{"annotation_id":"a16fca02-d7fd-4db0-be81-09c5568f741f","file_hash":"ceea3b8ce05b4791485d15efa21edf7a72537704fce2b1849f26f6f90bd05a8c","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"4ad5016c-b3b5-49eb-a0bc-cc460f411b34","block_type":"box","text":"iShares U.S. ETF Trust","page_number":1,"box":{"x":418,"y":69,"width":167,"height":10}},{"id":"98523938-356e-4099-9546-ec7e296853c4","block_type":"box","text":"Supplement dated October 9, 2026","page_number":1,"box":{"x":372,"y":92,"width":260,"height":13}},{"id":"244d7642-46e9-4070-933f-aceae9a0ea09","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":1,"box":{"x":268,"y":108,"width":467,"height":13}},{"id":"a994b017-52df-449d-9f3d-2ac465141d6a","block_type":"box","text":"Statement of Additional Information (“SAI”) for the","page_number":1,"box":{"x":314,"y":123,"width":376,"height":13}},{"id":"3c60ccd7-164c-4506-93f2-bd13858b6fda","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) (the “Fund”)","page_number":1,"box":{"x":220,"y":139,"width":564,"height":13}},{"id":"edd87161-eb45-49e6-b671-23c72e840fbe","block_type":"box","text":"The Board of Trustees has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":162,"width":756,"height":13}},{"id":"a03edd00-57ed-40fe-9f13-22b28503c806","block_type":"box","text":"on or around December 11, 2026:","page_number":1,"box":{"x":116,"y":178,"width":250,"height":11}},{"id":"bb638e50-00fb-4f7e-9dbd-1bb38a5dc985","block_type":"box","text":"Current New","page_number":1,"box":{"x":183,"y":199,"width":563,"height":9}},{"id":"d23fc6db-c44b-460c-a4b4-e7e68bbb47a7","block_type":"box","text":"Fund Name","page_number":1,"box":{"x":141,"y":227,"width":89,"height":10}},{"id":"04adcaee-2236-4e8a-857f-f07094307cec","block_type":"box","text":"iShares Bloomberg Roll Select Commodity","page_number":1,"box":{"x":257,"y":219,"width":309,"height":13}},{"id":"57890979-5a3c-46c0-a4a1-626ba321a6db","block_type":"box","text":"Strategy ETF","page_number":1,"box":{"x":363,"y":235,"width":96,"height":12}},{"id":"2bfbe87b-de02-4850-814f-53dc23ac59d3","block_type":"box","text":"iShares Bloomberg Enhanced Roll Yield","page_number":1,"box":{"x":584,"y":219,"width":287,"height":13}},{"id":"7d403e0b-2d0b-4484-bc32-da7237ed4269","block_type":"box","text":"Commodity Strategy ETF","page_number":1,"box":{"x":643,"y":235,"width":186,"height":12}},{"id":"c3bea9bd-2b26-43c2-8665-82994673dc79","block_type":"box","text":"Underlying Index","page_number":1,"box":{"x":120,"y":266,"width":132,"height":12}},{"id":"f32bae5b-b0b6-4906-ab50-c98593f3b22a","block_type":"box","text":"Bloomberg Roll Select Commodity Total","page_number":1,"box":{"x":265,"y":258,"width":293,"height":12}},{"id":"846108df-ac59-4bbc-b927-3eecff39a2f8","block_type":"box","text":"Return Index","page_number":1,"box":{"x":363,"y":273,"width":96,"height":10}},{"id":"51fad60b-7107-4e81-8f4d-ae86d6732685","block_type":"box","text":"Bloomberg Enhanced Roll Yield Total","page_number":1,"box":{"x":592,"y":258,"width":271,"height":12}},{"id":"358eb595-ba39-4ba3-9fb0-8808ae9d3154","block_type":"box","text":"Return Index","page_number":1,"box":{"x":688,"y":273,"width":96,"height":10}},{"id":"d8d972fe-6e35-4d8a-bb31-5d5ce4093ad8","block_type":"box","text":"Š","page_number":1,"box":{"x":116,"y":307,"width":9,"height":6}},{"id":"229c00b7-b500-4073-9ab2-92f35a34a64a","block_type":"box","text":"The Principal Investment Strategies section in the Fund’s Summary Prospectus and Prospectus are","page_number":1,"box":{"x":136,"y":304,"width":750,"height":13}},{"id":"d4383e31-e3d6-41ff-a951-724b4c5d35fa","block_type":"box","text":"deleted in their entirety and replaced with the following:","page_number":1,"box":{"x":137,"y":320,"width":426,"height":12}},{"id":"d9b376f2-e715-43b6-bb11-93746b91fc1e","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg Enhanced Roll Yield Total Return","page_number":1,"box":{"x":156,"y":343,"width":716,"height":13}},{"id":"52008116-b558-493f-9f14-cc8886363b3c","block_type":"box","text":"Index (the “Underlying Index”), which measures the performance of futures contracts across the","page_number":1,"box":{"x":158,"y":359,"width":703,"height":12}},{"id":"b2bf216d-9bf0-4cdf-975a-1f72e8b6d04c","block_type":"box","text":"following six physical commodity groups: energy, precious metals, industrial metals, grains and","page_number":1,"box":{"x":156,"y":374,"width":696,"height":13}},{"id":"2ab2cc17-1ec4-4b66-b79b-68bb6d0ba2ac","block_type":"box","text":"derived grains, softs, and livestock, as determined by Bloomberg Index Services Limited","page_number":1,"box":{"x":157,"y":390,"width":636,"height":12}},{"id":"b17d3307-57e2-4dde-8b2c-e3885a27b88a","block_type":"box","text":"(“Bloomberg” or the “Index Provider”). The Underlying Index, which is rebalanced annually,","page_number":1,"box":{"x":157,"y":405,"width":665,"height":13}},{"id":"8c609e69-5a08-49f8-895e-e47773f2ca0a","block_type":"box","text":"provides broad-based exposure to commodities as an asset class by using liquidity factors and","page_number":1,"box":{"x":157,"y":421,"width":689,"height":12}},{"id":"cbe9fc0a-7501-4640-bdf9-acfcd843d61b","block_type":"box","text":"sector caps to avoid over-concentration in any single commodity or commodity sector.","page_number":1,"box":{"x":157,"y":436,"width":636,"height":13}},{"id":"9442603b-c483-43bc-91b8-0fb98cd49ec6","block_type":"box","text":"The Fund, through its Subsidiary (as defined below), invests in financial instruments providing","page_number":1,"box":{"x":156,"y":459,"width":686,"height":13}},{"id":"701ad817-5324-46b4-9da7-792f06918cda","block_type":"box","text":"exposure to commodities and not in the physical commodities themselves. In seeking to achieve its","page_number":1,"box":{"x":157,"y":475,"width":724,"height":12}},{"id":"5876e100-21b1-4088-92c3-77ded18635b8","block_type":"box","text":"investment objective, the Fund expects to obtain a substantial portion of its exposure to the","page_number":1,"box":{"x":157,"y":490,"width":668,"height":13}},{"id":"c8af69c9-8a16-407b-ae1b-7284623f35fb","block_type":"box","text":"investment results of the Underlying Index through total return swaps referencing the Underlying","page_number":1,"box":{"x":157,"y":506,"width":708,"height":12}},{"id":"ef83af71-26a3-4d70-b291-260bc9ffa539","block_type":"box","text":"Index and/or the commodity futures contracts represented in the Underlying Index. The Fund is","page_number":1,"box":{"x":158,"y":521,"width":698,"height":13}},{"id":"c2010d5a-f3fd-4047-b520-8928a9d772a6","block_type":"box","text":"expected to enter into new total return swap contracts on an ongoing basis and replace expiring","page_number":1,"box":{"x":157,"y":537,"width":702,"height":12}},{"id":"183cee53-acf6-485f-9984-b5cfcf284a71","block_type":"box","text":"contracts as necessary to maintain exposure to the Underlying Index. Total return swaps","page_number":1,"box":{"x":157,"y":552,"width":646,"height":13}},{"id":"c16ab66c-c9da-42d4-bae8-9a011824e870","block_type":"box","text":"subsequently acquired by the Fund may have terms that differ from those previously held by the","page_number":1,"box":{"x":157,"y":568,"width":701,"height":12}},{"id":"7df8787b-2552-47b5-836b-5719e1cf23ad","block_type":"box","text":"Fund. The Fund generally expects to pay a fixed payment rate and swap-related fees to each","page_number":1,"box":{"x":157,"y":583,"width":673,"height":13}},{"id":"acb96a65-4f50-4a79-9041-0f406cb9c782","block_type":"box","text":"counterparty and receive the total return of the Underlying Index. Although the Underlying Index","page_number":1,"box":{"x":157,"y":599,"width":704,"height":13}},{"id":"9f9ae5e0-1ff7-4b47-b304-97e5b235acee","block_type":"box","text":"measures the performance of futures contracts, the Fund is not required to hold those futures","page_number":1,"box":{"x":157,"y":614,"width":685,"height":13}},{"id":"5df54798-2c28-4677-ba1c-60e45b0d067d","block_type":"box","text":"contracts directly in order to obtain its exposure to the Underlying Index.","page_number":1,"box":{"x":157,"y":630,"width":530,"height":13}},{"id":"35ca9bdd-d529-47cf-85c7-febbc05cf45b","block_type":"box","text":"The Fund may also invest in swaps on commodity futures contracts and other commodity-linked","page_number":1,"box":{"x":156,"y":653,"width":709,"height":13}},{"id":"5f950bd6-81cb-47f0-bb01-30ff45374c34","block_type":"box","text":"swaps, exchange-traded commodity futures contracts, options on futures contracts, forward","page_number":1,"box":{"x":157,"y":669,"width":673,"height":12}},{"id":"d0140e04-38ed-4c09-85d0-c622f379d3a2","block_type":"box","text":"contracts and other commodity-linked instruments that provide exposure to commodities","page_number":1,"box":{"x":157,"y":684,"width":653,"height":13}},{"id":"550abcf3-a8bb-493f-8e25-842233ad5aca","block_type":"box","text":"represented in, or related to, the Underlying Index (collectively, “Commodity Investments”). The","page_number":1,"box":{"x":157,"y":700,"width":693,"height":12}},{"id":"f015d92f-0591-401a-83dd-3290ffaf4686","block_type":"box","text":"Fund invests in Commodity Investments solely through its Subsidiary. Investing in Commodity","page_number":1,"box":{"x":157,"y":715,"width":682,"height":13}},{"id":"b4030482-eab4-4724-bb32-5a18b78fdd04","block_type":"box","text":"Investments may have a leveraging effect on the Fund.","page_number":1,"box":{"x":158,"y":731,"width":395,"height":12}},{"id":"5fdd9c33-ad69-42c8-9f43-1e138f29ef85","block_type":"box","text":"The Fund also seeks to generate interest income and capital appreciation on the cash balances","page_number":1,"box":{"x":156,"y":754,"width":687,"height":13}},{"id":"c31af790-f6f2-401d-8754-cda84fffaf57","block_type":"box","text":"arising from its investment in Commodity Investments through a cash management strategy","page_number":1,"box":{"x":157,"y":769,"width":673,"height":13}},{"id":"665effb1-865c-47b2-a0e1-de89b34b9b00","block_type":"box","text":"consisting of investments in cash and cash equivalents, short term government obligations and","page_number":1,"box":{"x":157,"y":785,"width":691,"height":13}},{"id":"4054a18f-85f4-41e3-a73c-d215039ee171","block_type":"box","text":"short-term investment grade fixed-income securities (collectively, “Fixed-Income Investments”).","page_number":1,"box":{"x":157,"y":800,"width":698,"height":13}},{"id":"a55b81c3-eecf-4752-bcd0-34c8b739f944","block_type":"box","text":"The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient","page_number":1,"box":{"x":156,"y":816,"width":701,"height":13}},{"id":"ffecf7e0-c900-40cd-9ba2-b69bb66b5ddc","block_type":"box","text":"assets to account for (or “cover”) mark-to-market changes and to collateralize the Subsidiary’s","page_number":1,"box":{"x":157,"y":831,"width":692,"height":13}},{"id":"2c6df366-4900-4eda-868e-470000340d67","block_type":"box","text":"investments in derivatives on a day-to-day basis. As part of its cash management strategy, the Fund","page_number":1,"box":{"x":157,"y":847,"width":729,"height":13}},{"id":"c67bf9d3-a183-433c-83de-fa9865b9e81a","block_type":"box","text":"may also invest in repurchase agreements, money market instruments, U.S. government and","page_number":1,"box":{"x":157,"y":862,"width":676,"height":13}},{"id":"5edc5b73-3f25-49f3-a116-358a4cc3a0bd","block_type":"box","text":"agency securities, Treasury Inflation-Protected Securities, sovereign debt obligations of non-U.S.","page_number":1,"box":{"x":157,"y":878,"width":702,"height":13}},{"id":"172a2e75-e398-403a-a800-5976e5438161","block_type":"box","text":"countries and investment-grade corporate bonds.","page_number":1,"box":{"x":157,"y":893,"width":365,"height":13}},{"id":"ef596476-e871-45cd-bb34-57799a5997b9","block_type":"box","text":"In order to maintain exposure to a futures contract on a particular commodity, an investor must sell","page_number":2,"box":{"x":158,"y":69,"width":726,"height":13}},{"id":"c16ab0b9-e27b-4557-8a71-9036065f5acc","block_type":"box","text":"the position in the expiring contract and buy a new position in a contract with a later delivery","page_number":2,"box":{"x":156,"y":85,"width":679,"height":12}},{"id":"362b8921-63f5-4e80-bd00-855f89b5a603","block_type":"box","text":"month, which is referred to as “rolling.” The Underlying Index employs a multi-contract roll","page_number":2,"box":{"x":157,"y":100,"width":663,"height":13}},{"id":"d36c06d7-8a88-49b8-b493-22bcd8f5d875","block_type":"box","text":"schedule to spread risk across three to four futures contracts per commodity, e.g., three futures","page_number":2,"box":{"x":157,"y":116,"width":697,"height":12}},{"id":"577059f5-4543-4c1e-9bd2-98fa13f36cdd","block_type":"box","text":"contracts per precious metal commodity and four futures contracts per commodity in all other","page_number":2,"box":{"x":157,"y":131,"width":691,"height":13}},{"id":"6848eb9d-471f-46bd-ab51-84be36b29909","block_type":"box","text":"commodity groups, with a roll period of ten business days. The Underlying Index rolls and","page_number":2,"box":{"x":157,"y":147,"width":654,"height":12}},{"id":"b8e95852-5471-44e3-9b70-0cc943ebcc21","block_type":"box","text":"rebalances these contracts monthly back to equal weightings on a price-percentage basis. If the","page_number":2,"box":{"x":157,"y":162,"width":699,"height":13}},{"id":"110e2240-1a90-4073-baec-d33b2c9333ae","block_type":"box","text":"price for the new futures contract is less than the price of the expiring contract, then the market for","page_number":2,"box":{"x":157,"y":178,"width":724,"height":12}},{"id":"8a040882-495a-4eef-8915-1fb9b02863bd","block_type":"box","text":"the commodity is said to be in “backwardation.” In these markets, roll returns are positive, which is","page_number":2,"box":{"x":156,"y":193,"width":722,"height":13}},{"id":"5f7d6550-dfa3-44cc-80ce-0f5b50172ed9","block_type":"box","text":"referred to as “positive carry.” The term “contango” is used to describe a market in which the price","page_number":2,"box":{"x":157,"y":209,"width":720,"height":12}},{"id":"76cd33cf-b84f-41ae-9ad9-b56afc6822a3","block_type":"box","text":"for a new futures contract is more than the price of the expiring contract. In these markets, roll","page_number":2,"box":{"x":156,"y":224,"width":692,"height":13}},{"id":"ca11a017-1ea4-4646-b3eb-3b32f177a026","block_type":"box","text":"returns are negative, which is referred to as “negative carry.” The Underlying Index seeks to employ","page_number":2,"box":{"x":157,"y":240,"width":724,"height":12}},{"id":"ffddb618-322d-4700-aad1-29badc046b16","block_type":"box","text":"a positive carry strategy that emphasizes commodities and futures contract months with the","page_number":2,"box":{"x":157,"y":255,"width":676,"height":13}},{"id":"41616c43-9591-4be1-86b8-87afab861a7c","block_type":"box","text":"greatest degree of backwardation and lowest degree of contango, resulting in net gains through","page_number":2,"box":{"x":157,"y":271,"width":702,"height":12}},{"id":"cca69ab6-3d7c-40e3-b0e8-c52c8a120695","block_type":"box","text":"positive roll returns.","page_number":2,"box":{"x":157,"y":286,"width":147,"height":13}},{"id":"21ee2def-8ba5-411e-9c71-5993cdac5b08","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 102 constituents, and a significant","page_number":2,"box":{"x":156,"y":309,"width":720,"height":13}},{"id":"41f9c3d5-34d9-4dd1-a72e-c0e8d494aac7","block_type":"box","text":"portion of the Underlying Index was represented by the energy and agriculture commodity groups.","page_number":2,"box":{"x":157,"y":325,"width":719,"height":13}},{"id":"ea8baf61-821c-43a7-9201-61dad54b910d","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":2,"box":{"x":156,"y":340,"width":523,"height":13}},{"id":"53bbe276-6ebf-4715-80c2-869d965fe705","block_type":"box","text":"The Fund gains exposure to Commodity Investments by investing through a wholly owned","page_number":2,"box":{"x":156,"y":364,"width":663,"height":12}},{"id":"e7f878a6-1af8-4a0b-b3fe-806d85a70af1","block_type":"box","text":"subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and","page_number":2,"box":{"x":157,"y":379,"width":727,"height":13}},{"id":"33dae01b-7137-4a37-896f-dea3102cdd36","block_type":"box","text":"has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment","page_number":2,"box":{"x":157,"y":395,"width":729,"height":12}},{"id":"8331428c-fd3e-42a4-bdc0-9012a739471a","block_type":"box","text":"company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and,","page_number":2,"box":{"x":157,"y":410,"width":730,"height":13}},{"id":"0c3530fe-4c6d-4630-9aea-2f90658decf7","block_type":"box","text":"unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act.","page_number":2,"box":{"x":157,"y":426,"width":728,"height":12}},{"id":"8f3c9083-f9a1-4097-9a50-219cd61fedb6","block_type":"box","text":"The Subsidiary invests solely in Commodity Investments and cash and cash equivalents.","page_number":2,"box":{"x":156,"y":441,"width":643,"height":13}},{"id":"6b713a98-d142-4c03-8fef-94350c8de6ca","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal","page_number":2,"box":{"x":158,"y":464,"width":721,"height":13}},{"id":"59edea18-e94c-4472-80f1-e9d7bb5a4d7d","block_type":"box","text":"Revenue Code”), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s","page_number":2,"box":{"x":157,"y":480,"width":696,"height":13}},{"id":"15952339-4028-4e9c-83e8-b5ff75cacdb2","block_type":"box","text":"Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to","page_number":2,"box":{"x":157,"y":495,"width":711,"height":13}},{"id":"49b06d8d-b155-4a2a-8197-c102ab3bc0a1","block_type":"box","text":"broad commodities consistent with current U.S. federal income tax laws applicable to investment","page_number":2,"box":{"x":157,"y":511,"width":709,"height":13}},{"id":"5c849bdc-7c4c-445a-bc9a-2f89aade9e2d","block_type":"box","text":"companies such as the Fund, which limit the ability of investment companies to invest directly in","page_number":2,"box":{"x":157,"y":526,"width":704,"height":13}},{"id":"98e1c4f6-2132-4512-abc1-fe2ca485e653","block_type":"box","text":"Commodity Investments.","page_number":2,"box":{"x":157,"y":542,"width":186,"height":13}},{"id":"7ec3cae0-496d-420a-b257-03f71b7b8aa9","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does","page_number":2,"box":{"x":157,"y":565,"width":704,"height":13}},{"id":"19a24d3f-3b55-4ee1-a450-b1be6cc22659","block_type":"box","text":"not try to “beat” the index it tracks and does not seek temporary defensive positions when markets","page_number":2,"box":{"x":157,"y":581,"width":723,"height":12}},{"id":"65ba9c08-3060-4ca0-8d9c-3a59febcd3d7","block_type":"box","text":"decline or appear overvalued.","page_number":2,"box":{"x":157,"y":596,"width":217,"height":13}},{"id":"6e0e8b00-f065-4e82-a312-2052a0665815","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index","page_number":2,"box":{"x":158,"y":620,"width":726,"height":12}},{"id":"60433480-8445-4eda-9047-8ba6be18e04e","block_type":"box","text":"but also may reduce some of the risks of active management, such as poor selection of securities","page_number":2,"box":{"x":157,"y":635,"width":709,"height":13}},{"id":"4355a1c4-ab67-42c0-aea5-4ac0a6ed0518","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs and better after-tax performance","page_number":2,"box":{"x":157,"y":651,"width":714,"height":12}},{"id":"34fcc967-c618-4e95-83a8-c4545034d223","block_type":"box","text":"by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":2,"box":{"x":157,"y":666,"width":724,"height":13}},{"id":"f88ebef3-a1fb-41db-ab30-3f2fcee89bad","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":2,"box":{"x":156,"y":689,"width":721,"height":13}},{"id":"3967ba61-12e3-45dd-89dc-e449744ee027","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":2,"box":{"x":156,"y":705,"width":615,"height":12}},{"id":"c1d02133-a9f6-4477-8a55-9926debba1f7","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":2,"box":{"x":157,"y":720,"width":721,"height":13}},{"id":"3be0f569-869c-46db-ac45-fb801e08f009","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":2,"box":{"x":157,"y":736,"width":715,"height":12}},{"id":"6124a468-911e-401e-8962-1d7bb43cd0f3","block_type":"box","text":"of an applicable underlying index. 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The Fund may use derivatives to gain or reduce exposure","page_number":2,"box":{"x":156,"y":813,"width":716,"height":13}},{"id":"67922c3d-2dc7-4ad3-9bb2-09878ec38e37","block_type":"box","text":"to the components of the Underlying Index or exposure to one or more market risk factors","page_number":2,"box":{"x":156,"y":829,"width":660,"height":12}},{"id":"8d00f00a-4d9a-4d66-b1f0-77bfccbc9cbb","block_type":"box","text":"associated with such components. 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In seeking to achieve its","page_number":9,"box":{"x":83,"y":369,"width":417,"height":10}},{"id":"00a2d6c6-b99b-445e-b649-6137db329d18","block_type":"box","text":"investment objective, the Fund primarily invests in exchange","page_number":9,"box":{"x":83,"y":383,"width":392,"height":11}},{"id":"fd676964-a1dd-4286-a124-70ae705aab09","block_type":"box","text":"traded futures contracts (“Index Futures”) on the Underlying Index","page_number":9,"box":{"x":83,"y":397,"width":424,"height":11}},{"id":"43602553-e833-4df1-a980-52d63f8b5465","block_type":"box","text":"and is expected to roll out of existing positions in Index Futures","page_number":9,"box":{"x":83,"y":411,"width":404,"height":11}},{"id":"f2c18b41-43e3-4806-bbe6-96cbd54b991c","block_type":"box","text":"and establish new positions in Index Futures on an ongoing basis.","page_number":9,"box":{"x":83,"y":425,"width":418,"height":11}},{"id":"369e9ec1-8b69-4118-807f-fed5c85df5be","block_type":"box","text":"Index Futures subsequently acquired by the Fund may have terms","page_number":9,"box":{"x":83,"y":440,"width":420,"height":10}},{"id":"c9ce24db-1402-4dae-a8f1-6516d8c89959","block_type":"box","text":"that differ from those of the Index Futures it currently holds, and","page_number":9,"box":{"x":83,"y":454,"width":411,"height":10}},{"id":"c565a898-b0b4-4ec7-a569-4b5cdfabb077","block_type":"box","text":"the purchase and sale of these Index Futures may incur","page_number":9,"box":{"x":83,"y":468,"width":354,"height":11}},{"id":"36e030f9-525e-4766-ae01-35462ac64d2f","block_type":"box","text":"transaction fees. Although the Fund may hold the same futures","page_number":9,"box":{"x":83,"y":482,"width":403,"height":11}},{"id":"b91737e7-a760-4c77-8054-a6912b1d93a4","block_type":"box","text":"contracts under the same futures rolling schedule as those","page_number":9,"box":{"x":83,"y":496,"width":376,"height":11}},{"id":"707a60b6-1d13-410e-a347-316cc89a5d77","block_type":"box","text":"included in the Underlying Index, the Fund is not obligated to","page_number":9,"box":{"x":83,"y":510,"width":388,"height":11}},{"id":"50093192-8fd4-4147-8151-865a19aeadb0","block_type":"box","text":"invest in any futures contracts included in the Underlying Index.","page_number":9,"box":{"x":83,"y":525,"width":406,"height":10}},{"id":"648b5041-f5ac-4d46-9c9a-dfcfa01997cf","block_type":"box","text":"The Fund may also invest in exchange-traded commodity futures","page_number":9,"box":{"x":82,"y":546,"width":414,"height":11}},{"id":"30f9f1a9-06a1-46a8-9d3e-3af1bb597c37","block_type":"box","text":"contracts similar to those found in the Underlying Index, swaps","page_number":9,"box":{"x":83,"y":561,"width":403,"height":10}},{"id":"94b81a45-a740-4f2c-a509-6c84e5d63ec3","block_type":"box","text":"and options on futures that correlate to the investment returns of","page_number":9,"box":{"x":83,"y":575,"width":419,"height":11}},{"id":"3d8159df-3047-4705-b707-40c2ad79b90c","block_type":"box","text":"commodities without investing directly in physical commodities,","page_number":9,"box":{"x":83,"y":589,"width":409,"height":11}},{"id":"ad63e8d5-70b9-4d25-8ab2-d0d2c613f339","block_type":"box","text":"and over-the-counter commodity-linked instruments such as","page_number":9,"box":{"x":83,"y":603,"width":387,"height":11}},{"id":"52827ff6-8f3e-4fbf-bc62-4871d4befe5c","block_type":"box","text":"commodity-linked notes, swaps and forward contracts","page_number":9,"box":{"x":83,"y":617,"width":347,"height":11}},{"id":"bd8edf72-e417-4c74-9f7c-68734e38cfb8","block_type":"box","text":"(collectively with Index Futures, “Commodity Investments”).","page_number":9,"box":{"x":83,"y":632,"width":382,"height":10}},{"id":"17fec6d0-9e57-403d-b334-f919380b2dfd","block_type":"box","text":"Investing in Commodity Investments may have a leveraging effect","page_number":9,"box":{"x":83,"y":646,"width":420,"height":11}},{"id":"ccbc1574-7d15-46d2-80d2-74a2a1d473d1","block_type":"box","text":"on the Fund.","page_number":9,"box":{"x":83,"y":660,"width":79,"height":8}},{"id":"dc7cd060-175d-41f3-83b1-3325e3118796","block_type":"box","text":"The Fund also seeks to generate interest income and capital","page_number":9,"box":{"x":82,"y":682,"width":385,"height":11}},{"id":"bcb4a41b-2201-4ecc-b4af-df855edfe627","block_type":"box","text":"appreciation on the cash balances arising from its investment in","page_number":9,"box":{"x":83,"y":696,"width":408,"height":11}},{"id":"afa3e265-575e-4e97-a80c-8a77b90382b3","block_type":"box","text":"Commodity Investments through a cash management strategy","page_number":9,"box":{"x":83,"y":710,"width":399,"height":11}},{"id":"dc838ba0-b8bb-40f2-9d1b-7ebeb6152020","block_type":"box","text":"consisting of investments in cash and cash equivalents, short","page_number":9,"box":{"x":83,"y":724,"width":397,"height":11}},{"id":"d2584097-350e-4c43-b375-97420be3cc60","block_type":"box","text":"term government obligations and short-term investment grade","page_number":9,"box":{"x":83,"y":739,"width":399,"height":10}},{"id":"2360a876-8a33-4e42-baa9-db24763981f6","block_type":"box","text":"fixed-income securities (collectively, “Fixed-Income","page_number":9,"box":{"x":82,"y":753,"width":330,"height":11}},{"id":"536aed5c-fa46-4308-a483-db77ec5abf42","block_type":"box","text":"Investments”). The Fund invests in Fixed-Income Investments for","page_number":9,"box":{"x":83,"y":767,"width":415,"height":11}},{"id":"06805a64-15bd-4be9-aae8-c9c83e8a77af","block_type":"box","text":"investment purposes and to provide sufficient assets to account","page_number":9,"box":{"x":83,"y":781,"width":410,"height":11}},{"id":"e9c908ff-77ad-4f12-9c0f-18a0ada16ec7","block_type":"box","text":"for (or “cover”) mark-to-market changes and to collateralize the","page_number":9,"box":{"x":82,"y":795,"width":408,"height":11}},{"id":"72e9b3fa-f703-49c2-8628-3f68c6d23df4","block_type":"box","text":"Subsidiary’s investments in derivatives on a day-to-day basis.","page_number":9,"box":{"x":83,"y":809,"width":392,"height":11}},{"id":"46146e57-b18d-4388-86ba-506e2d463687","block_type":"box","text":"In order to maintain exposure to a futures contract on a particular","page_number":9,"box":{"x":83,"y":831,"width":421,"height":11}},{"id":"5a4a5c05-614d-45f2-bf9b-a77d023788a1","block_type":"box","text":"commodity, an investor must sell the position in the expiring","page_number":9,"box":{"x":83,"y":846,"width":386,"height":10}},{"id":"ad2ae671-268c-4a0e-890e-e21b3b0da8b1","block_type":"box","text":"contract and buy a new position in a contract with a later delivery","page_number":9,"box":{"x":83,"y":860,"width":418,"height":11}},{"id":"60c7eed8-f6ae-40b2-a570-a6c9dc176063","block_type":"box","text":"month, which is referred to as “rolling.” If the price for the new","page_number":9,"box":{"x":83,"y":874,"width":400,"height":11}},{"id":"8dcb04eb-e8ce-4669-800b-b2a38639ca88","block_type":"box","text":"futures contract is less than the price of the expiring contract,","page_number":9,"box":{"x":549,"y":23,"width":396,"height":11}},{"id":"ac42ef04-e460-4e8e-9929-eb0d8ddbea57","block_type":"box","text":"then the market for the commodity is said to be in","page_number":9,"box":{"x":549,"y":37,"width":319,"height":11}},{"id":"cd95d817-213d-4385-b6b7-91113dc5aec6","block_type":"box","text":"“backwardation.” In these markets, roll returns are positive, which","page_number":9,"box":{"x":549,"y":51,"width":422,"height":11}},{"id":"edfc740c-2617-4510-bfba-5a2a266a044e","block_type":"box","text":"is referred to as “positive carry.” The term “contango” is used to","page_number":9,"box":{"x":549,"y":66,"width":408,"height":10}},{"id":"713c39d6-55be-48be-bbae-638c9cbc50c0","block_type":"box","text":"describe a market in which the price for a new futures contract is","page_number":9,"box":{"x":549,"y":80,"width":416,"height":11}},{"id":"336b8f75-3303-4681-86bc-a93cfacb21c5","block_type":"box","text":"more than the price of the expiring contract. In these markets, roll","page_number":9,"box":{"x":549,"y":94,"width":422,"height":11}},{"id":"f7b4f905-b0eb-4665-b4c6-02bb417c0e38","block_type":"box","text":"returns are negative, which is referred to as “negative carry.” The","page_number":9,"box":{"x":549,"y":108,"width":415,"height":11}},{"id":"28641dfa-7549-42f8-aa23-a87994cb121b","block_type":"box","text":"Underlying Index seeks to employ a positive carry strategy that","page_number":9,"box":{"x":550,"y":122,"width":402,"height":11}},{"id":"2368f5cf-d10f-4577-a16a-ce0a4fdb7022","block_type":"box","text":"emphasizes commodities and futures contract months with the","page_number":9,"box":{"x":549,"y":136,"width":404,"height":11}},{"id":"189c2b27-568b-4cad-a9d1-2ebf194f2439","block_type":"box","text":"greatest degree of backwardation and lowest degree of contango,","page_number":9,"box":{"x":549,"y":151,"width":420,"height":10}},{"id":"1fd82e9a-6be9-4eea-99b1-12fbcc47c4eb","block_type":"box","text":"resulting in net gains through positive roll returns.","page_number":9,"box":{"x":549,"y":165,"width":318,"height":11}},{"id":"0b214db7-5f98-408b-a6d1-5bc8488e1de3","block_type":"box","text":"As of January 8, 2026, the Underlying Index had 25 components.","page_number":9,"box":{"x":549,"y":187,"width":414,"height":11}},{"id":"5e8e1354-025b-4bf5-a41a-a569f406fd05","block_type":"box","text":"The Fund gains exposure to Commodity Investments by investing","page_number":9,"box":{"x":549,"y":209,"width":416,"height":10}},{"id":"8cf12393-f1a5-4d33-a4ca-a8401890157e","block_type":"box","text":"through a wholly owned subsidiary organized in the Cayman","page_number":9,"box":{"x":549,"y":223,"width":382,"height":11}},{"id":"aee7a7c8-efe3-4560-a01c-6a916defce8f","block_type":"box","text":"Islands (the “Subsidiary”). The Subsidiary is advised by BFA and","page_number":9,"box":{"x":550,"y":237,"width":404,"height":11}},{"id":"44699232-c555-4b8f-b997-c1b73c1ffde6","block_type":"box","text":"has the same investment objective as the Fund. Unlike the Fund,","page_number":9,"box":{"x":549,"y":251,"width":413,"height":11}},{"id":"4eed45a9-127c-472c-bf2f-fa757a5fe88d","block_type":"box","text":"the Subsidiary is not an investment company registered under the","page_number":9,"box":{"x":549,"y":265,"width":422,"height":11}},{"id":"91db3995-22f2-416e-ae17-5438d52099ad","block_type":"box","text":"Investment Company Act of 1940, as amended (the “1940 Act”)","page_number":9,"box":{"x":550,"y":280,"width":405,"height":10}},{"id":"506229f8-9ba2-47fc-abf6-9ea7be571cd0","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":9,"box":{"x":549,"y":294,"width":409,"height":10}},{"id":"bccc0684-2c02-4048-b6f5-afaa595c0bc8","block_type":"box","text":"the investor protections of the 1940 Act. The Subsidiary invests","page_number":9,"box":{"x":549,"y":308,"width":406,"height":11}},{"id":"a2da1f28-2dc1-4da1-98cb-e180019785db","block_type":"box","text":"solely in Commodity Investments and cash and cash equivalents.","page_number":9,"box":{"x":549,"y":322,"width":415,"height":11}},{"id":"5261f1ec-5d26-41dc-b325-b81aadc3b402","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of","page_number":9,"box":{"x":550,"y":344,"width":420,"height":11}},{"id":"2376a294-4fab-437a-b020-2ac893e9403a","block_type":"box","text":"1986, as amended (the “Internal Revenue Code”), the Fund may","page_number":9,"box":{"x":551,"y":358,"width":406,"height":11}},{"id":"154bf786-3f29-4578-9c42-5ef98f3b8dd1","block_type":"box","text":"invest up to 25% of its total assets in the Subsidiary. The Fund’s","page_number":9,"box":{"x":549,"y":372,"width":405,"height":11}},{"id":"a5c1498f-25b3-4691-8c5f-6f213a556353","block_type":"box","text":"Commodity Investments held in the Subsidiary are intended to","page_number":9,"box":{"x":549,"y":387,"width":399,"height":10}},{"id":"85fd4465-dbda-4670-b7ef-6b8517c7053c","block_type":"box","text":"provide the Fund with exposure to broad commodities consistent","page_number":9,"box":{"x":549,"y":401,"width":417,"height":10}},{"id":"42f8551c-3008-4dad-863a-8464d377d235","block_type":"box","text":"with current U.S. federal income tax laws applicable to investment","page_number":9,"box":{"x":549,"y":415,"width":424,"height":11}},{"id":"d9727c4b-5bd1-4521-98dd-376693b269fa","block_type":"box","text":"companies such as the Fund, which limit the ability of investment","page_number":9,"box":{"x":549,"y":429,"width":417,"height":11}},{"id":"5419edf5-15a4-4900-994c-0cc7c8141e98","block_type":"box","text":"companies to invest directly in Commodity Investments.","page_number":9,"box":{"x":549,"y":443,"width":359,"height":11}},{"id":"6176a0ae-3e12-4d5c-ad65-12ea5db2b0ff","block_type":"box","text":"The remainder of the Fund’s assets are invested directly by the","page_number":9,"box":{"x":549,"y":465,"width":401,"height":11}},{"id":"96c7eb41-f7ac-47c9-b24b-383a3971f91a","block_type":"box","text":"Fund, primarily in Fixed-Income Investments, including","page_number":9,"box":{"x":550,"y":479,"width":348,"height":11}},{"id":"5cecb8a2-d5d7-4198-8bd0-89ddcc51f9d3","block_type":"box","text":"repurchase agreements, money market instruments, U.S.","page_number":9,"box":{"x":549,"y":494,"width":366,"height":10}},{"id":"95cfcaa1-76ec-4dc8-a03c-f7f2e313a572","block_type":"box","text":"government and agency securities, Treasury Inflation-Protected","page_number":9,"box":{"x":549,"y":508,"width":405,"height":11}},{"id":"ad84c5eb-26c8-4fab-89fe-eddc62b3e96b","block_type":"box","text":"Securities, sovereign debt obligations of non-U.S. countries and","page_number":9,"box":{"x":549,"y":522,"width":407,"height":11}},{"id":"22ea1428-1526-491c-92e5-50713a7f8d02","block_type":"box","text":"investment-grade corporate bonds.","page_number":9,"box":{"x":549,"y":536,"width":225,"height":11}},{"id":"28f67a14-28cc-4934-a803-f7c70c09e932","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":9,"box":{"x":550,"y":559,"width":376,"height":11}},{"id":"1fe1da70-984e-4fe8-bddc-189d7bf664cb","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":9,"box":{"x":549,"y":573,"width":417,"height":11}},{"id":"b4cf693d-3954-48f9-90c2-0b987640eab2","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":9,"box":{"x":549,"y":588,"width":396,"height":10}},{"id":"5d435d9a-46e2-457a-95a9-5fa7b294f62e","block_type":"box","text":"markets decline or appear overvalued.","page_number":9,"box":{"x":549,"y":602,"width":244,"height":11}},{"id":"3de79402-72b5-4593-9ad5-a0521f58f6e6","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":9,"box":{"x":550,"y":625,"width":420,"height":11}},{"id":"8fedc4f7-2d0f-468d-bd73-6fb0fc9bf1d4","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":9,"box":{"x":549,"y":639,"width":421,"height":11}},{"id":"3e428e79-8843-439f-a9f5-33eb3698f81e","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":9,"box":{"x":549,"y":653,"width":410,"height":11}},{"id":"7e070bb2-4374-468d-902c-1a2a57b98078","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":9,"box":{"x":549,"y":668,"width":414,"height":10}},{"id":"f2255683-bf16-410d-92ef-7736c4a30675","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":9,"box":{"x":549,"y":682,"width":386,"height":11}},{"id":"a12948e7-4379-4145-ae4e-c998253cf4cc","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":9,"box":{"x":549,"y":696,"width":382,"height":11}},{"id":"4ce9bde0-b460-4fcd-8521-ec7520e53a9c","block_type":"box","text":"companies.","page_number":9,"box":{"x":549,"y":710,"width":72,"height":11}},{"id":"08453f2f-be77-4f97-96a8-d54e40862365","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":9,"box":{"x":550,"y":733,"width":411,"height":11}},{"id":"b5e84e99-6630-4163-a6da-b9d513088048","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":9,"box":{"x":549,"y":747,"width":411,"height":11}},{"id":"70befa9e-ecb9-4cb7-8568-721d9e8bc6dc","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":9,"box":{"x":549,"y":762,"width":424,"height":10}},{"id":"5064d85f-a8a8-4329-b1c7-af6b94eef733","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":9,"box":{"x":549,"y":776,"width":410,"height":11}},{"id":"913f7788-7206-4119-94bc-8ce61e599fb0","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":9,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"57fa02f3-2c90-44ae-90ee-7063a697f7c2","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":9,"box":{"x":549,"y":804,"width":423,"height":11}},{"id":"1f11660e-0f5f-4308-bc6a-ad91a1c0f826","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":9,"box":{"x":549,"y":818,"width":415,"height":11}},{"id":"9e933030-7d6e-4015-9697-a7bca10899ee","block_type":"box","text":"fundamental characteristics (such as return variability, duration,","page_number":9,"box":{"x":549,"y":832,"width":409,"height":11}},{"id":"aca20b91-fe79-48a4-9684-3f5a281877c7","block_type":"box","text":"maturity, credit ratings and yield) and liquidity measures similar to","page_number":9,"box":{"x":549,"y":847,"width":423,"height":11}},{"id":"388e6c6f-6181-419d-9edf-0ddb85afcaf9","block_type":"box","text":"those of an applicable underlying index. 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Due to the","page_number":10,"box":{"x":83,"y":108,"width":403,"height":11}},{"id":"4d99af98-e7b2-4f9e-a503-8ee3466de89e","block_type":"box","text":"Fund’s potential use of such instruments above the prescribed","page_number":10,"box":{"x":84,"y":122,"width":397,"height":11}},{"id":"2a89602d-f70b-4a5e-85df-bd84f6c9a03e","block_type":"box","text":"levels, it is considered a “commodity pool” under the Commodity","page_number":10,"box":{"x":83,"y":137,"width":415,"height":10}},{"id":"326215fc-9798-4cf9-9b59-f941f0951e5d","block_type":"box","text":"Exchange Act (“CEA”). The Subsidiary is also deemed a","page_number":10,"box":{"x":84,"y":151,"width":348,"height":11}},{"id":"c67f1f2f-708a-4062-8206-893196aa5dd2","block_type":"box","text":"commodity pool. BFA is considered a commodity pool operator","page_number":10,"box":{"x":83,"y":165,"width":402,"height":11}},{"id":"4eeb3ed7-c25d-4544-9d58-5e4867d1eb23","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":10,"box":{"x":83,"y":179,"width":374,"height":11}},{"id":"821ed4c9-dcbd-46f4-87ac-e550513e63bd","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":10,"box":{"x":83,"y":193,"width":375,"height":11}},{"id":"b30d4bf7-b651-408d-bfe6-69f4a5926d84","block_type":"box","text":"Association (“NFA”).","page_number":10,"box":{"x":82,"y":207,"width":128,"height":11}},{"id":"6cd9b67f-97ac-46ce-a9fe-6c13a55c57f9","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg Index Services","page_number":10,"box":{"x":82,"y":231,"width":409,"height":10}},{"id":"3fa37fa1-d502-4231-beb5-acaf70cda563","block_type":"box","text":"Limited (the “Index Provider” or “Bloomberg”), which","page_number":10,"box":{"x":84,"y":245,"width":335,"height":11}},{"id":"fcf6f3a4-dea5-4c96-8226-0a930c6a5ab5","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":10,"box":{"x":83,"y":259,"width":354,"height":11}},{"id":"bdac5a33-1caf-4ed1-9165-546f046c08f6","block_type":"box","text":"determines the composition and relative weightings of the","page_number":10,"box":{"x":83,"y":273,"width":372,"height":11}},{"id":"9176c45a-0822-4923-98c8-367850d0c6bb","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":10,"box":{"x":83,"y":287,"width":401,"height":11}},{"id":"569f4720-6772-4acc-92ea-8c4cc4fa29ab","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":10,"box":{"x":83,"y":302,"width":327,"height":10}},{"id":"a27f77f0-278c-434b-8d85-b921084e188b","block_type":"box","text":"Summary of Principal Risks","page_number":10,"box":{"x":83,"y":331,"width":235,"height":13}},{"id":"b145e183-b50d-4400-a163-55bfd0081667","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":10,"box":{"x":82,"y":356,"width":363,"height":11}},{"id":"c6eac2a3-6e80-49bc-905c-4ff99a33f784","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":10,"box":{"x":83,"y":370,"width":402,"height":11}},{"id":"62cca120-ee5a-4b2e-a7e7-7d8e81acacc5","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":10,"box":{"x":83,"y":384,"width":396,"height":11}},{"id":"964872c1-d784-4e3f-be6a-c54f3abfc0cf","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":10,"box":{"x":83,"y":398,"width":373,"height":11}},{"id":"d74d7fdf-d6dd-4f4f-8d99-d61cb0dd7b20","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":10,"box":{"x":83,"y":412,"width":381,"height":11}},{"id":"efd7c133-1777-46ad-bf9a-68a37f899cb5","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":10,"box":{"x":83,"y":427,"width":392,"height":10}},{"id":"13d4dcfb-b62d-4ed3-9bb7-feeb3362a3a3","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":10,"box":{"x":83,"y":441,"width":416,"height":11}},{"id":"6de15ce1-a334-488f-a341-77cb51b3e5ee","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":10,"box":{"x":83,"y":455,"width":387,"height":11}},{"id":"1480a522-47c0-4dc1-851d-a502e4afdd60","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":10,"box":{"x":82,"y":469,"width":426,"height":11}},{"id":"83282538-5c99-402c-b6cc-637c8d662e04","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":10,"box":{"x":83,"y":483,"width":404,"height":11}},{"id":"6baf295d-c24f-4a8e-af88-0e7e327a4161","block_type":"box","text":"review each risk factor carefully.","page_number":10,"box":{"x":83,"y":498,"width":206,"height":10}},{"id":"b87bb870-274f-4260-8aa8-7eb939b0d5a4","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":10,"box":{"x":83,"y":521,"width":244,"height":11}},{"id":"a866ef92-41b1-426f-9065-07b102d9d9a1","block_type":"box","text":"The value of a commodity","page_number":10,"box":{"x":332,"y":521,"width":169,"height":11}},{"id":"5f7f45f5-5922-4c4d-9c67-3950d95b2323","block_type":"box","text":"linked derivative instrument (including swaps based on such","page_number":10,"box":{"x":83,"y":535,"width":384,"height":11}},{"id":"4f3416f9-46e5-4b50-850c-756a5f324693","block_type":"box","text":"instruments) typically is based upon the price movements of the","page_number":10,"box":{"x":83,"y":549,"width":410,"height":11}},{"id":"d589713d-af67-4a17-a604-6dbefc3c7b84","block_type":"box","text":"underlying commodity or an economic variable linked to such","page_number":10,"box":{"x":83,"y":563,"width":391,"height":11}},{"id":"c12421b8-c253-49cb-a13d-ec939e6e079b","block_type":"box","text":"price movements. The current market prices, or “spot prices,” and","page_number":10,"box":{"x":83,"y":577,"width":422,"height":11}},{"id":"1a8f9e4f-98ea-4ce6-8663-6b4456eccadd","block_type":"box","text":"the price at a specified future date implied by the value of certain","page_number":10,"box":{"x":83,"y":592,"width":416,"height":10}},{"id":"284bb4d2-1306-432a-94a9-43525f784cc5","block_type":"box","text":"commodity-linked derivatives (including swaps based on such","page_number":10,"box":{"x":83,"y":606,"width":394,"height":11}},{"id":"dbb46acd-b344-44a6-81c2-81bf0bf11d9f","block_type":"box","text":"instruments), or the “futures prices,” for commodities will vary","page_number":10,"box":{"x":83,"y":620,"width":400,"height":11}},{"id":"e18df5ed-8909-4ce4-a26e-331784c16155","block_type":"box","text":"depending upon expectations regarding market conditions. The","page_number":10,"box":{"x":83,"y":634,"width":404,"height":11}},{"id":"c0c6b767-3775-41e0-a85e-54125a07e3e3","block_type":"box","text":"value of commodity-linked investments tied to both spot and","page_number":10,"box":{"x":82,"y":648,"width":388,"height":11}},{"id":"86a3851e-2fcf-4871-a088-dd37941437d4","block_type":"box","text":"futures prices of commodities may fluctuate quickly and","page_number":10,"box":{"x":82,"y":662,"width":359,"height":11}},{"id":"709c43f3-b8c7-4f41-9925-fe5e749b9b6a","block_type":"box","text":"dramatically as a result of changes affecting a particular","page_number":10,"box":{"x":83,"y":677,"width":359,"height":11}},{"id":"69e596a6-079b-4ca7-860f-4cb004fa0267","block_type":"box","text":"commodity and may not correlate to price movements in other","page_number":10,"box":{"x":83,"y":691,"width":401,"height":11}},{"id":"a0652177-c63d-4cb5-8359-f7a405ae7636","block_type":"box","text":"asset classes, such as stocks, bonds and cash. Commodity-linked","page_number":10,"box":{"x":83,"y":705,"width":420,"height":11}},{"id":"cbff843b-1e8d-47c7-92d7-72e0d8eb2d5f","block_type":"box","text":"derivatives are subject to the risk that the counterparty to the","page_number":10,"box":{"x":83,"y":719,"width":395,"height":11}},{"id":"fb7dcb6b-57ea-46f0-82b9-ba9e9bb03689","block_type":"box","text":"transaction, the exchange or trading facility on which they trade","page_number":10,"box":{"x":83,"y":733,"width":408,"height":11}},{"id":"dc49dcde-e58f-4ad0-9fed-1360f8e1bfb2","block_type":"box","text":"or the applicable clearing house may default or otherwise fail to","page_number":10,"box":{"x":83,"y":748,"width":407,"height":10}},{"id":"9cae09c7-f230-4c73-9f36-21506fc442ff","block_type":"box","text":"perform. The Fund’s use of commodity-linked derivatives may also","page_number":10,"box":{"x":83,"y":762,"width":423,"height":11}},{"id":"ebdb422c-bc83-4ab9-8bfd-584abb5d239c","block_type":"box","text":"have a leveraging effect on the Fund’s portfolio because of the","page_number":10,"box":{"x":83,"y":776,"width":399,"height":11}},{"id":"ebb23d9d-6c57-462b-b1be-b10cecb188a5","block_type":"box","text":"leverage inherent in the use of derivatives. Leverage generally","page_number":10,"box":{"x":83,"y":790,"width":396,"height":11}},{"id":"48bb5c60-1b3d-44c5-a582-8e1ceccad328","block_type":"box","text":"magnifies the effect of a change in the value of an asset and","page_number":10,"box":{"x":83,"y":804,"width":383,"height":11}},{"id":"75aa0f7c-1839-40f4-9726-ad69f2b939a8","block_type":"box","text":"creates a risk of loss of value on a larger pool of assets than the","page_number":10,"box":{"x":83,"y":818,"width":408,"height":11}},{"id":"bca2e86d-4fa5-4bd9-97f0-073c90928226","block_type":"box","text":"Fund would otherwise have had. The Fund is required to post","page_number":10,"box":{"x":84,"y":833,"width":388,"height":10}},{"id":"ec25c979-9dea-415a-a917-22b980033de8","block_type":"box","text":"margin with respect to its holdings in derivatives. Each of these","page_number":10,"box":{"x":83,"y":847,"width":404,"height":11}},{"id":"623f329e-5b8a-432a-9ca6-b748b2eb1b09","block_type":"box","text":"factors and events could have a significant negative impact on the","page_number":10,"box":{"x":82,"y":861,"width":424,"height":11}},{"id":"7fc5759d-7eca-44fa-97c3-9a5fa43d62a2","block_type":"box","text":"Fund.","page_number":10,"box":{"x":84,"y":875,"width":33,"height":9}},{"id":"b2c3c07e-174a-41fb-a2f6-edcad74eb69f","block_type":"box","text":"Carry Strategy Risk.","page_number":10,"box":{"x":549,"y":23,"width":134,"height":11}},{"id":"6b2fcd0c-0f83-4757-89e8-8f3e30fa5f0f","block_type":"box","text":"The futures market for a commodity in","page_number":10,"box":{"x":688,"y":23,"width":245,"height":11}},{"id":"5c9d9067-70fa-4147-ac96-4fcea482c3d8","block_type":"box","text":"which the price for a new futures contract is less than the price of","page_number":10,"box":{"x":549,"y":37,"width":421,"height":11}},{"id":"61afadc4-d080-4bfa-ba3e-5efc45a31fb8","block_type":"box","text":"an expiring contract, known as a market trading in a state of","page_number":10,"box":{"x":549,"y":51,"width":385,"height":11}},{"id":"1a28a594-8bb5-40ca-a21e-17db302ba576","block_type":"box","text":"“backwardation,” may not continue to trade with the same degree","page_number":10,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"2cd12667-af78-4003-b0b8-816589e99d42","block_type":"box","text":"of backwardation or with the resulting returns. To the extent that a","page_number":10,"box":{"x":549,"y":80,"width":424,"height":11}},{"id":"cb761508-fa97-4cf9-a353-2289a4cbcdf8","block_type":"box","text":"commodity futures market is not trading in a state of","page_number":10,"box":{"x":549,"y":94,"width":338,"height":11}},{"id":"8599c56c-d17b-4884-b06e-194fbef69ab9","block_type":"box","text":"backwardation (or is trading in such a state, but to a lesser","page_number":10,"box":{"x":549,"y":108,"width":376,"height":11}},{"id":"eaca00ad-dbbc-445a-9c9b-66a9e2899eeb","block_type":"box","text":"degree), the Fund’s cost to maintain exposure to the commodity","page_number":10,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"fca7cb94-78d5-41b6-94bc-c957150b7ddc","block_type":"box","text":"may increase, the positive carry strategy may prove unsuccessful,","page_number":10,"box":{"x":549,"y":136,"width":421,"height":11}},{"id":"77a6df7a-6d9b-44bb-a053-e6cf18190ba1","block_type":"box","text":"and the investment performance of the Fund may suffer.","page_number":10,"box":{"x":549,"y":151,"width":360,"height":10}},{"id":"0709dc55-c496-4ff9-9a28-bb66635a5eff","block_type":"box","text":"Futures Contract Risk.","page_number":10,"box":{"x":549,"y":174,"width":150,"height":8}},{"id":"70ec64ad-4e69-437e-b279-a2b93c7f0dc5","block_type":"box","text":"Futures contracts may involve risks","page_number":10,"box":{"x":706,"y":174,"width":225,"height":11}},{"id":"943237aa-0406-44ba-a99a-254995f71a07","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":10,"box":{"x":549,"y":188,"width":424,"height":11}},{"id":"2c261e90-6114-42ab-856c-6ae54b67a3f7","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":10,"box":{"x":549,"y":202,"width":369,"height":11}},{"id":"4c3c31a7-e7bf-408f-bbdf-728c5b5a57df","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":10,"box":{"x":549,"y":216,"width":411,"height":11}},{"id":"afb62a88-27bb-4605-b298-e8140e1ba836","block_type":"box","text":"by these risks. 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In certain market conditions, the sale price of a","page_number":10,"box":{"x":549,"y":466,"width":406,"height":11}},{"id":"f3f8332f-520f-41f1-9477-02aa23d697dd","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":10,"box":{"x":549,"y":481,"width":424,"height":10}},{"id":"aafb9326-5fe0-4d19-a841-f06cf3d57eeb","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":10,"box":{"x":549,"y":495,"width":392,"height":11}},{"id":"19cbafe4-68de-403c-b5cf-67950f503a4c","block_type":"box","text":"contract.","page_number":10,"box":{"x":549,"y":510,"width":56,"height":7}},{"id":"c7f97847-b75a-4c7e-8dd3-0f37b6b6ecdf","block_type":"box","text":"Market Risk","page_number":10,"box":{"x":549,"y":532,"width":82,"height":9}},{"id":"4d27e19a-6877-4b0b-9693-e26341a3b6bb","block_type":"box","text":".","page_number":10,"box":{"x":631,"y":539,"width":3,"height":2}},{"id":"b4ad0df6-4bb0-40b9-a104-f7d991255bf4","block_type":"box","text":"The Fund could lose money over short periods due","page_number":10,"box":{"x":639,"y":532,"width":322,"height":11}},{"id":"bfd17be7-eca3-4f39-b52a-0afa76024257","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":10,"box":{"x":549,"y":546,"width":413,"height":11}},{"id":"faa42b00-bdaf-4168-9a63-30890fa6e5d7","block_type":"box","text":"more prolonged market downturns. 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Errors in index data, index computations or the","page_number":10,"box":{"x":549,"y":768,"width":366,"height":11}},{"id":"6469b603-f36b-4950-b21f-df927eb99d65","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":10,"box":{"x":549,"y":782,"width":377,"height":11}},{"id":"b9ad20d9-385f-4403-8952-38e3b13e5fdf","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":10,"box":{"x":549,"y":796,"width":413,"height":11}},{"id":"8937076f-36ae-42b9-8d46-05b0f3754b11","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":10,"box":{"x":549,"y":811,"width":396,"height":10}},{"id":"dab70e28-e7e4-4fd0-9f9d-e435a3b62031","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":10,"box":{"x":549,"y":825,"width":367,"height":11}},{"id":"feddd98c-cc33-4495-a46c-8ed3f7e24abf","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":10,"box":{"x":549,"y":839,"width":400,"height":11}},{"id":"6b3d7597-d585-4f08-9c30-9de9a521e107","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":10,"box":{"x":549,"y":853,"width":409,"height":11}},{"id":"85b0ddc8-8d1a-4e33-a893-2f8e99c7967b","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":10,"box":{"x":549,"y":867,"width":414,"height":11}},{"id":"78351094-90d4-4b20-92c0-b0923ffe1cd2","block_type":"box","text":"S-3","page_number":10,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"efcd8329-ffb7-4299-b037-1691842c55a0","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":11,"box":{"x":83,"y":23,"width":362,"height":11}},{"id":"0992b32f-49f0-4663-a8fa-24e6297e95ce","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":11,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"f99cf665-c641-450f-b870-9efe067934dc","block_type":"box","text":"Asset Class Risk.","page_number":11,"box":{"x":81,"y":60,"width":115,"height":9}},{"id":"17e3a0b1-75ac-4856-894d-532d9a6f28c3","block_type":"box","text":"The securities and other assets in the","page_number":11,"box":{"x":202,"y":61,"width":239,"height":8}},{"id":"606ffee0-4c19-496d-8768-0320f2b7132c","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":11,"box":{"x":83,"y":75,"width":406,"height":11}},{"id":"557ef282-8bf8-47dd-8a5f-97280a144a5d","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":11,"box":{"x":83,"y":89,"width":405,"height":11}},{"id":"b61673a2-a6e0-4a37-a3f5-385a38127ed9","block_type":"box","text":"market, another index, or other asset classes.","page_number":11,"box":{"x":83,"y":103,"width":292,"height":10}},{"id":"b713a48e-c0ad-493a-92c9-e7ad3eb628cd","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":11,"box":{"x":81,"y":126,"width":290,"height":11}},{"id":"e3a28a06-3157-47e3-b241-484367bde748","block_type":"box","text":"An “Authorized","page_number":11,"box":{"x":381,"y":126,"width":93,"height":9}},{"id":"fd77750b-c97c-4168-84ab-8fd552773a0a","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":11,"box":{"x":84,"y":140,"width":379,"height":11}},{"id":"1adf529f-2944-41d2-8a04-57813db75fa9","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":11,"box":{"x":83,"y":155,"width":411,"height":10}},{"id":"46a7c7b9-bda4-471c-a4b4-9d004ea47502","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":11,"box":{"x":84,"y":169,"width":395,"height":11}},{"id":"ed370a1b-c49a-4d09-a690-6f0b3120414f","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":11,"box":{"x":84,"y":183,"width":399,"height":11}},{"id":"a7289511-f6ec-48e1-a8fa-e29833796829","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":11,"box":{"x":83,"y":197,"width":407,"height":11}},{"id":"19bddf27-43e7-436f-ba1b-44ee053c380f","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":11,"box":{"x":83,"y":211,"width":409,"height":11}},{"id":"9bfcb170-0649-4865-bf20-c63d2262d85e","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":11,"box":{"x":83,"y":225,"width":412,"height":11}},{"id":"19cfd181-5d8d-4188-95a8-9605adff1f0a","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":11,"box":{"x":83,"y":240,"width":403,"height":11}},{"id":"f05a3ad5-0137-4a0f-926a-e9001fd32841","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":11,"box":{"x":83,"y":254,"width":378,"height":11}},{"id":"ecf29538-1bff-47ac-bda8-47df46c39886","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":11,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"db6fe733-614b-4e3a-b676-3f2fe1ec92db","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":11,"box":{"x":83,"y":282,"width":404,"height":11}},{"id":"823a56d8-a843-40b2-8bfd-cd460dc337a7","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":11,"box":{"x":83,"y":296,"width":399,"height":11}},{"id":"7a7ce1ae-6a5b-4837-b465-27f0de898228","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":11,"box":{"x":84,"y":311,"width":391,"height":10}},{"id":"571428f2-314b-4856-9b2a-fe05941f82c7","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":11,"box":{"x":83,"y":325,"width":408,"height":11}},{"id":"dbb83567-4c44-42c3-8c6f-e389bfd6b196","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":11,"box":{"x":83,"y":339,"width":273,"height":11}},{"id":"ff40b883-3998-4968-9fa3-29aac964ccfb","block_type":"box","text":"Cash Management Risk","page_number":11,"box":{"x":83,"y":362,"width":161,"height":11}},{"id":"2295ecf5-14e3-4902-bc47-da2b7993cd49","block_type":"box","text":".","page_number":11,"box":{"x":244,"y":369,"width":2,"height":2}},{"id":"001d0ce3-1096-4705-87d7-0d3fe23b94b2","block_type":"box","text":"If a significant amount of the Fund’s","page_number":11,"box":{"x":252,"y":362,"width":228,"height":11}},{"id":"20db45d3-5044-4eed-8c6e-fd58fcfeddfe","block_type":"box","text":"assets is invested in cash and cash equivalents, the Fund may","page_number":11,"box":{"x":83,"y":376,"width":396,"height":11}},{"id":"06a5a019-1caa-4afd-b09d-a85ec5d76f6d","block_type":"box","text":"underperform other funds that do not similarly invest in cash and","page_number":11,"box":{"x":83,"y":390,"width":415,"height":11}},{"id":"7ab95f21-6837-4228-a031-ff8353779269","block_type":"box","text":"cash equivalents for investment purposes and/or to collateralize","page_number":11,"box":{"x":83,"y":405,"width":414,"height":10}},{"id":"1a2f2e6b-6dbb-4311-9f77-595cb1d71a70","block_type":"box","text":"derivative instruments. Further, the Fund may face increased","page_number":11,"box":{"x":83,"y":419,"width":389,"height":11}},{"id":"174a21a5-0d44-4378-a88f-3ffebfbf093c","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":11,"box":{"x":83,"y":433,"width":416,"height":11}},{"id":"9f487e0a-62e8-463b-8300-fb9b9175b9d1","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":11,"box":{"x":83,"y":447,"width":409,"height":11}},{"id":"1d54a48a-4454-4120-a0d2-4f8eeaa0cbb7","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":11,"box":{"x":83,"y":461,"width":356,"height":11}},{"id":"89b5b49d-825d-4191-8fcc-862e19a037a8","block_type":"box","text":"Commodity Market Disruption Risk.","page_number":11,"box":{"x":83,"y":485,"width":242,"height":10}},{"id":"b10fcff5-0425-4abc-a70e-4b63c9621932","block_type":"box","text":"The commodity markets","page_number":11,"box":{"x":331,"y":485,"width":154,"height":10}},{"id":"3fe3b7f4-dea2-4520-8659-a58f9703cdfa","block_type":"box","text":"are subject to temporary distortions and other disruptions due to,","page_number":11,"box":{"x":83,"y":499,"width":420,"height":11}},{"id":"072b9057-d4b8-4f18-9a64-3f0d30e5f473","block_type":"box","text":"among other factors, lack of liquidity, the participation of","page_number":11,"box":{"x":83,"y":513,"width":364,"height":11}},{"id":"884c6cf1-cf44-4526-a2bd-434d7ca855a1","block_type":"box","text":"speculators, and government regulation, intervention and other","page_number":11,"box":{"x":83,"y":527,"width":405,"height":11}},{"id":"5b822021-4087-4d2e-b8b8-167141afa735","block_type":"box","text":"actions. U.S. futures exchanges and some foreign exchanges limit","page_number":11,"box":{"x":83,"y":541,"width":421,"height":11}},{"id":"43866942-5614-409f-b1e4-e22c1fa911bf","block_type":"box","text":"the amount of fluctuation in futures contract prices that may","page_number":11,"box":{"x":83,"y":555,"width":387,"height":11}},{"id":"9e7bbd19-c43e-40e4-9b44-eaa7b04c9bd5","block_type":"box","text":"occur in a single business day (generally referred to as “daily price","page_number":11,"box":{"x":83,"y":570,"width":423,"height":10}},{"id":"00cc0d7f-4a85-4e91-bc73-29b497679805","block_type":"box","text":"fluctuation limits”). The maximum or minimum price of a contract","page_number":11,"box":{"x":82,"y":584,"width":418,"height":11}},{"id":"9c33cd90-8543-4625-9d86-c612c7eee340","block_type":"box","text":"as a result of these limits is referred to as a “limit price.” If the","page_number":11,"box":{"x":83,"y":598,"width":397,"height":11}},{"id":"cbdae611-491e-496b-99dc-c8fab0798062","block_type":"box","text":"limit price has been reached in a particular contract, no trades","page_number":11,"box":{"x":83,"y":612,"width":398,"height":11}},{"id":"5d9fd546-0a67-48a4-b11a-dcd89bbcc817","block_type":"box","text":"may be executed beyond the limit price. Limit prices have the","page_number":11,"box":{"x":83,"y":626,"width":393,"height":11}},{"id":"6d27ee45-81d0-46ee-b48b-4f07b17a2af4","block_type":"box","text":"effect of precluding trading in a particular contract or forcing the","page_number":11,"box":{"x":83,"y":641,"width":413,"height":10}},{"id":"43cbdb96-8d70-4f46-a37d-287aabe7a8a6","block_type":"box","text":"liquidation of contracts at disadvantageous times or prices. The","page_number":11,"box":{"x":83,"y":655,"width":406,"height":11}},{"id":"a4e2dc7c-8d7e-4957-943e-f40f6ad50833","block_type":"box","text":"CFTC and the U.S. commodities exchanges are also authorized to","page_number":11,"box":{"x":83,"y":669,"width":418,"height":11}},{"id":"0c808426-e358-4a68-b6f3-1359e7315d5d","block_type":"box","text":"take other actions in the event of a market emergency, including,","page_number":11,"box":{"x":83,"y":683,"width":416,"height":11}},{"id":"2dd449dc-228f-4305-8fa2-b7ad8e236f95","block_type":"box","text":"for example, the imposition of higher margin requirements and","page_number":11,"box":{"x":82,"y":697,"width":401,"height":11}},{"id":"e020533e-4a22-4438-a6ae-c2c254ca02a8","block_type":"box","text":"the suspension of trading. Any of those actions, if taken, could","page_number":11,"box":{"x":83,"y":711,"width":398,"height":11}},{"id":"33d829ff-b1f7-42ce-90a8-b73c9802b26c","block_type":"box","text":"adversely affect the returns of the Fund.","page_number":11,"box":{"x":83,"y":726,"width":256,"height":10}},{"id":"6faeed73-00c5-4f34-98b0-96d4c3e8dc43","block_type":"box","text":"The constituents of the Underlying Index may experience such","page_number":11,"box":{"x":82,"y":749,"width":398,"height":11}},{"id":"5bd72a55-6395-4939-9233-3795ee4e7b34","block_type":"box","text":"disruptions in trading. The Fund may be negatively impacted by","page_number":11,"box":{"x":83,"y":763,"width":403,"height":11}},{"id":"1c375238-1fd1-48e1-b86b-e26cb35b901e","block_type":"box","text":"the cessation of trading in futures contracts included in the Fund’s","page_number":11,"box":{"x":83,"y":777,"width":424,"height":11}},{"id":"2c8424ce-7151-40d6-8eec-a0bec9f1fde0","block_type":"box","text":"Underlying Index or by a futures exchange imposing a limit price.","page_number":11,"box":{"x":83,"y":791,"width":413,"height":11}},{"id":"12f90a11-a403-4d6f-8102-725ba442d708","block_type":"box","text":"Commodity Risk.","page_number":11,"box":{"x":83,"y":815,"width":113,"height":10}},{"id":"3909b207-23e2-4242-b9ae-fae892a9ad43","block_type":"box","text":"The Fund has substantial exposure to","page_number":11,"box":{"x":202,"y":815,"width":238,"height":10}},{"id":"3b061b56-e385-4594-88fa-a10973617cbd","block_type":"box","text":"commodities. The Fund invests in instruments that are","page_number":11,"box":{"x":83,"y":829,"width":347,"height":8}},{"id":"7c722940-c769-48b5-8578-cab8f8ee14b9","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":11,"box":{"x":83,"y":843,"width":409,"height":11}},{"id":"a4de543c-ed11-4249-97dd-ad1d33d55907","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":11,"box":{"x":83,"y":857,"width":408,"height":11}},{"id":"60851bce-a3e8-48c3-b1a1-5f77b1ad2d28","block_type":"box","text":"tariffs by the U.S. and other countries. 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The credit rating assigned to a security or its issuer","page_number":11,"box":{"x":549,"y":504,"width":424,"height":11}},{"id":"5f2b2976-1909-40e8-a260-36cce68877ef","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":11,"box":{"x":549,"y":518,"width":361,"height":11}},{"id":"4b497afa-5dbe-4073-96e2-a4d84ac3b82e","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":11,"box":{"x":549,"y":532,"width":395,"height":11}},{"id":"8751b911-a6ad-4f29-b39b-41543a1ac562","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":11,"box":{"x":549,"y":546,"width":408,"height":11}},{"id":"ba07d16c-55c3-484c-b9d0-f8e1846df178","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":11,"box":{"x":549,"y":560,"width":385,"height":11}},{"id":"5c2ddb15-5b79-412a-bd07-6e363fcee66e","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":11,"box":{"x":549,"y":575,"width":385,"height":11}},{"id":"7918d3e8-b2ec-40da-b212-904307ff3e37","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":11,"box":{"x":549,"y":589,"width":406,"height":11}},{"id":"88e7457f-5ced-4207-ab0a-5ff020fe3075","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":11,"box":{"x":549,"y":603,"width":324,"height":11}},{"id":"67704315-4db9-4c78-ba2a-c0fb21713236","block_type":"box","text":"Derivatives Risk.","page_number":11,"box":{"x":549,"y":626,"width":111,"height":9}},{"id":"232d8140-5b48-40fc-a72e-6b7261dbcfdf","block_type":"box","text":"The Fund’s use of derivatives (","page_number":11,"box":{"x":666,"y":626,"width":193,"height":11}},{"id":"e2a6588a-ed21-4028-9d35-c090a12c4f85","block_type":"box","text":"e.g","page_number":11,"box":{"x":860,"y":629,"width":19,"height":8}},{"id":"b3f7e1a5-9807-41e4-b69b-bca0d8e3d603","block_type":"box","text":"., futures,","page_number":11,"box":{"x":880,"y":626,"width":59,"height":10}},{"id":"58b6e2bf-53a4-4bd5-9dca-37cf2276df71","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":11,"box":{"x":549,"y":640,"width":384,"height":11}},{"id":"9417a675-bdf4-40fe-b875-80ad17da1871","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":11,"box":{"x":549,"y":655,"width":411,"height":10}},{"id":"4e3cf5f5-b566-45e6-ad9a-e9c1ca31296b","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":11,"box":{"x":549,"y":669,"width":424,"height":11}},{"id":"9d898970-8cc8-4419-b822-4eccdfef797b","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":11,"box":{"x":549,"y":683,"width":365,"height":11}},{"id":"e35a9a94-e888-4d37-943c-ef87f54c8df6","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":11,"box":{"x":548,"y":697,"width":391,"height":11}},{"id":"a0fd64c5-de60-4a1e-a39e-4a3e701242cb","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":11,"box":{"x":549,"y":711,"width":398,"height":11}},{"id":"538c07d2-b98e-4fb2-ae09-8e435195f0d3","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":11,"box":{"x":549,"y":725,"width":406,"height":11}},{"id":"b160643f-6c72-4996-b4eb-22d1806c5eae","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":11,"box":{"x":549,"y":740,"width":363,"height":10}},{"id":"5a101815-4fdd-464b-b37a-73874e9fac7a","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":11,"box":{"x":550,"y":754,"width":418,"height":11}},{"id":"ff0ca1ba-95b0-4d7c-9276-9a525ca0577e","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":11,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"2b4fe3d5-b0d8-4d04-b192-3d3f78909469","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":11,"box":{"x":550,"y":782,"width":380,"height":11}},{"id":"e8a5f230-4948-447b-b5e2-c42a3a708d59","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":11,"box":{"x":548,"y":796,"width":419,"height":11}},{"id":"916da598-2fee-487a-89c5-cdc8f8dedc74","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":11,"box":{"x":549,"y":811,"width":401,"height":10}},{"id":"a73a7a57-4033-4038-922f-05cfcc0fc404","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":11,"box":{"x":549,"y":825,"width":404,"height":11}},{"id":"de905361-2cb3-42b1-a02d-e563b63f0f74","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":11,"box":{"x":549,"y":839,"width":402,"height":11}},{"id":"23e64be6-8d61-49f2-ad18-c7169f861fe3","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":11,"box":{"x":549,"y":853,"width":372,"height":11}},{"id":"a9467d1a-d6e1-4abe-8d75-cf0a7006eb7d","block_type":"box","text":"S-4","page_number":11,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"72b8b1a5-6929-4134-aec0-abf6af167f46","block_type":"box","text":"Energy Sector Risk.","page_number":12,"box":{"x":83,"y":23,"width":130,"height":11}},{"id":"138912c1-7808-4b1a-b7de-d2f2f501f1eb","block_type":"box","text":"The performance of energy-related","page_number":12,"box":{"x":219,"y":23,"width":222,"height":11}},{"id":"8cd10fb3-eb49-4392-aaac-9a51e008196e","block_type":"box","text":"commodities is generally cyclical and highly dependent on energy","page_number":12,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"b243048e-f784-4256-a707-7c081f6d4636","block_type":"box","text":"prices. The market value of energy-related commodities may","page_number":12,"box":{"x":83,"y":51,"width":387,"height":11}},{"id":"d4d1524d-0c8c-4837-ae04-55fa6473e2bc","block_type":"box","text":"decline for many reasons, including, among others, changes in","page_number":12,"box":{"x":83,"y":66,"width":398,"height":11}},{"id":"fde0c426-c964-408a-8efa-0bf95943a02d","block_type":"box","text":"energy prices, energy supply and demand, global political","page_number":12,"box":{"x":83,"y":80,"width":365,"height":11}},{"id":"c574d777-2f95-480d-af01-f6818646788e","block_type":"box","text":"changes, terrorism, natural disasters and other catastrophes;","page_number":12,"box":{"x":83,"y":94,"width":392,"height":11}},{"id":"c50da1d5-a780-47cd-991d-279e677b363f","block_type":"box","text":"government regulations, taxation policies and energy","page_number":12,"box":{"x":83,"y":108,"width":339,"height":11}},{"id":"12debf16-2b37-45f4-8b6f-04b95ce86d55","block_type":"box","text":"conservation efforts. The energy sector has recently experienced","page_number":12,"box":{"x":83,"y":122,"width":415,"height":11}},{"id":"c00968cc-8f0a-4b97-8f8a-7712d7ba0ba2","block_type":"box","text":"increased volatility. In particular, significant market volatility in the","page_number":12,"box":{"x":83,"y":137,"width":424,"height":10}},{"id":"989332d6-1690-4988-a585-0eaf8a0b1640","block_type":"box","text":"crude oil markets as well as the oil futures markets, which","page_number":12,"box":{"x":83,"y":151,"width":370,"height":10}},{"id":"5aef4c2e-1f38-483a-8c10-c0c9e553efbd","block_type":"box","text":"resulted in the market price of the front month WTI crude oil","page_number":12,"box":{"x":83,"y":165,"width":384,"height":11}},{"id":"3650d561-30d0-4a15-9bfd-c6b005d958e9","block_type":"box","text":"futures contract falling below zero for a period of time.","page_number":12,"box":{"x":82,"y":179,"width":349,"height":11}},{"id":"56f48115-be9c-4e9b-8f69-8998b70b6342","block_type":"box","text":"Illiquid Investments Risk","page_number":12,"box":{"x":83,"y":202,"width":168,"height":11}},{"id":"a0922310-4bc0-4de3-a10d-45266c285e8b","block_type":"box","text":".","page_number":12,"box":{"x":251,"y":209,"width":2,"height":2}},{"id":"9ef8fb16-76df-49cd-9334-480e8ccfdd74","block_type":"box","text":"An illiquid investment is any","page_number":12,"box":{"x":258,"y":202,"width":179,"height":11}},{"id":"29dea5d3-7cda-469f-9cfc-15db12749976","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or","page_number":12,"box":{"x":83,"y":217,"width":404,"height":10}},{"id":"b47fad54-cf1f-451f-822b-65d542d7bf39","block_type":"box","text":"disposed of in current market conditions in seven calendar days","page_number":12,"box":{"x":83,"y":231,"width":408,"height":10}},{"id":"dcfe021e-ac67-48e5-a38f-7c70884cab6d","block_type":"box","text":"or less without significantly changing the market value of the","page_number":12,"box":{"x":83,"y":245,"width":388,"height":11}},{"id":"97cdc983-3762-41cf-9220-bc8b735c288b","block_type":"box","text":"investment. To the extent the Fund holds illiquid investments, the","page_number":12,"box":{"x":83,"y":259,"width":416,"height":11}},{"id":"b247be2c-7d0e-4578-ab8c-e8bf2cfed5ee","block_type":"box","text":"illiquid investments may reduce its returns because the Fund may","page_number":12,"box":{"x":83,"y":273,"width":420,"height":11}},{"id":"68f96773-a489-4519-8195-217cbd329d29","block_type":"box","text":"be unable to transact at advantageous times or prices. In addition,","page_number":12,"box":{"x":83,"y":287,"width":424,"height":11}},{"id":"1a220774-606a-4de1-a30b-adc3a68408d7","block_type":"box","text":"if the Fund is limited in its ability to sell illiquid investments during","page_number":12,"box":{"x":83,"y":302,"width":421,"height":10}},{"id":"c87d6996-c696-4e37-b287-9e5c1a665fb4","block_type":"box","text":"periods when shareholders are redeeming their shares, it will","page_number":12,"box":{"x":83,"y":316,"width":389,"height":11}},{"id":"b5e16684-38c7-46d7-9c9f-5647dae76069","block_type":"box","text":"need to sell liquid securities to meet redemption requests and","page_number":12,"box":{"x":83,"y":330,"width":396,"height":11}},{"id":"0c56d4cd-42f3-4b7d-b9a1-4797ec15d191","block_type":"box","text":"illiquid securities will become a larger portion of the Fund’s","page_number":12,"box":{"x":83,"y":344,"width":377,"height":11}},{"id":"3f6de8f5-03db-4a7b-a0b7-ab56149fb679","block_type":"box","text":"holdings. 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Swaps may be leveraged and","page_number":13,"box":{"x":83,"y":447,"width":400,"height":11}},{"id":"4fed32bc-d13d-4709-b38e-e34e9cd56242","block_type":"box","text":"are subject to counterparty risk, credit risk and pricing risk.","page_number":13,"box":{"x":83,"y":461,"width":379,"height":11}},{"id":"32079896-c425-47f2-a931-0837e9a15dd2","block_type":"box","text":"Swaps may be subject to illiquidity risk, and it may not be possible","page_number":13,"box":{"x":83,"y":476,"width":424,"height":10}},{"id":"a9ba1cd9-d562-476e-8b0c-96fc80d11c26","block_type":"box","text":"for the Fund to liquidate a swap position at an advantageous time","page_number":13,"box":{"x":82,"y":490,"width":419,"height":11}},{"id":"d8d55f0a-0879-4ce0-ae7d-72bf5874c435","block_type":"box","text":"or price, which may result in significant losses. Certain","page_number":13,"box":{"x":83,"y":504,"width":348,"height":11}},{"id":"c495301e-59b0-4b12-ba17-cd0189c5511d","block_type":"box","text":"standardized interest rate and credit default swaps are required to","page_number":13,"box":{"x":83,"y":518,"width":424,"height":11}},{"id":"eaff3c9f-200e-4262-9cb4-12137bb14df6","block_type":"box","text":"be traded on an exchange or trading platform and centrally","page_number":13,"box":{"x":83,"y":532,"width":376,"height":11}},{"id":"302e958b-3a19-4e78-8f73-d9193780bed9","block_type":"box","text":"cleared. Most other swaps are entered into a negotiated, bi-lateral","page_number":13,"box":{"x":83,"y":546,"width":423,"height":11}},{"id":"e63e2bee-f324-4e81-94f7-55ea4d3ed7a2","block_type":"box","text":"basis and traded in the over-the-counter market. Swaps are","page_number":13,"box":{"x":83,"y":561,"width":381,"height":10}},{"id":"501f7262-619b-4876-a9ac-5adf1f86bdba","block_type":"box","text":"subject to bi-lateral variation margin. The Fund is required by","page_number":13,"box":{"x":83,"y":575,"width":389,"height":11}},{"id":"b8d0c68a-b916-4542-af7a-a8d6107e2245","block_type":"box","text":"financial regulators to post initial margin in connection with","page_number":13,"box":{"x":82,"y":589,"width":380,"height":11}},{"id":"afcf73b2-5936-46d2-aa55-a12f1ed372e4","block_type":"box","text":"trading over-the-counter swaps. These requirements may raise","page_number":13,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"446aeda7-e8f5-40c8-993e-6290f9fd0b49","block_type":"box","text":"the costs for the Fund’s investment in swaps.","page_number":13,"box":{"x":83,"y":617,"width":289,"height":11}},{"id":"8f342941-315b-4b30-961c-79f0c95eac2e","block_type":"box","text":"Subsidiary Risk.","page_number":13,"box":{"x":82,"y":641,"width":108,"height":10}},{"id":"325d3cb2-9dfd-40f7-8455-ee62d03de52a","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":13,"box":{"x":196,"y":641,"width":265,"height":10}},{"id":"ed5c858d-e9e9-4cbc-9ba0-33db575dcf4f","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":13,"box":{"x":83,"y":655,"width":402,"height":11}},{"id":"de20ec14-2811-4bc9-b4f5-dcb1a22e19ed","block_type":"box","text":"investments. The Subsidiary is not registered under the 1940 Act,","page_number":13,"box":{"x":83,"y":669,"width":418,"height":11}},{"id":"af9e11b4-fca8-40f4-a998-61b2c4e47c7c","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":13,"box":{"x":83,"y":683,"width":409,"height":11}},{"id":"cf82e838-5a08-4665-a713-2a08219839df","block_type":"box","text":"the investor protections of the 1940 Act. Changes in the laws of","page_number":13,"box":{"x":83,"y":697,"width":408,"height":11}},{"id":"9e0f2932-38bc-4f34-8cb0-75fb3208ea5c","block_type":"box","text":"the U.S. and/or the Cayman Islands could result in the inability of","page_number":13,"box":{"x":83,"y":711,"width":420,"height":11}},{"id":"d3ce7406-f085-4968-a8aa-1b2638a2eb5b","block_type":"box","text":"the Fund and/or the Subsidiary to operate as described in the","page_number":13,"box":{"x":83,"y":726,"width":397,"height":10}},{"id":"a03a9f63-b193-48e3-9243-23c6b49b826b","block_type":"box","text":"Prospectus and the Statement of Additional Information (“SAI”),","page_number":13,"box":{"x":84,"y":740,"width":407,"height":11}},{"id":"1bfa2bff-f9ae-4fcb-893f-27e946a01710","block_type":"box","text":"and could adversely affect the Fund.","page_number":13,"box":{"x":83,"y":754,"width":231,"height":11}},{"id":"408b79e9-bf56-45b9-b7a5-604c9ba26eb0","block_type":"box","text":"Tax Risk.","page_number":13,"box":{"x":84,"y":777,"width":56,"height":9}},{"id":"e9e514d7-c2b0-4d42-9b20-c6dbf9b7336b","block_type":"box","text":"The Fund invests in commodity-linked derivatives","page_number":13,"box":{"x":146,"y":777,"width":315,"height":11}},{"id":"032a7b5a-a368-4dd2-bed8-c502ec8f3090","block_type":"box","text":"indirectly through the Subsidiary because income from these","page_number":13,"box":{"x":83,"y":791,"width":389,"height":11}},{"id":"a8305708-296e-4c64-b653-520e3f241e09","block_type":"box","text":"investments, if made directly, might not be treated as “qualifying","page_number":13,"box":{"x":83,"y":806,"width":413,"height":10}},{"id":"4237f3ec-0128-4273-b418-40997fa9ce3f","block_type":"box","text":"income” for purposes of the Fund qualifying as a regulated","page_number":13,"box":{"x":83,"y":820,"width":373,"height":11}},{"id":"b6408b6e-8e90-4ad0-a9bb-e911c91d633b","block_type":"box","text":"investment company (“RIC”) for U.S. federal income tax purposes.","page_number":13,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"bfcdac03-02eb-4b4e-a8c2-a15e07455a0c","block_type":"box","text":"Based on final regulations issued by the U.S. Internal Revenue","page_number":13,"box":{"x":550,"y":37,"width":395,"height":11}},{"id":"7439d94a-d6fb-4850-be13-d06a2223bcf8","block_type":"box","text":"Service (“IRS”) on which taxpayers may rely for taxable years","page_number":13,"box":{"x":549,"y":51,"width":390,"height":11}},{"id":"d6dd6ab6-9be6-4b88-bfa9-d39e4aafbee6","block_type":"box","text":"beginning after September 28, 2016, the Fund expects its income","page_number":13,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"adc3ce82-bf66-4fae-9e1f-5c1e2335f0d2","block_type":"box","text":"with respect to the Subsidiary to be qualifying income. In the","page_number":13,"box":{"x":549,"y":80,"width":388,"height":11}},{"id":"b77f22a5-71fd-4dae-bc6b-01d0848d4659","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or","page_number":13,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"f87371fc-1439-49d7-a503-20e1011f7a79","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which","page_number":13,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"5bf04458-9207-4f58-8509-d2aa8d6ff7b7","block_type":"box","text":"the Fund’s income with respect to the Subsidiary will be","page_number":13,"box":{"x":549,"y":122,"width":357,"height":11}},{"id":"9750071a-b4f2-4af7-901f-0700a652cb41","block_type":"box","text":"considered “qualifying income,” the Fund might be required to","page_number":13,"box":{"x":549,"y":136,"width":397,"height":11}},{"id":"b770d67c-62fe-4872-8d40-c57f85c08259","block_type":"box","text":"make changes to its operations, which could reduce the Fund’s","page_number":13,"box":{"x":549,"y":151,"width":403,"height":10}},{"id":"6889a2bf-7336-4492-8362-bb9a98a4818c","block_type":"box","text":"ability to gain investment exposure to commodities. Fund","page_number":13,"box":{"x":549,"y":165,"width":366,"height":11}},{"id":"b6b5e3cd-beaf-4f39-b441-07e237521281","block_type":"box","text":"shareholders could also experience adverse tax consequences in","page_number":13,"box":{"x":549,"y":179,"width":415,"height":11}},{"id":"46ca4d08-c9e8-44e5-9db4-8ebbd1774381","block_type":"box","text":"such circumstances.","page_number":13,"box":{"x":549,"y":193,"width":130,"height":9}},{"id":"b8ba01f0-d1fa-4b3e-8a19-cc6b6a052fe1","block_type":"box","text":"Tracking Error Risk","page_number":13,"box":{"x":550,"y":216,"width":128,"height":11}},{"id":"9f713cff-a9ad-4c49-ae85-7b2e25f0863c","block_type":"box","text":".","page_number":13,"box":{"x":678,"y":223,"width":3,"height":2}},{"id":"f55bd5b3-68e0-4a33-b92b-c2a7c45419b8","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":13,"box":{"x":686,"y":216,"width":284,"height":11}},{"id":"d36546b8-d648-4d87-b609-6b55e317a6f5","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":13,"box":{"x":549,"y":231,"width":404,"height":10}},{"id":"ae0f090b-73ec-4f83-8b68-f30ddfa607c4","block_type":"box","text":"the Underlying Index. 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applicable","page_number":14,"box":{"x":102,"y":629,"width":855,"height":9}},{"id":"2d17682a-2f03-4f31-b6b6-0c8d3f299fee","block_type":"box","text":"to","page_number":14,"box":{"x":961,"y":629,"width":11,"height":7}},{"id":"56b6c240-876c-4be1-b2b2-72866e4d12bd","block_type":"box","text":"non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates t","page_number":14,"box":{"x":93,"y":642,"width":858,"height":9}},{"id":"82df0518-9a05-4c74-bf34-83531ca001af","block_type":"box","text":"o","page_number":14,"box":{"x":952,"y":644,"width":6,"height":5}},{"id":"53987626-dd2f-4fdc-982d-a34550565513","block_type":"box","text":"which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":14,"box":{"x":83,"y":704,"width":871,"height":11}},{"id":"09913066-1f57-4c9e-b236-b07772b72b14","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":14,"box":{"x":83,"y":718,"width":860,"height":11}},{"id":"107503b7-3bd9-4541-ab73-7e28b2685f85","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":14,"box":{"x":83,"y":732,"width":855,"height":11}},{"id":"3fb0a798-9b47-407b-b190-f477b6e529d7","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":14,"box":{"x":83,"y":746,"width":883,"height":11}},{"id":"a3bc0bb8-a3cb-44e7-9219-69f48cc8781f","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":14,"box":{"x":82,"y":761,"width":861,"height":10}},{"id":"eb567326-fe9b-4ccf-9be3-09a580b565d0","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":14,"box":{"x":83,"y":775,"width":359,"height":10}},{"id":"93279727-c60b-4386-a0ae-9b80e28209ad","block_type":"box","text":"S-7","page_number":14,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"9aa6635b-7bf3-430c-9271-30a9b8f62388","block_type":"box","text":"Tax Information","page_number":15,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"c815838d-21b0-4e49-b322-639dc26614cd","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":15,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"4ffadda0-d9f9-4f0f-8ba4-2969b2155c7f","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":15,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"fd768d99-b7eb-4c49-9a74-c05ee1165b36","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":15,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"cfc9968f-ff34-49ce-b962-4f24e5359cd9","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":15,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"88ac5317-f418-4940-b657-8df79101a6b1","block_type":"box","text":"withdrawn.","page_number":15,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"34507377-19ac-4852-a87e-19a6ec974710","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":15,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"69a6dd5a-c0df-4921-b474-fa480ec2d9db","block_type":"box","text":"Intermediaries","page_number":15,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"da90e335-6afc-4ece-9daf-8e73d65c94af","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":15,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"1b890e54-7640-47bc-b93c-81f0bcd2f4b4","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":15,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"b8a0b1fa-8830-4634-90f2-1b695eeccd24","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":15,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"8dcd3f1b-27bd-480f-ad1c-ebb81632d046","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":15,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"89b0b7d4-6ba6-4559-b7c9-d24fb3742426","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":15,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"0b829bcd-4d6a-4eac-9197-6f0c08f73fc5","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":15,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"2082d455-6327-408b-b366-77a5378f9987","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":15,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"04043ca7-6d1f-4da7-8c02-d6823cb40243","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":15,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"21b65fd3-8385-451b-85a6-2a9be1aeb2b0","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":15,"box":{"x":549,"y":289,"width":361,"height":10}},{"id":"1c5841b6-2275-47c1-b3fb-dd3bdcca7a62","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":15,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"83b84b15-8ebc-4b41-bd3a-241756d05ca4","block_type":"box","text":"information.","page_number":15,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"d59dfbd1-28d9-44d0-a49e-0826d970008c","block_type":"box","text":"S-8","page_number":15,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"90dcb2e4-92b6-4483-8124-fb210d44dfa9","block_type":"box","text":"Management","page_number":15,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"5d5cc7a2-89f4-41ee-b75d-0ab221808be7","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":15,"box":{"x":84,"y":198,"width":290,"height":10}},{"id":"97113c67-77db-4e6b-b9cf-80be8003b44a","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":15,"box":{"x":82,"y":223,"width":391,"height":11}},{"id":"98326cd6-1850-4672-bbad-a7c6f45a0605","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":15,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"37a754c9-8dbc-419f-8091-55087aca1b58","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":15,"box":{"x":84,"y":251,"width":399,"height":11}},{"id":"8c3ecc5a-cdb5-48d1-8f0a-0fbf9fbcbf1c","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":15,"box":{"x":83,"y":266,"width":416,"height":10}},{"id":"39eeddf9-1370-4c80-ad11-b00b85b25b01","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":15,"box":{"x":83,"y":280,"width":419,"height":11}},{"id":"d5e9a83a-fdeb-46f8-8af4-9686e6d07c39","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":15,"box":{"x":83,"y":294,"width":412,"height":11}},{"id":"9b0453fe-e6b6-4be0-81e1-f1b6e2f30983","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":15,"box":{"x":83,"y":308,"width":416,"height":11}},{"id":"d96f3f6a-962b-44a7-8d4b-4342199ec528","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":15,"box":{"x":83,"y":322,"width":400,"height":11}},{"id":"f292dc3a-b461-43f4-9dc9-4ac09d8aea83","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":15,"box":{"x":83,"y":336,"width":395,"height":11}},{"id":"f8ef65f2-b8e9-4365-816e-1afc481a9c7a","block_type":"box","text":"Investment Adviser and Sub-Adviser.","page_number":15,"box":{"x":83,"y":48,"width":256,"height":8}},{"id":"0234e944-fc12-4cab-aadb-39fc8857016d","block_type":"box","text":"The Fund’s investment","page_number":15,"box":{"x":344,"y":48,"width":144,"height":8}},{"id":"0a417bd7-fea3-4c38-b339-3f8954b65a65","block_type":"box","text":"adviser is BFA. The Fund’s sub-adviser is BlackRock International","page_number":15,"box":{"x":83,"y":62,"width":413,"height":8}},{"id":"5ea0516b-f143-4a37-8c6e-bfdf3f60051f","block_type":"box","text":"Limited (“BIL” or the “Sub-Adviser”).","page_number":15,"box":{"x":84,"y":76,"width":228,"height":11}},{"id":"b0dccf29-5158-4267-81ee-c07ea623cc78","block_type":"box","text":"Portfolio Managers.","page_number":15,"box":{"x":83,"y":99,"width":135,"height":11}},{"id":"d9ee99a6-e8e8-410b-9d13-f06880e14bb2","block_type":"box","text":"Orlando Montalvo, Richard Mejzak,","page_number":15,"box":{"x":224,"y":99,"width":222,"height":11}},{"id":"70ab7c93-2ca3-4fb7-b900-a1a96b081bb0","block_type":"box","text":"Erin Armstrong and Kyle Peppo (the “Portfolio Managers”) are","page_number":15,"box":{"x":84,"y":113,"width":393,"height":11}},{"id":"8cf465b9-b1e0-4815-ba8f-7f45bfb08135","block_type":"box","text":"primarily responsible for the day-to-day management of the","page_number":15,"box":{"x":83,"y":127,"width":380,"height":11}},{"id":"482f41ab-99e0-460a-ae97-56c04d6e6efa","block_type":"box","text":"Fund. Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo","page_number":15,"box":{"x":84,"y":141,"width":399,"height":11}},{"id":"3fa51e93-6014-471f-97c3-f74720177b69","block_type":"box","text":"have been Portfolio Managers of the Fund since 2023, 2018,","page_number":15,"box":{"x":83,"y":155,"width":385,"height":11}},{"id":"c70bdc17-c010-4166-a773-dd98a48c8132","block_type":"box","text":"2025 and 2026, respectively.","page_number":15,"box":{"x":83,"y":169,"width":186,"height":11}},{"id":"e99042f0-1393-4918-8d15-bf1bde889df2","block_type":"box","text":"iSHARES","page_number":16,"box":{"x":112,"y":24,"width":119,"height":15}},{"id":"fb7b60c1-1a87-4b88-a75c-d6a438e098ef","block_type":"box","text":"®","page_number":16,"box":{"x":234,"y":17,"width":11,"height":8}},{"id":"1e566adf-5b75-42b2-9cf5-7557ebdcac73","block_type":"box","text":"GSCI COMMODITY DYNAMIC ROLL STRATEGY ETF","page_number":16,"box":{"x":255,"y":24,"width":691,"height":15}},{"id":"e775ee29-b88d-4150-84d2-6835ddbfe15f","block_type":"box","text":"Ticker: COMT","page_number":16,"box":{"x":287,"y":53,"width":96,"height":10}},{"id":"41e818d1-9455-4965-8bda-3132b8ba6c55","block_type":"box","text":"Stock Exchange: Nasdaq","page_number":16,"box":{"x":589,"y":53,"width":175,"height":12}},{"id":"be8aee45-dc6a-42a0-b5ef-a66aa1d9d080","block_type":"box","text":"Investment Objective","page_number":16,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"98022d60-0d8a-4e8a-9d40-db67dd8ad689","block_type":"box","text":"The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a","page_number":16,"box":{"x":82,"y":116,"width":858,"height":11}},{"id":"a1eb717b-f3c8-4a21-b932-83b2018ba55e","block_type":"box","text":"broad range of commodity exposures with enhanced roll selection, on a total return basis.","page_number":16,"box":{"x":83,"y":130,"width":574,"height":11}},{"id":"1ebad7e5-671c-443f-b96a-82bdda2d64fb","block_type":"box","text":"Fees and Expenses","page_number":16,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"ba5847c2-e5c3-4081-ba5e-5f92124db921","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":16,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"f7dd44e0-0013-4957-9816-b50dbf76ba28","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 U.S. ETF","page_number":16,"box":{"x":83,"y":198,"width":890,"height":11}},{"id":"df1f11a5-7c4c-4cf5-850e-ee76a1057c7a","block_type":"box","text":"Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":16,"box":{"x":82,"y":213,"width":861,"height":10}},{"id":"ce3a6ae5-f7ee-4a0a-a618-06f5c128880f","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":16,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"ae806694-d0a0-402e-bf06-341f8fda6ca1","block_type":"box","text":"acquisition and disposition of portfolio securities, commodities or other financial instruments and the execution of portfolio transactions,","page_number":16,"box":{"x":83,"y":241,"width":876,"height":11}},{"id":"f4ede588-b4f6-4742-97f1-85518908f904","block_type":"box","text":"including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":16,"box":{"x":83,"y":255,"width":817,"height":11}},{"id":"5f8a52ef-23d1-4a34-8965-80fd36ea3f9d","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":16,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"cec83c85-3c44-43f9-b4db-cc9ee9b55684","block_type":"box","text":"pro rata","page_number":16,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"c9a4aa7d-449b-4e02-bb7c-eb32807b4914","block_type":"box","text":"share of the fees","page_number":16,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"abdc664b-6035-4a06-8f64-010f2e094cf0","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":16,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"76006c73-f083-473a-ba7e-6d9ecaa28ad9","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":16,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"3e5a9764-f9d4-4ae7-afed-c69bcffb37a3","block_type":"box","text":"shown in the","page_number":16,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"8740e111-f068-4eb8-a848-29e1b88cab5c","block_type":"box","text":"Financial Highlights","page_number":16,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"8aac3d35-da5a-4a8d-b398-99c6e211fe2f","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":16,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"9cb821ef-c8e9-4fce-9fac-34637cb39f09","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":16,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"032da38c-d5fc-4ec3-8e24-97065182d41e","block_type":"box","text":"attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 28,","page_number":16,"box":{"x":83,"y":348,"width":865,"height":11}},{"id":"2d890c10-ed6c-44cf-95fa-e6d04037c519","block_type":"box","text":"2029. 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The","page_number":17,"box":{"x":83,"y":846,"width":354,"height":10}},{"id":"9043d164-49ab-408c-919b-cdc9a225559c","block_type":"box","text":"Subsidiary invests solely in Commodity-Linked Investments and","page_number":17,"box":{"x":83,"y":860,"width":406,"height":11}},{"id":"3a358c7f-4be2-4555-bf1b-6f0800938ee8","block_type":"box","text":"cash and cash equivalents.","page_number":17,"box":{"x":83,"y":874,"width":171,"height":11}},{"id":"6416d4c6-83f1-4ba5-af2f-c536bb5375c4","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of","page_number":17,"box":{"x":550,"y":23,"width":420,"height":11}},{"id":"cf697453-f584-4dff-97c9-bbf0d7a3c239","block_type":"box","text":"1986, as amended (the “Internal Revenue Code”), the Fund may","page_number":17,"box":{"x":551,"y":37,"width":406,"height":11}},{"id":"3b786e16-83fa-41c1-ae17-ab9748557320","block_type":"box","text":"invest up to 25% of its total assets in the Subsidiary. 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The Fund does not try to “beat” the index it","page_number":17,"box":{"x":549,"y":252,"width":417,"height":11}},{"id":"cd79da80-e180-44f0-ba5b-82473d9bc843","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":17,"box":{"x":549,"y":267,"width":396,"height":10}},{"id":"3d2fc21f-7a77-4999-b7d1-0e1207416d22","block_type":"box","text":"markets decline or appear overvalued.","page_number":17,"box":{"x":549,"y":281,"width":244,"height":11}},{"id":"d16e6783-9aac-4dd6-b01c-5464d87d5496","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":17,"box":{"x":550,"y":304,"width":420,"height":11}},{"id":"e205d5fd-24b3-4023-9c44-35f3edb03501","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":17,"box":{"x":549,"y":318,"width":421,"height":11}},{"id":"b22e1987-fb20-4023-9458-43240db6c8d8","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":17,"box":{"x":549,"y":332,"width":410,"height":11}},{"id":"73b869e9-75d0-4b9a-89ef-c025a7611365","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":17,"box":{"x":549,"y":347,"width":414,"height":10}},{"id":"5724f097-aaa4-43c1-9834-55305e7d3dec","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":17,"box":{"x":549,"y":361,"width":386,"height":11}},{"id":"0dd024a6-c05a-47b2-841d-2095285384bf","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":17,"box":{"x":549,"y":375,"width":382,"height":11}},{"id":"55a5dea0-42f4-437f-9f32-c58aeda55543","block_type":"box","text":"companies.","page_number":17,"box":{"x":549,"y":389,"width":72,"height":11}},{"id":"a593c09e-6991-43f7-b8ea-55c55ad53e7d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":17,"box":{"x":550,"y":412,"width":411,"height":11}},{"id":"ad999e0d-474f-41bf-b29f-7c206c970f1e","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":17,"box":{"x":549,"y":426,"width":411,"height":11}},{"id":"96764bd8-1a4d-444c-9f70-15d8f1fafcb2","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":17,"box":{"x":549,"y":441,"width":424,"height":11}},{"id":"32ad673c-5bae-4d91-a6ff-1882b724ab3d","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":17,"box":{"x":549,"y":455,"width":410,"height":11}},{"id":"56beb3eb-9295-45e0-a5cc-d115df57f18e","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":17,"box":{"x":549,"y":469,"width":408,"height":11}},{"id":"7991631a-7cd7-4de7-a8c4-b74d72395260","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":17,"box":{"x":549,"y":483,"width":423,"height":11}},{"id":"c85bcb50-da9e-4d15-a467-1b6c44aa42a0","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":17,"box":{"x":549,"y":497,"width":415,"height":11}},{"id":"aca6dac3-b3d3-4408-8113-cfda8e37f477","block_type":"box","text":"fundamental characteristics (such as return variability, duration,","page_number":17,"box":{"x":549,"y":512,"width":409,"height":10}},{"id":"5bfcc0e3-578c-4eb4-b86d-cc4663bdbbf3","block_type":"box","text":"maturity, credit ratings and yield) and liquidity measures similar to","page_number":17,"box":{"x":549,"y":526,"width":423,"height":11}},{"id":"bc530746-3813-432b-aff4-34255e326f15","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not","page_number":17,"box":{"x":549,"y":540,"width":419,"height":11}},{"id":"63d5763a-32c2-469f-87b3-4a77225dcc14","block_type":"box","text":"hold all of the components of the Underlying Index.","page_number":17,"box":{"x":549,"y":554,"width":326,"height":11}},{"id":"93feefb0-3694-43d6-bdd9-b5830a8f6c98","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":17,"box":{"x":549,"y":576,"width":371,"height":11}},{"id":"edc6500e-eeef-481d-a4c8-81ddd4b70eb8","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":17,"box":{"x":549,"y":590,"width":415,"height":11}},{"id":"5d29aabf-65a6-426a-90ec-a9a7a7b2419c","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":17,"box":{"x":549,"y":604,"width":376,"height":11}},{"id":"b24082d7-cd94-462d-8882-43795b79ad62","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":17,"box":{"x":549,"y":619,"width":404,"height":10}},{"id":"baececb4-d508-4075-aacc-1ade9f17c9c2","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":17,"box":{"x":549,"y":633,"width":416,"height":11}},{"id":"37334e7c-004e-4f23-998c-d47d8157ef10","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":17,"box":{"x":549,"y":647,"width":400,"height":11}},{"id":"b0cdd952-61f1-4b0a-82ca-d9fa5aefa03b","block_type":"box","text":"providing investment exposure to such instruments. Due to the","page_number":17,"box":{"x":549,"y":661,"width":403,"height":11}},{"id":"6bb7c739-3b01-4454-b492-ff405605297e","block_type":"box","text":"Fund’s potential use of such instruments above the prescribed","page_number":17,"box":{"x":550,"y":675,"width":397,"height":11}},{"id":"f24a17cf-e7d2-4dbf-892b-bcc4b0d2bcbc","block_type":"box","text":"levels, it is considered a “commodity pool” under the Commodity","page_number":17,"box":{"x":549,"y":689,"width":415,"height":11}},{"id":"90b5143f-a4ab-4ccc-94a8-0dcb87bf58f2","block_type":"box","text":"Exchange Act (“CEA”). The Subsidiary is also deemed a","page_number":17,"box":{"x":550,"y":704,"width":348,"height":10}},{"id":"e2c9128f-80a6-4c83-bbc9-22f8f357a51e","block_type":"box","text":"commodity pool. BFA is considered a commodity pool operator","page_number":17,"box":{"x":549,"y":718,"width":403,"height":11}},{"id":"4bdd2cf4-1e38-4daa-b376-825ec6dcfcda","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":17,"box":{"x":549,"y":732,"width":374,"height":11}},{"id":"47b5a79a-6e2c-4ad4-b011-609e4679124b","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":17,"box":{"x":549,"y":746,"width":375,"height":11}},{"id":"ddfde31c-dc58-4ec2-a239-5104041742c5","block_type":"box","text":"Association (“NFA”).","page_number":17,"box":{"x":549,"y":760,"width":127,"height":11}},{"id":"f86aeced-8ffe-4aef-9116-b8cb4f019c29","block_type":"box","text":"The Underlying Index is sponsored by S&P Dow Jones Indices LLC","page_number":17,"box":{"x":549,"y":784,"width":418,"height":10}},{"id":"bdea9e93-7755-4e10-8a3f-a9a076e2f01e","block_type":"box","text":"(the “Index Provider”), which is independent of the Fund and BFA.","page_number":17,"box":{"x":549,"y":798,"width":418,"height":10}},{"id":"7f62a58a-76fe-4c1e-a2ef-db37dccb75c1","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":17,"box":{"x":549,"y":812,"width":380,"height":11}},{"id":"ec82804c-aeb3-4ea8-a4d1-fd7555da66a5","block_type":"box","text":"weightings of the components of the Underlying Index and","page_number":17,"box":{"x":549,"y":826,"width":372,"height":11}},{"id":"d3557743-5cbf-48ed-bd3c-87cd7fe08a2a","block_type":"box","text":"publishes information regarding the market value of the","page_number":17,"box":{"x":549,"y":840,"width":355,"height":11}},{"id":"e1cf2472-60da-4019-af30-5d9afa6cb1c9","block_type":"box","text":"Underlying Index.","page_number":17,"box":{"x":550,"y":854,"width":109,"height":11}},{"id":"59a49b5a-d1d7-4598-a078-20f85f908cb5","block_type":"box","text":"S-10","page_number":17,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"8cc2a0ad-1086-4032-9bad-ff9c67f6ee8d","block_type":"box","text":"Industry Concentration Policy.","page_number":18,"box":{"x":83,"y":23,"width":210,"height":11}},{"id":"91970d91-1599-499b-a434-cb92982b7ef3","block_type":"box","text":"The Fund will concentrate its","page_number":18,"box":{"x":298,"y":23,"width":185,"height":9}},{"id":"d58bfc27-ac79-47db-b699-0cbd4c5a3202","block_type":"box","text":"investments (","page_number":18,"box":{"x":83,"y":37,"width":85,"height":11}},{"id":"e3da6ee1-5b27-412a-97c7-cbbf82cac337","block_type":"box","text":"i.e.","page_number":18,"box":{"x":169,"y":37,"width":17,"height":9}},{"id":"3977eac8-50c4-49f7-b6e8-e3d02775635f","block_type":"box","text":", hold 25% or more of its total assets) in (i) equity","page_number":18,"box":{"x":189,"y":37,"width":313,"height":11}},{"id":"9a4968d1-8d68-4398-b70e-4dede9b75b35","block_type":"box","text":"securities issued by commodity-related companies, derivatives","page_number":18,"box":{"x":83,"y":52,"width":402,"height":10}},{"id":"9c462d91-444d-4237-8f24-884d906fd408","block_type":"box","text":"with exposure to commodity-related companies or investments in","page_number":18,"box":{"x":82,"y":66,"width":420,"height":10}},{"id":"64fe6caa-6a5e-45dc-93f6-52fe5bd4f3de","block_type":"box","text":"securities and derivatives linked to the underlying price movement","page_number":18,"box":{"x":83,"y":80,"width":425,"height":11}},{"id":"fe2047cd-0ac6-41c0-b01e-531b07a688f1","block_type":"box","text":"of commodities, including but not limited to commodity-linked","page_number":18,"box":{"x":83,"y":94,"width":397,"height":11}},{"id":"c468a9b6-7d42-468c-86e2-baa3b057810a","block_type":"box","text":"derivatives such as commodity-linked notes, commodity futures,","page_number":18,"box":{"x":83,"y":108,"width":412,"height":11}},{"id":"711c5fd8-912a-4dc4-bfe7-aa77a08cf1f4","block_type":"box","text":"forward contracts and swaps and other similar derivative","page_number":18,"box":{"x":82,"y":122,"width":364,"height":11}},{"id":"0e825c3d-5e38-49da-8b92-a849c003cc3d","block_type":"box","text":"instruments and investment vehicles that invest in commodities,","page_number":18,"box":{"x":83,"y":137,"width":412,"height":10}},{"id":"3cd3c80a-37ed-4d07-ac12-9b46cc84b030","block_type":"box","text":"or commodity-linked derivatives, and (ii) the industry or group of","page_number":18,"box":{"x":83,"y":151,"width":412,"height":11}},{"id":"5966ff68-fd86-4a00-9cb2-a01dc6c8538d","block_type":"box","text":"industries that constitutes the energy sector. For purposes of this","page_number":18,"box":{"x":83,"y":165,"width":419,"height":11}},{"id":"ac025e56-a5f1-47e3-bfd4-973cc2f50301","block_type":"box","text":"limitation, securities of the U.S. government (including its","page_number":18,"box":{"x":83,"y":179,"width":367,"height":11}},{"id":"f8fcf7f8-06a7-4c43-a955-1219248b94e6","block_type":"box","text":"agencies and instrumentalities), repurchase agreements","page_number":18,"box":{"x":83,"y":193,"width":360,"height":11}},{"id":"fac760b7-6e3c-4498-b03a-7e4096e44327","block_type":"box","text":"collateralized by U.S. government securities, and securities of","page_number":18,"box":{"x":83,"y":207,"width":395,"height":11}},{"id":"b7de232c-9198-4b4c-b0eb-605474afc831","block_type":"box","text":"state or municipal governments and their political subdivisions are","page_number":18,"box":{"x":83,"y":222,"width":424,"height":10}},{"id":"17f17918-81f9-43cc-9455-08fe3f75c8f9","block_type":"box","text":"not considered to be issued by members of any industry.","page_number":18,"box":{"x":83,"y":236,"width":362,"height":11}},{"id":"7c96d88d-5450-4388-978a-0b0f7d61ba01","block_type":"box","text":"Summary of Principal Risks","page_number":18,"box":{"x":83,"y":265,"width":235,"height":13}},{"id":"9e98949d-4ded-4a62-96b0-e7147174f239","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":18,"box":{"x":82,"y":290,"width":363,"height":11}},{"id":"449653a2-96cf-46bd-b7f4-824befa84fab","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":18,"box":{"x":83,"y":304,"width":402,"height":11}},{"id":"577fce51-f073-4f40-9394-de9078e2bc65","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":18,"box":{"x":83,"y":318,"width":396,"height":11}},{"id":"388fab4a-44c0-4215-b7ac-4170562a26aa","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":18,"box":{"x":83,"y":333,"width":373,"height":10}},{"id":"c9b434eb-679d-447a-a346-0fc299de82c1","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":18,"box":{"x":83,"y":347,"width":381,"height":11}},{"id":"f0eb1e93-1972-446b-b20b-a346d61c6b6c","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":18,"box":{"x":83,"y":361,"width":392,"height":11}},{"id":"ea4ebfae-ba06-4987-a5b9-27cc70126c62","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":18,"box":{"x":83,"y":375,"width":416,"height":11}},{"id":"2ab46e64-e9cc-42a2-8c3b-dc72e4266c43","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":18,"box":{"x":83,"y":389,"width":387,"height":11}},{"id":"02afd9bb-2691-4165-bf7a-6d9fa5cc85ef","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":18,"box":{"x":82,"y":403,"width":426,"height":11}},{"id":"a83767bb-1379-4991-81e4-3a0dcd26d074","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":18,"box":{"x":83,"y":418,"width":404,"height":10}},{"id":"32f7c677-bc71-4aa1-a22c-3582d90917f1","block_type":"box","text":"review each risk factor carefully.","page_number":18,"box":{"x":83,"y":432,"width":206,"height":11}},{"id":"c26b0f9a-9ccc-4619-8bde-377977a330c5","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":18,"box":{"x":83,"y":455,"width":244,"height":11}},{"id":"d637dc84-8515-4c51-b39e-ab208b9be2ae","block_type":"box","text":"The value of a commodity","page_number":18,"box":{"x":332,"y":455,"width":169,"height":11}},{"id":"ae774832-3ecd-4e1f-9044-6bc6c4dda652","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":18,"box":{"x":83,"y":469,"width":387,"height":11}},{"id":"2c5d1fa8-6cbf-45ed-9015-111257762bfd","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":18,"box":{"x":83,"y":483,"width":419,"height":11}},{"id":"e034a9ed-80e7-434b-9266-949424c3dfb1","block_type":"box","text":"linked to such price movements. The prices of commodity-linked","page_number":18,"box":{"x":83,"y":497,"width":412,"height":11}},{"id":"e6c31323-eb3f-48d2-9595-6f92fabf2c95","block_type":"box","text":"investments may fluctuate quickly and dramatically as a result of","page_number":18,"box":{"x":83,"y":512,"width":415,"height":10}},{"id":"b2b4b125-b2f8-473f-b195-4347d5a0ddfe","block_type":"box","text":"changes affecting a particular commodity and may not correlate","page_number":18,"box":{"x":83,"y":526,"width":409,"height":11}},{"id":"93f77ddd-1283-4a57-a6fa-87e793f7b6ea","block_type":"box","text":"to price movements in other asset classes, such as stocks, bonds","page_number":18,"box":{"x":83,"y":540,"width":419,"height":11}},{"id":"b420ef19-4151-4dec-912e-1aa3b2fd4329","block_type":"box","text":"and cash. 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The Fund’s use of commodity","page_number":18,"box":{"x":83,"y":597,"width":424,"height":11}},{"id":"a6952629-55a4-4039-9b2d-8d326f97aaf0","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":18,"box":{"x":83,"y":611,"width":418,"height":11}},{"id":"058d3cf8-6254-416f-84fc-e0c26cdf7a90","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":18,"box":{"x":83,"y":625,"width":351,"height":11}},{"id":"8c997796-1c92-4c02-bb77-47bafdedf9df","block_type":"box","text":"derivatives. 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In certain market conditions, the sale price of a","page_number":18,"box":{"x":549,"y":160,"width":406,"height":10}},{"id":"d0d77cd6-424b-41b5-8071-6e1e71b216bd","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":18,"box":{"x":549,"y":174,"width":424,"height":11}},{"id":"a8cb2b3c-e275-44fc-b8a8-aca46936cf46","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":18,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"48fc8dae-cada-4c74-ba7e-90cdcf5c5a6a","block_type":"box","text":"contract.","page_number":18,"box":{"x":549,"y":203,"width":56,"height":8}},{"id":"a6536ab3-b20e-4144-866e-0a610e0da918","block_type":"box","text":"Interest Rate Risk","page_number":18,"box":{"x":549,"y":225,"width":121,"height":9}},{"id":"fb9f785d-496d-42a6-b128-412dd15940d7","block_type":"box","text":".","page_number":18,"box":{"x":670,"y":232,"width":2,"height":2}},{"id":"a8aa2031-1f7f-4a7c-84a6-530e4bff26c9","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":18,"box":{"x":678,"y":225,"width":233,"height":9}},{"id":"5046e1a0-752c-4beb-84da-38c564e6c2d7","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":18,"box":{"x":549,"y":240,"width":424,"height":10}},{"id":"a8d5006c-f256-447e-bcc8-a4e513e949f3","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":18,"box":{"x":549,"y":254,"width":417,"height":11}},{"id":"3a4c31b9-324b-44ee-9b80-b950b2a9e275","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":18,"box":{"x":549,"y":268,"width":389,"height":11}},{"id":"de7b9178-4617-48cc-9358-b1599f304f1d","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":18,"box":{"x":549,"y":282,"width":401,"height":11}},{"id":"a7c0758b-5764-49ad-83e5-8ae0961d1ab5","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":18,"box":{"x":549,"y":296,"width":391,"height":11}},{"id":"1c82adf1-339e-403f-9811-12d1b811a7b1","block_type":"box","text":"fixed-income securities. 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Changes in","page_number":18,"box":{"x":549,"y":353,"width":409,"height":11}},{"id":"156e2102-78f9-458e-b200-622ee9398dcd","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":18,"box":{"x":549,"y":367,"width":397,"height":11}},{"id":"05a5ae26-1f38-4df6-a6e6-ed0624c37243","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":18,"box":{"x":549,"y":381,"width":411,"height":11}},{"id":"d0020da4-8fe9-4c72-997a-09ff6eaa4013","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":18,"box":{"x":549,"y":396,"width":363,"height":10}},{"id":"8dfe8f2a-482e-48b1-aae0-88ea37043c29","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":18,"box":{"x":549,"y":410,"width":386,"height":11}},{"id":"4aae6866-73d6-423c-9539-c81928bab57e","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":18,"box":{"x":549,"y":424,"width":404,"height":11}},{"id":"6c05bb41-5acc-4be2-8f82-82314a1d3c79","block_type":"box","text":"dividends to shareholders.","page_number":18,"box":{"x":549,"y":438,"width":168,"height":9}},{"id":"c9efe61d-2aa0-4971-812f-21756b47b2b5","block_type":"box","text":"Market Risk","page_number":18,"box":{"x":549,"y":461,"width":82,"height":9}},{"id":"b0eb210d-0dba-43f3-b835-c4bd65fac11a","block_type":"box","text":".","page_number":18,"box":{"x":631,"y":468,"width":3,"height":2}},{"id":"0459b560-7257-484f-95a3-d09bc1e63047","block_type":"box","text":"The Fund could lose money over short periods due","page_number":18,"box":{"x":639,"y":461,"width":322,"height":11}},{"id":"847bb75e-2c23-44de-a73c-c5113e1a6030","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":18,"box":{"x":549,"y":475,"width":413,"height":11}},{"id":"157ce332-919c-45cd-9a8b-11d55f90cdf0","block_type":"box","text":"more prolonged market downturns. 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Errors in index data, index computations or the","page_number":18,"box":{"x":549,"y":697,"width":366,"height":11}},{"id":"65959e3f-4a58-4907-a0df-33de76978ac6","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":18,"box":{"x":549,"y":711,"width":377,"height":11}},{"id":"edda4515-f9c5-4131-9595-39416bc832d9","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":18,"box":{"x":549,"y":726,"width":413,"height":10}},{"id":"e5368317-e990-472f-a5ba-f82d514d78f3","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":18,"box":{"x":549,"y":740,"width":396,"height":11}},{"id":"e56b37a8-d59c-4e8d-8dfe-39b1fe54d04b","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":18,"box":{"x":549,"y":754,"width":367,"height":11}},{"id":"9181611c-13c9-43e4-b3f0-adb42c3d9eb8","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":18,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"8524c17a-bc45-41a7-9a09-9bb15e0257aa","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":18,"box":{"x":549,"y":782,"width":409,"height":11}},{"id":"204552d5-7533-4946-9d08-b44456658198","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":18,"box":{"x":549,"y":796,"width":414,"height":11}},{"id":"b4a3c51b-cd98-4757-b3ff-e8e78d45350e","block_type":"box","text":"to postpone a scheduled rebalance. 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No Authorized","page_number":19,"box":{"x":83,"y":188,"width":378,"height":11}},{"id":"32a83993-91ec-4f70-ac4d-0694ac1c3d76","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":19,"box":{"x":84,"y":202,"width":379,"height":11}},{"id":"3f3b92d1-1ba9-45fb-b8a6-eb8683835a3f","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":19,"box":{"x":83,"y":217,"width":404,"height":10}},{"id":"1af3ccba-3bad-465c-ba8d-0ebd9e818251","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":19,"box":{"x":83,"y":231,"width":399,"height":10}},{"id":"91f4c2d7-6a93-471f-a599-714f667cc4fe","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":19,"box":{"x":84,"y":245,"width":391,"height":11}},{"id":"dd0a6beb-7daa-471e-b930-e62cc7cd9d19","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":19,"box":{"x":83,"y":259,"width":408,"height":11}},{"id":"1d2e697d-5949-43e9-8bd7-3468a618b447","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":19,"box":{"x":83,"y":273,"width":273,"height":11}},{"id":"967f1742-9094-44b3-901e-bb48500d41da","block_type":"box","text":"Cash Management Risk","page_number":19,"box":{"x":83,"y":296,"width":161,"height":11}},{"id":"78b39f02-dbea-418a-a92a-6eba3089300f","block_type":"box","text":".","page_number":19,"box":{"x":244,"y":303,"width":2,"height":2}},{"id":"e807bd2a-683f-4498-8525-7790797551d2","block_type":"box","text":"If a significant amount of the Fund’s","page_number":19,"box":{"x":252,"y":296,"width":228,"height":11}},{"id":"a5b4e064-0357-48a9-b20e-276865b3ba6b","block_type":"box","text":"assets is invested in cash and cash equivalents, the Fund may","page_number":19,"box":{"x":83,"y":311,"width":396,"height":10}},{"id":"8b88f464-6d7c-491e-987a-bb5f797101e5","block_type":"box","text":"underperform other funds that do not similarly invest in cash and","page_number":19,"box":{"x":83,"y":325,"width":415,"height":11}},{"id":"76c05a3c-6d06-4bb8-90d6-ad10e686754d","block_type":"box","text":"cash equivalents for investment purposes and/or to collateralize","page_number":19,"box":{"x":83,"y":339,"width":414,"height":11}},{"id":"1fb41db6-b687-4fe7-874e-7673131fa97c","block_type":"box","text":"derivative instruments. Further, the Fund may face increased","page_number":19,"box":{"x":83,"y":353,"width":389,"height":11}},{"id":"eaf04b20-d040-463e-994e-f349ce11fb00","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":19,"box":{"x":83,"y":367,"width":416,"height":11}},{"id":"f353414d-42d5-46dd-b582-9259731f8c3b","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":19,"box":{"x":83,"y":381,"width":409,"height":11}},{"id":"8f1a1958-fd5a-4ef3-9180-b0895c9be23c","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":19,"box":{"x":83,"y":396,"width":356,"height":10}},{"id":"095bff95-b8b1-417d-936d-7f59b4501c38","block_type":"box","text":"Cash Transactions Risk","page_number":19,"box":{"x":83,"y":419,"width":157,"height":8}},{"id":"341d0a2c-3c6b-44f1-981d-8764c9f6bed3","block_type":"box","text":".","page_number":19,"box":{"x":240,"y":425,"width":3,"height":2}},{"id":"6f5350b8-84a5-4ae9-9ede-17420a74deeb","block_type":"box","text":"The Fund’s creation and redemption","page_number":19,"box":{"x":248,"y":419,"width":230,"height":11}},{"id":"02d0ba5d-baca-4f96-8bb4-4ab49c52235a","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":19,"box":{"x":83,"y":433,"width":418,"height":11}},{"id":"7d7d92d6-420f-4a90-81a4-6e3111019deb","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":19,"box":{"x":83,"y":447,"width":414,"height":11}},{"id":"2ddc2ca2-7c0b-4014-bb4e-3adec870b105","block_type":"box","text":"investments are delivered. As a result, the Fund may have to sell","page_number":19,"box":{"x":83,"y":461,"width":411,"height":11}},{"id":"3183a741-30e3-46f7-bccb-d96c9a25c319","block_type":"box","text":"investments at inopportune times in order to obtain the cash","page_number":19,"box":{"x":83,"y":476,"width":388,"height":10}},{"id":"4935a5a7-0dcb-4f5d-8cf1-ed0ac79cd5df","block_type":"box","text":"needed to meet redemption orders. Such sales may cause the","page_number":19,"box":{"x":83,"y":490,"width":397,"height":11}},{"id":"ee0350fb-b507-4d3c-9380-bc05f69195d4","block_type":"box","text":"Fund to recognize capital gains or losses that might not have been","page_number":19,"box":{"x":84,"y":504,"width":422,"height":11}},{"id":"0baf14ea-59fc-461a-96e3-a73419053c21","block_type":"box","text":"incurred if the redemption had been transacted in-kind. This may","page_number":19,"box":{"x":83,"y":518,"width":415,"height":11}},{"id":"725bfe0f-3a82-40d0-bfb9-08539c68fe36","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":19,"box":{"x":83,"y":532,"width":394,"height":11}},{"id":"0412737c-b320-4790-8c1a-1b6d246d537b","block_type":"box","text":"ETFs that use in-kind redemptions. The use of cash creations and","page_number":19,"box":{"x":84,"y":546,"width":415,"height":11}},{"id":"4591bbf5-455d-4bfb-a8a7-ea6c4aadfe3c","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":19,"box":{"x":83,"y":561,"width":394,"height":10}},{"id":"c23dad8e-f641-4eac-bd16-8a615c4c8653","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":19,"box":{"x":83,"y":575,"width":424,"height":11}},{"id":"23db715a-ca1e-4314-9f04-832c42930035","block_type":"box","text":"to the Fund’s NAV.","page_number":19,"box":{"x":83,"y":589,"width":116,"height":8}},{"id":"924f65f6-4d2f-419e-925a-3474454cd95a","block_type":"box","text":"Commodity Risk.","page_number":19,"box":{"x":83,"y":612,"width":113,"height":11}},{"id":"700e7c90-2c98-415d-8247-8da1b039b861","block_type":"box","text":"The Fund invests in instruments that are","page_number":19,"box":{"x":202,"y":612,"width":257,"height":9}},{"id":"8d1473f3-e34e-4164-a7fb-121f3af26ab9","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":19,"box":{"x":83,"y":626,"width":409,"height":11}},{"id":"66aa5fc9-0ec3-4200-9a88-9f485b9d9b43","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":19,"box":{"x":83,"y":641,"width":408,"height":10}},{"id":"0b544b05-164e-4cb5-8f35-d24eb94efa87","block_type":"box","text":"tariffs by the U.S. and other importing countries. Any negative","page_number":19,"box":{"x":83,"y":655,"width":396,"height":11}},{"id":"36d39f24-cdd5-4478-b178-ec074bb582e1","block_type":"box","text":"changes in commodity markets that may be due to changes in","page_number":19,"box":{"x":83,"y":669,"width":396,"height":11}},{"id":"71ffb4e8-fda5-435b-8c54-d26a2eb55b4f","block_type":"box","text":"supply and demand for commodities, market events, war,","page_number":19,"box":{"x":83,"y":683,"width":366,"height":11}},{"id":"da8c58a1-69f0-45a4-a7ba-4d489fb3a0a1","block_type":"box","text":"regulatory developments, political instability, other catastrophic","page_number":19,"box":{"x":83,"y":697,"width":408,"height":11}},{"id":"ce652525-1ce2-479e-8f16-d245da939352","block_type":"box","text":"events, or other factors that the Fund cannot control could have","page_number":19,"box":{"x":83,"y":711,"width":409,"height":11}},{"id":"8cbce9ba-7012-4e29-8d7f-4c537b76ef01","block_type":"box","text":"an adverse impact on Commodity-Linked Investments in which","page_number":19,"box":{"x":83,"y":726,"width":400,"height":10}},{"id":"ee6afbf0-7521-44d9-aee3-a411769ce088","block_type":"box","text":"the Fund invests.","page_number":19,"box":{"x":83,"y":740,"width":108,"height":8}},{"id":"4bcd22c9-5638-4bbf-8331-4b48aee2451a","block_type":"box","text":"Concentration Risk.","page_number":19,"box":{"x":83,"y":763,"width":132,"height":8}},{"id":"0623ad0b-f883-434b-9067-6fcd8cd04376","block_type":"box","text":"The Fund may be susceptible to an","page_number":19,"box":{"x":220,"y":763,"width":222,"height":11}},{"id":"d531b7dc-05c3-4acc-bdfc-b6bcdb72fa1c","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":19,"box":{"x":83,"y":777,"width":419,"height":11}},{"id":"ce6a20bd-7172-448f-ab0d-21f7a8d2f588","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":19,"box":{"x":83,"y":791,"width":408,"height":10}},{"id":"4d975454-0126-498e-9515-4c1982af0e86","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":19,"box":{"x":83,"y":806,"width":417,"height":8}},{"id":"ce14c49c-4c4c-4a8a-8885-69cae85a9a9d","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":19,"box":{"x":83,"y":820,"width":395,"height":10}},{"id":"998e5b92-6674-44a1-a62a-48080dda2bc1","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":19,"box":{"x":83,"y":834,"width":388,"height":11}},{"id":"6c692ac4-0db4-47f9-8eea-a22e8b14c420","block_type":"box","text":"asset classes.","page_number":19,"box":{"x":83,"y":848,"width":88,"height":9}},{"id":"1accf1d2-0d37-4d67-9ed3-9e1dcb971d51","block_type":"box","text":"Counterparty Risk.","page_number":19,"box":{"x":549,"y":23,"width":125,"height":11}},{"id":"c9a6a885-888f-468b-a89a-83d6efa0f10d","block_type":"box","text":"Certain commodity-linked derivative","page_number":19,"box":{"x":681,"y":23,"width":230,"height":11}},{"id":"28032aca-dc80-4e96-b1f3-5d791b5b0af3","block_type":"box","text":"instruments, uncleared swaps and other forms of financial","page_number":19,"box":{"x":549,"y":37,"width":371,"height":11}},{"id":"3a21e7ee-7f29-40a8-81dc-4c455543f889","block_type":"box","text":"instruments that involve counterparties subject the Fund to the","page_number":19,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"2f90b3dc-1e58-4c45-a4d6-140e4e86e31d","block_type":"box","text":"risk that the counterparty could default on its obligations under","page_number":19,"box":{"x":549,"y":66,"width":405,"height":10}},{"id":"1b633ce3-dfef-469a-9957-15c82f9ae447","block_type":"box","text":"the agreement, either through the counterparty’s bankruptcy or","page_number":19,"box":{"x":549,"y":80,"width":407,"height":11}},{"id":"36569fd1-48d6-43ff-b79c-a289f6d26169","block_type":"box","text":"failure to perform its obligations. In the event of a counterparty","page_number":19,"box":{"x":549,"y":94,"width":404,"height":11}},{"id":"3e0ff704-b06c-48e3-af39-a4814e9fe803","block_type":"box","text":"default, the Fund could experience lengthy delays in recovering","page_number":19,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"f03e5a15-02b5-4825-8ebf-dd42348a3094","block_type":"box","text":"some or all of its assets or obtain no recovery at all and, if the","page_number":19,"box":{"x":549,"y":122,"width":395,"height":11}},{"id":"34d17b71-1c14-48f0-a586-ec35add3752c","block_type":"box","text":"counterparty is subject to specified types of resolution","page_number":19,"box":{"x":549,"y":136,"width":348,"height":11}},{"id":"3e9e09c6-bb04-4123-a36e-a2c1a6617bdb","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability","page_number":19,"box":{"x":549,"y":151,"width":421,"height":10}},{"id":"a17e5db2-e273-4341-86fd-a479b8a616db","block_type":"box","text":"to close out positions and limit risk. The Fund’s investments in the","page_number":19,"box":{"x":549,"y":165,"width":422,"height":11}},{"id":"5b705f25-54ee-4a44-b07e-222c096fd1f2","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":19,"box":{"x":549,"y":179,"width":346,"height":8}},{"id":"a0f33361-9926-4eb6-a295-48925a12022a","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":19,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"a7bcd107-141c-470d-bdd0-fa60adc7621c","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":19,"box":{"x":549,"y":207,"width":408,"height":11}},{"id":"ab9fff07-4d97-454e-bc64-ea4fd90e0c00","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":19,"box":{"x":549,"y":222,"width":408,"height":10}},{"id":"b03e9e21-4c6f-44bb-a9ca-19cd18e8f2bf","block_type":"box","text":"the Fund’s futures contracts.","page_number":19,"box":{"x":549,"y":236,"width":184,"height":8}},{"id":"ae9b3d1f-bf7b-421e-a957-8b74fc364ba9","block_type":"box","text":"Credit Risk","page_number":19,"box":{"x":549,"y":259,"width":75,"height":8}},{"id":"7cee56b6-0a7d-4c22-b05f-e923d8925051","block_type":"box","text":".","page_number":19,"box":{"x":624,"y":265,"width":2,"height":2}},{"id":"2b741f24-a603-4f02-8dde-066fb1c72c03","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":19,"box":{"x":632,"y":259,"width":311,"height":11}},{"id":"5ba388a9-f427-4f61-9397-c900e88b7b92","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":19,"box":{"x":549,"y":273,"width":391,"height":11}},{"id":"39a8ca59-5e41-4a24-bac7-64c8d3ce514a","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":19,"box":{"x":549,"y":287,"width":395,"height":11}},{"id":"3bd55d6f-f762-403f-9760-272fe3325841","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":19,"box":{"x":549,"y":301,"width":410,"height":11}},{"id":"42307d16-5c09-4837-85ef-56f4bed00434","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":19,"box":{"x":549,"y":316,"width":424,"height":10}},{"id":"56fe3717-c831-4c21-93f4-af69afac9dfb","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":19,"box":{"x":549,"y":330,"width":361,"height":11}},{"id":"344ccde8-176f-4775-ae17-355d8aba3090","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":19,"box":{"x":549,"y":344,"width":395,"height":11}},{"id":"38e8932b-6b66-48fc-b717-074a10fa2d57","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":19,"box":{"x":549,"y":358,"width":408,"height":11}},{"id":"ad787bd1-2618-4cd7-973c-1294dc085f61","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":19,"box":{"x":549,"y":372,"width":385,"height":11}},{"id":"fd42704d-e830-4226-9145-74cd269eebb9","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":19,"box":{"x":549,"y":386,"width":385,"height":11}},{"id":"93ce9abd-bc86-4a1c-b360-80e667fa4e1d","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":19,"box":{"x":549,"y":401,"width":406,"height":10}},{"id":"ae23a78d-5029-40e0-867a-ec8bc65a4828","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":19,"box":{"x":549,"y":415,"width":324,"height":11}},{"id":"548fc82d-c716-4566-bc80-372bf9d8b6b6","block_type":"box","text":"Currency Risk","page_number":19,"box":{"x":549,"y":438,"width":96,"height":11}},{"id":"1f5f360c-7154-41af-9c6f-41f73460b884","block_type":"box","text":".","page_number":19,"box":{"x":645,"y":445,"width":2,"height":1}},{"id":"c7c81820-a27e-409b-a8e7-9578a262f646","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":19,"box":{"x":653,"y":438,"width":292,"height":9}},{"id":"64253799-0abe-463d-9ba0-950a15eb9ee6","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":19,"box":{"x":549,"y":452,"width":388,"height":11}},{"id":"6c83fc86-c9c3-4dbb-a79b-0c565295b7c2","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":19,"box":{"x":549,"y":466,"width":395,"height":11}},{"id":"d9e7ce56-b00f-4a13-880f-56ebd656a687","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":19,"box":{"x":549,"y":481,"width":415,"height":10}},{"id":"dfbaf3ee-a128-43c0-bc1f-af0e9ad3d164","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":19,"box":{"x":549,"y":495,"width":404,"height":11}},{"id":"660770ce-fe11-406c-992d-993a03075f57","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":19,"box":{"x":549,"y":509,"width":395,"height":11}},{"id":"331883bf-a798-4ab6-9b95-7b8df5b0750e","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":19,"box":{"x":549,"y":523,"width":398,"height":11}},{"id":"37d98fd8-67d6-4433-961d-9abe3a29e525","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":19,"box":{"x":549,"y":537,"width":392,"height":11}},{"id":"8a3566b3-1084-4809-a9e1-072d670aec33","block_type":"box","text":"dollars and foreign currencies.","page_number":19,"box":{"x":549,"y":551,"width":193,"height":11}},{"id":"0379b094-7f62-434b-b046-25b1db55e00a","block_type":"box","text":"Derivatives Risk.","page_number":19,"box":{"x":549,"y":575,"width":111,"height":8}},{"id":"fd32da61-3389-457f-913d-10cc503c5c80","block_type":"box","text":"The Fund’s use of derivatives (","page_number":19,"box":{"x":666,"y":575,"width":193,"height":10}},{"id":"04f08f04-4cfd-4882-aa5b-942792902283","block_type":"box","text":"e.g","page_number":19,"box":{"x":860,"y":577,"width":19,"height":9}},{"id":"82006e47-169a-424d-9f05-2a273c6faa4a","block_type":"box","text":"., futures,","page_number":19,"box":{"x":880,"y":575,"width":59,"height":10}},{"id":"c97cf778-430b-407d-96cc-a520b4ee98d5","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":19,"box":{"x":549,"y":589,"width":384,"height":11}},{"id":"ff7cfe5b-2af7-4081-8487-47c0f2cc6a26","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":19,"box":{"x":549,"y":603,"width":411,"height":11}},{"id":"eb2235cc-d653-4669-ab33-daa4fb68dab3","block_type":"box","text":"performance. 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The Fund also may experience reduced returns as a","page_number":19,"box":{"x":548,"y":646,"width":391,"height":10}},{"id":"dcb99d40-555f-4471-bd08-f2337897d634","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":19,"box":{"x":549,"y":660,"width":398,"height":11}},{"id":"67fe15d8-a2af-4bab-8c8f-d563f4b998b6","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":19,"box":{"x":549,"y":674,"width":406,"height":11}},{"id":"1699aedc-137c-4fc2-8b4a-502f6a8785c7","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":19,"box":{"x":549,"y":688,"width":363,"height":11}},{"id":"1be96473-56bd-4f30-8246-bdcaae0e971d","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":19,"box":{"x":550,"y":702,"width":418,"height":11}},{"id":"503878a1-bc8f-4eb3-ab50-f2aae9dc6125","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":19,"box":{"x":549,"y":716,"width":400,"height":11}},{"id":"011a505d-3521-4bc1-8a99-2d6ec5f57416","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":19,"box":{"x":550,"y":731,"width":380,"height":10}},{"id":"50e5eb57-0719-400b-ae39-da344ad5e469","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":19,"box":{"x":548,"y":745,"width":419,"height":11}},{"id":"aec4eff9-96ec-4198-8697-e1afdcef15e6","block_type":"box","text":"the instrument. 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As the Fund will not fully replicate the","page_number":20,"box":{"x":83,"y":839,"width":362,"height":11}},{"id":"07c935d0-89f3-41da-a9b6-d942e92ee025","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":20,"box":{"x":83,"y":853,"width":388,"height":11}},{"id":"4f3dc1be-0f33-4598-9739-8fcfed2ba74d","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":20,"box":{"x":83,"y":867,"width":409,"height":11}},{"id":"31184e43-1081-4d7b-af81-24e068e970fc","block_type":"box","text":"investment strategy of BFA and the Sub-Adviser may not produce","page_number":20,"box":{"x":549,"y":23,"width":417,"height":11}},{"id":"d95e9452-3a3c-49d8-b29e-da3a026c099a","block_type":"box","text":"the intended results. There is no guarantee that the Fund’s","page_number":20,"box":{"x":549,"y":37,"width":374,"height":11}},{"id":"8caac5d1-8830-4372-ab1a-02303de04038","block_type":"box","text":"investment results will have a high degree of correlation to those","page_number":20,"box":{"x":549,"y":51,"width":414,"height":11}},{"id":"e4a3b78a-9dd3-4fed-b520-e342bc48156e","block_type":"box","text":"of the Underlying Index or that the Fund will achieve its","page_number":20,"box":{"x":549,"y":66,"width":352,"height":10}},{"id":"0e958e5a-49a7-4d0a-9f1d-8b170e603990","block_type":"box","text":"investment objective.","page_number":20,"box":{"x":549,"y":80,"width":136,"height":10}},{"id":"b5b1afdd-c2e5-46aa-a26f-426046054d4e","block_type":"box","text":"Market Trading Risk","page_number":20,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"6e27be36-b080-4c5d-98ac-1500801dc056","block_type":"box","text":".","page_number":20,"box":{"x":685,"y":109,"width":2,"height":2}},{"id":"5d64ca20-d273-4bcd-badc-47650e711e20","block_type":"box","text":"The Fund faces numerous market trading","page_number":20,"box":{"x":692,"y":103,"width":264,"height":11}},{"id":"bec840b6-e46f-48b4-84d3-829fa4c41478","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":20,"box":{"x":549,"y":117,"width":394,"height":11}},{"id":"d681537a-4504-4353-86d0-1acebb77e73a","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":20,"box":{"x":549,"y":131,"width":401,"height":11}},{"id":"8d1f36e8-4d70-41c1-8892-2765ee96ad42","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":20,"box":{"x":549,"y":145,"width":404,"height":11}},{"id":"66d53c00-97c5-43a3-86ed-800bd45fd3f8","block_type":"box","text":"the process of creating and redeeming Fund shares. 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In","page_number":21,"box":{"x":83,"y":612,"width":382,"height":11}},{"id":"c64e68cd-a4d0-4b20-8ada-e44a04b36ea8","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":21,"box":{"x":83,"y":626,"width":387,"height":11}},{"id":"c3ff1520-2873-44b4-9ee0-4c1cf0841531","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":21,"box":{"x":83,"y":641,"width":371,"height":10}},{"id":"8108bbae-ae39-472e-8363-e2ad344e341a","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":21,"box":{"x":83,"y":655,"width":381,"height":11}},{"id":"24f71393-2709-4c44-90f9-fe75614f7e18","block_type":"box","text":"availability of certain commodities.","page_number":21,"box":{"x":83,"y":669,"width":222,"height":11}},{"id":"d76d1bf8-d2b5-4618-9d49-3516b482b051","block_type":"box","text":"Risk of Investing in the U.S","page_number":21,"box":{"x":83,"y":692,"width":182,"height":11}},{"id":"848a7ce5-611c-492e-9959-5512ef97f126","block_type":"box","text":".","page_number":21,"box":{"x":266,"y":699,"width":2,"height":2}},{"id":"467f3864-a97f-49ce-aa26-0f2dab95576a","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":21,"box":{"x":274,"y":692,"width":210,"height":11}},{"id":"c33d7b70-4164-4fda-8aea-064bb247ff01","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":21,"box":{"x":83,"y":706,"width":391,"height":11}},{"id":"72793f6d-6104-4b59-8742-bd75379be830","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":21,"box":{"x":83,"y":720,"width":423,"height":11}},{"id":"fff73e1c-0302-4c48-a4c9-8e3af33a9693","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":21,"box":{"x":83,"y":735,"width":413,"height":10}},{"id":"a88a3fae-d5bb-4b7a-9483-1c96cfd6c468","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":21,"box":{"x":82,"y":749,"width":397,"height":11}},{"id":"50dd4316-8ada-4654-981a-25853b62352b","block_type":"box","text":"Risk of Swap Agreements.","page_number":21,"box":{"x":83,"y":772,"width":175,"height":11}},{"id":"1aca0e44-5d7b-4a69-8f7c-86d0e6e728b9","block_type":"box","text":"A swap is a two-party contract that","page_number":21,"box":{"x":263,"y":772,"width":225,"height":11}},{"id":"73922f95-3dc4-428e-88a0-57c0113c40de","block_type":"box","text":"generally obligates each counterparty to exchange periodic","page_number":21,"box":{"x":83,"y":786,"width":378,"height":11}},{"id":"2aaae71b-6f88-4051-ab69-49207c3416ed","block_type":"box","text":"payments based on a pre-determined underlying investment or","page_number":21,"box":{"x":83,"y":800,"width":403,"height":11}},{"id":"e4810e33-3d83-430a-8d52-0a16bf96c32d","block_type":"box","text":"notional amount and to exchange collateral to secure the","page_number":21,"box":{"x":83,"y":815,"width":365,"height":10}},{"id":"a6ff2ffc-7d2e-403e-b4c3-afcd20417b0b","block_type":"box","text":"obligations of each counterparty. 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Certain","page_number":21,"box":{"x":549,"y":23,"width":348,"height":11}},{"id":"092ea508-53d5-4246-89b8-79d9d767467f","block_type":"box","text":"standardized interest rate and credit default swaps are required to","page_number":21,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"cf7b2c42-3409-4199-8c4a-477779b7e179","block_type":"box","text":"be traded on an exchange or trading platform and centrally","page_number":21,"box":{"x":549,"y":51,"width":377,"height":11}},{"id":"f1deacb6-aa91-4767-b90a-1c8add6a532c","block_type":"box","text":"cleared. Most other swaps are entered into a negotiated, bi-lateral","page_number":21,"box":{"x":549,"y":66,"width":424,"height":10}},{"id":"2cc725ff-681a-4f54-ac66-ec1431b40268","block_type":"box","text":"basis and traded in the over-the-counter market. Swaps are","page_number":21,"box":{"x":549,"y":80,"width":381,"height":10}},{"id":"5150bca6-0d60-47b9-a286-ed2a7aef9911","block_type":"box","text":"subject to bi-lateral variation margin. 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The Subsidiary is not registered under the 1940 Act,","page_number":21,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"efd85da1-c661-43a8-bec0-27483f7f7c59","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":21,"box":{"x":549,"y":202,"width":409,"height":11}},{"id":"1cfe2af2-40c1-4189-a3d4-4050d964c49e","block_type":"box","text":"the investor protections of the 1940 Act. 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Fund","page_number":21,"box":{"x":549,"y":495,"width":366,"height":11}},{"id":"1238d890-9c38-47e9-a71b-5ccc30b7e8cb","block_type":"box","text":"shareholders could also experience adverse tax consequences in","page_number":21,"box":{"x":549,"y":509,"width":415,"height":11}},{"id":"1fafe879-ae2f-496c-a0f8-da277305e60c","block_type":"box","text":"such circumstances.","page_number":21,"box":{"x":549,"y":523,"width":130,"height":9}},{"id":"f622be02-182a-4ac0-8297-727e77c96e41","block_type":"box","text":"Tracking Error Risk","page_number":21,"box":{"x":550,"y":546,"width":128,"height":11}},{"id":"91b7875f-d24e-45c5-bad7-758d5f43dbcf","block_type":"box","text":".","page_number":21,"box":{"x":678,"y":553,"width":3,"height":2}},{"id":"adba514f-0725-40bc-a1d2-9994ac11a1c2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":21,"box":{"x":686,"y":546,"width":284,"height":11}},{"id":"9a6f8b07-3bab-4b63-84ee-0c9a0cc166c4","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":21,"box":{"x":549,"y":560,"width":404,"height":11}},{"id":"00b59420-396d-4bcf-86e5-e3a56a933ce2","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":21,"box":{"x":549,"y":575,"width":425,"height":11}},{"id":"b9e55bea-86c9-4df0-a8d7-7007f9de827c","block_type":"box","text":"factors, including differences between the securities and other","page_number":21,"box":{"x":549,"y":589,"width":401,"height":11}},{"id":"6c1f7dc6-f5de-4d20-8227-54a741fcbec1","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":21,"box":{"x":549,"y":603,"width":381,"height":11}},{"id":"45816254-471f-4a54-bd0d-b7586e9b56ed","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":21,"box":{"x":550,"y":617,"width":396,"height":11}},{"id":"a162dadf-17c8-4d9e-9172-f2eb805ccfc8","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":21,"box":{"x":549,"y":631,"width":408,"height":11}},{"id":"7443c28f-5b23-4eb2-8387-555461c14210","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":21,"box":{"x":549,"y":646,"width":400,"height":10}},{"id":"a79cb5e1-828f-4ff3-a596-dce471bc09a5","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":21,"box":{"x":549,"y":660,"width":421,"height":11}},{"id":"ee084da7-b188-4f98-8cc7-7a0f600390b7","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":21,"box":{"x":549,"y":674,"width":374,"height":11}},{"id":"97347df2-bb7b-4518-bb48-2aefd3496bfa","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":21,"box":{"x":549,"y":688,"width":370,"height":11}},{"id":"f9061da3-c243-45e7-a281-3b1e84b5a460","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":21,"box":{"x":549,"y":702,"width":372,"height":11}},{"id":"bcd966b8-4df6-4cad-b69a-22e8cb037ab2","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":21,"box":{"x":549,"y":716,"width":420,"height":11}},{"id":"becaec11-850a-4790-90f6-d04da3c52313","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":21,"box":{"x":549,"y":731,"width":387,"height":10}},{"id":"5de3383a-86df-4066-8fe3-d006609bbf5a","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":21,"box":{"x":549,"y":745,"width":377,"height":11}},{"id":"1445922d-1225-4784-835d-4779c0cad6c7","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":21,"box":{"x":549,"y":759,"width":380,"height":11}},{"id":"d39eb183-4d4a-434b-9e14-6a9f65d29fd5","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":21,"box":{"x":549,"y":773,"width":366,"height":11}},{"id":"0e83635a-109b-47fe-8ab3-0d6dc218cd45","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":21,"box":{"x":549,"y":787,"width":414,"height":11}},{"id":"bfc8ba38-3df4-4493-913b-c96f8fffa6a6","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":21,"box":{"x":550,"y":802,"width":386,"height":10}},{"id":"cbff3832-ec7d-47a3-aa67-0a995c0b77ba","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":21,"box":{"x":549,"y":844,"width":383,"height":9}},{"id":"4bac3c6b-26a9-4835-b9da-2162c97a256b","block_type":"box","text":"S-14","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"475f17e7-4b63-4c60-93e6-fcc11bf82392","block_type":"box","text":"exposure to swaps, options, futures and/or other derivatives may","page_number":22,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"dd4b04fd-9380-4bd6-9c3d-91c862837ff6","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":22,"box":{"x":83,"y":37,"width":417,"height":11}},{"id":"ff8f0c7d-e9cb-4afd-b610-435452ff7f37","block_type":"box","text":"indexes.","page_number":22,"box":{"x":83,"y":52,"width":51,"height":8}},{"id":"de5038fe-2a29-429b-a09d-468f6e37e838","block_type":"box","text":"Valuation Risk","page_number":22,"box":{"x":84,"y":75,"width":96,"height":8}},{"id":"2559face-be17-4daa-a446-8c94810272e4","block_type":"box","text":".","page_number":22,"box":{"x":180,"y":81,"width":2,"height":2}},{"id":"168ef8b9-7488-451b-83ab-6d5a715ea6ca","block_type":"box","text":"The price that the Fund could receive upon the","page_number":22,"box":{"x":187,"y":75,"width":298,"height":10}},{"id":"6857d0d4-827e-4fbe-a47b-75992d5add5c","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":22,"box":{"x":83,"y":89,"width":408,"height":11}},{"id":"6f4172d5-967b-4c64-939d-c1d2b3786255","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":22,"box":{"x":82,"y":103,"width":356,"height":11}},{"id":"327b901a-95bf-49d2-9324-0e87fbb8b19e","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":22,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"f695bb0e-77ba-4516-9ab4-7e08ae4d3c8d","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":22,"box":{"x":83,"y":131,"width":347,"height":11}},{"id":"90952e3d-a302-4a9e-95b0-b083b0722cef","block_type":"box","text":"methodology. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":23,"box":{"x":83,"y":803,"width":871,"height":11}},{"id":"45c01f12-8b5c-44e4-8834-f3eebf8a4f42","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":23,"box":{"x":83,"y":816,"width":860,"height":11}},{"id":"f51c6a8c-4713-48da-bea9-ef2bcc1f38c2","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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Individual shares of the Fund may only be","page_number":24,"box":{"x":82,"y":223,"width":391,"height":11}},{"id":"90fa8b8a-079a-40a8-80c0-0186eb5c65a6","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":24,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"d216ab3c-4e57-4d86-ac5d-76faad2b2521","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":24,"box":{"x":84,"y":251,"width":399,"height":11}},{"id":"f2eebc8e-1521-4db6-84f7-bb19301627a9","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":24,"box":{"x":83,"y":265,"width":416,"height":11}},{"id":"0205b6cf-1640-4269-bef0-921be2c8c747","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":24,"box":{"x":83,"y":280,"width":419,"height":10}},{"id":"8cad3c04-1e8d-4898-b5f2-5924b5ff4d43","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":24,"box":{"x":83,"y":294,"width":412,"height":11}},{"id":"4bf933a1-f413-46f6-909c-b5427839f379","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":24,"box":{"x":83,"y":308,"width":416,"height":11}},{"id":"964c89e0-4ac2-44e9-93e2-03f157b8da62","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":24,"box":{"x":83,"y":322,"width":400,"height":11}},{"id":"032bcc06-d668-41e9-9338-73ee4f769658","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":24,"box":{"x":83,"y":336,"width":395,"height":11}},{"id":"3199494f-80ba-4583-8568-1fcb90722876","block_type":"box","text":"Tax Information","page_number":24,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"913ab42f-ae22-4414-b1db-29d0d47dda26","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":24,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"dd26b9e7-b1eb-49be-a743-a2a4eee16537","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":24,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"56c2261f-ed78-43e8-929c-9b16bc81d1ed","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":24,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"6d096291-a97e-4771-a968-22d936c8d3b1","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":24,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"5c5524d5-6d49-43a8-b084-16cb92258ecf","block_type":"box","text":"withdrawn.","page_number":24,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"4be3c156-640f-4541-9ecb-ec0543db3c89","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":24,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"e62e420e-bb3d-4668-b4a6-6ad7a43fc228","block_type":"box","text":"Intermediaries","page_number":24,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"50f1aed7-6efa-4f4c-a645-cf9bfc6c2764","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":24,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"e94d9ac0-dbb2-4d38-a317-4d3f57dbdbe1","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":24,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"dd42b22d-e448-449a-a2a5-d939526514d1","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":24,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"ffa4b07a-f464-436f-b0a1-a935d695196f","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":24,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"56951b7e-302f-4164-9e03-39a6d6c0502a","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":24,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"d58ba4b8-690a-4c8c-8125-adbfd9867587","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":24,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"d76011c5-12ca-450e-9f14-c579ccdf7c18","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":24,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"864651fd-82ef-403d-82dc-765329f62a44","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":24,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"f3a2cd08-90fc-4d1f-9280-c70b36866b8c","block_type":"box","text":"recommend the Fund over another investment. 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Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo","page_number":24,"box":{"x":84,"y":141,"width":399,"height":11}},{"id":"c3eccebf-3966-4db3-ab6d-676a3ab938b2","block_type":"box","text":"have been Portfolio Managers of the Fund since 2023, 2016,","page_number":24,"box":{"x":83,"y":155,"width":385,"height":11}},{"id":"c20e2002-6a88-44af-bf53-ba9460ef1e66","block_type":"box","text":"2025 and 2026, respectively.","page_number":24,"box":{"x":83,"y":169,"width":186,"height":10}},{"id":"f1d06c1c-cfb0-43ce-873a-99957ece5c8a","block_type":"box","text":"Ticker: ISTM","page_number":25,"box":{"x":292,"y":53,"width":86,"height":10}},{"id":"a34a9525-e4e9-45c9-abad-1d8e69d67261","block_type":"box","text":"Stock Exchange: Nasdaq","page_number":25,"box":{"x":590,"y":53,"width":175,"height":12}},{"id":"14aee0db-a0ea-481f-8d37-0b8beaf6fe2f","block_type":"box","text":"Investment Objective","page_number":25,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"983ab9d8-41f0-4280-aae7-726870acf6af","block_type":"box","text":"Fees and Expenses","page_number":25,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"0646c1a2-8ea8-435e-b440-8f0880879e6d","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. 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The impact of Acquired Fund Fees and","page_number":25,"box":{"x":83,"y":305,"width":890,"height":11}},{"id":"51fd8d47-b5f4-4e98-9432-0304acdfb258","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":25,"box":{"x":84,"y":320,"width":868,"height":10}},{"id":"a7b8d299-85fe-4304-b880-d7fa77949ba2","block_type":"box","text":"shown in the","page_number":25,"box":{"x":83,"y":334,"width":80,"height":8}},{"id":"fa14e034-41cc-46b0-8f13-4b9c1f12b4af","block_type":"box","text":"Financial Highlights","page_number":25,"box":{"x":168,"y":334,"width":122,"height":11}},{"id":"7ea89541-a801-4124-9f39-40f24403a328","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":25,"box":{"x":295,"y":334,"width":624,"height":11}},{"id":"1fe24bac-b7a1-43de-9d16-995a91ca1f01","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":25,"box":{"x":83,"y":348,"width":840,"height":11}},{"id":"4fcb794c-c098-43f1-8cfc-543fe13102ad","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA, or its affiliates, through February 29, 2028. 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The Subsidiary will invest solely in Commodity","page_number":26,"box":{"x":549,"y":402,"width":389,"height":10}},{"id":"2962fb04-ba19-45bb-801c-914562e52feb","block_type":"box","text":"Linked Investments and cash and cash equivalents.","page_number":26,"box":{"x":550,"y":416,"width":327,"height":10}},{"id":"6af50a7f-ea42-42bd-a3f9-9b124847b5b7","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":26,"box":{"x":550,"y":705,"width":420,"height":11}},{"id":"dfea15e7-48d6-4aea-8304-b108ce33bc3f","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":26,"box":{"x":549,"y":719,"width":421,"height":11}},{"id":"1711ab28-5e87-47b5-8502-300d95bedfe2","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":26,"box":{"x":549,"y":734,"width":410,"height":11}},{"id":"491e6126-7531-44d9-b11e-8cb474415de8","block_type":"box","text":"and/or other instruments. 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Cash and cash","page_number":27,"box":{"x":83,"y":116,"width":412,"height":11}},{"id":"2c7675c3-9bcf-4da4-bf18-884c87f46eee","block_type":"box","text":"equivalent investments associated with a futures contract will be","page_number":27,"box":{"x":83,"y":130,"width":414,"height":11}},{"id":"35914a92-dcb4-4e1c-b87f-94faa3603eb3","block_type":"box","text":"treated as part of that position for purposes of calculating the","page_number":27,"box":{"x":83,"y":144,"width":394,"height":11}},{"id":"1d8a563e-ea13-4666-a7d7-0bff117f5b2a","block_type":"box","text":"percentage of investments included in the same or similar metals","page_number":27,"box":{"x":83,"y":158,"width":417,"height":11}},{"id":"00f42e29-1c8d-417f-9bce-7c0140b40e4c","block_type":"box","text":"futures contracts as the Underlying Index.","page_number":27,"box":{"x":82,"y":173,"width":268,"height":11}},{"id":"7c464195-35cb-414e-a821-4532d7862c5d","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":27,"box":{"x":82,"y":195,"width":372,"height":10}},{"id":"0539164b-0180-4106-9e45-88c7af4ec880","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":27,"box":{"x":83,"y":209,"width":415,"height":11}},{"id":"84eebd4c-a8a1-48c9-99b8-2b102d90c4a7","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":27,"box":{"x":83,"y":223,"width":376,"height":11}},{"id":"9bf9aa85-6253-4fbe-83eb-0f2b0e97a6bf","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":27,"box":{"x":83,"y":237,"width":404,"height":11}},{"id":"9a1d9df5-e543-4d61-a1e6-b263c1d9bc51","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":27,"box":{"x":83,"y":251,"width":416,"height":11}},{"id":"4a419660-4ffc-421d-ac07-66baa1b64967","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":27,"box":{"x":83,"y":265,"width":400,"height":11}},{"id":"2a520eac-d656-4e5e-830c-a9cd3b984e90","block_type":"box","text":"providing investment exposure to such instruments. 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BFA is considered a commodity pool operator","page_number":27,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"190993f8-6eec-48c0-8fd7-b05a84942fa6","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":27,"box":{"x":83,"y":351,"width":374,"height":10}},{"id":"12c9957a-e603-45bc-9b83-2fdea27c3769","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":27,"box":{"x":83,"y":365,"width":375,"height":11}},{"id":"f050a164-4207-47e0-97cb-5374016869de","block_type":"box","text":"Association (“NFA”).","page_number":27,"box":{"x":82,"y":379,"width":128,"height":11}},{"id":"8721d3e0-3e08-4768-a75a-22d2ef1c91a8","block_type":"box","text":"The Underlying Index is sponsored by IDI, which is independent of","page_number":27,"box":{"x":82,"y":402,"width":422,"height":11}},{"id":"0112fd21-88ae-4665-9760-a45d4940c127","block_type":"box","text":"the Fund and BFA. 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For","page_number":27,"box":{"x":83,"y":523,"width":377,"height":11}},{"id":"438bb60b-3b88-44ef-ae28-6097d615fa48","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":27,"box":{"x":83,"y":537,"width":389,"height":11}},{"id":"804e1515-f095-494a-bf6a-7d856ce7023f","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":27,"box":{"x":83,"y":552,"width":389,"height":10}},{"id":"1053f667-bb24-497f-86d8-f41df4ba9677","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":27,"box":{"x":83,"y":566,"width":410,"height":11}},{"id":"8b9a3dcc-cf2d-4412-906d-097dfd6f2a1f","block_type":"box","text":"considered to be issued by members of any industry.","page_number":27,"box":{"x":83,"y":580,"width":337,"height":11}},{"id":"037be343-13c2-40ef-8e01-2ff729751268","block_type":"box","text":"Summary of Principal Risks","page_number":27,"box":{"x":83,"y":609,"width":235,"height":13}},{"id":"4e671ee6-0799-43ff-bd69-b1cc1accb666","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":27,"box":{"x":82,"y":634,"width":363,"height":11}},{"id":"5349c3e8-4b78-4cbd-b095-2affa4e096d1","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":27,"box":{"x":83,"y":648,"width":402,"height":11}},{"id":"96a7d848-9fe0-46cf-8138-0e33161fb260","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":27,"box":{"x":83,"y":663,"width":396,"height":10}},{"id":"b893c55d-bd55-4780-b115-120efed8abd7","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":27,"box":{"x":83,"y":677,"width":373,"height":11}},{"id":"dc8c4348-edc3-4d6f-9080-70ac85c85a58","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":27,"box":{"x":83,"y":691,"width":381,"height":11}},{"id":"191fab59-f252-4056-824e-0f78928729b5","block_type":"box","text":"adversely affect the Fund’s NAV, trading price, yield, total return","page_number":27,"box":{"x":83,"y":705,"width":409,"height":11}},{"id":"788a5286-cc15-46f6-8241-4116d72a1ef6","block_type":"box","text":"and ability to meet its investment objective. Certain key risks are","page_number":27,"box":{"x":83,"y":719,"width":415,"height":11}},{"id":"0f5bd93c-b24a-4d79-be57-d5b83ea709c5","block_type":"box","text":"prioritized below (with others following in alphabetical order), but","page_number":27,"box":{"x":83,"y":734,"width":416,"height":11}},{"id":"5a38f097-697c-4f51-8425-f42fccd48f0c","block_type":"box","text":"the relative significance of any risk is difficult to predict and may","page_number":27,"box":{"x":82,"y":748,"width":413,"height":11}},{"id":"1c1b73dc-5fc9-4641-812f-b7b9a969154c","block_type":"box","text":"change over time. You should review each risk factor carefully.","page_number":27,"box":{"x":83,"y":763,"width":398,"height":11}},{"id":"a12ea7b7-51e4-451a-81d9-437bebfeb49a","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":27,"box":{"x":82,"y":786,"width":218,"height":8}},{"id":"05e362fd-1d70-428f-83a3-bcf87f38e651","block_type":"box","text":"Futures Contract Risk.","page_number":27,"box":{"x":549,"y":282,"width":150,"height":8}},{"id":"28f64f2e-f613-491b-8dad-b07acde6682d","block_type":"box","text":"Futures contracts may involve risks","page_number":27,"box":{"x":706,"y":282,"width":225,"height":11}},{"id":"42b327c6-20cd-442c-b225-200bf63b03ef","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":27,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"b857856c-c741-40b4-9ea6-ed22ba0dfee6","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":27,"box":{"x":549,"y":310,"width":369,"height":11}},{"id":"ef1a660c-4bbc-4a03-8425-0f47de071947","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":27,"box":{"x":549,"y":324,"width":411,"height":11}},{"id":"182df012-e9b0-4b91-bf88-93d039d55c24","block_type":"box","text":"by these risks. 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In certain market conditions, the sale price of a","page_number":27,"box":{"x":549,"y":574,"width":406,"height":11}},{"id":"cb3b5d4e-9d91-4ea3-bbcc-4baabf8fea16","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":27,"box":{"x":549,"y":589,"width":424,"height":10}},{"id":"316e11be-53fc-45a7-b555-4ff2d7609bbc","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":27,"box":{"x":549,"y":603,"width":392,"height":11}},{"id":"0d71fa2f-fc33-43f9-8943-54b0f803736f","block_type":"box","text":"contract.","page_number":27,"box":{"x":549,"y":618,"width":56,"height":7}},{"id":"f313db60-f878-425d-ac35-4bfcc9f4f7e3","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":27,"box":{"x":549,"y":640,"width":244,"height":11}},{"id":"58e89b39-0448-40ac-bf8d-4626dad5df2e","block_type":"box","text":"The value of a commodity","page_number":27,"box":{"x":798,"y":640,"width":169,"height":11}},{"id":"25ffd73c-67c1-4b43-bdd9-c46fd48aa362","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":27,"box":{"x":549,"y":654,"width":387,"height":11}},{"id":"45f1a82d-c540-4fd5-adfa-297a00f01c3d","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":27,"box":{"x":549,"y":668,"width":419,"height":11}},{"id":"4a7d2e7f-ecf2-4cb7-89e0-504609c83658","block_type":"box","text":"linked to such price movements. The prices of commodity-linked","page_number":27,"box":{"x":549,"y":683,"width":412,"height":10}},{"id":"fc795b10-56d2-416e-b5d0-d4a409e45b57","block_type":"box","text":"investments may fluctuate quickly and dramatically as a result of","page_number":27,"box":{"x":549,"y":697,"width":415,"height":11}},{"id":"95e67932-5bcb-4275-9882-30080012c14f","block_type":"box","text":"S-20","page_number":27,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ce1bf79f-2c11-4686-8b27-d045ee5c28f2","block_type":"box","text":"The performance of re","page_number":27,"box":{"x":306,"y":786,"width":147,"height":11}},{"id":"442d460f-4972-46a0-962a-e5e8cc4e29be","block_type":"box","text":"industrialization metals (i.e., metals used to facilitate AI","page_number":27,"box":{"x":83,"y":800,"width":354,"height":11}},{"id":"ef8b4a02-6a2b-4190-b072-623cc0fa263e","block_type":"box","text":"infrastructure, manufacturing, energy production and distribution,","page_number":27,"box":{"x":83,"y":814,"width":420,"height":11}},{"id":"105e8abc-d975-45b4-9816-dc984e1253f4","block_type":"box","text":"and national security) is highly dependent on manufacturing","page_number":27,"box":{"x":83,"y":828,"width":383,"height":11}},{"id":"4ce0fc66-758d-4f35-bd1f-21858185d4a0","block_type":"box","text":"reshoring, amplified battery production, increased defense","page_number":27,"box":{"x":83,"y":842,"width":374,"height":11}},{"id":"593019d4-c3d9-4c2a-8411-d5ebb36a639b","block_type":"box","text":"spending and the expansion of AI infrastructure. Investments","page_number":27,"box":{"x":549,"y":23,"width":390,"height":11}},{"id":"385e354d-ae36-484e-87f4-d55197c4ce88","block_type":"box","text":"in re-industrialization metals may be speculative and subject","page_number":27,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"2f86a1c1-ac68-4146-acbc-0f8cde3c8de1","block_type":"box","text":"to greater price volatility than investments in other types of","page_number":27,"box":{"x":549,"y":51,"width":380,"height":11}},{"id":"3265ef86-e41f-4732-abe6-2d8438104bcd","block_type":"box","text":"assets. The market value of re-industrialization metals may","page_number":27,"box":{"x":549,"y":65,"width":376,"height":11}},{"id":"0a9e26b7-6ea4-4d7e-9215-6e6d9d5c2d5b","block_type":"box","text":"be significantly affected for many reasons, including, among","page_number":27,"box":{"x":549,"y":79,"width":384,"height":11}},{"id":"2add86a3-331b-43af-a95d-f692e8dc5ba0","block_type":"box","text":"others, obsolescence of existing technology, changes in energy","page_number":27,"box":{"x":549,"y":93,"width":405,"height":11}},{"id":"bea3c221-6644-4ea1-9aa8-f3a5240dfae7","block_type":"box","text":"prices, worldwide metal prices and extraction and production","page_number":27,"box":{"x":549,"y":107,"width":391,"height":10}},{"id":"5ba37d2d-0791-48c2-a1c8-f8f889181da5","block_type":"box","text":"costs, global political changes, terrorism, war, natural disasters","page_number":27,"box":{"x":549,"y":121,"width":404,"height":10}},{"id":"ea7d2a02-aa8c-416e-b79d-ce7e89648120","block_type":"box","text":"and other catastrophes, government regulations and subsidies,","page_number":27,"box":{"x":549,"y":135,"width":403,"height":10}},{"id":"dcfc3fc6-8163-4620-a86c-1c70f8d1cb11","block_type":"box","text":"supply chains, and taxation policies. Worldwide metal prices","page_number":27,"box":{"x":549,"y":149,"width":384,"height":10}},{"id":"b3033c93-0956-412e-8a88-e4e9f24c3cb3","block_type":"box","text":"may fluctuate substantially over short periods of time, and as a","page_number":27,"box":{"x":549,"y":162,"width":402,"height":11}},{"id":"b2cf2858-68cd-4cf5-ab52-fcba7f0a89a2","block_type":"box","text":"result, the Fund’s share price may be more volatile than other","page_number":27,"box":{"x":549,"y":176,"width":394,"height":11}},{"id":"ec0ea81a-29c3-4cb2-9daf-8de3fb6bda5b","block_type":"box","text":"types of investments. Such risks may be heightened to the extent","page_number":27,"box":{"x":549,"y":190,"width":419,"height":11}},{"id":"99215569-45f3-4783-bd12-df7a09bb21be","block_type":"box","text":"the Fund’s Commodity-Linked Investments provide exposure to","page_number":27,"box":{"x":549,"y":204,"width":405,"height":11}},{"id":"fb385c20-b8b2-40b4-9c63-24588e0a9f49","block_type":"box","text":"emerging markets. In addition, the industry is relatively nascent","page_number":27,"box":{"x":549,"y":218,"width":406,"height":11}},{"id":"0122962b-eb2f-4cd1-95f3-71239d5802ef","block_type":"box","text":"and under-researched in comparison to more established and","page_number":27,"box":{"x":549,"y":232,"width":394,"height":11}},{"id":"48a6b3a7-1f5f-4168-877e-81fcca70a676","block_type":"box","text":"mature sectors, and should therefore be regarded as having","page_number":27,"box":{"x":549,"y":246,"width":383,"height":11}},{"id":"4ba559f3-af03-412a-bc03-0e1df61c2d5c","block_type":"box","text":"greater investment risk.","page_number":27,"box":{"x":549,"y":260,"width":151,"height":11}},{"id":"8589852f-a684-4c46-bc1b-6fcff0836008","block_type":"box","text":"changes affecting a particular commodity and may not correlate","page_number":27,"box":{"x":549,"y":712,"width":410,"height":11}},{"id":"f465cdbd-d9ae-49f2-bea6-60a9fe5eab8f","block_type":"box","text":"to price movements in other asset classes, such as stocks, bonds","page_number":27,"box":{"x":549,"y":726,"width":419,"height":11}},{"id":"fa71a846-26b5-481b-b249-da16a8383c64","block_type":"box","text":"and cash. Commodity-linked derivatives are subject to the risk","page_number":27,"box":{"x":549,"y":740,"width":399,"height":11}},{"id":"7a514406-88c7-4575-ba6b-d2a70c4f2be2","block_type":"box","text":"that the counterparty to the transaction, the exchange or trading","page_number":27,"box":{"x":549,"y":754,"width":414,"height":11}},{"id":"56dee19d-8d54-4626-9838-219b9c79b0b3","block_type":"box","text":"facility on which they trade or the applicable clearing house may","page_number":27,"box":{"x":549,"y":769,"width":411,"height":10}},{"id":"3e160667-dec2-4c81-b0a5-1937ef6bf355","block_type":"box","text":"default or otherwise fail to perform. The Fund’s use of commodity","page_number":27,"box":{"x":549,"y":783,"width":424,"height":11}},{"id":"9d5e0bfe-9659-414c-b9c6-867eb9c47b42","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":27,"box":{"x":549,"y":797,"width":418,"height":11}},{"id":"38378c84-a5af-4e15-8d20-2c29252fd8ab","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":27,"box":{"x":549,"y":811,"width":351,"height":11}},{"id":"eac7b2d1-fe09-4f4b-8649-0bbf81e655df","block_type":"box","text":"derivatives. Leverage generally magnifies the effect of a change in","page_number":27,"box":{"x":549,"y":825,"width":421,"height":11}},{"id":"c3c56f6e-5779-46f2-83db-ba62920eb111","block_type":"box","text":"the value of an asset and creates a risk of loss of value on a larger","page_number":27,"box":{"x":549,"y":839,"width":422,"height":11}},{"id":"b5a848ed-4086-4c12-9f06-2363a8db3555","block_type":"box","text":"pool of assets than the Fund would otherwise have had. The Fund","page_number":28,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"5c755d92-6c70-4740-8fe1-b1445a1fcd93","block_type":"box","text":"is required to post margin with respect to its holdings in","page_number":28,"box":{"x":83,"y":37,"width":356,"height":11}},{"id":"f158e893-8e70-4147-96d6-4b39502011a3","block_type":"box","text":"derivatives. Each of these factors and events could have a","page_number":28,"box":{"x":83,"y":51,"width":370,"height":9}},{"id":"bf166e29-58d4-4c90-b48c-13e0cc429cab","block_type":"box","text":"significant negative impact on the Fund.","page_number":28,"box":{"x":83,"y":66,"width":255,"height":11}},{"id":"6fe37b48-0620-4a59-a924-5dcee2b37e21","block_type":"box","text":"Market Risk","page_number":28,"box":{"x":83,"y":89,"width":82,"height":8}},{"id":"1e8a47d5-8c64-478b-983d-2298ad90e47a","block_type":"box","text":".","page_number":28,"box":{"x":165,"y":95,"width":2,"height":2}},{"id":"ffaae52e-a7d5-42f1-a239-1cec669c2cf2","block_type":"box","text":"The Fund could lose money over short periods due","page_number":28,"box":{"x":172,"y":89,"width":323,"height":11}},{"id":"27434400-fee5-4b40-bb61-cb0a9d6ce267","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":28,"box":{"x":83,"y":103,"width":413,"height":11}},{"id":"f5aa13df-8b09-47ba-a3ae-bab9aa5b0ada","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":28,"box":{"x":83,"y":268,"width":406,"height":11}},{"id":"de320898-8293-4479-926a-c146f5d7d318","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":28,"box":{"x":83,"y":282,"width":408,"height":11}},{"id":"e61194c4-09ea-4cb5-8ce7-424dcc807dd0","block_type":"box","text":"information will provide an accurate assessment of included","page_number":28,"box":{"x":83,"y":296,"width":384,"height":11}},{"id":"e24d2fa1-d8f5-4ecf-a8f2-b4a545c4f78b","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":28,"box":{"x":83,"y":311,"width":387,"height":10}},{"id":"599778ee-24bc-4018-9f3b-02bbba9f4e02","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":28,"box":{"x":83,"y":325,"width":366,"height":11}},{"id":"08bd32b9-0f28-4705-b4fb-c291f15936d2","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":28,"box":{"x":83,"y":339,"width":377,"height":11}},{"id":"fe04a670-aabc-4640-acf8-6c2520262541","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":28,"box":{"x":83,"y":353,"width":413,"height":11}},{"id":"4df30557-ad71-4c85-8e4a-24a361edeecb","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":28,"box":{"x":83,"y":367,"width":396,"height":11}},{"id":"b8a82c80-4fdc-44b9-a81f-6c55e910529a","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":28,"box":{"x":83,"y":381,"width":367,"height":11}},{"id":"4ea08d28-b9e0-40e9-994e-2ee6bcadb320","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":28,"box":{"x":83,"y":396,"width":400,"height":10}},{"id":"5833438b-4d3e-498e-9977-6e5afec40614","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":28,"box":{"x":83,"y":410,"width":409,"height":11}},{"id":"e11f3be0-c22e-4b6a-bc4c-8ed20f574019","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":28,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"b65e1966-b902-4234-b8a8-22bcac33e3e9","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":28,"box":{"x":83,"y":438,"width":362,"height":11}},{"id":"3c014c4e-0d0c-4282-b921-b0df0c1a016f","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":28,"box":{"x":83,"y":452,"width":423,"height":11}},{"id":"91349ca4-86ec-4ddd-a585-e3e2edb8b0e1","block_type":"box","text":"Asset Class Risk.","page_number":28,"box":{"x":81,"y":476,"width":115,"height":8}},{"id":"64798519-8cb9-4513-98e7-870db36b1a2e","block_type":"box","text":"The securities and other assets in the","page_number":28,"box":{"x":202,"y":476,"width":239,"height":8}},{"id":"338d8e21-3f89-450d-af77-5d2e95d779d0","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":28,"box":{"x":83,"y":490,"width":406,"height":11}},{"id":"2faf1cb8-9a0f-4285-a5ca-c83bf5f18b1e","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":28,"box":{"x":83,"y":504,"width":405,"height":11}},{"id":"7e5facc5-7d9b-4c30-9820-a2570aa76a8b","block_type":"box","text":"market, another index, or other asset classes.","page_number":28,"box":{"x":83,"y":518,"width":292,"height":10}},{"id":"a82f1a26-8e4f-4794-99e4-0416af971dc1","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":28,"box":{"x":81,"y":541,"width":267,"height":11}},{"id":"f7e7180a-5347-48a7-855f-4c285f6934e4","block_type":"box","text":".","page_number":28,"box":{"x":348,"y":548,"width":3,"height":2}},{"id":"ddfe4326-ae2b-4f05-bdfa-55ce8fc1811e","block_type":"box","text":"From time to time, an","page_number":28,"box":{"x":357,"y":541,"width":136,"height":10}},{"id":"48058bd5-d67d-44b5-98dc-b4c464dc5906","block_type":"box","text":"Authorized Participant (as defined below in","page_number":28,"box":{"x":82,"y":555,"width":274,"height":11}},{"id":"f7861651-f3b6-437c-bb1f-f0b8e25784d1","block_type":"box","text":"Authorized Participant","page_number":28,"box":{"x":360,"y":556,"width":141,"height":10}},{"id":"897a5d1a-83b8-4ebf-97c6-372e563557be","block_type":"box","text":"Concentration Risk)","page_number":28,"box":{"x":83,"y":570,"width":120,"height":8}},{"id":"e0691b4c-e542-4aeb-9353-6470dde1cb80","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":28,"box":{"x":203,"y":570,"width":293,"height":10}},{"id":"de27d93b-e002-4a57-9fe5-39c97b05e37f","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":28,"box":{"x":83,"y":584,"width":404,"height":11}},{"id":"34d7657d-bd77-4092-9eb7-add6fe37db9f","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":28,"box":{"x":84,"y":598,"width":418,"height":11}},{"id":"21e55e53-351c-4d12-b5a8-2e2bb3fe87b7","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":28,"box":{"x":83,"y":612,"width":417,"height":9}},{"id":"2be2eff1-cfd3-441c-af57-973a8022562a","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":28,"box":{"x":83,"y":626,"width":410,"height":11}},{"id":"6e4346dd-55d9-4687-8284-e16b070346d0","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":28,"box":{"x":83,"y":641,"width":383,"height":10}},{"id":"f60549bb-0cea-4dde-a845-1010f723b68a","block_type":"box","text":"negatively impact the Fund.","page_number":28,"box":{"x":83,"y":655,"width":175,"height":11}},{"id":"38fa2d7a-62c1-4a7e-a78c-34a394ae012e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":28,"box":{"x":81,"y":678,"width":290,"height":11}},{"id":"e2a213ce-ae11-42ce-a381-e97ddb1d0ca1","block_type":"box","text":"An “Authorized","page_number":28,"box":{"x":381,"y":678,"width":93,"height":8}},{"id":"abe69578-0f5b-4b0e-aa09-c24f72ce0c0e","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":28,"box":{"x":84,"y":692,"width":379,"height":11}},{"id":"dcfbde4b-1a7a-4afc-b6c4-9010b572a2df","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":28,"box":{"x":83,"y":706,"width":411,"height":11}},{"id":"41e21620-991e-4539-bcdb-5d5abc582313","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":28,"box":{"x":84,"y":720,"width":395,"height":11}},{"id":"68db2b6f-46d4-44da-9d98-da313d539d88","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":28,"box":{"x":84,"y":735,"width":399,"height":10}},{"id":"ad379b2f-546c-436d-a431-7a228543f9b5","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":28,"box":{"x":83,"y":749,"width":407,"height":11}},{"id":"98807a9e-359f-4f27-889d-77e178d13b40","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":28,"box":{"x":83,"y":764,"width":409,"height":10}},{"id":"f7e2ffb2-3e52-4838-97de-d6a532b6101a","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":28,"box":{"x":83,"y":778,"width":412,"height":11}},{"id":"ec5fe511-d6de-4c09-8245-a99cf95a531e","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":28,"box":{"x":83,"y":792,"width":403,"height":11}},{"id":"cef5accf-fa14-4039-883b-7ab36c73d2f3","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":28,"box":{"x":83,"y":806,"width":378,"height":11}},{"id":"788b3269-b8ab-4ebb-b20c-14fc9b1d6ba0","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":28,"box":{"x":84,"y":820,"width":379,"height":11}},{"id":"12fd4398-62c9-4eec-bc4e-6a29fbae6f58","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":28,"box":{"x":83,"y":834,"width":404,"height":11}},{"id":"d61e9874-c8c9-4e4c-9478-13732d1ebc83","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":28,"box":{"x":83,"y":849,"width":398,"height":11}},{"id":"94322ef1-d0fa-469e-a2e1-c71ad26f2b74","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":28,"box":{"x":83,"y":863,"width":392,"height":11}},{"id":"c6af14d7-5258-4330-a603-22e91e321704","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":28,"box":{"x":549,"y":23,"width":408,"height":11}},{"id":"d181c2db-76ec-453d-800b-a4f5b7d1d239","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":28,"box":{"x":549,"y":37,"width":273,"height":11}},{"id":"995eb298-d007-45d3-909e-f6dc402a4dba","block_type":"box","text":"Cash Management Risk","page_number":28,"box":{"x":549,"y":60,"width":161,"height":11}},{"id":"c0b3694f-6db7-4052-a113-33791f686319","block_type":"box","text":".","page_number":28,"box":{"x":710,"y":67,"width":2,"height":2}},{"id":"28b9b4ee-bf13-4acc-8ced-85734df537bf","block_type":"box","text":"If a significant amount of the Fund’s","page_number":28,"box":{"x":718,"y":60,"width":228,"height":11}},{"id":"97ee28d9-cdee-4ba6-9c1c-cd6baeb31efd","block_type":"box","text":"assets is invested in cash and cash equivalents, the Fund may","page_number":28,"box":{"x":549,"y":75,"width":396,"height":10}},{"id":"a2052655-3ce6-4a50-8d7b-8d16c8f90064","block_type":"box","text":"underperform other funds that do not similarly invest in cash and","page_number":28,"box":{"x":549,"y":89,"width":415,"height":11}},{"id":"914e296c-808c-45c6-a929-e3cfa457dbfc","block_type":"box","text":"cash equivalents for investment purposes and/or to collateralize","page_number":28,"box":{"x":549,"y":103,"width":414,"height":11}},{"id":"22879f29-d1cc-43f2-80ed-f4c41f4fbd8f","block_type":"box","text":"derivative instruments. Further, the Fund may face increased","page_number":28,"box":{"x":549,"y":117,"width":389,"height":11}},{"id":"4d238bb6-bb12-48c2-afc9-19ae3b44725f","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":28,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"bff16071-a787-4f38-89e9-77c3e4b74542","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":28,"box":{"x":549,"y":145,"width":409,"height":11}},{"id":"429c03fc-cc66-4126-b2c0-d99c88d688a4","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":28,"box":{"x":549,"y":160,"width":356,"height":10}},{"id":"b5a2d26c-59c8-4b54-b997-5681b80cc1bc","block_type":"box","text":"Cash Transactions Risk","page_number":28,"box":{"x":549,"y":183,"width":157,"height":8}},{"id":"c68708aa-b96d-4b49-b7e2-c3138a2675b1","block_type":"box","text":".","page_number":28,"box":{"x":706,"y":189,"width":3,"height":2}},{"id":"58e27a4a-7645-4608-a4fe-07c2e4f1c826","block_type":"box","text":"The Fund’s creation and redemption","page_number":28,"box":{"x":714,"y":183,"width":230,"height":11}},{"id":"5ca75700-47a6-49f4-9223-6a2f3ef57aaf","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":28,"box":{"x":549,"y":197,"width":418,"height":11}},{"id":"74778be6-8177-4e81-972e-697269c36a64","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":28,"box":{"x":549,"y":211,"width":414,"height":11}},{"id":"8fa3b062-0108-4773-b9e3-1826478ae9fa","block_type":"box","text":"investments are delivered. As a result, the Fund may have to sell","page_number":28,"box":{"x":549,"y":225,"width":411,"height":11}},{"id":"02c6c9ec-52dc-4f62-921d-0878fb7bd09b","block_type":"box","text":"investments at inopportune times in order to obtain the cash","page_number":28,"box":{"x":549,"y":240,"width":388,"height":10}},{"id":"615e5fcb-10fc-48e4-b40e-9392ba3575c1","block_type":"box","text":"needed to meet redemption orders. Such sales may cause the","page_number":28,"box":{"x":549,"y":254,"width":397,"height":11}},{"id":"309bc01f-4ad2-499c-b4fd-a29f3441957e","block_type":"box","text":"Fund to recognize capital gains or losses that might not have been","page_number":28,"box":{"x":550,"y":268,"width":422,"height":11}},{"id":"73916742-56de-43af-887d-87e3eb572dea","block_type":"box","text":"incurred if the redemption had been transacted in-kind. This may","page_number":28,"box":{"x":549,"y":282,"width":415,"height":11}},{"id":"0afa3e5f-76ec-440e-878f-7902be89098a","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":28,"box":{"x":549,"y":296,"width":394,"height":11}},{"id":"419c6515-2c9f-4af8-8fc2-bcc4cf32fedc","block_type":"box","text":"ETFs that use in-kind redemptions. The use of cash creations and","page_number":28,"box":{"x":550,"y":310,"width":415,"height":11}},{"id":"ef412b87-629d-4203-b309-bea08c13bc3d","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":28,"box":{"x":549,"y":325,"width":394,"height":10}},{"id":"cd27347f-097b-4221-8047-3618935d1f27","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":28,"box":{"x":549,"y":339,"width":424,"height":11}},{"id":"9470c969-1636-4337-867a-9b4b74e3b7d8","block_type":"box","text":"to the Fund’s NAV.","page_number":28,"box":{"x":549,"y":353,"width":116,"height":8}},{"id":"4245b6f3-ade5-47a1-b20c-530aa22d91d2","block_type":"box","text":"Commodity Risk.","page_number":28,"box":{"x":549,"y":376,"width":114,"height":11}},{"id":"6b3eea00-56b3-4aad-9204-377a33d0bcd7","block_type":"box","text":"The Fund invests in instruments that are","page_number":28,"box":{"x":668,"y":376,"width":257,"height":9}},{"id":"e977f9a6-7a2f-49ea-85d9-d47badada3de","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":28,"box":{"x":549,"y":390,"width":409,"height":11}},{"id":"ef526075-5807-455d-a777-c942625aa097","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":28,"box":{"x":549,"y":404,"width":408,"height":11}},{"id":"65e09f6f-0402-497a-8211-631a8a801237","block_type":"box","text":"tariffs by the U.S. and other importing countries. Any negative","page_number":28,"box":{"x":549,"y":419,"width":396,"height":11}},{"id":"2b3c38d8-a936-4124-8e5a-c061590747b7","block_type":"box","text":"changes in commodity markets that may be due to changes in","page_number":28,"box":{"x":549,"y":433,"width":396,"height":11}},{"id":"ddf29b60-c2eb-4507-a78b-df8caa24bd49","block_type":"box","text":"supply and demand for commodities, market events, war,","page_number":28,"box":{"x":549,"y":447,"width":367,"height":11}},{"id":"88aa32f6-430c-4313-8be2-ec56fb934499","block_type":"box","text":"regulatory developments, political instability, other catastrophic","page_number":28,"box":{"x":549,"y":461,"width":408,"height":11}},{"id":"9481bc08-db6e-40d0-ba5d-f410efdca488","block_type":"box","text":"events, or other factors that the Fund cannot control could have","page_number":28,"box":{"x":549,"y":475,"width":409,"height":11}},{"id":"a525b975-e473-49cd-b9b0-a813aa8113cf","block_type":"box","text":"an adverse impact on Commodity-Linked Investments in which","page_number":28,"box":{"x":549,"y":490,"width":400,"height":10}},{"id":"7d4adf8b-f9c5-4ad2-8303-54e2e6070115","block_type":"box","text":"the Fund invests.","page_number":28,"box":{"x":549,"y":504,"width":108,"height":8}},{"id":"6b33f360-26cd-4e35-8a61-951237a12c9a","block_type":"box","text":"Concentration Risk.","page_number":28,"box":{"x":549,"y":527,"width":132,"height":8}},{"id":"15a7b079-c50d-4c32-8f3f-d6fc22ba3b9f","block_type":"box","text":"The Fund may be susceptible to an","page_number":28,"box":{"x":687,"y":527,"width":221,"height":11}},{"id":"c22793fe-6ba4-4d3b-a389-ed6914201bb1","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":28,"box":{"x":549,"y":541,"width":419,"height":11}},{"id":"41ce0a81-83cf-43d2-b428-cd45a3ce5a77","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":28,"box":{"x":549,"y":555,"width":408,"height":10}},{"id":"2a8f2242-d77e-4a37-a33d-b7a59cb0e6c1","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":28,"box":{"x":549,"y":569,"width":418,"height":9}},{"id":"1380ee88-7181-4ca1-b2ff-999bc9584132","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":28,"box":{"x":549,"y":584,"width":395,"height":10}},{"id":"518a8a09-3045-4a9b-8c45-61510acddfa3","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":28,"box":{"x":549,"y":598,"width":388,"height":11}},{"id":"221fd63d-1014-4887-a77d-ee6353cc81e3","block_type":"box","text":"asset classes.","page_number":28,"box":{"x":549,"y":612,"width":88,"height":8}},{"id":"6089a22d-7590-499c-b764-bf971a80c3d1","block_type":"box","text":"Counterparty Risk.","page_number":28,"box":{"x":549,"y":635,"width":125,"height":11}},{"id":"8f9ac285-a661-4ea7-bb62-d15e151b798d","block_type":"box","text":"Certain commodity-linked derivative","page_number":28,"box":{"x":681,"y":635,"width":230,"height":11}},{"id":"0bee6770-41e2-44a5-ada5-51d4ec007b12","block_type":"box","text":"instruments, uncleared swaps and other forms of financial","page_number":28,"box":{"x":549,"y":649,"width":371,"height":11}},{"id":"3c946e28-678c-4328-9718-b637503aa463","block_type":"box","text":"instruments that involve counterparties subject the Fund to the","page_number":28,"box":{"x":549,"y":664,"width":405,"height":10}},{"id":"df110eb3-54df-4940-ba27-6d143fb8eb11","block_type":"box","text":"risk that the counterparty could default on its obligations under","page_number":28,"box":{"x":549,"y":678,"width":405,"height":11}},{"id":"7d015bed-2ed5-4ad8-8f3c-45cc7bf82a10","block_type":"box","text":"the agreement, either through the counterparty’s bankruptcy or","page_number":28,"box":{"x":549,"y":692,"width":407,"height":11}},{"id":"156ca7e0-98ff-4585-8235-53777ab798c0","block_type":"box","text":"failure to perform its obligations. In the event of a counterparty","page_number":28,"box":{"x":549,"y":706,"width":404,"height":11}},{"id":"ac5499ca-75ec-4804-b423-de1bea0ecf41","block_type":"box","text":"default, the Fund could experience lengthy delays in recovering","page_number":28,"box":{"x":549,"y":720,"width":404,"height":11}},{"id":"d8a8bcce-0bd6-4d17-8051-3c782a2ad0ef","block_type":"box","text":"some or all of its assets or obtain no recovery at all and, if the","page_number":28,"box":{"x":549,"y":734,"width":395,"height":11}},{"id":"79c52b32-35aa-4143-aacd-c558872f4d08","block_type":"box","text":"counterparty is subject to specified types of resolution","page_number":28,"box":{"x":549,"y":749,"width":348,"height":10}},{"id":"2c128c2d-e54f-4549-a856-2a9e18aceaea","block_type":"box","text":"S-21","page_number":28,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"28a24319-803a-4a92-9a4c-da4ce1809e44","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability","page_number":28,"box":{"x":549,"y":763,"width":421,"height":11}},{"id":"7fc5ad42-9bad-44c0-bc5b-0a0cd8cdea24","block_type":"box","text":"to close out positions and limit risk. The Fund’s investments in the","page_number":28,"box":{"x":549,"y":778,"width":422,"height":10}},{"id":"458d4612-3e3d-405b-bd1a-641b4e943ec9","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":28,"box":{"x":549,"y":792,"width":346,"height":8}},{"id":"d56c97ca-053b-4eef-b4fa-d58b52b23a94","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":28,"box":{"x":549,"y":806,"width":414,"height":11}},{"id":"3ee69c15-4432-47f3-8687-da1313c6b9df","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":28,"box":{"x":549,"y":820,"width":408,"height":11}},{"id":"a1be5fcc-9a04-45af-8ac7-c285017d476d","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":28,"box":{"x":549,"y":834,"width":408,"height":11}},{"id":"da65d7ba-95ea-4409-9761-7eaeacba1667","block_type":"box","text":"the Fund’s futures contracts.","page_number":28,"box":{"x":549,"y":849,"width":184,"height":8}},{"id":"d42f2df6-e814-4e80-9617-5c4f96616660","block_type":"box","text":"Credit Risk","page_number":29,"box":{"x":83,"y":23,"width":75,"height":9}},{"id":"a557b750-c303-42b1-ba3c-b59f0788e286","block_type":"box","text":".","page_number":29,"box":{"x":158,"y":30,"width":2,"height":2}},{"id":"6ae9a9e9-fe85-40b9-af4f-c28f499b6271","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":29,"box":{"x":166,"y":23,"width":311,"height":11}},{"id":"77a7dbe8-66e6-4cb4-a97e-3d253f5fc5f3","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":29,"box":{"x":83,"y":37,"width":391,"height":11}},{"id":"0f55e372-2727-45a7-88b7-fbfe7540488b","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":29,"box":{"x":83,"y":52,"width":395,"height":10}},{"id":"fd0e824b-66c2-402a-86c1-4fc9910fa426","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":29,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"f1217c08-e6fa-4a40-959f-ac883dcab25b","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":29,"box":{"x":83,"y":80,"width":424,"height":11}},{"id":"5df42bbb-dd95-48f0-aa0b-e1ebdaffe798","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":29,"box":{"x":83,"y":94,"width":361,"height":11}},{"id":"7d721dc5-557d-4244-867c-d451611020ad","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":29,"box":{"x":83,"y":108,"width":395,"height":11}},{"id":"a64e46f6-7cea-4a05-8d69-def5e3b11abb","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":29,"box":{"x":83,"y":122,"width":408,"height":11}},{"id":"7a9cd535-adf2-4dd4-a858-32642db80a1f","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":29,"box":{"x":83,"y":137,"width":385,"height":10}},{"id":"b65702c4-41a4-4187-a8c4-0d88d4d4f05d","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":29,"box":{"x":83,"y":151,"width":385,"height":11}},{"id":"70af27f5-825c-4723-90f7-791ee53aa170","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":29,"box":{"x":83,"y":165,"width":406,"height":11}},{"id":"1cddd665-abd9-4ecc-b8b7-9f0ec54aebe7","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":29,"box":{"x":83,"y":179,"width":324,"height":11}},{"id":"5fab6e9f-08b5-4023-9ab7-f33772cbdf5b","block_type":"box","text":"Currency Risk","page_number":29,"box":{"x":83,"y":202,"width":96,"height":11}},{"id":"2dd9bc4c-e749-4093-a74b-f9cd715d3dae","block_type":"box","text":".","page_number":29,"box":{"x":179,"y":209,"width":2,"height":2}},{"id":"88cf0a94-f8ec-464a-a062-e3aaba17428b","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":29,"box":{"x":187,"y":202,"width":292,"height":9}},{"id":"783b2ed5-bcba-4949-ae8b-84c20482b27a","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":29,"box":{"x":83,"y":217,"width":388,"height":10}},{"id":"b35de866-d0d6-4ffb-9e21-ba23bc4bfe78","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":29,"box":{"x":83,"y":231,"width":395,"height":11}},{"id":"7a308700-aef8-45ad-b0a8-53965d599fec","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":29,"box":{"x":83,"y":245,"width":415,"height":11}},{"id":"fdf777e3-a0d5-48a9-9bf6-551c0d054dca","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":29,"box":{"x":83,"y":259,"width":404,"height":11}},{"id":"871c8dbc-acf5-4d9f-a933-d5510ff2f7f3","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":29,"box":{"x":83,"y":273,"width":394,"height":11}},{"id":"1eeba04d-277c-4123-ac77-306d1858e44b","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":29,"box":{"x":83,"y":287,"width":398,"height":11}},{"id":"d7cfb172-0fe5-4a66-ab21-8656f3cc0dea","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":29,"box":{"x":83,"y":302,"width":392,"height":10}},{"id":"d287fb92-f40a-4e79-aa2b-2d08f6e40b40","block_type":"box","text":"dollars and foreign currencies.","page_number":29,"box":{"x":83,"y":316,"width":193,"height":11}},{"id":"ec04c3b1-d54b-4a66-aaee-88a7810024bc","block_type":"box","text":"Derivatives Risk.","page_number":29,"box":{"x":83,"y":339,"width":111,"height":8}},{"id":"20449bab-82ee-45e1-8ed4-28946325308e","block_type":"box","text":"The Fund’s use of derivatives (","page_number":29,"box":{"x":200,"y":339,"width":193,"height":11}},{"id":"a8f0f490-fc74-46eb-b20e-4841b057d36a","block_type":"box","text":"e.g","page_number":29,"box":{"x":394,"y":341,"width":19,"height":9}},{"id":"0c8184fd-931f-4cc6-a8c8-2ebf57725d87","block_type":"box","text":"., futures,","page_number":29,"box":{"x":414,"y":339,"width":59,"height":10}},{"id":"82e22b46-fb28-48f6-bf65-2d88a5b40c7b","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":29,"box":{"x":82,"y":353,"width":385,"height":11}},{"id":"8c21aee6-7350-4adc-b21b-4c10a065d9cb","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":29,"box":{"x":83,"y":367,"width":411,"height":11}},{"id":"005acd8e-c347-43ac-8d4b-44176ea18f08","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":29,"box":{"x":83,"y":382,"width":424,"height":10}},{"id":"3c5231d7-3de5-4d47-a693-f1aef98d5d95","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":29,"box":{"x":83,"y":396,"width":365,"height":11}},{"id":"f53bd4c0-43e4-4a9e-ae1b-f68b1373aac6","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":29,"box":{"x":82,"y":410,"width":390,"height":11}},{"id":"273ddc1f-1776-477d-9563-8e2cbbd24074","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":29,"box":{"x":83,"y":424,"width":398,"height":11}},{"id":"3392d1e6-4a53-45c0-b209-fa0feb8060c3","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":29,"box":{"x":82,"y":438,"width":407,"height":11}},{"id":"bcc43937-64a9-4531-8727-b7a6582f0477","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":29,"box":{"x":83,"y":452,"width":363,"height":11}},{"id":"9cefe89c-73fb-47d0-9621-7f25b99806de","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":29,"box":{"x":83,"y":467,"width":419,"height":10}},{"id":"9d6aae17-2011-4695-8486-d85f1cbfc325","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":29,"box":{"x":83,"y":481,"width":400,"height":11}},{"id":"13dc557c-0109-465f-b7a6-47dc8ae77946","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":29,"box":{"x":83,"y":495,"width":381,"height":11}},{"id":"7e8757b3-b2f6-4257-9a05-118399325c90","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":29,"box":{"x":82,"y":509,"width":418,"height":11}},{"id":"8f8bb2dd-e219-42b6-ad03-1d53c264ea6b","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":29,"box":{"x":83,"y":523,"width":401,"height":11}},{"id":"12af5e71-0cd9-42d0-9538-8723123c3901","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":29,"box":{"x":83,"y":538,"width":403,"height":10}},{"id":"3a036fb8-9d53-4778-b319-12404ea47a19","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":29,"box":{"x":83,"y":552,"width":402,"height":10}},{"id":"8913003c-50e9-4df2-a7e8-d9d666f41841","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":29,"box":{"x":83,"y":566,"width":372,"height":11}},{"id":"5886562c-ac54-4a75-ba77-a2c93664a54a","block_type":"box","text":"Interest Rate Risk","page_number":29,"box":{"x":83,"y":589,"width":121,"height":9}},{"id":"a96621f1-983b-427b-a149-43d54532d119","block_type":"box","text":".","page_number":29,"box":{"x":204,"y":596,"width":2,"height":1}},{"id":"8cc3ce50-9afe-41c2-9819-08bcbd22c322","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":29,"box":{"x":212,"y":589,"width":233,"height":9}},{"id":"f7d236a3-94c3-4179-a271-389992c309c3","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":29,"box":{"x":82,"y":603,"width":425,"height":11}},{"id":"be4ab54b-c913-479c-8aa7-0e4afca422cf","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":29,"box":{"x":83,"y":617,"width":417,"height":11}},{"id":"8ccd99b6-7313-4c98-9fbc-2f6842bf991a","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":29,"box":{"x":83,"y":632,"width":388,"height":10}},{"id":"217e7bd0-96a1-426c-93ed-573adbf927f9","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":29,"box":{"x":82,"y":646,"width":402,"height":11}},{"id":"d93958e5-5169-4012-9ab5-6e804b73945e","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":29,"box":{"x":83,"y":660,"width":391,"height":11}},{"id":"073fc2f5-5b82-41f2-9477-aa7b19f7bce8","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":29,"box":{"x":82,"y":674,"width":424,"height":11}},{"id":"c978aab0-91fe-446e-973d-1ba4bc2a7fb1","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":29,"box":{"x":83,"y":688,"width":407,"height":9}},{"id":"ceea14f3-bbd5-44e9-929b-5cf71366f912","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":29,"box":{"x":82,"y":702,"width":424,"height":11}},{"id":"8dac367f-ac1a-44a8-82c4-141c97530b6d","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":29,"box":{"x":83,"y":717,"width":409,"height":10}},{"id":"7e9b8ec9-fc63-48aa-ac6a-df1ab0a24cf4","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":29,"box":{"x":83,"y":731,"width":397,"height":11}},{"id":"ff3f4ff2-2a03-45ff-9163-58c82b28be11","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":29,"box":{"x":83,"y":745,"width":411,"height":11}},{"id":"53087061-d6f2-418b-ba4c-f722dff63750","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":29,"box":{"x":83,"y":759,"width":363,"height":11}},{"id":"fc4e65a4-de4f-41c3-afbf-eca049664ab8","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":29,"box":{"x":83,"y":774,"width":385,"height":10}},{"id":"7ba15d6b-6784-481c-989a-7a6118b0e2e5","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":29,"box":{"x":83,"y":788,"width":404,"height":11}},{"id":"9d00a37f-a4f8-4c6e-96a9-73b9f1f6294c","block_type":"box","text":"dividends to shareholders.","page_number":29,"box":{"x":83,"y":802,"width":167,"height":8}},{"id":"4e0eb73e-af11-458f-ac1f-37e889156b89","block_type":"box","text":"Issuer Risk","page_number":29,"box":{"x":82,"y":825,"width":76,"height":9}},{"id":"43b443c0-b597-4793-9c0c-cd87d3ad66e1","block_type":"box","text":".","page_number":29,"box":{"x":158,"y":832,"width":2,"height":2}},{"id":"5225fa0e-3d39-4dff-8769-e9930e9af9c3","block_type":"box","text":"The performance of the Fund depends on the","page_number":29,"box":{"x":165,"y":825,"width":289,"height":11}},{"id":"1f33154b-2666-4524-8814-84054d9b5302","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":29,"box":{"x":83,"y":839,"width":411,"height":11}},{"id":"29e5c700-49f8-4986-9b88-c9c3bd82dff5","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":29,"box":{"x":83,"y":853,"width":402,"height":11}},{"id":"9af39dc3-2388-430e-a332-0634306ea3e3","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":29,"box":{"x":83,"y":868,"width":418,"height":10}},{"id":"a02e46c8-b776-4339-bb33-92ae22f3eaed","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":29,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"fd3784a5-5f85-4a47-9ca3-1d341a1e425d","block_type":"box","text":"counterparty.","page_number":29,"box":{"x":549,"y":38,"width":84,"height":10}},{"id":"b181e451-68c2-4ff2-a296-36f52ccd315c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":29,"box":{"x":549,"y":61,"width":360,"height":10}},{"id":"647a6d9d-44fe-4915-98f3-b8c144aae2eb","block_type":"box","text":"Certain","page_number":29,"box":{"x":915,"y":61,"width":45,"height":8}},{"id":"6568a849-317a-43d1-b072-5abc6bf88b35","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":29,"box":{"x":549,"y":75,"width":405,"height":11}},{"id":"41e709e5-08ea-4a30-9cd4-57a6fc93ea5c","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":29,"box":{"x":549,"y":89,"width":409,"height":11}},{"id":"ccbaa7f4-e6bb-4b96-ae79-0d00b321c7ac","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":29,"box":{"x":549,"y":103,"width":419,"height":11}},{"id":"b96cef4b-99bf-4e94-b7c4-f4b2f6997748","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":29,"box":{"x":549,"y":117,"width":417,"height":11}},{"id":"422cf7e4-9c49-4f70-9ab5-4629d021239a","block_type":"box","text":"their investment in the Fund for a limited period of time. 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As the Fund will not fully replicate the","page_number":29,"box":{"x":549,"y":424,"width":362,"height":11}},{"id":"ef1c71c2-ecd8-44da-a7ff-41dfeb3c081a","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":29,"box":{"x":550,"y":438,"width":387,"height":11}},{"id":"36b695db-a441-4dea-ae29-c56a9667568f","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":29,"box":{"x":549,"y":452,"width":409,"height":11}},{"id":"5c21cb00-0f70-47a4-b219-7bf80c826ae7","block_type":"box","text":"investment strategy of BFA and the Sub-Adviser may not produce","page_number":29,"box":{"x":549,"y":467,"width":417,"height":10}},{"id":"6833cb9b-08e7-4dc9-8915-55c392f0d195","block_type":"box","text":"the intended results. There is no guarantee that the Fund’s","page_number":29,"box":{"x":549,"y":481,"width":374,"height":11}},{"id":"e210a786-1df1-4c7f-9d7c-dfc78c2858c8","block_type":"box","text":"investment results will have a high degree of correlation to those","page_number":29,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"ce26768f-52fe-41ab-a705-f167157b08ff","block_type":"box","text":"of the Underlying Index or that the Fund will achieve its","page_number":29,"box":{"x":549,"y":509,"width":352,"height":11}},{"id":"a43d6819-e0d2-4779-8f75-5721eec71b98","block_type":"box","text":"investment objective.","page_number":29,"box":{"x":549,"y":523,"width":136,"height":11}},{"id":"2beb3e42-efd8-4328-8377-14e14451a9ae","block_type":"box","text":"Market Trading Risk","page_number":29,"box":{"x":549,"y":546,"width":136,"height":11}},{"id":"71539d83-bbbb-4578-8aac-64e28c55ca45","block_type":"box","text":".","page_number":29,"box":{"x":685,"y":553,"width":2,"height":2}},{"id":"05a20691-913a-4971-b57a-e614d56591ad","block_type":"box","text":"The Fund faces numerous market trading","page_number":29,"box":{"x":692,"y":546,"width":264,"height":11}},{"id":"8513ef53-4a16-40a7-a128-32bebbc736b6","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":29,"box":{"x":549,"y":561,"width":394,"height":11}},{"id":"68c36425-a582-4be8-8b47-4c4917fb128d","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":29,"box":{"x":549,"y":575,"width":401,"height":11}},{"id":"b2fee031-720d-481c-866f-cecc0f98ed6b","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":29,"box":{"x":549,"y":589,"width":404,"height":11}},{"id":"3f12f2b8-01b5-4807-8b31-10fba45b6773","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":29,"box":{"x":549,"y":603,"width":416,"height":11}},{"id":"18a9bf47-2a41-4e0c-a086-0a62295424bf","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":29,"box":{"x":549,"y":617,"width":404,"height":11}},{"id":"43938a98-e02f-4cce-8325-e0b1e1f1ec0e","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":29,"box":{"x":549,"y":632,"width":411,"height":10}},{"id":"8a2fc2b5-fbed-4c37-84c2-2b2218ca03d9","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":29,"box":{"x":549,"y":646,"width":397,"height":11}},{"id":"c8345a62-addc-42ca-ae05-3f896b6639b9","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":29,"box":{"x":549,"y":660,"width":419,"height":11}},{"id":"89161a4b-ca02-4b9d-970f-c159dd0b4349","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":29,"box":{"x":549,"y":674,"width":413,"height":11}},{"id":"f5dfd8c1-cc0d-4420-a123-05a0d2fcb407","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":29,"box":{"x":549,"y":688,"width":397,"height":11}},{"id":"eacfce25-16b3-4afb-beb0-efcb7cdf8d87","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":29,"box":{"x":549,"y":702,"width":316,"height":11}},{"id":"e35de0bd-d667-41e5-b485-bafa67c77065","block_type":"box","text":"National Closed Market Trading Risk.","page_number":29,"box":{"x":549,"y":726,"width":250,"height":10}},{"id":"30b0980c-bb25-4f6d-8e10-00e8d4213450","block_type":"box","text":"To the extent that","page_number":29,"box":{"x":805,"y":726,"width":113,"height":8}},{"id":"e473a438-1d1a-41e3-86df-ea7c3619a3d5","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":29,"box":{"x":549,"y":740,"width":378,"height":11}},{"id":"c6a8c579-8262-4146-abfc-9478df04e187","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":29,"box":{"x":549,"y":754,"width":393,"height":11}},{"id":"12114c5e-6f11-4be5-9f5a-bec677ae2722","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":29,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"e6547c71-9f67-41bb-a842-8e5bc20da1cd","block_type":"box","text":"S-22","page_number":29,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"afcbed89-aec6-4c7f-9fb6-3ee2e782fcad","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":29,"box":{"x":549,"y":783,"width":392,"height":11}},{"id":"3f40f163-ebdf-4645-ae5c-4b1b2385fd5d","block_type":"box","text":"price and its last quoted price (","page_number":29,"box":{"x":549,"y":797,"width":198,"height":11}},{"id":"06f2aece-6378-49d8-a57a-bb951c8ea3d1","block_type":"box","text":"i.e","page_number":29,"box":{"x":748,"y":797,"width":14,"height":8}},{"id":"4262b8e1-c886-46a6-a4be-7aca7df9fa8d","block_type":"box","text":"., the quote from the closed","page_number":29,"box":{"x":764,"y":797,"width":175,"height":11}},{"id":"5de7da68-c56d-4794-a76a-fe98625ff3cf","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":29,"box":{"x":549,"y":811,"width":376,"height":11}},{"id":"7bd32847-d2e7-4a4e-a864-1ffff0a78ef3","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":29,"box":{"x":549,"y":825,"width":420,"height":11}},{"id":"b4fd919f-a334-497b-9b7a-cc7478e14904","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":29,"box":{"x":549,"y":839,"width":403,"height":11}},{"id":"a2654210-9536-4ddb-83a1-1b42983f3c32","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":29,"box":{"x":549,"y":854,"width":360,"height":10}},{"id":"7f1d4f9b-e569-453a-b957-9ddb999af55e","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":30,"box":{"x":83,"y":23,"width":398,"height":11}},{"id":"66116105-1b7f-4414-a000-c574f6475b81","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":30,"box":{"x":84,"y":37,"width":410,"height":11}},{"id":"4a41ba16-54a2-416c-8f59-b90606819366","block_type":"box","text":"Non-Diversification Risk","page_number":30,"box":{"x":83,"y":60,"width":165,"height":9}},{"id":"f342b787-63df-43dd-8dc7-6cbb6b7aff7d","block_type":"box","text":".","page_number":30,"box":{"x":248,"y":67,"width":2,"height":2}},{"id":"8117ea06-770f-47b4-89af-9045552391cf","block_type":"box","text":"The Fund is classified as “non","page_number":30,"box":{"x":255,"y":61,"width":193,"height":8}},{"id":"155a534a-e4a4-4a87-9d69-43878e997cdf","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":30,"box":{"x":83,"y":75,"width":377,"height":10}},{"id":"068846bf-a2ac-4a89-93fb-569de8b35d44","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":30,"box":{"x":83,"y":89,"width":358,"height":11}},{"id":"5f344615-e628-4d29-90ac-6c238f2de8c0","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":30,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"bcb74067-3e15-4383-9331-f4cfc07b926d","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":30,"box":{"x":83,"y":117,"width":422,"height":11}},{"id":"31c459af-0773-47bb-b193-04c160c4f392","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":30,"box":{"x":83,"y":131,"width":379,"height":11}},{"id":"b4187f56-d65d-471c-b318-a1d7c76aff34","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":30,"box":{"x":83,"y":146,"width":375,"height":10}},{"id":"832c5f25-af34-401b-86f8-1ef9bcc9c977","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":30,"box":{"x":83,"y":160,"width":418,"height":11}},{"id":"e44d522a-f6b9-448e-b628-c848b0a8728b","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":30,"box":{"x":83,"y":174,"width":418,"height":11}},{"id":"756948d2-f2ac-4469-bf0a-b4b840cae0b4","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":30,"box":{"x":83,"y":188,"width":209,"height":11}},{"id":"6c8cae2b-e476-4a82-940a-a5e742509a19","block_type":"box","text":"Non-U.S. Securities Risk","page_number":30,"box":{"x":83,"y":211,"width":165,"height":9}},{"id":"e5c30aa0-e3e7-47cb-a8ea-34a454c8d5e8","block_type":"box","text":".","page_number":30,"box":{"x":248,"y":218,"width":2,"height":2}},{"id":"9ac9a3dc-91f7-4311-b7ad-942213ede856","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":30,"box":{"x":256,"y":211,"width":236,"height":11}},{"id":"fdde41da-ffdc-4f5d-b421-b52e08ac1001","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":30,"box":{"x":83,"y":225,"width":382,"height":11}},{"id":"57c7b2c5-e495-4e76-b5ef-8626d9a83ba6","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":30,"box":{"x":83,"y":240,"width":406,"height":11}},{"id":"81e638ae-4546-4a77-b503-942ec4c8a466","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":30,"box":{"x":83,"y":254,"width":369,"height":11}},{"id":"12e64e70-859b-4c91-8113-1a028d733d8c","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":30,"box":{"x":82,"y":268,"width":356,"height":11}},{"id":"e18a7689-eeb9-4e82-95b5-6bcfa6783742","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":30,"box":{"x":83,"y":282,"width":406,"height":11}},{"id":"ce63b1a5-5bc2-4548-8f45-830b42407007","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":30,"box":{"x":83,"y":296,"width":397,"height":11}},{"id":"20a31c1a-40d1-41cd-87be-e6ef151ff188","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":30,"box":{"x":83,"y":311,"width":403,"height":10}},{"id":"96f34453-ece8-4575-a9c8-1a6380e36f18","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":30,"box":{"x":83,"y":325,"width":371,"height":11}},{"id":"6380b9cd-4f21-4030-9605-c83a2f88c000","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":30,"box":{"x":83,"y":339,"width":386,"height":11}},{"id":"74a7d25e-602b-4b34-bae8-fc7e76d7a60f","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":30,"box":{"x":83,"y":353,"width":391,"height":11}},{"id":"01445031-03b4-4200-aec6-e5a32ff1148d","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":30,"box":{"x":83,"y":367,"width":351,"height":11}},{"id":"a29f9ba1-f335-463c-a7ed-117fdddc7559","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":30,"box":{"x":83,"y":381,"width":413,"height":11}},{"id":"b2027633-7ef4-4e27-8556-52fb80079822","block_type":"box","text":"engage in portfolio transactions. 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Any reduction in this trading may have an","page_number":30,"box":{"x":82,"y":683,"width":383,"height":11}},{"id":"dde000bd-d8b1-4141-914f-67c817340632","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":30,"box":{"x":83,"y":697,"width":424,"height":11}},{"id":"2b0d4485-f1ef-486f-a029-651fd63367f7","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":30,"box":{"x":83,"y":711,"width":404,"height":11}},{"id":"55a85480-d913-4a48-8df0-c37db83c6420","block_type":"box","text":"North American Economic Risk","page_number":30,"box":{"x":83,"y":726,"width":217,"height":8}},{"id":"1145550d-38d7-4af9-9c01-d025a2449715","block_type":"box","text":".","page_number":30,"box":{"x":301,"y":733,"width":2,"height":1}},{"id":"1d472c77-0fa5-495f-a9c6-c76bea03325b","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":30,"box":{"x":83,"y":749,"width":276,"height":11}},{"id":"45d32582-a4b3-4898-ae67-cc0170c2ef9b","block_type":"box","text":".","page_number":30,"box":{"x":360,"y":755,"width":2,"height":2}},{"id":"930339a7-83b6-42cc-8bb8-482370219422","block_type":"box","text":"The Fund’s","page_number":30,"box":{"x":367,"y":749,"width":69,"height":8}},{"id":"565f7c38-236c-47c7-80b8-74ddaaa1713c","block_type":"box","text":"investment in developed country issuers will subject the Fund to","page_number":30,"box":{"x":83,"y":763,"width":415,"height":11}},{"id":"29012533-61a5-497d-a04b-b6d7bfd524d8","block_type":"box","text":"legal, regulatory, political, currency, security, economic and other","page_number":30,"box":{"x":83,"y":777,"width":419,"height":11}},{"id":"88261bc0-88d8-401b-9d1e-8114f5099099","block_type":"box","text":"risks associated with developed countries. 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Incidents involving a country’s or","page_number":30,"box":{"x":83,"y":862,"width":415,"height":11}},{"id":"8ed4bfee-a6ee-4b1d-abf7-4040dfee36ff","block_type":"box","text":"region’s security may cause uncertainty in its markets and may","page_number":30,"box":{"x":83,"y":877,"width":403,"height":10}},{"id":"6cbdb4d4-c6bc-4e27-8510-f9aa97fda633","block_type":"box","text":"adversely affect its economy and the Fund’s investments. In","page_number":30,"box":{"x":549,"y":23,"width":383,"height":11}},{"id":"401ab22b-a748-4236-a3c1-f034b77549d2","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":30,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"b2c5743a-ef8b-4fd8-8dbe-0d5d561dc395","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":30,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"1e871ca1-b81a-44e2-aa9c-7e3b43adaee5","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":30,"box":{"x":549,"y":66,"width":381,"height":10}},{"id":"12209867-8ac4-42e4-bee0-206c7b71a9b3","block_type":"box","text":"availability of certain commodities.","page_number":30,"box":{"x":549,"y":80,"width":222,"height":11}},{"id":"75bf2abb-0018-4829-8bb2-526f18116fa2","block_type":"box","text":"Risk of Investing in the U.S","page_number":30,"box":{"x":549,"y":103,"width":182,"height":11}},{"id":"f6ea2244-a06f-4da6-aad3-672664c9df87","block_type":"box","text":".","page_number":30,"box":{"x":732,"y":109,"width":2,"height":2}},{"id":"dda77229-83f6-4134-89a3-7cfd62cb5237","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":30,"box":{"x":740,"y":103,"width":210,"height":11}},{"id":"9c672238-8a6a-43ba-8a04-87d924c3a346","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":30,"box":{"x":549,"y":117,"width":391,"height":11}},{"id":"904299dd-d4bd-41c1-9b17-dd337171ce71","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":30,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"26138ced-f5c1-4e1b-8833-0c9bbafafd96","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":30,"box":{"x":550,"y":145,"width":412,"height":11}},{"id":"378b2dc6-9a18-4cb2-ab11-fbef844b228b","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":30,"box":{"x":549,"y":160,"width":396,"height":10}},{"id":"649fafe0-e643-4c6f-8162-6bfee0f88dbd","block_type":"box","text":"Small Fund Risk.","page_number":30,"box":{"x":548,"y":183,"width":111,"height":8}},{"id":"3a0e0126-6fbb-4b61-beb1-3a6145722821","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":30,"box":{"x":665,"y":183,"width":282,"height":11}},{"id":"b064c089-7f4f-49da-b2c6-545f1972315e","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":30,"box":{"x":549,"y":197,"width":397,"height":11}},{"id":"1ee3edfc-3ecd-43b7-8c17-69c0cfd6f1e1","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":30,"box":{"x":550,"y":211,"width":396,"height":11}},{"id":"10f3c9da-efd1-450e-9458-1cd318c39112","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":30,"box":{"x":549,"y":225,"width":387,"height":11}},{"id":"d7f15f08-e0ff-4be0-9ea5-7c939dd07e4e","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":30,"box":{"x":549,"y":240,"width":417,"height":10}},{"id":"57a53bc0-8b95-4cf6-8c23-c0e5626194d0","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":30,"box":{"x":549,"y":254,"width":420,"height":11}},{"id":"521d7aee-56ff-4a5b-835d-645253ea1855","block_type":"box","text":"at a discount to similar “round lot” bonds. 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In addition, the Fund may face the risk of being delisted if it","page_number":30,"box":{"x":549,"y":325,"width":421,"height":10}},{"id":"9888f56c-32a1-424d-989d-eacc0c7787ba","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":30,"box":{"x":549,"y":339,"width":408,"height":11}},{"id":"032d8e87-d824-4ce3-8268-3199a53780b5","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":30,"box":{"x":549,"y":353,"width":375,"height":11}},{"id":"3a730621-bb12-4595-b603-613c507d4106","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":30,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"e9131665-ed5d-4da3-a30c-35e1a9f9e860","block_type":"box","text":"its shareholders.","page_number":30,"box":{"x":549,"y":381,"width":105,"height":9}},{"id":"86ae1466-746b-47cd-910f-ebe465eb9692","block_type":"box","text":"Subsidiary Risk.","page_number":30,"box":{"x":548,"y":405,"width":108,"height":10}},{"id":"e5d1a17b-4e96-490d-a135-aa397612a700","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":30,"box":{"x":662,"y":405,"width":265,"height":10}},{"id":"a9ed9db9-feb1-4912-a477-78bda9c21a9c","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":30,"box":{"x":549,"y":419,"width":402,"height":11}},{"id":"cb36b28c-09ea-407f-ba68-d60ce32c047c","block_type":"box","text":"investments. The Subsidiary is not registered under the 1940 Act,","page_number":30,"box":{"x":549,"y":433,"width":418,"height":11}},{"id":"776d5e96-77f4-4626-9bb7-8629ed9e6f9b","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":30,"box":{"x":549,"y":447,"width":409,"height":11}},{"id":"aa137680-0a8c-42ed-a26f-0321d543e868","block_type":"box","text":"the investor protections of the 1940 Act. Changes in the laws of","page_number":30,"box":{"x":549,"y":461,"width":408,"height":11}},{"id":"ed1733d1-b326-4de0-b373-591abe05a486","block_type":"box","text":"the U.S. and/or the Cayman Islands could result in the inability of","page_number":30,"box":{"x":549,"y":475,"width":420,"height":11}},{"id":"13981017-df58-4a35-873b-fdd85ff5cdf3","block_type":"box","text":"the Fund and/or the Subsidiary to operate as described in the","page_number":30,"box":{"x":549,"y":490,"width":397,"height":10}},{"id":"aa976048-bff6-45cd-943c-1f5f1bc764fb","block_type":"box","text":"Prospectus and the Statement of Additional Information (“SAI”),","page_number":30,"box":{"x":550,"y":504,"width":407,"height":11}},{"id":"23f45a80-f312-4885-be03-a4ec207b4ebd","block_type":"box","text":"and could adversely affect the Fund.","page_number":30,"box":{"x":549,"y":518,"width":231,"height":11}},{"id":"81884397-cad0-4e35-9de6-970b7bad4218","block_type":"box","text":"Tax Risk.","page_number":30,"box":{"x":550,"y":541,"width":56,"height":9}},{"id":"9a60dac4-dbbd-4e0b-a9b4-731fc19ec775","block_type":"box","text":"The Fund invests in commodity-linked derivatives","page_number":30,"box":{"x":612,"y":541,"width":315,"height":11}},{"id":"6da111ff-1fe0-4c4c-a7fd-fcef51d438f8","block_type":"box","text":"indirectly through the Subsidiary because income from these","page_number":30,"box":{"x":549,"y":555,"width":389,"height":11}},{"id":"2c395523-6eae-4b46-803f-6fc22a62a5a3","block_type":"box","text":"investments, if made directly, might not be treated as “qualifying","page_number":30,"box":{"x":549,"y":570,"width":413,"height":10}},{"id":"a8513f8b-e904-45e4-a197-8e937e082b2f","block_type":"box","text":"income” for purposes of the Fund qualifying as a regulated","page_number":30,"box":{"x":549,"y":584,"width":373,"height":11}},{"id":"3c05cce5-541f-4796-b7d2-d108badd464c","block_type":"box","text":"investment company (“RIC”) for U.S. federal income tax purposes.","page_number":30,"box":{"x":549,"y":598,"width":423,"height":11}},{"id":"fa889a97-cdea-4862-b14f-3b3e1f37ffb1","block_type":"box","text":"Based on final regulations issued by the U.S. Internal Revenue","page_number":30,"box":{"x":550,"y":612,"width":395,"height":11}},{"id":"090bf836-6861-4e50-a706-affc7a7f65a9","block_type":"box","text":"Service (“IRS”) on which taxpayers may rely for taxable years","page_number":30,"box":{"x":549,"y":626,"width":390,"height":11}},{"id":"6b463e50-789a-49b0-89cc-a41210d33578","block_type":"box","text":"beginning after September 28, 2016, the Fund expects its income","page_number":30,"box":{"x":549,"y":640,"width":418,"height":11}},{"id":"a8482f76-6299-4c6b-9be6-ff9c8e688d82","block_type":"box","text":"with respect to the Subsidiary to be qualifying income. 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The price received by the Fund also may differ from","page_number":31,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"83b1daec-cec0-43fd-aba4-4a01d83f57ed","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":31,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"fe526659-132c-4149-b2b2-8f9bcab41565","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":31,"box":{"x":549,"y":80,"width":411,"height":11}},{"id":"20e98a94-c286-48b4-96f6-6cf7e815c886","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":31,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"6f4aa582-b6fb-483d-a0c3-b0e86297691b","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":31,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"b93bb3d2-d550-413d-b7c9-52b166346b61","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":31,"box":{"x":549,"y":122,"width":394,"height":11}},{"id":"9a7e3563-a61a-4d6d-a9cd-1488fed37e57","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":31,"box":{"x":548,"y":136,"width":383,"height":11}},{"id":"e7bc4574-6a7a-4117-bd3c-377168d28b3e","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":31,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"061fc40d-0729-4fac-9a19-04e6d5eff14f","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":31,"box":{"x":549,"y":165,"width":392,"height":8}},{"id":"8105fd6c-e398-4bef-9f83-5f803b19684d","block_type":"box","text":"valued or been valued using a different methodology. 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Such indices use withholding tax rates that are often at a higher rate than the rates t","page_number":32,"box":{"x":93,"y":626,"width":858,"height":10}},{"id":"c5b99b36-de1e-4b5c-ac0e-9643840cfb61","block_type":"box","text":"o","page_number":32,"box":{"x":952,"y":628,"width":6,"height":6}},{"id":"0eca2e9f-3059-490a-80ba-8d0c8dcac499","block_type":"box","text":"which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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In addition, a Fund is subject to (i) the credit risk of the","page_number":36,"box":{"x":77,"y":772,"width":886,"height":11}},{"id":"a424b498-5f14-4fa6-83c1-588ce29d5ba1","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":36,"box":{"x":76,"y":787,"width":901,"height":10}},{"id":"09788e4b-5027-4a10-bd72-4e580f7c18f6","block_type":"box","text":"its obligations.","page_number":36,"box":{"x":76,"y":801,"width":92,"height":11}},{"id":"7836309d-31e2-4dd3-8db1-6ddda8bcc56f","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":36,"box":{"x":76,"y":824,"width":904,"height":11}},{"id":"4e1ab468-c6a3-413a-b989-dc7514730afb","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":36,"box":{"x":76,"y":837,"width":875,"height":12}},{"id":"16cf6bc5-69dc-4665-b998-d6e1e95ee814","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":36,"box":{"x":76,"y":852,"width":864,"height":11}},{"id":"44a60d0b-f7d3-41c2-8da1-130e513791bf","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":36,"box":{"x":76,"y":867,"width":885,"height":10}},{"id":"5ae9d8f2-69fc-431a-8c19-31ea0d1df1d7","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":36,"box":{"x":76,"y":881,"width":319,"height":11}},{"id":"3dd27c99-adaa-48fe-b82e-e2328744003a","block_type":"box","text":"3","page_number":36,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"a310061d-1c89-4327-94fe-41538a60d864","block_type":"box","text":"Risk of Investing in Agriculture and Livestock","page_number":36,"box":{"x":82,"y":119,"width":286,"height":11}},{"id":"0cc3c420-7c6b-465d-a76a-800232f8870b","block_type":"box","text":"iShares","page_number":36,"box":{"x":889,"y":46,"width":51,"height":9}},{"id":"faea48f9-611c-4f19-b290-e1f86ef7b268","block_type":"box","text":"Strategic Metals","page_number":36,"box":{"x":859,"y":58,"width":114,"height":11}},{"id":"54f36c3b-bec2-425b-8bde-9bbc9660ecff","block_type":"box","text":"ETF","page_number":36,"box":{"x":903,"y":70,"width":23,"height":8}},{"id":"744b7304-309b-478a-9ac3-6f2f2513d0c4","block_type":"box","text":"Cash Transactions Risk.","page_number":37,"box":{"x":76,"y":23,"width":164,"height":9}},{"id":"425f0c02-4d17-4b80-b1a2-24e0abb5d005","block_type":"box","text":"Certain Funds expect to effect their creation and redemption transactions in cash, rather than as in-kind","page_number":37,"box":{"x":245,"y":23,"width":668,"height":11}},{"id":"55cf7c1a-6fce-4d0f-96b1-e2bd7497fc57","block_type":"box","text":"transactions. Paying redemption proceeds in cash rather than through in-kind delivery may require a Fund to sell investments at an","page_number":37,"box":{"x":76,"y":37,"width":838,"height":11}},{"id":"d16d10bc-1a43-4867-9d26-63cf59896be0","block_type":"box","text":"inopportune time to obtain the cash needed to meet redemption orders. As a result, the Fund may recognize capital gains or losses that","page_number":37,"box":{"x":76,"y":52,"width":869,"height":10}},{"id":"62605c3a-caa0-4a4e-84af-18a2ed05ae84","block_type":"box","text":"might not have been incurred if it had made an in-kind redemption, and it may pay out higher or lower annual capital gains distributions than","page_number":37,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"524735a7-b0e5-40c9-8a0d-61eba0b41e2e","block_type":"box","text":"ETFs that redeem in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use","page_number":37,"box":{"x":77,"y":80,"width":902,"height":11}},{"id":"33a633eb-e0b5-4fc3-beea-ed81de067dfc","block_type":"box","text":"of cash creations and redemptions also may cause a Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or","page_number":37,"box":{"x":76,"y":94,"width":897,"height":11}},{"id":"cbe3676a-60af-4ea1-96b8-d1c9afb7b7c8","block_type":"box","text":"discounts to the Fund’s NAV. Furthermore, a Fund may not be able to purchase or sell investments in connection with cash creations and","page_number":37,"box":{"x":76,"y":108,"width":876,"height":11}},{"id":"5dbe3a55-510b-484b-b41b-4d8a5d09607a","block_type":"box","text":"redemptions, respectively, at the same price used to determine the Fund’s NAV for such creations or redemptions. To the extent that the","page_number":37,"box":{"x":77,"y":122,"width":873,"height":11}},{"id":"a8860e67-a690-49c7-a295-ad4e10180216","block_type":"box","text":"maximum additional charge for creation or redemption transactions that can be allocated to Authorized Participants is insufficient to cover","page_number":37,"box":{"x":76,"y":137,"width":888,"height":10}},{"id":"4034ed50-8fd5-4d17-ac33-a98dd78d4543","block_type":"box","text":"the execution costs of a cash transaction, a Fund’s performance could be negatively impacted.","page_number":37,"box":{"x":76,"y":151,"width":606,"height":11}},{"id":"706d9461-91cc-43e6-996a-12be87da4e78","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":37,"box":{"x":76,"y":174,"width":336,"height":8}},{"id":"e0e51754-fd21-455a-b81c-93704b58395c","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":37,"box":{"x":418,"y":174,"width":562,"height":11}},{"id":"6c049594-df95-4833-a19f-5474d85d20bf","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":37,"box":{"x":76,"y":188,"width":880,"height":11}},{"id":"1e92f939-a050-4df8-9cc6-8a953c873651","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":37,"box":{"x":76,"y":202,"width":881,"height":11}},{"id":"cd5231dd-01d5-4331-bea0-e5d506f5edc5","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":37,"box":{"x":76,"y":216,"width":896,"height":11}},{"id":"7a6eb168-f9f1-4ddf-9d95-aa34f66ed74b","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":37,"box":{"x":76,"y":231,"width":889,"height":11}},{"id":"06e77c31-2cce-4cbe-8907-59161448deb9","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":37,"box":{"x":76,"y":245,"width":903,"height":11}},{"id":"ba0823de-6f2e-43c3-9ddd-fce0f73d99d1","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":37,"box":{"x":76,"y":259,"width":231,"height":9}},{"id":"8078236e-2d1a-4fc0-a063-747edf75f4bd","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":37,"box":{"x":76,"y":282,"width":251,"height":11}},{"id":"fcc9bfb7-c37d-42df-b799-c2c307bb1a1f","block_type":"box","text":"The value of a commodity-linked derivative instrument (including swaps based on such instruments)","page_number":37,"box":{"x":332,"y":282,"width":640,"height":11}},{"id":"e6557cca-bccd-4e21-a9c7-a54d915458ce","block_type":"box","text":"typically is based upon the price movements of the underlying commodity or an economic variable linked to such price movements.","page_number":37,"box":{"x":76,"y":296,"width":841,"height":11}},{"id":"edc1d26a-c787-4239-b65f-2c99ba0a9bc2","block_type":"box","text":"Therefore, the value of commodity-linked derivative instruments may be affected by changes in overall economic conditions, interest rates,","page_number":37,"box":{"x":76,"y":311,"width":889,"height":10}},{"id":"2d4d0967-8c80-4f83-87d5-4d99cfb883c9","block_type":"box","text":"or factors affecting a particular commodity or industry, such as production, disease, climate conditions, supply or demand, politics,","page_number":37,"box":{"x":76,"y":325,"width":839,"height":11}},{"id":"821ed0f7-adb6-4648-aff8-8e620cb6c28a","block_type":"box","text":"geopolitics, changes in international balance of payments and trade, currency devaluations and revaluations, market liquidity, and economic,","page_number":37,"box":{"x":76,"y":339,"width":900,"height":11}},{"id":"fb643847-8f0b-43d9-949e-d7110c8d73cf","block_type":"box","text":"political and regulatory developments. The current market prices, or “spot prices,” and the price at a specified future date implied by the","page_number":37,"box":{"x":76,"y":353,"width":872,"height":11}},{"id":"ee55886a-bc52-4efd-a53c-3c50171c5431","block_type":"box","text":"value of certain commodity-linked derivatives (including swaps based on such instruments), or the “futures prices,” for commodities will vary","page_number":37,"box":{"x":76,"y":367,"width":902,"height":11}},{"id":"9b692e24-40a1-4346-8d9f-1547295e7f62","block_type":"box","text":"depending upon expectations regarding market conditions. The value of commodity-linked investments tied to both spot and futures prices of","page_number":37,"box":{"x":76,"y":382,"width":907,"height":10}},{"id":"f797b56a-d6a6-4425-86e3-3a40a5917f4f","block_type":"box","text":"commodities may fluctuate quickly and dramatically as a result of changes affecting a particular commodity and may or may not correlate to","page_number":37,"box":{"x":76,"y":396,"width":899,"height":11}},{"id":"a85f0df0-0c78-40da-b55e-223788ebeb4c","block_type":"box","text":"price movements in other asset classes, such as stocks, bonds and cash. Investments in commodity-linked derivatives may be subject to","page_number":37,"box":{"x":76,"y":410,"width":876,"height":11}},{"id":"0ff379ad-5448-4a81-8370-1795ad623e6b","block_type":"box","text":"greater volatility than non-derivative based investments because of the leverage inherent in the use of derivatives. A highly liquid secondary","page_number":37,"box":{"x":76,"y":424,"width":895,"height":11}},{"id":"27599183-dad6-444f-9ee2-1bfeadd60b7c","block_type":"box","text":"market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked","page_number":37,"box":{"x":76,"y":438,"width":863,"height":11}},{"id":"a88a62b8-098c-4f56-9648-8f66c1a09c53","block_type":"box","text":"derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at","page_number":37,"box":{"x":76,"y":452,"width":869,"height":11}},{"id":"c0e46730-6192-4c35-8ab1-03f1f573808e","block_type":"box","text":"maturity, the Fund may receive more or less principal than it originally invested. The Fund might receive interest payments that are more or","page_number":37,"box":{"x":76,"y":467,"width":891,"height":10}},{"id":"0b8f1eb1-90cf-418c-a5bf-b1fdf1627aa2","block_type":"box","text":"less than the stated coupon interest payments. Commodity derivatives are subject to the risk that the counterparty to the transaction, the","page_number":37,"box":{"x":77,"y":481,"width":883,"height":11}},{"id":"9219ed76-d612-4f1d-a08f-e009108df621","block_type":"box","text":"exchange or trading facility on which they trade or the applicable clearing house may default or otherwise fail to perform. In addition, each","page_number":37,"box":{"x":76,"y":495,"width":884,"height":11}},{"id":"dadf5810-143d-41b7-8d69-e6ce434e3e54","block_type":"box","text":"exchange or trading facility on which derivatives are traded has the right to suspend or limit trading in all futures or other instruments that it","page_number":37,"box":{"x":76,"y":509,"width":896,"height":11}},{"id":"fbea63ca-56b4-4e46-ba62-7a8e49275d1c","block_type":"box","text":"lists. The Fund’s use of commodity-linked derivatives can result in large amounts of financial leverage. Although the Fund will not borrow","page_number":37,"box":{"x":77,"y":523,"width":872,"height":11}},{"id":"1c3dbd1c-d34d-46e6-971c-fc5c0886d63a","block_type":"box","text":"money in order to increase the amount of its trading, the low margin deposits normally required in futures trading permit a high degree of","page_number":37,"box":{"x":76,"y":537,"width":879,"height":11}},{"id":"abbce656-8fae-4c43-8cd8-71384a18bb96","block_type":"box","text":"leverage on the investment itself. Accordingly, a relatively small price movement in a futures contract may result in immediate and","page_number":37,"box":{"x":77,"y":552,"width":832,"height":11}},{"id":"7b885b6c-0efc-430f-9182-1ac9547a525e","block_type":"box","text":"substantial losses to the Fund. Like other leveraged investments, any trade may result in losses in excess of the amount invested. Each of","page_number":37,"box":{"x":76,"y":566,"width":882,"height":11}},{"id":"bbd4b7d9-8f04-40e3-8ffa-ce187d97c9fb","block_type":"box","text":"these factors and events could have a significant negative impact on the Fund.","page_number":37,"box":{"x":76,"y":580,"width":502,"height":11}},{"id":"a8a8a0e1-52db-4dad-b235-8a282be4c84d","block_type":"box","text":"Commodity Market Disruption Risk.","page_number":37,"box":{"x":76,"y":603,"width":248,"height":11}},{"id":"ba6b6689-a775-4454-9b34-3fbf1c18aba3","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among","page_number":37,"box":{"x":329,"y":603,"width":629,"height":11}},{"id":"d311580c-bea2-4098-a42b-34c99777b1e7","block_type":"box","text":"other factors, lack of liquidity, the participation of speculators, and government regulation, intervention and other actions. U.S. futures","page_number":37,"box":{"x":76,"y":617,"width":861,"height":11}},{"id":"7f34b333-6375-46fb-9a85-fb03ea89b867","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices that may occur in a single business day","page_number":37,"box":{"x":76,"y":632,"width":874,"height":10}},{"id":"4f38bae9-bcdf-4a76-bd4d-684064f120b4","block_type":"box","text":"(generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a contract as a result of these limits is referred to","page_number":37,"box":{"x":77,"y":646,"width":901,"height":11}},{"id":"729ec99b-f395-445b-aa03-5c12b518f9a1","block_type":"box","text":"as a “limit price.” If the limit price has been reached in a particular contract, no trades may be executed beyond the limit price. Limit prices","page_number":37,"box":{"x":76,"y":660,"width":889,"height":11}},{"id":"f6a71e17-f130-4e13-a250-cc70f9523654","block_type":"box","text":"have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. The","page_number":37,"box":{"x":77,"y":674,"width":882,"height":11}},{"id":"c7ce40d5-a81d-4743-8d2e-6ff1dc7a3371","block_type":"box","text":"CFTC and the U.S. commodities exchanges are also authorized to take other actions in the event of a market emergency, including, for","page_number":37,"box":{"x":76,"y":688,"width":862,"height":11}},{"id":"d678089f-4791-4f8d-a6b5-7ea131a5f403","block_type":"box","text":"example, the imposition of higher margin requirements and the suspension of trading. Any of those actions, if taken, could adversely affect","page_number":37,"box":{"x":76,"y":702,"width":888,"height":11}},{"id":"bde300b4-85d6-4702-826e-1488350dab33","block_type":"box","text":"the returns of the Fund.","page_number":37,"box":{"x":76,"y":717,"width":150,"height":8}},{"id":"4a38bba8-c354-42e4-8d81-d1563645128f","block_type":"box","text":"The constituents of the Underlying Index may experience such disruptions in trading. The Fund may be negatively impacted by the cessation","page_number":37,"box":{"x":76,"y":740,"width":895,"height":11}},{"id":"557bf61f-a43d-49d6-8772-b3ec0d57304b","block_type":"box","text":"of trading in futures contracts included in the Fund’s Underlying Index or by a futures exchange imposing a limit price. If there is a market","page_number":37,"box":{"x":76,"y":754,"width":879,"height":11}},{"id":"14f72888-c6e2-4cca-b109-18f4edb4fc3e","block_type":"box","text":"disruption event on a day when the Fund enters into or terminates a swap transaction tied to the Underlying Index, there could be an adverse","page_number":37,"box":{"x":76,"y":768,"width":903,"height":11}},{"id":"f1f297de-b754-4a50-8b41-9169776ec363","block_type":"box","text":"impact on the Fund’s portfolio and the performance of the Fund. Market disruption events may delay payments on swaps tied to the futures","page_number":37,"box":{"x":76,"y":782,"width":894,"height":11}},{"id":"8c1ef4f0-551d-45dd-81c3-422b7f8cc7db","block_type":"box","text":"market. In order to meet redemption requests, the Fund may be forced to terminate swaps tied to the futures market at disadvantageous","page_number":37,"box":{"x":76,"y":797,"width":877,"height":10}},{"id":"4e53e916-b401-4f99-99f0-f369d2c409c4","block_type":"box","text":"times or prices if a market disruption event persists beyond two consecutive business days.","page_number":37,"box":{"x":76,"y":811,"width":586,"height":11}},{"id":"bbe0db21-4301-49f1-95ae-2d809d27b920","block_type":"box","text":"In the event of a market disruption event, the execution price the Fund will pay or receive upon the settlement of a swap transaction tied to","page_number":37,"box":{"x":77,"y":834,"width":889,"height":11}},{"id":"54cefd49-caa3-4936-a3a7-63c916230223","block_type":"box","text":"the Underlying Index may differ from the Fund’s initial valuation of the swap, which is based on the official closing price of the Underlying","page_number":37,"box":{"x":76,"y":848,"width":876,"height":11}},{"id":"3a8a85f5-9350-41bf-9bb3-a69644e0d178","block_type":"box","text":"Index, which uses the limit price of the affected contract. Authorized Participants who purchase or redeem shares on a day when one or more","page_number":37,"box":{"x":77,"y":862,"width":905,"height":11}},{"id":"acfdee35-324d-4c1c-9dd3-06c88da7a0a5","block_type":"box","text":"constituents of the Underlying Index is experiencing a market disruption event could bear additional costs associated with increased market","page_number":37,"box":{"x":76,"y":877,"width":897,"height":10}},{"id":"fe8d5227-8d9d-4ba4-946e-a9b91c73b697","block_type":"box","text":"4","page_number":37,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"2ca4a0dd-8e26-4cfb-8a7d-c0a518772168","block_type":"box","text":"risk because the execution price of the swap may differ from the value assigned to the swap on the day the Authorized Participant submits","page_number":38,"box":{"x":77,"y":23,"width":885,"height":11}},{"id":"33e0e20a-9916-4ca0-b49d-577076f98fc1","block_type":"box","text":"their creation or redemption order. Such market disruption events may have an adverse effect on the value of the Fund shares.","page_number":38,"box":{"x":76,"y":37,"width":811,"height":11}},{"id":"9b5970b3-5c65-4dbb-9a2c-3ebda6ed3f50","block_type":"box","text":"Commodity Risk.","page_number":38,"box":{"x":76,"y":61,"width":117,"height":10}},{"id":"0d0c7073-9561-4b0d-9a42-0fcb63026e9e","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":38,"box":{"x":198,"y":61,"width":723,"height":10}},{"id":"952372c4-f7c2-40de-8bab-7c0e0adcc7a1","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":38,"box":{"x":76,"y":75,"width":873,"height":11}},{"id":"127b7031-6bac-4948-97d4-33d025a0a27d","block_type":"box","text":"ts,","page_number":38,"box":{"x":951,"y":76,"width":14,"height":9}},{"id":"ed3020d0-feb4-4be8-b3be-dbebc72adb14","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":38,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"62b20ddb-a2e4-4b0f-aff2-d1fe5d6f4daf","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":38,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"c5069898-6f66-4e10-b0f2-83a589c8daae","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":38,"box":{"x":76,"y":117,"width":349,"height":11}},{"id":"7cd1e0f1-1c8d-4397-90ee-e092a5b69610","block_type":"box","text":"Concentration Risk.","page_number":38,"box":{"x":76,"y":140,"width":136,"height":9}},{"id":"31760a09-b58c-41ba-91de-f58a749923cf","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":38,"box":{"x":217,"y":140,"width":744,"height":11}},{"id":"ef94919c-e182-4480-9dac-a947d0e5bb4c","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":38,"box":{"x":76,"y":155,"width":903,"height":10}},{"id":"289a6d36-e15b-4f9d-aaf7-2f556a1046ea","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":38,"box":{"x":76,"y":169,"width":853,"height":11}},{"id":"aa013519-4e9b-46bd-803e-5be6847ccd55","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":38,"box":{"x":76,"y":183,"width":897,"height":11}},{"id":"b10f11cf-26f4-4345-8c42-5d4c0e292f95","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":38,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"d4511e78-93a2-4163-9541-1a07d57923f5","block_type":"box","text":"its investments.","page_number":38,"box":{"x":76,"y":211,"width":100,"height":9}},{"id":"109b1400-af30-40ca-a30f-cd2494a845c9","block_type":"box","text":"Counterparty Risk.","page_number":38,"box":{"x":76,"y":235,"width":129,"height":10}},{"id":"1b9835e3-d21a-4469-81cb-d0bdf53a4e3d","block_type":"box","text":"Certain commodity-linked derivative instruments, uncleared swaps and other forms of financial instruments that involve","page_number":38,"box":{"x":211,"y":235,"width":767,"height":10}},{"id":"2a710be4-cce4-493d-89fc-0078aa490089","block_type":"box","text":"counterparties subject the Fund to the risk that the counterparty could default on its obligations under the agreement, either through the","page_number":38,"box":{"x":76,"y":249,"width":877,"height":11}},{"id":"941e6f35-c6b1-4b90-bd21-672f7a816303","block_type":"box","text":"counterparty’s bankruptcy or failure to perform its obligations. In the event of a counterparty default, the Fund could experience lengthy","page_number":38,"box":{"x":76,"y":263,"width":871,"height":11}},{"id":"f396cc1a-1116-497a-b844-37d4c7a0f126","block_type":"box","text":"delays in recovering some or all of its assets or obtain no recovery at all and, if the counterparty is subject to specified types of resolution","page_number":38,"box":{"x":76,"y":277,"width":880,"height":11}},{"id":"09f25657-9e63-4935-a58a-b53eb86c9feb","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability to close out positions and limit risk. The Fund may deposit funds required","page_number":38,"box":{"x":76,"y":291,"width":894,"height":11}},{"id":"7b3647da-e75e-48f1-8a90-45ba7ad33a28","block_type":"box","text":"to margin open positions in the derivative instruments subject to the CEA with a clearing broker registered as an FCM, which is an entity that","page_number":38,"box":{"x":76,"y":305,"width":901,"height":11}},{"id":"5b46f0d0-f855-4288-99f7-c298b9144de1","block_type":"box","text":"solicits or accepts orders to buy or sell commodity futures, options, swaps or forward contracts and accepts money or other assets from","page_number":38,"box":{"x":76,"y":320,"width":875,"height":10}},{"id":"a732d198-4d39-4fac-8cf3-213ffdc687da","block_type":"box","text":"customers to support such orders. The FCM could default on an obligation set forth in an agreement between the Fund and the FCM,","page_number":38,"box":{"x":76,"y":334,"width":849,"height":11}},{"id":"29d9a1ff-0c42-4254-875c-874870a2e597","block_type":"box","text":"including the FCM’s obligation to return margin posted in connection with the Fund’s futures contracts. If a counterparty defaults on its","page_number":38,"box":{"x":76,"y":348,"width":864,"height":11}},{"id":"2cd57976-8c8a-4bc7-8193-adf31be3b15b","block_type":"box","text":"payment obligations, the Fund may lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may","page_number":38,"box":{"x":76,"y":362,"width":864,"height":11}},{"id":"823d9006-c57c-466c-98f2-990b0ee1938b","block_type":"box","text":"engage in such investment transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty","page_number":38,"box":{"x":76,"y":376,"width":883,"height":11}},{"id":"24982144-691a-41b0-97e5-c38073044766","block_type":"box","text":"credit risk.","page_number":38,"box":{"x":76,"y":391,"width":67,"height":8}},{"id":"2f8154a2-c482-4860-8af0-99847b8c8cab","block_type":"box","text":"Credit Risk.","page_number":38,"box":{"x":76,"y":414,"width":79,"height":8}},{"id":"9d5638a0-1065-4491-b18e-efdbdf0ca0bd","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":38,"box":{"x":161,"y":414,"width":818,"height":11}},{"id":"3197137b-1ff8-4d30-a877-ec02ba57a157","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":38,"box":{"x":76,"y":428,"width":904,"height":11}},{"id":"d93baf63-7a88-4ce7-877e-29e0915ff0d4","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":38,"box":{"x":76,"y":442,"width":877,"height":11}},{"id":"1291e2e9-15fe-4c87-b920-f2529c52eebf","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":38,"box":{"x":76,"y":456,"width":858,"height":11}},{"id":"8a9d79a8-f992-4bb7-8044-f015f0e3735d","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":38,"box":{"x":76,"y":470,"width":853,"height":11}},{"id":"79ae794c-bdaf-4ee0-809d-bc0940c39df9","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":38,"box":{"x":76,"y":485,"width":906,"height":10}},{"id":"49d0dd7a-0268-4104-afb9-5a88f35e9387","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":38,"box":{"x":76,"y":499,"width":872,"height":11}},{"id":"ffcbf89b-c153-4f7a-acd5-9c17dd2f89e9","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":38,"box":{"x":76,"y":513,"width":897,"height":11}},{"id":"7895d1e8-14fc-4710-acab-cc2d5b8bc453","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":38,"box":{"x":76,"y":527,"width":903,"height":11}},{"id":"b96b0f1d-ba25-4c44-b7f0-5ea4c6fa1f96","block_type":"box","text":"experiences a downgrade or a default.","page_number":38,"box":{"x":76,"y":541,"width":244,"height":11}},{"id":"b59a4dce-df8e-4669-8ec2-f7d4f313520f","block_type":"box","text":"Currency Risk.","page_number":38,"box":{"x":76,"y":565,"width":100,"height":10}},{"id":"27ac92d5-b232-40fc-b737-8ecc0607e2cd","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":38,"box":{"x":182,"y":565,"width":782,"height":10}},{"id":"99c460e3-4303-429e-9c68-2e541b664fc8","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":38,"box":{"x":77,"y":579,"width":871,"height":11}},{"id":"fec4f650-7314-4b76-9781-f2b086c69bcb","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":38,"box":{"x":76,"y":593,"width":867,"height":11}},{"id":"de34cc3a-2f6d-49c9-b676-d49a59ba1276","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":38,"box":{"x":76,"y":607,"width":892,"height":11}},{"id":"41f5aa59-474b-4aa0-b427-e641162c8b92","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":38,"box":{"x":76,"y":621,"width":470,"height":11}},{"id":"ea28bfe6-037b-4763-9fe5-8bd36bf1003a","block_type":"box","text":"Derivatives Risk.","page_number":38,"box":{"x":77,"y":644,"width":115,"height":9}},{"id":"c2d8c1a9-c4ab-4684-8b13-a4611d3fe059","block_type":"box","text":"A Fund’s use of derivatives (","page_number":38,"box":{"x":197,"y":644,"width":179,"height":11}},{"id":"c1b4d4c0-575b-48de-8fef-f7706dff1f35","block_type":"box","text":"e.g.","page_number":38,"box":{"x":377,"y":647,"width":21,"height":8}},{"id":"05989aec-5f9e-4d78-bcb4-d2dbeb1eb950","block_type":"box","text":", futures, forwards, swaps, options) may be riskier than other types of investments and","page_number":38,"box":{"x":400,"y":644,"width":555,"height":11}},{"id":"872d315f-e161-4af9-bfbf-50d961ff935d","block_type":"box","text":"may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and","page_number":38,"box":{"x":76,"y":659,"width":896,"height":11}},{"id":"0004b451-2c64-45d7-a75d-b32db7039e30","block_type":"box","text":"they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives","page_number":38,"box":{"x":76,"y":673,"width":891,"height":11}},{"id":"29664dfd-a1f7-40cf-8ef0-333c730c3162","block_type":"box","text":"positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative.","page_number":38,"box":{"x":76,"y":687,"width":841,"height":11}},{"id":"3da8ee07-eb27-4b2e-8383-92a244d4fe9b","block_type":"box","text":"Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their","page_number":38,"box":{"x":77,"y":701,"width":891,"height":11}},{"id":"5cee951f-91af-476d-93b5-200a1c490f13","block_type":"box","text":"complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for","page_number":38,"box":{"x":76,"y":715,"width":845,"height":11}},{"id":"551dbdaa-a6a1-4b58-a252-36af2dfa173f","block_type":"box","text":"derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make","page_number":38,"box":{"x":76,"y":730,"width":904,"height":10}},{"id":"df07309d-4cb7-4f5d-be28-eb708ec7cb0e","block_type":"box","text":"derivatives more difficult for a Fund to value accurately.","page_number":38,"box":{"x":76,"y":744,"width":355,"height":11}},{"id":"6deab19d-e0e7-4ec8-9d49-fd916c3c559e","block_type":"box","text":"Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual","page_number":38,"box":{"x":76,"y":767,"width":863,"height":11}},{"id":"3c020188-695d-43a0-8fa5-cbf095eb98ce","block_type":"box","text":"obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard","page_number":38,"box":{"x":76,"y":781,"width":895,"height":11}},{"id":"36af3d43-75ea-4712-aac4-8743db8b15c2","block_type":"box","text":"to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory","page_number":38,"box":{"x":76,"y":795,"width":838,"height":11}},{"id":"cf09c473-2790-4528-b112-dfa9aec85079","block_type":"box","text":"requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact","page_number":38,"box":{"x":77,"y":809,"width":888,"height":11}},{"id":"e76151a3-1036-4a37-ae05-db255141df8f","block_type":"box","text":"the Fund.","page_number":38,"box":{"x":76,"y":824,"width":59,"height":8}},{"id":"871c88b7-2551-422a-bb9e-fedf7b973805","block_type":"box","text":"The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate","page_number":38,"box":{"x":76,"y":847,"width":863,"height":11}},{"id":"e27b3463-56b2-4055-ace1-6cea929039b2","block_type":"box","text":"controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a","page_number":38,"box":{"x":76,"y":861,"width":872,"height":11}},{"id":"338ef751-7fbc-4099-a9d4-38894f501de6","block_type":"box","text":"5","page_number":38,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"16d7887e-6db8-40b3-b4e8-995ab86ee582","block_type":"box","text":"counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential","page_number":39,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"4ef0b7f4-d2de-4765-8cb0-25bc4585d2d5","block_type":"box","text":"liquidity demands for a Fund to make margin, collateral, or settlement payments.","page_number":39,"box":{"x":77,"y":37,"width":515,"height":11}},{"id":"6c132fb5-b05d-4ab6-8883-5cbcdec06846","block_type":"box","text":"Energy Sector Risk.","page_number":39,"box":{"x":77,"y":61,"width":133,"height":10}},{"id":"c2e72597-4feb-405e-8208-38c2a420b08b","block_type":"box","text":"The performance of energy-related commodities is generally cyclical and highly dependent on energy prices. Energy","page_number":39,"box":{"x":215,"y":61,"width":743,"height":10}},{"id":"5af1a30d-91ed-49e7-a1fc-df959e2bb78c","block_type":"box","text":"prices may fluctuate significantly due to, among other things, national and international political changes, Organization of Petroleum","page_number":39,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"9fef4a03-436f-464c-add5-539973e6f408","block_type":"box","text":"Exporting Countries (“OPEC”) and non-OPEC energy exporters, such as the Russian Federation, policies and relationships, and the","page_number":39,"box":{"x":77,"y":89,"width":831,"height":11}},{"id":"0b8f968f-b3cc-424a-8b3d-6920e5b5b058","block_type":"box","text":"economies of key energy-consuming countries. The market value of energy-related commodities may decline for many reasons, including,","page_number":39,"box":{"x":76,"y":103,"width":881,"height":11}},{"id":"24d0be9e-6728-44eb-b8cd-968579421ba7","block_type":"box","text":"among other things: changes in the levels and volatility of global energy prices, energy supply and demand, and capital expenditures on","page_number":39,"box":{"x":76,"y":117,"width":865,"height":11}},{"id":"6c6a71b4-9281-4646-bb36-931c78ee81a4","block_type":"box","text":"exploration and production of energy sources; exchange rates, interest rates, economic conditions, and tax treatment; terrorism, natural","page_number":39,"box":{"x":76,"y":131,"width":874,"height":11}},{"id":"4365d817-54c8-45c7-8496-1ea1267a9ae1","block_type":"box","text":"disasters and other catastrophes; and energy conservation efforts, increased competition and technological advances. The energy sector","page_number":39,"box":{"x":76,"y":146,"width":879,"height":10}},{"id":"1ede795f-fdc0-41eb-8b04-931379323cd4","block_type":"box","text":"may also be subject to substantial government regulation and contractual fixed pricing. In 2020, in the context of the COVID-19 outbreak and","page_number":39,"box":{"x":76,"y":160,"width":905,"height":11}},{"id":"c31519a1-c1c3-416d-b5a4-a3722a682351","block_type":"box","text":"disputes among oil-producing countries regarding potential limits on the production of crude oil, the energy sector has experienced","page_number":39,"box":{"x":76,"y":174,"width":840,"height":11}},{"id":"5d8ea8df-f8d2-481b-9877-53d4882eaf72","block_type":"box","text":"increased volatility. In particular, significant market volatility occurred in the crude oil markets as well as the oil futures markets, which","page_number":39,"box":{"x":76,"y":188,"width":861,"height":11}},{"id":"77a1591e-c600-4497-966f-b7ec3158bc11","block_type":"box","text":"resulted in the market price of the front month WTI crude oil futures contract falling below zero for a period of time.","page_number":39,"box":{"x":77,"y":202,"width":737,"height":11}},{"id":"c4d51c9b-f93b-4700-bf53-51915e2d0001","block_type":"box","text":"European Economic Risk.","page_number":39,"box":{"x":77,"y":226,"width":174,"height":10}},{"id":"e67f41fa-bebe-42d2-914e-2aca264bbe4d","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":39,"box":{"x":256,"y":226,"width":704,"height":10}},{"id":"aa3f2850-baf4-4e4c-a35b-66792562725e","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":39,"box":{"x":76,"y":240,"width":893,"height":11}},{"id":"37408d89-b188-4a5b-9286-f2beb416b2e2","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":39,"box":{"x":76,"y":254,"width":899,"height":11}},{"id":"12f7df2b-ad59-4c17-b4e6-f47c78c8abe3","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":39,"box":{"x":77,"y":268,"width":888,"height":11}},{"id":"0984b010-633c-44f7-bc4c-2a4f49a07287","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":39,"box":{"x":77,"y":282,"width":879,"height":11}},{"id":"b1271b24-3bcb-49ea-ba9b-7d27afafaa07","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":39,"box":{"x":76,"y":296,"width":887,"height":11}},{"id":"bce24c61-6b76-49b4-ad77-169ad9441a1a","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":39,"box":{"x":76,"y":311,"width":874,"height":10}},{"id":"a922adc6-969d-440c-aae7-0ff2eba38925","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":39,"box":{"x":76,"y":325,"width":889,"height":11}},{"id":"459237c1-c8de-4d70-8f5e-d081d1b0f062","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":39,"box":{"x":76,"y":339,"width":899,"height":11}},{"id":"cb0aeb65-2fd4-4e1a-acdc-d05441213785","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":39,"box":{"x":76,"y":353,"width":904,"height":11}},{"id":"e5111586-7c98-4a9d-905e-330e1f741b74","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":39,"box":{"x":76,"y":367,"width":857,"height":11}},{"id":"4d9f3e1b-a2bb-4a67-89c2-2fd0c1698300","block_type":"box","text":"countries.","page_number":39,"box":{"x":76,"y":382,"width":63,"height":8}},{"id":"6af04c8e-6b77-486d-b1b3-2df8efaebf3d","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":39,"box":{"x":77,"y":405,"width":878,"height":11}},{"id":"d8b5a1ff-acc4-440f-a37f-b896c3bd1228","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":39,"box":{"x":76,"y":419,"width":858,"height":11}},{"id":"a5b6a53e-578b-4185-a89e-6587f05d5edf","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":39,"box":{"x":76,"y":433,"width":882,"height":11}},{"id":"dd667773-e568-40e0-a9ad-d1d8ebac59dc","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":39,"box":{"x":76,"y":447,"width":859,"height":11}},{"id":"7f237bd6-f26b-4312-a03a-1af166c9329b","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":39,"box":{"x":76,"y":461,"width":866,"height":11}},{"id":"5759e46f-e14a-456e-aefc-e7affff0213e","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":39,"box":{"x":77,"y":476,"width":894,"height":10}},{"id":"06af2346-846d-4218-8352-6da0691d2c24","block_type":"box","text":"l","page_number":39,"box":{"x":973,"y":476,"width":1,"height":8}},{"id":"8abd8336-8d9a-409c-bc4e-f01271c39dcd","block_type":"box","text":"markets.","page_number":39,"box":{"x":76,"y":490,"width":55,"height":8}},{"id":"a5524d4e-0ca0-4253-8802-5d94eb574b74","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":39,"box":{"x":76,"y":513,"width":880,"height":11}},{"id":"cccc7415-2be8-46a3-bc49-d59b08427e6e","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":39,"box":{"x":76,"y":527,"width":896,"height":11}},{"id":"e246a972-b113-446e-b5c4-0ec12c7626f6","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":39,"box":{"x":76,"y":541,"width":845,"height":11}},{"id":"af44b238-6d44-4b9d-9eb5-192bc1958023","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":39,"box":{"x":76,"y":556,"width":871,"height":10}},{"id":"8f282596-03b3-450d-b1ed-dced8028c6c5","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":39,"box":{"x":76,"y":570,"width":872,"height":11}},{"id":"b5ad4572-5366-41f6-b050-00b0883774f4","block_type":"box","text":"investments.","page_number":39,"box":{"x":76,"y":584,"width":81,"height":8}},{"id":"663f72a8-58cb-484f-9e19-c3fa8d9d40ab","block_type":"box","text":"Russian Invasion of Ukraine","page_number":39,"box":{"x":76,"y":607,"width":172,"height":9}},{"id":"8137f6fe-08fb-4af2-9694-0d29971a571d","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":39,"box":{"x":250,"y":607,"width":720,"height":11}},{"id":"ad74ec55-ba10-4405-9c02-6648529764d7","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":39,"box":{"x":76,"y":621,"width":893,"height":11}},{"id":"9970d6fe-540c-44e4-919c-c9bad814359f","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":39,"box":{"x":76,"y":635,"width":887,"height":11}},{"id":"258c9570-7af9-4c6d-9777-06bde87f1d50","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":39,"box":{"x":76,"y":650,"width":886,"height":10}},{"id":"4a5c53b7-4ed1-4cea-becf-ea2d94f43ab8","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":39,"box":{"x":76,"y":664,"width":894,"height":11}},{"id":"0376f772-a6c6-43e5-ae35-0c7125f5a2b0","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":39,"box":{"x":76,"y":678,"width":891,"height":11}},{"id":"5ab912d6-8fdf-4f21-816e-97d8071715df","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":39,"box":{"x":76,"y":692,"width":885,"height":11}},{"id":"0fafa19f-abcc-411e-ae78-c41375c04783","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":39,"box":{"x":76,"y":706,"width":892,"height":11}},{"id":"c334ceda-fb63-435d-adcb-3bddebf2771b","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":39,"box":{"x":77,"y":721,"width":431,"height":10}},{"id":"6391cc83-888e-4e1f-bea7-33e5b56751ee","block_type":"box","text":"Futures Contract Risk.","page_number":39,"box":{"x":77,"y":744,"width":154,"height":8}},{"id":"b56d2b7e-a1d2-464f-9bbf-eac49b2a1491","block_type":"box","text":"Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing","page_number":39,"box":{"x":237,"y":744,"width":718,"height":11}},{"id":"664acade-8399-4811-8ea8-51a005b94673","block_type":"box","text":"directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely impacted by these risks. The primary","page_number":39,"box":{"x":76,"y":758,"width":901,"height":11}},{"id":"72cd2b2a-82fd-43df-a170-83205817570a","block_type":"box","text":"risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and that of the underlying asset; (ii)","page_number":39,"box":{"x":77,"y":772,"width":890,"height":11}},{"id":"4518911f-abd9-46cb-a9fe-297d4c28971a","block_type":"box","text":"resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses","page_number":39,"box":{"x":77,"y":786,"width":873,"height":11}},{"id":"c6813f49-6697-44bb-9291-f52779ec81f9","block_type":"box","text":"from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of","page_number":39,"box":{"x":76,"y":800,"width":886,"height":11}},{"id":"d24749bb-3e37-4541-8c05-79071c153ad4","block_type":"box","text":"futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the","page_number":39,"box":{"x":76,"y":815,"width":845,"height":10}},{"id":"779f5475-9882-4a19-bf9d-d28d1f79f212","block_type":"box","text":"obligation to make daily cash payments to maintain the required margin for the futures contract; and (vii) the possibility that a failure to close","page_number":39,"box":{"x":76,"y":829,"width":904,"height":11}},{"id":"7629af36-a4b9-45bf-b1d2-ceabf6253336","block_type":"box","text":"a position may result in delivery of an illiquid commodity.","page_number":39,"box":{"x":76,"y":843,"width":362,"height":11}},{"id":"6689e2fc-7239-4469-9615-7e8fa1216126","block_type":"box","text":"A Fund that rolls futures contracts is subject to additional risk. If the market for the futures contracts is in “contango,” meaning that the price","page_number":39,"box":{"x":76,"y":866,"width":904,"height":11}},{"id":"264d8b57-0bb7-4922-a2d9-6ce531aeca77","block_type":"box","text":"of futures contracts in nearer months is lower than the price of contracts in distant months, the sale of a near-term month contract will be at","page_number":39,"box":{"x":76,"y":880,"width":901,"height":11}},{"id":"fa98d8d3-feed-4ca5-9dfa-47dc6ced2bfa","block_type":"box","text":"6","page_number":39,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"aa6a93a6-168a-44b1-b5d5-81e4e9aa5e12","block_type":"box","text":"a lower price than the cost of the longer-term contract, resulting in a cost to roll the contract. A Fund may also lose money in rolling a","page_number":40,"box":{"x":76,"y":23,"width":858,"height":11}},{"id":"6aebf872-4e70-49f8-84e4-58ae5bae148d","block_type":"box","text":"futures contract if the two contracts are trading at different prices as compared to fair value – for example, if the futures contract held by the","page_number":40,"box":{"x":76,"y":37,"width":903,"height":11}},{"id":"7d9f3fbd-43ce-4709-b4ac-7de7d4eaea2b","block_type":"box","text":"Fund is trading at a discount to fair value and the new contract being rolled into is trading at a premium to fair value. A Fund may not roll","page_number":40,"box":{"x":77,"y":51,"width":871,"height":11}},{"id":"9a860a3c-1b2f-4a2a-96e0-d7db013642a6","block_type":"box","text":"futures contracts on a predefined schedule; instead, BFA may determine to roll to another futures contract in an attempt to generate","page_number":40,"box":{"x":76,"y":66,"width":849,"height":11}},{"id":"9aa7e7fc-500b-46c2-8c3e-1ce0b6d431a8","block_type":"box","text":"maximum yield. There can be no guarantee that such a strategy will produce the desired results.","page_number":40,"box":{"x":76,"y":80,"width":615,"height":11}},{"id":"9a76ac9d-a4f6-4404-a00a-ddcad02afc95","block_type":"box","text":"In addition, U.S. regulations limit the types of foreign-listed futures contracts that U.S. investors are allowed to invest in. As a result, a Fund","page_number":40,"box":{"x":77,"y":103,"width":891,"height":11}},{"id":"395d0159-2ee2-48bf-a244-ec652ab3b988","block_type":"box","text":"may not be able to gain the exposure it seeks through certain non-U.S. futures contracts.","page_number":40,"box":{"x":76,"y":117,"width":570,"height":11}},{"id":"c3e16ae7-8cc3-4250-b276-94cd1253040b","block_type":"box","text":"Geographic and Security Risks.","page_number":40,"box":{"x":76,"y":140,"width":216,"height":11}},{"id":"a3194a1c-ea0b-4087-b98b-059d7711bd38","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":40,"box":{"x":298,"y":140,"width":668,"height":11}},{"id":"f6c60b8b-5b28-468e-acb3-dd2546176c60","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":40,"box":{"x":76,"y":155,"width":885,"height":10}},{"id":"39363d67-45be-4f2d-a0a2-8340e9c7e1ec","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":40,"box":{"x":76,"y":169,"width":840,"height":11}},{"id":"7547ad47-754e-4b5e-b295-13ec2595a037","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":40,"box":{"x":76,"y":183,"width":845,"height":11}},{"id":"8a97f938-44ab-4dc4-8d20-d4224d95846e","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":40,"box":{"x":76,"y":197,"width":570,"height":11}},{"id":"ab5d1cc0-d9d3-46e3-b8fd-f92971155acc","block_type":"box","text":"Illiquid Investments Risk.","page_number":40,"box":{"x":77,"y":220,"width":174,"height":11}},{"id":"26a797b5-8221-487c-8d6b-cd9a895f2d25","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":40,"box":{"x":256,"y":220,"width":719,"height":11}},{"id":"1027f1b9-e8eb-4185-ade0-70d7e931a8eb","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":40,"box":{"x":76,"y":235,"width":883,"height":10}},{"id":"51ecd768-d2c6-42ca-95b6-b9dab342cfc4","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":40,"box":{"x":76,"y":249,"width":885,"height":11}},{"id":"e1065156-4801-4cf8-b9c8-f90fe640fefd","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":40,"box":{"x":76,"y":263,"width":902,"height":11}},{"id":"2c52fdb2-f597-4c77-b72a-ce4b2ec6dff1","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":40,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"c03875f8-6827-498b-b2af-178e69205e6b","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":40,"box":{"x":77,"y":291,"width":751,"height":11}},{"id":"e2c51bda-0d75-490f-8600-0943bb68aa21","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":40,"box":{"x":77,"y":314,"width":884,"height":11}},{"id":"d248da5f-0935-45b4-b186-b07c3c61d74f","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":40,"box":{"x":76,"y":329,"width":900,"height":10}},{"id":"8fc6acb0-50da-4607-bbc9-ad2f43cbeeac","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":40,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"b4fb4779-51e7-4f40-a9e2-64c8c87e0195","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":40,"box":{"x":77,"y":366,"width":900,"height":11}},{"id":"380ebc1f-187c-4212-8f03-dc50e4f1b4ff","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":40,"box":{"x":76,"y":380,"width":890,"height":11}},{"id":"2725ad42-e2f3-41bd-ab92-d34d57721b88","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":40,"box":{"x":76,"y":394,"width":828,"height":11}},{"id":"9605ef4c-a9a9-4982-8ff6-516e16a92df1","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":40,"box":{"x":77,"y":409,"width":873,"height":10}},{"id":"937000a7-9be7-4ed5-8ad2-0272f272aeab","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":40,"box":{"x":77,"y":423,"width":887,"height":11}},{"id":"d79728be-f87c-46df-9450-001194917d83","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":40,"box":{"x":77,"y":437,"width":896,"height":11}},{"id":"429b3e18-bce1-4a97-9e35-8b37af56efcc","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":40,"box":{"x":76,"y":451,"width":869,"height":11}},{"id":"c56497c5-c1cf-47ab-9f25-301f86b12405","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":40,"box":{"x":77,"y":465,"width":886,"height":11}},{"id":"ef7bfe30-2148-4860-ae76-5d45d19eb6eb","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":40,"box":{"x":77,"y":479,"width":858,"height":11}},{"id":"4dd88a0f-5cde-41b9-a8b9-6878c98ed851","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":40,"box":{"x":76,"y":494,"width":254,"height":10}},{"id":"f87caccc-d49b-43c0-a3fc-c23d7499d38f","block_type":"box","text":"Income Risk.","page_number":40,"box":{"x":77,"y":517,"width":87,"height":8}},{"id":"bad56f3c-613b-48c3-ac85-9756b8701891","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":40,"box":{"x":169,"y":517,"width":811,"height":11}},{"id":"6da5f8cb-d7c0-44ed-9981-02031d7d8ec1","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":40,"box":{"x":76,"y":531,"width":843,"height":11}},{"id":"9c7ff45d-f99e-4e0e-822a-3ee1f9be85f8","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":40,"box":{"x":76,"y":545,"width":752,"height":11}},{"id":"44f72ab5-0850-489d-956c-e3ead852e7e3","block_type":"box","text":"Index-Related Risk.","page_number":40,"box":{"x":77,"y":568,"width":132,"height":9}},{"id":"473e9c7c-5e51-4049-a6e9-e43e2fe5feaf","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":40,"box":{"x":214,"y":568,"width":728,"height":11}},{"id":"91170b44-2ef6-4a04-948a-e051675b0f14","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":40,"box":{"x":76,"y":583,"width":869,"height":10}},{"id":"c08665cb-6596-441f-b28f-fc9526fca9c3","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":40,"box":{"x":77,"y":597,"width":872,"height":11}},{"id":"97bba76e-de63-425b-b8e0-a181900405cf","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":40,"box":{"x":77,"y":611,"width":862,"height":11}},{"id":"6e95358e-9bc3-41d4-97cc-4973dd65f738","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":40,"box":{"x":76,"y":625,"width":897,"height":11}},{"id":"0d636848-d0fe-4769-b8c7-c16153e41eb4","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":40,"box":{"x":76,"y":639,"width":881,"height":11}},{"id":"15d52c6f-490f-4b6b-8fc8-e811a2bd18c5","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":40,"box":{"x":76,"y":663,"width":852,"height":10}},{"id":"584a53c0-6643-4b96-8747-cc131a1b91cf","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":40,"box":{"x":76,"y":677,"width":850,"height":11}},{"id":"edd0ad28-12b9-44c5-bcc5-ae2668cd43b8","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":40,"box":{"x":76,"y":691,"width":877,"height":11}},{"id":"8b2b3d1d-699d-4d01-b975-ebd9da8d36ab","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":40,"box":{"x":76,"y":705,"width":906,"height":11}},{"id":"7897eee2-e9c0-46d7-acff-2fb413be059c","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":40,"box":{"x":76,"y":719,"width":904,"height":11}},{"id":"a6449b8e-6d95-4a90-b2d2-5b7ec20cb481","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":40,"box":{"x":76,"y":733,"width":894,"height":11}},{"id":"10c620ed-56d5-43a2-b4e0-9df81ceb9efe","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":40,"box":{"x":76,"y":748,"width":877,"height":10}},{"id":"bdc4f580-1655-47c6-b2dd-7c5ef1aacb52","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":40,"box":{"x":76,"y":762,"width":881,"height":11}},{"id":"cacd3b11-1204-4195-b722-a13bae7f6457","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":40,"box":{"x":76,"y":776,"width":844,"height":11}},{"id":"c28ad2df-3018-4bf1-99b1-0598f2b310bd","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":40,"box":{"x":77,"y":790,"width":879,"height":11}},{"id":"1387d8cb-5650-42e3-b90a-dd98a618d3af","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":40,"box":{"x":76,"y":804,"width":340,"height":11}},{"id":"05c8b32e-7df5-4930-9d49-2fb45d715012","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":40,"box":{"x":77,"y":828,"width":857,"height":10}},{"id":"7980fe76-03b8-4720-bf55-ae5ba0d9ea1e","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":40,"box":{"x":77,"y":842,"width":880,"height":11}},{"id":"75a645e1-8407-441a-bbcc-50daed90ea3f","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":40,"box":{"x":76,"y":856,"width":902,"height":11}},{"id":"1f758432-4e06-438a-ba41-a645068ac484","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":40,"box":{"x":76,"y":870,"width":905,"height":11}},{"id":"5785238b-f7ee-4302-b612-d112cfbbf93e","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":40,"box":{"x":76,"y":884,"width":889,"height":11}},{"id":"abe50865-af69-41ba-8a3f-3ddaed0883c8","block_type":"box","text":"7","page_number":40,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"b45db514-776d-4c8f-b05f-e0c8885b8c76","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":41,"box":{"x":76,"y":23,"width":890,"height":11}},{"id":"89f1af30-15a5-4f7f-850e-3f09637c654b","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":41,"box":{"x":76,"y":37,"width":723,"height":11}},{"id":"42dd38db-6de5-4631-968a-d0b3221e5b38","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":41,"box":{"x":77,"y":61,"width":899,"height":10}},{"id":"fb2dc045-b4f0-40d0-82ac-e9a5fdf1604d","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":41,"box":{"x":76,"y":75,"width":876,"height":10}},{"id":"771dec00-3e0e-44c9-844c-66f2fcdc21ab","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":41,"box":{"x":76,"y":89,"width":865,"height":11}},{"id":"c22bc8c4-6f85-4d80-a677-4ddc123b1960","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":41,"box":{"x":76,"y":103,"width":897,"height":11}},{"id":"f08bebff-0659-4783-8732-b0143dc188d1","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":41,"box":{"x":76,"y":117,"width":213,"height":11}},{"id":"9e439d5d-dd25-4f3e-a78b-3541743370de","block_type":"box","text":"Interest Rate Risk.","page_number":41,"box":{"x":77,"y":140,"width":127,"height":9}},{"id":"2ae32cae-167f-4859-aad8-127d8e55bc7e","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":41,"box":{"x":210,"y":140,"width":770,"height":11}},{"id":"4b193a2f-87fe-4726-b9b3-95dc9e05703a","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":41,"box":{"x":76,"y":155,"width":889,"height":10}},{"id":"538cc644-5900-4ded-9424-2156aa709b4b","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":41,"box":{"x":77,"y":169,"width":837,"height":11}},{"id":"537bb102-26a4-4761-a05c-0c0f5d603e08","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":41,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"b57e36ec-07fd-4e84-bdf9-07fd4ecfa464","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":41,"box":{"x":76,"y":197,"width":892,"height":11}},{"id":"5c21571d-0b90-49fe-b012-3056cdc8482e","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":41,"box":{"x":76,"y":211,"width":876,"height":11}},{"id":"37ea8d4d-f499-4452-b2ad-34f6c83aeac0","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":41,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"d5dc5ce2-5912-4d1a-961a-39066e500f32","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":41,"box":{"x":76,"y":240,"width":883,"height":11}},{"id":"fe62db94-4ef0-4f05-bbc1-15e34bb0dc4b","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":41,"box":{"x":76,"y":254,"width":869,"height":11}},{"id":"b2a7225c-545c-40c0-be36-19c1264f313a","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":41,"box":{"x":76,"y":268,"width":345,"height":11}},{"id":"06eca951-b2cf-44c6-939f-cf424eadd497","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":41,"box":{"x":77,"y":291,"width":896,"height":11}},{"id":"b4c5bd79-fda2-4ac9-894c-5e5678b1d0db","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":41,"box":{"x":77,"y":305,"width":848,"height":11}},{"id":"deadb558-8b03-477f-9865-30f4b0e385ce","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":41,"box":{"x":76,"y":320,"width":900,"height":10}},{"id":"31bf77cb-cad3-4d56-80dc-55568f22960e","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":41,"box":{"x":76,"y":334,"width":875,"height":11}},{"id":"01868e20-1dbc-4cf5-b71d-1d0546d88493","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":41,"box":{"x":76,"y":348,"width":534,"height":11}},{"id":"11cf95ea-72c5-4b97-ad15-65bd438cd41d","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":41,"box":{"x":77,"y":371,"width":902,"height":11}},{"id":"fcc9b826-0d69-40a4-a3c7-ae1c52978698","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":41,"box":{"x":76,"y":385,"width":389,"height":11}},{"id":"4512b26d-045a-457e-8dae-df3ba4d61dfd","block_type":"box","text":"Issuer Risk.","page_number":41,"box":{"x":77,"y":409,"width":79,"height":8}},{"id":"28c34c6f-07cc-4752-8ae1-1789f5c32d21","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":41,"box":{"x":161,"y":409,"width":755,"height":10}},{"id":"6ba49a9f-c018-445a-9380-5d56751d6a63","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":41,"box":{"x":76,"y":423,"width":861,"height":11}},{"id":"929db1a0-0b13-4b2e-bba9-0fe8d709e0d8","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":41,"box":{"x":76,"y":437,"width":406,"height":11}},{"id":"12b4d6f1-58d5-4f84-bd1c-2538d4b9f4cb","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":41,"box":{"x":77,"y":460,"width":368,"height":11}},{"id":"c6760ade-5918-47e5-a94e-cdd4c6eb3da7","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":41,"box":{"x":450,"y":460,"width":518,"height":11}},{"id":"4b6875a3-de0b-494c-b216-b1bdd8195d21","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":41,"box":{"x":76,"y":474,"width":875,"height":11}},{"id":"179f7901-8500-43fe-aebc-45b107da1119","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":41,"box":{"x":76,"y":489,"width":899,"height":10}},{"id":"ad866d2b-2746-4392-be24-7efa57367859","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":41,"box":{"x":76,"y":503,"width":901,"height":11}},{"id":"75ca53ec-5a71-4ff1-98cb-af44d9ac315d","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":41,"box":{"x":76,"y":517,"width":888,"height":11}},{"id":"fa5baf15-d936-4aae-a444-46d3152d0866","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":41,"box":{"x":76,"y":531,"width":882,"height":11}},{"id":"21f921ea-5b3f-4883-b53b-765e6e95273f","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":41,"box":{"x":76,"y":545,"width":889,"height":11}},{"id":"00afdacb-bfc8-49da-8a7e-0279321c7e99","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":41,"box":{"x":76,"y":559,"width":906,"height":11}},{"id":"91966188-3a85-422b-987a-b6f3238a1494","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":41,"box":{"x":76,"y":574,"width":904,"height":10}},{"id":"166886a8-e85b-472d-9168-52ffb0c32ea7","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":41,"box":{"x":76,"y":588,"width":855,"height":11}},{"id":"207ac6b1-fb8e-49c4-a562-a8e3f26bb09f","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":41,"box":{"x":77,"y":602,"width":892,"height":11}},{"id":"f9ec00c1-423f-49f2-be6d-c674542ed13a","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":41,"box":{"x":77,"y":616,"width":901,"height":11}},{"id":"161c8789-ae31-4e48-ae62-a80f3ff5b850","block_type":"box","text":"to price.","page_number":41,"box":{"x":76,"y":630,"width":52,"height":11}},{"id":"c5361fc1-6185-4a65-b3d7-b7ec580b550e","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":41,"box":{"x":76,"y":654,"width":840,"height":10}},{"id":"a344b73a-2ec9-438a-b9d4-ef2aff9e7d84","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":41,"box":{"x":76,"y":668,"width":898,"height":11}},{"id":"09ccf62f-be2d-4dbc-81c2-5c5dc05b54ad","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":41,"box":{"x":76,"y":682,"width":878,"height":11}},{"id":"5b995f98-587e-4835-8efe-7a19ae96e18d","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":41,"box":{"x":76,"y":696,"width":792,"height":11}},{"id":"0ffd7928-74d9-4c30-b9b0-bd46205700fa","block_type":"box","text":"Management Risk.","page_number":41,"box":{"x":77,"y":719,"width":126,"height":11}},{"id":"6946e77d-7b2f-4043-83fd-5d667c30eece","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":41,"box":{"x":208,"y":719,"width":757,"height":11}},{"id":"8d166412-e962-46a3-b71c-6d6776ffb726","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":41,"box":{"x":76,"y":733,"width":863,"height":11}},{"id":"dcf832c4-dc0c-4fb1-9337-af0e937838d5","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":41,"box":{"x":76,"y":748,"width":864,"height":10}},{"id":"19fade98-7141-4502-bf7f-a34b9687c80e","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":41,"box":{"x":77,"y":762,"width":898,"height":11}},{"id":"dd4738c2-b56d-41ff-a762-046283daef2f","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":41,"box":{"x":76,"y":776,"width":837,"height":11}},{"id":"3d4b9908-038f-4af6-9cd1-c3b546354155","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":41,"box":{"x":77,"y":790,"width":888,"height":11}},{"id":"9a38f758-1529-43fc-b798-8474f350a1f4","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":41,"box":{"x":77,"y":804,"width":883,"height":11}},{"id":"679d4885-0210-420a-bc4a-c25a929a7b19","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":41,"box":{"x":76,"y":819,"width":889,"height":10}},{"id":"12a3a16c-4c01-4166-b5af-99ca14a17b83","block_type":"box","text":"its investment objective.","page_number":41,"box":{"x":76,"y":833,"width":156,"height":10}},{"id":"da7b379b-6cbd-4d3a-a91e-09d2f1922011","block_type":"box","text":"Market Risk.","page_number":41,"box":{"x":77,"y":856,"width":85,"height":8}},{"id":"ccdd2384-3b88-4aa6-8896-62fc2681db73","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":41,"box":{"x":167,"y":856,"width":764,"height":11}},{"id":"e5bb91e0-405d-4324-8502-8e52c7856b0d","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":41,"box":{"x":76,"y":870,"width":879,"height":11}},{"id":"9385a9cb-5ce2-4cb1-924b-e55ff362cfd4","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":41,"box":{"x":76,"y":884,"width":884,"height":11}},{"id":"8a9aa303-8d28-4aef-9750-0e751cd3901e","block_type":"box","text":"8","page_number":41,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"80fec0f8-e78a-41d3-a776-0c39f44bae02","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":42,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"90c1175a-f903-4397-9110-0f2bc5f2da6d","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":42,"box":{"x":76,"y":37,"width":858,"height":11}},{"id":"8fdb1b3f-0e2d-498f-9f10-8595a3faa5fb","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":42,"box":{"x":76,"y":51,"width":869,"height":11}},{"id":"e7e7cf25-90fe-4a89-9782-f0bf9d3e8aab","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":42,"box":{"x":76,"y":66,"width":885,"height":11}},{"id":"4b86f074-ef2f-44b1-8721-ec18dfcf7f2c","block_type":"box","text":"and assets.","page_number":42,"box":{"x":76,"y":80,"width":71,"height":8}},{"id":"33de79ce-1c3f-4969-9c4d-bfaa96a1b01f","block_type":"box","text":"Market Trading Risk.","page_number":42,"box":{"x":77,"y":103,"width":140,"height":11}},{"id":"33372ba0-f9e4-438e-bddc-97b01f923510","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":42,"box":{"x":222,"y":103,"width":753,"height":11}},{"id":"83dcb050-c2d0-465f-a88e-0ac01e547857","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":42,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"c6558da2-4a4f-4b28-b91f-97dc01567d90","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":42,"box":{"x":76,"y":131,"width":877,"height":11}},{"id":"a99f0974-3a5d-4526-a34c-65fd5df5189a","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":42,"box":{"x":77,"y":146,"width":446,"height":10}},{"id":"a2000598-15ad-4772-bcaa-4e68d85ea4e1","block_type":"box","text":"Absence of an Active Primary Market.","page_number":42,"box":{"x":75,"y":169,"width":236,"height":11}},{"id":"3d172b83-76db-49a1-8499-ea84cfb50592","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":42,"box":{"x":317,"y":169,"width":663,"height":11}},{"id":"e3ec7580-8dc3-4477-a811-6c64cba44240","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":42,"box":{"x":76,"y":183,"width":826,"height":11}},{"id":"6de6eece-8465-4e65-beb5-36ed3f215603","block_type":"box","text":"Secondary Listing Risks.","page_number":42,"box":{"x":76,"y":206,"width":151,"height":11}},{"id":"1809d7c9-2e6f-4feb-89b5-1ca1a65f4874","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":42,"box":{"x":233,"y":206,"width":732,"height":11}},{"id":"3e81628a-385d-4a92-9706-c1ee21c7b461","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":42,"box":{"x":76,"y":220,"width":841,"height":11}},{"id":"91abe42b-d834-4d54-9f87-2db2f88357f9","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":42,"box":{"x":76,"y":235,"width":890,"height":10}},{"id":"5c4c01d8-442e-49dc-9fa4-fe8e8db9d533","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":42,"box":{"x":76,"y":249,"width":880,"height":11}},{"id":"18970e70-4174-48c7-8856-0e6bcff83822","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":42,"box":{"x":76,"y":263,"width":872,"height":11}},{"id":"22522942-4e4a-4385-ab46-3e137dae3caa","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":42,"box":{"x":76,"y":277,"width":897,"height":11}},{"id":"0bd628bf-42a3-4086-8563-65d49132bf04","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":42,"box":{"x":76,"y":291,"width":862,"height":11}},{"id":"36955600-e4cd-4991-9b7f-3d090044f63d","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":42,"box":{"x":76,"y":305,"width":579,"height":11}},{"id":"7692a869-e754-430c-9d23-3796c6553c46","block_type":"box","text":"Secondary Market Trading Risk.","page_number":42,"box":{"x":76,"y":329,"width":196,"height":10}},{"id":"3caf4079-1c5d-42ba-bdb0-914ca8df8f3e","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":42,"box":{"x":279,"y":329,"width":703,"height":10}},{"id":"f4cc84a5-d0e3-4127-bccc-973e357190ae","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":42,"box":{"x":76,"y":343,"width":896,"height":11}},{"id":"12f2bb20-1c6d-4036-b10c-63bfaf6d799c","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":42,"box":{"x":76,"y":357,"width":880,"height":11}},{"id":"9cf8a46b-0319-4b54-bc8f-b0961d469e06","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":42,"box":{"x":76,"y":371,"width":900,"height":11}},{"id":"98bce420-c377-45de-b08e-11ae03935a22","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":42,"box":{"x":76,"y":385,"width":893,"height":11}},{"id":"5ef17de6-f844-4b8e-9f08-de218ec46f21","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":42,"box":{"x":76,"y":400,"width":581,"height":10}},{"id":"d9ea0db3-098d-49ff-9d58-d2deec678232","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":42,"box":{"x":77,"y":423,"width":900,"height":11}},{"id":"913d9a63-ffca-4e6c-b17c-52e8cb6eacd8","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":42,"box":{"x":76,"y":437,"width":547,"height":11}},{"id":"458bee81-a5a6-4db9-b515-eca1318b7dba","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":42,"box":{"x":76,"y":460,"width":894,"height":11}},{"id":"bff2e404-1f94-4c2c-81c4-17bdce112987","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":42,"box":{"x":76,"y":474,"width":905,"height":11}},{"id":"98b908dd-598d-4420-87f8-3404d355b358","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":42,"box":{"x":77,"y":489,"width":874,"height":10}},{"id":"d0e99128-a20f-463d-a199-e2e76101f31f","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":42,"box":{"x":76,"y":503,"width":890,"height":11}},{"id":"2e183f0f-af8c-40d1-bb4e-cde86bd49af4","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":42,"box":{"x":76,"y":517,"width":857,"height":11}},{"id":"ef898398-7047-46ad-9765-86760c7db7a4","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":42,"box":{"x":76,"y":531,"width":891,"height":11}},{"id":"1b7a0c8f-9740-41d9-9cab-28aa7bd8e291","block_type":"box","text":"substantial trading losses.","page_number":42,"box":{"x":76,"y":545,"width":166,"height":11}},{"id":"fa93ee59-9c9c-4e4d-bb82-56ecd75a8348","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":42,"box":{"x":76,"y":568,"width":874,"height":11}},{"id":"b1146e6d-af22-40ec-8945-f7528d8f9b7f","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":42,"box":{"x":76,"y":583,"width":893,"height":10}},{"id":"bca7da57-40c0-40dd-ae91-0f8992f4e59f","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":42,"box":{"x":76,"y":597,"width":658,"height":11}},{"id":"d3774d15-a2d2-4396-b8fc-9a8b83d747c1","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":42,"box":{"x":76,"y":620,"width":310,"height":11}},{"id":"eb44f734-cb13-4ceb-b0a7-bd51801c20d5","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":42,"box":{"x":385,"y":620,"width":572,"height":11}},{"id":"96b68dd6-5be9-4bda-bccc-f137822f5fa2","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":42,"box":{"x":77,"y":634,"width":852,"height":11}},{"id":"3ef8f82b-f0fc-47b3-8937-af61dbd5c2b5","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":42,"box":{"x":76,"y":648,"width":892,"height":11}},{"id":"2ae9f986-c080-42d3-91b4-da19fc514a74","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":42,"box":{"x":77,"y":663,"width":885,"height":10}},{"id":"2d9e38d7-7d54-4b6e-894b-79fc3e5e5e92","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":42,"box":{"x":76,"y":677,"width":792,"height":11}},{"id":"a91f804d-4702-4927-9861-f342350cf345","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":42,"box":{"x":77,"y":700,"width":886,"height":11}},{"id":"aa6a9259-dbda-4a6e-97df-55a5f2dd336e","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":42,"box":{"x":77,"y":714,"width":891,"height":11}},{"id":"3a4b21f1-114c-45e5-a461-42ebc0ba3a3f","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":42,"box":{"x":76,"y":728,"width":899,"height":11}},{"id":"44ffb017-eb05-4dfb-a322-2e12c7a68fb3","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":42,"box":{"x":77,"y":742,"width":899,"height":11}},{"id":"c4b09aa9-41a4-4e8d-8e55-735bce13bfa3","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":42,"box":{"x":76,"y":757,"width":878,"height":10}},{"id":"368aaf82-744e-423f-a1e0-3f3fdb912026","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":42,"box":{"x":76,"y":771,"width":902,"height":11}},{"id":"ec42f3f2-3078-4cee-8f39-0bf3891d887b","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":42,"box":{"x":76,"y":785,"width":891,"height":11}},{"id":"0b91cbe5-5ef2-4441-922b-25eff48fbc5b","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":42,"box":{"x":76,"y":799,"width":849,"height":11}},{"id":"a48a5627-304e-40f3-8d60-d200a855405f","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":42,"box":{"x":76,"y":813,"width":622,"height":11}},{"id":"437cb374-2afc-4de4-aeb7-78f2ea0cdbbf","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":42,"box":{"x":76,"y":837,"width":245,"height":10}},{"id":"f9658a5c-e454-4e90-b258-9ac21bf692ac","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":42,"box":{"x":328,"y":837,"width":636,"height":10}},{"id":"c55f82ac-894b-4d9d-b319-ae375e33f995","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":42,"box":{"x":76,"y":851,"width":853,"height":11}},{"id":"e81cbf52-5f01-45fb-b8b3-68cb6de7fde3","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":42,"box":{"x":76,"y":865,"width":895,"height":11}},{"id":"7fe36ffa-6926-429a-9eb9-ff9e17a32505","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":42,"box":{"x":76,"y":879,"width":865,"height":11}},{"id":"62d010f0-a897-4cc8-828d-eed94b6efe27","block_type":"box","text":"9","page_number":42,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"d877f0b9-5323-4dcd-96c6-ed801bf2383e","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":43,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"30879706-280c-4e13-b050-ccbf1be5482e","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":43,"box":{"x":77,"y":37,"width":891,"height":11}},{"id":"0e64165e-42e2-4203-8166-9626d5bfa091","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":43,"box":{"x":76,"y":51,"width":901,"height":11}},{"id":"f89afb89-26e9-4548-8752-d42248fa8e9b","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":43,"box":{"x":76,"y":66,"width":858,"height":11}},{"id":"d0aadbe0-ab0e-4ded-8b18-59c29dcf2e34","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":43,"box":{"x":77,"y":80,"width":418,"height":11}},{"id":"dd858c73-b982-468e-b81a-c17a1abaefe4","block_type":"box","text":"National Closed Market Trading Risk.","page_number":43,"box":{"x":77,"y":103,"width":254,"height":11}},{"id":"2f3a2057-b3a5-4846-8cb6-8ba61aa86b1d","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":43,"box":{"x":336,"y":103,"width":637,"height":11}},{"id":"d876a069-c452-4160-98ff-4a7cff6450f2","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":43,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"2d39c683-dbf2-40df-bb1c-81f320274480","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":43,"box":{"x":76,"y":131,"width":332,"height":11}},{"id":"cd949dba-bc7e-43d9-8a94-b65af9b0d32c","block_type":"box","text":"i.e","page_number":43,"box":{"x":408,"y":131,"width":15,"height":9}},{"id":"1c1731ba-6203-46dc-95a4-692936a5893f","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":43,"box":{"x":425,"y":131,"width":508,"height":11}},{"id":"dec671fe-6846-4c27-a3e3-efb01d2ca565","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":43,"box":{"x":76,"y":146,"width":863,"height":10}},{"id":"c78a86fe-cbb3-4e80-9f58-c3bad65c2b1d","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":43,"box":{"x":76,"y":160,"width":862,"height":11}},{"id":"c6908526-7e9f-42d0-9626-687b4fcc36db","block_type":"box","text":"greater than those experienced by other funds.","page_number":43,"box":{"x":76,"y":174,"width":300,"height":11}},{"id":"0ffe0703-b300-4e46-8824-db1cb9452744","block_type":"box","text":"Non-Diversification Risk.","page_number":43,"box":{"x":77,"y":197,"width":170,"height":9}},{"id":"0bd50405-ba93-4b70-8095-2e8447d83ff6","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":43,"box":{"x":252,"y":197,"width":711,"height":11}},{"id":"b26b8916-4412-4f97-ae88-890f6d6f265c","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":43,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"d26c6bab-a9e6-49d7-864c-dc96f00069cf","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":43,"box":{"x":76,"y":226,"width":886,"height":10}},{"id":"bbc33850-e557-426c-a6dc-8b0086c03b9f","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":43,"box":{"x":76,"y":240,"width":879,"height":11}},{"id":"09219e87-5b1b-43fe-bb32-425fe62abf03","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":43,"box":{"x":77,"y":254,"width":390,"height":11}},{"id":"56aa2ab0-6416-462f-96b1-5b157cd9efde","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":43,"box":{"x":77,"y":277,"width":171,"height":9}},{"id":"cfd3b58b-7c36-4d74-91ed-81ec8e0c8afc","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":43,"box":{"x":253,"y":277,"width":698,"height":11}},{"id":"780a1a02-ffef-4927-bab2-d665758bc848","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":43,"box":{"x":76,"y":291,"width":889,"height":11}},{"id":"1361f8a1-40b2-4a53-95fd-ca5bd6f0f155","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":43,"box":{"x":76,"y":305,"width":880,"height":11}},{"id":"b209f7e2-8d9c-41f3-9c54-b9a2b7c7c160","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":43,"box":{"x":76,"y":320,"width":402,"height":10}},{"id":"a668bc14-73d7-42f7-bb74-d87c909eac99","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":43,"box":{"x":114,"y":338,"width":445,"height":11}},{"id":"8b5c2f2a-57ed-4093-ac77-5597a283d5bc","block_type":"box","text":"Greater market volatility;","page_number":43,"box":{"x":113,"y":356,"width":158,"height":11}},{"id":"81f215f5-4025-439f-b45a-931f9b8d873a","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":43,"box":{"x":113,"y":374,"width":383,"height":11}},{"id":"edd9bba1-185b-437d-8a6f-fc3264a871be","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":43,"box":{"x":113,"y":392,"width":348,"height":11}},{"id":"24593d87-728d-469c-8a41-086167e15a6f","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":43,"box":{"x":114,"y":410,"width":316,"height":11}},{"id":"d4d11bc4-70b4-4341-a74a-9d7951fa1092","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":43,"box":{"x":114,"y":428,"width":319,"height":11}},{"id":"a3cfe537-5724-444a-a3ca-4bdfe426e717","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":43,"box":{"x":114,"y":446,"width":257,"height":11}},{"id":"54e55182-c2e9-4c0f-ba5a-ff9db089cd9e","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":43,"box":{"x":114,"y":464,"width":265,"height":11}},{"id":"be254831-a006-47d2-9704-ae8a8013baa3","block_type":"box","text":"Higher transaction and custody costs;","page_number":43,"box":{"x":114,"y":482,"width":241,"height":11}},{"id":"a410d5fc-9d17-4893-aebf-41adf54b04fd","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":43,"box":{"x":114,"y":500,"width":852,"height":11}},{"id":"4ff3d453-d5ea-442b-8046-998615a1ee88","block_type":"box","text":"engage in portfolio transactions;","page_number":43,"box":{"x":113,"y":514,"width":206,"height":11}},{"id":"f7d1eee0-fdf9-44f2-9df0-6b7f6ec44176","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":43,"box":{"x":114,"y":532,"width":386,"height":11}},{"id":"d97336a9-6333-4323-9af3-b14ba7194f5e","block_type":"box","text":"Less availability of public information about issuers;","page_number":43,"box":{"x":114,"y":550,"width":329,"height":11}},{"id":"73fcf482-28c6-45e5-85c5-ae7cad801b14","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":43,"box":{"x":113,"y":568,"width":803,"height":11}},{"id":"3e9487ba-f493-4ebd-90cb-bdc71d03c888","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":43,"box":{"x":114,"y":586,"width":328,"height":11}},{"id":"52178c0b-484a-44dc-930a-27b9e2544f13","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":43,"box":{"x":114,"y":605,"width":853,"height":10}},{"id":"b5cd2435-1ce7-4c75-bc28-352180ba0708","block_type":"box","text":"than those that apply in the U.S.","page_number":43,"box":{"x":113,"y":619,"width":205,"height":11}},{"id":"501a2d49-73b8-433e-9bb5-bbe6bc2ca053","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":43,"box":{"x":77,"y":642,"width":188,"height":11}},{"id":"135e71f6-f4c2-43d4-b357-82116529a34b","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":43,"box":{"x":265,"y":642,"width":674,"height":11}},{"id":"f220324f-6bab-4b38-ae94-aac4cbe5aae7","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":43,"box":{"x":76,"y":656,"width":905,"height":11}},{"id":"b5e56b9e-8f58-4ab7-bbb8-f38fa7686ff0","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":43,"box":{"x":76,"y":670,"width":898,"height":11}},{"id":"eac9b6f8-8584-466b-921a-32628910a2de","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":43,"box":{"x":76,"y":684,"width":892,"height":11}},{"id":"b5aba1ad-7541-4623-be63-3d53ed0d173e","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":43,"box":{"x":76,"y":699,"width":840,"height":10}},{"id":"970ccc67-2e04-47e4-9e89-ae0072c44802","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":43,"box":{"x":76,"y":713,"width":901,"height":11}},{"id":"22440129-6781-43b2-83d4-8c93900319cc","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":43,"box":{"x":76,"y":727,"width":897,"height":11}},{"id":"e574d63b-5cb4-4410-9c9f-ac0a606ee14f","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":43,"box":{"x":77,"y":741,"width":882,"height":11}},{"id":"c2efd36f-2ca1-45da-92fc-67466bc72253","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":43,"box":{"x":76,"y":755,"width":906,"height":11}},{"id":"dee7a1f6-09f4-4715-94c1-43a6a1783880","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":43,"box":{"x":77,"y":770,"width":636,"height":10}},{"id":"d7712790-66b2-4bb0-97aa-63babc027573","block_type":"box","text":"North American Economic Risk","page_number":43,"box":{"x":77,"y":793,"width":215,"height":8}},{"id":"2c00e7d3-1f22-4219-a51d-b3eaddaa92ee","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":43,"box":{"x":293,"y":793,"width":657,"height":11}},{"id":"cd071c38-0ab3-4c83-be20-c68c598b3a2a","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":43,"box":{"x":76,"y":807,"width":866,"height":11}},{"id":"0d0454ee-dd0b-4515-aed5-46a4a405d5e9","block_type":"box","text":"countries in which a Fund invests.","page_number":43,"box":{"x":76,"y":821,"width":215,"height":9}},{"id":"c840f561-aa49-46cc-98c8-7b3f24f02730","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":43,"box":{"x":76,"y":844,"width":903,"height":11}},{"id":"d5e2fa02-c113-4d16-a1cd-f65c08d94a8b","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":43,"box":{"x":76,"y":858,"width":852,"height":11}},{"id":"db8efb4d-f454-4584-a64e-8c3f35313e2b","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":43,"box":{"x":76,"y":873,"width":891,"height":11}},{"id":"b98b5ea3-2c71-43c5-b549-f3f6c274eb51","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":43,"box":{"x":76,"y":887,"width":847,"height":11}},{"id":"c463cb97-b3db-4721-a94b-ad802249392d","block_type":"box","text":"10","page_number":43,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"f9faa295-798f-4efc-86ec-7be8776d56c6","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":44,"box":{"x":77,"y":23,"width":883,"height":11}},{"id":"91ca31d0-3f41-4afe-80e9-cd827b7ba979","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":44,"box":{"x":76,"y":37,"width":888,"height":11}},{"id":"6e206f2d-e17e-4938-8f34-2a7924b94917","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":44,"box":{"x":76,"y":51,"width":375,"height":11}},{"id":"ffa44cbc-eab6-4d8a-96cc-09eaa0924bc6","block_type":"box","text":"Operational and Technology Risks.","page_number":44,"box":{"x":76,"y":75,"width":239,"height":11}},{"id":"1c371abd-2101-4fa1-ab1c-ed4e118fd6fc","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":44,"box":{"x":320,"y":75,"width":648,"height":11}},{"id":"72800e39-7575-44dc-b256-27a85f5fac7f","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":44,"box":{"x":76,"y":89,"width":842,"height":11}},{"id":"0d010d0b-6122-48af-ba2f-587f7e67108d","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":44,"box":{"x":76,"y":103,"width":877,"height":11}},{"id":"e496476d-40e8-4ae3-a349-3d0818b99534","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":44,"box":{"x":76,"y":117,"width":844,"height":11}},{"id":"95e815fd-8b31-4842-9f06-9205e8cd6321","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":44,"box":{"x":76,"y":131,"width":866,"height":11}},{"id":"83957017-e7d8-4fe4-be87-ff6f66ecd4b4","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":44,"box":{"x":76,"y":146,"width":892,"height":10}},{"id":"3abb9f12-c2b9-469d-a4ba-fb9f58f5aa77","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":44,"box":{"x":76,"y":160,"width":889,"height":11}},{"id":"4fd1078b-ea4b-4aea-aa70-7219b3d149e4","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":44,"box":{"x":76,"y":174,"width":870,"height":11}},{"id":"f6a4ab1c-762d-4733-840c-14519c94da64","block_type":"box","text":"risks.","page_number":44,"box":{"x":77,"y":188,"width":32,"height":9}},{"id":"0bff6b6f-d4f5-4e50-a3f6-e0b37cb633dd","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":44,"box":{"x":76,"y":211,"width":895,"height":11}},{"id":"81dc0066-5c4d-41bd-be2d-d90a8659f74c","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":44,"box":{"x":76,"y":226,"width":878,"height":10}},{"id":"7409e6e5-9ddd-4270-a00c-9c213a363cef","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":44,"box":{"x":76,"y":240,"width":905,"height":11}},{"id":"718e86a9-08a3-404f-9f58-6ef47c0fb1a4","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":44,"box":{"x":76,"y":254,"width":885,"height":11}},{"id":"9855d84a-d1e5-41f7-8b1f-f6a46ce0934e","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":44,"box":{"x":76,"y":268,"width":828,"height":11}},{"id":"7f4718c9-1fdf-41a2-8517-e153a33c8f3d","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":44,"box":{"x":76,"y":282,"width":898,"height":11}},{"id":"ebf8ead8-f3de-4e64-ab77-1bc05c850796","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":44,"box":{"x":76,"y":296,"width":884,"height":11}},{"id":"b8381a71-a55f-4056-83dc-e487116b9614","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":44,"box":{"x":77,"y":311,"width":880,"height":10}},{"id":"ba57a75a-71c9-4c7c-8ba7-82524ed4d1f4","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":44,"box":{"x":77,"y":325,"width":898,"height":11}},{"id":"d83ad37a-e4ea-48cb-bab8-0de3f67b5bd1","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":44,"box":{"x":76,"y":339,"width":866,"height":11}},{"id":"606c86c5-60fb-4190-9fa9-c40b1267ee65","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":44,"box":{"x":76,"y":353,"width":906,"height":11}},{"id":"24b75a2e-f19a-4dc9-858d-ad09ea955717","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":44,"box":{"x":76,"y":367,"width":904,"height":11}},{"id":"fcd1d4ac-1e0e-4518-9d93-e49d77f25523","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":44,"box":{"x":76,"y":382,"width":885,"height":10}},{"id":"a47e6695-c145-4473-819a-345b29b65152","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":44,"box":{"x":77,"y":396,"width":872,"height":11}},{"id":"0185e778-18a2-4e95-baab-dd608c42e1a3","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":44,"box":{"x":76,"y":410,"width":855,"height":11}},{"id":"dac85429-fbc3-48f4-abda-02f41455e6a5","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":44,"box":{"x":76,"y":424,"width":857,"height":11}},{"id":"1efeb60a-0b74-4b85-8701-7a5844cf5636","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":44,"box":{"x":76,"y":438,"width":897,"height":11}},{"id":"e5a9658f-aa99-48b0-8f8b-eef993fb4078","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":44,"box":{"x":76,"y":452,"width":886,"height":11}},{"id":"0e9fbd0d-9533-4aac-8241-cb9739d9e6fe","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":44,"box":{"x":76,"y":467,"width":876,"height":10}},{"id":"230b2895-6db9-4b7e-8a4e-cfc52c7653d3","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":44,"box":{"x":76,"y":481,"width":585,"height":11}},{"id":"80cc70a7-4623-4ce2-8745-29e89440b466","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":44,"box":{"x":76,"y":504,"width":864,"height":11}},{"id":"7cadb794-af8a-4083-ae0e-7252e5b7ddb3","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":44,"box":{"x":76,"y":518,"width":889,"height":11}},{"id":"f0b33d27-fb49-495e-88ba-26bd4d270eb4","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":44,"box":{"x":77,"y":532,"width":839,"height":11}},{"id":"266e3fc8-007e-4341-8794-66552668fe43","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":44,"box":{"x":76,"y":547,"width":862,"height":10}},{"id":"4592024f-6666-494e-8294-8be0ae66cc0d","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":44,"box":{"x":77,"y":561,"width":863,"height":11}},{"id":"0857ce20-b84d-44ff-84f0-a557d546d281","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":44,"box":{"x":76,"y":575,"width":871,"height":11}},{"id":"307b968a-4b47-4a25-ab79-3b8e2b6d96d1","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":44,"box":{"x":76,"y":589,"width":895,"height":11}},{"id":"57280db5-5249-4cd7-ab85-dae5f1138e9f","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":44,"box":{"x":76,"y":603,"width":882,"height":11}},{"id":"0292f66a-1d0d-4add-9c4b-1ffdc47519a2","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":44,"box":{"x":76,"y":617,"width":659,"height":11}},{"id":"283c9f51-30d1-4ae4-a551-0089ba840bd6","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":44,"box":{"x":77,"y":641,"width":830,"height":10}},{"id":"dd02f7f8-d36a-4d43-a224-6c2c61ce96bd","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":44,"box":{"x":75,"y":655,"width":905,"height":11}},{"id":"8ffc92af-7267-49e9-bd64-586b6446b4ee","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":44,"box":{"x":77,"y":669,"width":756,"height":11}},{"id":"ae1f863e-1228-4fcd-a1af-a15be90a156d","block_type":"box","text":"Ownership Limitations Risk.","page_number":44,"box":{"x":76,"y":692,"width":195,"height":11}},{"id":"9686c9fa-6126-4553-a0ea-8ce06f27b18a","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":44,"box":{"x":277,"y":692,"width":697,"height":11}},{"id":"1d43ddfc-dc0e-43a4-a01b-6bfb6e456350","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":44,"box":{"x":77,"y":706,"width":900,"height":11}},{"id":"b7fda11b-5b6e-4153-9469-41d5c8585bda","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":44,"box":{"x":76,"y":721,"width":851,"height":10}},{"id":"544f7c81-4e1a-43ea-8038-889af52fee41","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":44,"box":{"x":77,"y":735,"width":866,"height":11}},{"id":"82634f5f-5ed0-42fa-b9e8-fd6df7cca824","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":44,"box":{"x":76,"y":749,"width":903,"height":11}},{"id":"d3f0ed84-fc30-44fb-93e3-e43e29c18c94","block_type":"box","text":"holdings.","page_number":44,"box":{"x":77,"y":763,"width":55,"height":11}},{"id":"4589708e-c137-497f-b4fc-fa7293b8b124","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":44,"box":{"x":77,"y":786,"width":851,"height":11}},{"id":"385611f5-c41c-4417-a200-caceff34cb45","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":44,"box":{"x":76,"y":800,"width":890,"height":11}},{"id":"0df9f985-4eac-45ac-9b4b-b69328fdfa76","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":44,"box":{"x":76,"y":815,"width":870,"height":10}},{"id":"18c425bd-f55c-4c12-a177-b2c626dc86c4","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":44,"box":{"x":76,"y":829,"width":884,"height":11}},{"id":"ef4cf623-2b0c-4bf9-aef0-e5f86ad2a87b","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":44,"box":{"x":76,"y":843,"width":906,"height":11}},{"id":"096c7de6-5c88-4c82-9934-79149c3afac1","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":44,"box":{"x":76,"y":857,"width":886,"height":11}},{"id":"06aa73a3-5806-45ce-9348-aca4297d8768","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":44,"box":{"x":76,"y":871,"width":896,"height":11}},{"id":"2f5fb0f2-1a7b-40dd-bcfa-fc2438b67965","block_type":"box","text":"11","page_number":44,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"50b604da-c452-4a04-b4f7-5d13c71953a4","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":45,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"8be38017-593a-4fac-b498-397aa16bc4d1","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":45,"box":{"x":76,"y":37,"width":854,"height":11}},{"id":"82c68c94-e75f-47b2-9ef2-983c9b37b2c7","block_type":"box","text":"disapproval that was obtained.","page_number":45,"box":{"x":76,"y":52,"width":195,"height":10}},{"id":"31e4df47-11eb-4fa8-9258-4552866905a7","block_type":"box","text":"Privately Issued Securities Risk.","page_number":45,"box":{"x":77,"y":75,"width":222,"height":11}},{"id":"b1d80631-2ced-4a4e-90bf-b0de25972c27","block_type":"box","text":"Privately issued securities are securities that have not been registered under the 1933 Act, including","page_number":45,"box":{"x":305,"y":75,"width":643,"height":11}},{"id":"44631b26-3f5c-4613-b0cd-5dc76e913acb","block_type":"box","text":"securities that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act. Such securities typically are subject to","page_number":45,"box":{"x":76,"y":89,"width":876,"height":11}},{"id":"a4476cd8-72ec-41e0-aee8-ee96f64c4a76","block_type":"box","text":"legal restrictions on resale and generally are not traded in established public markets. As a result, privately issued securities may be deemed","page_number":45,"box":{"x":77,"y":103,"width":899,"height":11}},{"id":"d9848d8b-f789-4e96-b7d3-f36d2724092e","block_type":"box","text":"to be illiquid investments, may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in value and may","page_number":45,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"32e8f8da-f4c1-4826-a785-85b74e6818a4","block_type":"box","text":"have higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately issued","page_number":45,"box":{"x":77,"y":131,"width":858,"height":11}},{"id":"8a60bebc-f9ce-447b-b4c5-ed010e0f04a0","block_type":"box","text":"security, especially under adverse market or economic conditions or if there are adverse events related to the issuer. Because there may be","page_number":45,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"a05397bf-c041-4f13-9a2a-3fb2ba4883ea","block_type":"box","text":"relatively few potential purchasers for privately issued securities, a Fund may find it more difficult to sell such securities when it may be","page_number":45,"box":{"x":77,"y":160,"width":865,"height":11}},{"id":"9a950880-af76-4ad6-a833-d7d97c20a3d8","block_type":"box","text":"advisable to do so, or a Fund may be able to sell such securities only at prices that are lower than if such securities were more widely held","page_number":45,"box":{"x":76,"y":174,"width":882,"height":11}},{"id":"410ec4ea-2932-4da2-b9d5-a55351231db2","block_type":"box","text":"and traded. Difficulty in selling such securities at a desirable time or price may result in a loss to a Fund.","page_number":45,"box":{"x":76,"y":188,"width":665,"height":11}},{"id":"b839008d-780b-4f0c-9467-2d6ccbac17c9","block_type":"box","text":"At times, it may be more difficult to determine the fair value of privately issued securities for purposes of computing a Fund’s NAV due to the","page_number":45,"box":{"x":76,"y":211,"width":899,"height":11}},{"id":"f5cafc9e-9856-4aec-8940-b0a5d3ef73c5","block_type":"box","text":"absence of an active trading market. There can be no assurance that a privately issued security that is deemed to be liquid when purchased","page_number":45,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"2ec67dce-a958-47f1-ae68-c73eb686730e","block_type":"box","text":"will continue to be liquid for as long as it is held by a Fund, and its value may decline as a result, which may adversely affect the Fund.","page_number":45,"box":{"x":76,"y":240,"width":853,"height":11}},{"id":"cb1056c2-8ba4-419e-b86c-c82dead48f70","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":45,"box":{"x":77,"y":425,"width":235,"height":11}},{"id":"22a3085b-0e32-4371-a652-b522c03a90b8","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":45,"box":{"x":317,"y":425,"width":636,"height":11}},{"id":"9a2d8cd3-07c6-4c6c-a558-6e8a1ff754d2","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":45,"box":{"x":77,"y":440,"width":873,"height":10}},{"id":"2444faad-9aa5-4b9b-ad45-d6a7c7e053a5","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":45,"box":{"x":76,"y":454,"width":893,"height":11}},{"id":"07fb1abb-1eb3-45b0-bb04-a2c4e5df4deb","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":45,"box":{"x":77,"y":468,"width":681,"height":11}},{"id":"4c7a9973-a014-4107-b708-b10b83e0929a","block_type":"box","text":"Risk of Investing in Agriculture and Livestock.","page_number":45,"box":{"x":77,"y":491,"width":318,"height":11}},{"id":"a81db9b9-16fa-4d0d-895b-00308eb5212a","block_type":"box","text":"The agricultural and livestock sectors are subject to government subsidy policies and","page_number":45,"box":{"x":401,"y":491,"width":546,"height":11}},{"id":"d889bc91-ee1e-4383-ae08-28e1735a1efa","block_type":"box","text":"environmental, health and safety laws and regulations. Specific governmental policies, such as taxes, tariffs, duties, subsidies and import and","page_number":45,"box":{"x":76,"y":505,"width":904,"height":11}},{"id":"0d8a62a9-64b5-4188-a804-12081ed3cf61","block_type":"box","text":"export restrictions on agricultural commodities, commodity products and livestock, can influence the profitability of investing in agriculture","page_number":45,"box":{"x":76,"y":519,"width":890,"height":11}},{"id":"44c75c0d-8588-438b-aadf-df9154efe30c","block_type":"box","text":"and livestock. Import restrictions and tariffs that have recently been imposed by foreign countries on U.S. agricultural and livestock products","page_number":45,"box":{"x":76,"y":534,"width":901,"height":10}},{"id":"0b4e24ee-8ba4-4e17-909a-22131eb9eeb4","block_type":"box","text":"are expected to negatively impact the profitability of investing in these products. These industries may also be adversely affected by changes","page_number":45,"box":{"x":76,"y":548,"width":902,"height":11}},{"id":"730d7026-bf98-4df8-bff1-74e02953af43","block_type":"box","text":"in commercial and consumer demand for their products. A growing competitive landscape and increased availability of such commodities","page_number":45,"box":{"x":76,"y":562,"width":883,"height":11}},{"id":"71e29dd6-222a-440b-b1fc-1cf720bb5a13","block_type":"box","text":"can influence: (i) the planting and raising of certain crops/livestock versus other uses of resources; (ii) the location and size of crop and","page_number":45,"box":{"x":76,"y":576,"width":869,"height":11}},{"id":"4325f73d-05d7-417d-9c21-068d9285cb85","block_type":"box","text":"livestock production; (iii) whether unprocessed or processed commodity products are traded; and (iv) the volume and types of imports and","page_number":45,"box":{"x":77,"y":590,"width":887,"height":11}},{"id":"7b0d912e-dac9-466f-9dca-08c0ac904f0a","block_type":"box","text":"exports. Economic recession or labor difficulties may also lead to a decrease in demand for the products and services involved in agriculture.","page_number":45,"box":{"x":76,"y":605,"width":902,"height":10}},{"id":"6a58c884-d5a2-4b3e-a1de-182178904e17","block_type":"box","text":"As a result, the price of agricultural or livestock commodities could decline, which would affect the performance of the Fund.","page_number":45,"box":{"x":76,"y":619,"width":797,"height":11}},{"id":"56b27c27-13a3-4938-9cf8-c95e285e4272","block_type":"box","text":"The agricultural and livestock sectors also are particularly sensitive to changing weather conditions, such as floods or droughts, natural","page_number":45,"box":{"x":76,"y":642,"width":864,"height":11}},{"id":"d36f3944-493c-48c6-abdb-abc6f90a618c","block_type":"box","text":"disasters and other factors, such as disease outbreaks and pollution.","page_number":45,"box":{"x":76,"y":656,"width":440,"height":11}},{"id":"f20ffa05-8c0e-48e8-a0e3-e8a6f3a058bf","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":45,"box":{"x":77,"y":679,"width":285,"height":11}},{"id":"4d080a20-6971-4b75-83c6-7d508bc790d4","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":45,"box":{"x":368,"y":679,"width":568,"height":11}},{"id":"7a8a3382-f823-4986-8191-d41b706cd923","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":45,"box":{"x":76,"y":694,"width":878,"height":10}},{"id":"ea749483-e4f0-4f94-ad30-3b184294f62f","block_type":"box","text":"sectors (","page_number":45,"box":{"x":76,"y":708,"width":55,"height":10}},{"id":"71cbaaa3-b5f5-4106-af02-89be28700587","block_type":"box","text":"e.g.,","page_number":45,"box":{"x":132,"y":710,"width":25,"height":9}},{"id":"daf3f75b-1b05-46fd-8e2c-6eacdf297843","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":45,"box":{"x":163,"y":708,"width":817,"height":11}},{"id":"60112fbd-7e8c-414b-97fc-fffb687cd53d","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":45,"box":{"x":76,"y":722,"width":887,"height":11}},{"id":"6d633d48-66b5-40e4-9aed-a10569461a66","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":45,"box":{"x":76,"y":736,"width":884,"height":11}},{"id":"d0f7d964-e8e6-4397-b7ee-fc08c7c618d0","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":45,"box":{"x":76,"y":750,"width":874,"height":11}},{"id":"633bde43-ed8b-4a5b-94e6-6cde66a8f70e","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":45,"box":{"x":76,"y":764,"width":868,"height":11}},{"id":"bf9cc950-9ef8-4e52-a541-dc6575162aa0","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":45,"box":{"x":76,"y":779,"width":897,"height":10}},{"id":"1e7cde4a-4e9b-4312-8b03-efe16123b97c","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":45,"box":{"x":77,"y":793,"width":899,"height":11}},{"id":"d6ef8a80-4009-4d6f-b3ef-bcf2be9a6878","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":45,"box":{"x":76,"y":807,"width":860,"height":11}},{"id":"ca9f5302-79a9-4d54-8760-b3a89b5e3a80","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":45,"box":{"x":76,"y":821,"width":877,"height":11}},{"id":"5f0a27ac-3b0e-4bad-af08-63df3a928de1","block_type":"box","text":"country economies.","page_number":45,"box":{"x":76,"y":835,"width":126,"height":11}},{"id":"5e4da79f-48c5-4de9-8624-16357c75572d","block_type":"box","text":"12","page_number":45,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"06f6a75e-f447-4880-b2cb-c6e8e0251b7e","block_type":"box","text":"The performance of re-industrialization metals (i.e., metals used to facilitate AI infrastructure,","page_number":45,"box":{"x":304,"y":263,"width":598,"height":11}},{"id":"043a189a-cbf3-4852-9a82-e0ac3c3b606e","block_type":"box","text":"manufacturing, energy production and distribution, and national security) is highly dependent on manufacturing reshoring, amplified battery","page_number":45,"box":{"x":76,"y":277,"width":895,"height":11}},{"id":"353008e2-ed0c-4d12-90b9-a22240c19be0","block_type":"box","text":"production, increased defense spending and the expansion of AI infrastructure. Investments in re-industrialization metals may be speculative","page_number":45,"box":{"x":76,"y":291,"width":902,"height":11}},{"id":"7ad4c756-b265-461b-8690-f743416ef466","block_type":"box","text":"and subject to greater price volatility than investments in other types of assets. The market value of re-industrialization metals may be","page_number":45,"box":{"x":76,"y":305,"width":859,"height":11}},{"id":"dd26856e-a2ec-4c8f-adf6-5ae6c9d9ed3b","block_type":"box","text":"significantly affected for many reasons, including, among others, obsolescence of existing technology, changes in energy prices, worldwide","page_number":45,"box":{"x":76,"y":319,"width":890,"height":10}},{"id":"ff78f034-b437-45fb-8955-ef5ad97fba63","block_type":"box","text":"metal prices and extraction and production costs, global political changes, terrorism, war, natural disasters and other catastrophes,","page_number":45,"box":{"x":76,"y":333,"width":842,"height":10}},{"id":"423c9f85-16b3-4e9b-92b6-d1936ab94875","block_type":"box","text":"government regulations and subsidies, supply chains, and taxation policies. Worldwide metal prices may fluctuate substantially over short","page_number":45,"box":{"x":76,"y":346,"width":881,"height":11}},{"id":"e21bb7f4-78f8-44d5-85d6-24910c19b46e","block_type":"box","text":"periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. Such risks may be heightened","page_number":45,"box":{"x":76,"y":360,"width":893,"height":11}},{"id":"e4527d14-5807-4876-a3af-664680f659be","block_type":"box","text":"to the extent the Fund’s Commodity-Linked Investments provide exposure to emerging markets. In addition, the industry is relatively","page_number":45,"box":{"x":76,"y":374,"width":848,"height":11}},{"id":"cdc6a464-0aec-4c4d-8797-552a1fe46cd8","block_type":"box","text":"nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as having greater","page_number":45,"box":{"x":76,"y":388,"width":888,"height":11}},{"id":"4a37fb9a-9d57-426c-b14b-2933fb4bd813","block_type":"box","text":"investment risk.","page_number":45,"box":{"x":76,"y":402,"width":101,"height":9}},{"id":"75763021-4a89-4113-a2bd-f287ffd17e10","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":45,"box":{"x":77,"y":263,"width":222,"height":8}},{"id":"ae7a6a59-90e2-46b5-af16-656a6a41ad44","block_type":"box","text":"This sector also could be adversely affected by changes in exchange rates and inflation, imposition of import controls, increased competition,","page_number":46,"box":{"x":76,"y":221,"width":904,"height":11}},{"id":"faa284f6-9ea0-4ef6-b0ea-1cea633692cc","block_type":"box","text":"and changes in industrial and commercial demand for industrial metals as the principal supplies of metal industries may be concentrated in a","page_number":46,"box":{"x":76,"y":235,"width":902,"height":11}},{"id":"9f3f822d-c5bb-4cac-9a01-e8e91ff20272","block_type":"box","text":"small number of countries and regions.","page_number":46,"box":{"x":76,"y":249,"width":249,"height":11}},{"id":"db82643a-8ebd-4be5-a42a-c6a62ea6467f","block_type":"box","text":"Risk of Investing in Precious Metals.","page_number":46,"box":{"x":77,"y":272,"width":251,"height":11}},{"id":"aad7bbd6-5135-4d99-b39f-8b7d7b6e442e","block_type":"box","text":"Prices of precious metals and of precious metal-related financial instruments historically have been","page_number":46,"box":{"x":334,"y":272,"width":637,"height":11}},{"id":"554f34a5-7892-4fba-aa13-4bb05aabcfab","block_type":"box","text":"very volatile. The high volatility of precious metal prices may adversely affect the prices of financial instruments that derive their value from","page_number":46,"box":{"x":76,"y":286,"width":890,"height":11}},{"id":"c94b290c-7b7a-40f7-bb50-d7c2ab379e3c","block_type":"box","text":"the price of underlying precious metals. The production and sale of precious metals by governments, central banks or other larger holders","page_number":46,"box":{"x":76,"y":301,"width":882,"height":11}},{"id":"f58106e4-2f3d-49fb-a0fc-62a5c8fb4e35","block_type":"box","text":"can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on","page_number":46,"box":{"x":76,"y":315,"width":900,"height":11}},{"id":"fc4b0a71-2d1b-4e2e-ad2a-7c133d3fae31","block_type":"box","text":"the prices of precious metals. Other factors that may affect the prices of precious metal-related financial instruments include changes in","page_number":46,"box":{"x":76,"y":329,"width":874,"height":11}},{"id":"c38bcdce-9b8c-4618-be3f-18e555951355","block_type":"box","text":"inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.","page_number":46,"box":{"x":76,"y":343,"width":667,"height":11}},{"id":"e655ee36-ecc7-4f35-b8ce-2a78e8db4c6d","block_type":"box","text":"Some precious metals mining operation companies may hedge, to varying degrees, their exposure to declines in precious metals prices by","page_number":46,"box":{"x":76,"y":366,"width":886,"height":11}},{"id":"b53b1de1-8899-461b-b397-ff0cf5d8b98e","block_type":"box","text":"selling forward future production. This may affect prices of precious metals-related financial instruments, which in turn may limit the Fund’s","page_number":46,"box":{"x":76,"y":381,"width":893,"height":10}},{"id":"60fe65dc-31da-4916-a8c9-c8067de5a633","block_type":"box","text":"ability to benefit from future increases in the price of precious metals, thereby lowering returns to the Fund.","page_number":46,"box":{"x":76,"y":395,"width":689,"height":11}},{"id":"f8296408-8cb1-4251-bbbd-ee912de1e39a","block_type":"box","text":"Additionally, increased environmental or labor costs may depress the value of mining and metal investments.","page_number":46,"box":{"x":76,"y":418,"width":697,"height":11}},{"id":"4f55f654-28fd-4693-9270-d4a84ad46b5a","block_type":"box","text":"Risk of Investing in the U.S.","page_number":46,"box":{"x":77,"y":441,"width":190,"height":11}},{"id":"d2e8d684-a84b-49a8-9987-ad7280170aa5","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":46,"box":{"x":273,"y":441,"width":683,"height":11}},{"id":"62fab3f4-249c-4cb1-afd8-ff41cbf89e0f","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":46,"box":{"x":76,"y":455,"width":897,"height":11}},{"id":"848353f7-b6df-46c8-8206-a2ecc0af6f62","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":46,"box":{"x":76,"y":470,"width":902,"height":10}},{"id":"a4c12e48-104e-4833-b42b-7334ccf63262","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":46,"box":{"x":76,"y":484,"width":887,"height":11}},{"id":"73ef7301-8837-4f84-b9a4-8a280b65dd4a","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":46,"box":{"x":76,"y":498,"width":894,"height":11}},{"id":"2d5b09d4-0baa-4975-9ee2-2fffa1b66ecc","block_type":"box","text":"financial markets or issuers.","page_number":46,"box":{"x":76,"y":512,"width":179,"height":9}},{"id":"af09fd89-d70c-49f9-b011-aa1504734455","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":46,"box":{"x":76,"y":535,"width":868,"height":11}},{"id":"d8a295a0-7385-4e1a-b5b2-84865da50230","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":46,"box":{"x":77,"y":549,"width":867,"height":11}},{"id":"22b39761-81fa-4c29-b2ac-3e9029c04ffb","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":46,"box":{"x":76,"y":564,"width":868,"height":11}},{"id":"8131b284-b132-4e94-9bae-709b0c48ad49","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":46,"box":{"x":77,"y":578,"width":899,"height":11}},{"id":"5cd01d03-43af-4c34-b13e-1fbf2b4c1c61","block_type":"box","text":"system.","page_number":46,"box":{"x":76,"y":593,"width":49,"height":10}},{"id":"6cf467ef-bd1c-4eac-b1d7-67ff953cfbde","block_type":"box","text":"Risk of Swap Agreements.","page_number":46,"box":{"x":77,"y":615,"width":180,"height":11}},{"id":"5c650b5f-b1ab-48c6-89a1-72a3de00f662","block_type":"box","text":"Swaps can involve greater risks than direct investment in securities or physical commodities because swaps","page_number":46,"box":{"x":262,"y":615,"width":695,"height":11}},{"id":"8c29be58-4452-4bf3-abec-1da1b85572ca","block_type":"box","text":"may be leveraged and are subject to counterparty risk (","page_number":46,"box":{"x":76,"y":629,"width":354,"height":11}},{"id":"19e44c83-2059-45f6-ae88-a2d894b131ef","block_type":"box","text":"e.g.","page_number":46,"box":{"x":431,"y":632,"width":21,"height":8}},{"id":"152219b3-8a4d-4bcd-9945-b41072eaf8bb","block_type":"box","text":", the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk","page_number":46,"box":{"x":454,"y":629,"width":519,"height":11}},{"id":"60a96290-93f4-4d98-b771-970cb04b7566","block_type":"box","text":"and pricing risk (","page_number":46,"box":{"x":76,"y":644,"width":106,"height":10}},{"id":"097ca690-51e9-475b-a1f4-d7b76592f20f","block_type":"box","text":"i.e.","page_number":46,"box":{"x":182,"y":644,"width":18,"height":8}},{"id":"cbe14c05-e9c0-45a9-814c-ed8425ee16cd","block_type":"box","text":", swaps may be difficult to value). Swaps may be subject to illiquidity risk, and it may not be possible for the Fund to","page_number":46,"box":{"x":202,"y":644,"width":744,"height":10}},{"id":"77647f10-a491-40a2-be0f-c8d1d7f537d2","block_type":"box","text":"liquidate a swap position at an advantageous time or price, which may result in significant losses. Certain standardized interest rate and","page_number":46,"box":{"x":77,"y":658,"width":868,"height":11}},{"id":"194e59e7-7833-4333-817e-bd85b50326f4","block_type":"box","text":"credit default swaps are required to be traded on an exchange or trading platform and centrally cleared. Most other swaps are entered into","page_number":46,"box":{"x":76,"y":672,"width":889,"height":11}},{"id":"4a0926ff-ae8f-4849-9c43-b50eea16a3a4","block_type":"box","text":"on a negotiated, bi-lateral basis and traded in the over-the-counter market. Swaps are subject to bi-lateral variation margin. The Fund is","page_number":46,"box":{"x":76,"y":686,"width":867,"height":11}},{"id":"6af5cb1c-b8b8-46d6-833d-ee77add0b7bb","block_type":"box","text":"required by financial regulators to post initial margin in connection with trading over-the-counter swaps. These requirements may raise the","page_number":46,"box":{"x":77,"y":700,"width":886,"height":11}},{"id":"07302010-8448-4d0a-ad1b-b9d4a8456dc6","block_type":"box","text":"costs for the Fund’s investment in swaps. Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central","page_number":46,"box":{"x":76,"y":714,"width":884,"height":11}},{"id":"8781746d-be5e-45f1-b9fd-04bb3dfe7c8b","block_type":"box","text":"clearing does not make swap transactions risk-free. Swaps entered into by the Fund through its Subsidiary are not expected to be centrally","page_number":46,"box":{"x":76,"y":729,"width":891,"height":11}},{"id":"1cb2fb7e-889b-4955-ab2d-704363d425c0","block_type":"box","text":"cleared and thus will expose the Fund to counter-party default risk and illiquidity risk, as liquidity depends on the willingness of","page_number":46,"box":{"x":76,"y":743,"width":812,"height":11}},{"id":"8d386528-967f-4887-9081-98e0d1feb541","block_type":"box","text":"counterparties to enter into, and the ability of counterparties to hedge the risks of, such contracts. All swaps require posting of collateral,","page_number":46,"box":{"x":76,"y":757,"width":879,"height":11}},{"id":"101f7b63-2c94-40fd-b654-9665e50d0ac6","block_type":"box","text":"which may restrict the ability of the Fund to invest the assets in different ways and which involve costs to the Fund. Swaps provide","page_number":46,"box":{"x":76,"y":771,"width":834,"height":11}},{"id":"bbc9d902-a283-45b2-a319-025d4793d533","block_type":"box","text":"customized contractual terms, which may not, in all cases, provide the hedging or other intended benefits.","page_number":46,"box":{"x":76,"y":785,"width":679,"height":11}},{"id":"210557bd-0660-4ef5-b2d7-c26ff0a62328","block_type":"box","text":"13","page_number":46,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"a2028244-50bc-4aaf-95b9-d9ab3b30a22d","block_type":"box","text":"Risk of Investing in Gold.","page_number":46,"box":{"x":77,"y":23,"width":171,"height":11}},{"id":"70b39ca0-e90b-499b-9c7e-9d0bbf2c6823","block_type":"box","text":"The Fund has exposure to gold through its investments in total return swaps on the Underlying Index. Thus, the","page_number":46,"box":{"x":253,"y":23,"width":710,"height":11}},{"id":"7b4cff14-8950-4a5b-a820-e48bf2e39a23","block_type":"box","text":"Fund’s portfolio may be adversely affected by changes or trends in the price of gold. The price of gold and of gold-related instruments","page_number":46,"box":{"x":77,"y":37,"width":853,"height":11}},{"id":"c691b8b6-1475-4fda-bbd8-a593a023b740","block_type":"box","text":"historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may","page_number":46,"box":{"x":77,"y":52,"width":883,"height":11}},{"id":"0272a511-7b4c-47fd-886a-131e39a50e1e","block_type":"box","text":"adversely affect the supply and price of gold, and thus, the performance of the Fund. Unpredictable economic, financial, social, and political","page_number":46,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"ca20a6db-54d9-4200-880f-bccd18d2fbe5","block_type":"box","text":"factors may also affect the price of gold.","page_number":46,"box":{"x":76,"y":80,"width":257,"height":11}},{"id":"bd2e5334-1e95-47ec-b814-690ad398f9c4","block_type":"box","text":"Investments related to gold are considered to be speculative. The price of gold may fluctuate sharply over short periods of time due to,","page_number":46,"box":{"x":77,"y":103,"width":861,"height":11}},{"id":"61213de0-4931-4ae0-bf45-5dc3b8971fc3","block_type":"box","text":"among other things: (i) changes in inflation or expectations regarding inflation in various countries; (ii) the availability of supply; (iii) chang","page_number":46,"box":{"x":76,"y":117,"width":881,"height":11}},{"id":"6473f48d-4f9c-46d4-9cd2-aefd04af9010","block_type":"box","text":"es","page_number":46,"box":{"x":958,"y":120,"width":13,"height":6}},{"id":"67dbbad8-c949-48ca-9e00-8c48cc30a191","block_type":"box","text":"in demand; (iv) investment speculation and political uncertainty; and (v) monetary and other economic policies of various governments.","page_number":46,"box":{"x":76,"y":132,"width":865,"height":10}},{"id":"448c7745-180f-4f11-9541-8c248f9afe94","block_type":"box","text":"Risk of Investing in Industrial Metals.","page_number":46,"box":{"x":77,"y":155,"width":257,"height":11}},{"id":"8d9cfbb6-c39d-4f52-b955-a460e928f22d","block_type":"box","text":"The price of industrial metals may be adversely affected by unpredictable international economic","page_number":46,"box":{"x":339,"y":155,"width":622,"height":11}},{"id":"6e139b6e-5dc9-4fff-a2d9-1b88cb9fde65","block_type":"box","text":"and political policies, such as currency devaluations or revaluations, economic and social conditions within an individual country, trade","page_number":46,"box":{"x":76,"y":169,"width":861,"height":11}},{"id":"182f77e1-a0f6-43c6-9827-3e820084bfc3","block_type":"box","text":"imbalances, or trade or currency restrictions between countries. As a result, the price of industrial metals historically has been subject to","page_number":46,"box":{"x":76,"y":183,"width":878,"height":11}},{"id":"08639ac8-5a9b-4701-84b5-698a4e6d23be","block_type":"box","text":"substantial price fluctuations over short periods of time.","page_number":46,"box":{"x":76,"y":197,"width":358,"height":11}},{"id":"244adfa8-471a-4931-be45-7c46a417e4bd","block_type":"box","text":"or Congress enacts legislation, limiting the circumstances in which each Fund’s income with respect to the Subsidiary will be considered","page_number":47,"box":{"x":76,"y":312,"width":873,"height":10}},{"id":"7ab6fd50-6d34-48e3-9d5a-45518e42aa27","block_type":"box","text":"“qualifying income,” the Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":47,"box":{"x":76,"y":326,"width":895,"height":11}},{"id":"5cdb7d48-189d-48c3-9cac-26bb52e1f39c","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such circumstances. Moreover, changes in","page_number":47,"box":{"x":76,"y":340,"width":900,"height":11}},{"id":"434d1275-34e4-48b9-be05-e4ae700498d3","block_type":"box","text":"the laws of the U.S. and/or the Cayman Islands could result in the inability of each Fund and/or Subsidiary to operate as described in the","page_number":47,"box":{"x":76,"y":354,"width":880,"height":11}},{"id":"5a5e5145-86a1-4660-bacb-9f15d9e8e2bb","block_type":"box","text":"Prospectus and in the SAI, and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income,","page_number":47,"box":{"x":77,"y":368,"width":872,"height":11}},{"id":"ff55ff78-ec65-4cd2-8ccb-880cd8022645","block_type":"box","text":"corporate or capital gains taxes, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes","page_number":47,"box":{"x":76,"y":382,"width":874,"height":11}},{"id":"2f069622-6dc8-4911-9175-b9783735948c","block_type":"box","text":"such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely experience decreased investment returns.","page_number":47,"box":{"x":76,"y":397,"width":840,"height":10}},{"id":"5db3844a-dd53-4121-97b1-0caedc9c8611","block_type":"box","text":"Tracking Error Risk.","page_number":47,"box":{"x":76,"y":420,"width":135,"height":11}},{"id":"66ed2490-c0e1-4b48-a998-34f3acd7a46a","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":47,"box":{"x":216,"y":420,"width":749,"height":11}},{"id":"2c5e8289-e849-4c74-9311-1ff254d1a6b4","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":47,"box":{"x":76,"y":434,"width":871,"height":11}},{"id":"1b690cee-85d7-45e8-b99c-84d0712682bf","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":47,"box":{"x":76,"y":448,"width":897,"height":11}},{"id":"95185992-06c6-4cbc-ba83-6d71e7345e39","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":47,"box":{"x":76,"y":462,"width":868,"height":11}},{"id":"cb8550e3-15da-4783-bff4-b74af12f616c","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":47,"box":{"x":77,"y":477,"width":823,"height":10}},{"id":"1a75a8b0-6928-4b72-9bcf-7b5893bda9ee","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":47,"box":{"x":76,"y":491,"width":905,"height":11}},{"id":"082f0ac6-7c4b-48ed-9935-4c739ebb5ba8","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":47,"box":{"x":77,"y":505,"width":901,"height":11}},{"id":"8330e658-2923-4d6b-9cf2-685255832f94","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":47,"box":{"x":76,"y":519,"width":869,"height":11}},{"id":"4edc5dbf-c654-44c5-876a-1129c7304512","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":47,"box":{"x":76,"y":533,"width":884,"height":11}},{"id":"52c19b89-2834-4a59-834d-fc4762dc4fb9","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":47,"box":{"x":76,"y":548,"width":844,"height":10}},{"id":"59d14a42-b455-470e-a662-950baadd4b61","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":47,"box":{"x":76,"y":562,"width":851,"height":11}},{"id":"261f7d43-72cd-4e42-be8e-e348ed550505","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":47,"box":{"x":76,"y":576,"width":401,"height":11}},{"id":"8e12c95a-a76e-48c3-8233-5d5ddf92853e","block_type":"box","text":"Valuation Risk.","page_number":47,"box":{"x":76,"y":599,"width":102,"height":9}},{"id":"daa53536-79a3-471b-860d-cd1dfb370bb4","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":47,"box":{"x":183,"y":599,"width":756,"height":11}},{"id":"b2797fd1-9709-4020-a614-8eb4c27dd081","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":47,"box":{"x":77,"y":613,"width":889,"height":11}},{"id":"3dadd6c3-f8c1-44fb-93f4-6829a7b72f27","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":47,"box":{"x":76,"y":628,"width":857,"height":10}},{"id":"1e274244-9b34-4a74-badc-66e418805007","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":47,"box":{"x":76,"y":642,"width":898,"height":11}},{"id":"28cf4ea1-30be-45b2-a9fd-a4fd42d9889c","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":47,"box":{"x":76,"y":656,"width":849,"height":11}},{"id":"ca04ca69-be96-4522-8de2-83aee318bc77","block_type":"box","text":"purchase or sell Fund shares.","page_number":47,"box":{"x":76,"y":670,"width":187,"height":11}},{"id":"2b472b23-e993-4e54-b0ea-d72a4782878c","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":47,"box":{"x":77,"y":693,"width":886,"height":11}},{"id":"99278e30-bcc7-4233-a298-9ab9f83537f2","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":47,"box":{"x":76,"y":707,"width":890,"height":11}},{"id":"4010f7a8-302d-4764-a3bc-24630a91a1ed","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":47,"box":{"x":76,"y":722,"width":847,"height":11}},{"id":"015f8f2a-06ec-4269-9701-bbad54bc97d6","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":47,"box":{"x":76,"y":736,"width":895,"height":11}},{"id":"04a1c6b2-0e5c-4bde-ad4a-ac89263a2c5b","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":47,"box":{"x":76,"y":750,"width":892,"height":11}},{"id":"7c97a344-f398-4d53-a27e-63ed4bedc580","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":47,"box":{"x":77,"y":764,"width":857,"height":11}},{"id":"c583f86e-5980-4b40-8efd-6f21c0e0efcc","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":47,"box":{"x":76,"y":778,"width":772,"height":11}},{"id":"e3519f80-735a-4ce8-9a93-d126bd20f944","block_type":"box","text":"Portfolio Holdings Information","page_number":47,"box":{"x":78,"y":807,"width":296,"height":17}},{"id":"769d547e-83a1-44e0-9059-a4c21260815c","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":47,"box":{"x":76,"y":836,"width":896,"height":11}},{"id":"84138ebc-8721-4146-a9ce-36f02072f46c","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":47,"box":{"x":76,"y":851,"width":906,"height":10}},{"id":"e8cac5d9-8edc-4e37-8149-5d07add1c99d","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":47,"box":{"x":77,"y":865,"width":893,"height":11}},{"id":"7b2e9404-fae9-48e3-92cf-83394fd893dd","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":47,"box":{"x":76,"y":879,"width":256,"height":11}},{"id":"9f4ff410-6380-4638-a5a2-a6f2938b8405","block_type":"box","text":"14","page_number":47,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"c4822678-4265-4572-b32c-06008f38bab7","block_type":"box","text":"Small Fund Risk.","page_number":47,"box":{"x":76,"y":24,"width":114,"height":8}},{"id":"d8857f92-335a-4504-ad15-45c8cc354d80","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":47,"box":{"x":195,"y":24,"width":704,"height":10}},{"id":"114e3f2b-8eda-49ca-bd6b-c5b4507a33b4","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. A Fund that holds","page_number":47,"box":{"x":76,"y":38,"width":898,"height":11}},{"id":"ee29c4cd-9c86-440f-8198-64cf1d6824b5","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":47,"box":{"x":76,"y":52,"width":880,"height":11}},{"id":"ba90fe7a-2fc1-4022-bd91-72e27cff62dc","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":47,"box":{"x":77,"y":66,"width":898,"height":11}},{"id":"d4091b19-62b1-4004-8623-53f8a7931ab9","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":47,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"7400b608-e5f4-4f19-aea2-26afc52be741","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":47,"box":{"x":76,"y":94,"width":890,"height":11}},{"id":"1ff9ec31-e875-4022-be90-0453d0abf0d3","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":47,"box":{"x":77,"y":109,"width":893,"height":10}},{"id":"ce42e8d8-e123-4ce3-8b13-16f5859ea857","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":47,"box":{"x":76,"y":123,"width":530,"height":11}},{"id":"76052748-ae4c-4d99-b5d5-a1dfe568ec6e","block_type":"box","text":"Subsidiary Risk.","page_number":47,"box":{"x":76,"y":146,"width":111,"height":11}},{"id":"826ca094-efde-4b90-a659-ed55de9f66d7","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code, a Fund may invest up to 25% of its total assets, as","page_number":47,"box":{"x":193,"y":146,"width":731,"height":11}},{"id":"7bb77ece-3454-4d37-b666-c0fd78d67405","block_type":"box","text":"determined at the end of the Fund’s fiscal quarters, in a Subsidiary. By investing in a Subsidiary, a Fund is indirectly exposed to the risks","page_number":47,"box":{"x":76,"y":160,"width":870,"height":11}},{"id":"512dfcc6-28a7-4a11-852b-dcfc5651e573","block_type":"box","text":"associated with the Subsidiary’s investments. For each Fund, the Subsidiary is not registered under the 1940 Act, and, unless otherwise","page_number":47,"box":{"x":76,"y":174,"width":869,"height":11}},{"id":"7bf3d127-61d8-4a2c-a968-2286ecab0bd9","block_type":"box","text":"noted in the Prospectus, is not subject to the investor protections of the 1940 Act. The Trust’s Board of Trustees has oversight responsibility","page_number":47,"box":{"x":76,"y":189,"width":895,"height":10}},{"id":"85657a1b-7312-44a9-8d8d-4ac8ab6a0a15","block_type":"box","text":"for the investment activities of each Fund, including its investment in a Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary.","page_number":47,"box":{"x":76,"y":203,"width":897,"height":11}},{"id":"26e907a3-b999-4da0-ad2e-8a658351c38f","block_type":"box","text":"Each Subsidiary follows the same compliance policies and procedures as the Funds. Each Subsidiary’s financial statements are consolidated","page_number":47,"box":{"x":77,"y":217,"width":898,"height":11}},{"id":"2913db0c-09d7-4951-9d10-d199276d177f","block_type":"box","text":"with the applicable Fund’s financial statements.","page_number":47,"box":{"x":76,"y":231,"width":304,"height":11}},{"id":"fa971676-8d18-40f7-a5ac-b7861ca101ce","block_type":"box","text":"Tax Risk.","page_number":47,"box":{"x":76,"y":254,"width":60,"height":9}},{"id":"4b53ef5e-56ca-421a-ba8f-ac659b5092ba","block_type":"box","text":"Each Fund invests in commodity-linked derivatives indirectly through the Subsidiary because income from these investments, if","page_number":47,"box":{"x":142,"y":254,"width":815,"height":11}},{"id":"645d4ff1-63a2-433e-9bf6-524b77b66442","block_type":"box","text":"made directly, might not be treated as “qualifying income” for purposes of the Fund qualifying as a RIC for U.S. federal income tax purposes.","page_number":47,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"02a27382-f779-4f32-b8a8-6f420e0edc1a","block_type":"box","text":"Based on final regulations issued by the IRS on which taxpayers may rely for taxable years beginning after September 28, 2016, each Fund","page_number":47,"box":{"x":77,"y":283,"width":883,"height":11}},{"id":"350e439a-dd3f-4a40-ad6b-a9eaee0068af","block_type":"box","text":"expects its income with respect to the Subsidiary to be qualifying income. In the future, if the IRS issues new regulations or other guidance,","page_number":47,"box":{"x":76,"y":297,"width":892,"height":11}},{"id":"940efb0f-816d-4873-8341-c0dc6ee3e92c","block_type":"box","text":"Management of the Funds","page_number":48,"box":{"x":78,"y":22,"width":258,"height":17}},{"id":"f101222e-949e-449c-8174-18a2e3c7d430","block_type":"box","text":"Investment Adviser","page_number":48,"box":{"x":77,"y":51,"width":135,"height":9}},{"id":"3f35b5de-a398-4e02-affb-9685557cf07f","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":48,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"0cf82822-dbf1-4e61-92df-33cfb1d82a9a","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":48,"box":{"x":76,"y":89,"width":899,"height":11}},{"id":"82d37e2f-e5f5-44a0-bf99-ed6f7e897baa","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":48,"box":{"x":76,"y":103,"width":886,"height":11}},{"id":"ecf17636-eb09-4b03-b7b6-1a4f783c955d","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":48,"box":{"x":77,"y":117,"width":852,"height":11}},{"id":"7a555b67-746a-47cd-8d43-eefd3ed8bc9f","block_type":"box","text":"Under the Commodity Exchange Act, BFA is considered a commodity pool operator (“CPO”) with respect to each Fund listed below and its","page_number":48,"box":{"x":77,"y":140,"width":882,"height":11}},{"id":"bf95495d-2c18-4937-8f77-4b595d246980","block_type":"box","text":"Subsidiary. BFA is subject to regulation by the Commodity Futures Trading Commission and the National Futures Association with respect to","page_number":48,"box":{"x":76,"y":155,"width":897,"height":10}},{"id":"cfec6908-a216-46f6-b924-1759eef01870","block_type":"box","text":"its activities as a CPO.","page_number":48,"box":{"x":76,"y":169,"width":142,"height":8}},{"id":"d5ac505e-4cac-448a-a5b7-0c2b956f4276","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF","page_number":48,"box":{"x":137,"y":192,"width":355,"height":11}},{"id":"be4020f7-9083-4aa6-9574-a1fd7d565a2a","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF","page_number":48,"box":{"x":137,"y":206,"width":334,"height":11}},{"id":"87c9af43-f06e-4490-bdd5-1a3fb59336d3","block_type":"box","text":"iShares Strategic Metals ETF","page_number":48,"box":{"x":137,"y":220,"width":183,"height":11}},{"id":"d30ac8e2-1e4b-49f6-a97f-592e7f3c3e71","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":49,"box":{"x":77,"y":735,"width":855,"height":11}},{"id":"76954b54-217e-4ea7-b4d4-cfde6ea96a2e","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":49,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"e5d406c8-0460-4ff1-9584-c462e40fc9a2","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":49,"box":{"x":76,"y":763,"width":855,"height":11}},{"id":"7e8d845a-d20a-47f5-a52d-a4672f322b0b","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":49,"box":{"x":76,"y":778,"width":861,"height":11}},{"id":"72f19537-bd37-4041-9bdc-a69113249997","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":49,"box":{"x":76,"y":792,"width":411,"height":11}},{"id":"bbc8690e-11d7-472e-8a69-85852ea4bbab","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":49,"box":{"x":76,"y":814,"width":891,"height":11}},{"id":"16331afe-d976-4f6b-9a22-6b237ca36f49","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":49,"box":{"x":76,"y":828,"width":864,"height":11}},{"id":"d226b06f-1bd5-487a-a8d4-29051b189cbf","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":49,"box":{"x":76,"y":842,"width":845,"height":11}},{"id":"deeb2099-b5e7-4b0f-8361-bfee8c622cfb","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":49,"box":{"x":76,"y":856,"width":695,"height":11}},{"id":"06230d95-29b8-4e50-aa1d-4e80fde7662e","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":49,"box":{"x":76,"y":878,"width":871,"height":11}},{"id":"bcacaf2a-dade-4bcf-a164-9adfac4595fa","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":49,"box":{"x":77,"y":892,"width":347,"height":11}},{"id":"d4f138ee-cff0-4909-ab2b-0e2f9bfb93e2","block_type":"box","text":"16","page_number":49,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"0ecf9ba3-e957-4e28-9e24-ca43f77cb3fd","block_type":"box","text":"iShares","page_number":49,"box":{"x":87,"y":510,"width":46,"height":9}},{"id":"dd1495bf-f36f-4a9a-ad59-6537901e1f53","block_type":"box","text":"Strategic","page_number":49,"box":{"x":139,"y":510,"width":56,"height":11}},{"id":"d3285d4d-14b1-4b53-b338-46af1b3cdb9e","block_type":"box","text":"Metals","page_number":49,"box":{"x":201,"y":510,"width":41,"height":9}},{"id":"20ba41f7-aa45-404a-b398-e5312901edd3","block_type":"box","text":"ETF*","page_number":49,"box":{"x":248,"y":510,"width":29,"height":8}},{"id":"6bc7908a-2d55-4a58-9bcc-ff2863cb05be","block_type":"box","text":"Kyle Peppo has been employed by BFA or its affiliates as a portfolio manager since 2017. He is a Director of BlackRock, Inc.","page_number":49,"box":{"x":77,"y":321,"width":789,"height":10}},{"id":"f0271ad8-2fba-428b-9f04-1f7ba5c19cd2","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":50,"box":{"x":77,"y":23,"width":891,"height":11}},{"id":"d70e801f-1998-45d5-81fa-7920118faf02","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":50,"box":{"x":76,"y":37,"width":873,"height":11}},{"id":"86223c3f-7c5d-4967-a6e2-58ffd69c8812","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":50,"box":{"x":76,"y":51,"width":903,"height":11}},{"id":"1a5502c4-f20c-49bd-9604-dec09df571ac","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":50,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"9b68202e-c207-4a23-9b49-e6d4a2af38d9","block_type":"box","text":"possible.","page_number":50,"box":{"x":76,"y":80,"width":56,"height":11}},{"id":"5e0487f5-4ce4-48cc-9dc4-062e3b129d4e","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":50,"box":{"x":77,"y":103,"width":888,"height":11}},{"id":"23a18fdd-ed6c-4085-96c5-86ca54c7bdad","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":50,"box":{"x":76,"y":117,"width":857,"height":11}},{"id":"d55d22c6-2fb8-4c61-9900-b112190d7ddd","block_type":"box","text":"employees or clients.","page_number":50,"box":{"x":76,"y":131,"width":135,"height":11}},{"id":"d09f0f53-d94b-4766-9ce8-0f497c89071b","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":50,"box":{"x":77,"y":155,"width":876,"height":10}},{"id":"e1f0b970-4820-4049-9a25-eb3eacd5f512","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":50,"box":{"x":76,"y":169,"width":851,"height":11}},{"id":"0f9badcc-e1ec-4609-8456-78d386c28ab2","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":50,"box":{"x":76,"y":183,"width":440,"height":11}},{"id":"61c406c6-7e07-47ee-965f-5eb24030b105","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":50,"box":{"x":76,"y":206,"width":901,"height":11}},{"id":"71cd75b7-c256-4621-a299-9f860ade2759","block_type":"box","text":"such restrictions.","page_number":50,"box":{"x":76,"y":220,"width":110,"height":9}},{"id":"3d3214b3-30bb-409c-ba24-d989491062fc","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":50,"box":{"x":77,"y":244,"width":863,"height":10}},{"id":"085b0cb5-dfdf-4321-9bf5-4db0f8578e57","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":50,"box":{"x":77,"y":258,"width":854,"height":11}},{"id":"49ad4c01-cd13-4f33-b36c-6b96e07c3f6b","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":50,"box":{"x":77,"y":272,"width":862,"height":11}},{"id":"3da39b5c-62be-412f-972a-1aaaa1bf1b25","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":50,"box":{"x":77,"y":286,"width":876,"height":11}},{"id":"4972d6bf-f063-415b-8493-ac0a1a4d8c6c","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":50,"box":{"x":76,"y":300,"width":363,"height":11}},{"id":"5f1c7b46-4383-459f-9564-8f8ae129e51f","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":50,"box":{"x":77,"y":323,"width":894,"height":11}},{"id":"0286dbd0-9146-4954-8f85-387379070dda","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":50,"box":{"x":76,"y":338,"width":860,"height":11}},{"id":"73772c03-169a-4488-a34e-e568a5194019","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":50,"box":{"x":77,"y":352,"width":854,"height":11}},{"id":"e08fc463-2381-42ae-963a-9ca7b460719a","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":50,"box":{"x":76,"y":366,"width":894,"height":11}},{"id":"c0822de5-bb70-4096-b679-7514abfce332","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":50,"box":{"x":76,"y":380,"width":871,"height":11}},{"id":"f40da6d6-e5e6-4f8f-a0e6-eeabbe57441b","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":50,"box":{"x":76,"y":394,"width":848,"height":11}},{"id":"2e475f9b-bb3b-401f-96a9-b14c4121d281","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":50,"box":{"x":77,"y":409,"width":342,"height":10}},{"id":"f71de432-79bd-4482-9bd2-b592bdbcd7ce","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":50,"box":{"x":77,"y":432,"width":893,"height":11}},{"id":"6910e9b2-9587-4233-83ba-1b03f04ad764","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":50,"box":{"x":76,"y":446,"width":885,"height":11}},{"id":"9d719869-cee9-4a6a-bddf-07a7c63225cc","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":50,"box":{"x":76,"y":460,"width":897,"height":11}},{"id":"e993b9f7-15d5-4278-a785-d27ed5335ccd","block_type":"box","text":"licensees.","page_number":50,"box":{"x":77,"y":474,"width":61,"height":9}},{"id":"42aafeca-4aa1-4bbc-870f-b07021ed3c42","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":50,"box":{"x":76,"y":498,"width":875,"height":10}},{"id":"4c272647-bef5-4ae8-b4ef-715433b5e94c","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":50,"box":{"x":76,"y":512,"width":886,"height":11}},{"id":"0403b1f0-0f24-4f61-9f3c-56418abc2e37","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":50,"box":{"x":76,"y":526,"width":326,"height":8}},{"id":"2f313ee4-bbff-4de1-8089-5191db46f877","block_type":"box","text":"Shareholder Information","page_number":50,"box":{"x":77,"y":555,"width":240,"height":13}},{"id":"e5fb4190-9840-41f9-a277-52f3ef7787e3","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":50,"box":{"x":75,"y":584,"width":821,"height":11}},{"id":"36c6a6a2-61c1-4f80-bc8f-0292454f8e42","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":50,"box":{"x":78,"y":598,"width":383,"height":11}},{"id":"5be549be-1702-412d-84ae-029a2c67dc36","block_type":"box","text":"Buying and Selling Shares","page_number":50,"box":{"x":77,"y":621,"width":180,"height":11}},{"id":"d3b5dccf-dfa1-4894-89c7-ea1d3150ddbf","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":50,"box":{"x":76,"y":644,"width":839,"height":11}},{"id":"17c29263-d065-414b-aa32-0e5869ea59e2","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":50,"box":{"x":76,"y":659,"width":584,"height":10}},{"id":"fdbe9923-fc2b-45ad-b1a4-85648a08326a","block_type":"box","text":"i.e","page_number":50,"box":{"x":661,"y":659,"width":14,"height":8}},{"id":"c13ba387-f578-4f18-829f-5eb997d35576","block_type":"box","text":"., financial institutions that are authorized to","page_number":50,"box":{"x":677,"y":659,"width":282,"height":10}},{"id":"f343706d-dcb5-4ed7-9665-667aa6d8b3d8","block_type":"box","text":"participate in such transactions), as described in the","page_number":50,"box":{"x":76,"y":673,"width":335,"height":11}},{"id":"f889081e-8190-425b-8ebc-91bc0bcbe542","block_type":"box","text":"Creations and Redemptions","page_number":50,"box":{"x":417,"y":673,"width":173,"height":11}},{"id":"2cb94219-0382-4f5e-b855-57e59dfdccbe","block_type":"box","text":"section below.","page_number":50,"box":{"x":595,"y":673,"width":90,"height":8}},{"id":"e07a9c28-4550-485b-87be-8d3bbd44734a","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":50,"box":{"x":77,"y":696,"width":904,"height":11}},{"id":"fcbba7c0-d2b1-4838-99c0-c421bf286b1e","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":50,"box":{"x":77,"y":710,"width":860,"height":11}},{"id":"582445a6-2f63-4f06-b557-c7b47c9b94cb","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":50,"box":{"x":76,"y":724,"width":857,"height":11}},{"id":"58f2b096-eac1-448b-a81c-62b7e710c526","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":50,"box":{"x":76,"y":739,"width":598,"height":10}},{"id":"f09671d7-0437-40c8-8def-80c36143171a","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":50,"box":{"x":77,"y":762,"width":899,"height":11}},{"id":"3e739b02-b9d5-405d-831e-414c279edea8","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":50,"box":{"x":76,"y":776,"width":869,"height":11}},{"id":"1ed97ebb-a720-4aec-96c9-3bb173678d16","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":50,"box":{"x":76,"y":790,"width":888,"height":11}},{"id":"d9efd86e-9e35-4a44-813c-9e35fa2d4466","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":50,"box":{"x":76,"y":804,"width":884,"height":11}},{"id":"07513547-179c-485c-8caa-87c89754a21d","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":50,"box":{"x":76,"y":819,"width":904,"height":10}},{"id":"1b562d28-997e-4526-8ed6-8c4591426320","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":50,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"2a9df814-22d1-46df-a44e-ceeebe42cc51","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":50,"box":{"x":76,"y":847,"width":887,"height":11}},{"id":"55f144cc-7e64-4873-be52-dffa1357d44d","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":50,"box":{"x":76,"y":861,"width":713,"height":11}},{"id":"c6cc6b69-b31a-4764-95a1-d9999132fcdf","block_type":"box","text":"17","page_number":50,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"caad4437-0f89-445b-8277-05125f4bd8e5","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":51,"box":{"x":76,"y":23,"width":902,"height":11}},{"id":"c27a53e2-7459-4472-97b0-e6be24ad2951","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":51,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"a51318ef-919f-4d96-90b7-3a8a22329bf5","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":51,"box":{"x":77,"y":52,"width":612,"height":10}},{"id":"e708a0da-a110-4785-94bb-1fafeb19dda1","block_type":"box","text":"Investments in Investment Companies","page_number":51,"box":{"x":77,"y":75,"width":268,"height":10}},{"id":"72586ae4-9f72-411d-8058-36cb715e5726","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":51,"box":{"x":76,"y":98,"width":873,"height":11}},{"id":"ca9f3c93-3cae-4070-ba5f-1becdb87560d","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":51,"box":{"x":76,"y":112,"width":889,"height":11}},{"id":"6e8d55da-7ac8-4e41-83dd-2a5414ac9e2b","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":51,"box":{"x":76,"y":126,"width":847,"height":11}},{"id":"0fc791b8-b5a4-4e02-917f-19e42546dc6b","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":51,"box":{"x":76,"y":140,"width":897,"height":11}},{"id":"b333fa4c-6d96-4e7e-8641-e150cd4d0ae3","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":51,"box":{"x":76,"y":155,"width":890,"height":10}},{"id":"0382cc40-ef23-40ff-98de-92b9efc85a9c","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":51,"box":{"x":76,"y":169,"width":904,"height":11}},{"id":"12dcc2ae-b0c4-456a-83a6-4354fec30e78","block_type":"box","text":"investment companies and companies controlled by them.","page_number":51,"box":{"x":76,"y":183,"width":374,"height":11}},{"id":"52b6b86b-8e87-4491-ba44-c24dc14ab602","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":51,"box":{"x":77,"y":206,"width":867,"height":11}},{"id":"b89e78ba-8f68-4e10-accf-e7d6cbfd1fac","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":51,"box":{"x":78,"y":220,"width":871,"height":11}},{"id":"070b9337-9cfd-4e01-ab22-85bddd336fcb","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":51,"box":{"x":77,"y":235,"width":855,"height":10}},{"id":"0f7ebb52-5ef1-4e46-afe3-84cbf1026ad9","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":51,"box":{"x":76,"y":249,"width":874,"height":11}},{"id":"c1eab294-2e6c-472b-8c0e-cd5cd5496f0a","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":51,"box":{"x":78,"y":263,"width":894,"height":11}},{"id":"ab3c4112-3675-48f4-999f-f9a4ec9c289f","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":51,"box":{"x":76,"y":277,"width":367,"height":11}},{"id":"8a9512b0-5e3f-4990-a29b-b0b31d9b5af1","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":51,"box":{"x":77,"y":300,"width":883,"height":11}},{"id":"bad6e13f-309a-4423-a497-3534a41ab672","block_type":"box","text":"SEC no-action relief.","page_number":51,"box":{"x":76,"y":314,"width":130,"height":9}},{"id":"cf8e7121-d02f-4c14-81a5-21c57a4bdffb","block_type":"box","text":"Book Entry","page_number":51,"box":{"x":77,"y":338,"width":76,"height":10}},{"id":"5d7c79c8-dc22-4e6d-acd8-45a9ef9a6001","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":51,"box":{"x":76,"y":361,"width":892,"height":11}},{"id":"5c89d6fd-92db-40f0-9dee-07dee90f92a5","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":51,"box":{"x":76,"y":375,"width":832,"height":11}},{"id":"4df83bde-71f8-4e51-9f0e-52ed59446aff","block_type":"box","text":"outstanding shares of the Funds.","page_number":51,"box":{"x":76,"y":389,"width":209,"height":11}},{"id":"4b10a810-2d9c-4356-aea1-fcabcfcb313f","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":51,"box":{"x":77,"y":412,"width":885,"height":11}},{"id":"742898df-5e11-469f-89fc-e0a1e8ec26d5","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":51,"box":{"x":76,"y":427,"width":863,"height":10}},{"id":"3e35e934-46e7-47b4-8600-daa796c39df2","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":51,"box":{"x":77,"y":441,"width":888,"height":11}},{"id":"1064991c-dd18-45ef-9cbe-5d6c1856109d","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":51,"box":{"x":76,"y":455,"width":874,"height":11}},{"id":"9f5b6b75-92aa-4363-968e-23603cbf158b","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":51,"box":{"x":77,"y":469,"width":899,"height":11}},{"id":"1714c490-a43f-4bc7-aae8-ad761161c9fe","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":51,"box":{"x":76,"y":483,"width":330,"height":11}},{"id":"4466b4c5-feed-414f-b085-44d853fab0ff","block_type":"box","text":"Share Prices","page_number":51,"box":{"x":76,"y":507,"width":87,"height":8}},{"id":"aa9c7c90-f3c7-4a78-9ac7-27c184743534","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":51,"box":{"x":76,"y":530,"width":894,"height":11}},{"id":"ae7f599c-6cbd-459f-96fb-3aa24b049b06","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":51,"box":{"x":76,"y":544,"width":876,"height":11}},{"id":"ffb93df8-6de8-4c46-8fca-fb3cab4a7fdf","block_type":"box","text":"conditions.","page_number":51,"box":{"x":76,"y":558,"width":69,"height":9}},{"id":"65e8421c-336a-4084-8afb-a34f009486ba","block_type":"box","text":"Determination of Net Asset Value","page_number":51,"box":{"x":77,"y":581,"width":233,"height":9}},{"id":"68b48f15-3db1-42e5-a596-7b2d055cf704","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":51,"box":{"x":76,"y":605,"width":872,"height":10}},{"id":"e3c79fa9-e197-499a-a17c-5c17ee278bc7","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":51,"box":{"x":76,"y":619,"width":904,"height":11}},{"id":"647e85d2-7051-4e09-ac9e-fa222342016d","block_type":"box","text":"on prices at the time of closing.","page_number":51,"box":{"x":76,"y":633,"width":201,"height":11}},{"id":"218b9a6a-024f-4ec2-a97c-45bceb4e291d","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":51,"box":{"x":76,"y":656,"width":883,"height":11}},{"id":"46129e63-6b3d-4c44-af72-f8ae6786e11c","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":51,"box":{"x":76,"y":670,"width":554,"height":11}},{"id":"34103569-184a-4b3c-8b82-b0dd317ffca1","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":51,"box":{"x":76,"y":693,"width":501,"height":11}},{"id":"14e36d3c-35ff-4d30-a05d-87f2678b5861","block_type":"box","text":"i.e","page_number":51,"box":{"x":578,"y":694,"width":14,"height":8}},{"id":"deec8500-80ec-4271-b0bf-5cb7d7763dc2","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":51,"box":{"x":594,"y":693,"width":353,"height":11}},{"id":"145b154e-69c7-475a-a8dd-c4ec4d063514","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":51,"box":{"x":77,"y":708,"width":857,"height":11}},{"id":"a085f8f9-8632-4a46-8954-3c7003cda520","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":51,"box":{"x":77,"y":722,"width":883,"height":11}},{"id":"38bea526-22ea-4c01-a87f-409030048743","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":51,"box":{"x":77,"y":736,"width":881,"height":11}},{"id":"31b00afe-d013-407b-abb5-7d113dd2921a","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":51,"box":{"x":77,"y":759,"width":867,"height":11}},{"id":"ce135eab-bb50-4822-913b-67e770d111f6","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":51,"box":{"x":76,"y":773,"width":896,"height":11}},{"id":"380e6c99-3982-4e93-a40a-9139b21061bf","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":51,"box":{"x":77,"y":788,"width":903,"height":10}},{"id":"42912558-266a-4aef-b372-b85a758a582c","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":51,"box":{"x":76,"y":802,"width":897,"height":11}},{"id":"67a0f0c6-ee7b-4bdc-9366-28a29e335b83","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":51,"box":{"x":76,"y":816,"width":887,"height":11}},{"id":"55a22012-6694-4d52-891c-941e8a42e4ca","block_type":"box","text":"price.","page_number":51,"box":{"x":76,"y":830,"width":35,"height":11}},{"id":"dff93213-3f2a-4e34-92ba-37e37b5d9922","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":51,"box":{"x":77,"y":853,"width":904,"height":11}},{"id":"85c56828-120b-47ff-9108-00614f072fe9","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":51,"box":{"x":76,"y":868,"width":891,"height":10}},{"id":"29f6f75c-8881-4873-9d68-676241124b65","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":51,"box":{"x":76,"y":882,"width":861,"height":11}},{"id":"97908d91-2c0d-4843-ae48-4a999e6bc578","block_type":"box","text":"18","page_number":51,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"36f37dc6-ccaf-4d76-a7cc-6b3a17ebce3c","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":52,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"fcd9ff3a-7c9d-4a84-bae6-149f966265b5","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":52,"box":{"x":77,"y":37,"width":904,"height":11}},{"id":"ebd87c24-0b00-4f8a-87a8-736e1afdb0a6","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":52,"box":{"x":77,"y":51,"width":899,"height":11}},{"id":"822dfddf-67ae-458c-8354-9ece2deee9b6","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":52,"box":{"x":77,"y":66,"width":902,"height":11}},{"id":"5c058ab3-1f8f-4f03-9086-912768cc35fc","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":52,"box":{"x":77,"y":80,"width":491,"height":11}},{"id":"bb76087c-86cc-4a1c-abde-984f32540ec9","block_type":"box","text":"Generally, trading in certain instruments (","page_number":52,"box":{"x":76,"y":103,"width":265,"height":11}},{"id":"de4945cb-55be-4cc8-aee4-743e4cf8e9af","block_type":"box","text":"e.g","page_number":52,"box":{"x":343,"y":105,"width":19,"height":9}},{"id":"f426feba-56bc-487a-8aa4-6b3a577cf295","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":52,"box":{"x":362,"y":103,"width":599,"height":11}},{"id":"faae25ac-a65f-43e0-8526-7a128e61cbbc","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":52,"box":{"x":76,"y":117,"width":869,"height":11}},{"id":"b49c8580-2cce-4116-89d9-8132d1810b63","block_type":"box","text":"determined as of such times.","page_number":52,"box":{"x":76,"y":131,"width":185,"height":9}},{"id":"9f0fce51-19ae-483d-b8b5-17fceeaa15a7","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":52,"box":{"x":77,"y":155,"width":885,"height":10}},{"id":"fe650140-7dd0-4c87-bb12-e1b038b4dbcf","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":52,"box":{"x":76,"y":169,"width":901,"height":11}},{"id":"def6d16c-6efb-4fb1-a084-f60da8f1835b","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":52,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"02b2f1e3-9bc2-4a1f-9a78-8cc140bc6369","block_type":"box","text":"a Fund’s pricing time.","page_number":52,"box":{"x":76,"y":197,"width":136,"height":11}},{"id":"23f241a9-9a21-4d77-ad1f-61d37f6b6428","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":52,"box":{"x":76,"y":220,"width":877,"height":11}},{"id":"a9564718-133d-494d-a05a-800db657a148","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":52,"box":{"x":76,"y":235,"width":392,"height":10}},{"id":"2865811e-dda9-4407-a1dd-b6c0ec4c0cd9","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":52,"box":{"x":76,"y":258,"width":837,"height":11}},{"id":"0f687e55-ff3b-44aa-8a4c-b902cc3061ef","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":52,"box":{"x":76,"y":272,"width":874,"height":11}},{"id":"d3ddd81d-52f6-4165-9be2-4937f0235323","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":52,"box":{"x":76,"y":286,"width":879,"height":11}},{"id":"21614237-d9ad-411c-9934-71c33352ad48","block_type":"box","text":"length transaction.","page_number":52,"box":{"x":77,"y":300,"width":118,"height":11}},{"id":"0a3ebb50-aea3-4577-8de3-5d346d5f1e2e","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":52,"box":{"x":77,"y":323,"width":531,"height":11}},{"id":"194b7e10-9f47-4a66-be8e-8cee92fab935","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":52,"box":{"x":113,"y":342,"width":582,"height":10}},{"id":"abd96ac7-dd71-4666-9f4b-755af9b7cfa7","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":52,"box":{"x":113,"y":360,"width":767,"height":10}},{"id":"12760d0e-c983-48d0-b954-9ea95e4efce6","block_type":"box","text":"An asset or liability is thinly traded;","page_number":52,"box":{"x":113,"y":378,"width":223,"height":10}},{"id":"b5554204-6129-4431-b873-bacbb238c20c","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":52,"box":{"x":113,"y":396,"width":508,"height":11}},{"id":"d0ed65ae-ff9a-4e6c-b3b9-cc5b8dda17be","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":52,"box":{"x":113,"y":414,"width":853,"height":11}},{"id":"9cd8f124-69f7-49b7-a316-aa9f7db58987","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":52,"box":{"x":76,"y":437,"width":874,"height":11}},{"id":"47ce6a19-e269-4a9d-a54a-670f9d92a0a8","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":52,"box":{"x":76,"y":451,"width":876,"height":11}},{"id":"dcb8a995-386b-409d-9fef-f19e90d4e98a","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":52,"box":{"x":76,"y":465,"width":246,"height":9}},{"id":"90acc53a-28ef-40ca-9218-6548db87db9d","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":52,"box":{"x":76,"y":489,"width":890,"height":10}},{"id":"eaa7ea6f-5112-4b0a-a4fd-bb4f243fc4d6","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":52,"box":{"x":76,"y":503,"width":888,"height":11}},{"id":"2e94d0ad-38ea-4e3e-af98-4e38743fb943","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":52,"box":{"x":76,"y":517,"width":896,"height":11}},{"id":"137e15f4-7031-493c-a4cd-3a2b2824ff34","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":52,"box":{"x":77,"y":531,"width":870,"height":11}},{"id":"075ae080-1c7b-431e-9da5-ec77d52ebb7c","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":52,"box":{"x":77,"y":545,"width":414,"height":11}},{"id":"b39f8452-6a90-463f-9612-2e09dec0ce3a","block_type":"box","text":"Dividends and Distributions","page_number":52,"box":{"x":77,"y":568,"width":192,"height":9}},{"id":"0bba74f7-e37c-4f72-b181-21699686a425","block_type":"box","text":"General Policies.","page_number":52,"box":{"x":76,"y":592,"width":103,"height":8}},{"id":"f5547367-216e-48a2-b7d0-ea7dc9f93975","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":52,"box":{"x":185,"y":592,"width":782,"height":10}},{"id":"843fdd5a-9f93-47cd-9f20-aa651cc7d403","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":52,"box":{"x":77,"y":606,"width":887,"height":11}},{"id":"9a58ac77-7ed7-4e26-b725-07dd94b9f289","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":52,"box":{"x":76,"y":620,"width":904,"height":11}},{"id":"0042f8e2-1aa0-4f19-8716-fa3417dd9b82","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":52,"box":{"x":76,"y":634,"width":893,"height":11}},{"id":"d8aaaa52-914e-48a4-b50b-c57a72233ccb","block_type":"box","text":"or realized gains.","page_number":52,"box":{"x":76,"y":648,"width":107,"height":11}},{"id":"d127d3bc-456b-4d93-ab4c-946d69918232","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":52,"box":{"x":77,"y":672,"width":885,"height":10}},{"id":"000b9681-e56e-4a65-895a-d335d8d9ac91","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":52,"box":{"x":76,"y":686,"width":856,"height":11}},{"id":"9f5ff0d7-5337-48c9-9fc8-7acb8c754242","block_type":"box","text":"received from the Funds.","page_number":52,"box":{"x":77,"y":700,"width":157,"height":8}},{"id":"4100bd01-fb73-41b9-abff-61498af28551","block_type":"box","text":"Dividend Reinvestment Service.","page_number":52,"box":{"x":76,"y":723,"width":197,"height":9}},{"id":"1b94600f-3815-4781-a8c4-4aff09e5c236","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":52,"box":{"x":280,"y":723,"width":667,"height":11}},{"id":"e52ee3df-7fb6-411b-b834-956ea02258dd","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":52,"box":{"x":77,"y":737,"width":899,"height":11}},{"id":"f6a77abb-ee4e-443c-b4d3-7ce6715dd18b","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":52,"box":{"x":76,"y":751,"width":869,"height":11}},{"id":"48eba82f-4a5b-40a1-ba04-132133cae721","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":52,"box":{"x":76,"y":766,"width":895,"height":11}},{"id":"51896ea8-a261-4fbc-9d96-43c72c7a7808","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":52,"box":{"x":76,"y":780,"width":617,"height":11}},{"id":"8af020da-5341-4911-a9a2-40df00b72683","block_type":"box","text":"Note on Tax Information.","page_number":52,"box":{"x":76,"y":803,"width":167,"height":9}},{"id":"46f96302-46aa-498c-95ab-53a40ba611d9","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":52,"box":{"x":249,"y":803,"width":723,"height":11}},{"id":"db55cde7-b366-4e71-83b4-214d73e869ac","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":52,"box":{"x":76,"y":817,"width":905,"height":11}},{"id":"679e7cee-0a42-49a7-9b6d-e4d793df1139","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":52,"box":{"x":76,"y":831,"width":893,"height":11}},{"id":"e6fd3251-8637-417f-ad1f-a330eb3844ca","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":52,"box":{"x":76,"y":846,"width":893,"height":10}},{"id":"272ab6af-761d-4640-aa67-f1c60f6d70fd","block_type":"box","text":"laws.","page_number":52,"box":{"x":76,"y":860,"width":30,"height":8}},{"id":"01d803ad-e977-4cb0-96e3-71a7f939797a","block_type":"box","text":"19","page_number":52,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"db008899-c2b2-4b1e-9ca9-1147fc5ea7e1","block_type":"box","text":"Taxes","page_number":53,"box":{"x":76,"y":23,"width":38,"height":9}},{"id":"26fc61f6-969d-4f1f-9dcd-1f0d69551a2a","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":53,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"acb67ea6-86ad-4ac1-972c-d72a2f32343c","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":53,"box":{"x":76,"y":61,"width":877,"height":10}},{"id":"9f902712-242e-4fb1-814d-4aa6a989267e","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":53,"box":{"x":76,"y":75,"width":895,"height":11}},{"id":"288266e0-3e8d-4834-af35-4ca71fc9dd26","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":53,"box":{"x":76,"y":89,"width":594,"height":11}},{"id":"87357da7-0103-4155-b700-b211b97d8ae0","block_type":"box","text":"Taxes on Fund Distributions","page_number":53,"box":{"x":76,"y":112,"width":194,"height":9}},{"id":"9e54c748-eb24-4a7a-9ef0-0475f84e9102","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":53,"box":{"x":76,"y":135,"width":863,"height":11}},{"id":"d716a78e-8c8d-47b6-86b2-5c7189aecab0","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":53,"box":{"x":76,"y":149,"width":873,"height":11}},{"id":"2d3b860d-1855-47b7-82b4-f2605b4e826b","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":53,"box":{"x":76,"y":164,"width":713,"height":10}},{"id":"e1174590-93e3-49b5-babc-4d0edaf486b6","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":53,"box":{"x":77,"y":187,"width":902,"height":11}},{"id":"96d35fee-9362-4b2e-8d8f-f92c6cb0380b","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":53,"box":{"x":76,"y":201,"width":365,"height":11}},{"id":"8d5c0191-8872-4009-94df-08d8b9c9381f","block_type":"box","text":"Capital Gains.","page_number":53,"box":{"x":76,"y":224,"width":86,"height":11}},{"id":"9c6ff89b-c815-41f7-b058-7ebff230ad2b","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":53,"box":{"x":169,"y":224,"width":785,"height":11}},{"id":"887dda0b-07c6-45c7-b054-ee21680c9246","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":53,"box":{"x":76,"y":238,"width":857,"height":11}},{"id":"2f5434d3-df2e-4eeb-a787-52de2f07bee2","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":53,"box":{"x":76,"y":253,"width":878,"height":10}},{"id":"15da8ed1-bc3f-4f5e-8a4a-2d9944d1e1c1","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":53,"box":{"x":77,"y":267,"width":871,"height":11}},{"id":"433b3131-3364-4727-b1d7-75f323a1485f","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":53,"box":{"x":76,"y":281,"width":892,"height":11}},{"id":"3b1ec117-455a-4d62-9ecb-913b58dc11a8","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":53,"box":{"x":76,"y":295,"width":878,"height":11}},{"id":"186c2cbe-9c6d-441a-96f5-015c5f0a419a","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":53,"box":{"x":77,"y":309,"width":289,"height":11}},{"id":"81aa387e-88b5-44cf-b23c-4254cdc8502c","block_type":"box","text":"Return of Capital.","page_number":53,"box":{"x":76,"y":333,"width":108,"height":10}},{"id":"62696dbb-9d61-44e9-a13e-750cbe4ba428","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":53,"box":{"x":191,"y":333,"width":775,"height":10}},{"id":"c864d78a-0801-435f-9268-87455ef690c0","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":53,"box":{"x":76,"y":347,"width":904,"height":11}},{"id":"422b9a84-64fa-4de1-ad07-c64c4745a298","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":53,"box":{"x":76,"y":361,"width":888,"height":11}},{"id":"12edeccb-fed6-496e-b82c-f213326ceffd","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":53,"box":{"x":76,"y":375,"width":843,"height":11}},{"id":"95c24880-be29-47fd-813b-dbb8bed2f1a8","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":53,"box":{"x":76,"y":389,"width":874,"height":11}},{"id":"1072dcb2-aff8-45c0-ab4d-762a2ec043ae","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":53,"box":{"x":76,"y":403,"width":803,"height":11}},{"id":"ede1b5db-185f-42a9-87d0-79a064247609","block_type":"box","text":"Qualified Dividend Income.","page_number":53,"box":{"x":76,"y":427,"width":167,"height":8}},{"id":"0f280f66-3a01-4fb5-a930-81884c195f00","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":53,"box":{"x":249,"y":427,"width":702,"height":10}},{"id":"db3ade8a-65f9-4590-ad91-5792a84c0687","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":53,"box":{"x":76,"y":441,"width":848,"height":11}},{"id":"2507bd5f-efc1-4898-897e-71b96dd8fae4","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":53,"box":{"x":76,"y":455,"width":846,"height":11}},{"id":"dac8a134-ddb9-485a-82dc-d116dc9369cb","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":53,"box":{"x":76,"y":469,"width":872,"height":11}},{"id":"80a2dadc-ddd2-42dd-a616-48c6ea1149c6","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":53,"box":{"x":76,"y":483,"width":892,"height":11}},{"id":"ade362c4-733f-41c0-acca-70510b5f48b5","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":53,"box":{"x":76,"y":498,"width":886,"height":10}},{"id":"560251a4-5269-4135-8a70-e1dd3e2b35ce","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":53,"box":{"x":76,"y":512,"width":854,"height":11}},{"id":"a8c9c50d-e1b5-4f72-bfc5-d359f14e4ebd","block_type":"box","text":"company.","page_number":53,"box":{"x":76,"y":528,"width":60,"height":9}},{"id":"85afcb9b-78f6-4361-98ed-48f86fde11e1","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":53,"box":{"x":77,"y":549,"width":904,"height":11}},{"id":"cf961646-cdb9-43fe-9c1a-72ed86106f48","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":53,"box":{"x":76,"y":563,"width":901,"height":11}},{"id":"21082d8a-9e02-4c35-8e35-bf892dbfbfb5","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":53,"box":{"x":76,"y":577,"width":865,"height":11}},{"id":"3c8fb88c-5a7a-4794-b898-b1c1f177a95e","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":53,"box":{"x":76,"y":592,"width":895,"height":10}},{"id":"f7c5b3fa-c1a8-438f-b189-27b8786fc18c","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":53,"box":{"x":76,"y":606,"width":428,"height":11}},{"id":"c3faf673-dd0f-44ee-ac39-8b6161f2200a","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":53,"box":{"x":77,"y":629,"width":891,"height":11}},{"id":"bd2a796d-a6f0-4f91-bc02-7138383196ba","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":53,"box":{"x":77,"y":643,"width":861,"height":11}},{"id":"407d88f8-c471-4afb-979c-a4ebf4080595","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":53,"box":{"x":76,"y":657,"width":883,"height":11}},{"id":"c9a180eb-d4df-4e3e-af52-aa468104cda1","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":53,"box":{"x":76,"y":672,"width":682,"height":10}},{"id":"2c2cb64c-d79b-4a07-97cc-814617876fd2","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":53,"box":{"x":77,"y":695,"width":872,"height":11}},{"id":"c25042f4-e6f3-4a70-b66a-99f76b39fda6","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":53,"box":{"x":77,"y":709,"width":603,"height":11}},{"id":"1c04f9b3-9274-4ddb-b0a6-6a54d9f98369","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":53,"box":{"x":76,"y":732,"width":876,"height":11}},{"id":"d661fa6a-30c2-45ec-bd91-96b4bc25e11a","block_type":"box","text":"Medicare Tax.","page_number":53,"box":{"x":76,"y":755,"width":85,"height":9}},{"id":"56c1f04d-f718-4ae9-9db3-5a2b87d7fe8a","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":53,"box":{"x":167,"y":755,"width":791,"height":11}},{"id":"fcc69075-c3f8-48d2-bafa-19ad00225972","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":53,"box":{"x":76,"y":769,"width":876,"height":11}},{"id":"e6304d69-c364-4bdd-98ec-ffecbf89b000","block_type":"box","text":"trusts.","page_number":53,"box":{"x":76,"y":785,"width":40,"height":7}},{"id":"c60e63ec-948d-4de9-aa6d-394ed6c330d7","block_type":"box","text":"Alternative Minimum Tax.","page_number":53,"box":{"x":75,"y":807,"width":157,"height":8}},{"id":"08c38795-edaf-4dca-9f86-196f1c06b539","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":53,"box":{"x":238,"y":807,"width":738,"height":11}},{"id":"9f687a11-e057-4729-8b6c-1c11b97d33da","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":53,"box":{"x":76,"y":821,"width":833,"height":11}},{"id":"bc3db266-349b-4d2b-9895-f63e39e37387","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":53,"box":{"x":76,"y":835,"width":877,"height":11}},{"id":"cf4db3bc-9dc8-4eba-9d56-c979c748aab5","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":53,"box":{"x":77,"y":849,"width":903,"height":11}},{"id":"00dbfa89-d137-4b01-8908-4334bc2afd85","block_type":"box","text":"liability and the regular income tax liability.","page_number":53,"box":{"x":77,"y":864,"width":271,"height":10}},{"id":"63225480-de17-4010-84eb-62cd2ab35a35","block_type":"box","text":"20","page_number":53,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"492525b5-b559-41d3-9c25-0ae2e81bd36a","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":54,"box":{"x":76,"y":23,"width":406,"height":11}},{"id":"9252e7ea-7cff-4087-9b2a-e40fe0214cea","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":54,"box":{"x":76,"y":46,"width":892,"height":11}},{"id":"5cf313d6-f814-44b7-8f48-9aa560fd67cc","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":54,"box":{"x":76,"y":61,"width":874,"height":10}},{"id":"d5256762-c5e6-4bd4-9adf-08e9ad23664d","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":54,"box":{"x":76,"y":75,"width":864,"height":11}},{"id":"2865736b-42a2-4294-95a1-41c9ee99f82e","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":54,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"45b974c0-7ebc-44f4-b459-57f88697203f","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":54,"box":{"x":77,"y":103,"width":896,"height":11}},{"id":"a4032049-4e54-4096-8212-66ad7ebc21f9","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":54,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"7c3e7d31-b35b-432f-a854-0c06fbf5456c","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":54,"box":{"x":76,"y":131,"width":707,"height":11}},{"id":"a3146999-f08e-4db2-ab12-e27fae2b1acb","block_type":"box","text":"Market Discount Bonds","page_number":54,"box":{"x":77,"y":155,"width":162,"height":8}},{"id":"b96742f0-aa9b-4745-aca9-313405db3601","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":54,"box":{"x":76,"y":178,"width":898,"height":11}},{"id":"a2c8c337-9a7c-4285-bf06-19befaa081fd","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":54,"box":{"x":76,"y":192,"width":903,"height":11}},{"id":"2021b3e4-a16e-4693-b6a0-aa5ad8048725","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":54,"box":{"x":76,"y":206,"width":898,"height":11}},{"id":"6be2441b-2153-4a5f-8a21-cbc2aee31b47","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":54,"box":{"x":76,"y":220,"width":626,"height":11}},{"id":"a7755ec0-1a09-4b20-879c-88fdd87437f0","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":54,"box":{"x":77,"y":244,"width":307,"height":10}},{"id":"f1ea7d98-57c7-4d15-a8ee-a142fa81555b","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":54,"box":{"x":76,"y":267,"width":874,"height":11}},{"id":"e4cbd201-287c-4527-a065-45e0ddc4aa1e","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":54,"box":{"x":76,"y":281,"width":860,"height":11}},{"id":"b4219513-71ec-4adc-9a00-5e9667a275f5","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":54,"box":{"x":77,"y":295,"width":852,"height":11}},{"id":"c30d498d-a120-487e-b181-7b6f15658506","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":54,"box":{"x":76,"y":309,"width":863,"height":11}},{"id":"89b8d5a3-d613-456f-8c45-f556a8a1f1dc","block_type":"box","text":"Non-U.S. Income Taxes","page_number":54,"box":{"x":77,"y":333,"width":158,"height":8}},{"id":"db1e7985-d679-4617-b8ff-beda816f1d53","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":54,"box":{"x":77,"y":356,"width":837,"height":11}},{"id":"21c48f4b-43c6-4ce3-af1a-eeb28302e9f2","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":54,"box":{"x":76,"y":370,"width":863,"height":11}},{"id":"c8541b47-86c7-44bf-a3ae-e9f43ab60e17","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":54,"box":{"x":77,"y":384,"width":865,"height":11}},{"id":"25bc829d-3481-40f9-ad44-3d79ca8acad5","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":54,"box":{"x":77,"y":398,"width":875,"height":11}},{"id":"a4fa9f63-d45f-4df0-8467-8e7c70352307","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":54,"box":{"x":77,"y":412,"width":895,"height":11}},{"id":"defbfd01-e14b-4655-8cd5-b2f6251150fa","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":54,"box":{"x":76,"y":427,"width":888,"height":10}},{"id":"d04fe8c4-00b0-404e-a7f7-528eec48969c","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":54,"box":{"x":76,"y":441,"width":875,"height":11}},{"id":"e51f3be6-20fa-492d-b969-4c0dee5b6e4b","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":54,"box":{"x":76,"y":455,"width":896,"height":11}},{"id":"1af52ef6-7d93-4b68-ac25-01a8c0442b0e","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":54,"box":{"x":76,"y":469,"width":635,"height":11}},{"id":"313b4484-c2e1-4b0f-89ca-36b465e7802c","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":54,"box":{"x":77,"y":492,"width":896,"height":11}},{"id":"9f96847d-90e9-4cdd-9e25-04d48beced09","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":54,"box":{"x":76,"y":507,"width":903,"height":10}},{"id":"24a20fc6-35be-4017-9304-f30198075588","block_type":"box","text":"could be reduced.","page_number":54,"box":{"x":76,"y":521,"width":114,"height":8}},{"id":"81a1e38c-1ed7-4645-a2b9-414f77826e87","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":54,"box":{"x":77,"y":544,"width":853,"height":11}},{"id":"41e92602-fd1e-4397-9db2-932791f4f641","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":54,"box":{"x":76,"y":558,"width":900,"height":11}},{"id":"5fc0f5ea-72df-45c6-b4ec-4561be22c54f","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":54,"box":{"x":76,"y":572,"width":876,"height":11}},{"id":"fb99a854-d262-412c-8843-dfd19cfac266","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":54,"box":{"x":76,"y":586,"width":509,"height":11}},{"id":"cec860ba-2d9d-4f79-bff9-2cac05398a4b","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":54,"box":{"x":77,"y":610,"width":879,"height":11}},{"id":"69973897-505f-49b2-9513-4d8659530a1a","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":54,"box":{"x":76,"y":624,"width":407,"height":11}},{"id":"2d9abaa6-6a55-4943-9d56-2414f4a60ff7","block_type":"box","text":"Non-U.S. Shareholders","page_number":54,"box":{"x":77,"y":647,"width":156,"height":9}},{"id":"ac113182-1709-466e-b274-05a30fec5fec","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":54,"box":{"x":77,"y":670,"width":888,"height":11}},{"id":"285de7ee-d054-403e-aa9d-be846f7c626d","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":54,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"c0f7de44-6ca7-4c64-96e5-62335d4bd277","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":54,"box":{"x":77,"y":699,"width":868,"height":10}},{"id":"8f1737e0-ca55-45ba-9816-65af2fef21e2","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 a Fund as capital gain","page_number":54,"box":{"x":76,"y":713,"width":903,"height":11}},{"id":"30b4d20a-5236-4d7a-ab22-45a5946b5c9c","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":54,"box":{"x":76,"y":727,"width":468,"height":11}},{"id":"d86a0118-974a-4e79-bfdb-28dbb280ce3f","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":54,"box":{"x":76,"y":750,"width":896,"height":11}},{"id":"217b6274-5785-4b55-bee0-d96d3948b04e","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":54,"box":{"x":76,"y":764,"width":894,"height":11}},{"id":"b5de5f73-184e-44d9-a09c-ae61dd0a446f","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":54,"box":{"x":77,"y":779,"width":262,"height":10}},{"id":"f16e1218-7ae8-4462-b9da-f2c7fe66a108","block_type":"box","text":"Backup Withholding","page_number":54,"box":{"x":77,"y":802,"width":139,"height":11}},{"id":"ffa9e825-c893-4827-8f57-389fe6e7b76b","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":54,"box":{"x":77,"y":825,"width":890,"height":11}},{"id":"a8f55617-f87a-4f0e-be95-06395368d34a","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":54,"box":{"x":76,"y":839,"width":789,"height":11}},{"id":"75b1d539-d7bd-4ce6-8e21-1ae5f1254c08","block_type":"box","text":"21","page_number":54,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"726f8003-94cd-4e76-8a6f-77bf59f2d83e","block_type":"box","text":"Securities Lending","page_number":55,"box":{"x":76,"y":23,"width":129,"height":11}},{"id":"0089096b-670e-4c5a-9bed-7ff006757354","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":55,"box":{"x":77,"y":46,"width":901,"height":11}},{"id":"216424e2-7318-4de4-8879-89cab1bf53a9","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":55,"box":{"x":76,"y":61,"width":892,"height":10}},{"id":"8cfaae81-6a98-486f-a997-e38fc99681a4","block_type":"box","text":"through by the Fund.","page_number":55,"box":{"x":76,"y":75,"width":132,"height":11}},{"id":"e9fa0354-34f2-4732-bb2d-f60650892e19","block_type":"box","text":"Fund of Funds","page_number":55,"box":{"x":77,"y":98,"width":98,"height":8}},{"id":"ea30d4d7-9c89-4834-a9fb-61864ac91911","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":55,"box":{"x":77,"y":121,"width":844,"height":11}},{"id":"919065f1-00e5-4def-a7b9-9ed3aecfc829","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":55,"box":{"x":76,"y":135,"width":870,"height":11}},{"id":"cb71433e-f380-414a-8152-ef1ce751e3b3","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":55,"box":{"x":77,"y":149,"width":864,"height":11}},{"id":"d99ce543-f605-432e-8d8b-1d427080f6a0","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":55,"box":{"x":76,"y":164,"width":643,"height":10}},{"id":"83017e59-2224-4aa1-a3e0-66dc6f2019e4","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":55,"box":{"x":76,"y":187,"width":350,"height":11}},{"id":"0ec73c31-dfb7-42ff-9e71-667fce87712e","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":55,"box":{"x":76,"y":210,"width":876,"height":11}},{"id":"b6a3d692-b05b-4798-a824-7759cf2ad73e","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":55,"box":{"x":77,"y":224,"width":896,"height":11}},{"id":"cb15611e-dd47-4dd6-b3b1-adb1ecd62e2e","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":55,"box":{"x":76,"y":238,"width":870,"height":11}},{"id":"8fb5dcf2-5604-4fa0-a08b-87debf750628","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":55,"box":{"x":77,"y":253,"width":892,"height":10}},{"id":"a21d6b27-6ab3-4019-9ddd-750cbbacfeae","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":55,"box":{"x":76,"y":267,"width":892,"height":11}},{"id":"1604532b-537a-44b4-b0fa-b49f5d6e12e6","block_type":"box","text":"contribution tax mentioned above.","page_number":55,"box":{"x":76,"y":281,"width":219,"height":8}},{"id":"0a2339f1-e429-468a-9e08-3a70af2065d6","block_type":"box","text":"Creations and Redemptions","page_number":55,"box":{"x":76,"y":304,"width":193,"height":11}},{"id":"08dc36be-1124-4b22-93b3-a296a477023d","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":55,"box":{"x":77,"y":327,"width":693,"height":11}},{"id":"f177c8a2-dde6-4a63-8565-efeab0723371","block_type":"box","text":"i.e.","page_number":55,"box":{"x":771,"y":327,"width":17,"height":9}},{"id":"2ff29aaf-8b46-4c28-b57d-b215c56b0d3f","block_type":"box","text":", market makers, large","page_number":55,"box":{"x":790,"y":327,"width":143,"height":11}},{"id":"1f750ec6-7adb-4554-9518-ca8353706569","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":55,"box":{"x":76,"y":342,"width":866,"height":10}},{"id":"22cedf8d-9d4a-46e5-aaf0-d101aa517093","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":55,"box":{"x":76,"y":356,"width":650,"height":11}},{"id":"57f6423b-fa9a-4aa5-93bd-6d51abaad2bf","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":55,"box":{"x":77,"y":379,"width":832,"height":11}},{"id":"ae656ba4-93d2-490b-b3d6-c8e83b17543b","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":55,"box":{"x":76,"y":393,"width":891,"height":11}},{"id":"b6dc8195-35bb-4c6e-842a-c1f4241abdfb","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":55,"box":{"x":76,"y":407,"width":874,"height":11}},{"id":"23e0850a-20cc-4db2-98c6-a903a317a797","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":55,"box":{"x":76,"y":421,"width":904,"height":11}},{"id":"2139c9da-60f7-4177-b4a0-a24a98e25a1d","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":55,"box":{"x":76,"y":445,"width":875,"height":11}},{"id":"904aef62-3f67-4a85-a70a-f671d60d092a","block_type":"box","text":"cash.","page_number":55,"box":{"x":76,"y":459,"width":33,"height":8}},{"id":"68fe6366-9f28-4e64-baf0-8e14e634b7ca","block_type":"box","text":"In-Kind","page_number":55,"box":{"x":76,"y":482,"width":45,"height":9}},{"id":"80a94f6a-deab-4460-96d6-2959638e38c3","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":55,"box":{"x":122,"y":482,"width":860,"height":11}},{"id":"83d1e3fe-2b6b-40a4-9115-dcb94666cca6","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":55,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"74c13c03-1726-4c04-b929-d189487694fb","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":55,"box":{"x":77,"y":510,"width":851,"height":11}},{"id":"e1bfd728-d3b8-4e47-97f0-a474504d3d69","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":55,"box":{"x":76,"y":525,"width":686,"height":10}},{"id":"c1cf1036-6493-4e2e-b8a7-ec2613f2b3fe","block_type":"box","text":"Partial Cash","page_number":55,"box":{"x":76,"y":548,"width":74,"height":8}},{"id":"4c1b9fb9-7769-49b7-bd77-1a7c36b32836","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":55,"box":{"x":152,"y":548,"width":806,"height":11}},{"id":"40bd49ab-7395-4c98-8ef7-360f8500cb6a","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":55,"box":{"x":76,"y":562,"width":870,"height":11}},{"id":"020ffde5-37bd-4ca2-b254-81448b71ea97","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":55,"box":{"x":77,"y":576,"width":870,"height":11}},{"id":"298160a2-71ee-4005-9622-448667b5c18f","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":55,"box":{"x":77,"y":590,"width":380,"height":11}},{"id":"a2791919-f8b7-44d1-ae26-7af306075081","block_type":"box","text":"All Cash","page_number":55,"box":{"x":75,"y":614,"width":51,"height":8}},{"id":"e4a6648e-c87f-481f-b829-37f5456b78e5","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":55,"box":{"x":128,"y":614,"width":833,"height":10}},{"id":"efa281a3-763f-4f1c-8fc6-6edf8cfea025","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":55,"box":{"x":76,"y":628,"width":869,"height":10}},{"id":"b7bec6f5-fef4-47f8-9cf8-0f083dc28e40","block_type":"box","text":"specified amount of cash.","page_number":55,"box":{"x":76,"y":642,"width":164,"height":11}},{"id":"ad874039-e8f9-49df-a90b-d577852dbbf2","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":55,"box":{"x":76,"y":665,"width":845,"height":11}},{"id":"52c8a348-5d15-4156-bbc4-135e3bfe06df","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":55,"box":{"x":76,"y":679,"width":408,"height":11}},{"id":"be2beab5-f9a6-451e-8f86-55b1cce24d23","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":55,"box":{"x":77,"y":703,"width":855,"height":10}},{"id":"d36db6de-86d5-4214-9fdf-75c53f45e81d","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":55,"box":{"x":76,"y":717,"width":455,"height":11}},{"id":"45178166-2525-49d8-9465-2c3db6a1cff9","block_type":"box","text":"e.g.","page_number":55,"box":{"x":532,"y":719,"width":21,"height":9}},{"id":"00ef4ba2-07db-4254-8052-09d19e833fba","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":55,"box":{"x":555,"y":717,"width":354,"height":11}},{"id":"f97080c3-bf87-4c2c-8cc5-fba2bc7b13b0","block_type":"box","text":"Fund","page_number":55,"box":{"x":87,"y":748,"width":33,"height":8}},{"id":"ca58bf85-9959-4870-b1fa-e8d4128505c4","block_type":"box","text":"In-Kind Partial All Cash","page_number":55,"box":{"x":621,"y":748,"width":296,"height":8}},{"id":"ccc3dd07-779b-4bd3-b133-672a295c01f2","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF","page_number":55,"box":{"x":87,"y":766,"width":355,"height":11}},{"id":"cfc7f0d5-c9bc-430f-98d0-845935e2563d","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF","page_number":55,"box":{"x":87,"y":784,"width":334,"height":11}},{"id":"d696fd56-6ee8-4969-a4a5-0b8e9fb2b082","block_type":"box","text":"iShares Strategic Metals ETF","page_number":55,"box":{"x":87,"y":802,"width":183,"height":11}},{"id":"3d688f09-84f7-4a2b-972d-2bcfff6c4139","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":55,"box":{"x":76,"y":832,"width":897,"height":11}},{"id":"07702585-bc41-47f2-9f04-d0b8dc68f1a2","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":55,"box":{"x":76,"y":846,"width":905,"height":11}},{"id":"794fb4af-e2f7-40a7-8f54-02a30eb06162","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":55,"box":{"x":76,"y":860,"width":849,"height":11}},{"id":"cd0c57ef-f844-4ef2-9895-5711831c5a91","block_type":"box","text":"instructions or may not be executed at all.","page_number":55,"box":{"x":76,"y":875,"width":269,"height":10}},{"id":"b3ad215d-8383-4ae7-89d7-e80831a3a8ce","block_type":"box","text":"22","page_number":55,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"44a90dcf-5016-4cff-991d-da2220eecf3f","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":56,"box":{"x":76,"y":23,"width":854,"height":11}},{"id":"19909914-c36e-400c-9aa8-8bbad04614ad","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":56,"box":{"x":77,"y":37,"width":310,"height":11}},{"id":"e82a9617-3686-4799-be64-453461cea30d","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":56,"box":{"x":76,"y":61,"width":848,"height":10}},{"id":"698246e4-cb45-4639-be22-31bb7f232721","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":56,"box":{"x":76,"y":75,"width":876,"height":11}},{"id":"e3bd2f83-a2f5-4902-8952-28d58448d78d","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":56,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"b7340542-d3c8-47b0-8410-bcc4f0e1fe80","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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