,"box":{"x":76,"y":586,"width":874,"height":11}},{"id":"eefbdaca-df27-4dba-a19a-f7fd0b8ab69b","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":113,"box":{"x":76,"y":601,"width":879,"height":11}},{"id":"f38ed0e6-872f-4527-afd5-3def2dffb818","block_type":"box","text":"length transaction.","page_number":113,"box":{"x":77,"y":615,"width":118,"height":11}},{"id":"29d509cd-8fed-44fb-aa54-2ca06ae51fac","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":113,"box":{"x":77,"y":638,"width":531,"height":11}},{"id":"555ddd2e-bb5b-4b78-b274-044420eef8ec","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":113,"box":{"x":113,"y":656,"width":582,"height":11}},{"id":"f88faa89-f2eb-4db4-838c-829e71e8cd4d","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":113,"box":{"x":113,"y":674,"width":767,"height":11}},{"id":"b953c8e8-524a-42d0-b82d-ec891dc18fb1","block_type":"box","text":"An asset or liability is thinly traded;","page_number":113,"box":{"x":113,"y":692,"width":223,"height":11}},{"id":"6c7f86a2-50be-4781-94fe-be6203a4c14e","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":113,"box":{"x":113,"y":710,"width":508,"height":11}},{"id":"26e79c29-8638-4b4c-83bb-fe3f0e67c7c8","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":113,"box":{"x":113,"y":728,"width":853,"height":11}},{"id":"3f68e9c7-e895-44ef-b702-cd6aed632762","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":113,"box":{"x":76,"y":751,"width":874,"height":11}},{"id":"58b80d08-43b1-46f6-be96-28af5b14d0d0","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":113,"box":{"x":76,"y":766,"width":876,"height":11}},{"id":"a18d2919-639c-470a-abd2-435a1876a9ce","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":113,"box":{"x":76,"y":780,"width":246,"height":8}},{"id":"ba748175-7b52-436d-a844-fe518f671c41","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":113,"box":{"x":76,"y":803,"width":890,"height":11}},{"id":"77de9e1e-d9f6-4337-ba5c-1b200bda7b12","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":113,"box":{"x":76,"y":817,"width":888,"height":11}},{"id":"3d6a27bd-e635-4088-8de5-ad5baf992a84","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":113,"box":{"x":76,"y":831,"width":896,"height":11}},{"id":"e3a03a40-c0a9-4d8d-a07a-4408ad62baba","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":113,"box":{"x":77,"y":846,"width":870,"height":10}},{"id":"828971d7-eaf3-4ec8-861a-e1156fc42a82","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":113,"box":{"x":77,"y":860,"width":414,"height":11}},{"id":"d40864d9-b716-483e-9aef-20e2a0ba34d6","block_type":"box","text":"25","page_number":113,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"ea054c55-be20-472f-a24e-258d82714cef","block_type":"box","text":"Dividends and Distributions","page_number":114,"box":{"x":77,"y":23,"width":192,"height":9}},{"id":"35919083-b300-4632-a439-5797e3349d91","block_type":"box","text":"General Policies.","page_number":114,"box":{"x":76,"y":46,"width":103,"height":9}},{"id":"ca6d03b4-10b1-4b2c-843f-5ad448e95c3b","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":114,"box":{"x":185,"y":46,"width":782,"height":11}},{"id":"9d44ed1c-e84d-407a-bf05-eabdf8fdc73f","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Company may make distributions on a more frequent","page_number":114,"box":{"x":77,"y":61,"width":879,"height":10}},{"id":"a5d1a5ce-4c28-45ec-9427-651936b12539","block_type":"box","text":"basis for a Fund. The Company reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or","page_number":114,"box":{"x":76,"y":75,"width":890,"height":11}},{"id":"7e61c109-2fef-49cb-868c-bbe97ad14d2f","block_type":"box","text":"advisable to preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on","page_number":114,"box":{"x":76,"y":89,"width":834,"height":11}},{"id":"a696125f-4727-42dd-a3bc-c980018e472b","block_type":"box","text":"undistributed income or realized gains.","page_number":114,"box":{"x":77,"y":103,"width":247,"height":11}},{"id":"e7c45905-bdf6-4821-a4d1-ff541474a91c","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":114,"box":{"x":77,"y":126,"width":885,"height":11}},{"id":"83d54c21-39cc-4270-82af-015dd39e2f64","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":114,"box":{"x":76,"y":140,"width":856,"height":11}},{"id":"737bad21-5540-4243-b432-2b9a6e786900","block_type":"box","text":"received from the Funds.","page_number":114,"box":{"x":77,"y":155,"width":157,"height":8}},{"id":"c35e77a1-7c86-46c8-bba3-8336e048e98b","block_type":"box","text":"Dividend Reinvestment Service.","page_number":114,"box":{"x":76,"y":178,"width":197,"height":8}},{"id":"e692552e-f57e-4ca1-aaff-0b011311e097","block_type":"box","text":"No dividend reinvestment service is provided by the Company. Broker-dealers may make the DTC book-entry","page_number":114,"box":{"x":280,"y":178,"width":695,"height":11}},{"id":"0ae37576-c05e-4e34-8f9a-267bbf4d4d22","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":114,"box":{"x":77,"y":192,"width":899,"height":11}},{"id":"75cf8f45-358d-4861-a3e8-b9ba1fbcccf1","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":114,"box":{"x":76,"y":206,"width":869,"height":11}},{"id":"8a772cac-a0f5-422a-9ea1-40ce2478c824","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":114,"box":{"x":76,"y":220,"width":895,"height":11}},{"id":"85cfdc29-108e-48d5-8c53-a77c398ded39","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":114,"box":{"x":76,"y":235,"width":617,"height":10}},{"id":"93bcae67-9bd7-4b02-858f-f10dc74a50a4","block_type":"box","text":"Note on Tax Information.","page_number":114,"box":{"x":76,"y":258,"width":167,"height":8}},{"id":"ab888ad2-4e0e-4217-a07e-511b79652ef4","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":114,"box":{"x":249,"y":258,"width":723,"height":11}},{"id":"42f3c58a-f276-4b9d-9e7f-eb74580c4c64","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":114,"box":{"x":76,"y":272,"width":905,"height":11}},{"id":"f40f21aa-bc02-4d8d-84b4-a082a81a7608","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":114,"box":{"x":76,"y":286,"width":893,"height":11}},{"id":"d89989e3-9d9f-49d7-8c9a-1e4ebc7f071c","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":114,"box":{"x":76,"y":300,"width":893,"height":11}},{"id":"391c9a77-ffa9-42e9-b825-0246d752b43e","block_type":"box","text":"laws.","page_number":114,"box":{"x":76,"y":315,"width":30,"height":8}},{"id":"0e9159a2-cdb1-4f14-ab67-d045bc2f6139","block_type":"box","text":"Taxes","page_number":114,"box":{"x":76,"y":338,"width":38,"height":8}},{"id":"5870b010-d07c-4299-b6ec-7487dc29bf65","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":114,"box":{"x":76,"y":361,"width":874,"height":11}},{"id":"b24beafd-e9a3-4b09-b940-1a5e2bcc62f6","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":114,"box":{"x":76,"y":375,"width":877,"height":11}},{"id":"b42f3975-0dde-4366-965c-eb6e1959310f","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":114,"box":{"x":76,"y":389,"width":895,"height":11}},{"id":"2e6bcee4-0f7b-4cf5-b6f4-4bd656f74991","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":114,"box":{"x":76,"y":403,"width":594,"height":11}},{"id":"c21aab01-ff43-4cc7-9825-6c4df6311416","block_type":"box","text":"Taxes on Fund Distributions","page_number":114,"box":{"x":76,"y":427,"width":194,"height":8}},{"id":"b191be75-424e-447c-ae95-747eecca8cd5","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":114,"box":{"x":76,"y":450,"width":863,"height":11}},{"id":"36b34652-f6df-4d8a-8f56-c1d716aa35c5","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":114,"box":{"x":76,"y":464,"width":873,"height":11}},{"id":"fc5596e3-c9db-4305-be47-534a35607908","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":114,"box":{"x":76,"y":478,"width":713,"height":11}},{"id":"09b52d7d-9bc3-44ae-972e-6810fe6c9eed","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":114,"box":{"x":77,"y":501,"width":902,"height":11}},{"id":"82b0f77b-a090-4d9d-829a-d4709257979c","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":114,"box":{"x":76,"y":516,"width":365,"height":10}},{"id":"0f630c59-d902-484e-b5dc-b519c9d38114","block_type":"box","text":"Capital Gains.","page_number":114,"box":{"x":76,"y":539,"width":86,"height":10}},{"id":"6bdb479a-2496-4dcd-bb59-2427103c2b6e","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":114,"box":{"x":169,"y":539,"width":785,"height":11}},{"id":"f38120ec-a67e-43ec-be46-8cd2d74c2171","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":114,"box":{"x":76,"y":553,"width":857,"height":11}},{"id":"6bab657b-3f6e-47af-878c-6ce77e5149c3","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":114,"box":{"x":76,"y":567,"width":878,"height":11}},{"id":"efb6a573-4785-4d1a-a2b8-8b793c6d33be","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":114,"box":{"x":77,"y":581,"width":871,"height":11}},{"id":"1d9f0aba-ad25-4e27-84e0-19ff2a3fc503","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":114,"box":{"x":76,"y":596,"width":892,"height":10}},{"id":"41751cfb-4dc1-4fb6-b887-2fee6c2068c0","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":114,"box":{"x":76,"y":610,"width":878,"height":11}},{"id":"e8911475-147b-4acf-a399-648b46ad2915","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":114,"box":{"x":77,"y":624,"width":289,"height":11}},{"id":"7da5715e-9280-43d3-9147-0acf331d6831","block_type":"box","text":"Return of Capital.","page_number":114,"box":{"x":76,"y":647,"width":108,"height":11}},{"id":"80263d78-c4de-4f83-8464-d9f1ff200ba5","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":114,"box":{"x":191,"y":647,"width":775,"height":11}},{"id":"f07f85af-41d9-417b-9bc9-4707036fa447","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":114,"box":{"x":76,"y":661,"width":904,"height":11}},{"id":"968f1a44-6bc3-4bb7-bd55-13f47cb24323","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":114,"box":{"x":76,"y":675,"width":888,"height":11}},{"id":"5908f57c-91ba-4734-ad46-ef9311f2685f","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":114,"box":{"x":76,"y":690,"width":843,"height":10}},{"id":"fec4d262-321e-4318-835e-1429fa0a3fdb","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":114,"box":{"x":76,"y":704,"width":874,"height":11}},{"id":"6bab6733-58ea-4b27-bb5a-47e0ea7e7e8b","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":114,"box":{"x":76,"y":718,"width":803,"height":11}},{"id":"0379657c-4083-47d1-ae79-4af7da76d959","block_type":"box","text":"Qualified Dividend Income.","page_number":114,"box":{"x":76,"y":741,"width":167,"height":9}},{"id":"ca80e7fd-485d-4b49-8917-42f4f819e83b","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":114,"box":{"x":249,"y":741,"width":702,"height":11}},{"id":"da4ae09d-ebdc-4438-a1b4-72decdc739b0","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":114,"box":{"x":76,"y":755,"width":848,"height":11}},{"id":"fca55e65-f533-43ae-8001-6a7d0153c584","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":114,"box":{"x":76,"y":770,"width":846,"height":10}},{"id":"785440d7-dee1-4822-a816-5766c60b59b7","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":114,"box":{"x":76,"y":784,"width":872,"height":11}},{"id":"461e37b3-d8eb-42f0-b3a3-9dd346069920","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":114,"box":{"x":76,"y":798,"width":892,"height":11}},{"id":"1d1d5225-0c83-4bb4-930c-0bd3b1e70484","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":114,"box":{"x":76,"y":812,"width":886,"height":11}},{"id":"2656f445-d507-4320-bc1a-8d566b9ad687","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":114,"box":{"x":76,"y":826,"width":854,"height":11}},{"id":"6aee9671-4748-4960-8e85-2ff11a972902","block_type":"box","text":"company.","page_number":114,"box":{"x":76,"y":843,"width":60,"height":8}},{"id":"d3c381c2-15a6-4aa7-b374-96444f5f572e","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":114,"box":{"x":77,"y":864,"width":904,"height":10}},{"id":"32712015-c0a7-4141-b257-4cca399f9bad","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":114,"box":{"x":76,"y":878,"width":901,"height":11}},{"id":"22e39db6-f846-4b12-aa95-e2e8cb415796","block_type":"box","text":"26","page_number":114,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"cc9af81f-828d-4915-ab79-eaba457d0b9f","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":115,"box":{"x":76,"y":23,"width":865,"height":11}},{"id":"3697ab9a-76ae-4d2c-af27-6f9e3098112a","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":115,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"201dbd6c-621f-4fa2-8774-f97c4c7238ad","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":115,"box":{"x":76,"y":51,"width":428,"height":11}},{"id":"ceb04c41-7d35-44d2-9755-d6862991f0f4","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":115,"box":{"x":77,"y":75,"width":891,"height":11}},{"id":"1048a289-eb0e-40e3-8a73-245ac0112a7b","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":115,"box":{"x":77,"y":89,"width":861,"height":11}},{"id":"78505b2c-b873-447c-ac80-259bd5dfdfa8","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":115,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"61104cb4-a6cc-4f28-89b8-1b94bbffafeb","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":115,"box":{"x":76,"y":117,"width":682,"height":11}},{"id":"96c3b159-a08e-4651-8412-71fcf09dfa9f","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":115,"box":{"x":77,"y":140,"width":872,"height":11}},{"id":"a2740078-cf1e-4b5c-93b8-a4a6eae8ced6","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":115,"box":{"x":77,"y":155,"width":603,"height":10}},{"id":"1d86023b-6651-4354-b77f-1ad13715946c","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":115,"box":{"x":76,"y":178,"width":876,"height":11}},{"id":"a1513097-93fc-44ce-80c8-8cd9c5979d6d","block_type":"box","text":"Medicare Tax.","page_number":115,"box":{"x":76,"y":201,"width":85,"height":9}},{"id":"2e601a13-2d91-4907-b32c-5f80c7f8eb43","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":115,"box":{"x":167,"y":201,"width":791,"height":11}},{"id":"6234cfc9-cf45-4848-bf87-6c003b9ff543","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":115,"box":{"x":76,"y":214,"width":876,"height":12}},{"id":"28e7e9e7-c0fc-4d58-b1e9-ca8d2cd04d11","block_type":"box","text":"trusts.","page_number":115,"box":{"x":76,"y":230,"width":40,"height":8}},{"id":"20dbeb57-a6fe-4673-8cad-1d22c1622b96","block_type":"box","text":"Alternative Minimum Tax.","page_number":115,"box":{"x":75,"y":253,"width":157,"height":8}},{"id":"241278c5-0d7d-4410-9c4c-9ec487a5943f","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":115,"box":{"x":238,"y":253,"width":738,"height":10}},{"id":"9868b0b5-5e21-4618-b4d1-3f1425d4a5dd","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":115,"box":{"x":76,"y":267,"width":833,"height":11}},{"id":"30b37964-3822-4c50-9fff-0d0e94199f95","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":115,"box":{"x":76,"y":281,"width":877,"height":11}},{"id":"11d8c6d6-2e19-490e-8698-2e0f51d3a8c2","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":115,"box":{"x":77,"y":295,"width":903,"height":11}},{"id":"fb3d1905-b968-4aa4-97e5-e1d1657678fa","block_type":"box","text":"liability and the regular income tax liability.","page_number":115,"box":{"x":77,"y":309,"width":271,"height":11}},{"id":"7d2f53f8-66b1-49b9-bdd5-0c47185f97d9","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":115,"box":{"x":76,"y":332,"width":406,"height":11}},{"id":"c87f9b44-ca5b-4022-9a33-08585507ea9b","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":115,"box":{"x":76,"y":356,"width":892,"height":11}},{"id":"c430ee08-1070-4e03-8111-9799bbe93870","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":115,"box":{"x":76,"y":370,"width":874,"height":11}},{"id":"5e86f9ee-bdcd-4481-90bb-9f12b8e6d0a8","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":115,"box":{"x":76,"y":384,"width":864,"height":11}},{"id":"b5a1eeff-8037-4d0b-8f2d-1db309cef6a0","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":115,"box":{"x":76,"y":398,"width":895,"height":11}},{"id":"e3d45bbc-e694-4feb-a005-70255922ca63","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":115,"box":{"x":77,"y":412,"width":896,"height":11}},{"id":"eb0f539b-a097-4c97-ad92-81b9585d7c94","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":115,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"88b812ca-fb56-4b73-ba9f-6f01ed7edd2e","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":115,"box":{"x":76,"y":441,"width":707,"height":11}},{"id":"1b12e032-55c9-4e28-b3aa-80e753b3d8b6","block_type":"box","text":"Market Discount Bonds","page_number":115,"box":{"x":77,"y":464,"width":162,"height":9}},{"id":"4b4b122a-ce30-4c18-9c9d-4856be4adf32","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":115,"box":{"x":76,"y":487,"width":898,"height":11}},{"id":"0b56b7e2-307a-4ce8-b1ef-0603f79d8310","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":115,"box":{"x":76,"y":501,"width":903,"height":11}},{"id":"471c39ae-1f86-4692-a00f-c653b38838e6","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":115,"box":{"x":76,"y":516,"width":898,"height":10}},{"id":"5ad10aba-4260-4194-8653-86349fc4d535","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":115,"box":{"x":76,"y":530,"width":626,"height":11}},{"id":"b06a7bfb-26f5-41c4-8bac-001f6df8f3e1","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":115,"box":{"x":77,"y":553,"width":307,"height":11}},{"id":"f30d35d5-0f17-45b8-95dd-2e45c31f9752","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":115,"box":{"x":76,"y":576,"width":874,"height":11}},{"id":"6bdb9dbd-2728-4f03-8417-6f909d0748a4","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":115,"box":{"x":76,"y":590,"width":860,"height":11}},{"id":"25aa7f05-de1e-4b72-9cfe-ecdbf22bbcb6","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":115,"box":{"x":77,"y":605,"width":852,"height":10}},{"id":"0b2d6b39-2a53-4e7a-966f-88e3b26848ce","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":115,"box":{"x":76,"y":619,"width":863,"height":11}},{"id":"76877344-5f99-4b08-b8f5-18f3b14f1526","block_type":"box","text":"Non-U.S. Income Taxes","page_number":115,"box":{"x":77,"y":642,"width":158,"height":8}},{"id":"ced8b435-e616-44b9-a37c-3cae97fad514","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":115,"box":{"x":77,"y":665,"width":837,"height":11}},{"id":"27c927c0-d399-492e-a6da-17be200712fe","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":115,"box":{"x":76,"y":679,"width":863,"height":11}},{"id":"d78ceb46-de61-4baa-bee5-bc113d507cc4","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":115,"box":{"x":77,"y":693,"width":865,"height":11}},{"id":"92497fd8-7931-4410-b193-0a5453c59932","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":115,"box":{"x":77,"y":708,"width":875,"height":11}},{"id":"50a631ba-7201-4332-8dc3-c252179a3b18","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":115,"box":{"x":77,"y":722,"width":895,"height":11}},{"id":"182fac4b-e96f-4e8c-b261-42ccb8105151","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":115,"box":{"x":76,"y":736,"width":888,"height":11}},{"id":"debe9110-41ca-44fb-8b95-dd49a3c33126","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":115,"box":{"x":76,"y":750,"width":875,"height":11}},{"id":"a7337c29-bdeb-40ca-8136-9a64debb665b","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":115,"box":{"x":76,"y":764,"width":896,"height":11}},{"id":"96f72690-9155-44fb-b11a-fdeec5ac6be4","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":115,"box":{"x":76,"y":779,"width":635,"height":10}},{"id":"d4ca4b7d-f686-4fad-bdc7-529a4b42a7b8","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":115,"box":{"x":77,"y":802,"width":896,"height":11}},{"id":"85aeebe1-a253-4e7f-9004-14de3e60e9d7","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":115,"box":{"x":76,"y":816,"width":903,"height":11}},{"id":"ac652d2f-2da3-4a9c-a63e-b8b67dddd176","block_type":"box","text":"could be reduced.","page_number":115,"box":{"x":76,"y":830,"width":114,"height":9}},{"id":"20429820-9e61-4063-864d-3f73dcedfc9c","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":115,"box":{"x":77,"y":853,"width":853,"height":11}},{"id":"d0bba411-5bf3-40f6-bcc7-1202a234f7f1","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":115,"box":{"x":76,"y":868,"width":900,"height":10}},{"id":"30d065c9-af59-4708-818c-a34c3d110712","block_type":"box","text":"27","page_number":115,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"602fa762-068a-41de-8660-3e1719904fc1","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":116,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"40d9e726-c3af-4123-959d-eb8d8d1a84d1","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":116,"box":{"x":76,"y":37,"width":509,"height":11}},{"id":"46393b7a-d4bc-43b6-b10c-7950482f0c65","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":116,"box":{"x":77,"y":61,"width":879,"height":10}},{"id":"4370d3c8-5ca0-40b5-b3c4-384853b1779b","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":116,"box":{"x":76,"y":75,"width":407,"height":11}},{"id":"3088a70d-443f-4e23-99c2-8d62396429ba","block_type":"box","text":"Non-U.S. Shareholders","page_number":116,"box":{"x":77,"y":98,"width":156,"height":8}},{"id":"a47b8f49-995a-4d8c-b25f-f8221d53bcd5","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":116,"box":{"x":77,"y":121,"width":888,"height":11}},{"id":"bb1518f5-a176-43fb-a41d-acf076336353","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":116,"box":{"x":77,"y":135,"width":904,"height":11}},{"id":"3353d9c0-a81d-4515-beee-ada2ebf59301","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":116,"box":{"x":77,"y":149,"width":868,"height":11}},{"id":"8e1bcbdf-d88b-4851-bdc5-9d188e5c5625","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":116,"box":{"x":76,"y":164,"width":886,"height":10}},{"id":"7e50f7c3-8de9-46f6-bbc2-a920903d71d6","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":116,"box":{"x":76,"y":178,"width":499,"height":11}},{"id":"0cf97354-2a1d-4e6f-91b2-dd78e8d6102d","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":116,"box":{"x":76,"y":201,"width":896,"height":11}},{"id":"0968547a-f1b5-40c0-a5fd-ef36e8992128","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":116,"box":{"x":76,"y":215,"width":894,"height":11}},{"id":"93838462-14d2-4c90-9f3a-b65acc656c78","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":116,"box":{"x":77,"y":229,"width":262,"height":11}},{"id":"11c0faba-1452-4fc4-ad19-cc1833ff1182","block_type":"box","text":"Backup Withholding","page_number":116,"box":{"x":77,"y":253,"width":139,"height":10}},{"id":"51c6b1a7-4169-4a05-8fa1-1862b76ee982","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":116,"box":{"x":77,"y":276,"width":890,"height":11}},{"id":"b3f99977-7655-4650-bbd2-b0a320ad6b32","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":116,"box":{"x":76,"y":290,"width":789,"height":11}},{"id":"8ca1bcbf-5577-4d27-8600-aea56fb269a6","block_type":"box","text":"Securities Lending","page_number":116,"box":{"x":76,"y":313,"width":129,"height":11}},{"id":"f9ee4b74-d14b-4caa-b59a-9d570e102822","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":116,"box":{"x":77,"y":336,"width":901,"height":11}},{"id":"acf2943f-160f-4bb2-8d20-fdbee19dba19","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":116,"box":{"x":76,"y":351,"width":892,"height":10}},{"id":"0e238aad-a434-40d5-afe7-32ad57349f0f","block_type":"box","text":"through by the Fund.","page_number":116,"box":{"x":76,"y":365,"width":132,"height":11}},{"id":"15ce5be6-d7de-4b7c-9ffc-3a1ecd383058","block_type":"box","text":"Fund of Funds","page_number":116,"box":{"x":77,"y":388,"width":98,"height":8}},{"id":"e472368f-3937-4eda-beef-c4d6e7ed0fe1","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":116,"box":{"x":77,"y":411,"width":844,"height":11}},{"id":"17e93212-4ef0-4671-bbb5-c01690c7c26e","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":116,"box":{"x":76,"y":425,"width":870,"height":11}},{"id":"a8e31dce-18f9-488c-9da4-31121e27d98c","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":116,"box":{"x":77,"y":440,"width":864,"height":10}},{"id":"10ea65a0-7ead-41d9-8c3c-a86a2ab8e2eb","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":116,"box":{"x":76,"y":454,"width":643,"height":11}},{"id":"29d04a54-1b49-4fea-bb0e-e34e17dc9ef0","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":116,"box":{"x":76,"y":477,"width":350,"height":11}},{"id":"d6c68e5d-e991-404d-b327-1779c49711e6","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":116,"box":{"x":76,"y":500,"width":876,"height":11}},{"id":"4cda8ce2-ca45-4cb0-92e3-7155ab6a51e0","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":116,"box":{"x":77,"y":514,"width":896,"height":11}},{"id":"b7c66a34-4922-4b81-954e-fa7270e12eee","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":116,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"a0e8fad0-2176-42e9-8fe7-c347e3c6cd03","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":116,"box":{"x":77,"y":543,"width":892,"height":10}},{"id":"f119d44f-91ba-4766-88e2-683192d2617e","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":116,"box":{"x":76,"y":557,"width":892,"height":11}},{"id":"dd9dfc90-ed46-4440-bdd4-2be6ec1cc1cc","block_type":"box","text":"contribution tax mentioned above.","page_number":116,"box":{"x":76,"y":571,"width":219,"height":9}},{"id":"c8e33627-af9c-45ed-bb5e-85c4fbd7c691","block_type":"box","text":"Creations and Redemptions","page_number":116,"box":{"x":76,"y":594,"width":193,"height":11}},{"id":"52553774-7847-4350-aa8b-d5103a759128","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":116,"box":{"x":77,"y":617,"width":693,"height":11}},{"id":"7212f3a9-9967-4fe3-9ce2-a7ff546b7973","block_type":"box","text":"i.e.","page_number":116,"box":{"x":771,"y":617,"width":17,"height":9}},{"id":"92f382b2-3744-4326-9a8e-82a097f26af3","block_type":"box","text":", market makers, large","page_number":116,"box":{"x":790,"y":618,"width":143,"height":10}},{"id":"a10e083e-6306-403d-854d-29795b701748","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":116,"box":{"x":76,"y":632,"width":866,"height":10}},{"id":"59697824-ff45-40ae-99e3-16a71ad9d831","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":116,"box":{"x":76,"y":646,"width":650,"height":11}},{"id":"45232b4a-23cb-46f3-a1b5-9c701389b641","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":116,"box":{"x":77,"y":669,"width":832,"height":11}},{"id":"cfc87d63-fbf2-49d1-9f17-8b91229c3656","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":116,"box":{"x":76,"y":683,"width":891,"height":11}},{"id":"78781947-292d-40a7-a147-2d38d9503d3a","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":116,"box":{"x":76,"y":697,"width":874,"height":11}},{"id":"21b97bcb-ec4a-4d81-8661-4556063c1ab3","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":116,"box":{"x":76,"y":712,"width":904,"height":10}},{"id":"512be199-b3ef-4fec-a3d0-8ced42e0c66c","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":116,"box":{"x":76,"y":735,"width":875,"height":11}},{"id":"af27e226-01b1-426f-a674-27896d0eb2e6","block_type":"box","text":"cash.","page_number":116,"box":{"x":76,"y":749,"width":33,"height":8}},{"id":"749800ad-86a1-4086-8fa4-e13738105f9f","block_type":"box","text":"In-Kind","page_number":116,"box":{"x":76,"y":772,"width":45,"height":9}},{"id":"1b970493-a6c7-4dff-a7b1-652c5200316d","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":116,"box":{"x":122,"y":772,"width":860,"height":11}},{"id":"405807f6-3af6-46de-a59f-dd0698ee9216","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":116,"box":{"x":76,"y":786,"width":898,"height":11}},{"id":"d2e87e84-b331-4f7a-81a7-d1bcc4442b39","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":116,"box":{"x":77,"y":800,"width":851,"height":11}},{"id":"dcc72f8f-b6a0-4a4f-adfe-4326fc77fdcc","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":116,"box":{"x":76,"y":815,"width":686,"height":11}},{"id":"dead7f00-337c-4527-bbd0-019a3b197cc8","block_type":"box","text":"Partial Cash","page_number":116,"box":{"x":76,"y":838,"width":74,"height":8}},{"id":"07388762-2bad-4a64-a980-87f6c41cb6a9","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":116,"box":{"x":152,"y":838,"width":806,"height":11}},{"id":"fd68255c-2379-42cb-a214-3b519ce38249","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":116,"box":{"x":76,"y":852,"width":870,"height":11}},{"id":"cb92199b-f403-4874-b3e1-afbf7800bfa4","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":116,"box":{"x":77,"y":866,"width":870,"height":11}},{"id":"fa43ffec-fe24-4562-be18-4fd29c4c905d","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":116,"box":{"x":77,"y":880,"width":380,"height":11}},{"id":"c16f51f2-fabd-4027-8cf6-570de02b4766","block_type":"box","text":"28","page_number":116,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"5a843fd8-aad0-44b2-87c7-df3d8f94bd31","block_type":"box","text":"All Cash","page_number":117,"box":{"x":75,"y":23,"width":51,"height":9}},{"id":"6094c3a8-dd38-41eb-b79c-9d76c69a3b29","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":117,"box":{"x":128,"y":23,"width":833,"height":11}},{"id":"25fe5272-f336-41dc-ac41-422a315514c9","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":117,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"eb8cc8ed-67ad-47ed-8a10-04dbf9493af7","block_type":"box","text":"specified amount of cash.","page_number":117,"box":{"x":76,"y":51,"width":164,"height":11}},{"id":"26cd285e-c2a7-455a-a95e-d2c00be6ef1e","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":117,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"d9b634f2-8376-4d0d-acd3-a02153b12091","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":117,"box":{"x":76,"y":89,"width":408,"height":11}},{"id":"7739bc73-8381-497f-a698-d64c4d0307de","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":117,"box":{"x":77,"y":112,"width":855,"height":11}},{"id":"aff97a87-aa5b-466a-a2ae-e5f56edca839","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":117,"box":{"x":76,"y":126,"width":455,"height":11}},{"id":"737d2e73-72d7-46c8-a44f-bec3f0ca2f34","block_type":"box","text":"e.g.","page_number":117,"box":{"x":532,"y":129,"width":21,"height":8}},{"id":"e6489f67-88a7-4d81-8122-6eceed317d55","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":117,"box":{"x":555,"y":126,"width":354,"height":11}},{"id":"1efc3317-09c3-4cd8-a76a-962356c481ec","block_type":"box","text":"Fund","page_number":117,"box":{"x":87,"y":158,"width":33,"height":8}},{"id":"76408ffb-d5c6-47a1-b515-90d7f6b92d9e","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":117,"box":{"x":621,"y":158,"width":296,"height":8}},{"id":"8d8dc2dc-2ea0-4fe8-af60-a472e637378d","block_type":"box","text":"iShares MSCI Austria ETF","page_number":117,"box":{"x":87,"y":176,"width":162,"height":8}},{"id":"9876d499-2dc0-4de9-bb54-4bcdbf232fdd","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":117,"box":{"x":87,"y":194,"width":168,"height":10}},{"id":"0930da13-1a0f-4da2-9686-90c4ba70b343","block_type":"box","text":"iShares MSCI Canada ETF","page_number":117,"box":{"x":87,"y":212,"width":165,"height":8}},{"id":"920e35c0-4b4b-423e-a8f1-5681e636480f","block_type":"box","text":"iShares MSCI Eurozone ETF","page_number":117,"box":{"x":87,"y":230,"width":176,"height":8}},{"id":"64533d8d-4202-43fd-8158-a1d039e9cf8b","block_type":"box","text":"iShares MSCI France ETF","page_number":117,"box":{"x":87,"y":248,"width":160,"height":8}},{"id":"10388666-8ebf-4dc2-9dcb-1f078a1a3560","block_type":"box","text":"iShares MSCI Germany ETF","page_number":117,"box":{"x":87,"y":266,"width":175,"height":11}},{"id":"af97fdbb-89d3-496f-a91f-622d8014758f","block_type":"box","text":"iShares MSCI Israel ETF","page_number":117,"box":{"x":87,"y":284,"width":152,"height":8}},{"id":"7a8df99a-9143-4520-a843-604281891d81","block_type":"box","text":"iShares MSCI Italy ETF","page_number":117,"box":{"x":87,"y":302,"width":144,"height":11}},{"id":"6116b271-ba6d-4a98-b921-eb5479ee9939","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":117,"box":{"x":87,"y":320,"width":195,"height":8}},{"id":"73fdf298-7910-4935-8265-b33abf527c6e","block_type":"box","text":"iShares MSCI Spain ETF","page_number":117,"box":{"x":87,"y":338,"width":153,"height":11}},{"id":"b75a1736-ed63-4fae-895a-a391b3676f98","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":117,"box":{"x":87,"y":356,"width":168,"height":9}},{"id":"485763a9-db15-4f73-bca4-30917589f23c","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":117,"box":{"x":87,"y":374,"width":191,"height":9}},{"id":"85022f47-e6ef-4d40-a232-bf4f1b685786","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":117,"box":{"x":87,"y":392,"width":248,"height":11}},{"id":"05a6ceb8-cb64-40b3-a24f-672cd937437f","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":117,"box":{"x":76,"y":422,"width":897,"height":11}},{"id":"5c4d4992-8300-4a2f-b29b-e719ae660ad2","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":117,"box":{"x":76,"y":436,"width":905,"height":11}},{"id":"8ae6be7a-e658-4a5a-b1d1-d877e41f2062","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":117,"box":{"x":76,"y":451,"width":849,"height":10}},{"id":"21666b82-b46c-4658-b07d-116a38837898","block_type":"box","text":"instructions or may not be executed at all.","page_number":117,"box":{"x":76,"y":465,"width":269,"height":10}},{"id":"02d9227a-b76e-49e5-a596-104bd945a4af","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":117,"box":{"x":76,"y":488,"width":854,"height":11}},{"id":"e11d4058-ce8a-490b-987a-ce040f0aed7c","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":117,"box":{"x":77,"y":502,"width":310,"height":11}},{"id":"e005d5dc-98e3-4cb8-889d-c5e0d5697bf3","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":117,"box":{"x":76,"y":525,"width":848,"height":11}},{"id":"70bfd538-4a7e-472e-a355-05ae61c59daf","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":117,"box":{"x":76,"y":539,"width":876,"height":11}},{"id":"e0c76814-9cbc-4ec9-acc4-1612814b9a3c","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":117,"box":{"x":76,"y":554,"width":894,"height":10}},{"id":"815419a2-b859-4217-ab20-2aa0cb61b63b","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":117,"box":{"x":76,"y":568,"width":898,"height":11}},{"id":"ebbf6bf2-4777-4a15-b3c7-c2872f0dff38","block_type":"box","text":"taken certain measures (","page_number":117,"box":{"x":76,"y":582,"width":158,"height":11}},{"id":"ef58928d-82a4-4ab3-b929-9b128cbd5cef","block_type":"box","text":"e.g.","page_number":117,"box":{"x":235,"y":584,"width":21,"height":9}},{"id":"26108dd4-ee29-4e2a-9483-f20400dd0256","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":117,"box":{"x":259,"y":582,"width":694,"height":11}},{"id":"83dc45d6-8e47-448a-a542-d06ff824dbac","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":117,"box":{"x":76,"y":596,"width":835,"height":11}},{"id":"972199ff-2e55-438c-bbdd-4ce75d24b031","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":117,"box":{"x":77,"y":610,"width":894,"height":11}},{"id":"d6d17fea-c920-4c58-a22a-791ac9151682","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":117,"box":{"x":76,"y":625,"width":900,"height":10}},{"id":"5056b15c-ba2c-4856-bac6-0f8a14dbe017","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":117,"box":{"x":77,"y":639,"width":892,"height":11}},{"id":"8e50c2e5-7fa7-4c88-9ba7-ec91e3617bc7","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":117,"box":{"x":76,"y":662,"width":898,"height":11}},{"id":"e45ec356-eca0-4061-a260-57bb17a3eacd","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":117,"box":{"x":76,"y":676,"width":896,"height":11}},{"id":"34fe763a-dc88-4a18-8bbb-70614c65fba0","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":117,"box":{"x":76,"y":690,"width":844,"height":11}},{"id":"25bea4ee-5e61-4283-9bfe-ad6ac7f0ca88","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":117,"box":{"x":76,"y":704,"width":885,"height":11}},{"id":"fcd5b219-c74e-46ec-8375-caebe4b1b561","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":117,"box":{"x":76,"y":719,"width":838,"height":10}},{"id":"6596e54d-1e40-41af-886b-70455b7c448d","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":117,"box":{"x":77,"y":742,"width":886,"height":11}},{"id":"38dfbed3-3cf5-4c6b-9eb1-db655e347414","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":117,"box":{"x":77,"y":756,"width":902,"height":11}},{"id":"5954ed9e-f2f0-41d2-9ecd-a3ebe69de6f9","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":117,"box":{"x":76,"y":770,"width":868,"height":11}},{"id":"de48e6a9-1d2a-4ed8-80eb-e2f2a4de2b7f","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":117,"box":{"x":76,"y":784,"width":901,"height":11}},{"id":"9d2491f1-1803-423c-ae7c-d8f0f00ea09f","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":117,"box":{"x":76,"y":799,"width":464,"height":10}},{"id":"5a21c92e-75f1-4af2-bc1b-01f1219ffc23","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":117,"box":{"x":77,"y":822,"width":868,"height":11}},{"id":"5ba80575-b19e-4f16-bb0b-1f5fc8df04a8","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":117,"box":{"x":76,"y":836,"width":889,"height":11}},{"id":"d1bb7935-fd0e-46f7-ad18-67929ff35484","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":117,"box":{"x":78,"y":850,"width":892,"height":11}},{"id":"e23b7b74-5d3e-4330-aeaf-3038106b6b91","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":117,"box":{"x":76,"y":864,"width":892,"height":11}},{"id":"0a76ade2-a20e-47bf-9892-a6ea284808ae","block_type":"box","text":"transactions on a national securities exchange.","page_number":117,"box":{"x":76,"y":879,"width":300,"height":10}},{"id":"da9fbf1e-8957-4d0e-bea9-3c8f3f25ed5b","block_type":"box","text":"29","page_number":117,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"8bada5c3-f251-4c9a-9e6b-e9f439bd5eca","block_type":"box","text":"Householding","page_number":118,"box":{"x":77,"y":23,"width":95,"height":11}},{"id":"b83e1fc3-2b51-4618-a19f-cbf1c3016688","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":118,"box":{"x":77,"y":46,"width":903,"height":11}},{"id":"e8ea05ce-2716-4e95-a7ae-ea357cd1f2e3","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":118,"box":{"x":76,"y":61,"width":880,"height":10}},{"id":"94e7085b-6d76-4f5c-a9c5-ed4e516eb18a","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":118,"box":{"x":76,"y":75,"width":862,"height":11}},{"id":"a3e8d324-359b-4e99-927e-52992a7a6b5b","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":118,"box":{"x":77,"y":89,"width":855,"height":11}},{"id":"c164a69d-e1e1-4384-bed7-f34f794b506d","block_type":"box","text":"change your householding status.","page_number":118,"box":{"x":76,"y":103,"width":214,"height":11}},{"id":"ac538440-117c-42f8-9fec-4a6f66f9814e","block_type":"box","text":"Distribution","page_number":118,"box":{"x":78,"y":132,"width":113,"height":13}},{"id":"4e2893da-4557-4cc6-ba56-5a655a50a0f2","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":118,"box":{"x":76,"y":161,"width":859,"height":11}},{"id":"2bb1eec7-29d6-4db8-82c5-706f1a7e5da3","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":118,"box":{"x":76,"y":175,"width":857,"height":11}},{"id":"96da896f-dbdf-4c3f-bb12-f581d7782e5d","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":118,"box":{"x":76,"y":189,"width":824,"height":11}},{"id":"398407cf-04f6-4338-92de-f174b5030bc1","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":118,"box":{"x":77,"y":213,"width":808,"height":10}},{"id":"e43d410c-a130-4f6a-9650-a51d605bcdbf","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":118,"box":{"x":76,"y":227,"width":844,"height":11}},{"id":"2df02975-59dd-4873-8494-5507a8eb352f","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":118,"box":{"x":76,"y":241,"width":855,"height":11}},{"id":"6f21632c-d405-4c14-bd7e-aa74c813bf4d","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":118,"box":{"x":76,"y":255,"width":871,"height":11}},{"id":"9251a34f-af69-4284-b07e-bf3c041811ab","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":118,"box":{"x":77,"y":269,"width":894,"height":11}},{"id":"c234dfd3-5bf6-432b-ba24-d938be52ae9e","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":118,"box":{"x":76,"y":284,"width":867,"height":10}},{"id":"abbde9f7-4083-4241-8a06-05a95f870a51","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":118,"box":{"x":76,"y":298,"width":905,"height":11}},{"id":"211f70ce-a632-41ca-905a-98af5d00a40c","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":118,"box":{"x":76,"y":312,"width":896,"height":11}},{"id":"0a72bfd4-7f38-4fd0-87e4-36eb5819fc31","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":118,"box":{"x":76,"y":326,"width":844,"height":11}},{"id":"faf61825-1ea2-48d6-89ee-04ff4fe35f8f","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":118,"box":{"x":77,"y":340,"width":814,"height":11}},{"id":"a2fedaa8-46a6-4fa5-b46f-93fc552a0687","block_type":"box","text":"Please","page_number":118,"box":{"x":897,"y":340,"width":44,"height":9}},{"id":"b0b98e40-1543-4c8c-ab0d-489f3d531e4d","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":118,"box":{"x":76,"y":354,"width":879,"height":11}},{"id":"a777839f-7cc6-4521-aa82-3c4715ba5489","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":118,"box":{"x":76,"y":369,"width":263,"height":10}},{"id":"86045a7e-9e27-4857-a5d8-afe6f834faf0","block_type":"box","text":"Financial Highlights","page_number":118,"box":{"x":78,"y":398,"width":191,"height":16}},{"id":"c104d5df-6d36-4230-8861-bcceb15c1bb0","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":118,"box":{"x":76,"y":427,"width":895,"height":10}},{"id":"7cfca81d-a511-4dd5-b670-bae36b99796c","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":118,"box":{"x":76,"y":441,"width":870,"height":11}},{"id":"cbeb1c4b-04a3-4488-aea0-16b492092f3b","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":118,"box":{"x":76,"y":455,"width":865,"height":11}},{"id":"8c3eef4d-f16b-4466-aacc-3c4a7834bdfa","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":118,"box":{"x":76,"y":469,"width":856,"height":11}},{"id":"3322a722-9d3c-4f9f-9fb2-dc7ff68b744a","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":118,"box":{"x":76,"y":483,"width":547,"height":11}},{"id":"6e0f3d32-cb8a-42e1-b87b-8768c7fb5116","block_type":"box","text":"30","page_number":118,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"4e5eeffe-aaac-438c-9079-6229fdcbd195","block_type":"box","text":"For a share outstanding throughout each period:","page_number":119,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"a3db8a0a-bb35-4499-9bb4-2ff3c212fa91","block_type":"box","text":"iShares MSCI Austria ETF","page_number":119,"box":{"x":707,"y":45,"width":119,"height":6}},{"id":"16cda72d-5589-437c-a1a7-465d05a4f3f1","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"3b16ff28-9bb2-4ed5-ad10-f61924fc3ed0","block_type":"box","text":"08/31/25","page_number":119,"box":{"x":577,"y":66,"width":46,"height":7}},{"id":"29c3af45-3ecb-4a58-bd52-90ee787164cd","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"abd9bf12-6ac1-491c-a672-1138af032e35","block_type":"box","text":"08/31/24","page_number":119,"box":{"x":660,"y":66,"width":46,"height":7}},{"id":"936121fa-ca34-4300-8e48-04d4baa064be","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"b67e51b4-712d-4c80-ac79-28ada9c177f6","block_type":"box","text":"08/31/23","page_number":119,"box":{"x":744,"y":66,"width":45,"height":7}},{"id":"2890059a-d8ba-4325-a5b5-3a44a38cd9f4","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"73302349-7d2c-4254-ba95-7c5cfbd63841","block_type":"box","text":"08/31/22","page_number":119,"box":{"x":827,"y":66,"width":45,"height":7}},{"id":"cb461f05-909d-486d-9df8-c2fcf170d36a","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"99cfaea6-08f9-4f00-b668-cd4481c3bd6f","block_type":"box","text":"08/31/21","page_number":119,"box":{"x":910,"y":66,"width":44,"height":7}},{"id":"be68d190-0415-4cbf-aa3b-1dcf5be5069c","block_type":"box","text":"Net asset value, beginning of year","page_number":119,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"4bc92e5f-c602-48bf-ba17-69d0d8f4f9a9","block_type":"box","text":"$ 23.33 $ 20.24 $ 17.36 $ 25.28 $ 15.67","page_number":119,"box":{"x":584,"y":78,"width":374,"height":9}},{"id":"1502a74a-c879-4ccc-84d1-a9098d3ecfbd","block_type":"box","text":"Net investment income","page_number":119,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"e19e6747-601c-477c-815b-6d0a90ec40df","block_type":"box","text":"(a)","page_number":119,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"f0f30685-1254-4b9d-9a54-7aec0787d1ec","block_type":"box","text":"1.18 1.16 0.91 0.97 0.54","page_number":119,"box":{"x":611,"y":94,"width":348,"height":7}},{"id":"9fbb8cf7-74fd-433c-9a60-6ee5b93a5db8","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":119,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"91e7bbf4-14bf-48e2-b6ea-ae8f55cfe8f2","block_type":"box","text":"(b)","page_number":119,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"f8f4167d-8b3a-4ea2-97ea-3411c73961bb","block_type":"box","text":"7.63 3.54 2.96 (8.01) 9.50","page_number":119,"box":{"x":608,"y":105,"width":350,"height":9}},{"id":"1ef537c7-73d1-4de7-8fa4-634eb1696903","block_type":"box","text":"Net increase (decrease) from investment operations 8.81 4.70 3.87 (7.04) 10.04","page_number":119,"box":{"x":76,"y":120,"width":883,"height":10}},{"id":"5b0fa884-b912-4eb0-a965-0e1f8cd10593","block_type":"box","text":"Distributions from net investment income","page_number":119,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"c114ecae-b0ed-4887-80ee-b4598aa7d4ec","block_type":"box","text":"(c)","page_number":119,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"d33f8722-04bc-41d8-bf8b-bdc57174ce6f","block_type":"box","text":"(1.42) (1.61) (0.99) (0.88) (0.43)","page_number":119,"box":{"x":606,"y":135,"width":355,"height":10}},{"id":"18446063-be35-41ad-a3dd-32ad8a189aea","block_type":"box","text":"Net asset value, end of year","page_number":119,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"7bd331a9-4c88-4228-9f86-61b0bad72756","block_type":"box","text":"$ 30.72 $ 23.33 $ 20.24 $ 17.36 $ 25.28","page_number":119,"box":{"x":584,"y":149,"width":374,"height":9}},{"id":"9aadbc8f-906a-4482-901f-77f393097f8f","block_type":"box","text":"Total Return","page_number":119,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"2e666d45-bdf6-4423-84cd-17aab0264ae7","block_type":"box","text":"(d)","page_number":119,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"b84efbce-e9d8-4c28-b022-20b5abd43ab3","block_type":"box","text":"Based on net asset value","page_number":119,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"d56e3367-0b8c-44f8-9f92-93d166041a7d","block_type":"box","text":"39.27% 24.05% 22.61% (28.58)% 64.50%","page_number":119,"box":{"x":601,"y":182,"width":364,"height":10}},{"id":"412ceab9-dbdb-4881-8e99-6dcfd83f6fa7","block_type":"box","text":"Ratios to Average Net Assets","page_number":119,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"031ebb3a-89bc-46b2-870d-610ccafcbeeb","block_type":"box","text":"(e)","page_number":119,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"a6936d85-1be1-4554-9b4b-8c5f7a879b68","block_type":"box","text":"Total expenses","page_number":119,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"b3529ba3-b8c3-4d99-86e5-36220ce1c1ef","block_type":"box","text":"0.49% 0.50% 0.50% 0.50% 0.50%","page_number":119,"box":{"x":607,"y":214,"width":358,"height":7}},{"id":"06522f7a-12c4-41ff-853f-4a41515caf5c","block_type":"box","text":"Net investment income","page_number":119,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"c02be3ac-b05f-4bee-82b3-eb620455cbfc","block_type":"box","text":"4.62% 5.41% 4.68% 4.32% 2.55%","page_number":119,"box":{"x":606,"y":231,"width":359,"height":7}},{"id":"10375f73-50b4-4843-a07a-f755849df6de","block_type":"box","text":"Supplemental Data","page_number":119,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"b427fad8-04be-428e-91f8-a98621d18859","block_type":"box","text":"Net assets, end of year (000)","page_number":119,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"2aa0f462-4b7d-46a3-bf19-9ef78ff1ffb7","block_type":"box","text":"$107,509 $64,168 $53,649 $62,502 $89,752","page_number":119,"box":{"x":584,"y":262,"width":374,"height":10}},{"id":"03eec749-11e3-4625-94ae-352e936aecf4","block_type":"box","text":"Portfolio turnover rate","page_number":119,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"6ca6a9ff-b3a4-4efb-a778-6cae960edc7b","block_type":"box","text":"(f)","page_number":119,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"85ffbaac-e525-4b13-bd7f-7ce8c38c1089","block_type":"box","text":"24% 22% 21% 19% 14%","page_number":119,"box":{"x":616,"y":280,"width":349,"height":7}},{"id":"7f1b9048-e40d-422d-a4ea-abbe2701715a","block_type":"box","text":"(a)","page_number":119,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"699d192f-c1cc-4bab-94fb-e5bb80ed8459","block_type":"box","text":"Based on average shares outstanding.","page_number":119,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"2e2342a7-6323-4a73-8b0f-89045cc032a0","block_type":"box","text":"(b)","page_number":119,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"bfcdfe80-8543-41ee-896c-cdee23f198f6","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":119,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"78ca0fed-3914-4f42-9589-93758703a287","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":119,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"e4d78fec-c04c-4776-8432-6f0ffe8fc44b","block_type":"box","text":"(c)","page_number":119,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"07077742-61e0-487c-9570-b7845bd23e8a","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":119,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"fde0aeb3-e7d5-4682-88e0-78961d36be9a","block_type":"box","text":"(d)","page_number":119,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"ad003cf6-f910-4cfd-ba21-51f0c4ab2bef","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":119,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"a6534dd7-d9ef-4e82-b2f6-29b3a8ac4f6b","block_type":"box","text":"(e)","page_number":119,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"c5b5724d-536e-4176-8362-a7d6ff1372e1","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":119,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"b19f42fc-c731-49c2-acea-9f3b099c994a","block_type":"box","text":"(f)","page_number":119,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"e8f84ec9-f684-4220-beeb-6a34b560ffd6","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":119,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"31448392-5c20-44e7-89ca-f6eeb6692b47","block_type":"box","text":"For a share outstanding throughout each period:","page_number":119,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"12c4352e-03ce-4fe1-862a-42519194bc55","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":119,"box":{"x":705,"y":429,"width":123,"height":7}},{"id":"a5da266f-9f3b-458a-b863-6c67082bb4a5","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":574,"y":441,"width":52,"height":6}},{"id":"5daa9a65-2402-4416-8d2d-3d952ba71c0f","block_type":"box","text":"08/31/25","page_number":119,"box":{"x":577,"y":449,"width":46,"height":7}},{"id":"b5f1e446-821f-4403-9e65-8d745708d00e","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":657,"y":441,"width":52,"height":6}},{"id":"a51ee293-beec-467c-ab03-1ae55d7510de","block_type":"box","text":"08/31/24","page_number":119,"box":{"x":660,"y":449,"width":46,"height":7}},{"id":"833e22f7-cd7c-4bde-bd9e-a0255c2b1a81","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":740,"y":441,"width":52,"height":6}},{"id":"29099360-2262-4996-b190-5c0716167ebb","block_type":"box","text":"08/31/23","page_number":119,"box":{"x":744,"y":449,"width":45,"height":7}},{"id":"b5189771-ee0b-4a98-9131-f46635dbec83","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":823,"y":441,"width":52,"height":6}},{"id":"8da2f78f-d689-42e4-a723-bfab112d95a4","block_type":"box","text":"08/31/22","page_number":119,"box":{"x":827,"y":449,"width":45,"height":7}},{"id":"255552d9-99bc-4609-8d66-342541d32250","block_type":"box","text":"Year Ended","page_number":119,"box":{"x":906,"y":441,"width":52,"height":6}},{"id":"6fa41e57-2f58-4723-84b9-055e018444b9","block_type":"box","text":"08/31/21","page_number":119,"box":{"x":910,"y":449,"width":44,"height":7}},{"id":"79d79650-3fa5-4489-8adc-e25300b9c8f3","block_type":"box","text":"Net asset value, beginning of year","page_number":119,"box":{"x":76,"y":462,"width":164,"height":10}},{"id":"4ee4a899-4150-4649-8f56-4c970b5332ca","block_type":"box","text":"$ 20.14 $ 18.16 $ 15.93 $ 22.28 $ 17.76","page_number":119,"box":{"x":589,"y":462,"width":369,"height":9}},{"id":"0c23293c-eabc-47b9-a422-6c889e4e4b90","block_type":"box","text":"Net investment income","page_number":119,"box":{"x":86,"y":477,"width":102,"height":8}},{"id":"e8f0e950-b450-4f66-b6f4-77ee15963e08","block_type":"box","text":"(a)","page_number":119,"box":{"x":189,"y":476,"width":7,"height":6}},{"id":"99023759-5e51-4c5e-988e-8880077f3c8b","block_type":"box","text":"0.50 0.38 0.41 0.44 0.31","page_number":119,"box":{"x":607,"y":477,"width":350,"height":8}},{"id":"a3a57ed7-a00a-4b5d-b987-dcc121ae8588","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":119,"box":{"x":86,"y":489,"width":167,"height":9}},{"id":"8eb9d2be-e3a9-4e19-8385-ce10ece55c8e","block_type":"box","text":"(b)","page_number":119,"box":{"x":254,"y":487,"width":8,"height":6}},{"id":"05cc9333-234e-4c45-80b8-97dfaa199dda","block_type":"box","text":"3.02 2.03 2.15 (5.80) 4.64","page_number":119,"box":{"x":607,"y":489,"width":352,"height":9}},{"id":"b6018442-e96f-4a6e-8dd6-754cb71e3326","block_type":"box","text":"Net increase (decrease) from investment operations 3.52 2.41 2.56 (5.36) 4.95","page_number":119,"box":{"x":76,"y":504,"width":882,"height":9}},{"id":"84f170bc-f251-4fe6-9677-c38d24e34e82","block_type":"box","text":"Distributions","page_number":119,"box":{"x":76,"y":519,"width":62,"height":7}},{"id":"65b87b1c-2316-42bd-bf9b-8ca24c09283f","block_type":"box","text":"(c)","page_number":119,"box":{"x":139,"y":517,"width":8,"height":6}},{"id":"3225af64-4ac6-4ffe-aadd-20dae8506368","block_type":"box","text":"From net investment income","page_number":119,"box":{"x":86,"y":530,"width":126,"height":8}},{"id":"f3171026-df44-404a-a7f4-3823efff2e97","block_type":"box","text":"(0.49) (0.43) (0.15) (0.99) (0.43)","page_number":119,"box":{"x":604,"y":530,"width":357,"height":10}},{"id":"41ba2e81-d64e-4725-a398-c367727ebe88","block_type":"box","text":"Return of capital","page_number":119,"box":{"x":86,"y":542,"width":72,"height":9}},{"id":"b2eb20be-e930-4c0c-aea2-c1d3cb2c5d3a","block_type":"box","text":"— — (0.18) — —","page_number":119,"box":{"x":619,"y":542,"width":339,"height":9}},{"id":"e0e8d2f6-eff2-4343-8078-2d7a72609248","block_type":"box","text":"Total distributions","page_number":119,"box":{"x":76,"y":557,"width":78,"height":7}},{"id":"d1260165-c771-45f2-93e5-1a9eaf93147d","block_type":"box","text":"(0.49) (0.43) (0.33) (0.99) (0.43)","page_number":119,"box":{"x":604,"y":557,"width":357,"height":9}},{"id":"017a1133-8026-4663-89a4-88fd0fc6eb0e","block_type":"box","text":"Net asset value, end of year","page_number":119,"box":{"x":76,"y":572,"width":135,"height":10}},{"id":"2e4eb68f-987b-476e-8a78-830915bcd879","block_type":"box","text":"$ 23.17 $ 20.14 $ 18.16 $ 15.93 $ 22.28","page_number":119,"box":{"x":589,"y":571,"width":369,"height":9}},{"id":"a2bb2217-e27f-4e0d-b6be-44446bfcaf1e","block_type":"box","text":"Total Return","page_number":119,"box":{"x":76,"y":589,"width":58,"height":7}},{"id":"1aa91c37-bf22-41d5-b93b-eb8c3aeafed0","block_type":"box","text":"(d)","page_number":119,"box":{"x":135,"y":587,"width":8,"height":6}},{"id":"9a4894ca-710e-45d1-92a2-65389916b009","block_type":"box","text":"Based on net asset value","page_number":119,"box":{"x":76,"y":600,"width":109,"height":8}},{"id":"87c7647a-855a-41c9-b792-deeffc80cbd4","block_type":"box","text":"17.89% 13.43% 16.16% (24.77)% 27.96%","page_number":119,"box":{"x":605,"y":600,"width":360,"height":10}},{"id":"a0318188-0f89-4c9d-8805-74fcefe241c2","block_type":"box","text":"(e)","page_number":119,"box":{"x":966,"y":599,"width":7,"height":6}},{"id":"ec82baee-94fc-48a0-9b61-2352ae3111da","block_type":"box","text":"Ratios to Average Net Assets","page_number":119,"box":{"x":76,"y":615,"width":140,"height":10}},{"id":"92b98d2f-15e9-4ede-8ba8-5aba18207816","block_type":"box","text":"(f)","page_number":119,"box":{"x":217,"y":614,"width":7,"height":6}},{"id":"857091c6-5a3a-4848-84e1-b8d8e7e86d99","block_type":"box","text":"Total expenses","page_number":119,"box":{"x":76,"y":627,"width":64,"height":9}},{"id":"b79c339a-98f2-423b-ac88-765beb02f87e","block_type":"box","text":"0.49% 0.50% 0.50% 0.50% 0.50%","page_number":119,"box":{"x":607,"y":627,"width":358,"height":7}},{"id":"735d7e6d-a2d1-457b-a467-1328bb5d5240","block_type":"box","text":"Net investment income","page_number":119,"box":{"x":76,"y":642,"width":102,"height":7}},{"id":"97e335db-cf16-4dac-81be-b5ebf21a000e","block_type":"box","text":"2.38% 2.07% 2.28% 2.22% 1.52%","page_number":119,"box":{"x":607,"y":642,"width":358,"height":7}},{"id":"f37bdc87-9210-4cf4-a2eb-002448ec4408","block_type":"box","text":"Supplemental Data","page_number":119,"box":{"x":76,"y":657,"width":91,"height":9}},{"id":"69add936-34dc-4d98-a80e-5a8e1b763b0b","block_type":"box","text":"Net assets, end of year (000)","page_number":119,"box":{"x":76,"y":668,"width":127,"height":10}},{"id":"17f67498-0a1e-46c1-9ac5-c90438e4e2de","block_type":"box","text":"$37,077 $16,108 $20,343 $17,845 $41,002","page_number":119,"box":{"x":589,"y":668,"width":369,"height":9}},{"id":"ddec81b1-1767-4155-a7f3-bd3f01aa7bd4","block_type":"box","text":"Portfolio turnover rate","page_number":119,"box":{"x":76,"y":683,"width":97,"height":8}},{"id":"9fd87366-9737-4ebb-8edc-a3d26ff6b1ef","block_type":"box","text":"(g)","page_number":119,"box":{"x":174,"y":682,"width":8,"height":6}},{"id":"f0774fc5-23c5-419d-9278-2588b30f9855","block_type":"box","text":"17% 18% 12% 7% 16%","page_number":119,"box":{"x":618,"y":683,"width":347,"height":8}},{"id":"af4dd79c-13aa-44de-ab2b-cee5f78d0b59","block_type":"box","text":"(a)","page_number":119,"box":{"x":76,"y":697,"width":7,"height":6}},{"id":"c7ff06a4-2167-4001-92ea-cb82ead0d4c0","block_type":"box","text":"Based on average shares outstanding.","page_number":119,"box":{"x":107,"y":698,"width":166,"height":10}},{"id":"810bb56f-79ee-4289-a472-1128f45f4947","block_type":"box","text":"(b)","page_number":119,"box":{"x":76,"y":708,"width":8,"height":6}},{"id":"fa0780c7-f231-4611-9215-64d861b2c045","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":119,"box":{"x":106,"y":710,"width":678,"height":9}},{"id":"02c7c7f2-724a-499c-a765-70466e4464d9","block_type":"box","text":"iming of capital share transactions in","page_number":119,"box":{"x":785,"y":710,"width":161,"height":9}},{"id":"45b93e4e-1c2f-4eeb-a8d6-a234538709d6","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":119,"box":{"x":106,"y":720,"width":333,"height":10}},{"id":"f8303996-5e7e-4bf1-ab81-26858cdae31c","block_type":"box","text":"(c)","page_number":119,"box":{"x":76,"y":730,"width":7,"height":6}},{"id":"b8ef743f-b132-4b0b-8d81-bda1176e53b1","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":119,"box":{"x":107,"y":731,"width":437,"height":10}},{"id":"c4e68569-85e9-4e42-815a-2e80e4da35e0","block_type":"box","text":"(d)","page_number":119,"box":{"x":76,"y":742,"width":8,"height":6}},{"id":"c30bf240-70d8-4150-80c6-adf1c9055e30","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":119,"box":{"x":106,"y":743,"width":269,"height":10}},{"id":"6e76163c-38df-48c9-8fc0-d97e2cebb4fe","block_type":"box","text":"(e)","page_number":119,"box":{"x":76,"y":753,"width":8,"height":6}},{"id":"3677197f-ab87-48c0-8884-c2cb5904929e","block_type":"box","text":"Includes payment received from a settlement of litigation, which impacted the Fund’ total return. Excluding the payment from a settlement of litigat","page_number":119,"box":{"x":107,"y":754,"width":648,"height":10}},{"id":"3528f7a7-7d39-431e-9ef7-0ec568b2adbf","block_type":"box","text":"ion, the Fund’s total return is 22.73%.","page_number":119,"box":{"x":756,"y":754,"width":165,"height":9}},{"id":"70543780-a08a-4586-b9a8-50a9abb73614","block_type":"box","text":"(f)","page_number":119,"box":{"x":76,"y":765,"width":6,"height":6}},{"id":"e1f3d17e-c531-436a-bd33-5f1d890c1386","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":119,"box":{"x":107,"y":766,"width":410,"height":10}},{"id":"348e0869-87f7-44b7-86b8-8550734a9b9f","block_type":"box","text":"(g)","page_number":119,"box":{"x":76,"y":776,"width":7,"height":6}},{"id":"91a6ae7d-4079-4b71-91b2-910933044e4c","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":119,"box":{"x":107,"y":777,"width":260,"height":10}},{"id":"50aa2e66-8426-4709-ba7c-1a467449563d","block_type":"box","text":"31","page_number":119,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"915eea17-a239-4ade-9932-1b12851c7df1","block_type":"box","text":"For a share outstanding throughout each period:","page_number":120,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"0d4b2713-7661-4d37-b3e4-0386405ffac8","block_type":"box","text":"iShares MSCI Canada ETF","page_number":120,"box":{"x":707,"y":53,"width":119,"height":6}},{"id":"7ae14ff5-8258-47a8-a4bb-a3cbac178abc","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"c40f40a7-cdee-405b-8291-b2e63b91051f","block_type":"box","text":"08/31/25","page_number":120,"box":{"x":577,"y":73,"width":46,"height":7}},{"id":"e40bfd99-7d91-4763-89ae-05048ffe5808","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"1e5f268b-fc0d-46b0-ac3e-4147a4a03ab8","block_type":"box","text":"08/31/24","page_number":120,"box":{"x":660,"y":73,"width":46,"height":7}},{"id":"5914b948-916b-4733-a52f-6c87d43de337","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"ed76d7f0-d128-4cf2-bcef-666c61b97ef4","block_type":"box","text":"08/31/23","page_number":120,"box":{"x":744,"y":73,"width":45,"height":7}},{"id":"4e495e40-a2b8-4476-8ad4-b8778ee900ff","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"173fe05b-e2c2-4b6d-b577-3abbe4bcee88","block_type":"box","text":"08/31/22","page_number":120,"box":{"x":827,"y":73,"width":45,"height":7}},{"id":"86a68528-84a0-48d0-96b9-fd22060ca225","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"9d170f01-4db3-4bc9-b0db-bbdb4d2954dc","block_type":"box","text":"08/31/21","page_number":120,"box":{"x":910,"y":73,"width":44,"height":7}},{"id":"7d9f291d-6e83-4951-b3b9-7561eb2378d5","block_type":"box","text":"Net asset value, beginning of year","page_number":120,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"125420c1-7483-4b57-8b4b-4130823bc344","block_type":"box","text":"$ 40.49 $ 34.69 $ 33.72 $ 37.38 $ 28.76","page_number":120,"box":{"x":577,"y":86,"width":381,"height":9}},{"id":"24e7f051-1631-45c5-8f54-99242b388997","block_type":"box","text":"Net investment income","page_number":120,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"ffe9c1c4-3715-416d-9e66-1fb74b51f61a","block_type":"box","text":"(a)","page_number":120,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"5fddfcc3-ef71-4f44-945f-7728d7ad4902","block_type":"box","text":"0.80 0.79 0.80 0.77 0.64","page_number":120,"box":{"x":607,"y":102,"width":352,"height":7}},{"id":"b57e946f-a794-4473-8735-fdcb69ca16c7","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":120,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"83ab5c1e-72c4-4857-a729-f14e201d1fe8","block_type":"box","text":"(b)","page_number":120,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"a5293338-84ba-4106-9941-b41a65c406c2","block_type":"box","text":"8.32 5.85 1.01 (3.68) 8.60","page_number":120,"box":{"x":607,"y":113,"width":351,"height":9}},{"id":"49515bd5-bec6-4a69-a49c-28288139d869","block_type":"box","text":"Net increase (decrease) from investment operations 9.12 6.64 1.81 (2.91) 9.24","page_number":120,"box":{"x":76,"y":128,"width":883,"height":9}},{"id":"49dfe89a-c74d-4007-b564-85ae77ddf5e0","block_type":"box","text":"Distributions from net investment income","page_number":120,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"d26fc148-60f6-4d6b-b613-5ef705eed350","block_type":"box","text":"(c)","page_number":120,"box":{"x":270,"y":142,"width":7,"height":5}},{"id":"5cd648ef-1801-48fb-926f-50ea7757f17f","block_type":"box","text":"(0.86) (0.84) (0.84) (0.75) (0.62)","page_number":120,"box":{"x":604,"y":143,"width":357,"height":9}},{"id":"0c30fb38-f8c0-462f-8e30-8fa698235dc3","block_type":"box","text":"Net asset value, end of year","page_number":120,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"5aaf7fc8-26f3-4e62-81d8-c10c02341bd5","block_type":"box","text":"$ 48.75 $ 40.49 $ 34.69 $ 33.72 $ 37.38","page_number":120,"box":{"x":577,"y":157,"width":381,"height":9}},{"id":"c72dd306-2f0a-497c-b291-603a61bd3d4e","block_type":"box","text":"Total Return","page_number":120,"box":{"x":76,"y":175,"width":57,"height":7}},{"id":"996c1ffc-d9ab-41a0-98ea-cf39419ed0fe","block_type":"box","text":"(d)","page_number":120,"box":{"x":135,"y":173,"width":8,"height":6}},{"id":"154f7b98-0240-47b7-9c16-1354b44c5089","block_type":"box","text":"Based on net asset value","page_number":120,"box":{"x":76,"y":186,"width":109,"height":8}},{"id":"def045e0-2d34-420a-9f4d-70a17a9827da","block_type":"box","text":"22.86%","page_number":120,"box":{"x":601,"y":186,"width":32,"height":8}},{"id":"264a9467-5886-4235-a06a-b9b35e6190f8","block_type":"box","text":"(e)","page_number":120,"box":{"x":633,"y":185,"width":8,"height":6}},{"id":"1b86fb74-5f89-41b0-9ef7-94d9fbcbfb8d","block_type":"box","text":"19.42% 5.42% (7.94)% 32.41%","page_number":120,"box":{"x":686,"y":186,"width":279,"height":10}},{"id":"48ce673d-a644-4a0c-ae9a-8c9fa45813e9","block_type":"box","text":"Ratios to Average Net Assets","page_number":120,"box":{"x":76,"y":201,"width":140,"height":10}},{"id":"09afdfb7-118c-468e-8f00-96922b85937f","block_type":"box","text":"(f)","page_number":120,"box":{"x":217,"y":200,"width":7,"height":6}},{"id":"05f3ae5d-5dd3-4bb7-994d-62c7b54eb619","block_type":"box","text":"Total expenses","page_number":120,"box":{"x":76,"y":213,"width":64,"height":9}},{"id":"81b1bc5a-522f-4bbe-8d94-58e3a61e9824","block_type":"box","text":"0.50% 0.50% 0.50% 0.50% 0.50%","page_number":120,"box":{"x":607,"y":213,"width":358,"height":7}},{"id":"ac47d022-ec82-4e6c-bdc3-fea49e7c8de3","block_type":"box","text":"Net investment income","page_number":120,"box":{"x":76,"y":228,"width":102,"height":7}},{"id":"16798b80-4e54-4ee9-aa04-de64d42bbb42","block_type":"box","text":"1.87% 2.19% 2.36% 2.05% 1.91%","page_number":120,"box":{"x":609,"y":228,"width":356,"height":7}},{"id":"4d09ec61-4796-4511-b102-6a6b0ec23f85","block_type":"box","text":"Supplemental Data","page_number":120,"box":{"x":76,"y":243,"width":91,"height":9}},{"id":"ee8f074d-4a60-434a-b998-11fb01d72fba","block_type":"box","text":"Net assets, end of year (000)","page_number":120,"box":{"x":76,"y":254,"width":127,"height":10}},{"id":"07c42e94-958d-4ef6-bcb5-80fe28cd9e4b","block_type":"box","text":"$3,203,128 $2,591,046 $3,028,303 $3,662,225 $4,157,136","page_number":120,"box":{"x":577,"y":254,"width":381,"height":9}},{"id":"f3b400af-8a18-4a57-8bb8-a5ac43400e92","block_type":"box","text":"Portfolio turnover rate","page_number":120,"box":{"x":76,"y":269,"width":97,"height":8}},{"id":"07ea9a71-d3bf-41f3-9940-344b14ea74ea","block_type":"box","text":"(g)","page_number":120,"box":{"x":174,"y":268,"width":8,"height":6}},{"id":"68299747-7d8f-4223-a264-8b88efb12066","block_type":"box","text":"4% 4% 6% 5% 8%","page_number":120,"box":{"x":621,"y":269,"width":344,"height":8}},{"id":"12114d9f-dda5-4962-9dbe-e8fefcefaac0","block_type":"box","text":"(a)","page_number":120,"box":{"x":76,"y":283,"width":7,"height":6}},{"id":"dd8098bb-54f4-429d-a975-bbac6bebebf6","block_type":"box","text":"Based on average shares outstanding.","page_number":120,"box":{"x":107,"y":284,"width":166,"height":10}},{"id":"5de70e7b-25f9-4a73-be79-42d82f26987d","block_type":"box","text":"(b)","page_number":120,"box":{"x":76,"y":294,"width":8,"height":6}},{"id":"3c344ac2-1519-4f01-b9f1-0ab4faa8c034","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":120,"box":{"x":106,"y":296,"width":678,"height":9}},{"id":"653b5847-ab02-48c9-8597-1eb7c390d149","block_type":"box","text":"iming of capital share transactions in","page_number":120,"box":{"x":785,"y":296,"width":161,"height":9}},{"id":"521d294c-9e24-4e44-88eb-f9020d1688a9","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":120,"box":{"x":106,"y":306,"width":333,"height":10}},{"id":"faa694db-0944-4cdb-a262-3c06cf3d13c5","block_type":"box","text":"(c)","page_number":120,"box":{"x":76,"y":316,"width":7,"height":6}},{"id":"374806dd-a9e3-4c00-8c78-fc2a0d59e40c","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":120,"box":{"x":107,"y":318,"width":437,"height":9}},{"id":"eaf0c1f1-b8fc-4f32-b6fb-62b0b4e41bd1","block_type":"box","text":"(d)","page_number":120,"box":{"x":76,"y":328,"width":8,"height":6}},{"id":"6d2517a7-87a6-43d2-b621-0cef15e3323a","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":120,"box":{"x":106,"y":329,"width":269,"height":10}},{"id":"91c5dbff-abd0-4ae8-9dd3-2245001a8dd3","block_type":"box","text":"(e)","page_number":120,"box":{"x":76,"y":339,"width":8,"height":6}},{"id":"7f3cc7e4-916e-47a5-9978-c8844bf9d52c","block_type":"box","text":"Includes payment received from a settlement of litigation which impacted the Fund’s total return, Excluding the payment from a settlement of litigat","page_number":120,"box":{"x":107,"y":341,"width":650,"height":9}},{"id":"a11e4905-13bc-4ff7-8427-40ed865901f4","block_type":"box","text":"ion, the Fund’s total return would have been","page_number":120,"box":{"x":758,"y":341,"width":194,"height":9}},{"id":"3f3fd3cb-b248-4899-a28f-2f08d1966061","block_type":"box","text":"22.82%","page_number":120,"box":{"x":107,"y":351,"width":31,"height":7}},{"id":"40a47192-3d54-4f4e-9ad6-ac29f56e348c","block_type":"box","text":"(f)","page_number":120,"box":{"x":76,"y":361,"width":6,"height":6}},{"id":"4108901b-e050-42b0-a19c-a4a8c1cf1a49","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":120,"box":{"x":107,"y":362,"width":410,"height":10}},{"id":"797b76b0-8142-49e0-a0e3-3c6c31972402","block_type":"box","text":"(g)","page_number":120,"box":{"x":76,"y":372,"width":7,"height":6}},{"id":"39b91749-9ffe-4bd3-a84a-7e58209d24e5","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":120,"box":{"x":107,"y":374,"width":260,"height":9}},{"id":"27a0c207-9fbb-4951-9ab6-470f05682eea","block_type":"box","text":"For a share outstanding throughout each period:","page_number":120,"box":{"x":77,"y":397,"width":339,"height":11}},{"id":"438ccbcb-3086-4cb8-bd84-ec510dd3eb19","block_type":"box","text":"iShares MSCI Eurozone ETF","page_number":120,"box":{"x":703,"y":427,"width":127,"height":6}},{"id":"b839787f-8be3-4374-ac8f-b7316f1cb336","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":574,"y":440,"width":52,"height":5}},{"id":"7d4b167b-5693-4776-bef3-53160e4f2c2f","block_type":"box","text":"08/31/25","page_number":120,"box":{"x":577,"y":448,"width":46,"height":7}},{"id":"5b2a2abc-61bb-48cf-b5a9-deb96fe77658","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":657,"y":440,"width":52,"height":5}},{"id":"87d7d5cf-1988-415b-b8e1-0ee771dfc5fd","block_type":"box","text":"08/31/24","page_number":120,"box":{"x":660,"y":448,"width":46,"height":7}},{"id":"9f8cbd4d-3e2e-4b46-8858-9804c5c817cd","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":740,"y":440,"width":52,"height":5}},{"id":"bac59819-4dbe-4c1d-9cb0-887268912585","block_type":"box","text":"08/31/23","page_number":120,"box":{"x":744,"y":448,"width":45,"height":7}},{"id":"48458cfd-cf77-4406-9135-23de75a5a294","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":823,"y":440,"width":52,"height":5}},{"id":"fdcff5aa-6cb3-4560-9212-2f597a7c8153","block_type":"box","text":"08/31/22","page_number":120,"box":{"x":827,"y":448,"width":45,"height":7}},{"id":"843e56f6-4520-4d93-8e08-e7279d6f90da","block_type":"box","text":"Year Ended","page_number":120,"box":{"x":906,"y":440,"width":52,"height":5}},{"id":"cb2dd60d-09f8-43da-b1f2-5f13bac8ea70","block_type":"box","text":"08/31/21","page_number":120,"box":{"x":910,"y":448,"width":44,"height":7}},{"id":"c7bd75ef-20a8-4bb1-9641-be3aa639b931","block_type":"box","text":"Net asset value, beginning of year","page_number":120,"box":{"x":76,"y":461,"width":164,"height":9}},{"id":"22574c64-240f-4d36-88fe-50cfa2b4c832","block_type":"box","text":"$ 51.36 $ 44.76 $ 35.23 $ 50.86 $ 39.52","page_number":120,"box":{"x":575,"y":460,"width":383,"height":9}},{"id":"9834b563-151c-4821-acaa-67f78f9cebca","block_type":"box","text":"Net investment income","page_number":120,"box":{"x":86,"y":476,"width":102,"height":7}},{"id":"93b815ae-49b7-4672-80de-62dd98ef94f6","block_type":"box","text":"(a)","page_number":120,"box":{"x":189,"y":474,"width":7,"height":6}},{"id":"2c37f25d-eb56-47a9-b72c-6583ab4f5614","block_type":"box","text":"1.42 1.28","page_number":120,"box":{"x":609,"y":476,"width":93,"height":7}},{"id":"7ff3573c-2b01-4827-a3ea-a77b80a499da","block_type":"box","text":"(b)","page_number":120,"box":{"x":704,"y":474,"width":7,"height":6}},{"id":"29263b6d-4876-41a8-907a-f13343316674","block_type":"box","text":"1.25","page_number":120,"box":{"x":769,"y":476,"width":17,"height":7}},{"id":"7e09fbe2-e9e0-47fd-95b3-a2eb99514a67","block_type":"box","text":"(b)","page_number":120,"box":{"x":787,"y":474,"width":7,"height":6}},{"id":"0f54d20a-5417-4aa2-a36d-2620c6737816","block_type":"box","text":"1.06","page_number":120,"box":{"x":852,"y":476,"width":17,"height":7}},{"id":"28cd5074-914f-4de5-ada5-52a327ca30fc","block_type":"box","text":"(b)","page_number":120,"box":{"x":870,"y":474,"width":8,"height":6}},{"id":"baf35659-b0df-4d56-8e12-86fbaa2e811d","block_type":"box","text":"1.21","page_number":120,"box":{"x":936,"y":476,"width":15,"height":7}},{"id":"f6a38185-36a2-45b4-b3a4-b28cceb1336a","block_type":"box","text":"(b)","page_number":120,"box":{"x":953,"y":474,"width":8,"height":6}},{"id":"0786fdef-fdaf-45d1-ab5d-034a237ae948","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":120,"box":{"x":86,"y":487,"width":167,"height":10}},{"id":"69e0af0c-583d-4c9c-bcc6-d6d0891aaed6","block_type":"box","text":"(c)","page_number":120,"box":{"x":254,"y":486,"width":8,"height":6}},{"id":"f2009287-1596-4a5b-a5c9-750c06f933e5","block_type":"box","text":"8.61 6.71 9.32 (15.04) 11.24","page_number":120,"box":{"x":608,"y":487,"width":351,"height":10}},{"id":"8fc592d3-c8ab-4ccc-877b-1fafdcc4481d","block_type":"box","text":"Net increase (decrease) from investment operations 10.03 7.99 10.57 (13.98) 12.45","page_number":120,"box":{"x":76,"y":502,"width":882,"height":10}},{"id":"0e44c556-be2c-458c-b4fd-abbd6b505d6b","block_type":"box","text":"Distributions from net investment income","page_number":120,"box":{"x":86,"y":517,"width":183,"height":8}},{"id":"80f8b556-182e-4c17-9c79-0f6ea3cf95b5","block_type":"box","text":"(d)","page_number":120,"box":{"x":270,"y":516,"width":8,"height":6}},{"id":"50694801-0403-4aef-a221-5d214d8960d1","block_type":"box","text":"(1.54) (1.39) (1.04) (1.65) (1.11)","page_number":120,"box":{"x":606,"y":517,"width":354,"height":10}},{"id":"cad87f76-6688-4f27-88a0-6897f86446ee","block_type":"box","text":"Net asset value, end of year","page_number":120,"box":{"x":76,"y":532,"width":135,"height":10}},{"id":"ce14e5f0-8be9-4d5b-b81f-b4c4c54783b4","block_type":"box","text":"$ 59.85 $ 51.36 $ 44.76 $ 35.23 $ 50.86","page_number":120,"box":{"x":575,"y":531,"width":383,"height":9}},{"id":"6c81b743-578f-4989-82fe-400e2d63fee2","block_type":"box","text":"Total Return","page_number":120,"box":{"x":76,"y":549,"width":57,"height":8}},{"id":"3d5d51da-7306-4e20-897d-ef3f0220ac3f","block_type":"box","text":"(e)","page_number":120,"box":{"x":135,"y":548,"width":8,"height":6}},{"id":"b1074ef4-286d-472d-9e4d-d0ff4ef5d137","block_type":"box","text":"Based on net asset value","page_number":120,"box":{"x":76,"y":561,"width":109,"height":7}},{"id":"b4869db9-1f9a-4229-8445-775db9cb0b68","block_type":"box","text":"19.78% 18.02%","page_number":120,"box":{"x":603,"y":561,"width":113,"height":7}},{"id":"08ffde77-7bd0-4fe7-b81b-591cb5909129","block_type":"box","text":"(b)","page_number":120,"box":{"x":717,"y":559,"width":7,"height":6}},{"id":"d8a01de8-266e-4b51-a040-bb0b7d06dc01","block_type":"box","text":"30.09%","page_number":120,"box":{"x":767,"y":561,"width":32,"height":7}},{"id":"86882255-9d23-49cb-ab0b-1ab42aa8caf4","block_type":"box","text":"(b)","page_number":120,"box":{"x":800,"y":559,"width":7,"height":6}},{"id":"c0e45ef4-c382-4bf1-b852-5a618689ce19","block_type":"box","text":"(27.98)%","page_number":120,"box":{"x":849,"y":561,"width":36,"height":9}},{"id":"5211475d-5838-483e-9e25-76da7589654b","block_type":"box","text":"(b)","page_number":120,"box":{"x":886,"y":559,"width":8,"height":6}},{"id":"49b0a0d7-a814-4d09-b458-ed5433adf885","block_type":"box","text":"31.72%","page_number":120,"box":{"x":935,"y":561,"width":30,"height":7}},{"id":"b3012ff2-714c-4c95-88a2-ea3839f032a9","block_type":"box","text":"(b)","page_number":120,"box":{"x":966,"y":559,"width":8,"height":6}},{"id":"5fe29cd0-1ac9-48fd-802a-335e999ac42c","block_type":"box","text":"Ratios to Average Net Assets","page_number":120,"box":{"x":76,"y":576,"width":140,"height":9}},{"id":"646ab43a-f759-470d-ad48-c45f15c10519","block_type":"box","text":"(f)","page_number":120,"box":{"x":217,"y":574,"width":7,"height":6}},{"id":"f93b66a8-4ea1-4db0-8d7c-50aaae05b015","block_type":"box","text":"Total expenses","page_number":120,"box":{"x":76,"y":587,"width":64,"height":10}},{"id":"e61a7a18-c544-42bd-b24e-bdb80a168561","block_type":"box","text":"0.50% 0.51% 0.51% 0.53% 0.65%","page_number":120,"box":{"x":607,"y":587,"width":358,"height":8}},{"id":"aa8c22ad-4c23-4bde-ad43-2dd3b99034bb","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding tax claims 0.49% 0.50% 0.50% 0.50% 0.50%","page_number":120,"box":{"x":76,"y":602,"width":889,"height":10}},{"id":"77589775-3f16-4d5a-816f-35fec551f606","block_type":"box","text":"Net investment income","page_number":120,"box":{"x":76,"y":617,"width":102,"height":8}},{"id":"32395666-b46a-4698-9296-099683dd6a4c","block_type":"box","text":"2.66% 2.70%","page_number":120,"box":{"x":607,"y":617,"width":109,"height":8}},{"id":"ec7c70e4-d285-467b-bea4-0dd7b1a632dc","block_type":"box","text":"(b)","page_number":120,"box":{"x":717,"y":616,"width":7,"height":6}},{"id":"47a8e7a6-237f-4352-80a4-57a2cac73034","block_type":"box","text":"2.96%","page_number":120,"box":{"x":773,"y":617,"width":26,"height":8}},{"id":"0a4986b8-1970-41ea-a634-4402145c5e62","block_type":"box","text":"(b)","page_number":120,"box":{"x":800,"y":616,"width":7,"height":6}},{"id":"dcbc8a7e-45e7-40d5-b9b7-451e8277a52b","block_type":"box","text":"2.39%","page_number":120,"box":{"x":856,"y":617,"width":26,"height":8}},{"id":"265de73e-e5d3-4607-bf9a-ac8dc8165895","block_type":"box","text":"(b)","page_number":120,"box":{"x":883,"y":616,"width":7,"height":6}},{"id":"1a7455e4-9dcd-43da-afc8-892664f9069c","block_type":"box","text":"2.64%","page_number":120,"box":{"x":939,"y":617,"width":26,"height":8}},{"id":"9af27328-8469-43ef-a6dc-0e52a691cefc","block_type":"box","text":"(b)","page_number":120,"box":{"x":966,"y":616,"width":8,"height":6}},{"id":"a33ce478-95f8-489f-85cd-370f24fd362d","block_type":"box","text":"Supplemental Data","page_number":120,"box":{"x":76,"y":632,"width":91,"height":10}},{"id":"03733eb6-5931-4e96-a18b-6b0e67514c1a","block_type":"box","text":"Net assets, end of year (000)","page_number":120,"box":{"x":76,"y":644,"width":127,"height":9}},{"id":"f31efea4-d9b9-4c57-a4f3-81e3b7fa164a","block_type":"box","text":"$7,876,328 $7,893,590 $7,775,037 $4,787,972 $8,243,943","page_number":120,"box":{"x":575,"y":643,"width":383,"height":10}},{"id":"48c3e96f-a372-46d2-b57a-06d756c6ea2f","block_type":"box","text":"Portfolio turnover rate","page_number":120,"box":{"x":76,"y":659,"width":97,"height":7}},{"id":"06582d47-75dc-41a2-82e1-492fb0a1ef54","block_type":"box","text":"(g)","page_number":120,"box":{"x":174,"y":657,"width":8,"height":6}},{"id":"cda3c8c5-ab89-41a0-a0a1-20c2420522c8","block_type":"box","text":"4% 4% 3% 6% 5%","page_number":120,"box":{"x":621,"y":659,"width":344,"height":7}},{"id":"9a5d5b59-b795-4e91-9e93-050c19e806f0","block_type":"box","text":"(a)","page_number":120,"box":{"x":76,"y":672,"width":7,"height":6}},{"id":"ce607092-3abb-49a4-82ef-280c44bac6e4","block_type":"box","text":"Based on average shares outstanding.","page_number":120,"box":{"x":107,"y":674,"width":166,"height":9}},{"id":"be95c3ac-4899-4cfd-a6fa-2d17659681c0","block_type":"box","text":"(b)","page_number":120,"box":{"x":76,"y":684,"width":8,"height":6}},{"id":"2a2aee8a-1b46-4282-bb09-50b7c0830aa3","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f","page_number":120,"box":{"x":107,"y":685,"width":630,"height":10}},{"id":"c02d460c-35db-4f10-afed-a5171b615d93","block_type":"box","text":"or the years ended August 31, 2024, August 31,","page_number":120,"box":{"x":737,"y":685,"width":208,"height":10}},{"id":"d4160989-3df6-4660-9072-df1458306779","block_type":"box","text":"2023, August 31, 2022 and August 31, 2021 respectively:\r\n$$$","page_number":120,"box":{"x":107,"y":695,"width":251,"height":10}},{"id":"4dcecf19-0aca-40de-8639-b44739355d7d","block_type":"box","text":"•","page_number":120,"box":{"x":107,"y":706,"width":5,"height":4}},{"id":"645919a3-a828-4538-a0fc-a749322ca62c","block_type":"box","text":"gg\r\nNet investment income per share by $0.04, $0.02, $0.10 and $0.53.","page_number":120,"box":{"x":117,"y":705,"width":300,"height":10}},{"id":"5c7ef2ba-9d81-43e5-88e6-e21abf21ad33","block_type":"box","text":"•","page_number":120,"box":{"x":107,"y":716,"width":5,"height":5}},{"id":"022da182-6966-4df6-bdc9-9c97b621f023","block_type":"box","text":"Total return by 0.08%, 0.05%, 0.22% and 1.07%.","page_number":120,"box":{"x":117,"y":716,"width":206,"height":10}},{"id":"cd313e8b-5b27-4b4b-84f0-2048ac343cad","block_type":"box","text":"•","page_number":120,"box":{"x":107,"y":727,"width":5,"height":4}},{"id":"9a617203-bdbb-4b20-9bec-f735281ca04d","block_type":"box","text":"Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%.","page_number":120,"box":{"x":117,"y":726,"width":389,"height":10}},{"id":"1947853e-b9ba-4b0c-8823-57878d6218e0","block_type":"box","text":"(c)","page_number":120,"box":{"x":76,"y":736,"width":7,"height":6}},{"id":"792442fd-a09b-4e44-996a-7577125c3ced","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":120,"box":{"x":106,"y":738,"width":678,"height":9}},{"id":"8c383231-b28b-4083-83eb-207671a20d57","block_type":"box","text":"iming of capital share transactions in","page_number":120,"box":{"x":785,"y":738,"width":161,"height":9}},{"id":"25880eae-f7ae-4f85-bb11-6ac9576d860d","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":120,"box":{"x":106,"y":748,"width":333,"height":10}},{"id":"f786b3ae-820b-48cd-9875-28ee986c8757","block_type":"box","text":"(d)","page_number":120,"box":{"x":76,"y":758,"width":8,"height":6}},{"id":"0c7158e6-e143-484f-ae89-9fadc70e3c3f","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":120,"box":{"x":107,"y":760,"width":437,"height":9}},{"id":"55350821-9a40-46f6-8d3f-3ab50ac89c80","block_type":"box","text":"(e)","page_number":120,"box":{"x":76,"y":770,"width":8,"height":6}},{"id":"a55e81e6-95bf-4a6b-8b1e-cf587301b212","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":120,"box":{"x":106,"y":771,"width":269,"height":10}},{"id":"ee4aab2d-f19a-4870-b45a-95a1c3f3ca9a","block_type":"box","text":"(f)","page_number":120,"box":{"x":76,"y":781,"width":6,"height":6}},{"id":"c3608def-9138-4463-a65f-ee011f54fab3","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":120,"box":{"x":107,"y":783,"width":410,"height":9}},{"id":"9f661b4a-9403-4e65-af88-4848900c9f53","block_type":"box","text":"(g)","page_number":120,"box":{"x":76,"y":793,"width":7,"height":6}},{"id":"3e4a302f-553e-4ba0-899e-9b6667eab44f","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":120,"box":{"x":107,"y":794,"width":260,"height":10}},{"id":"4a50a447-a50b-4508-af53-180af6a80a61","block_type":"box","text":"32","page_number":120,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"0966219c-a5df-441d-816b-75d8f86682ad","block_type":"box","text":"For a share outstanding throughout each period:","page_number":121,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"9ca78da2-8065-471d-8eff-c959bb494a7d","block_type":"box","text":"iShares MSCI France ETF","page_number":121,"box":{"x":708,"y":53,"width":117,"height":6}},{"id":"cd2db587-bbcf-48aa-ad58-cadbb5eb36f2","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"98079634-064f-4f7b-8cbd-2bc74358182d","block_type":"box","text":"08/31/25","page_number":121,"box":{"x":577,"y":73,"width":46,"height":7}},{"id":"5b7ee64b-0570-4a09-bda9-00a126b38e36","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"2699a930-b148-446f-9035-f3b5d11b5b69","block_type":"box","text":"08/31/24","page_number":121,"box":{"x":660,"y":73,"width":46,"height":7}},{"id":"433f1b63-b19d-493b-b853-3556f9b11e43","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"5796bf17-a6f1-4b26-96a6-af4a25fb4c1a","block_type":"box","text":"08/31/23","page_number":121,"box":{"x":744,"y":73,"width":45,"height":7}},{"id":"655eb9cb-b5a2-45cb-a4d2-a09769b73cb6","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"ff2edf3b-d899-4f65-8e47-a53127ef3661","block_type":"box","text":"08/31/22","page_number":121,"box":{"x":827,"y":73,"width":45,"height":7}},{"id":"8ff6f440-c26c-40cd-89d2-cf5876315048","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"e3ba6e01-4d44-42d8-b37b-96938ff6b971","block_type":"box","text":"08/31/21","page_number":121,"box":{"x":910,"y":73,"width":44,"height":7}},{"id":"0a057337-59b3-45b2-a76b-51b7d082d38d","block_type":"box","text":"Net asset value, beginning of year","page_number":121,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"819d687a-55fc-4be9-8136-1994acb0a1af","block_type":"box","text":"$ 39.88 $ 37.57 $ 29.48 $ 38.85 $ 29.30","page_number":121,"box":{"x":583,"y":86,"width":375,"height":9}},{"id":"d66c43dd-2941-4714-b49b-5b2fd2bf1486","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"9ffe991d-d55f-41b3-a069-cce270b7a1e9","block_type":"box","text":"(a)","page_number":121,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"5f9ded0c-d6ac-42b2-baa7-f237b1b6c4d5","block_type":"box","text":"0.91 0.90","page_number":121,"box":{"x":607,"y":102,"width":96,"height":7}},{"id":"6d11fe43-288f-45b6-9160-314665421752","block_type":"box","text":"(b)","page_number":121,"box":{"x":704,"y":100,"width":7,"height":6}},{"id":"1bc93bd6-255e-4bc4-9bf9-621341f6b013","block_type":"box","text":"1.01","page_number":121,"box":{"x":770,"y":102,"width":14,"height":7}},{"id":"5c7a7507-d588-4a03-8fd5-693d86d91448","block_type":"box","text":"(b)","page_number":121,"box":{"x":787,"y":100,"width":7,"height":6}},{"id":"cf738d36-2e86-4374-93cf-85caa4586356","block_type":"box","text":"1.27","page_number":121,"box":{"x":852,"y":102,"width":17,"height":7}},{"id":"efc77651-c93a-4a68-b650-aaabee55204d","block_type":"box","text":"(b)","page_number":121,"box":{"x":870,"y":100,"width":8,"height":6}},{"id":"6463c8c1-95dc-4f76-a2ad-887fa692a4ca","block_type":"box","text":"0.72","page_number":121,"box":{"x":933,"y":102,"width":19,"height":7}},{"id":"2b576b59-9502-40be-be60-403bd419fcb6","block_type":"box","text":"(b)","page_number":121,"box":{"x":953,"y":100,"width":8,"height":6}},{"id":"fe1f5667-1f57-4b4a-a540-97ab49d70c70","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":121,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"fb99a86a-42f7-4e72-bbc7-d133ee2fc2fa","block_type":"box","text":"(c)","page_number":121,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"b669fd53-aa97-4a55-8e37-7e178be4c3d4","block_type":"box","text":"3.07 2.58 8.02 (8.65) 9.43","page_number":121,"box":{"x":607,"y":113,"width":351,"height":9}},{"id":"a2a85bc1-70c0-4dde-86ff-f23249e3cfac","block_type":"box","text":"Net increase (decrease) from investment operations 3.98 3.48 9.03 (7.38) 10.15","page_number":121,"box":{"x":76,"y":128,"width":882,"height":9}},{"id":"21821c33-a95e-4806-9bcc-3b21e3f065d4","block_type":"box","text":"Distributions from net investment income","page_number":121,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"bb8c88a1-fa9d-4817-aa57-bbfe784b9c47","block_type":"box","text":"(d)","page_number":121,"box":{"x":270,"y":142,"width":8,"height":5}},{"id":"072837d9-bf53-4a8e-a06c-110850068ff8","block_type":"box","text":"(1.23) (1.17) (0.94) (1.99) (0.60)","page_number":121,"box":{"x":606,"y":143,"width":355,"height":9}},{"id":"528deaa0-945b-4404-bc5b-1448b36abde2","block_type":"box","text":"Net asset value, end of year","page_number":121,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"7a2e7416-b4ca-4b63-b796-b3e4fe33b963","block_type":"box","text":"$ 42.63 $ 39.88 $ 37.57 $ 29.48 $ 38.85","page_number":121,"box":{"x":583,"y":157,"width":375,"height":9}},{"id":"1a6d92be-8eda-469a-a78c-45ab54960d89","block_type":"box","text":"Total Return","page_number":121,"box":{"x":76,"y":175,"width":57,"height":7}},{"id":"e6c37d94-f885-4396-8756-644d9d826719","block_type":"box","text":"(e)","page_number":121,"box":{"x":135,"y":173,"width":8,"height":6}},{"id":"a3ae03bf-56e6-4cde-bb7c-274b738f912c","block_type":"box","text":"Based on net asset value","page_number":121,"box":{"x":76,"y":186,"width":109,"height":8}},{"id":"f1d4faeb-c5be-4054-a0c1-c296d29d4156","block_type":"box","text":"10.15% 9.30%","page_number":121,"box":{"x":605,"y":186,"width":111,"height":8}},{"id":"3753d3f0-cfd6-4909-9df5-669c3127348f","block_type":"box","text":"(b)","page_number":121,"box":{"x":717,"y":185,"width":7,"height":6}},{"id":"1b567451-cecf-46f7-9d84-408d88427817","block_type":"box","text":"30.82%","page_number":121,"box":{"x":767,"y":186,"width":32,"height":8}},{"id":"4b37c453-954a-4927-8ab1-7f0fe57b49b6","block_type":"box","text":"(b)","page_number":121,"box":{"x":800,"y":185,"width":7,"height":6}},{"id":"fefe4bc2-a6e8-4255-a492-57e4c7d65adf","block_type":"box","text":"(19.71)%","page_number":121,"box":{"x":850,"y":186,"width":34,"height":10}},{"id":"3c114fe2-ffa6-4e25-b688-f7cc48a71d8b","block_type":"box","text":"(b)","page_number":121,"box":{"x":885,"y":185,"width":8,"height":6}},{"id":"3a6ec194-6464-4de6-b937-7fa2b9de9852","block_type":"box","text":"34.74%","page_number":121,"box":{"x":934,"y":186,"width":31,"height":8}},{"id":"a61cefd4-80f0-4167-8ba2-b78e91e09c3f","block_type":"box","text":"(b)","page_number":121,"box":{"x":966,"y":185,"width":8,"height":6}},{"id":"82be14e8-22d2-41ab-b765-9c0fb6b1a31e","block_type":"box","text":"Ratios to Average Net Assets","page_number":121,"box":{"x":76,"y":201,"width":140,"height":10}},{"id":"36bbca26-461b-4536-be30-4a2f11bfc723","block_type":"box","text":"(f)","page_number":121,"box":{"x":217,"y":200,"width":7,"height":6}},{"id":"8286bed8-f57e-43b4-9abf-70f7740cb9c7","block_type":"box","text":"Total expenses","page_number":121,"box":{"x":76,"y":213,"width":64,"height":9}},{"id":"34e6b430-eb27-467d-8858-a51367fa0700","block_type":"box","text":"0.51% 0.50% 0.53% 0.76% 0.60%","page_number":121,"box":{"x":607,"y":213,"width":358,"height":7}},{"id":"6d94f8d3-ee0b-4581-9703-9e945da71a5a","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding tax claims N/A 0.50% 0.50% 0.50% 0.50%","page_number":121,"box":{"x":76,"y":228,"width":889,"height":9}},{"id":"50ffd8f4-fe6d-4de8-801b-d9a8512c55e1","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":76,"y":243,"width":102,"height":7}},{"id":"3a887327-e2f1-4e8a-b3f9-f96c5830a013","block_type":"box","text":"2.31% 2.34%","page_number":121,"box":{"x":608,"y":243,"width":108,"height":7}},{"id":"9c7c9ac5-8bed-45db-9d66-10fb30e095c3","block_type":"box","text":"(b)","page_number":121,"box":{"x":717,"y":241,"width":7,"height":6}},{"id":"79e8ff64-1385-45c1-9249-7e70e0dd0771","block_type":"box","text":"2.88%","page_number":121,"box":{"x":773,"y":243,"width":26,"height":7}},{"id":"af98e9ed-59e6-4be7-a253-5ed72a977eba","block_type":"box","text":"(b)","page_number":121,"box":{"x":800,"y":241,"width":7,"height":6}},{"id":"545ac9f5-f822-4a48-a7a5-9f5df4a45a61","block_type":"box","text":"3.62%","page_number":121,"box":{"x":856,"y":243,"width":26,"height":7}},{"id":"511d4620-a72a-46f6-8d69-1109551ee61e","block_type":"box","text":"(b)","page_number":121,"box":{"x":883,"y":241,"width":7,"height":6}},{"id":"9449b645-81d4-437d-8d79-dd4381961d09","block_type":"box","text":"2.13%","page_number":121,"box":{"x":942,"y":243,"width":23,"height":7}},{"id":"eaea8fd2-e16d-4121-b219-10672d9a31fd","block_type":"box","text":"(b)","page_number":121,"box":{"x":966,"y":241,"width":8,"height":6}},{"id":"5332cf5f-1950-459c-a66e-5900a4a81641","block_type":"box","text":"Supplemental Data","page_number":121,"box":{"x":76,"y":258,"width":91,"height":9}},{"id":"7437dc33-0f98-42c0-8cdb-854e367f2995","block_type":"box","text":"Net assets, end of year (000)","page_number":121,"box":{"x":76,"y":269,"width":127,"height":10}},{"id":"e5c7970f-abea-4338-8c46-c0e63208d301","block_type":"box","text":"$383,690 $669,913 $939,353 $790,162 $761,536","page_number":121,"box":{"x":583,"y":269,"width":375,"height":9}},{"id":"1e27cd1a-7e38-4151-be94-76b26e222237","block_type":"box","text":"Portfolio turnover rate","page_number":121,"box":{"x":76,"y":284,"width":97,"height":8}},{"id":"f2786ac7-4470-4166-bfa0-bcdbc196d8eb","block_type":"box","text":"(g)","page_number":121,"box":{"x":174,"y":283,"width":8,"height":6}},{"id":"e3e06dec-1611-40cb-80c6-3e31e8c4c68d","block_type":"box","text":"4% 4% 3% 9% 4%","page_number":121,"box":{"x":621,"y":284,"width":344,"height":8}},{"id":"f0124bdd-2131-4d43-bf4a-6b8a865b3b74","block_type":"box","text":"(a)","page_number":121,"box":{"x":76,"y":298,"width":7,"height":6}},{"id":"a9a5483b-b928-40ab-91d6-32910a651e00","block_type":"box","text":"Based on average shares outstanding.","page_number":121,"box":{"x":107,"y":299,"width":166,"height":10}},{"id":"2ddb3cae-5c52-4a94-bcd6-72eedb8c1b95","block_type":"box","text":"(b)","page_number":121,"box":{"x":76,"y":309,"width":8,"height":6}},{"id":"b8dbe261-88da-4506-9383-862b5a1dfb32","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f","page_number":121,"box":{"x":107,"y":311,"width":630,"height":9}},{"id":"3e87995c-be42-43db-81ee-0bdb155d2163","block_type":"box","text":"or the years ended August 31, 2024, August 31,","page_number":121,"box":{"x":737,"y":311,"width":208,"height":9}},{"id":"51be7352-bbd8-42c6-a372-f5552c5d2d05","block_type":"box","text":"2023, August 31, 2022 and August 31, 2021, respectively:\r\n$$$","page_number":121,"box":{"x":107,"y":321,"width":255,"height":10}},{"id":"b5a1ae0f-5408-4c40-97cd-18e25b50fe68","block_type":"box","text":"•","page_number":121,"box":{"x":107,"y":332,"width":5,"height":4}},{"id":"ad31b76e-2635-4995-8253-ff6171489e10","block_type":"box","text":"gg\r\nNet investment income per share by $0.01, $0.07, $0.58 and $0.30.","page_number":121,"box":{"x":117,"y":331,"width":300,"height":10}},{"id":"8f354ba7-838d-4a96-b33f-6166f435efdd","block_type":"box","text":"•","page_number":121,"box":{"x":107,"y":342,"width":5,"height":4}},{"id":"e556e9d9-25f9-4c0d-a74b-fd11202bc05a","block_type":"box","text":"Total return by 0.07%, 0.27%,1.24% and 1.25%.","page_number":121,"box":{"x":116,"y":342,"width":202,"height":9}},{"id":"a3e295f9-2ad5-48b4-9ff2-81ff6d47306c","block_type":"box","text":"•","page_number":121,"box":{"x":107,"y":352,"width":5,"height":5}},{"id":"fe0edfe9-e972-427d-8d6b-5dd0b2a0f8b7","block_type":"box","text":"Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%.","page_number":121,"box":{"x":117,"y":352,"width":385,"height":10}},{"id":"64674b89-09a9-4f8e-ad02-d9de1ab72c7b","block_type":"box","text":"(c)","page_number":121,"box":{"x":76,"y":362,"width":7,"height":6}},{"id":"b9ba0dfa-665b-40b5-83df-4c5d589c49ac","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":121,"box":{"x":106,"y":364,"width":678,"height":9}},{"id":"5e7142d3-cdbe-4a4d-87ad-4b2ed73808bd","block_type":"box","text":"iming of capital share transactions in","page_number":121,"box":{"x":785,"y":364,"width":161,"height":9}},{"id":"8c9c4066-ec03-40fd-ad9b-89354b073c95","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":121,"box":{"x":106,"y":374,"width":333,"height":10}},{"id":"824c3ca7-cce1-4584-9ffd-15ca72eb4545","block_type":"box","text":"(d)","page_number":121,"box":{"x":76,"y":384,"width":8,"height":6}},{"id":"8dc3693b-a9da-405e-bed1-87c120aed5d0","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":121,"box":{"x":107,"y":385,"width":437,"height":10}},{"id":"3068525f-aba9-4911-9652-31e7e0c3f5c4","block_type":"box","text":"(e)","page_number":121,"box":{"x":76,"y":395,"width":8,"height":6}},{"id":"8853e6bf-7292-4807-94b6-5e5b898b439f","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":121,"box":{"x":106,"y":397,"width":269,"height":9}},{"id":"fb70cef8-fbea-42b9-9051-4b3be994d756","block_type":"box","text":"(f)","page_number":121,"box":{"x":76,"y":407,"width":6,"height":6}},{"id":"f8db8e99-22df-4784-bbb1-bef7d1ecc1ee","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":121,"box":{"x":107,"y":408,"width":410,"height":10}},{"id":"d61a7570-eadd-42df-97b7-b57dc49aeab0","block_type":"box","text":"(g)","page_number":121,"box":{"x":76,"y":418,"width":7,"height":6}},{"id":"cd796d04-4b72-4b58-bab9-807600b328c5","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":121,"box":{"x":107,"y":420,"width":260,"height":9}},{"id":"7292f01f-bf36-48e5-9efa-b6bbf4a656eb","block_type":"box","text":"For a share outstanding throughout each period:","page_number":121,"box":{"x":77,"y":443,"width":339,"height":11}},{"id":"c2d5f355-6dfa-435d-a630-3705924d8a34","block_type":"box","text":"iShares MSCI Germany ETF","page_number":121,"box":{"x":703,"y":473,"width":127,"height":7}},{"id":"7ceeeaea-30d6-4b08-a8ae-23c8725bfb6c","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":574,"y":486,"width":52,"height":5}},{"id":"6d37f9f0-0521-4038-a8cf-22b51368803f","block_type":"box","text":"08/31/25","page_number":121,"box":{"x":577,"y":493,"width":46,"height":8}},{"id":"71aa7ada-71df-4937-9bec-9ff11c6580de","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":657,"y":486,"width":52,"height":5}},{"id":"b652ef9f-00cf-4531-bd1c-74535c99ff40","block_type":"box","text":"08/31/24","page_number":121,"box":{"x":660,"y":493,"width":46,"height":8}},{"id":"833b3e5c-3627-44dc-9669-b6a7f950af45","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":740,"y":486,"width":52,"height":5}},{"id":"b2d899b7-904d-4278-8406-e2f7d0cc941b","block_type":"box","text":"08/31/23","page_number":121,"box":{"x":744,"y":493,"width":45,"height":8}},{"id":"c6ce855c-a0d2-41e0-a7a9-496301322056","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":823,"y":486,"width":52,"height":5}},{"id":"4194e513-f43f-46de-b8c2-a2eaaed1b156","block_type":"box","text":"08/31/22","page_number":121,"box":{"x":827,"y":493,"width":45,"height":8}},{"id":"2e3a7448-c87c-484c-9842-cec4df1ba6ab","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":906,"y":486,"width":52,"height":5}},{"id":"8eb7ff83-a251-4ba8-9049-44fd98b101e9","block_type":"box","text":"08/31/21","page_number":121,"box":{"x":910,"y":493,"width":44,"height":8}},{"id":"f585d979-beed-43cc-a965-dd6b9b06794d","block_type":"box","text":"Net asset value, beginning of year","page_number":121,"box":{"x":76,"y":506,"width":164,"height":10}},{"id":"9a6ac17f-8221-4795-a26d-b546b26d22f7","block_type":"box","text":"$ 32.66 $ 27.88 $ 21.83 $ 34.94 $ 30.16","page_number":121,"box":{"x":580,"y":506,"width":378,"height":9}},{"id":"fde276bc-8c24-448d-9e04-c7d565e4e03a","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":86,"y":522,"width":102,"height":7}},{"id":"79bfed8f-6e3f-4949-81ad-e54fdfdf8dd9","block_type":"box","text":"(a)","page_number":121,"box":{"x":189,"y":520,"width":7,"height":6}},{"id":"a13b545a-448a-4696-88fd-dab7a4dda32f","block_type":"box","text":"0.95 0.58 0.81 0.59 0.56","page_number":121,"box":{"x":607,"y":522,"width":351,"height":7}},{"id":"4dfaa243-4986-4f97-84fe-c781eb0802ab","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":121,"box":{"x":86,"y":533,"width":167,"height":10}},{"id":"4eae7802-f1a2-472d-b311-ab173be146b0","block_type":"box","text":"(b)","page_number":121,"box":{"x":254,"y":532,"width":8,"height":6}},{"id":"43fb8387-d6dd-4b4e-b604-da16d39abafc","block_type":"box","text":"8.91 4.96 6.01 (12.63) 5.21","page_number":121,"box":{"x":608,"y":533,"width":349,"height":10}},{"id":"a5e85f91-138a-4b3e-b38f-436080d47710","block_type":"box","text":"Net increase (decrease) from investment operations 9.86 5.54 6.82 (12.04) 5.77","page_number":121,"box":{"x":76,"y":548,"width":882,"height":10}},{"id":"40eba305-3302-450c-b3fc-eaf1503ed2cf","block_type":"box","text":"Distributions from net investment income","page_number":121,"box":{"x":86,"y":563,"width":183,"height":8}},{"id":"bbc41401-ec29-48e0-98b5-5e1f0a4c340b","block_type":"box","text":"(c)","page_number":121,"box":{"x":270,"y":562,"width":7,"height":6}},{"id":"9dd7d892-e29d-4ce7-8d38-335145c7f8ac","block_type":"box","text":"(0.68) (0.76) (0.77) (1.07) (0.99)","page_number":121,"box":{"x":604,"y":563,"width":357,"height":10}},{"id":"2ec767dc-8b66-4a54-86d2-d3ed2f21c635","block_type":"box","text":"Net asset value, end of year","page_number":121,"box":{"x":76,"y":578,"width":135,"height":10}},{"id":"17602187-354c-44ea-a408-702eaf950cc5","block_type":"box","text":"$ 41.84 $ 32.66 $ 27.88 $ 21.83 $ 34.94","page_number":121,"box":{"x":580,"y":577,"width":379,"height":9}},{"id":"cbe6b5bc-35e9-4246-a901-c71821363b49","block_type":"box","text":"Total Return","page_number":121,"box":{"x":76,"y":595,"width":57,"height":8}},{"id":"11264429-73ee-434c-91f1-c95fe75ebc06","block_type":"box","text":"(d)","page_number":121,"box":{"x":135,"y":594,"width":8,"height":6}},{"id":"aed6b561-416a-4020-80a7-f2d50c3c3971","block_type":"box","text":"Based on net asset value","page_number":121,"box":{"x":76,"y":607,"width":109,"height":7}},{"id":"b32c6554-50b8-46b8-994d-962913b79908","block_type":"box","text":"30.23% 20.01% 31.27% (35.02)% 19.30%","page_number":121,"box":{"x":601,"y":607,"width":364,"height":9}},{"id":"59e74f12-5eb1-4dda-a506-64da63c41267","block_type":"box","text":"Ratios to Average Net Assets","page_number":121,"box":{"x":76,"y":622,"width":140,"height":9}},{"id":"3d60c290-7ef7-442a-9701-65bb15ef455e","block_type":"box","text":"(e)","page_number":121,"box":{"x":217,"y":620,"width":9,"height":6}},{"id":"c6c35929-e660-400b-a5d0-b6cdaaa49bff","block_type":"box","text":"Total expenses","page_number":121,"box":{"x":76,"y":633,"width":64,"height":10}},{"id":"51b12a36-e6ef-4077-9753-7391cd61e21c","block_type":"box","text":"0.49% 0.50% 0.50% 0.50% 0.50%","page_number":121,"box":{"x":607,"y":633,"width":358,"height":8}},{"id":"2c6a5f0f-c2f9-4bf6-bc6b-d89750a3913f","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":76,"y":648,"width":102,"height":8}},{"id":"cee10567-b34a-428a-9fce-e1052eb7c66a","block_type":"box","text":"2.48% 1.98% 3.05% 1.98% 1.72%","page_number":121,"box":{"x":607,"y":648,"width":358,"height":8}},{"id":"328f90e0-75af-4297-8c7c-86bc07f95719","block_type":"box","text":"Supplemental Data","page_number":121,"box":{"x":76,"y":663,"width":91,"height":10}},{"id":"94ebda10-3ca6-492c-ad96-2f274f234249","block_type":"box","text":"Net assets, end of year (000)","page_number":121,"box":{"x":76,"y":675,"width":127,"height":9}},{"id":"1a331d40-40a3-4ba0-abb7-4d005381590f","block_type":"box","text":"$2,510,118 $930,676 $1,555,839 $1,205,118 $2,872,398","page_number":121,"box":{"x":580,"y":674,"width":378,"height":10}},{"id":"32fa24f9-c72d-4212-9504-fe6566efa718","block_type":"box","text":"Portfolio turnover rate","page_number":121,"box":{"x":76,"y":690,"width":97,"height":7}},{"id":"517f86e1-c2a5-4521-aeef-cca2b5c8de51","block_type":"box","text":"(f)","page_number":121,"box":{"x":174,"y":688,"width":6,"height":6}},{"id":"e65f5af4-7899-46a6-8b59-327a8762b3ad","block_type":"box","text":"2% 3% 6% 7% 6%","page_number":121,"box":{"x":621,"y":690,"width":344,"height":7}},{"id":"1f3ea8bd-77e7-4d3d-8032-3e505e4767bf","block_type":"box","text":"(a)","page_number":121,"box":{"x":76,"y":703,"width":7,"height":6}},{"id":"2bc79212-99d7-4089-ba0e-982b2a99562e","block_type":"box","text":"Based on average shares outstanding.","page_number":121,"box":{"x":107,"y":705,"width":166,"height":9}},{"id":"145c37b1-c3d2-43a8-ae79-0b0121fad211","block_type":"box","text":"(b)","page_number":121,"box":{"x":76,"y":715,"width":8,"height":6}},{"id":"b12156ec-ce0a-4e6d-9b01-e0bc743a1619","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":121,"box":{"x":106,"y":716,"width":678,"height":10}},{"id":"e4fc167a-bfdb-4d36-9290-a6c727d1bc11","block_type":"box","text":"iming of capital share transactions in","page_number":121,"box":{"x":785,"y":716,"width":161,"height":10}},{"id":"20f0509b-b140-477c-a0bf-d6fb5d0ad9ba","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":121,"box":{"x":106,"y":726,"width":333,"height":10}},{"id":"79b187bc-f6c2-4aaf-98f1-dd1665407b10","block_type":"box","text":"(c)","page_number":121,"box":{"x":76,"y":736,"width":7,"height":6}},{"id":"f5cb64d7-e799-45da-8f9d-0d155ef068fc","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":121,"box":{"x":107,"y":738,"width":437,"height":9}},{"id":"06d3379b-df57-44ff-b631-668726db43fc","block_type":"box","text":"(d)","page_number":121,"box":{"x":76,"y":748,"width":8,"height":6}},{"id":"3fea2d0a-357f-4c1d-a8d5-e4b1c2956e8f","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":121,"box":{"x":106,"y":749,"width":269,"height":10}},{"id":"78e8df1d-bb44-48d6-ba29-9b10a9ed2824","block_type":"box","text":"(e)","page_number":121,"box":{"x":76,"y":759,"width":8,"height":6}},{"id":"0896a37e-e229-4b5e-8e8b-431444797888","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":121,"box":{"x":107,"y":761,"width":410,"height":9}},{"id":"085f5a6d-055d-4061-94ea-6a107414896f","block_type":"box","text":"(f)","page_number":121,"box":{"x":76,"y":771,"width":6,"height":6}},{"id":"1e7cca3c-04a7-491d-bd0e-bd51d00618cc","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":121,"box":{"x":107,"y":772,"width":260,"height":10}},{"id":"db0b76c4-8204-4624-bf2a-8e2d664cbcc1","block_type":"box","text":"33","page_number":121,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"3ac92112-a3ee-433b-a957-857e5ef712e8","block_type":"box","text":"For a share outstanding throughout each period:","page_number":122,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"6e68b2ce-407b-48f9-a9e9-4519b9fa35a3","block_type":"box","text":"iShares MSCI Israel ETF","page_number":122,"box":{"x":711,"y":53,"width":111,"height":6}},{"id":"2c7053e5-b1e3-46bd-94ad-6569207b2708","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"7e7bb181-c1b2-4115-a62c-04bb66ea8b37","block_type":"box","text":"08/31/25","page_number":122,"box":{"x":577,"y":73,"width":46,"height":7}},{"id":"22cc0254-cdc7-4bb4-8806-e9d89499f769","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"0f2eefe4-f9f4-43cd-a463-16003502eebd","block_type":"box","text":"08/31/24","page_number":122,"box":{"x":660,"y":73,"width":46,"height":7}},{"id":"d2f7ad3d-8d93-429f-ad5a-506c440fa8fe","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"ae7d19b3-6ffd-4726-8ee8-7f93b4eca5ac","block_type":"box","text":"08/31/23","page_number":122,"box":{"x":744,"y":73,"width":45,"height":7}},{"id":"8456455e-f1b8-41cc-a0c8-fb2326d2d150","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"81a95f03-8aea-4cb8-ad2f-cfb0ba20c6ea","block_type":"box","text":"08/31/22","page_number":122,"box":{"x":827,"y":73,"width":45,"height":7}},{"id":"c8a45c96-c427-4844-8ec2-551d9fd7f120","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"adae326e-2987-4a9f-bb96-5bc42e6f9ced","block_type":"box","text":"08/31/21","page_number":122,"box":{"x":910,"y":73,"width":44,"height":7}},{"id":"70072b98-19fc-4320-87f0-36741476e053","block_type":"box","text":"Net asset value, beginning of year","page_number":122,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"2be49d25-d4be-420f-ba81-7ca14692fe9b","block_type":"box","text":"$ 67.17 $ 55.04 $ 66.35 $ 72.22 $ 56.70","page_number":122,"box":{"x":583,"y":86,"width":375,"height":9}},{"id":"2eb92ed8-2ce9-4420-bc85-db7843909526","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"be54c4f8-ad3e-4431-bd7a-3808eb60091a","block_type":"box","text":"(a)","page_number":122,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"4d310274-c03b-4871-bbe5-edbd34331744","block_type":"box","text":"1.07 0.66 1.04 1.16 0.26","page_number":122,"box":{"x":609,"y":102,"width":349,"height":7}},{"id":"6e57ba4f-453d-4758-b776-f28c9f23bf5e","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":122,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"0b0bb692-3272-4cfc-8c5c-ff901a39c5d7","block_type":"box","text":"(b)","page_number":122,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"56718fbb-a001-4f58-8c5c-69fa25401e6b","block_type":"box","text":"27.74 12.25 (11.47)","page_number":122,"box":{"x":603,"y":113,"width":192,"height":9}},{"id":"b2b970de-20fc-48a2-84c5-d71c490f92f7","block_type":"box","text":"(5.74) 15.38","page_number":122,"box":{"x":854,"y":113,"width":104,"height":9}},{"id":"3bb68837-7298-4846-baa1-fbd9b23965dd","block_type":"box","text":"Net increase (decrease) from investment operations 28.81 12.91 (10.43) (4.58) 15.64","page_number":122,"box":{"x":76,"y":128,"width":883,"height":9}},{"id":"e65f54d7-659d-4382-8b1a-04ffcea1cd3a","block_type":"box","text":"Distributions from net investment income","page_number":122,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"4156e5a0-cec6-4e67-850c-60f7f81c806a","block_type":"box","text":"(c)","page_number":122,"box":{"x":270,"y":142,"width":7,"height":5}},{"id":"1a04daad-e1ce-488d-9ef5-3eafe2b50723","block_type":"box","text":"(1.04) (0.78) (0.88) (1.29) (0.12)","page_number":122,"box":{"x":606,"y":143,"width":355,"height":9}},{"id":"d74f620c-59a7-4081-b75d-adb587429cfe","block_type":"box","text":"Net asset value, end of year","page_number":122,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"583dd9af-a630-48d1-bba8-010b7e0e4421","block_type":"box","text":"$ 94.94 $ 67.17 $ 55.04 $ 66.35 $ 72.22","page_number":122,"box":{"x":583,"y":157,"width":375,"height":9}},{"id":"6f9d6e21-d67d-4d59-8c18-604912d86b87","block_type":"box","text":"Total Return","page_number":122,"box":{"x":76,"y":175,"width":57,"height":7}},{"id":"4d7536d6-fdcd-4922-86ef-c09d5568fc9f","block_type":"box","text":"(d)","page_number":122,"box":{"x":135,"y":173,"width":8,"height":6}},{"id":"e6e5c712-dd8b-43b2-899c-44cef23c3ef3","block_type":"box","text":"Based on net asset value","page_number":122,"box":{"x":76,"y":186,"width":109,"height":8}},{"id":"d7dd4f93-bc1e-4111-a2a6-2c6cca6a2360","block_type":"box","text":"43.16% 23.62% (15.74)% (6.38)% 27.59%","page_number":122,"box":{"x":603,"y":186,"width":362,"height":10}},{"id":"f64430e5-7c57-462d-8458-f5d192db9aec","block_type":"box","text":"Ratios to Average Net Assets","page_number":122,"box":{"x":76,"y":201,"width":140,"height":10}},{"id":"2efe9aec-8a0b-4744-8623-c026fde9e0ae","block_type":"box","text":"(e)","page_number":122,"box":{"x":217,"y":200,"width":9,"height":6}},{"id":"fdac731b-8804-4c39-89aa-14ace1cc2b85","block_type":"box","text":"Total expenses","page_number":122,"box":{"x":76,"y":213,"width":64,"height":9}},{"id":"cd0ab58c-3c7c-4291-a87c-6f895d82b9ad","block_type":"box","text":"0.59% 0.59% 0.59% 0.58% 0.57%","page_number":122,"box":{"x":607,"y":213,"width":358,"height":7}},{"id":"38140d46-f5e4-46a5-ba6e-f77d11d2202e","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":76,"y":228,"width":102,"height":7}},{"id":"2493ea04-41de-49bc-8e39-3f16f96b1707","block_type":"box","text":"1.34% 1.13% 1.82% 1.64% 0.40%","page_number":122,"box":{"x":609,"y":228,"width":356,"height":7}},{"id":"545d2495-72a3-4d3c-9f65-d5df968a3456","block_type":"box","text":"Supplemental Data","page_number":122,"box":{"x":76,"y":243,"width":91,"height":9}},{"id":"4b025e8f-e82f-4dac-a70f-8aaea8e74b46","block_type":"box","text":"Net assets, end of year (000)","page_number":122,"box":{"x":76,"y":254,"width":127,"height":10}},{"id":"374f88fc-18e3-40f8-b4d0-0e5b129fd058","block_type":"box","text":"$403,475 $154,485 $143,116 $162,562 $162,485","page_number":122,"box":{"x":583,"y":254,"width":375,"height":9}},{"id":"09a9c269-b3cb-4095-8e21-0b89895eff47","block_type":"box","text":"Portfolio turnover rate","page_number":122,"box":{"x":76,"y":269,"width":97,"height":8}},{"id":"5ee27462-a34c-457d-9b65-95ecacba73d8","block_type":"box","text":"(f)","page_number":122,"box":{"x":174,"y":268,"width":6,"height":6}},{"id":"54195ceb-142e-4ba0-b31f-883a272a9608","block_type":"box","text":"8% 7% 12% 13% 21%","page_number":122,"box":{"x":621,"y":269,"width":344,"height":8}},{"id":"f265597f-e756-4056-a398-4edaaaa8a801","block_type":"box","text":"(a)","page_number":122,"box":{"x":76,"y":283,"width":7,"height":6}},{"id":"dc074ecf-21f3-49b1-a424-bccbafc04a95","block_type":"box","text":"Based on average shares outstanding.","page_number":122,"box":{"x":107,"y":284,"width":166,"height":10}},{"id":"331907a4-6a89-4e66-98d3-64dada3a0aa0","block_type":"box","text":"(b)","page_number":122,"box":{"x":76,"y":294,"width":8,"height":6}},{"id":"de926e8e-d7ac-4fe7-a030-1e04c1921989","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":122,"box":{"x":106,"y":296,"width":678,"height":9}},{"id":"e3ce8820-4842-48c4-a9d2-c7bcfede57d9","block_type":"box","text":"iming of capital share transactions in","page_number":122,"box":{"x":785,"y":296,"width":161,"height":9}},{"id":"cc459304-16fe-41cf-b518-b6a6cc5a7685","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":122,"box":{"x":106,"y":306,"width":333,"height":10}},{"id":"2d1e3116-5754-487b-bcca-78ae0d88647f","block_type":"box","text":"(c)","page_number":122,"box":{"x":76,"y":316,"width":7,"height":6}},{"id":"c0e5e348-2bab-4a94-bc09-df4bc3d965fc","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":122,"box":{"x":107,"y":318,"width":437,"height":9}},{"id":"e8116a9e-b0c6-4a6c-a35a-eae040520b94","block_type":"box","text":"(d)","page_number":122,"box":{"x":76,"y":328,"width":8,"height":6}},{"id":"963d00d6-fffe-4709-89b8-ff813e993728","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":122,"box":{"x":106,"y":329,"width":269,"height":10}},{"id":"492b6d3e-594a-44d2-be6f-b8b256ba6757","block_type":"box","text":"(e)","page_number":122,"box":{"x":76,"y":339,"width":8,"height":6}},{"id":"6fc66fac-bf16-4e87-a047-bb0fd805b194","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":122,"box":{"x":107,"y":341,"width":410,"height":9}},{"id":"c53a1398-8e9d-4dfc-a02b-eefa31a7f881","block_type":"box","text":"(f)","page_number":122,"box":{"x":76,"y":351,"width":6,"height":6}},{"id":"01d667cd-0e6e-41c8-a209-387b71ce929c","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":122,"box":{"x":107,"y":352,"width":260,"height":10}},{"id":"8d6b8f01-03de-48b4-ab2a-f1a3ce33e802","block_type":"box","text":"For a share outstanding throughout each period:","page_number":122,"box":{"x":77,"y":376,"width":339,"height":10}},{"id":"9cba094d-a22a-4c70-8596-1883c4cb2ac0","block_type":"box","text":"iShares MSCI Italy ETF","page_number":122,"box":{"x":714,"y":398,"width":105,"height":7}},{"id":"0efb7250-b6a7-4e8b-8f05-2c2f6c78a5b5","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":574,"y":410,"width":52,"height":6}},{"id":"fe0d596d-a3ec-4be5-9139-67011cdb1658","block_type":"box","text":"08/31/25","page_number":122,"box":{"x":577,"y":418,"width":46,"height":7}},{"id":"92361afc-af50-48db-955c-3179c0827613","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":657,"y":410,"width":52,"height":6}},{"id":"5fe2d323-6e00-45f7-8545-23c474951ab4","block_type":"box","text":"08/31/24","page_number":122,"box":{"x":660,"y":418,"width":46,"height":7}},{"id":"77a6c11f-9336-4ca8-88a3-4387e1c2d6fe","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":740,"y":410,"width":52,"height":6}},{"id":"a98adb84-1587-48a3-babd-f7d88f5663c8","block_type":"box","text":"08/31/23","page_number":122,"box":{"x":744,"y":418,"width":45,"height":7}},{"id":"1194598c-f75b-454b-bdea-6abeb0b72e58","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":823,"y":410,"width":52,"height":6}},{"id":"dcc8cd48-2210-40cf-8cd1-444e3794e1f8","block_type":"box","text":"08/31/22","page_number":122,"box":{"x":827,"y":418,"width":45,"height":7}},{"id":"a85719a1-c167-417b-b3c2-94cfa35f1d5d","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":906,"y":410,"width":52,"height":6}},{"id":"3567e7ef-32ea-4376-8455-78f95632eb72","block_type":"box","text":"08/31/21","page_number":122,"box":{"x":910,"y":418,"width":44,"height":7}},{"id":"d2826299-8a5c-44f1-95ed-107b6d7d0323","block_type":"box","text":"Net asset value, beginning of year","page_number":122,"box":{"x":76,"y":431,"width":164,"height":10}},{"id":"1dc373e3-cd20-4fd4-827c-5a60625fc537","block_type":"box","text":"$ 38.95 $ 32.07 $ 23.12 $ 32.89 $ 25.76","page_number":122,"box":{"x":583,"y":430,"width":375,"height":9}},{"id":"7621014d-bda5-4aa3-b762-896fa9c52bc0","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":86,"y":446,"width":102,"height":8}},{"id":"ebbac9ef-8a8d-4cb2-bcd7-f4ffae78f1d8","block_type":"box","text":"(a)","page_number":122,"box":{"x":189,"y":445,"width":7,"height":6}},{"id":"617822b9-0e77-45f3-90e3-bbae355a0c3a","block_type":"box","text":"1.43 1.40 1.19 1.08 0.83","page_number":122,"box":{"x":609,"y":446,"width":349,"height":8}},{"id":"6f2831b3-fb71-41ac-865e-d8bc1af887a5","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":122,"box":{"x":86,"y":457,"width":167,"height":10}},{"id":"4930dc16-a261-4e5c-aadc-cfdf5425d503","block_type":"box","text":"(b)","page_number":122,"box":{"x":254,"y":456,"width":8,"height":6}},{"id":"0be65414-1eae-4f18-8259-59aed1a93d22","block_type":"box","text":"12.01 6.81 8.91 (9.58) 6.95","page_number":122,"box":{"x":604,"y":457,"width":354,"height":10}},{"id":"b5998db0-e065-453a-9217-fe5e81da7437","block_type":"box","text":"Net increase (decrease) from investment operations 13.44 8.21 10.10 (8.50) 7.78","page_number":122,"box":{"x":76,"y":472,"width":882,"height":10}},{"id":"c8870de4-3bc1-4313-b7b0-d8dae01bd33b","block_type":"box","text":"Distributions from net investment income","page_number":122,"box":{"x":76,"y":487,"width":183,"height":8}},{"id":"1e3ab26a-c178-401c-b9f6-f46dc5b956a5","block_type":"box","text":"(c)","page_number":122,"box":{"x":260,"y":486,"width":7,"height":6}},{"id":"b8c47265-462e-474e-aee6-a2e7a7c55046","block_type":"box","text":"(1.38) (1.33) (1.15) (1.27) (0.65)","page_number":122,"box":{"x":606,"y":487,"width":355,"height":10}},{"id":"ff04e220-be78-48e4-a97f-6595fb7f3d4e","block_type":"box","text":"Net asset value, end of year","page_number":122,"box":{"x":76,"y":502,"width":135,"height":10}},{"id":"97875d71-f3f0-4254-9af4-850a7185d8f3","block_type":"box","text":"$ 51.01 $ 38.95 $ 32.07 $ 23.12 $ 32.89","page_number":122,"box":{"x":583,"y":502,"width":375,"height":9}},{"id":"f56ec004-ee85-459f-bb62-15e1f8dd795f","block_type":"box","text":"Total Return","page_number":122,"box":{"x":76,"y":519,"width":57,"height":8}},{"id":"7884da0c-2d6d-45f6-be7e-ecf09dd729b7","block_type":"box","text":"(d)","page_number":122,"box":{"x":135,"y":518,"width":8,"height":6}},{"id":"7567680a-6a79-4e0a-a817-63d82cfd187d","block_type":"box","text":"Based on net asset value","page_number":122,"box":{"x":76,"y":534,"width":109,"height":8}},{"id":"04cc1c26-c431-43e1-a32d-0a87269f72ac","block_type":"box","text":"35.27% 26.02% 44.24% (26.50)% 30.30%","page_number":122,"box":{"x":601,"y":534,"width":364,"height":10}},{"id":"9cd25ded-01c8-4733-840e-ae9679130f28","block_type":"box","text":"Ratios to Average Net Assets","page_number":122,"box":{"x":76,"y":551,"width":140,"height":10}},{"id":"1a4492ef-097b-4f11-8e7f-fe0c495bcb5f","block_type":"box","text":"(e)","page_number":122,"box":{"x":217,"y":550,"width":9,"height":6}},{"id":"c3bbec22-b0b0-467e-9fe7-0edafde528f9","block_type":"box","text":"Total expenses","page_number":122,"box":{"x":76,"y":566,"width":64,"height":10}},{"id":"3d3120c6-0718-4c3b-aad4-dd50accb4877","block_type":"box","text":"0.50% 0.50% 0.50% 0.50% 0.50%","page_number":122,"box":{"x":607,"y":566,"width":358,"height":8}},{"id":"aa28c8f9-8d4e-4ec8-b178-f580d1a20389","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":76,"y":583,"width":102,"height":8}},{"id":"df261385-0fbc-46cb-99cb-b495ceab6a07","block_type":"box","text":"3.37% 4.00% 4.10% 3.56% 2.70%","page_number":122,"box":{"x":607,"y":583,"width":358,"height":8}},{"id":"05ee17dc-f519-462f-ae65-9e576fe5d7cd","block_type":"box","text":"Supplemental Data","page_number":122,"box":{"x":76,"y":600,"width":91,"height":10}},{"id":"d3c52210-fd8b-4fa6-813a-413a6c006df9","block_type":"box","text":"Net assets, end of year (000)","page_number":122,"box":{"x":76,"y":615,"width":127,"height":10}},{"id":"98524c64-1fa0-433e-8500-d1bce77e1c15","block_type":"box","text":"$703,896 $470,325 $346,409 $194,248 $594,545","page_number":122,"box":{"x":583,"y":615,"width":375,"height":9}},{"id":"9cd0b26c-0174-42e0-b093-0a9830345fcc","block_type":"box","text":"Portfolio turnover rate","page_number":122,"box":{"x":76,"y":632,"width":97,"height":8}},{"id":"afd7aaac-c710-4340-940d-6718decdce5b","block_type":"box","text":"(f)","page_number":122,"box":{"x":174,"y":631,"width":6,"height":6}},{"id":"a3f97646-8f53-4f51-a1e7-29baeb628a94","block_type":"box","text":"13% 18% 24% 14% 13%","page_number":122,"box":{"x":618,"y":632,"width":347,"height":8}},{"id":"4468e759-1c6c-4dc0-a092-893f5e67598e","block_type":"box","text":"(a)","page_number":122,"box":{"x":76,"y":661,"width":10,"height":6}},{"id":"3e6e006b-e094-4805-8dd8-42f26b9fb6a6","block_type":"box","text":"Based on average shares outstanding.","page_number":122,"box":{"x":107,"y":662,"width":215,"height":10}},{"id":"53501f56-8131-42b0-88da-82d11102ef62","block_type":"box","text":"(b)","page_number":122,"box":{"x":76,"y":672,"width":10,"height":6}},{"id":"542e62d1-8ff3-45cd-b515-b98e5be054c1","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":122,"box":{"x":106,"y":674,"width":867,"height":9}},{"id":"26dc0160-b8b8-4144-a926-56742f8c5fca","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":122,"box":{"x":106,"y":685,"width":648,"height":10}},{"id":"5f7cee66-2312-4991-be72-d7d233cce7ee","block_type":"box","text":"(c)","page_number":122,"box":{"x":76,"y":696,"width":10,"height":6}},{"id":"e5c4e593-d19c-4f68-86d4-e718c875e8e0","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":122,"box":{"x":107,"y":697,"width":565,"height":10}},{"id":"9169be5d-3eb9-4be1-b72a-a2f404165902","block_type":"box","text":"(d)","page_number":122,"box":{"x":76,"y":707,"width":10,"height":6}},{"id":"e7f716f3-73aa-48c1-a042-cc00c689c7b2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":122,"box":{"x":106,"y":709,"width":347,"height":9}},{"id":"5ba73dd7-6723-4c20-86a2-802d6f2c7bdc","block_type":"box","text":"(e)","page_number":122,"box":{"x":76,"y":719,"width":10,"height":6}},{"id":"7c92571d-4441-4e46-b90b-f203a1e2a46f","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":122,"box":{"x":107,"y":720,"width":530,"height":10}},{"id":"88b54e66-6474-40fa-8afc-9dac492ac4e8","block_type":"box","text":"(f)","page_number":122,"box":{"x":76,"y":730,"width":8,"height":6}},{"id":"c659b753-c3e6-49c1-89d9-0f04ded7be8f","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":122,"box":{"x":107,"y":732,"width":335,"height":9}},{"id":"f03d500c-db1e-4173-97c8-40e5c3906c26","block_type":"box","text":"34","page_number":122,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"b0ab2b28-0fbe-4b6a-b374-e141d1789062","block_type":"box","text":"For a share outstanding throughout each period:","page_number":123,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"d7cd915c-a4df-44d5-b1ed-09231ac71573","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":123,"box":{"x":696,"y":45,"width":141,"height":6}},{"id":"b8660adf-b372-4385-b3fa-4e9a8b415e5e","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"d4b7d025-da01-4ee0-8157-601ca3c01fe4","block_type":"box","text":"08/31/25","page_number":123,"box":{"x":577,"y":66,"width":46,"height":7}},{"id":"ed6467ae-59a2-4d22-ac4e-d7a653440e57","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"f366c175-4b85-418b-bb39-b6b12c6f728f","block_type":"box","text":"08/31/24","page_number":123,"box":{"x":660,"y":66,"width":46,"height":7}},{"id":"a9c70269-33b7-493a-948d-126f6bcd3d5d","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"f473d5fc-3c4e-4f4d-9f82-7d1153431671","block_type":"box","text":"08/31/23","page_number":123,"box":{"x":744,"y":66,"width":45,"height":7}},{"id":"5b92bf42-6ba0-4182-9a44-5c1cf8051e36","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"037f9397-3c27-4d7f-94c4-743fc1ebf9b8","block_type":"box","text":"08/31/22","page_number":123,"box":{"x":827,"y":66,"width":45,"height":7}},{"id":"30420964-c236-49a7-9485-e9c05ffb0299","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"25034371-eda7-491f-bf69-6cdbffbce1a7","block_type":"box","text":"08/31/21","page_number":123,"box":{"x":910,"y":66,"width":44,"height":7}},{"id":"977d24d6-9401-4c97-ba1c-5c91bd2e8797","block_type":"box","text":"Net asset value, beginning of year","page_number":123,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"75600ae3-5cda-40f1-8635-dbe4b9ff5e67","block_type":"box","text":"$ 50.81 $ 41.18 $ 34.26 $ 52.87 $ 35.38","page_number":123,"box":{"x":585,"y":78,"width":373,"height":9}},{"id":"9f2e831a-32db-45ab-af0e-e74e6d7c6a9b","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"3cd99fa3-7728-4763-a872-3d8a35725a60","block_type":"box","text":"(a)","page_number":123,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"8da8958b-3217-4dcc-9ce9-cc956e04a970","block_type":"box","text":"1.15 0.82 0.72 0.84 0.40","page_number":123,"box":{"x":611,"y":94,"width":347,"height":7}},{"id":"390af36a-3930-4a26-9731-11087708caa9","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":123,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"c621afc6-c48b-4b94-bcbc-f92af03c2eb1","block_type":"box","text":"(b)","page_number":123,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"bc3ae80b-83a5-405a-b813-569c9cb3c1cc","block_type":"box","text":"2.17 9.72 6.91 (18.78) 17.55","page_number":123,"box":{"x":609,"y":105,"width":349,"height":9}},{"id":"8bafa15a-2eeb-4c8b-a6d6-54534ce7b5eb","block_type":"box","text":"Net increase (decrease) from investment operations 3.32 10.54 7.63 (17.94) 17.95","page_number":123,"box":{"x":76,"y":120,"width":882,"height":10}},{"id":"f62f8602-02f6-4ec0-8071-5dbd8973c2fa","block_type":"box","text":"Distributions from net investment income","page_number":123,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"3b717f73-4d82-4fb7-8ea7-2a3de43c9ca0","block_type":"box","text":"(c)","page_number":123,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"6886674e-8c76-4759-b6d3-54aae4b8700e","block_type":"box","text":"(1.11) (0.91) (0.71) (0.67) (0.46)","page_number":123,"box":{"x":608,"y":135,"width":353,"height":10}},{"id":"5bebb7f7-51ec-4dc9-a250-cce4601d8e73","block_type":"box","text":"Net asset value, end of year","page_number":123,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"d20e2026-55cb-4bee-a97a-fd5a1f83440b","block_type":"box","text":"$ 53.02 $ 50.81 $ 41.18 $ 34.26 $ 52.87","page_number":123,"box":{"x":585,"y":149,"width":373,"height":9}},{"id":"c6256f15-7406-446b-9237-05f48d55d776","block_type":"box","text":"Total Return","page_number":123,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"3d139b45-1d98-4d3b-8f02-57f1b47581be","block_type":"box","text":"(d)","page_number":123,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"5447766c-fa58-49ba-a2d8-4a691c1322aa","block_type":"box","text":"Based on net asset value","page_number":123,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"5a343b09-306c-45ba-b5cc-521bff3400ca","block_type":"box","text":"6.66% 25.72% 22.27% (34.09)% 50.92%","page_number":123,"box":{"x":607,"y":182,"width":358,"height":10}},{"id":"70c63204-2864-44f7-9730-3c2d59d0ff0f","block_type":"box","text":"Ratios to Average Net Assets","page_number":123,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"6be90867-422a-4ef6-b759-5e4f24be0058","block_type":"box","text":"(e)","page_number":123,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"fad60aaf-eb56-47c3-8ca3-09c98b53b400","block_type":"box","text":"Total expenses","page_number":123,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"b43a888b-070f-4dfb-a867-94292d9150ec","block_type":"box","text":"0.50% 0.50% 0.50% 0.50% 0.50%","page_number":123,"box":{"x":607,"y":214,"width":358,"height":7}},{"id":"7503d942-4bce-4231-ae61-26fba67bd974","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"3776f978-1cb2-47a3-92ed-6e3d38858986","block_type":"box","text":"2.34% 1.79% 1.84% 1.94% 0.90%","page_number":123,"box":{"x":607,"y":231,"width":358,"height":7}},{"id":"68dafb5a-72f3-4056-b7e6-3cd8f673ebeb","block_type":"box","text":"Supplemental Data","page_number":123,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"89ea9267-a291-4798-9e3d-1e8c4af44dab","block_type":"box","text":"Net assets, end of year (000)","page_number":123,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"b2b6fbf5-402d-4ce6-995e-8b3933172253","block_type":"box","text":"$251,847 $294,687 $249,117 $306,659 $330,434","page_number":123,"box":{"x":585,"y":262,"width":374,"height":10}},{"id":"b2ae8912-a39d-4d4e-ab77-5da735f12975","block_type":"box","text":"Portfolio turnover rate","page_number":123,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"87100e28-f1eb-447f-a09d-07fc3f12c261","block_type":"box","text":"(f)","page_number":123,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"4c9db0fc-946d-437a-a6dd-f9f48945f3fd","block_type":"box","text":"12% 13% 11% 10% 36%","page_number":123,"box":{"x":618,"y":280,"width":347,"height":7}},{"id":"f39dfe19-0df6-44b8-a3d8-35cf34f62692","block_type":"box","text":"(a)","page_number":123,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"6d0a8cb5-6e86-4643-bf63-3c15c3772d51","block_type":"box","text":"Based on average shares outstanding.","page_number":123,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"6e3e9709-8b7b-4a71-8f5e-9781c610b724","block_type":"box","text":"(b)","page_number":123,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"2fc9db55-6b4b-4c84-a3a6-1a884cd5171e","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":123,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"ed1723f6-f15e-4485-8f6a-03accffec737","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":123,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"96afd590-c295-42ba-9709-0841f08010fe","block_type":"box","text":"(c)","page_number":123,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"3f748904-e7d5-4de9-86e0-0f3354926661","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":123,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"a1e1f806-3814-40c5-a853-6bf6a532ace2","block_type":"box","text":"(d)","page_number":123,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"7e3432b0-6782-48dd-a944-5274b2a885f1","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":123,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"afd1cb49-280a-4e73-bac7-79156a69f2e7","block_type":"box","text":"(e)","page_number":123,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"442c042c-a277-427d-8ce3-044583e351ee","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":123,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"ebd69bed-94f3-4349-abe4-dca850ee0bc7","block_type":"box","text":"(f)","page_number":123,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"0fdca1dc-dbe3-4175-b89b-20a8ca694ce6","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":123,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"6f91c367-dd72-4509-b95b-9362f605a5a5","block_type":"box","text":"For a share outstanding throughout each period:","page_number":123,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"ca0e48d5-f2df-409e-9f7d-07566c846622","block_type":"box","text":"iShares MSCI Spain ETF","page_number":123,"box":{"x":711,"y":429,"width":111,"height":7}},{"id":"14f6045d-bf34-4183-a10b-2674c3709b6d","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":574,"y":441,"width":52,"height":6}},{"id":"8a0ddd89-9408-4d23-a863-24f11e8fba58","block_type":"box","text":"08/31/25","page_number":123,"box":{"x":577,"y":449,"width":46,"height":7}},{"id":"cd288905-a078-462a-a781-c5cc1c1e2491","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":657,"y":441,"width":52,"height":6}},{"id":"fce599d7-0ece-4499-a791-ebc150859e1e","block_type":"box","text":"08/31/24","page_number":123,"box":{"x":660,"y":449,"width":46,"height":7}},{"id":"f62c0ee1-49ff-4a74-9146-f47aacd765e9","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":740,"y":441,"width":52,"height":6}},{"id":"4c25ceae-4959-46a3-9c94-6a1e032f6fc0","block_type":"box","text":"08/31/23","page_number":123,"box":{"x":744,"y":449,"width":45,"height":7}},{"id":"ee7d1b42-2f2b-4ba9-91da-20c373b1de49","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":823,"y":441,"width":52,"height":6}},{"id":"4cd810b2-b2c4-4a5b-ab8e-a6d988ff98e5","block_type":"box","text":"08/31/22","page_number":123,"box":{"x":827,"y":449,"width":45,"height":7}},{"id":"b72e2cf0-4414-4922-90bb-e838303ded45","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":906,"y":441,"width":52,"height":6}},{"id":"d7749dbd-7047-478b-875b-eca986c9506e","block_type":"box","text":"08/31/21","page_number":123,"box":{"x":910,"y":449,"width":44,"height":7}},{"id":"a3fd1efa-b10a-4602-aeb4-c641099b79c5","block_type":"box","text":"Net asset value, beginning of year","page_number":123,"box":{"x":76,"y":462,"width":164,"height":10}},{"id":"3f0460bb-064b-4de5-bf76-f5f5af5c91f5","block_type":"box","text":"$ 33.78 $ 28.42 $ 21.79 $ 28.08 $ 23.15","page_number":123,"box":{"x":578,"y":462,"width":380,"height":9}},{"id":"102f2a2c-d726-4781-8b28-8acf3625560d","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":86,"y":477,"width":102,"height":8}},{"id":"00b364ec-d9e2-4e89-b130-a32026dc6e37","block_type":"box","text":"(a)","page_number":123,"box":{"x":189,"y":476,"width":7,"height":6}},{"id":"971e8485-9a57-4292-a94f-36f67d14a58d","block_type":"box","text":"1.36 1.12 0.94 0.75 0.84","page_number":123,"box":{"x":609,"y":477,"width":343,"height":8}},{"id":"921a5b14-7b31-47ea-9558-1c58e6910a3d","block_type":"box","text":"(b)","page_number":123,"box":{"x":953,"y":476,"width":8,"height":6}},{"id":"170b1383-ef77-44ec-b119-3d8287c2d01f","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":123,"box":{"x":86,"y":489,"width":167,"height":9}},{"id":"50af5222-c337-4224-93ff-214679b5ae0a","block_type":"box","text":"(c)","page_number":123,"box":{"x":254,"y":487,"width":8,"height":6}},{"id":"96da811f-daa3-4f96-a9a0-640fa30f005a","block_type":"box","text":"13.88 5.25 6.41 (6.23) 5.00","page_number":123,"box":{"x":603,"y":489,"width":355,"height":9}},{"id":"35fd9bf6-fa2b-4743-a5c7-f98722e0d3cd","block_type":"box","text":"Net increase (decrease) from investment operations 15.24 6.37 7.35 (5.48) 5.84","page_number":123,"box":{"x":76,"y":504,"width":883,"height":9}},{"id":"a6ca8f05-2275-4a95-8498-2e946365a765","block_type":"box","text":"Distributions from net investment income","page_number":123,"box":{"x":86,"y":519,"width":183,"height":7}},{"id":"a90b3379-b789-481b-916d-31a8337a2caa","block_type":"box","text":"(d)","page_number":123,"box":{"x":270,"y":517,"width":8,"height":6}},{"id":"588b2660-6899-4254-9e9e-9c989061227f","block_type":"box","text":"(1.30) (1.01) (0.72) (0.81) (0.91)","page_number":123,"box":{"x":606,"y":519,"width":354,"height":9}},{"id":"e4bb650d-aae5-4e67-add1-2d81b98bf601","block_type":"box","text":"Net asset value, end of year","page_number":123,"box":{"x":76,"y":534,"width":135,"height":10}},{"id":"e26b560f-1130-40d8-891f-a4b322c1fc82","block_type":"box","text":"$ 47.72 $ 33.78 $ 28.42 $ 21.79 $ 28.08","page_number":123,"box":{"x":578,"y":533,"width":380,"height":9}},{"id":"bbd51bdc-dde2-4f38-a6b8-006f6245abc0","block_type":"box","text":"Total Return","page_number":123,"box":{"x":76,"y":551,"width":57,"height":7}},{"id":"58505c3b-8bf4-47c4-bcf0-bd1bb734585e","block_type":"box","text":"(e)","page_number":123,"box":{"x":135,"y":549,"width":8,"height":6}},{"id":"0132adb6-6a70-4bcf-bfe9-4efa59f297a3","block_type":"box","text":"Based on net asset value","page_number":123,"box":{"x":76,"y":562,"width":109,"height":8}},{"id":"b41786cc-3d8d-4c1a-a181-c80ff60f74b4","block_type":"box","text":"46.55% 22.72% 34.16% (19.89)% 25.25%","page_number":123,"box":{"x":601,"y":562,"width":364,"height":10}},{"id":"8acd8588-0307-4048-93bd-bb8dd2250b3b","block_type":"box","text":"(b)","page_number":123,"box":{"x":966,"y":561,"width":8,"height":6}},{"id":"7490a233-b637-4071-ba5f-75902586d5b2","block_type":"box","text":"Ratios to Average Net Assets","page_number":123,"box":{"x":76,"y":577,"width":140,"height":10}},{"id":"03c4afbd-aa61-4322-9108-a9aa3a612fcb","block_type":"box","text":"(f)","page_number":123,"box":{"x":217,"y":576,"width":7,"height":6}},{"id":"07d1cc7f-a034-4142-92ac-82172dc287ba","block_type":"box","text":"Total expenses","page_number":123,"box":{"x":76,"y":589,"width":64,"height":9}},{"id":"9028f2af-3161-4f55-8013-c800cb864256","block_type":"box","text":"0.50% 0.50% 0.50% 0.50% 0.62%","page_number":123,"box":{"x":607,"y":589,"width":358,"height":7}},{"id":"be28c526-6cfc-4b60-aaf9-1e0d2047a0ab","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding tax claims 0.50% N/A 0.50% 0.50% 0.50%","page_number":123,"box":{"x":76,"y":604,"width":889,"height":9}},{"id":"115ecfa1-b0d9-4708-8d66-50283626942b","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":76,"y":619,"width":102,"height":7}},{"id":"9ea2fd7e-1965-4a6f-b72c-9bf6c0a6dfe3","block_type":"box","text":"3.59% 3.65% 3.59% 2.90% 3.10%","page_number":123,"box":{"x":607,"y":619,"width":358,"height":7}},{"id":"e69991f9-d22a-4dfd-bba6-73fde257b6b9","block_type":"box","text":"(b)","page_number":123,"box":{"x":966,"y":617,"width":8,"height":6}},{"id":"b5dade0a-4515-4b95-8b83-73ae4aea96ec","block_type":"box","text":"Supplemental Data","page_number":123,"box":{"x":76,"y":634,"width":91,"height":9}},{"id":"1a778cf2-959d-4fff-86bf-59de65cd1ded","block_type":"box","text":"Net assets, end of year (000)","page_number":123,"box":{"x":76,"y":645,"width":127,"height":10}},{"id":"1d4f2225-458a-432d-bddd-f56fa42330be","block_type":"box","text":"$1,359,910 $1,048,724 $712,043 $415,056 $707,646","page_number":123,"box":{"x":578,"y":645,"width":380,"height":9}},{"id":"76df795a-9476-42cb-9ec8-04baf6b37333","block_type":"box","text":"Portfolio turnover rate","page_number":123,"box":{"x":76,"y":660,"width":97,"height":8}},{"id":"7081f236-6a9e-4096-bfe6-2f489c4c29f3","block_type":"box","text":"(g)","page_number":123,"box":{"x":174,"y":659,"width":8,"height":6}},{"id":"18d21ec2-de73-4155-b488-f54311e0986d","block_type":"box","text":"29% 15% 16% 14% 34%","page_number":123,"box":{"x":616,"y":660,"width":349,"height":8}},{"id":"f1509f28-66c2-490d-844f-6b5ee7a6cb72","block_type":"box","text":"(a)","page_number":123,"box":{"x":76,"y":674,"width":7,"height":6}},{"id":"2ebbd571-1637-4711-a563-1dc84f77812d","block_type":"box","text":"Based on average shares outstanding.","page_number":123,"box":{"x":107,"y":675,"width":166,"height":10}},{"id":"06b72abd-680a-4080-af52-76306cf53242","block_type":"box","text":"(b)","page_number":123,"box":{"x":76,"y":685,"width":8,"height":6}},{"id":"a5b6a368-a2f9-4880-ad42-918e4005ab44","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f\r\n$","page_number":123,"box":{"x":107,"y":687,"width":630,"height":9}},{"id":"c5c4bf7e-9db7-48d3-a44f-4bc270db730f","block_type":"box","text":"or the year ended August 31, 2021:","page_number":123,"box":{"x":737,"y":687,"width":154,"height":9}},{"id":"53b54f4c-1f07-4b95-aa59-3dd3fde205f7","block_type":"box","text":"•","page_number":123,"box":{"x":107,"y":697,"width":5,"height":5}},{"id":"8dbce68a-811d-4825-b1d2-fbd6a67ced0f","block_type":"box","text":"g\r\nNet investment income per share by $0.18.","page_number":123,"box":{"x":117,"y":696,"width":189,"height":11}},{"id":"e2410c02-b588-4141-8581-d5df2972f7fe","block_type":"box","text":"•","page_number":123,"box":{"x":107,"y":708,"width":5,"height":4}},{"id":"b9167ec7-80f5-4434-8f57-329be69a57a0","block_type":"box","text":"Total return by 0.63%.","page_number":123,"box":{"x":117,"y":707,"width":95,"height":10}},{"id":"67bfd3ca-509c-488d-a87a-8877bca93e18","block_type":"box","text":"•","page_number":123,"box":{"x":107,"y":718,"width":5,"height":4}},{"id":"73915abb-07f8-4d92-9005-62d350a75e36","block_type":"box","text":"Ratio of net investment income to average net assets by 0.65%.","page_number":123,"box":{"x":117,"y":718,"width":279,"height":9}},{"id":"12c7db6b-d5f2-4c41-8721-6fd345e208c2","block_type":"box","text":"(c)","page_number":123,"box":{"x":76,"y":728,"width":7,"height":6}},{"id":"7663d583-294c-403d-a85f-2834d51c9c8e","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":123,"box":{"x":106,"y":729,"width":678,"height":10}},{"id":"da53b454-8c24-485a-b47e-0aeb30f9e6c2","block_type":"box","text":"iming of capital share transactions in","page_number":123,"box":{"x":785,"y":729,"width":161,"height":10}},{"id":"22d66a48-41fd-48cc-97b5-1fecc72736f1","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":123,"box":{"x":106,"y":739,"width":333,"height":10}},{"id":"50f68eff-da0a-48cd-94f6-bcbb23d141ca","block_type":"box","text":"(d)","page_number":123,"box":{"x":76,"y":750,"width":8,"height":6}},{"id":"acb803f5-3984-42d3-81d0-b18786e59774","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":123,"box":{"x":107,"y":751,"width":437,"height":10}},{"id":"43c7ed8e-a1ef-4368-a40b-4af0bcfe60b8","block_type":"box","text":"(e)","page_number":123,"box":{"x":76,"y":761,"width":8,"height":6}},{"id":"6976ca94-28b3-4ec3-a5ee-71bb86d3258e","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":123,"box":{"x":106,"y":762,"width":269,"height":10}},{"id":"0c0215e9-9ebf-4e79-8dcb-f04a80dfd62e","block_type":"box","text":"(f)","page_number":123,"box":{"x":76,"y":773,"width":6,"height":6}},{"id":"5e57eaad-e6da-47fc-aa02-39fe6cb09075","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":123,"box":{"x":107,"y":774,"width":410,"height":10}},{"id":"742369f4-f1bc-4852-a728-7c8aaee23f90","block_type":"box","text":"(g)","page_number":123,"box":{"x":76,"y":784,"width":7,"height":6}},{"id":"da5f10ce-665b-4b60-9e3e-48dd47f2eda6","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":123,"box":{"x":107,"y":785,"width":260,"height":10}},{"id":"0640fb61-ea3f-482d-abb1-104fc67e9b20","block_type":"box","text":"35","page_number":123,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"bc37d4d2-4c26-4ad2-8783-02491649dc5d","block_type":"box","text":"For a share outstanding throughout each period:","page_number":124,"box":{"x":77,"y":31,"width":339,"height":11}},{"id":"5518ee69-7aee-43e9-87d1-91c3951ad65a","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":124,"box":{"x":706,"y":61,"width":121,"height":5}},{"id":"276df0dc-21fd-4498-84b9-3458e9aa5025","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":574,"y":73,"width":52,"height":6}},{"id":"d2948677-22cd-477e-bdf3-02ffe4f91314","block_type":"box","text":"08/31/25","page_number":124,"box":{"x":577,"y":81,"width":46,"height":7}},{"id":"6c117839-724a-4086-8923-4be6d3f185f4","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":657,"y":73,"width":52,"height":6}},{"id":"0467544d-293c-4c94-8d1b-2b609ded0219","block_type":"box","text":"08/31/24","page_number":124,"box":{"x":660,"y":81,"width":46,"height":7}},{"id":"80ad3ea9-27b4-430c-a9f0-ea0e50b5d256","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":740,"y":73,"width":52,"height":6}},{"id":"11a364c8-215a-4dae-af7f-3b271ae63714","block_type":"box","text":"08/31/23","page_number":124,"box":{"x":744,"y":81,"width":45,"height":7}},{"id":"2a266ca1-a786-4afa-9ce1-9fc57f8b1226","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":823,"y":73,"width":52,"height":6}},{"id":"d1bf4c62-f8aa-4a00-9772-5e8dafdcb073","block_type":"box","text":"08/31/22","page_number":124,"box":{"x":827,"y":81,"width":45,"height":7}},{"id":"036f0f7b-20ec-4dcd-9218-2076c631d6c3","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":906,"y":73,"width":52,"height":6}},{"id":"5842cf72-d715-45ae-8599-e1733b07aaed","block_type":"box","text":"08/31/21","page_number":124,"box":{"x":910,"y":81,"width":44,"height":7}},{"id":"b6794d63-f0af-4cc4-9a0a-93a1aca43bcf","block_type":"box","text":"Net asset value, beginning of year","page_number":124,"box":{"x":76,"y":94,"width":164,"height":10}},{"id":"d3921e1c-5a1b-437d-927e-7581d21f4d36","block_type":"box","text":"$ 42.21 $ 33.32 $ 30.10 $ 47.87 $ 35.73","page_number":124,"box":{"x":583,"y":93,"width":375,"height":9}},{"id":"baa597e9-8cf1-4f33-825e-d5c8b6f0a5aa","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":86,"y":109,"width":102,"height":8}},{"id":"bd3ed0dd-4fb4-4b25-a5cf-407a129e4431","block_type":"box","text":"(a)","page_number":124,"box":{"x":189,"y":108,"width":7,"height":6}},{"id":"468a38e3-406d-4e79-b287-acc885eab719","block_type":"box","text":"1.09","page_number":124,"box":{"x":603,"y":109,"width":16,"height":8}},{"id":"8e7236a1-ef40-409e-a267-008f3ae6312d","block_type":"box","text":"(b)","page_number":124,"box":{"x":621,"y":108,"width":7,"height":6}},{"id":"b60a8f97-2ee1-4296-86c5-3c50145bb7c1","block_type":"box","text":"0.84","page_number":124,"box":{"x":683,"y":109,"width":20,"height":8}},{"id":"bce67ee5-9c42-4b8f-9020-0cc37754067b","block_type":"box","text":"(b)","page_number":124,"box":{"x":704,"y":108,"width":7,"height":6}},{"id":"f3b5e80c-c2e0-492c-bc5a-97465fc667cb","block_type":"box","text":"0.79","page_number":124,"box":{"x":766,"y":109,"width":20,"height":8}},{"id":"fc31ed33-64bb-4075-b266-ef20454011c8","block_type":"box","text":"(b)","page_number":124,"box":{"x":787,"y":108,"width":7,"height":6}},{"id":"2a68988f-facc-4f9c-a520-9f55457016c9","block_type":"box","text":"1.46 0.99","page_number":124,"box":{"x":858,"y":109,"width":100,"height":8}},{"id":"f9c60a08-726a-4071-9b0e-1c7ff426ac53","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":124,"box":{"x":86,"y":121,"width":167,"height":9}},{"id":"f2fbab7a-8605-4644-994b-5fb57985ff3f","block_type":"box","text":"(c)","page_number":124,"box":{"x":254,"y":119,"width":8,"height":6}},{"id":"a34fb3d2-40fb-4fca-9f18-dc47c7367539","block_type":"box","text":"4.09 9.66 2.63 (16.83) 12.57","page_number":124,"box":{"x":606,"y":121,"width":352,"height":9}},{"id":"494593ba-1f07-4d15-9919-068db17acb75","block_type":"box","text":"Net increase (decrease) from investment operations 5.18 10.50 3.42 (15.37) 13.56","page_number":124,"box":{"x":76,"y":136,"width":882,"height":9}},{"id":"c2a4ec0d-ed25-4f8e-968b-d2d5a468359a","block_type":"box","text":"Distributions from net investment income","page_number":124,"box":{"x":86,"y":151,"width":183,"height":7}},{"id":"26fedd97-5362-4a14-86fb-edc671f2a2bc","block_type":"box","text":"(d)","page_number":124,"box":{"x":270,"y":149,"width":8,"height":6}},{"id":"162e77f2-6cdb-41c9-993c-11ae740e5056","block_type":"box","text":"(1.01) (1.61) (0.20) (2.40) (1.42)","page_number":124,"box":{"x":607,"y":151,"width":354,"height":9}},{"id":"9290769f-2d48-4b3b-996b-6f36a6ddd9a1","block_type":"box","text":"Net asset value, end of year","page_number":124,"box":{"x":76,"y":166,"width":135,"height":9}},{"id":"33baec73-2715-4a6f-b6f2-1087366834e6","block_type":"box","text":"$ 46.38 $ 42.21 $ 33.32 $ 30.10 $ 47.87","page_number":124,"box":{"x":583,"y":165,"width":375,"height":9}},{"id":"76fbdab0-8bc2-4145-b9f9-a2b0c648920d","block_type":"box","text":"Total Return","page_number":124,"box":{"x":76,"y":183,"width":57,"height":7}},{"id":"9f8d9f73-d995-4c83-a6ba-41e0d67d2714","block_type":"box","text":"(e)","page_number":124,"box":{"x":135,"y":181,"width":8,"height":6}},{"id":"b473ad42-1de5-46a1-b9af-7fae6e11dbf7","block_type":"box","text":"Based on net asset value","page_number":124,"box":{"x":76,"y":194,"width":109,"height":8}},{"id":"0e7975e7-fb8a-4b66-9737-8915a583a24c","block_type":"box","text":"12.37%","page_number":124,"box":{"x":603,"y":194,"width":30,"height":8}},{"id":"7680ba56-879e-4346-bf4e-7d5bcb166cf3","block_type":"box","text":"(b)","page_number":124,"box":{"x":633,"y":193,"width":8,"height":6}},{"id":"4a6ae0ea-2212-45d5-a0bf-9bd9200e81fe","block_type":"box","text":"31.89%","page_number":124,"box":{"x":686,"y":194,"width":30,"height":8}},{"id":"809f950b-2b0f-4f83-bf31-48573255bb85","block_type":"box","text":"(b)","page_number":124,"box":{"x":717,"y":193,"width":7,"height":6}},{"id":"b4ac4ce8-435d-4a51-bff4-dc5a6295c692","block_type":"box","text":"11.35%","page_number":124,"box":{"x":770,"y":194,"width":29,"height":8}},{"id":"e08fa6b2-5add-45c5-8504-0178f51f7905","block_type":"box","text":"(b)","page_number":124,"box":{"x":800,"y":193,"width":7,"height":6}},{"id":"04effd8f-fc9d-400f-abac-b1379e157527","block_type":"box","text":"(33.28)% 38.09%","page_number":124,"box":{"x":847,"y":194,"width":118,"height":10}},{"id":"50cbc8a1-e3e1-4d7b-87dc-be41e6c9c32b","block_type":"box","text":"Ratios to Average Net Assets","page_number":124,"box":{"x":76,"y":209,"width":140,"height":10}},{"id":"afafcc1d-afe7-41e4-82ee-2baeec344165","block_type":"box","text":"(f)","page_number":124,"box":{"x":217,"y":208,"width":7,"height":6}},{"id":"e155e585-2d1e-4e71-9d70-68ed6bbecd05","block_type":"box","text":"Total expenses","page_number":124,"box":{"x":76,"y":221,"width":64,"height":9}},{"id":"31698a2b-5bcd-4646-ab3a-7ee0d10291b6","block_type":"box","text":"0.51% 0.54% 0.54% 0.54% 0.54%","page_number":124,"box":{"x":607,"y":221,"width":358,"height":7}},{"id":"e4a41688-c5a0-4e2d-9abe-0f888d8f7896","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding tax claims 0.50% 0.50% 0.50% 0.50% 0.50%","page_number":124,"box":{"x":76,"y":236,"width":889,"height":9}},{"id":"34da01a4-6afc-4553-bb1f-937667c85278","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":76,"y":251,"width":102,"height":7}},{"id":"819aa73a-2eba-4297-9b85-daa11b0c5540","block_type":"box","text":"2.56%","page_number":124,"box":{"x":607,"y":251,"width":26,"height":7}},{"id":"a9821aec-a4c9-4b24-ab92-211992dfd57f","block_type":"box","text":"(b)","page_number":124,"box":{"x":633,"y":249,"width":8,"height":6}},{"id":"66b2d3b4-d0e6-4740-9839-99ac1c594282","block_type":"box","text":"2.23%","page_number":124,"box":{"x":690,"y":251,"width":26,"height":7}},{"id":"a1daa6e8-1455-4c2a-8382-77c1a45c4c6c","block_type":"box","text":"(b)","page_number":124,"box":{"x":717,"y":249,"width":7,"height":6}},{"id":"3e972777-a901-4b0a-93d1-20828a3fbc08","block_type":"box","text":"2.37%","page_number":124,"box":{"x":773,"y":251,"width":26,"height":7}},{"id":"b843d245-1612-4b5b-9f1c-b9806112b8b0","block_type":"box","text":"(b)","page_number":124,"box":{"x":800,"y":249,"width":7,"height":6}},{"id":"41a9da0a-db95-40c4-986f-6a506918cb5d","block_type":"box","text":"3.67% 2.27%","page_number":124,"box":{"x":856,"y":251,"width":109,"height":7}},{"id":"a1cd6da8-8730-478f-b276-56509dc995d7","block_type":"box","text":"Supplemental Data","page_number":124,"box":{"x":76,"y":266,"width":91,"height":9}},{"id":"63c1081e-3825-49fd-882d-d6bc8804798f","block_type":"box","text":"Net assets, end of year (000)","page_number":124,"box":{"x":76,"y":277,"width":127,"height":10}},{"id":"9c7b08ae-3ad4-425d-a2c5-32ce8ead8ea8","block_type":"box","text":"$320,050 $307,053 $314,889 $408,555 $653,396","page_number":124,"box":{"x":583,"y":276,"width":375,"height":10}},{"id":"d387563c-337c-4fa4-91a3-645e12899dfe","block_type":"box","text":"Portfolio turnover rate","page_number":124,"box":{"x":76,"y":292,"width":97,"height":8}},{"id":"94a77981-79db-44b4-8849-1b3d94f13b03","block_type":"box","text":"(g)","page_number":124,"box":{"x":174,"y":291,"width":8,"height":6}},{"id":"34fbb72c-d591-43e9-8b56-da45791b951f","block_type":"box","text":"20% 16% 13% 18% 11%","page_number":124,"box":{"x":616,"y":292,"width":349,"height":8}},{"id":"0a22ced0-0462-488c-a03c-fa3fce041432","block_type":"box","text":"(a)","page_number":124,"box":{"x":76,"y":306,"width":7,"height":6}},{"id":"122991de-eada-4e7f-af10-f648bc858561","block_type":"box","text":"Based on average shares outstanding.","page_number":124,"box":{"x":107,"y":307,"width":166,"height":10}},{"id":"3fc65a72-d817-4afd-8d66-ce68741be952","block_type":"box","text":"(b)","page_number":124,"box":{"x":76,"y":317,"width":8,"height":6}},{"id":"2f90ecde-5348-4db3-8bc0-69debbfcd0e5","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f","page_number":124,"box":{"x":107,"y":319,"width":630,"height":9}},{"id":"c2f544be-9e89-4785-93a1-6eb9509ca087","block_type":"box","text":"or the years ended August 31, 2025, August 31,","page_number":124,"box":{"x":737,"y":319,"width":208,"height":9}},{"id":"4b4371ff-a1e9-459a-bc77-e6b2b2bc6f25","block_type":"box","text":"2024 and August 31, 2023, respectively:\r\n$","page_number":124,"box":{"x":107,"y":329,"width":177,"height":10}},{"id":"bf7a4191-d45f-4706-8ed2-764cd1491a63","block_type":"box","text":"•","page_number":124,"box":{"x":107,"y":339,"width":5,"height":5}},{"id":"5d796892-c340-4274-9e7d-448976fc3d23","block_type":"box","text":"g\r\nNet investment income per share by $0.05, $0.13 and $0.11.","page_number":124,"box":{"x":117,"y":339,"width":265,"height":10}},{"id":"13a40285-dceb-425c-966b-fcd49d2d6f02","block_type":"box","text":"•","page_number":124,"box":{"x":107,"y":350,"width":5,"height":4}},{"id":"d7e311d2-dbf2-42e7-ac91-e047a169dd8a","block_type":"box","text":"Total return by 0.14%, 0.46% and 0.36%.","page_number":124,"box":{"x":116,"y":350,"width":174,"height":9}},{"id":"fad9378f-8253-45f1-aefa-a561ca924bae","block_type":"box","text":"•","page_number":124,"box":{"x":107,"y":360,"width":5,"height":4}},{"id":"87fc1e42-92d4-4bda-a996-4614aab2005e","block_type":"box","text":"Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%.","page_number":124,"box":{"x":117,"y":360,"width":358,"height":9}},{"id":"e89eb107-61b7-4c30-8fd5-3f308dced44e","block_type":"box","text":"(c)","page_number":124,"box":{"x":76,"y":370,"width":7,"height":6}},{"id":"7baeaf7f-a41f-4555-9b9f-7c7aef3dfeb5","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":124,"box":{"x":106,"y":371,"width":678,"height":10}},{"id":"2fbc8181-5a6a-477f-9d38-ff0170e7bc05","block_type":"box","text":"iming of capital share transactions in","page_number":124,"box":{"x":785,"y":371,"width":161,"height":10}},{"id":"a3d1e69e-a141-401f-9441-632ddf856b02","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":124,"box":{"x":106,"y":382,"width":333,"height":9}},{"id":"c1136119-4a21-4efa-ba0a-70d834175a55","block_type":"box","text":"(d)","page_number":124,"box":{"x":76,"y":392,"width":8,"height":6}},{"id":"a14b2e34-8a74-471a-8552-c712a21ece81","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":124,"box":{"x":107,"y":393,"width":437,"height":10}},{"id":"f0b54e69-7887-43db-b78d-1206388bfa09","block_type":"box","text":"(e)","page_number":124,"box":{"x":76,"y":403,"width":8,"height":6}},{"id":"e1ad0dcd-b52e-4be4-a1f4-2ac2ef61312e","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":124,"box":{"x":106,"y":405,"width":269,"height":9}},{"id":"4699f3e0-e497-467e-ab76-9057e59ca051","block_type":"box","text":"(f)","page_number":124,"box":{"x":76,"y":415,"width":6,"height":6}},{"id":"c3037c5b-bb47-436f-8084-cc22f53bc187","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":124,"box":{"x":107,"y":416,"width":410,"height":10}},{"id":"f22bf337-b523-41c5-b252-efc151850988","block_type":"box","text":"(g)","page_number":124,"box":{"x":76,"y":426,"width":7,"height":6}},{"id":"cc3d118e-6629-4595-8767-08f8725dfad7","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":124,"box":{"x":107,"y":428,"width":260,"height":9}},{"id":"66b402ff-4c5a-457b-b0ca-4332b48383d2","block_type":"box","text":"For a share outstanding throughout each period:","page_number":124,"box":{"x":77,"y":451,"width":339,"height":11}},{"id":"0e921ef0-4a4f-41d9-92ab-f205eedd7831","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":124,"box":{"x":697,"y":481,"width":139,"height":6}},{"id":"c9b1bd9f-cb96-42fa-9447-92b933ece14e","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":574,"y":493,"width":52,"height":6}},{"id":"f95b895c-085a-4b9c-b36e-ae5ff218c8f8","block_type":"box","text":"08/31/25","page_number":124,"box":{"x":577,"y":501,"width":46,"height":7}},{"id":"683c0930-ac29-4a05-ab2d-2ce67b2bc04f","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":657,"y":493,"width":52,"height":6}},{"id":"b693f14a-39f4-4c4b-aa30-20fe240d2083","block_type":"box","text":"08/31/24","page_number":124,"box":{"x":660,"y":501,"width":46,"height":7}},{"id":"6ede9f48-82fc-437b-a0f0-707552f4128c","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":740,"y":493,"width":52,"height":6}},{"id":"1b8dcce4-e2bf-4680-9684-4388702460c7","block_type":"box","text":"08/31/23","page_number":124,"box":{"x":744,"y":501,"width":45,"height":7}},{"id":"bde93d5f-97f4-4579-aef4-440204eeec63","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":823,"y":493,"width":52,"height":6}},{"id":"f21b517d-5f6c-4144-a20b-3c52bcd98cdc","block_type":"box","text":"08/31/22","page_number":124,"box":{"x":827,"y":501,"width":45,"height":7}},{"id":"0219f573-82d1-4c09-8abe-88a129b83513","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":906,"y":493,"width":52,"height":6}},{"id":"f9f8b0c2-b418-429a-879b-6013472e0453","block_type":"box","text":"08/31/21","page_number":124,"box":{"x":910,"y":501,"width":44,"height":7}},{"id":"2a865224-db83-4c27-886d-c91c71e48990","block_type":"box","text":"Net asset value, beginning of year","page_number":124,"box":{"x":76,"y":514,"width":164,"height":10}},{"id":"a0124d69-e109-4498-8a37-209470e96f0e","block_type":"box","text":"$ 52.97 $ 46.10 $ 40.66 $ 50.74 $ 41.87","page_number":124,"box":{"x":576,"y":514,"width":382,"height":9}},{"id":"fc8d6b4a-02c4-48fc-9886-acd61bc9ee80","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":86,"y":529,"width":102,"height":8}},{"id":"9d3584ea-ee63-4551-aebe-35cd8e679459","block_type":"box","text":"(a)","page_number":124,"box":{"x":189,"y":528,"width":7,"height":6}},{"id":"c9d28222-2f56-4ba6-ad5b-f31484ab0990","block_type":"box","text":"0.95 0.89 0.87 0.76 0.75","page_number":124,"box":{"x":607,"y":529,"width":351,"height":8}},{"id":"31e62e32-e03b-46bd-94ec-b387c6d99e32","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":124,"box":{"x":86,"y":541,"width":167,"height":9}},{"id":"02bf63ef-8777-4003-bf46-b61d1bb7c80b","block_type":"box","text":"(b)","page_number":124,"box":{"x":254,"y":539,"width":8,"height":6}},{"id":"c01d0d1e-f64e-4071-88c1-ed28f7bc11f6","block_type":"box","text":"2.43 7.00 5.59 (9.98) 9.06","page_number":124,"box":{"x":607,"y":541,"width":351,"height":9}},{"id":"c9fb7777-2868-465f-8881-40cd496e07ed","block_type":"box","text":"Net increase (decrease) from investment operations 3.38 7.89 6.46 (9.22) 9.81","page_number":124,"box":{"x":76,"y":556,"width":881,"height":9}},{"id":"439621f4-5148-489f-a74b-21e24c976c49","block_type":"box","text":"Distributions from net investment income","page_number":124,"box":{"x":86,"y":571,"width":183,"height":7}},{"id":"20f8144c-a6af-4308-941b-7aab232e8248","block_type":"box","text":"(c)","page_number":124,"box":{"x":270,"y":569,"width":7,"height":6}},{"id":"c3174ee2-895f-46a7-afaa-14c233f3c9a7","block_type":"box","text":"(1.02) (1.02) (1.02) (0.86) (0.94)","page_number":124,"box":{"x":606,"y":571,"width":355,"height":9}},{"id":"936e3146-56fc-4033-a6d3-bdd83a4332c0","block_type":"box","text":"Net asset value, end of year","page_number":124,"box":{"x":76,"y":586,"width":135,"height":10}},{"id":"8f5b3911-e959-4f9a-85ec-cc4f6a19a7ea","block_type":"box","text":"$ 55.33 $ 52.97 $ 46.10 $ 40.66 $ 50.74","page_number":124,"box":{"x":576,"y":585,"width":383,"height":9}},{"id":"ab5311c2-79ba-4e84-ba5c-92d870ebf185","block_type":"box","text":"Total Return","page_number":124,"box":{"x":76,"y":603,"width":57,"height":7}},{"id":"4d177f34-3e02-47a6-965f-4458dae1cfc9","block_type":"box","text":"(d)","page_number":124,"box":{"x":135,"y":601,"width":8,"height":6}},{"id":"9ce3bdf4-febc-4bd1-8cce-0529348eef68","block_type":"box","text":"Based on net asset value","page_number":124,"box":{"x":76,"y":614,"width":109,"height":8}},{"id":"b28ae2cd-0e11-4d2b-9e0f-907daca740ba","block_type":"box","text":"6.45% 17.32% 15.92% (18.24)% 23.49%","page_number":124,"box":{"x":607,"y":614,"width":358,"height":10}},{"id":"a7455b35-b19f-4b75-a485-29337b1e90ac","block_type":"box","text":"Ratios to Average Net Assets","page_number":124,"box":{"x":76,"y":629,"width":140,"height":10}},{"id":"3084df03-45dd-434c-ad83-9d4e25df1a2a","block_type":"box","text":"(e)","page_number":124,"box":{"x":217,"y":628,"width":9,"height":6}},{"id":"088e192f-815f-4754-beaf-7c7b06aaf966","block_type":"box","text":"Total expenses","page_number":124,"box":{"x":76,"y":641,"width":64,"height":9}},{"id":"4091a5a5-339a-48a5-8ce5-270a618e5b56","block_type":"box","text":"0.50% 0.50% 0.50% 0.50% 0.50%","page_number":124,"box":{"x":607,"y":641,"width":358,"height":7}},{"id":"2e39154b-b0f9-4715-a169-39706c1e57de","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":76,"y":656,"width":102,"height":7}},{"id":"7b7692ff-71b6-40fb-b189-36a7f2e7527a","block_type":"box","text":"1.84% 1.90% 1.99% 1.62% 1.66%","page_number":124,"box":{"x":609,"y":656,"width":356,"height":7}},{"id":"da59a3f3-161f-4d80-aca4-9e8b93d59cd3","block_type":"box","text":"Supplemental Data","page_number":124,"box":{"x":76,"y":671,"width":91,"height":9}},{"id":"3e59d96b-9ec1-4466-afd0-9bb09f5a8690","block_type":"box","text":"Net assets, end of year (000)","page_number":124,"box":{"x":76,"y":682,"width":127,"height":10}},{"id":"9fc0cd05-9232-460b-a9d5-ff8931584603","block_type":"box","text":"$1,320,936 $1,310,943 $1,227,303 $1,351,808 $1,763,380","page_number":124,"box":{"x":576,"y":682,"width":382,"height":9}},{"id":"8afca2ea-cc8a-47da-9b31-88af32a484f7","block_type":"box","text":"Portfolio turnover rate","page_number":124,"box":{"x":76,"y":697,"width":97,"height":8}},{"id":"55ca2db6-5079-41f5-beb6-67b7791dd6c5","block_type":"box","text":"(f)","page_number":124,"box":{"x":174,"y":696,"width":6,"height":6}},{"id":"eeaf2beb-9af8-46e3-99e7-1e323343ec57","block_type":"box","text":"9% 6% 10% 8% 7%","page_number":124,"box":{"x":621,"y":697,"width":344,"height":8}},{"id":"31309aad-6b3c-4d9e-8740-8660f1a01320","block_type":"box","text":"(a)","page_number":124,"box":{"x":76,"y":711,"width":7,"height":6}},{"id":"6fff1584-e5aa-444d-a375-85410f0d309b","block_type":"box","text":"Based on average shares outstanding.","page_number":124,"box":{"x":107,"y":712,"width":166,"height":10}},{"id":"81f7dae2-864d-46d7-a5c3-609a80d53c5e","block_type":"box","text":"(b)","page_number":124,"box":{"x":76,"y":722,"width":8,"height":6}},{"id":"177fdf59-da19-4409-a3b2-e8e628bb1957","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":124,"box":{"x":106,"y":724,"width":678,"height":9}},{"id":"8d2ec5ec-3668-43f4-9686-1bbbbf48bc46","block_type":"box","text":"iming of capital share transactions in","page_number":124,"box":{"x":785,"y":724,"width":161,"height":9}},{"id":"0c53f4ab-90d6-40fc-9295-2bb1bb428ea2","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":124,"box":{"x":106,"y":734,"width":333,"height":10}},{"id":"0ec5ea79-7962-47cd-ab15-73c81f0c7260","block_type":"box","text":"(c)","page_number":124,"box":{"x":76,"y":744,"width":7,"height":6}},{"id":"e02c991f-ff08-4018-a96f-e5c28ff6b86c","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":124,"box":{"x":107,"y":746,"width":437,"height":9}},{"id":"b1357f89-59d6-4c76-8cc0-9fd7c6ab8b9d","block_type":"box","text":"(d)","page_number":124,"box":{"x":76,"y":756,"width":8,"height":6}},{"id":"a8663d01-9208-475f-8c9a-1852a7c026c6","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":124,"box":{"x":106,"y":757,"width":269,"height":10}},{"id":"f5bcdd8c-5f28-475d-8d3b-3309869e3af9","block_type":"box","text":"(e)","page_number":124,"box":{"x":76,"y":767,"width":8,"height":6}},{"id":"c12b4f35-1e41-4ccb-ad56-4da4b2ecbd9e","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":124,"box":{"x":107,"y":769,"width":410,"height":9}},{"id":"8f6df3a8-ec4f-4d8f-a8b7-70c36dbc1ec4","block_type":"box","text":"(f)","page_number":124,"box":{"x":76,"y":779,"width":6,"height":6}},{"id":"0e3b711a-ac77-47d0-8e87-b2d5411fb91d","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":124,"box":{"x":107,"y":780,"width":260,"height":10}},{"id":"22caa9ed-80f2-4e0c-84cc-ec09555f5a64","block_type":"box","text":"36","page_number":124,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"27edeb46-0cab-430b-9720-55518b278f7a","block_type":"box","text":"For a share outstanding throughout each period:","page_number":125,"box":{"x":77,"y":31,"width":339,"height":11}},{"id":"8fc1206c-5fa2-4887-a678-f1c839b49f48","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":125,"box":{"x":676,"y":53,"width":181,"height":7}},{"id":"a65380b5-48a6-4dfe-a890-5ae4d1b77880","block_type":"box","text":"Year Ended","page_number":125,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"2ba2bb58-7c74-4f52-8bb1-df582e4d2b5c","block_type":"box","text":"08/31/25","page_number":125,"box":{"x":577,"y":73,"width":46,"height":7}},{"id":"d265afd9-f586-416a-adb5-bb34522e3c94","block_type":"box","text":"Year Ended","page_number":125,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"946e124c-fd75-49d3-ad2d-ae643ee88a13","block_type":"box","text":"08/31/24","page_number":125,"box":{"x":660,"y":73,"width":46,"height":7}},{"id":"c1f96472-425b-466e-9056-e8ee16243517","block_type":"box","text":"Year Ended","page_number":125,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"b64b4ac3-1cdb-4ab5-b681-a2338cbfda46","block_type":"box","text":"08/31/23","page_number":125,"box":{"x":744,"y":73,"width":45,"height":7}},{"id":"f4597e2f-3b9a-4d04-a18d-78e9a5e514c2","block_type":"box","text":"Year Ended","page_number":125,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"21bcbe5d-9f7a-4b4d-b446-55eaf33224f7","block_type":"box","text":"08/31/22","page_number":125,"box":{"x":827,"y":73,"width":45,"height":7}},{"id":"b20f8a86-9158-4656-bd63-b7223782a613","block_type":"box","text":"Year Ended","page_number":125,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"e82cc3f3-67eb-4920-b6c9-375e9f0f26b8","block_type":"box","text":"08/31/21","page_number":125,"box":{"x":910,"y":73,"width":44,"height":7}},{"id":"cf574e3e-e9fb-4606-9e7b-6714a26a8b02","block_type":"box","text":"Net asset value, beginning of year","page_number":125,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"31be73a9-bfae-4121-b5ef-ad2b70a5a07b","block_type":"box","text":"$ 94.08 $ 79.36 $ 74.32 $ 87.61 $ 62.79","page_number":125,"box":{"x":578,"y":86,"width":380,"height":9}},{"id":"ade99b81-c863-440e-bd28-a1cc4ce43487","block_type":"box","text":"Net investment income","page_number":125,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"e599944f-4574-48aa-b52d-e9e58815f961","block_type":"box","text":"(a)","page_number":125,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"561a8d06-d76d-4734-a5e5-67e2cc794a69","block_type":"box","text":"1.58 1.44 1.27 1.25 1.03","page_number":125,"box":{"x":609,"y":102,"width":349,"height":7}},{"id":"b0e123c3-e514-44cb-b597-435105251220","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":125,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"526713a4-312c-49d0-8a20-2861dc2d52f6","block_type":"box","text":"(b)","page_number":125,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"b398dee6-0496-4371-8d29-5bd6d551a111","block_type":"box","text":"8.47 14.59 5.05 (13.32) 24.72","page_number":125,"box":{"x":607,"y":113,"width":351,"height":9}},{"id":"86b43efb-3061-4213-b802-d2407f775e59","block_type":"box","text":"Net increase (decrease) from investment operations 10.05 16.03 6.32 (12.07) 25.75","page_number":125,"box":{"x":76,"y":128,"width":882,"height":9}},{"id":"49e9277e-288f-4c9f-813d-406d12e8a521","block_type":"box","text":"Distributions from net investment income","page_number":125,"box":{"x":76,"y":143,"width":183,"height":7}},{"id":"561545d4-1ec2-4106-a136-6f57160a4da4","block_type":"box","text":"(c)","page_number":125,"box":{"x":260,"y":141,"width":7,"height":6}},{"id":"5e927da7-e24f-4415-a722-ec5565874480","block_type":"box","text":"(1.49) (1.31) (1.28) (1.22) (0.93)","page_number":125,"box":{"x":606,"y":143,"width":355,"height":9}},{"id":"7dbd29f4-7b7d-4fe7-a09d-06b038fac459","block_type":"box","text":"Net asset value, end of year","page_number":125,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"cc7a4906-58af-4917-8bfa-67e442c54eb5","block_type":"box","text":"$ 102.64 $ 94.08 $ 79.36 $ 74.32 $ 87.61","page_number":125,"box":{"x":578,"y":157,"width":379,"height":9}},{"id":"ac42f35c-4a9a-4aa2-bd07-73dc8b5fd754","block_type":"box","text":"Total Return","page_number":125,"box":{"x":76,"y":175,"width":57,"height":7}},{"id":"5e11ea9c-cbf6-4595-9a59-fa4510083c41","block_type":"box","text":"(d)","page_number":125,"box":{"x":135,"y":173,"width":8,"height":6}},{"id":"a71b3bb1-7e8a-4de0-9c86-757631b04c83","block_type":"box","text":"Based on net asset value","page_number":125,"box":{"x":76,"y":190,"width":109,"height":7}},{"id":"94c65709-e133-436b-852a-558154c0564a","block_type":"box","text":"10.80% 20.43% 8.69% (13.93)% 41.36%","page_number":125,"box":{"x":603,"y":190,"width":362,"height":9}},{"id":"82b5c6fe-17a8-4277-a430-b08cde46f4cd","block_type":"box","text":"Ratios to Average Net Assets","page_number":125,"box":{"x":76,"y":207,"width":140,"height":9}},{"id":"53b312bf-bf9d-433a-b9c1-d1f70c011c8b","block_type":"box","text":"(e)","page_number":125,"box":{"x":217,"y":205,"width":9,"height":6}},{"id":"40659376-72b2-4a6c-80a2-113aa00f5924","block_type":"box","text":"Total expenses","page_number":125,"box":{"x":76,"y":222,"width":64,"height":9}},{"id":"316720df-d5b2-43f1-8de0-745229e3bc28","block_type":"box","text":"0.09% 0.09% 0.09% 0.10% 0.15%","page_number":125,"box":{"x":607,"y":222,"width":358,"height":7}},{"id":"195ff92b-9aef-4a5b-979c-6d1684b54e54","block_type":"box","text":"Total expenses after fees waived","page_number":125,"box":{"x":76,"y":239,"width":142,"height":9}},{"id":"4df5e05b-4cfb-4422-afbe-9b3b98b9693d","block_type":"box","text":"0.09% 0.09% 0.09% 0.09% 0.15%","page_number":125,"box":{"x":607,"y":239,"width":358,"height":7}},{"id":"8aa352e4-a1d1-4012-9d99-1057ef5b5ffd","block_type":"box","text":"Net investment income","page_number":125,"box":{"x":76,"y":256,"width":102,"height":7}},{"id":"70fe4875-c4fa-4afb-8eeb-792657658b49","block_type":"box","text":"1.63% 1.69% 1.69% 1.52% 1.34%","page_number":125,"box":{"x":609,"y":256,"width":356,"height":7}},{"id":"fc4c019c-4721-4cb7-8a1b-bd4acba08711","block_type":"box","text":"Supplemental Data","page_number":125,"box":{"x":76,"y":272,"width":91,"height":10}},{"id":"dbe436f3-c93b-41c8-87d4-a186a3ce94ec","block_type":"box","text":"Net assets, end of year (000)","page_number":125,"box":{"x":76,"y":288,"width":127,"height":9}},{"id":"33911e84-8129-46ea-80a0-60060fe041b8","block_type":"box","text":"$1,565,317 $809,092 $555,533 $412,468 $473,092","page_number":125,"box":{"x":578,"y":287,"width":380,"height":10}},{"id":"005d5083-509f-4ffb-b5f7-7749ef852089","block_type":"box","text":"Portfolio turnover rate","page_number":125,"box":{"x":76,"y":304,"width":97,"height":8}},{"id":"7bdf7105-8fd6-4270-b111-731488b7db91","block_type":"box","text":"(f)","page_number":125,"box":{"x":174,"y":303,"width":6,"height":6}},{"id":"14fd7f6a-95aa-4528-82f2-da90c496b130","block_type":"box","text":"31% 26% 28% 27% 30%","page_number":125,"box":{"x":616,"y":305,"width":349,"height":7}},{"id":"7f1d1246-c557-4bf5-8772-8c054fea5822","block_type":"box","text":"(a)","page_number":125,"box":{"x":76,"y":333,"width":10,"height":6}},{"id":"bcd61357-2289-466e-8aaf-0e6a836203e8","block_type":"box","text":"Based on average shares outstanding.","page_number":125,"box":{"x":107,"y":334,"width":215,"height":10}},{"id":"b1a6ea75-e937-4ff0-afe9-fd07724cf1d4","block_type":"box","text":"(b)","page_number":125,"box":{"x":76,"y":345,"width":10,"height":6}},{"id":"a3735c83-c72d-4956-b778-0770d31da97b","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":125,"box":{"x":106,"y":346,"width":867,"height":10}},{"id":"65b27b5f-8556-4b9a-8f29-800b10e97c8f","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":125,"box":{"x":106,"y":358,"width":648,"height":9}},{"id":"b2fba42c-8033-4f56-b38d-679cfc1cc282","block_type":"box","text":"(c)","page_number":125,"box":{"x":76,"y":368,"width":10,"height":6}},{"id":"3e494c06-9737-415a-9442-701c3112226f","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":125,"box":{"x":107,"y":369,"width":565,"height":10}},{"id":"101111cc-c642-4e02-8c94-f12b3624a3a4","block_type":"box","text":"(d)","page_number":125,"box":{"x":76,"y":379,"width":10,"height":6}},{"id":"ebaf9133-525b-4290-a83b-a0dd0fbe4da5","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":125,"box":{"x":106,"y":381,"width":347,"height":9}},{"id":"dcc5e4c4-22e2-4a3d-a20c-9224603274eb","block_type":"box","text":"(e)","page_number":125,"box":{"x":76,"y":391,"width":10,"height":6}},{"id":"d1938418-9fb6-4500-a132-9141a9fca10e","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":125,"box":{"x":107,"y":392,"width":530,"height":10}},{"id":"bcf5e374-98eb-4871-af3a-b9a4ca509dde","block_type":"box","text":"(f)","page_number":125,"box":{"x":76,"y":403,"width":8,"height":6}},{"id":"d498a8d7-79f6-4c0e-b7f7-ba28f5b24e31","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":125,"box":{"x":107,"y":404,"width":335,"height":10}},{"id":"0c914a1a-10bd-447b-a537-528a572bcae2","block_type":"box","text":"37","page_number":125,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"494d1705-5e1c-4631-9a9d-b689ad7dc8a7","block_type":"box","text":"Index Provider and Disclaimers","page_number":126,"box":{"x":78,"y":22,"width":305,"height":14}},{"id":"3f597ff1-f498-43d8-9bbb-afb2b6898fac","block_type":"box","text":"The Index Provider is not affiliated with the Company, BFA, the Distributor or any of their respective affiliates. BFA or its affiliates have","page_number":126,"box":{"x":76,"y":51,"width":855,"height":11}},{"id":"26747c77-d977-43cd-aac1-9c180cad67a6","block_type":"box","text":"entered into a license agreement with the Index Provider to use the Underlying Indexes. BFA or its affiliates sublicense rights in each","page_number":126,"box":{"x":76,"y":66,"width":846,"height":11}},{"id":"b42e7cde-fc7e-438a-9baf-a827916f9acb","block_type":"box","text":"Underlying Index for use by the applicable Fund at no charge.","page_number":126,"box":{"x":77,"y":80,"width":390,"height":11}},{"id":"fd93056d-6d93-4e24-8ac2-3fbf89bf28e4","block_type":"box","text":"The past performance of an Underlying Index is not a guide to future performance. BFA and its affiliates do not guarantee the accuracy or the","page_number":126,"box":{"x":76,"y":103,"width":902,"height":11}},{"id":"4ba86754-c420-40ac-8222-39aa5e375514","block_type":"box","text":"completeness of an Underlying Index or any data included therein, and BFA and its affiliates shall have no liability for any errors, omissions or","page_number":126,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"09e03674-44a8-40dd-9bd7-4c87d60f71b8","block_type":"box","text":"interruptions therein. BFA and its affiliates make no warranty, express or implied, to the owners of shares of a Fund or to any other person or","page_number":126,"box":{"x":76,"y":131,"width":900,"height":11}},{"id":"49e6a605-27e9-4e5d-8301-69c68ec1b296","block_type":"box","text":"entity, as to results to be obtained by a Fund from the use of an Underlying Index or any data included therein. Without limiting any of the","page_number":126,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"c7e42112-b9b0-471b-8510-055975fe6a49","block_type":"box","text":"foregoing, in no event shall BFA or its affiliates have any liability for any special, punitive, direct, indirect, consequential or any other damages","page_number":126,"box":{"x":76,"y":160,"width":903,"height":11}},{"id":"fb2f29cf-c033-47ce-83f2-6fe9dcacf672","block_type":"box","text":"(including lost profits), even if notified of the possibility of such damages.","page_number":126,"box":{"x":77,"y":174,"width":466,"height":11}},{"id":"f68445b9-64bc-42a3-9e9d-f85acb6632b5","block_type":"box","text":"MSCI Inc.","page_number":126,"box":{"x":77,"y":197,"width":64,"height":9}},{"id":"39fa7fb3-4185-431f-9c7d-26148f33ad7b","block_type":"box","text":"MSCI Inc. (“MSCI”) is a provider of investment decision support tools to investors globally. MSCI products and services include indices,","page_number":126,"box":{"x":77,"y":220,"width":865,"height":11}},{"id":"b01bd811-297c-4394-a7ed-b8b3d4b1aa1e","block_type":"box","text":"portfolio risk and performance analytics, and governance tools.","page_number":126,"box":{"x":76,"y":235,"width":404,"height":10}},{"id":"2e40db44-963f-41b5-a7cd-c5501c55d61d","block_type":"box","text":"The following applies with respect to each Underlying Index provided by MSCI:","page_number":126,"box":{"x":76,"y":258,"width":501,"height":11}},{"id":"20b40556-bdef-41ae-a757-95069916e126","block_type":"box","text":"The Fund is not sponsored, endorsed, sold or promoted by MSCI or any affiliate of MSCI. Neither MSCI nor any other party makes any","page_number":126,"box":{"x":76,"y":281,"width":857,"height":11}},{"id":"744baa9c-5e94-444a-820e-8bd33f672a0f","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of","page_number":126,"box":{"x":77,"y":295,"width":897,"height":11}},{"id":"e96f9349-7785-4bf2-bbc6-02831f468951","block_type":"box","text":"investing in funds generally or in the Fund particularly or the ability of the Underlying Index to track general market performance. MSCI is the","page_number":126,"box":{"x":76,"y":309,"width":902,"height":11}},{"id":"713d0e82-0ae0-4afd-82b9-3e4bab02c41f","block_type":"box","text":"licensor of certain trademarks, service marks and trade names of MSCI and of the Underlying Index, which is determined, composed and","page_number":126,"box":{"x":77,"y":323,"width":874,"height":11}},{"id":"7a5963a3-58dd-48d8-89c6-a4c0136005d6","block_type":"box","text":"calculated by MSCI without regard to the issuer of the Fund’s securities or the Fund. MSCI has no obligation to take the needs of the issuer","page_number":126,"box":{"x":76,"y":338,"width":892,"height":11}},{"id":"c79c55b5-0021-4ec4-9d57-6d8d0fa58c91","block_type":"box","text":"of the Fund’s securities or the owners of shares of the Fund into consideration in determining, composing or calculating the Underlying Index.","page_number":126,"box":{"x":76,"y":352,"width":905,"height":11}},{"id":"c37667cd-37b2-48c9-9d8e-cc2a880e288d","block_type":"box","text":"MSCI is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund’s shares to be","page_number":126,"box":{"x":77,"y":366,"width":890,"height":11}},{"id":"e1ffc01e-02ec-48fa-a1aa-2e16c7878126","block_type":"box","text":"issued or in the determination or calculation of the equation by which the Fund’s shares are redeemable for cash. Neither MSCI nor any other","page_number":126,"box":{"x":76,"y":380,"width":906,"height":11}},{"id":"7a375d12-483c-4490-8736-7923baac1e57","block_type":"box","text":"party has any obligation or liability to owners of shares of the Fund in connection with the administration, marketing or trading of the Fund’s","page_number":126,"box":{"x":76,"y":394,"width":894,"height":11}},{"id":"51526464-b03b-482d-98da-1bfcb9fb395e","block_type":"box","text":"shares.","page_number":126,"box":{"x":76,"y":409,"width":45,"height":8}},{"id":"1e6ca24c-1c5a-46a4-990a-6442b7a335fa","block_type":"box","text":"ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEXES FROM SOURCES","page_number":126,"box":{"x":76,"y":432,"width":899,"height":8}},{"id":"c9949b1d-fea6-4eb0-a679-bff703d72382","block_type":"box","text":"WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI NOR ANY OTHER PARTY GUARANTEES THE ACCURACY AND/OR THE","page_number":126,"box":{"x":76,"y":446,"width":795,"height":10}},{"id":"c54ba789-4e60-4750-8caf-a052e0ad3dbe","block_type":"box","text":"COMPLETENESS OF THE INDEXES OR ANY DATA INCLUDED THEREIN. NEITHER MSCI NOR ANY OTHER PARTY MAKES ANY WARRANTY,","page_number":126,"box":{"x":76,"y":460,"width":881,"height":10}},{"id":"8a84d1b5-940c-4a66-aa95-c5e29114ff3a","block_type":"box","text":"EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF","page_number":126,"box":{"x":77,"y":474,"width":878,"height":10}},{"id":"da660159-85c0-43a3-8def-7e6e39c711d0","block_type":"box","text":"SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN IN","page_number":126,"box":{"x":76,"y":489,"width":854,"height":10}},{"id":"a1a28d81-68f6-44ab-a6f6-449c84d11dd7","block_type":"box","text":"CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI NOR ANY OTHER PARTY MAKES ANY","page_number":126,"box":{"x":76,"y":503,"width":886,"height":8}},{"id":"d88b0730-93ce-4009-86ad-98498e1e8f0b","block_type":"box","text":"EXPRESS OR IMPLIED WARRANTIES, AND MSCI HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS","page_number":126,"box":{"x":77,"y":517,"width":880,"height":10}},{"id":"b51c2bce-0925-4cfe-a441-7dc3989e2e42","block_type":"box","text":"FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WIT","page_number":126,"box":{"x":77,"y":531,"width":670,"height":9}},{"id":"cb50d0f7-540e-4684-80d5-54a0ddde75de","block_type":"box","text":"HOUT LIMITING ANY OF THE","page_number":126,"box":{"x":748,"y":531,"width":185,"height":9}},{"id":"58988a1d-e7de-4e19-bcec-a29d5c7ffc6b","block_type":"box","text":"FOREGOING, IN NO EVENT SHALL MSCI OR ANY OTHER PARTY HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE,","page_number":126,"box":{"x":77,"y":545,"width":868,"height":10}},{"id":"c138fad0-9185-4e49-9dd6-73aacbeedd0b","block_type":"box","text":"CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.","page_number":126,"box":{"x":76,"y":559,"width":879,"height":11}},{"id":"a521f07b-58b1-4cd9-907f-3eaff16b3322","block_type":"box","text":"38","page_number":126,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"64d53062-3bdc-40e1-980d-e5a943939773","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":127,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"a5c7094d-1ae1-40ae-88be-5acdff6de6ad","block_type":"box","text":"Want to know more?","page_number":128,"box":{"x":111,"y":392,"width":272,"height":15}},{"id":"d54358a2-5c8b-4d3e-840b-307b18c939b1","block_type":"box","text":"iShares.com | 1-800-474-2737 (1-800-iShares)","page_number":128,"box":{"x":112,"y":419,"width":407,"height":11}},{"id":"bdad72ee-ee1d-41a2-8b80-87765ce72776","block_type":"box","text":"Information on each Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":128,"box":{"x":112,"y":461,"width":757,"height":9}},{"id":"b26e8375-2674-4b11-93bc-5f03d7e57fc1","block_type":"box","text":"www.iShares.com. Copies of each Fund’s Prospectus, SAI, shareholder reports and other information, as applicable and when","page_number":128,"box":{"x":111,"y":475,"width":785,"height":9}},{"id":"007a2bb8-e24a-4585-92cb-8ace570a94dc","block_type":"box","text":"available, can be found at www.iShares.com. For more information about a Fund, you may request a copy of the Fund’s SAI. The SAI","page_number":128,"box":{"x":112,"y":488,"width":820,"height":10}},{"id":"a8841cc3-b665-4147-85c9-afa971cb69c6","block_type":"box","text":"provides detailed information about the Fund and is incorporated by reference into the Fund’s Prospectus. This means that the SAI,","page_number":128,"box":{"x":112,"y":502,"width":823,"height":9}},{"id":"e9693870-6731-4773-9f84-7c7b7e71d538","block_type":"box","text":"for legal purposes, is a part of the Fund’s Prospectus.","page_number":128,"box":{"x":111,"y":515,"width":333,"height":10}},{"id":"15f5e8d2-da6a-4593-be52-3220991e8fb3","block_type":"box","text":"Additional information about each Fund's investments is, or will be, available in the Fund's Annual and Semi-Annual Reports to","page_number":128,"box":{"x":111,"y":531,"width":797,"height":10}},{"id":"98d9fee3-3579-4d51-9ba1-18005abb83ce","block_type":"box","text":"shareholders and in Form N-CSR. In a Fund's Annual Report, you will find a discussion of the market conditions and investment","page_number":128,"box":{"x":111,"y":545,"width":801,"height":10}},{"id":"b7da2aa8-0974-4fda-9c66-bf9137fb4271","block_type":"box","text":"strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund’s","page_number":128,"box":{"x":111,"y":558,"width":796,"height":10}},{"id":"d9a4d7f5-233b-498e-a68a-be53762d7d4b","block_type":"box","text":"annual and semi-annual financial statements.","page_number":128,"box":{"x":112,"y":572,"width":290,"height":7}},{"id":"123f2b7e-5633-408a-9b54-5648a747d9b7","block_type":"box","text":"If you have any questions about the Company or shares of a Fund or you wish to obtain a Fund’s SAI, Semi-Annual or Annual Report","page_number":128,"box":{"x":112,"y":588,"width":826,"height":10}},{"id":"1a5ea8fa-f130-454f-a7a4-2a36a7108ed4","block_type":"box","text":"free of charge, please:","page_number":128,"box":{"x":111,"y":602,"width":137,"height":9}},{"id":"4d756291-abb8-484b-9602-744b3b3424f7","block_type":"box","text":"Call: 1-800-iShares or 1-800-474-2737 (toll free)","page_number":128,"box":{"x":314,"y":624,"width":331,"height":8}},{"id":"e5df26d3-fed6-4e8f-87c6-3092db6f3ca0","block_type":"box","text":"Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time)","page_number":128,"box":{"x":365,"y":637,"width":381,"height":10}},{"id":"2c5dd760-1629-49ec-a782-b4c0789a813b","block_type":"box","text":"Email: iSharesETFs@blackrock.com","page_number":128,"box":{"x":315,"y":653,"width":229,"height":8}},{"id":"283bc759-d623-446a-b63c-2ec45fe064c7","block_type":"box","text":"Write: c/o BlackRock Investments, LLC","page_number":128,"box":{"x":314,"y":668,"width":252,"height":9}},{"id":"2879031d-e1b0-4479-9a6f-34ba0a3576ff","block_type":"box","text":"1 University Square Drive, Princeton, NJ 08540","page_number":128,"box":{"x":364,"y":681,"width":296,"height":10}},{"id":"a4368d99-0db5-4500-86ac-b64c576b1ba3","block_type":"box","text":"Reports and other information about each Fund are available on the EDGAR database on the SEC's website at www.sec.gov, and","page_number":128,"box":{"x":112,"y":703,"width":801,"height":9}},{"id":"c3b47e2e-9483-4f41-9d7d-78588fb52e69","block_type":"box","text":"copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address:","page_number":128,"box":{"x":111,"y":716,"width":795,"height":10}},{"id":"b469a2ed-a701-40c6-a7c6-7f61d5d131ab","block_type":"box","text":"publicinfo@sec.gov.","page_number":128,"box":{"x":112,"y":730,"width":123,"height":10}},{"id":"3cacf20e-c557-4a62-a1ac-b15cfe31a142","block_type":"box","text":"No person is authorized to give any information or to make any representations about a Fund and its shares not contained in this","page_number":128,"box":{"x":112,"y":746,"width":795,"height":10}},{"id":"edef7953-cbed-4b39-80b5-437bfc3a25f7","block_type":"box","text":"Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.","page_number":128,"box":{"x":112,"y":760,"width":698,"height":9}},{"id":"db81df8a-567b-47b2-8160-89de05dd4e30","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":128,"box":{"x":112,"y":776,"width":261,"height":9}},{"id":"41a0fea6-64f1-42c3-b923-51802e4438a7","block_type":"box","text":"iSHARES","page_number":128,"box":{"x":378,"y":776,"width":59,"height":7}},{"id":"cd780a60-a99d-4c59-aa9e-f2d974422de4","block_type":"box","text":"®","page_number":128,"box":{"x":438,"y":775,"width":3,"height":3}},{"id":"d7cee35d-91f6-47e4-bd18-307b3b7ea5fa","block_type":"box","text":"and","page_number":128,"box":{"x":446,"y":776,"width":22,"height":7}},{"id":"45163a3a-ca9d-4fbd-a28c-74a02dead1c8","block_type":"box","text":"BLACKROCK","page_number":128,"box":{"x":474,"y":776,"width":85,"height":7}},{"id":"e7b553ac-b799-4428-b646-735ce6a05748","block_type":"box","text":"®","page_number":128,"box":{"x":560,"y":775,"width":4,"height":3}},{"id":"72401662-48c6-4c86-8368-72af869bf52f","block_type":"box","text":"are registered trademarks of BlackRock Fund Advisors and","page_number":128,"box":{"x":568,"y":776,"width":367,"height":9}},{"id":"b1511b84-74b8-4ae9-bc80-42edfccac001","block_type":"box","text":"its affiliates. All other marks are the property of their respective owners.","page_number":128,"box":{"x":112,"y":789,"width":445,"height":10}},{"id":"106a1248-8a9f-46ba-bce8-377176f4ee38","block_type":"box","text":"IS-P- 831A-1225A","page_number":128,"box":{"x":90,"y":744,"width":7,"height":67}},{"id":"2bb5ac79-0429-4a7b-88d8-d0b04c5ea9e2","block_type":"box","text":"Investment Company Act File No.: 811-09102","page_number":128,"box":{"x":112,"y":805,"width":287,"height":10}},{"id":"53dd3579-69be-4c8a-a7b7-0367a213177e","block_type":"box","text":"Go paperless. . .","page_number":128,"box":{"x":760,"y":864,"width":132,"height":13}},{"id":"33e53207-e2db-47fa-a0d4-bbac4e85ded1","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":128,"box":{"x":760,"y":879,"width":136,"height":7}},{"id":"611fcbd4-01c9-4135-930a-1b98f260dea9","block_type":"box","text":"Go to","page_number":128,"box":{"x":760,"y":890,"width":21,"height":5}},{"id":"603c39ee-255c-413a-965c-f305527357d0","block_type":"box","text":"www.icsdelivery.com","page_number":128,"box":{"x":784,"y":890,"width":97,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":128}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"6c396893-e7f6-4144-a356-01e4c1917a88"},"user_id":1000002,"date_created":"2026-10-23T23:53:15.104000Z","date_modified":"2026-10-23T23:53:15.104000Z","private":false}