{"annotation_id":"66db3142-439c-4024-9916-f3f533ad0e4f","file_hash":"01ed5350a3b8854f5d191866ab9f6ced04f736e39c20dff3684bc3d3e7638a5b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"380cfcf4-d698-4a17-aaf8-03ca2e82fa28","block_type":"box","text":"iShares, Inc.","page_number":1,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"a67c8bf8-9d16-4741-a14f-044b3ff54b67","block_type":"box","text":"Supplement dated October 23, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"d93450f2-576e-4274-b54e-f5d7174e35e4","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":1,"box":{"x":268,"y":108,"width":467,"height":12}},{"id":"b80a69a2-2c27-4bb4-bc85-f637deb8f7d0","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":300,"y":123,"width":403,"height":13}},{"id":"75191afd-5e0c-4e43-9628-ba03dfeabeef","block_type":"box","text":"iShares MSCI Malaysia ETF (EWM) (the “Fund”)","page_number":1,"box":{"x":327,"y":139,"width":350,"height":12}},{"id":"6ee416a5-cd43-41bc-92c3-31b793c06082","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":162,"width":760,"height":12}},{"id":"21f821b7-2e22-4f0c-8332-ee9b3fa84189","block_type":"box","text":"on or around December 1, 2026:","page_number":1,"box":{"x":116,"y":177,"width":241,"height":12}},{"id":"3cff2e1c-b539-40b5-a4f5-bfc5324f060a","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":1,"box":{"x":118,"y":200,"width":712,"height":13}},{"id":"6e132890-c5bb-4ce3-a0f8-3012f837ac92","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":1,"box":{"x":151,"y":216,"width":499,"height":12}},{"id":"ea854165-2c7a-440a-83a8-57816bcfd11e","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":1,"box":{"x":236,"y":239,"width":552,"height":13}},{"id":"b865efac-874b-4d67-b3f3-a30b7e4bc709","block_type":"box","text":"MSCI Malaysia Index MSCI Malaysia 25/50 Index","page_number":1,"box":{"x":258,"y":260,"width":546,"height":12}},{"id":"3ea6157f-47a2-43aa-a7e2-012e9305b810","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":1,"box":{"x":117,"y":290,"width":767,"height":13}},{"id":"dba21d5a-9207-40a9-96fb-061ad883144a","block_type":"box","text":"will be deleted and replaced with the following:","page_number":1,"box":{"x":149,"y":306,"width":346,"height":13}},{"id":"f447f544-1516-43e3-b7aa-9497c3361626","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Malaysia 25/50 Index (the “Underlying","page_number":1,"box":{"x":149,"y":329,"width":720,"height":13}},{"id":"48a1bd14-e82c-47fb-ab30-5980162e18c2","block_type":"box","text":"Index”), which is a free float-adjusted market capitalization-weighted index that is designed to","page_number":1,"box":{"x":151,"y":344,"width":686,"height":13}},{"id":"46423895-577c-47ed-af35-ce00b42b0e29","block_type":"box","text":"measure the performance of the large- and mid-capitalization segments of the equity market in","page_number":1,"box":{"x":151,"y":360,"width":695,"height":13}},{"id":"913dd2f5-5dfa-43d5-9d71-cc2b695f9c45","block_type":"box","text":"Malaysia. The Underlying Index is rebalanced quarterly using an optimization process that aims to","page_number":1,"box":{"x":150,"y":375,"width":713,"height":13}},{"id":"674f1e0f-0463-451f-9482-b8b04ee72ddf","block_type":"box","text":"minimize the constituent weight differences between the Underlying Index and the MSCI Malaysia","page_number":1,"box":{"x":151,"y":391,"width":714,"height":13}},{"id":"10501212-d602-4695-b45c-e55de6e4286a","block_type":"box","text":"Index. The Underlying Index uses a capping methodology that limits the weight of any single “group","page_number":1,"box":{"x":151,"y":406,"width":729,"height":13}},{"id":"4dda3bd0-fad4-4611-9dc2-4bd7eec69abf","block_type":"box","text":"entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":1,"box":{"x":150,"y":422,"width":732,"height":13}},{"id":"5206f680-8f66-45fb-aea8-4b60efd409f2","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":1,"box":{"x":151,"y":437,"width":721,"height":13}},{"id":"e2f91fb7-e755-4cd0-b4ca-2842543b1c4f","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":1,"box":{"x":150,"y":453,"width":711,"height":13}},{"id":"15b502f6-8e2f-4b06-90fa-0ecb2ad257ef","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":1,"box":{"x":150,"y":468,"width":718,"height":13}},{"id":"efdf7e0b-0acb-4659-a925-863730020e58","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":1,"box":{"x":150,"y":484,"width":721,"height":13}},{"id":"c1888a53-c82b-4003-b022-f8764f814f94","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":1,"box":{"x":150,"y":499,"width":726,"height":13}},{"id":"8635b661-1d78-47af-8e58-c7c0943b645d","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":1,"box":{"x":150,"y":515,"width":736,"height":13}},{"id":"c49f8890-97ba-455c-b1fb-16af36ffdf17","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":1,"box":{"x":150,"y":530,"width":705,"height":13}},{"id":"b63f949f-9d92-4f4a-9247-a25363fb359b","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":1,"box":{"x":150,"y":546,"width":297,"height":10}},{"id":"9b4edb86-a828-4bb9-8895-7f05f5519d0f","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 21 constituents, and a significant","page_number":1,"box":{"x":150,"y":569,"width":710,"height":13}},{"id":"d69ea123-daee-4d78-9b46-6619b3f40bc5","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the financials industry","page_number":1,"box":{"x":150,"y":585,"width":734,"height":12}},{"id":"f7d9495e-090e-4710-b2af-f7d0d860f001","block_type":"box","text":"or sector. The components of the Underlying Index are likely to change over time.","page_number":1,"box":{"x":150,"y":600,"width":595,"height":13}},{"id":"98808dcf-78e7-4871-b6ba-c5d7d217d3a3","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":1,"box":{"x":149,"y":623,"width":724,"height":13}},{"id":"96aedbe2-0f77-46b9-a906-5a0a138e50fc","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":1,"box":{"x":149,"y":639,"width":620,"height":12}},{"id":"c46ae25b-eb6c-473b-9441-7a8c6f4975c1","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":1,"box":{"x":150,"y":654,"width":726,"height":13}},{"id":"c402ee43-8cb3-4049-b10d-c017ea410d40","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":1,"box":{"x":150,"y":670,"width":715,"height":12}},{"id":"b61451b2-71a1-460f-be3c-db2eadd593d8","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":1,"box":{"x":150,"y":685,"width":716,"height":13}},{"id":"1ec8c5ec-ff2e-446e-9a74-7d0a5eccdee6","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":1,"box":{"x":150,"y":701,"width":726,"height":12}},{"id":"ceebcccf-22d8-46b2-8755-c8c7e483fdbd","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":1,"box":{"x":150,"y":716,"width":705,"height":13}},{"id":"f5808fe4-6945-413a-8e91-0e00ef56640f","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":1,"box":{"x":149,"y":732,"width":727,"height":12}},{"id":"81b469a0-4be3-4ee4-8a07-38cd6a235b58","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":1,"box":{"x":151,"y":747,"width":707,"height":13}},{"id":"6f8ca70c-f604-4bfd-ad9f-c67c0442bdfb","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":1,"box":{"x":149,"y":763,"width":650,"height":12}},{"id":"0def0701-711c-4548-8a28-c873b83408c4","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":1,"box":{"x":150,"y":778,"width":722,"height":13}},{"id":"c80309af-ba06-4eb2-9ec0-8bb1d4c5c399","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":1,"box":{"x":150,"y":794,"width":707,"height":12}},{"id":"b9a8b381-2552-476a-8b62-ef84fe7ca2a9","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":1,"box":{"x":150,"y":809,"width":705,"height":13}},{"id":"a2931e96-1576-4758-a505-f30c48d75510","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":1,"box":{"x":150,"y":825,"width":730,"height":12}},{"id":"0de97953-279a-473b-92be-8e4e55c702be","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":1,"box":{"x":151,"y":840,"width":724,"height":13}},{"id":"9c1daafc-49a6-4d9c-ae68-a664d2fdbd0f","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":1,"box":{"x":151,"y":856,"width":337,"height":12}},{"id":"f7379bca-ee79-433f-9906-0d1eb487ef02","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":1,"box":{"x":151,"y":879,"width":729,"height":12}},{"id":"60117374-02ee-4dc8-989c-443743203d61","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":1,"box":{"x":150,"y":894,"width":700,"height":13}},{"id":"ae4e43f8-ac9d-47ea-a2b9-87f199742d39","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":1,"box":{"x":150,"y":910,"width":730,"height":12}},{"id":"6c244f8d-797f-4450-90a8-50503fb065ba","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":1,"box":{"x":151,"y":925,"width":692,"height":10}},{"id":"9c18df02-2944-4ace-9387-d5be8c00b6e0","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":2,"box":{"x":150,"y":69,"width":694,"height":13}},{"id":"3eec1ff3-8b4b-4d4f-a771-3ff583ead777","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":2,"box":{"x":151,"y":85,"width":727,"height":12}},{"id":"e1820f30-8e99-427e-ad06-ee381bc9e74d","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon","page_number":2,"box":{"x":150,"y":100,"width":710,"height":13}},{"id":"eedfa428-5480-4877-af8e-6e7325e0a29e","block_type":"box","text":"60 days’ notice to shareholders.","page_number":2,"box":{"x":150,"y":116,"width":234,"height":12}},{"id":"aa4034b4-674d-424e-bf52-8fc288859cc5","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":2,"box":{"x":149,"y":140,"width":703,"height":13}},{"id":"e8b52e33-e402-4d06-b4ff-9d2c25c4dc84","block_type":"box","text":"(including the value of any collateral received).","page_number":2,"box":{"x":151,"y":155,"width":341,"height":13}},{"id":"498bb636-b4b5-4560-b203-0d8ba5c4e2fe","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":2,"box":{"x":149,"y":180,"width":658,"height":12}},{"id":"9244b85d-03f5-4ab4-924d-4eb3edb61438","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":2,"box":{"x":150,"y":195,"width":690,"height":13}},{"id":"f44e4073-7eab-4d98-9ff7-220345a5f4d7","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":2,"box":{"x":149,"y":211,"width":729,"height":12}},{"id":"5e2f3f0b-fcb9-466c-b429-6c3d4214fcb2","block_type":"box","text":"value of the Underlying Index.","page_number":2,"box":{"x":149,"y":226,"width":221,"height":13}},{"id":"2003e50b-cb3d-4c7f-a66b-6e3769148a43","block_type":"box","text":"Industry Concentration Policy.","page_number":2,"box":{"x":151,"y":250,"width":229,"height":13}},{"id":"b37f4cea-1a1e-46be-9ace-a462523ec43e","block_type":"box","text":"The Fund will concentrate its investments (i.e., hold 25% or more of","page_number":2,"box":{"x":381,"y":250,"width":501,"height":13}},{"id":"988321e0-0df2-4e26-82d1-bce5f40b52ed","block_type":"box","text":"its total assets) in a particular industry or group of industries to approximately the same extent that","page_number":2,"box":{"x":150,"y":266,"width":724,"height":12}},{"id":"6269a899-bf52-4b35-9619-5a41bd964f52","block_type":"box","text":"the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S.","page_number":2,"box":{"x":149,"y":281,"width":653,"height":13}},{"id":"cf00af4a-a3de-48b3-a1d3-717b237d3526","block_type":"box","text":"government (including its agencies and instrumentalities) and repurchase agreements collateralized","page_number":2,"box":{"x":150,"y":297,"width":730,"height":13}},{"id":"f09d12b5-325a-431a-9312-f01a2870a58e","block_type":"box","text":"by U.S. government securities are not considered to be issued by members of any industry.","page_number":2,"box":{"x":151,"y":312,"width":661,"height":13}},{"id":"e53f7563-75c3-4fb9-92fb-ebe3e6888fb3","block_type":"box","text":"3. In the SAI, the index description for the MSCI Malaysia Index will be deleted and replaced with the","page_number":2,"box":{"x":116,"y":337,"width":746,"height":12}},{"id":"b4416b2c-47d8-4fa8-a6e2-6186a8889378","block_type":"box","text":"following:","page_number":2,"box":{"x":150,"y":352,"width":75,"height":13}},{"id":"f7fc888f-f52f-4cc8-8cc2-80c4eb391239","block_type":"box","text":"MSCI Malaysia 25/50 Index","page_number":2,"box":{"x":150,"y":376,"width":213,"height":13}},{"id":"1f47fbe9-d51c-4b06-b9fa-790e8690b36e","block_type":"box","text":"Index Description.","page_number":2,"box":{"x":151,"y":401,"width":138,"height":12}},{"id":"d0e930d6-570c-4007-b0ea-11eafc6e495a","block_type":"box","text":"The MSCI Malaysia 25/50 Index is designed to measure the performance of the","page_number":2,"box":{"x":289,"y":401,"width":586,"height":12}},{"id":"0c24b5cd-21d2-4576-a615-3c87390983d4","block_type":"box","text":"large- and mid-capitalization segments of the equity market in Malaysia. The Underlying Index is","page_number":2,"box":{"x":151,"y":416,"width":702,"height":13}},{"id":"1ae52924-bb25-4904-a5bb-1b7ff3d56305","block_type":"box","text":"rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":2,"box":{"x":151,"y":432,"width":704,"height":12}},{"id":"01573f2b-ee19-42e5-886b-28997517d51b","block_type":"box","text":"differences between the Underlying Index and the MSCI Malaysia Index.","page_number":2,"box":{"x":150,"y":447,"width":524,"height":13}},{"id":"bc9d2862-9b17-44ea-ac14-cac5645ef79b","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":2,"box":{"x":149,"y":471,"width":736,"height":13}},{"id":"db104ced-1f28-40e3-91e6-08b0e6c01b7c","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":2,"box":{"x":151,"y":487,"width":679,"height":12}},{"id":"d8c639dc-f88f-4844-8547-d32beaef0bd6","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":2,"box":{"x":151,"y":502,"width":721,"height":13}},{"id":"d69a22cc-c09d-4f5d-9e9c-140c8ccb76fd","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":2,"box":{"x":150,"y":518,"width":711,"height":12}},{"id":"c2a19349-d8cb-4ddd-89a8-99378c72352c","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":2,"box":{"x":150,"y":533,"width":718,"height":13}},{"id":"2d0dc282-91d5-466a-843e-cec513cf90e4","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":2,"box":{"x":150,"y":549,"width":721,"height":12}},{"id":"070658a3-3e60-4ede-9924-b700c1839b9b","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":2,"box":{"x":150,"y":564,"width":726,"height":13}},{"id":"8518cdc7-e3a1-4050-89a8-4cedff0f5e07","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":2,"box":{"x":150,"y":580,"width":736,"height":12}},{"id":"adb03f7f-8889-467c-8545-6eaa58354dfb","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":2,"box":{"x":150,"y":595,"width":705,"height":13}},{"id":"87e4b11c-b894-44ea-90dc-3d5221a9dd0b","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":2,"box":{"x":150,"y":611,"width":297,"height":10}},{"id":"2e52de28-a91e-4f6a-a6f7-5e9687f8030b","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":2,"box":{"x":116,"y":635,"width":749,"height":13}},{"id":"4593b41b-b9f8-4804-bd40-aed4d7cd1019","block_type":"box","text":"deleted and replaced with the following:","page_number":2,"box":{"x":150,"y":651,"width":295,"height":12}},{"id":"27eefeb0-3ec6-40f0-8ade-20b3f2412a39","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":2,"box":{"x":151,"y":675,"width":701,"height":12}},{"id":"5b19477e-c277-4546-bcd0-78df65ba0c6d","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":2,"box":{"x":150,"y":690,"width":699,"height":13}},{"id":"dc06d225-4cec-4f69-b98d-02ac8fffcda1","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":2,"box":{"x":150,"y":706,"width":665,"height":12}},{"id":"0ba97a42-bc84-4921-a7d5-5dfc2c487c6a","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":2,"box":{"x":151,"y":721,"width":691,"height":13}},{"id":"2fec8d4b-c91c-439d-9016-6b63897f6c5f","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":2,"box":{"x":150,"y":737,"width":657,"height":12}},{"id":"fa01a151-2e5f-45ab-91a2-637e7b98ebb2","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":2,"box":{"x":150,"y":752,"width":711,"height":13}},{"id":"e7a1d4a4-37a8-492f-bf83-5658e363abc8","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":2,"box":{"x":151,"y":768,"width":665,"height":12}},{"id":"bae479a7-b69d-4142-8e49-e1b22f876b31","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":2,"box":{"x":150,"y":783,"width":714,"height":13}},{"id":"71478a0b-f627-4615-b5d3-c38405a9f867","block_type":"box","text":"having jurisdiction, from time to time.","page_number":2,"box":{"x":151,"y":799,"width":271,"height":12}},{"id":"0836d0d8-e1ec-4c91-93f8-98c87d838b22","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":823,"width":516,"height":13}},{"id":"362d0b40-3865-4782-983d-e79c50553648","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c2a5156e-2456-4910-94ab-f870a0c50fd4","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"79c72cae-242e-4b96-8f73-755b94cc3105","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"9852f34a-fc96-4cd8-9efa-773c939a9a65","block_type":"box","text":"IS-SUPP-EWM-1026","page_number":2,"box":{"x":766,"y":887,"width":117,"height":8}},{"id":"1f3ee6bc-e3bf-400f-945d-2a41a4051e39","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"6b688599-e7de-4133-844b-0802b40f73f4","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"a0394bd5-19cf-4fc3-b9dd-469b272f3c33","block_type":"box","text":"iShares, Inc.","page_number":3,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"746bafaa-989a-47de-88d9-46001dd4d154","block_type":"box","text":"Supplement dated October 23, 2026","page_number":3,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"91b02b1c-258f-4d1b-901e-3972cec7e800","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":3,"box":{"x":268,"y":108,"width":467,"height":13}},{"id":"8bbdb831-c91f-4a2e-804e-07f18b6b6258","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":3,"box":{"x":300,"y":123,"width":403,"height":13}},{"id":"645ca810-d2d5-4519-9c3f-235f54ede2e2","block_type":"box","text":"iShares MSCI Singapore ETF (EWS) (the “Fund”)","page_number":3,"box":{"x":326,"y":139,"width":353,"height":13}},{"id":"49ed4224-ddf1-4902-8078-ddba9c9457ba","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":3,"box":{"x":116,"y":162,"width":760,"height":13}},{"id":"4b9839ba-e431-4837-a032-267efa86d166","block_type":"box","text":"on or around November 9, 2026:","page_number":3,"box":{"x":116,"y":178,"width":242,"height":11}},{"id":"fbff516f-47fb-49e0-8006-d1278ee83c67","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":3,"box":{"x":118,"y":201,"width":712,"height":13}},{"id":"41983c25-77af-41f8-9baa-db07ad0fde0e","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":3,"box":{"x":151,"y":216,"width":499,"height":13}},{"id":"3c3a1a66-61d6-4b94-b92b-ac8a577b006e","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":3,"box":{"x":236,"y":237,"width":552,"height":13}},{"id":"167e190c-a04e-4305-9697-092eb5ac636d","block_type":"box","text":"MSCI Singapore 25/50 Index MSCI Singapore 25/50 Daily 25 Capped Index","page_number":3,"box":{"x":229,"y":258,"width":642,"height":12}},{"id":"6f01898f-a7d0-4afc-94db-a24547d7c854","block_type":"box","text":"2. 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The Underlying Index is rebalanced quarterly using an optimization process","page_number":3,"box":{"x":151,"y":374,"width":704,"height":13}},{"id":"3adbabb9-6941-421a-adde-787407b50826","block_type":"box","text":"that aims to minimize the constituent weight differences between the Underlying Index and the","page_number":3,"box":{"x":149,"y":390,"width":696,"height":12}},{"id":"c1167a8a-5bd7-4515-8c93-7098626d46ab","block_type":"box","text":"MSCI Singapore Index. The Underlying Index uses a capping methodology that limits the weight of","page_number":3,"box":{"x":150,"y":405,"width":718,"height":13}},{"id":"b09ef82c-6fc2-47a5-9f50-13c17d966388","block_type":"box","text":"any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":3,"box":{"x":150,"y":421,"width":682,"height":12}},{"id":"db241fd9-72ce-4b6e-bd78-e319440cb185","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight","page_number":3,"box":{"x":151,"y":436,"width":708,"height":13}},{"id":"a52eb200-04bd-4c25-9bdd-200abc07eb92","block_type":"box","text":"above 5% to an aggregate of 50% of the Underlying Index weight. 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To determine “group entities,” MSCI analyzes","page_number":3,"box":{"x":150,"y":514,"width":684,"height":12}},{"id":"0f00bacc-d917-475d-b7d0-67d5c968be83","block_type":"box","text":"financial accounts of listed companies holding stakes of 20% or more in other listed companies to","page_number":3,"box":{"x":150,"y":529,"width":716,"height":13}},{"id":"b70d8513-a1a5-4c8b-9d89-d3a348694fbb","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of","page_number":3,"box":{"x":150,"y":545,"width":706,"height":12}},{"id":"d9ef9ca3-4a93-4b4e-96da-ee44c644812a","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies as belonging to the same group","page_number":3,"box":{"x":150,"y":560,"width":701,"height":13}},{"id":"e0f07336-8587-4689-87f8-3f4a65ada97d","block_type":"box","text":"entity where there is reasonable evidence of control based on other information. All group entities","page_number":3,"box":{"x":150,"y":576,"width":714,"height":12}},{"id":"a25ffe45-a56b-449e-9a02-fe7549639034","block_type":"box","text":"are reviewed on an annual basis.","page_number":3,"box":{"x":150,"y":591,"width":240,"height":10}},{"id":"22bd65fe-cd19-4833-8d2e-3dbd783387bc","block_type":"box","text":"As of September 30, 2026, the Underlying Index had approximately 15 constituents, and a significant","page_number":3,"box":{"x":150,"y":614,"width":737,"height":13}},{"id":"13929a72-168d-484b-951a-4a2c1834e333","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the consumer goods","page_number":3,"box":{"x":150,"y":630,"width":724,"height":13}},{"id":"ce2d60a2-fad7-4027-89bf-7dfd290ac742","block_type":"box","text":"and services, financials and industrials industries or sectors. The components of the Underlying","page_number":3,"box":{"x":150,"y":645,"width":694,"height":13}},{"id":"4de6a7a8-cd6a-4140-a14e-705ed760d20e","block_type":"box","text":"Index are likely to change over time.","page_number":3,"box":{"x":151,"y":661,"width":259,"height":13}},{"id":"e351f425-8cb8-4635-8386-b1a56f5daac3","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":3,"box":{"x":149,"y":684,"width":721,"height":13}},{"id":"98f914c9-5851-4479-a249-d7a29b3a0b39","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":3,"box":{"x":149,"y":700,"width":615,"height":12}},{"id":"69f92a9b-b0c7-4a62-8cad-cb4df8d62aae","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":3,"box":{"x":150,"y":715,"width":721,"height":13}},{"id":"6a1107d1-93f7-4a40-a682-8032ffb69a12","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":3,"box":{"x":150,"y":731,"width":715,"height":12}},{"id":"d65235bb-1153-49d8-a850-3c0bccf70e53","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":3,"box":{"x":150,"y":746,"width":716,"height":13}},{"id":"97dfcf85-6c8c-4683-b7ed-4cb0317e4324","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":3,"box":{"x":150,"y":762,"width":726,"height":12}},{"id":"f7674667-72dc-4e81-8e12-9e12a19c8c92","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":3,"box":{"x":150,"y":777,"width":705,"height":13}},{"id":"f1288a11-1112-43c8-bc83-607d50ed00a9","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":3,"box":{"x":149,"y":793,"width":727,"height":12}},{"id":"feb8900e-1b78-4c34-9739-8488c021c31a","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":3,"box":{"x":151,"y":808,"width":707,"height":13}},{"id":"3d309dba-ad93-4ce1-9af4-591c4b85f016","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":3,"box":{"x":149,"y":824,"width":650,"height":12}},{"id":"0867e6dc-d7ef-4810-a48d-c0294387a80b","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":3,"box":{"x":150,"y":839,"width":727,"height":13}},{"id":"a6d75636-57f0-4f93-a9a7-165b0cca06b5","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":3,"box":{"x":150,"y":855,"width":712,"height":12}},{"id":"42aa644d-ec47-4099-91eb-93b72599d58d","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":3,"box":{"x":150,"y":870,"width":710,"height":13}},{"id":"f7b8147f-4f82-4a96-b6a9-d9feb62eaf12","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":3,"box":{"x":150,"y":886,"width":730,"height":12}},{"id":"4a1a6c6d-1780-4408-8a94-74874ddc0743","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":3,"box":{"x":151,"y":901,"width":724,"height":13}},{"id":"cd857cf7-9beb-443b-9d15-76890dbcf616","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":3,"box":{"x":151,"y":917,"width":332,"height":12}},{"id":"3fdd8e67-e483-427a-b808-567b923d50e1","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":4,"box":{"x":151,"y":69,"width":729,"height":13}},{"id":"bfe5477a-f280-4529-bb88-27d5af416b3c","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":4,"box":{"x":150,"y":85,"width":700,"height":12}},{"id":"d70b62b5-228c-4613-ba67-f67c7cb6cba3","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":4,"box":{"x":150,"y":100,"width":735,"height":13}},{"id":"36904c64-4c88-48b5-98e8-fc7874a7d576","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":4,"box":{"x":151,"y":116,"width":696,"height":10}},{"id":"fa4b9a83-d1c0-4b87-9bfd-1b4ac57a7d12","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":4,"box":{"x":150,"y":131,"width":694,"height":13}},{"id":"438c5528-dcb4-4ac5-8df7-bc3afd9e8c1f","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":4,"box":{"x":151,"y":147,"width":727,"height":12}},{"id":"0440381f-3813-4efd-a2bc-5dd7d6bc1dd6","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60","page_number":4,"box":{"x":150,"y":162,"width":733,"height":13}},{"id":"2f05270a-3950-482e-9135-731e12d232b1","block_type":"box","text":"days’ notice to shareholders.","page_number":4,"box":{"x":150,"y":178,"width":211,"height":12}},{"id":"feb5b5d5-1d02-45b3-ae64-e110318b0ec8","block_type":"box","text":"The Fund may not purchase a security (other than obligations of the U.S. government, its agencies or","page_number":4,"box":{"x":149,"y":201,"width":738,"height":13}},{"id":"5fce2b22-f364-45bb-b199-cd7076e71076","block_type":"box","text":"instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer.","page_number":4,"box":{"x":150,"y":216,"width":713,"height":13}},{"id":"ba9fee2d-68a5-4a81-9fe4-f63cd3684c13","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":4,"box":{"x":149,"y":240,"width":703,"height":12}},{"id":"3dd84e48-594e-455f-b0f6-2588bc63f8ed","block_type":"box","text":"(including the value of any collateral received).","page_number":4,"box":{"x":151,"y":255,"width":341,"height":13}},{"id":"ca4a9572-84a7-49f2-9d48-d5d04eba1e39","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":4,"box":{"x":149,"y":278,"width":658,"height":13}},{"id":"50f59b67-97b4-4baa-8397-33e1f413fc98","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":4,"box":{"x":150,"y":294,"width":690,"height":13}},{"id":"a0d24435-eaaf-447d-8118-91c90d2dfd67","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":4,"box":{"x":149,"y":309,"width":729,"height":13}},{"id":"ac5bfa3c-764e-40c8-9d79-a5bc1f9648d7","block_type":"box","text":"value of the Underlying Index.","page_number":4,"box":{"x":149,"y":325,"width":221,"height":13}},{"id":"d4e7c6fe-26ec-43f0-9094-bd9752f6c8af","block_type":"box","text":"Industry Concentration Policy.","page_number":4,"box":{"x":151,"y":348,"width":229,"height":13}},{"id":"5760c0c5-f801-4e2c-9022-17f49683cbd0","block_type":"box","text":"With respect to the two most heavily weighted industries or groups","page_number":4,"box":{"x":381,"y":348,"width":498,"height":13}},{"id":"2f9cd3ba-6dec-4533-88d5-afbadeac1dd4","block_type":"box","text":"of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its","page_number":4,"box":{"x":150,"y":364,"width":688,"height":12}},{"id":"71a36f42-158e-4947-adb2-a42262e02b8a","block_type":"box","text":"investment objective and other investment policies) so that the weighting of each such industry or","page_number":4,"box":{"x":150,"y":379,"width":718,"height":13}},{"id":"a6e32416-7d4a-4604-b88f-e8ce3676aa35","block_type":"box","text":"group of industries in the Fund does not diverge by more than 10% from the respective weighting of","page_number":4,"box":{"x":150,"y":395,"width":733,"height":12}},{"id":"4642b63f-11dc-4e93-b103-0b14c53655c0","block_type":"box","text":"such industry or group of industries in its benchmark MSCI Index. An exception to this policy is that","page_number":4,"box":{"x":150,"y":410,"width":726,"height":13}},{"id":"33262ebb-6ccf-4bf5-8caf-d2e39644e1dd","block_type":"box","text":"if investment in the stock of a single issuer would account for more than 25% of the Fund, the Fund","page_number":4,"box":{"x":150,"y":426,"width":728,"height":12}},{"id":"bbfac00f-1f68-48b4-b612-89899d5bfcef","block_type":"box","text":"will invest less than 25% of its net assets in such stock and will reallocate the excess to stock(s) in","page_number":4,"box":{"x":149,"y":441,"width":716,"height":13}},{"id":"9af93142-ec15-498c-b4c5-7a3d4c6d6dcc","block_type":"box","text":"the same industry or group of industries, and/or to stock(s) in another industry or group of","page_number":4,"box":{"x":149,"y":457,"width":666,"height":12}},{"id":"a3f13cea-7fa6-453f-9071-6ffcba271663","block_type":"box","text":"industries, in its benchmark MSCI Index. The Fund will evaluate these industry weightings at least","page_number":4,"box":{"x":150,"y":472,"width":710,"height":13}},{"id":"926b5b97-663b-4222-83fc-11f06a39e5f0","block_type":"box","text":"weekly, and at the time of evaluation will adjust its portfolio composition to the extent necessary to","page_number":4,"box":{"x":149,"y":488,"width":724,"height":12}},{"id":"2b5aa350-d140-432f-98c6-c930a9b7e15f","block_type":"box","text":"maintain compliance with the above policy. The Fund may not concentrate its investments except as","page_number":4,"box":{"x":151,"y":503,"width":734,"height":13}},{"id":"20f93506-0050-4e6c-b70a-352435e8132d","block_type":"box","text":"discussed above.","page_number":4,"box":{"x":150,"y":519,"width":127,"height":10}},{"id":"0b775fea-92b0-4c84-a509-a18e889213c3","block_type":"box","text":"3. In the SAI, the index description for the MSCI Singapore 25/50 Index will be deleted and replaced","page_number":4,"box":{"x":116,"y":542,"width":742,"height":13}},{"id":"8c0f1d83-205d-4401-8eb9-51960dcd81cb","block_type":"box","text":"with the following:","page_number":4,"box":{"x":149,"y":557,"width":140,"height":13}},{"id":"d243d56b-7576-4bb2-9a42-dbaa5a84e87b","block_type":"box","text":"MSCI Singapore 25/50 Daily 25 Capped Index","page_number":4,"box":{"x":150,"y":581,"width":351,"height":12}},{"id":"fa9c48a6-65a7-4b28-8393-a2bba7a065a9","block_type":"box","text":"Index Description.","page_number":4,"box":{"x":151,"y":604,"width":142,"height":13}},{"id":"ce847786-9c49-4daf-97fa-d9f3e883f6a9","block_type":"box","text":"The MSCI Singapore 25/50 Daily 25 Capped Index is a free float-adjusted market","page_number":4,"box":{"x":293,"y":604,"width":592,"height":13}},{"id":"5205f4d7-8fbd-47d4-8035-6f768e11f32d","block_type":"box","text":"capitalization-weighted index that is designed to measure the performance of the large- and","page_number":4,"box":{"x":150,"y":620,"width":673,"height":12}},{"id":"8f63b7d3-1e91-406b-adf0-58a51ed70205","block_type":"box","text":"mid-capitalization segments of the equity market in Singapore. The Underlying Index is rebalanced","page_number":4,"box":{"x":151,"y":635,"width":718,"height":13}},{"id":"36905b28-dff5-42be-8423-8c0d216f26b3","block_type":"box","text":"quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":4,"box":{"x":150,"y":651,"width":705,"height":12}},{"id":"b3082395-5997-4e0c-89cf-31b2c7c875c5","block_type":"box","text":"between the Underlying Index and the MSCI Singapore Index. The Underlying Index uses a capping","page_number":4,"box":{"x":151,"y":666,"width":714,"height":13}},{"id":"fe594baa-2238-48ef-8a60-2a1631a325cd","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines","page_number":4,"box":{"x":151,"y":682,"width":720,"height":12}},{"id":"6e347a96-0bb5-4229-a0ab-8872c051c534","block_type":"box","text":"have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all","page_number":4,"box":{"x":151,"y":697,"width":730,"height":13}},{"id":"dc640352-738f-473c-8f9f-276cb4a6f757","block_type":"box","text":"group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In","page_number":4,"box":{"x":150,"y":713,"width":704,"height":12}},{"id":"d645adc3-7ece-40dc-a44a-d0f6e89b5971","block_type":"box","text":"addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any","page_number":4,"box":{"x":150,"y":728,"width":668,"height":13}},{"id":"4d72ffa6-77db-4286-936c-c82198c83f58","block_type":"box","text":"business day between quarterly rebalances, the Underlying Index is rebalanced so that each group","page_number":4,"box":{"x":151,"y":744,"width":710,"height":12}},{"id":"86fedf20-735d-4f75-be0b-eeb4c5aba2b4","block_type":"box","text":"entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that","page_number":4,"box":{"x":150,"y":759,"width":688,"height":13}},{"id":"9de1bce1-c985-4aa0-a688-682dea5328b8","block_type":"box","text":"operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":4,"box":{"x":150,"y":775,"width":692,"height":12}},{"id":"638849eb-27a7-43b1-8ff0-100b4f4e237c","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or","page_number":4,"box":{"x":150,"y":790,"width":694,"height":13}},{"id":"756b5ec7-f358-4fb3-be62-e4dddfca9570","block_type":"box","text":"more in other listed companies to determine whether these stakes are controlling in nature. In","page_number":4,"box":{"x":151,"y":806,"width":680,"height":12}},{"id":"44573fba-1cb2-418b-bf0e-24c9471bed0b","block_type":"box","text":"certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies","page_number":4,"box":{"x":150,"y":821,"width":730,"height":13}},{"id":"5c6fd3c5-cf42-406b-a5a4-26a61f2c6653","block_type":"box","text":"as belonging to the same group entity where there is reasonable evidence of control based on other","page_number":4,"box":{"x":150,"y":837,"width":727,"height":12}},{"id":"983fe2d8-8696-44eb-b7ac-959a4c8b61a0","block_type":"box","text":"information. All group entities are reviewed on an annual basis.","page_number":4,"box":{"x":150,"y":852,"width":461,"height":13}},{"id":"9356c547-9487-4d3b-9f3f-fe3f996e3d2f","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":5,"box":{"x":116,"y":69,"width":749,"height":13}},{"id":"aa470c60-48f1-4ce1-8364-cceb1acd685a","block_type":"box","text":"deleted and replaced with the following:","page_number":5,"box":{"x":150,"y":85,"width":295,"height":12}},{"id":"7952a0cb-52d2-4f38-a8d7-cee1faa334e1","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":5,"box":{"x":151,"y":108,"width":705,"height":13}},{"id":"62cd4f35-1f92-4568-af6f-669f22a01142","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":5,"box":{"x":150,"y":123,"width":704,"height":13}},{"id":"ad3406cc-249c-433d-8725-48a51e02dba6","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":5,"box":{"x":150,"y":139,"width":670,"height":13}},{"id":"81230702-ac62-4d59-b82c-a34f6992cd00","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":5,"box":{"x":151,"y":154,"width":695,"height":13}},{"id":"e2bcee7a-f440-4bce-9afc-e0e76b33197b","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":5,"box":{"x":150,"y":170,"width":660,"height":13}},{"id":"4ef5059c-a6b8-4e49-a5d6-50c524691cd7","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":5,"box":{"x":150,"y":185,"width":714,"height":13}},{"id":"024cac2b-778e-4204-90bd-29cbc109d599","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":5,"box":{"x":151,"y":201,"width":669,"height":13}},{"id":"d2f06b2d-73de-4ef7-bcd3-ca374a97107b","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":5,"box":{"x":150,"y":216,"width":718,"height":13}},{"id":"4af2ecef-07c6-407b-a178-f521173f61e8","block_type":"box","text":"having jurisdiction, from time to time.","page_number":5,"box":{"x":151,"y":232,"width":276,"height":13}},{"id":"35b8248f-ee34-4a58-af60-b31b4a232364","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":255,"width":521,"height":13}},{"id":"255a17d4-deca-41f1-a4c3-9fc50c71a421","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"e5ba2e39-492e-46d0-a8d9-b89225ad01a5","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"24d110ef-3730-42e8-bbc5-c5c1e6ff6135","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"f11d815b-f6b4-4398-931a-9ca02b313121","block_type":"box","text":"IS-SUPP-EWS-1026","page_number":5,"box":{"x":771,"y":887,"width":112,"height":8}},{"id":"b6746487-a2ab-49db-bd4f-2dbe5ab31468","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"7a9f71c9-c277-41e3-bf5f-f24fad7b2fc0","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"53adb1f0-5894-4fb1-8720-be60a0dc5978","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":6,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"a55f3d96-835c-477e-be5a-0f493d6a0c99","block_type":"box","text":"iShares, Inc.","page_number":7,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"3500f2e2-ae73-4e8f-b4ed-a3ab4b23c003","block_type":"box","text":"Supplement dated October 23, 2026","page_number":7,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"7aac0509-c097-4cbd-a095-22bafe91f4b7","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":7,"box":{"x":268,"y":108,"width":467,"height":13}},{"id":"d002edec-67b2-4ee6-a0fb-f400c0fda4b3","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":7,"box":{"x":300,"y":123,"width":403,"height":13}},{"id":"2e8a4e01-3bf6-4f1e-b090-7de8e2ae5457","block_type":"box","text":"iShares MSCI South Korea ETF (EWY) (the “Fund”)","page_number":7,"box":{"x":317,"y":139,"width":370,"height":13}},{"id":"df1a4547-6193-4dc3-9803-d297325d46db","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":7,"box":{"x":116,"y":162,"width":760,"height":13}},{"id":"e274ed97-23a6-48be-b596-e071df1f1ad0","block_type":"box","text":"on or around November 9, 2026:","page_number":7,"box":{"x":116,"y":178,"width":242,"height":11}},{"id":"acdd4009-47cb-423d-9ea7-9dc0510c506b","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":7,"box":{"x":118,"y":201,"width":712,"height":13}},{"id":"6572e2a2-84b0-4226-a805-8a24bd4849a6","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":7,"box":{"x":151,"y":216,"width":499,"height":13}},{"id":"62b90833-e950-43a5-86e7-add1030c92e4","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":7,"box":{"x":236,"y":237,"width":552,"height":13}},{"id":"06016256-3e16-47f6-aaf3-8a20a5bc6d8c","block_type":"box","text":"MSCI Korea 25/50 Index MSCI Korea 25/50 Daily 25 Capped Index","page_number":7,"box":{"x":244,"y":258,"width":611,"height":12}},{"id":"cb8768a0-7091-45a2-b0f2-a8565b87c0db","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":7,"box":{"x":117,"y":289,"width":767,"height":12}},{"id":"b116775a-bbca-4141-82ca-c16333560e0a","block_type":"box","text":"will be deleted and replaced with the following:","page_number":7,"box":{"x":149,"y":304,"width":346,"height":13}},{"id":"b2ec4fc3-e708-41e3-869b-281bb5bf1048","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Korea 25/50 Daily 25 Capped Index (the","page_number":7,"box":{"x":149,"y":328,"width":730,"height":12}},{"id":"ebace3f3-97b2-4c84-948b-5e658135e414","block_type":"box","text":"“Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is","page_number":7,"box":{"x":150,"y":343,"width":689,"height":13}},{"id":"9058d4eb-aca6-4f6a-82ff-009507f2de02","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity","page_number":7,"box":{"x":150,"y":359,"width":712,"height":12}},{"id":"c2f04c4f-ab18-484b-ac77-e50d0c2a3739","block_type":"box","text":"market in Korea. The Underlying Index is rebalanced quarterly using an optimization process that","page_number":7,"box":{"x":151,"y":374,"width":706,"height":13}},{"id":"655a0cdb-31f3-49ff-b3d5-cbf9756e9169","block_type":"box","text":"aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":7,"box":{"x":150,"y":390,"width":705,"height":12}},{"id":"1c891fb7-9363-4651-a440-c16ce654dc60","block_type":"box","text":"Korea Index. The Underlying Index uses a capping methodology that limits the weight of any single","page_number":7,"box":{"x":151,"y":405,"width":720,"height":13}},{"id":"c98c27db-bbe0-4a66-9a8e-afd65eec8ac7","block_type":"box","text":"“group entity” (constituents that MSCI determines have a control relationship) to a maximum of","page_number":7,"box":{"x":150,"y":421,"width":703,"height":12}},{"id":"b51d08e3-0c07-4d63-986d-964208c884e0","block_type":"box","text":"25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an","page_number":7,"box":{"x":150,"y":436,"width":729,"height":13}},{"id":"ca71224d-b4f9-4bc7-aa66-17d499289af9","block_type":"box","text":"aggregate of 50% of the Underlying Index weight. In addition, if a group entity exceeds 25% of the","page_number":7,"box":{"x":150,"y":452,"width":718,"height":12}},{"id":"548b2a0e-999c-4128-95ea-b2d494309e02","block_type":"box","text":"Underlying Index weight as of the close of any business day between quarterly rebalances, the","page_number":7,"box":{"x":151,"y":467,"width":685,"height":13}},{"id":"0633119a-df5c-4b09-a665-432d7548fb3c","block_type":"box","text":"Underlying Index is rebalanced so that each group entity is reduced to 22.5% of the Underlying","page_number":7,"box":{"x":151,"y":483,"width":691,"height":12}},{"id":"05c087d9-6b8e-462e-928a-721677135433","block_type":"box","text":"Index. A group entity is a group of companies that operate as an affiliated corporate group but may","page_number":7,"box":{"x":151,"y":498,"width":723,"height":13}},{"id":"79f609da-6736-4fc3-90c9-9ae7ba04a3f9","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":7,"box":{"x":150,"y":514,"width":727,"height":12}},{"id":"1146cbfa-33e5-451b-92b2-7b2fd126d203","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether","page_number":7,"box":{"x":151,"y":529,"width":703,"height":13}},{"id":"d98c1a77-e0e6-4c93-85d0-9fed20cfc0b7","block_type":"box","text":"these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":7,"box":{"x":149,"y":545,"width":737,"height":12}},{"id":"aec21dec-923b-4018-9c51-1c4ddff642d6","block_type":"box","text":"MSCI may also consider two companies as belonging to the same group entity where there is","page_number":7,"box":{"x":150,"y":560,"width":681,"height":13}},{"id":"f4fc7d41-993c-4437-968c-30e85d9d1d3a","block_type":"box","text":"reasonable evidence of control based on other information. All group entities are reviewed on an","page_number":7,"box":{"x":151,"y":576,"width":703,"height":12}},{"id":"14a23cf7-1de7-41cf-b76c-248f22627fa6","block_type":"box","text":"annual basis.","page_number":7,"box":{"x":150,"y":591,"width":98,"height":10}},{"id":"6ee90381-a2b2-4329-9947-ae6ba0d16fe6","block_type":"box","text":"As of September 30, 2026, the Underlying Index had approximately 74 constituents, and a significant","page_number":7,"box":{"x":150,"y":614,"width":737,"height":13}},{"id":"48ba08e3-5c36-40c4-ae11-14a8e5ad1822","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the industrials and","page_number":7,"box":{"x":150,"y":630,"width":708,"height":13}},{"id":"b708df2b-3e1e-4233-8363-d81ecfb8067f","block_type":"box","text":"technology industries or sectors. The components of the Underlying Index are likely to change over","page_number":7,"box":{"x":149,"y":645,"width":724,"height":13}},{"id":"90120ed8-8c06-4ec1-be78-164b41d5efe5","block_type":"box","text":"time.","page_number":7,"box":{"x":149,"y":662,"width":36,"height":9}},{"id":"7bf06a30-f2a7-43d7-99ef-05ac800533b7","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":7,"box":{"x":149,"y":684,"width":721,"height":13}},{"id":"6d1a2076-a187-4f03-9218-8091d5c7302e","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":7,"box":{"x":149,"y":700,"width":615,"height":12}},{"id":"d50f2d2f-de5e-44a4-b120-d68dd2bf3cef","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":7,"box":{"x":150,"y":715,"width":721,"height":13}},{"id":"394b68ed-7fad-4f48-aa97-553d80c80a93","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":7,"box":{"x":150,"y":731,"width":715,"height":12}},{"id":"8567f241-b169-4346-9db3-3accb63e7f80","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":7,"box":{"x":150,"y":746,"width":716,"height":13}},{"id":"275116a3-54fb-45ac-abcf-b0473bd93010","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":7,"box":{"x":150,"y":762,"width":726,"height":12}},{"id":"a830fa0f-eab0-4815-acf2-61dbca11f668","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":7,"box":{"x":150,"y":777,"width":705,"height":13}},{"id":"5bfc470b-1d99-47fd-9982-29c5f6f7e4e0","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":7,"box":{"x":149,"y":793,"width":727,"height":12}},{"id":"7d54387b-c789-4807-a57a-9b5459fde80c","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":7,"box":{"x":151,"y":808,"width":707,"height":13}},{"id":"1b22e4aa-d07d-4547-9cc3-b7f9e105a01d","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":7,"box":{"x":149,"y":824,"width":650,"height":12}},{"id":"874b3203-ead6-421c-8499-3f00efec6f51","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":7,"box":{"x":150,"y":839,"width":727,"height":13}},{"id":"c699840a-87e5-4e2c-b905-f613976c6553","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":7,"box":{"x":150,"y":855,"width":712,"height":12}},{"id":"5f742bd9-09e8-43c4-b9b3-9fb5788ddad8","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":7,"box":{"x":150,"y":870,"width":710,"height":13}},{"id":"e060b593-1bda-4a5b-8efc-4c36fb9e6840","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":7,"box":{"x":150,"y":886,"width":730,"height":12}},{"id":"5fd7a62c-2670-48af-ae12-0dad44eb0afc","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":7,"box":{"x":151,"y":901,"width":724,"height":13}},{"id":"b03a501e-86ae-4e36-8e08-23e748a36dd7","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":7,"box":{"x":151,"y":917,"width":332,"height":12}},{"id":"d5b360a7-b748-4a68-b98c-cbe748fe6e28","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":8,"box":{"x":151,"y":69,"width":729,"height":13}},{"id":"ab71ebca-7023-4834-962e-89f5afc7c25c","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":8,"box":{"x":150,"y":85,"width":700,"height":12}},{"id":"b6e6c4bd-dab1-44f2-a4a4-3c27cddf276f","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":8,"box":{"x":150,"y":100,"width":735,"height":13}},{"id":"aafba517-5fe5-4eeb-9bee-8e67f0009c57","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":8,"box":{"x":151,"y":116,"width":696,"height":10}},{"id":"57302663-ed04-47e4-936f-1c4df4503c30","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":8,"box":{"x":150,"y":131,"width":694,"height":13}},{"id":"86fa22ec-727d-4689-824f-45b8c3270589","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":8,"box":{"x":151,"y":147,"width":727,"height":12}},{"id":"0333c621-af06-42ee-9e52-7ff1502edf0d","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60","page_number":8,"box":{"x":150,"y":162,"width":733,"height":13}},{"id":"cc64abfd-0181-4de8-9994-7ad85548e17d","block_type":"box","text":"days’ notice to shareholders.","page_number":8,"box":{"x":150,"y":178,"width":211,"height":12}},{"id":"aba16abf-23c2-454f-a9f3-d02edbca86a2","block_type":"box","text":"The Fund may not purchase a security (other than obligations of the U.S. government, its agencies or","page_number":8,"box":{"x":149,"y":201,"width":738,"height":13}},{"id":"852c56ee-94d4-4136-9cef-fccee8e5dab2","block_type":"box","text":"instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer.","page_number":8,"box":{"x":150,"y":216,"width":713,"height":13}},{"id":"39b5b341-b5ad-4ded-94fd-f1cd348492b1","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":8,"box":{"x":149,"y":240,"width":703,"height":12}},{"id":"659ae3a7-168d-45fc-8e9e-e23bcdbc6599","block_type":"box","text":"(including the value of any collateral received).","page_number":8,"box":{"x":151,"y":255,"width":341,"height":13}},{"id":"4e51acb4-42c7-4906-a595-ccd56e87f0bd","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":8,"box":{"x":149,"y":278,"width":658,"height":13}},{"id":"aff50bd3-a763-4ec5-9c3a-a43c832dffee","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":8,"box":{"x":150,"y":294,"width":690,"height":13}},{"id":"6f5e6c49-eace-4f0a-b989-99b1e0fc55e7","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":8,"box":{"x":149,"y":309,"width":729,"height":13}},{"id":"8668ece9-0d30-4385-91a3-3f03281b9976","block_type":"box","text":"value of the Underlying Index.","page_number":8,"box":{"x":149,"y":325,"width":221,"height":13}},{"id":"4b1860ea-cfce-4cc3-bbae-377fd3b7bc64","block_type":"box","text":"Industry Concentration Policy.","page_number":8,"box":{"x":151,"y":348,"width":229,"height":13}},{"id":"f5fcd0b9-3fea-44d4-9900-30be857159b0","block_type":"box","text":"With respect to the two most heavily weighted industries or groups","page_number":8,"box":{"x":381,"y":348,"width":498,"height":13}},{"id":"cd885a1d-d835-48ad-b75e-f4279d6edfbd","block_type":"box","text":"of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its","page_number":8,"box":{"x":150,"y":364,"width":688,"height":12}},{"id":"62e484cd-46e3-4122-bb0f-d45d2fcc1bf8","block_type":"box","text":"investment objective and other investment policies) so that the weighting of each such industry or","page_number":8,"box":{"x":150,"y":379,"width":718,"height":13}},{"id":"55391906-c364-4acd-ad7b-541ba1b7f07f","block_type":"box","text":"group of industries in the Fund does not diverge by more than 10% from the respective weighting of","page_number":8,"box":{"x":150,"y":395,"width":733,"height":12}},{"id":"adb97e51-3cfe-40af-8cce-50d0db014a62","block_type":"box","text":"such industry or group of industries in its benchmark MSCI Index. An exception to this policy is that","page_number":8,"box":{"x":150,"y":410,"width":726,"height":13}},{"id":"4d5243dd-1bf8-4af7-8021-4b2e707c2bc2","block_type":"box","text":"if investment in the stock of a single issuer would account for more than 25% of the Fund, the Fund","page_number":8,"box":{"x":150,"y":426,"width":728,"height":12}},{"id":"b2c6cf50-0c6f-4f1c-9f69-466e615160b4","block_type":"box","text":"will invest less than 25% of its net assets in such stock and will reallocate the excess to stock(s) in","page_number":8,"box":{"x":149,"y":441,"width":716,"height":13}},{"id":"9c5d322c-7628-4836-8400-9703338118d6","block_type":"box","text":"the same industry or group of industries, and/or to stock(s) in another industry or group of","page_number":8,"box":{"x":149,"y":457,"width":666,"height":12}},{"id":"44114033-c511-42ea-9295-052f88ec2156","block_type":"box","text":"industries, in its benchmark MSCI Index. The Fund will evaluate these industry weightings at least","page_number":8,"box":{"x":150,"y":472,"width":710,"height":13}},{"id":"1b834137-f511-4c70-ba8f-52c76120dc88","block_type":"box","text":"weekly, and at the time of evaluation will adjust its portfolio composition to the extent necessary to","page_number":8,"box":{"x":149,"y":488,"width":724,"height":12}},{"id":"710b6877-aa70-4717-aaf9-8cc9ce61a17f","block_type":"box","text":"maintain compliance with the above policy. The Fund may not concentrate its investments except as","page_number":8,"box":{"x":151,"y":503,"width":734,"height":13}},{"id":"d2499ae3-26ef-453f-a950-8f2868f45228","block_type":"box","text":"discussed above.","page_number":8,"box":{"x":150,"y":519,"width":127,"height":10}},{"id":"8ca24b0d-6cca-4acb-8e56-5bdc8b13b6e9","block_type":"box","text":"3. In the SAI, the index description for the MSCI Korea 25/50 Index will be deleted and replaced with","page_number":8,"box":{"x":116,"y":542,"width":746,"height":13}},{"id":"26f38429-04b8-4de6-ac32-ded9e1a89229","block_type":"box","text":"the following:","page_number":8,"box":{"x":149,"y":557,"width":104,"height":13}},{"id":"e02c3960-8d41-4c12-80d1-4b6fffa0e88e","block_type":"box","text":"MSCI Korea 25/50 Daily 25 Capped Index","page_number":8,"box":{"x":150,"y":581,"width":318,"height":12}},{"id":"dbc4df9e-be0a-4c78-802b-b42181e11923","block_type":"box","text":"Index Description.","page_number":8,"box":{"x":151,"y":604,"width":138,"height":13}},{"id":"74659a94-7da4-4f3d-ade8-517bc1aba892","block_type":"box","text":"The MSCI Korea 25/50 Daily 25 Capped Index is a free float-adjusted market","page_number":8,"box":{"x":289,"y":604,"width":565,"height":13}},{"id":"b3f9dda2-4763-453b-807a-5f9d7dafc6c4","block_type":"box","text":"capitalization-weighted index that is designed to measure the performance of the large- and","page_number":8,"box":{"x":150,"y":620,"width":673,"height":12}},{"id":"4d33da79-2692-44a8-af1f-3ba0031ee645","block_type":"box","text":"mid-capitalization segments of the Korean equity market. The Underlying Index is rebalanced","page_number":8,"box":{"x":151,"y":635,"width":678,"height":13}},{"id":"3d4891cc-cced-45af-970b-f364f6cca8da","block_type":"box","text":"quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":8,"box":{"x":150,"y":651,"width":705,"height":12}},{"id":"46de50d9-ce5d-4b11-8d7d-59b3062a313a","block_type":"box","text":"between the Underlying Index and the MSCI Korea Index. The Underlying Index uses a capping","page_number":8,"box":{"x":151,"y":666,"width":683,"height":13}},{"id":"70410cc8-dcbe-48a1-9f3b-17a4e125b917","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines","page_number":8,"box":{"x":151,"y":682,"width":720,"height":12}},{"id":"8200d0b3-2803-4144-90fc-4f3ee3381fba","block_type":"box","text":"have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all","page_number":8,"box":{"x":151,"y":697,"width":730,"height":13}},{"id":"5bcb2e58-4ef8-4679-94a1-796189b7b522","block_type":"box","text":"group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In","page_number":8,"box":{"x":150,"y":713,"width":704,"height":12}},{"id":"1b291636-b41d-432f-a3cb-916dcef9670a","block_type":"box","text":"addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any","page_number":8,"box":{"x":150,"y":728,"width":668,"height":13}},{"id":"f5a84c20-56a3-4d18-a111-6b8d58f0c280","block_type":"box","text":"business day between quarterly rebalances, the Underlying Index is rebalanced so that each group","page_number":8,"box":{"x":151,"y":744,"width":710,"height":12}},{"id":"11a657c8-3cfe-4a33-9328-742a30165ef4","block_type":"box","text":"entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that","page_number":8,"box":{"x":150,"y":759,"width":688,"height":13}},{"id":"598c5c9c-e17b-4730-8232-13824965e33e","block_type":"box","text":"operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":8,"box":{"x":150,"y":775,"width":692,"height":12}},{"id":"a3726161-7f11-48c1-a414-d44e3476eb69","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or","page_number":8,"box":{"x":150,"y":790,"width":694,"height":13}},{"id":"7fd659ff-1418-450f-b411-ad8bd5b1779d","block_type":"box","text":"more in other listed companies to determine whether these stakes are controlling in nature. In","page_number":8,"box":{"x":151,"y":806,"width":680,"height":12}},{"id":"ba6dafad-44a7-41d1-9d88-822846e84cd9","block_type":"box","text":"certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies","page_number":8,"box":{"x":150,"y":821,"width":730,"height":13}},{"id":"18c9a0a0-2902-4e48-9dba-2ee9b9f61e6b","block_type":"box","text":"as belonging to the same group entity where there is reasonable evidence of control based on other","page_number":8,"box":{"x":150,"y":837,"width":727,"height":12}},{"id":"6a601f06-b4e5-4700-8dac-0f9175651dfc","block_type":"box","text":"information. All group entities are reviewed on an annual basis.","page_number":8,"box":{"x":150,"y":852,"width":461,"height":13}},{"id":"5b928a43-ba18-48b3-8ba9-79f3bf8b2fe2","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":9,"box":{"x":116,"y":69,"width":749,"height":13}},{"id":"3dbdbba1-afff-4057-bd2d-d7b5de5fd100","block_type":"box","text":"deleted and replaced with the following:","page_number":9,"box":{"x":150,"y":85,"width":295,"height":12}},{"id":"96231c80-9bb9-4950-9c2b-081554303b27","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":9,"box":{"x":151,"y":108,"width":705,"height":13}},{"id":"d1eefdfc-9220-4264-bdae-e4dd2a2e2844","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":9,"box":{"x":150,"y":123,"width":704,"height":13}},{"id":"e5073481-ee65-4a4e-8dff-ac084279cff3","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":9,"box":{"x":150,"y":139,"width":670,"height":13}},{"id":"985c21a9-a964-416a-81fd-7d97e5b44292","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":9,"box":{"x":151,"y":154,"width":695,"height":13}},{"id":"c8aa462a-4762-4f90-b141-7329bedd2971","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":9,"box":{"x":150,"y":170,"width":660,"height":13}},{"id":"d78393aa-dcce-44d0-84d9-8fcd6286f3e2","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":9,"box":{"x":150,"y":185,"width":714,"height":13}},{"id":"a7a46f17-3922-40d0-b442-c312a266006e","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":9,"box":{"x":151,"y":201,"width":669,"height":13}},{"id":"f5043053-8f11-4a05-b37b-bd5c90012c57","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":9,"box":{"x":150,"y":216,"width":718,"height":13}},{"id":"7c09c2f4-7d59-4a41-95fd-8ffc809638dd","block_type":"box","text":"having jurisdiction, from time to time.","page_number":9,"box":{"x":151,"y":232,"width":276,"height":13}},{"id":"91f6e0ac-d079-4d7d-ba62-c27413dbdc69","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":9,"box":{"x":117,"y":255,"width":521,"height":13}},{"id":"5ffba268-c538-4aea-bfec-684b0a5f1058","block_type":"box","text":"iShares","page_number":9,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"8ebb8400-3302-4fa5-9b71-98aea390894b","block_type":"box","text":"®","page_number":9,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"7230693c-9a1d-48d0-8ee3-ae53388d245c","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":9,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"aee34728-c1f6-481c-87b1-4250cf4f80f1","block_type":"box","text":"IS-SUPP-EWY-1026","page_number":9,"box":{"x":770,"y":887,"width":113,"height":8}},{"id":"5f064cba-e42b-4b0b-b978-883885173636","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":9,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"ecf05551-35e0-43e3-8429-0f583a831cfc","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":9,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"4610d4b5-34e9-4ab7-9e39-b4ce735a809f","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":10,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"4c2975ac-597c-442f-bd2c-bf2b0cf2f6c1","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":11,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"c9926e9e-6e7e-4b93-8c62-8783f04745d5","block_type":"box","text":"Supplement dated October 15, 2026","page_number":11,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"17cb5138-1554-4e27-aee1-3fae74799bb0","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":11,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"e40f38a3-50c6-43be-8035-7cdb912f854a","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":11,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"7ca162f9-9f36-4338-8f9b-09f32c52b8da","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":11,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"5b5c6e9d-b156-4af9-a17c-f2e890d0908d","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":11,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"beaad793-b2cb-430b-a998-0a339298ce97","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":11,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"b466a441-b7be-4a8d-8be7-638282b740a9","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":11,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"da165b57-6326-4103-a9ba-99bd7360fc03","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":11,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"2e18a599-e0ab-4ade-a9b6-5263e93e8f0f","block_type":"box","text":"Risks” section of its Prospectus.","page_number":11,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"5819464d-eb0f-4588-aa71-03ab93258c41","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":11,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"e1767171-4db8-4b9f-8a77-7a2d0a9d155d","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":11,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"63bf9b5e-a997-44f0-8d90-87f67c428ffd","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":11,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"d575b98e-d346-4dd5-a4f8-49aa377d4e05","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":11,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"dc427e3e-41d4-4a10-a0c2-52537ae2a200","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":11,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"fee307c3-c533-498c-974c-a34d794c375a","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":11,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"6d148368-4874-4a0c-ba1d-a2ef8957bbf4","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":11,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"423099da-2bfb-41eb-a69e-de159b3ca69a","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":11,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"dc97f5e6-1f14-4222-96da-bb0f7c36541a","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":11,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"a2b9df04-95aa-437a-99f5-8f61ac5a97f5","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":11,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"69c5c588-b9c9-4f38-aae7-6031b583ac5a","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":11,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"1881a13f-88db-4bcb-8e2a-1b4462e87bd2","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":11,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"0ef43723-bbf9-413d-9a28-2f617be9e8fd","block_type":"box","text":"Appendix A","page_number":11,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"9b41c3ef-c3cf-4009-88c3-da84bebdc9bd","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":11,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"f1735046-0ff5-4136-92a6-09985b5ae224","block_type":"box","text":"iShares China Large-Cap ETF","page_number":11,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"72031cec-5268-4cff-ac32-f84ec8759360","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":11,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"fe5ea707-f1cc-4d6d-8bec-d757091d3ee6","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":11,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"ae840460-dd54-40dc-918c-dcb46b615ef1","block_type":"box","text":"iShares Global Healthcare ETF","page_number":11,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"6ede0669-8728-46b7-aba4-2fe99435ff62","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":11,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"be90e052-d144-4022-a103-3df18ea36b03","block_type":"box","text":"iShares MSCI Global Gold Miners 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(1-800-474-2737).","page_number":11,"box":{"x":117,"y":581,"width":521,"height":12}},{"id":"378dfa5e-220b-4640-a742-15a8163dc3de","block_type":"box","text":"iShares","page_number":11,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"d7dd7855-d241-4d24-8932-17ffd6eb66ed","block_type":"box","text":"®","page_number":11,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"c41c1134-e9d2-472f-bd46-ddc9c3e1ce27","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":11,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"06a86e64-7c06-4599-92e3-7c71d7e47874","block_type":"box","text":"IS-A-LOC-1026","page_number":11,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"e9183133-c174-492c-aae9-4ec1756c7ae2","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":11,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"31adf05f-2221-473c-964a-3ba1b93727ac","block_type":"box","text":"FOR FUTURE 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the","page_number":13,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"9ed56958-f2a8-418e-b946-87836627d271","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":13,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"65c06a54-cee1-43a7-a31c-d7256f5896fa","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":13,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"a73adb59-e2e3-49a5-bdd8-a4d6c575d4a5","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":13,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"e8238493-33f8-458e-bba3-5de25d024733","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":13,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"6fd65f74-6520-4a54-a679-4cb9d9e4d459","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":13,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"f59335a1-e26c-4f22-a1c0-abccac7b0dcf","block_type":"box","text":"is checked for the applicable Fund.","page_number":13,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"9194c179-b4a8-416a-9cba-7db4593a6d8d","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":13,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"6487f27a-f619-4c42-a168-04eebd4b47fe","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":13,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"232cecb4-4a62-423d-bac5-5b5793dc4b80","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":13,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"5b5fc70a-b80f-4064-b6c4-979b79133fa5","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":13,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"61296e4a-0405-4ca0-895f-951b2cd9c4b4","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":13,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"837f0482-a711-4681-8ca8-913436ea76b7","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":13,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"333be6d9-a1fd-45bc-81b8-a91dc2ed8fbc","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":13,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"60c3ff01-bbd9-4007-8fc1-eb25dcae465c","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":13,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"8d84d45a-d10c-48da-852b-3b1edc133cca","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":13,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"3732094d-6199-4bc6-8233-1c348fdacc0d","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":13,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"db153563-c83a-491e-8b63-9852ad5ebe07","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":13,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"2a5f5e74-f2ee-49ff-9004-fb49b0904cbd","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":13,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"172e61c0-893e-49ff-8a34-37733ab91e99","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":13,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"27710d75-4921-4fdd-84f8-931dc058657b","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":13,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"65f5871e-23a8-4014-b800-31088bbcd2b4","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":13,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"bc7e42e4-9b67-4645-ad40-522a821a290d","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":13,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"5eb356c3-4cb4-46a1-9bdf-f094310b9b99","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":13,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"e468b42b-67ca-4b71-a386-30993be7784d","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":13,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"fdf72004-6fc3-4b89-b203-c1d84970ce3b","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":13,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"1281ffc7-3c01-4555-a6a9-e81916f902c3","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":13,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"ba8ae093-c643-4810-af61-36b188a88cc1","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":13,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"7c116fa6-9b88-456d-a153-ec4d911d95a4","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":13,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"6aa90e5c-37b4-41ee-9eb8-bf27452825b4","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":13,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"dc669575-582f-4359-84ae-62a0ca03165b","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":13,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"bb0296e0-bd31-424d-a906-f78df079bda6","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":13,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"56336a22-c799-48c1-bf3b-2fe3c29c4fb0","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":13,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"f0199bab-0b14-4dcc-99d5-627a839e03f3","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":13,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"8a29c8b2-d21c-4ec7-a3ef-a05044ba00d5","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":13,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"68e4beea-9978-43c6-985b-15a6ba9fe186","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":13,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"45dfcb66-3cd3-4e50-a3fc-106a8a861ab7","block_type":"box","text":":","page_number":13,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"288a64d3-4263-4a59-b689-d96d77578fb8","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":13,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"6faaea1b-09a5-4708-9f35-50f014474d69","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":13,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"8a3321a8-8fc1-480b-a574-5fd964cb1c93","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":13,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"cf4ed2ed-c477-420c-89d9-9cbc2049ce77","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":13,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"2b6f96e1-5688-4733-8b35-847b68b5eacd","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":13,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"0e5eb5e3-3519-4a23-835a-625476a4d8a5","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":13,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"27f38fdf-814c-4bce-8b91-ec3b44a9bb1d","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":13,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"a2045006-d48e-4f20-8a56-76cc0f35ea07","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":13,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"2af04b96-faf7-4bc0-8adf-adb810f5cde0","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":13,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"dd06d146-dd19-47aa-8e81-119c176d9ec3","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":13,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"bd662dba-915a-4635-b96e-56815f56e705","block_type":"box","text":"by such custodian.","page_number":13,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"09ae46df-2608-49e7-9d5c-9514c94b7b56","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":14,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"f5453b81-0cbc-45ac-ba90-7f44d7ef590f","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":14,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"7e76bc92-1909-4ad6-9e09-e5dae57def02","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":14,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"48a82241-4553-451f-9930-03c9ed3765f1","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":14,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"6f684657-9e74-461c-9405-882b25ad94a9","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":14,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"218b107c-5822-49ba-b85b-fc2f1a8d2f1f","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":14,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"44cf5737-c57a-4478-8fc1-83b1187e4a6a","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":14,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"e0ef3d8e-5a1e-48c8-b1d9-0eaaaf6fc659","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":14,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"f7723e5a-bfca-4453-b57b-9434ac603614","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":14,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"7b43af3c-ffd7-4c13-b423-12de9c783a24","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":14,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"d3570b9d-79d4-46a3-b604-744e1ab882ff","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":14,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"397fdc18-dfd7-487b-93aa-ee6684ec3e7b","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":14,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"35b65cb2-924c-4ba0-9aed-3b06ed437ba1","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":14,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"340168a2-1be8-48a9-b890-77d4ed8c0142","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":14,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"8bdd530e-6ddb-41a8-8794-dc89bbf94856","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":14,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"2e6222b2-43f4-44fb-a6fe-f640b00bc0d8","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":14,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"65a4028a-5be6-439c-8ab4-74a1955966e9","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":14,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"6a24f4db-e626-41fc-8db0-67016e3b32cd","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":14,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"d7dd4eea-143e-4e08-a041-5723645f3c7f","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":14,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"2e9f34f9-d97f-44bc-ba2e-b0555864da3f","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":14,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"738283b8-19c2-4734-a8e0-88a1523b4cca","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":14,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"891e95ad-9623-4cd8-b439-2224060539aa","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":14,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"841ad8c1-0a21-4206-a4c5-fdef0824c558","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":14,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"40fd012f-959f-42b3-a40a-694cae5ff186","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":14,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"390ddd93-c760-4cba-83ba-955dc6e1bafa","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":14,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"e1597dcf-12c9-4b3a-a51e-644804cb6afa","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":14,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"21611c73-d211-4313-ac01-f9c5fdd1daf1","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":14,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"7ea1be01-5e38-49d3-86ee-04e8be7488a2","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described 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MSCI World ex","page_number":16,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"5f26ead5-d22f-4d8e-bb92-4831f6222ac0","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":16,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"84ebfe6f-0065-4682-b7e1-1d71d4b25ca0","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":16,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"e0d2553b-5f4d-42cf-b8ef-f19906e071ea","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":16,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"b19f54d0-d216-461c-87e8-f7126edb4a35","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":16,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"b2a95c51-6545-48c4-a95d-c9cffd55239f","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":16,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"1a569c25-15a2-40cc-be73-d447969b6aad","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":16,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"09cf5f64-f057-4e27-9697-385aafdb59ea","block_type":"box","text":":","page_number":16,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"40ab65d8-22fc-4bb3-9855-378677121453","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":16,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"c898c70e-e827-4370-ad6e-a95dc2eef6a2","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":16,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"6f6d55e4-2a8a-4c4a-973c-4e7fd79fdd9c","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":16,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"259e9829-6525-474b-b0ce-a2f3536512d7","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":16,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"45789f4f-43a6-4937-b297-8a47077ef55d","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":16,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"66e75d8a-4edc-4360-a1f0-503efe0d8b05","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":16,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"1653493f-5cb7-41ac-95bc-1715d9f08f7c","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":16,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"ae4e2c56-ca7f-47f6-93cc-f1db137fa755","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":16,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"5eb0f4d9-3386-4104-9512-3797ee0cf5b4","block_type":"box","text":"amounts invoiced by such custodian.","page_number":16,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"5dabdf7b-84dd-4e1e-86e1-5d63bbc1ee00","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":16,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"40435a34-70b2-45f1-9e88-906f5b34d5cc","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":16,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"5d727183-f34a-40d2-9f1b-f7dfcfc4adf0","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":16,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"3000c977-f14d-435b-8969-e26328050b66","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":16,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"b9fcce55-623e-4e52-a22d-bfd819cbf52d","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":16,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"9932823e-589b-4502-a9c4-018b2b1cbe22","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":16,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"07fde29e-cd3f-41bf-8e83-a9db8081fac4","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":16,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"ebcf1254-5a30-40a5-9bbc-b035e0b0508e","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":16,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"dbed71fb-e678-4d46-8aed-74935b96db84","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":16,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"1fb7ce06-c980-41bc-ae36-59d591b85998","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":16,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"be9eb53b-ae70-48c5-b6ec-656661c56eda","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":16,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"c36397c4-784e-423f-b54b-6a145b04d3ba","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":16,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"68349916-00d5-45b1-97a1-015f9ce6a862","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":16,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"21e4dd9b-29d0-4c06-88a5-4eec77fd10ca","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":16,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"633e57a8-6d2c-4210-ab4a-ac927863fc2c","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":16,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"e823e3d3-6a36-4765-99f3-a00c7148178a","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":16,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"8ab8aa51-8b9e-47bf-907a-2cc00a8ffe43","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":16,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"6c8ae985-dd50-43e0-9a9f-b448c49cbc18","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":16,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"a16ae67e-ac4c-4822-aa48-45bc0a65bad8","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":16,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"b91e71f6-f5fb-4f99-80a5-3510f34e0609","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":16,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"22dac23e-e6c4-4add-8967-42fcfefda3f7","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":16,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"41e15b45-5bf6-4064-82e5-f32b9e6b124c","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":16,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"52eac2f5-42a9-4982-8608-ef9193fa852a","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":16,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"249e3d85-1961-4560-9896-82f309f48690","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":16,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"27f8cde7-c08d-488a-aa77-a74bdd55647e","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":16,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"8426ecd8-3c09-428c-8686-008a4647b30c","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":16,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"4c1fbff6-cf29-4a38-91b2-3c3ae2fa8f9a","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":17,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"37f94902-398e-4291-b380-352e8505ab32","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":17,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"916c2640-085b-4919-85eb-c36763f3f95f","block_type":"box","text":"Fund","page_number":17,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"3f83f46f-9a15-4be6-9eed-53daf51a071b","block_type":"box","text":"Standard Redemption","page_number":17,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"50e9dc1a-97b1-4ebd-a612-64dc216b4465","block_type":"box","text":"Transaction Fee","page_number":17,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"af3eb3f7-733b-4936-acb4-a49452ff9d82","block_type":"box","text":"Maximum Additional","page_number":17,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"bd443e4e-2e4b-4597-a2b8-2c5020dc680c","block_type":"box","text":"Charge*","page_number":17,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"1ab5f3c4-dba3-4b71-b03e-4445394cc84f","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":17,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"fb75d690-e3ad-4ee8-b6c9-2f30fb5330f7","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":17,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"2c77bc1d-2016-497c-ae7a-e9a06cb28f4c","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":17,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"1e3b2a3b-da09-4f5c-a0ef-b887d1bfd2d9","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":17,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"f0a37140-77ab-4442-90d8-b3e7ac3db4fa","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":17,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"27732c53-61d3-42a7-85ce-fefa8a223db9","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":17,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"4f996e69-bd64-4001-8578-f70c439dffe1","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":17,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"c8c58ef2-1d40-4b1b-b529-a7058098f00c","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":17,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"27f7bd2f-f0e1-4578-8514-4584ed1a0a9b","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":17,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"115c2246-a278-4833-a60c-6bc1586baae1","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":17,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"7acf1127-89f6-4d2b-8a9a-c29516c20889","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":17,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"92d9f53d-c237-4c28-bc4d-324f1114cd48","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":17,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"af77111c-e465-4e48-8fb4-424fec314080","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":17,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"17047217-1335-49ae-94c8-c0df536460e8","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":17,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"4b046165-d0cd-406b-86de-27a44b85c880","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":17,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"6d0f2e62-95f7-4600-aec8-e62390e33fd1","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":17,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"a3fa0d1b-6c7e-4134-bb01-81eff64c0e22","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":17,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"56cb42ec-ba52-48db-8b1e-1bb651d4e38c","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":17,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"d768ed8f-501e-4a24-8187-023e00b6c722","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":17,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"d78b40ac-6dd0-403d-a289-ba0555d20189","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":17,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"57c57c51-5adb-4446-ab99-5ac9b93fa38b","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":17,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"bb16080d-612a-47da-a6e3-e6f9d14a1c7b","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":17,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"7d09efff-e3a4-436e-8bd6-134fc293c60f","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":17,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"10516054-f70c-4b78-bf47-018636971317","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":17,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"eeba8640-ec7f-46fc-a1ec-31cb81368d75","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":17,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"e00ab25b-6e8c-4127-94dd-1037ead39b67","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":17,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"f191c932-d8d9-4897-9058-6866127397fb","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":17,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"d388f0d1-46b3-48b1-9552-2ba2fc9f465a","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":17,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"4bad18ed-86f3-4ec5-acc1-8b1e9f334ab5","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":17,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"3db4078d-e3f5-42bc-8f90-0c06a43260cf","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":17,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"aa8368f7-3944-41c4-adc4-3a3ad3e44e6e","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":17,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"ba7843a2-f690-45ff-b95d-834d8b29e09e","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":17,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"714fc6fc-d5e5-4fa4-9bc9-a6c45c738c39","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":17,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"847dbb27-5ce5-45a5-b10d-3bdecc33f74b","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":17,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"7a733009-76a9-49b1-a4ed-359a5ff1aa0f","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":17,"box":{"x":184,"y":790,"width":379,"height":12}},{"id":"951e4211-0315-4f42-b6f1-97e6ea029a43","block_type":"box","text":"ETF","page_number":17,"box":{"x":201,"y":806,"width":26,"height":9}},{"id":"656dc281-d3b0-4d9c-af2f-84e33916b290","block_type":"box","text":"$1,420 2.0%","page_number":17,"box":{"x":627,"y":805,"width":220,"height":12}},{"id":"971cc228-eaae-4388-8cfa-c1ac670b9f43","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 2.0%","page_number":17,"box":{"x":184,"y":824,"width":663,"height":13}},{"id":"c62fcd45-0758-4884-9070-4a4a9981c86d","block_type":"box","text":"iShares MSCI India ETF $1,230 2.0%","page_number":17,"box":{"x":184,"y":843,"width":668,"height":12}},{"id":"747dc15f-bf8c-4a19-b2ab-4449f75900b6","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 2.0%","page_number":17,"box":{"x":184,"y":863,"width":668,"height":12}},{"id":"3391f2a9-e17f-43a0-b40c-97eec65d239a","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 2.0%","page_number":17,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"01efaa25-19ff-45aa-8139-eb9f4e7da562","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":17,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"61b6aa6d-71f3-4b3a-8a95-17ec31cc647b","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":17,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"779ea499-c34d-4026-8edb-538373d14fd1","block_type":"box","text":"Fund","page_number":18,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"b31e1c27-25d3-456d-9828-c9c05a233445","block_type":"box","text":"Standard Redemption","page_number":18,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"c02b5aac-d239-4a02-8f4d-86af3415f2e7","block_type":"box","text":"Transaction Fee","page_number":18,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"c0285def-19b8-41a1-b620-ac158a6a0103","block_type":"box","text":"Maximum Additional","page_number":18,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"0ea86b79-507c-46ac-983c-0a596628d093","block_type":"box","text":"Charge*","page_number":18,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"793e5708-353a-407e-a1dd-77e177c30af6","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 2.0%","page_number":18,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"473755bf-98e5-4bff-a134-6cc0474412cc","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 2.0%","page_number":18,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"6c2143de-db24-4836-bb35-3af1238ec71e","block_type":"box","text":"iShares MSCI Japan Value ETF $580 2.0%","page_number":18,"box":{"x":184,"y":138,"width":668,"height":12}},{"id":"20afcae8-0e1a-40fd-ac66-a9460779633e","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 2.0%","page_number":18,"box":{"x":184,"y":157,"width":668,"height":12}},{"id":"679e1443-1137-4ca6-8b10-d38eb02c4c88","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 2.0%","page_number":18,"box":{"x":184,"y":176,"width":668,"height":12}},{"id":"65a1ad3d-5899-4aef-9306-327d1c4cef59","block_type":"box","text":"iShares MSCI Malaysia ETF $900 2.0%","page_number":18,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"baac1412-d4b1-4921-88b4-be10787edcf1","block_type":"box","text":"iShares MSCI New Zealand ETF $500 2.0%","page_number":18,"box":{"x":184,"y":215,"width":668,"height":11}},{"id":"f43d5889-c1eb-42e1-a68a-3fe5321ab25e","block_type":"box","text":"iShares MSCI Norway ETF $770 2.0%","page_number":18,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"b5e5ad8e-efc8-4c2d-a613-50c7d464159d","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 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Disclaimers","page_number":22,"box":{"x":158,"y":584,"width":328,"height":14}},{"id":"d1c4e69f-a6bb-4ea1-bfa3-dbf7e2c3a37f","block_type":"box","text":"...................................................","page_number":22,"box":{"x":491,"y":596,"width":423,"height":2}},{"id":"8786355d-d02b-4caa-9cc3-c54cca275c10","block_type":"box","text":"36","page_number":22,"box":{"x":956,"y":584,"width":25,"height":14}},{"id":"f8f33d50-41c4-4a16-9150-9ec56ddc4420","block_type":"box","text":"Table of Contents","page_number":22,"box":{"x":76,"y":23,"width":296,"height":23}},{"id":"e19ce467-cfc4-44fe-b7fc-14e6d8c7e669","block_type":"box","text":"Fund Summaries","page_number":22,"box":{"x":158,"y":69,"width":177,"height":14}},{"id":"27d073f3-b081-4c90-876f-743006885d06","block_type":"box","text":"i","page_number":22,"box":{"x":528,"y":910,"width":2,"height":8}},{"id":"c10ca512-3aa1-4683-8390-83b474defb72","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":23,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"ddad09bd-9ad8-48f4-9f49-c6139f09e80c","block_type":"box","text":"iSHARES","page_number":24,"box":{"x":311,"y":24,"width":119,"height":15}},{"id":"eb1abb59-9a38-4189-97ad-8e450b21671b","block_type":"box","text":"®","page_number":24,"box":{"x":433,"y":17,"width":11,"height":8}},{"id":"aa587908-81ba-4936-8af5-43df7135d080","block_type":"box","text":"MSCI AUSTRALIA ETF","page_number":24,"box":{"x":455,"y":24,"width":292,"height":15}},{"id":"d987893b-e092-4826-9a4c-66db1e5f5544","block_type":"box","text":"Ticker: EWA Stock Exchange: NYSE Arca","page_number":24,"box":{"x":284,"y":53,"width":483,"height":12}},{"id":"e894c4bf-6f89-4a17-80a2-944f0f7a3aad","block_type":"box","text":"Investment Objective","page_number":24,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"89faa470-60f4-4705-b8c0-dd66eecba202","block_type":"box","text":"The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities.","page_number":24,"box":{"x":82,"y":116,"width":813,"height":11}},{"id":"ae82cd73-02b4-44eb-804f-51a7475824c5","block_type":"box","text":"Fees and Expenses","page_number":24,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"c446597e-4ea9-4e2e-8f85-f895ff9ce386","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":24,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"a942a9bc-fab9-496b-8887-15476c019df5","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":24,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"042dae95-4190-4fa6-9af7-352b3ce74a54","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":24,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"0b916cec-7d9f-463c-a5e4-55d810bd4aee","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":24,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"c09675db-08d6-4027-a14a-5aeb3eaecd2c","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":24,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"aaa7bfd8-b513-4bbc-8a13-3244dbc28220","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":24,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"2be8f4f7-fad3-4459-82bb-737ab6f6170b","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":24,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"16202b6a-b66d-483c-bb44-e29f7247f677","block_type":"box","text":"the tables and examples below.","page_number":24,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"ea955d6f-e5f0-4b3c-8e8a-c2cad33a9d12","block_type":"box","text":"Annual Fund Operating 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investments)","page_number":24,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"9d78af07-8a88-4003-bb4b-f321f95fc97b","block_type":"box","text":"1","page_number":24,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"77151eba-8c61-4bc2-84c8-44afa6484cdd","block_type":"box","text":"Management","page_number":24,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"6c30e653-b5b1-4fb8-9d2d-824ad0a363c9","block_type":"box","text":"Fees","page_number":24,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"4f62235f-9b01-4258-88ba-98515c08015f","block_type":"box","text":"Distribution","page_number":24,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"e221b019-5774-41fe-a480-2ff0b426e606","block_type":"box","text":"and Service","page_number":24,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"a490f3eb-93ad-4fc0-9019-64cce518242f","block_type":"box","text":"(12b-1) 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":24,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"da9e88da-ccbd-4616-8705-52e44a02292d","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":24,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"9834d643-6fa6-49b7-bc18-19c161a82b78","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":24,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"ebdfc8de-47f5-4f21-aa5e-93eb8c548553","block_type":"box","text":"$51 $160 $280 $628","page_number":24,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"50f7785f-16ff-4dad-8561-76cb6af22706","block_type":"box","text":"Portfolio Turnover.","page_number":24,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"653f42ff-03bf-4bef-9f8d-988562a96ae1","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":24,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"7807c335-bd9b-4cda-a683-b981b062e968","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":24,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"a1308674-a437-41c2-99f0-1081a0d803f7","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":24,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"fe4d26e6-1d20-4e79-8afd-3279d7163735","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":24,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"9e70f39b-09f7-4cf9-9e48-a6e3c225ea7a","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":24,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"6c8bfff1-5469-4833-9771-d6c540f477bd","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":24,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"777f2b56-fe66-43d1-98ee-75c0a472967e","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":24,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"c2fd1f84-f48d-4098-a898-a45133632dd1","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 6% of the","page_number":24,"box":{"x":82,"y":673,"width":377,"height":11}},{"id":"46e07930-e00f-460a-8ece-5c4378862ac6","block_type":"box","text":"average value of its portfolio.","page_number":24,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"3af3ce06-640d-4e07-81ee-cb5fc3f831c9","block_type":"box","text":"Principal Investment Strategies","page_number":24,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"3e1753a2-ba05-4fbc-8ec2-ea5f3dba5d91","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":24,"box":{"x":82,"y":741,"width":380,"height":9}},{"id":"c1b0198e-dd89-4570-a391-72b9e92dd814","block_type":"box","text":"Australia Index (the “Underlying Index”), which is designed to","page_number":24,"box":{"x":82,"y":755,"width":391,"height":11}},{"id":"830f1cef-5164-4caa-a41e-34dfa2fa780c","block_type":"box","text":"measure the performance of large- and mid-capitalization","page_number":24,"box":{"x":83,"y":770,"width":367,"height":10}},{"id":"874323e3-9b03-4a5f-83f4-4e8a98f8fb97","block_type":"box","text":"segments of the Australian equity market. As of August 31, 2025,","page_number":24,"box":{"x":83,"y":784,"width":416,"height":11}},{"id":"5bbfbc73-c001-496e-a006-2becd72d58d2","block_type":"box","text":"a significant portion of the Underlying Index is represented by","page_number":24,"box":{"x":83,"y":798,"width":394,"height":11}},{"id":"ed0b652e-fb8e-4ab3-88df-c6498ec4041d","block_type":"box","text":"securities of companies in the financials and materials industries","page_number":24,"box":{"x":83,"y":812,"width":414,"height":11}},{"id":"39ec4e71-c6ea-474f-8b2a-78eb169e80f8","block_type":"box","text":"or sectors. The components of the Underlying Index are likely to","page_number":24,"box":{"x":83,"y":826,"width":409,"height":11}},{"id":"45357e5a-522d-4f73-b9bd-c209268b628c","block_type":"box","text":"change over time.","page_number":24,"box":{"x":83,"y":840,"width":113,"height":11}},{"id":"e582f91c-f9f5-46a5-98e8-c5d2037d4392","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":24,"box":{"x":84,"y":864,"width":376,"height":10}},{"id":"22e1de38-d91b-4a12-b546-6d95490d5670","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":24,"box":{"x":83,"y":878,"width":417,"height":11}},{"id":"622075cb-8f6e-472d-bfe6-81d0075dc09b","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":24,"box":{"x":549,"y":566,"width":396,"height":11}},{"id":"7a2d7d46-e437-4052-9040-638976905e49","block_type":"box","text":"markets decline or appear overvalued.","page_number":24,"box":{"x":549,"y":580,"width":244,"height":11}},{"id":"8cb19a58-00b7-4121-ab9c-de6c2c5a2c97","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":24,"box":{"x":550,"y":603,"width":420,"height":11}},{"id":"a3c8f782-a72f-423b-be60-4ecf4fc7b624","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":24,"box":{"x":549,"y":617,"width":421,"height":11}},{"id":"02b38924-af65-4717-b230-8b5b4d49fa35","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":24,"box":{"x":549,"y":632,"width":386,"height":10}},{"id":"1c787efc-f7c9-4b78-ad50-d713f37d0675","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":24,"box":{"x":550,"y":646,"width":369,"height":11}},{"id":"0f63b859-9987-4258-ab97-35aaa6975e01","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":24,"box":{"x":549,"y":660,"width":356,"height":11}},{"id":"736b61bc-2e05-49c0-bcee-a83ff0451846","block_type":"box","text":"comparison to actively managed investment companies.","page_number":24,"box":{"x":549,"y":674,"width":359,"height":11}},{"id":"21fd73fc-57f6-4173-9daf-eda24cfcbc76","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":24,"box":{"x":550,"y":697,"width":411,"height":11}},{"id":"85d10e26-9a1b-4c7b-9eba-3dbe355ce2e0","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":24,"box":{"x":549,"y":712,"width":411,"height":10}},{"id":"a2d4315b-aa6f-415b-9779-6f22ee552085","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":24,"box":{"x":549,"y":726,"width":424,"height":11}},{"id":"5ad77626-a06d-46ab-af18-2878664cfbaa","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":24,"box":{"x":549,"y":740,"width":410,"height":11}},{"id":"162d6f09-15ef-4773-bd4a-719757fd94e0","block_type":"box","text":"that of an applicable underlying index. 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Certain key risks are prioritized below (with others","page_number":25,"box":{"x":83,"y":601,"width":387,"height":10}},{"id":"34baf81a-f3c6-4544-a2c4-ac6e212b206c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":25,"box":{"x":82,"y":615,"width":426,"height":11}},{"id":"06aeefab-200b-472f-8ffc-f59d7438e16e","block_type":"box","text":"risk is difficult to predict and may change over time. 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Non-U.S. issuers","page_number":25,"box":{"x":83,"y":874,"width":403,"height":11}},{"id":"c270487c-4285-4165-a50e-339bdc84c270","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":25,"box":{"x":549,"y":23,"width":371,"height":11}},{"id":"3b7dd83c-db8f-4470-b99e-7037e255fa38","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":25,"box":{"x":549,"y":37,"width":386,"height":11}},{"id":"312bb6d4-cbc8-4ca0-8dbf-52dea34dc397","block_type":"box","text":"publicly available information about non-U.S. issuers. 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Errors in index data, index computations or the","page_number":25,"box":{"x":549,"y":532,"width":366,"height":11}},{"id":"dbe6af16-2ba3-41e7-8153-3d0177a4ef50","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":25,"box":{"x":549,"y":547,"width":377,"height":10}},{"id":"d02479c4-37f4-4222-9c62-15d64d4ec9cc","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":25,"box":{"x":549,"y":561,"width":413,"height":11}},{"id":"2557d6b2-75e9-4c31-8ae4-074e17eb9993","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":25,"box":{"x":549,"y":575,"width":396,"height":11}},{"id":"d86294a2-f04a-4c72-bee9-5db3c914f4b7","block_type":"box","text":"impact on the Fund and its shareholders. 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This could cause the","page_number":25,"box":{"x":549,"y":646,"width":362,"height":11}},{"id":"9c4cbb59-c6cf-4e80-b1dc-f4ac1b7a3358","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":25,"box":{"x":550,"y":660,"width":422,"height":11}},{"id":"a182bcd1-ff3c-4154-aabd-b4540a4b3418","block_type":"box","text":"Asset Class Risk.","page_number":25,"box":{"x":548,"y":683,"width":114,"height":9}},{"id":"5b487caa-ac8f-4fc6-a6b1-032c5e7c76ac","block_type":"box","text":"The securities and other assets in the","page_number":25,"box":{"x":668,"y":683,"width":239,"height":9}},{"id":"be4ad980-ad0a-4617-ba3a-70ec48506f46","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":25,"box":{"x":550,"y":697,"width":405,"height":11}},{"id":"e807281f-39eb-4fd0-8f68-6ead012e512b","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":25,"box":{"x":549,"y":712,"width":405,"height":10}},{"id":"c81327a0-8cc3-44a7-9cd7-a833a7b19f56","block_type":"box","text":"market, another index, or other asset classes.","page_number":25,"box":{"x":549,"y":726,"width":292,"height":10}},{"id":"ac5b28df-9f75-4c7c-a06d-0b322c4424a0","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":25,"box":{"x":548,"y":749,"width":290,"height":11}},{"id":"47955bc5-2a9d-4196-bb27-8f3979ab41fe","block_type":"box","text":"An “Authorized","page_number":25,"box":{"x":847,"y":749,"width":93,"height":8}},{"id":"047f2b2e-fdc6-469a-95da-4810ff474aa8","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":25,"box":{"x":550,"y":763,"width":379,"height":11}},{"id":"941b3e45-d9c0-457d-befa-1f89665189a2","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":25,"box":{"x":549,"y":777,"width":411,"height":11}},{"id":"31d008d4-434f-4642-b3e5-251fcdabddee","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":25,"box":{"x":550,"y":791,"width":395,"height":11}},{"id":"71c963ff-309d-4d0b-a8fb-2d8db066aa32","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":25,"box":{"x":550,"y":806,"width":399,"height":10}},{"id":"e27944e6-437d-415e-b056-af9633e7dbee","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":25,"box":{"x":549,"y":877,"width":378,"height":10}},{"id":"f42f4c38-74ab-4141-928c-384bcb7ac82d","block_type":"box","text":"S-2","page_number":25,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"0fd9bf56-d697-4932-acc7-2239908293fd","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":26,"box":{"x":84,"y":23,"width":379,"height":11}},{"id":"f72207b5-2138-4acd-a85f-0f043a37ce2d","block_type":"box","text":"transactions. 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In addition, the Fund","page_number":26,"box":{"x":83,"y":433,"width":398,"height":11}},{"id":"71f5a8ae-8893-4e48-a014-b028f3d37244","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":26,"box":{"x":83,"y":447,"width":392,"height":11}},{"id":"62a8f3d4-938b-42c4-8b76-bbbfbcaba62b","block_type":"box","text":"dollars and foreign currencies.","page_number":26,"box":{"x":83,"y":461,"width":193,"height":11}},{"id":"928cdb98-f552-4cf5-8580-87de4561bcc6","block_type":"box","text":"Financial Companies Risk","page_number":26,"box":{"x":83,"y":485,"width":174,"height":10}},{"id":"c5064696-1d26-4fe4-ac7e-2c63e415599f","block_type":"box","text":".","page_number":26,"box":{"x":257,"y":491,"width":3,"height":2}},{"id":"01789c68-7b40-468d-ba4c-e98df08cdc11","block_type":"box","text":"Financial services companies are","page_number":26,"box":{"x":266,"y":485,"width":211,"height":10}},{"id":"b24e3cc7-2d13-49f9-86c2-76b378d44de1","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":26,"box":{"x":83,"y":499,"width":400,"height":11}},{"id":"2d0c473f-d89e-4e08-87b3-9e1032443135","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":26,"box":{"x":82,"y":513,"width":405,"height":11}},{"id":"32bbfc2b-81e8-4110-b8b4-e7ce7a66077a","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":26,"box":{"x":83,"y":527,"width":405,"height":11}},{"id":"831f7a8f-c373-4308-a818-c11a2c02a7cc","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":26,"box":{"x":83,"y":541,"width":385,"height":11}},{"id":"3e911ab3-27d0-4e94-9bda-c3e4284093e0","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":26,"box":{"x":83,"y":556,"width":395,"height":10}},{"id":"fe6b8330-7d90-4942-b9fd-27635a76c166","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":26,"box":{"x":83,"y":570,"width":367,"height":11}},{"id":"9fabfcce-2c3e-44b4-9712-3f4156ae0a3a","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":26,"box":{"x":83,"y":584,"width":343,"height":11}},{"id":"d4197fbf-6d72-4def-af4f-e46eac05fdd0","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":26,"box":{"x":83,"y":598,"width":410,"height":11}},{"id":"ed5106dc-b82e-457b-837f-307eb6bc5121","block_type":"box","text":"and counterparty risk.","page_number":26,"box":{"x":83,"y":612,"width":140,"height":11}},{"id":"3e1a6323-0c82-4918-a6a2-8a1b289af2c2","block_type":"box","text":"Issuer Risk","page_number":26,"box":{"x":83,"y":635,"width":75,"height":9}},{"id":"cb9ddcdf-3333-4798-a5b8-dea0a54b9ebf","block_type":"box","text":".","page_number":26,"box":{"x":158,"y":642,"width":3,"height":2}},{"id":"ceec2349-a657-493b-bd8b-74b83fdfc965","block_type":"box","text":"The performance of the Fund depends on the","page_number":26,"box":{"x":166,"y":635,"width":288,"height":11}},{"id":"0256dd93-5818-409b-9576-63636414f198","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":26,"box":{"x":83,"y":650,"width":412,"height":10}},{"id":"adc52fad-cb3c-4e28-9f83-136bc641c787","block_type":"box","text":"Fund has exposure. 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The","page_number":26,"box":{"x":549,"y":405,"width":405,"height":10}},{"id":"820b5b97-5076-451d-b03d-dd73051f8fcf","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":26,"box":{"x":549,"y":419,"width":407,"height":11}},{"id":"12e64b13-4afb-4859-b26a-9aa591bf3e63","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":26,"box":{"x":549,"y":612,"width":360,"height":11}},{"id":"b9cb7302-088a-4750-8c69-849c59c32142","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":26,"box":{"x":549,"y":626,"width":398,"height":11}},{"id":"f3b564c2-66d5-4140-b628-95c6b24fad07","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":26,"box":{"x":550,"y":641,"width":410,"height":10}},{"id":"7d0e5658-1b4d-4ad3-99f7-9124985055aa","block_type":"box","text":"Non-Diversification Risk","page_number":26,"box":{"x":549,"y":664,"width":165,"height":8}},{"id":"adc9b7ed-fdef-46cc-a24c-278aefc0de91","block_type":"box","text":".","page_number":26,"box":{"x":714,"y":670,"width":2,"height":2}},{"id":"5d466573-d91f-44cc-841d-d6a813b87ce2","block_type":"box","text":"The Fund is classified as “non","page_number":26,"box":{"x":721,"y":664,"width":194,"height":8}},{"id":"758f2b52-07c2-42b5-b059-9ebf27fc79bc","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":26,"box":{"x":549,"y":678,"width":377,"height":11}},{"id":"2b93f8f1-fe0c-4d97-bd39-88f037cc5ad4","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":26,"box":{"x":549,"y":692,"width":358,"height":11}},{"id":"668631fd-261a-4361-8c99-2d1f5fb6471b","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":26,"box":{"x":549,"y":706,"width":370,"height":11}},{"id":"08c0f1ea-215d-4ab0-8a01-e69096d9f919","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":26,"box":{"x":549,"y":721,"width":423,"height":10}},{"id":"f6b3fa85-270d-4924-a31f-1c82b6b7381c","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":26,"box":{"x":549,"y":735,"width":379,"height":11}},{"id":"007d3913-8948-4e94-a26f-8fd223a431bb","block_type":"box","text":"particular issuers or counterparties. 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Operational and technology risks for the","page_number":27,"box":{"x":82,"y":94,"width":411,"height":11}},{"id":"b6fde561-5827-4f0d-aff7-a6acc3a42e0b","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":27,"box":{"x":83,"y":108,"width":391,"height":9}},{"id":"7277204a-f4d9-46ea-809e-fbacba92d34f","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":27,"box":{"x":83,"y":122,"width":421,"height":11}},{"id":"ca7d8073-4981-4692-95ec-9cffbb2dc6f0","block_type":"box","text":"investments in such issuers to lose value.","page_number":27,"box":{"x":83,"y":137,"width":264,"height":8}},{"id":"781175c4-64cf-4e3e-9483-1669a3af1fda","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":27,"box":{"x":83,"y":160,"width":228,"height":11}},{"id":"2e679a2f-ae24-4b19-96a1-1a945e264d82","block_type":"box","text":".","page_number":27,"box":{"x":311,"y":166,"width":2,"height":2}},{"id":"ebe1b78a-2fff-4eb5-a9ea-5125d12d8bf8","block_type":"box","text":"The Fund invests in a country","page_number":27,"box":{"x":318,"y":160,"width":188,"height":11}},{"id":"48fe314b-e539-45fc-af87-b9df7fba62ce","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":27,"box":{"x":82,"y":174,"width":381,"height":11}},{"id":"312c5722-05be-4767-897e-3d29c5b2358a","block_type":"box","text":"partners. 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Ask your","page_number":29,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"2f225e7e-37b7-4e7e-b0be-52d7740d16b6","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":29,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"bcb1725b-f8d8-4e86-ab1c-fec71ba75880","block_type":"box","text":"information.","page_number":29,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"392db0e3-5289-41e4-bdea-34bf911c6b7b","block_type":"box","text":"S-6","page_number":29,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"72a346d9-0b80-4e0f-8628-5495b75a24fa","block_type":"box","text":"iSHARES","page_number":30,"box":{"x":268,"y":24,"width":119,"height":15}},{"id":"b34b2b5a-f622-4e6a-a931-57c53188439a","block_type":"box","text":"®","page_number":30,"box":{"x":390,"y":17,"width":11,"height":8}},{"id":"52cdddbe-af5a-4ed2-a8af-0f38fd2ee594","block_type":"box","text":"MSCI EMERGING MARKETS","page_number":30,"box":{"x":412,"y":24,"width":376,"height":15}},{"id":"43dbf4c3-bcde-4531-8a30-ec659c151325","block_type":"box","text":"ASIA ETF","page_number":30,"box":{"x":467,"y":46,"width":122,"height":15}},{"id":"ca265ea8-34bf-4516-bb67-799c4ed62095","block_type":"box","text":"Ticker: EEMA Stock Exchange: Nasdaq","page_number":30,"box":{"x":288,"y":75,"width":475,"height":12}},{"id":"432a9609-d64c-4815-bb32-3def964aca81","block_type":"box","text":"Investment Objective","page_number":30,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"a56daff4-90e0-4381-a110-84996b3792b2","block_type":"box","text":"The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging","page_number":30,"box":{"x":82,"y":138,"width":881,"height":11}},{"id":"f19fc6d5-2ae5-4aa4-82b0-d1950b9dcc70","block_type":"box","text":"market equities.","page_number":30,"box":{"x":83,"y":151,"width":102,"height":11}},{"id":"afdf486d-a5aa-4f8a-8032-bceee3cf0feb","block_type":"box","text":"Fees and Expenses","page_number":30,"box":{"x":84,"y":179,"width":160,"height":13}},{"id":"a0efa032-cbd3-4268-8537-6779ebd1fe52","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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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":30,"box":{"x":83,"y":255,"width":833,"height":11}},{"id":"34c810e1-97f2-46b2-bf2b-66c6b0c252fc","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":30,"box":{"x":83,"y":268,"width":575,"height":11}},{"id":"0c5dad8b-bc98-476a-b9f0-b78cdfa5165e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":30,"box":{"x":87,"y":290,"width":882,"height":11}},{"id":"bb6dd430-23d6-4947-aefe-9be4a19ccdab","block_type":"box","text":"the tables and examples below.","page_number":30,"box":{"x":83,"y":303,"width":220,"height":11}},{"id":"9bcc892e-eef9-4fd1-bce0-9ad1751f68f8","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":30,"box":{"x":83,"y":490,"width":862,"height":11}},{"id":"79bbb745-3532-437f-a921-68a0f9291bc8","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":30,"box":{"x":83,"y":503,"width":694,"height":11}},{"id":"c67cee89-8b35-45aa-a8b2-10f2ff0135f5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":30,"box":{"x":195,"y":532,"width":668,"height":8}},{"id":"80276638-21e0-4992-8c00-603f1477177f","block_type":"box","text":"$50 $157 $274 $616","page_number":30,"box":{"x":202,"y":552,"width":647,"height":9}},{"id":"71c017e8-7e5f-48f7-a869-4bd0563c8b11","block_type":"box","text":"Portfolio Turnover.","page_number":30,"box":{"x":83,"y":592,"width":129,"height":8}},{"id":"7b24bb94-85a9-4fba-b8d5-341554d0e7cc","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":30,"box":{"x":216,"y":592,"width":287,"height":10}},{"id":"03229283-780c-48a5-b073-38ece82d9580","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":30,"box":{"x":83,"y":605,"width":420,"height":10}},{"id":"763f4895-5dcf-4802-aa20-895f8d8c48be","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":30,"box":{"x":83,"y":617,"width":395,"height":11}},{"id":"471ea7e8-12d3-4e42-a8c7-3a90e4438423","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":30,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"9a46ad02-53d4-4def-9416-5cb999421886","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":30,"box":{"x":83,"y":643,"width":409,"height":10}},{"id":"7709b9e6-651c-4f65-95b1-f1835e9cfca0","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":30,"box":{"x":83,"y":656,"width":368,"height":11}},{"id":"ad9f31a4-80c9-4b74-b733-2b5749d4ad90","block_type":"box","text":"Example, affect the Fund’s performance. 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In","page_number":30,"box":{"x":549,"y":584,"width":409,"height":11}},{"id":"d44f3222-05f1-418f-9e49-892e81419c59","block_type":"box","text":"order to implement this capping methodology, the Underlying","page_number":30,"box":{"x":549,"y":598,"width":393,"height":11}},{"id":"714887c0-4419-42a2-bae4-cfef8810f1e7","block_type":"box","text":"Index constrains at quarterly rebalance: (i) the weight of any","page_number":30,"box":{"x":550,"y":612,"width":384,"height":11}},{"id":"737ac17a-e715-458e-99dc-42d90a42b637","block_type":"box","text":"single issuer to a maximum of 22.50%, and (ii) the aggregate","page_number":30,"box":{"x":549,"y":626,"width":386,"height":11}},{"id":"4182d0c9-5b9a-4b46-926b-2bbfe2d40853","block_type":"box","text":"weight of all issuers that individually exceed 4.50% of the index","page_number":30,"box":{"x":549,"y":641,"width":403,"height":10}},{"id":"647860e8-a22b-4bcc-a43d-2e0aded5e82b","block_type":"box","text":"weight to a maximum of 22.50%. Between scheduled quarterly","page_number":30,"box":{"x":549,"y":655,"width":399,"height":11}},{"id":"e6d2076f-f4f1-4b9a-85e9-dc98ad431369","block_type":"box","text":"index reviews, the Underlying Index is rebalanced at the end of","page_number":30,"box":{"x":549,"y":669,"width":401,"height":11}},{"id":"f0039ee8-0214-4375-988c-32b06a3ec435","block_type":"box","text":"any day on which the following constraints are breached: 22.50%","page_number":30,"box":{"x":549,"y":683,"width":416,"height":11}},{"id":"318430e4-9cf1-466a-bc42-0b36094ba1f6","block_type":"box","text":"for any single issuer and 24.00% for all issuers that individually","page_number":30,"box":{"x":549,"y":697,"width":401,"height":11}},{"id":"1667fc6f-1ff3-49d4-be35-cef54a4df7db","block_type":"box","text":"represent more than 4.75% of the weight of the Underlying Index.","page_number":30,"box":{"x":549,"y":712,"width":417,"height":10}},{"id":"7f93ae7a-ff88-44b7-b8cc-59ac62bde994","block_type":"box","text":"In implementing this capping methodology, MSCI may consider","page_number":30,"box":{"x":550,"y":726,"width":404,"height":11}},{"id":"194278d7-05b3-4cc4-b3af-a571086c1e4c","block_type":"box","text":"two or more companies as belonging to the same issuer where","page_number":30,"box":{"x":549,"y":740,"width":401,"height":11}},{"id":"45bc88aa-2275-40d3-9ecc-78666c14bb39","block_type":"box","text":"there is reasonable evidence of common control. 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Certain key risks are prioritized below (with others","page_number":31,"box":{"x":549,"y":133,"width":388,"height":11}},{"id":"d5afb557-6c03-466e-9ccb-5ff1f5eeebb9","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":31,"box":{"x":549,"y":147,"width":425,"height":11}},{"id":"bea02aea-625d-43c6-ab98-7034523303cb","block_type":"box","text":"risk is difficult to predict and may change over time. 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Certain Asian countries","page_number":31,"box":{"x":549,"y":255,"width":399,"height":9}},{"id":"8ebfd5f2-0fc7-4939-a9e1-65547f551a7b","block_type":"box","text":"have experienced expropriation and/or nationalization of assets,","page_number":31,"box":{"x":549,"y":269,"width":414,"height":11}},{"id":"8149873a-9c5e-4d4e-b935-0129e144804e","block_type":"box","text":"confiscatory taxation, currency devaluations and restrictions,","page_number":31,"box":{"x":549,"y":284,"width":391,"height":10}},{"id":"e4d734b7-099e-4eae-ae4d-483d22c3d81b","block_type":"box","text":"political or social instability, and armed conflict. An adverse","page_number":31,"box":{"x":549,"y":298,"width":380,"height":11}},{"id":"79ad185a-a350-4b36-980d-bd4b426d9030","block_type":"box","text":"economic or political event in one Asian country may negatively","page_number":31,"box":{"x":549,"y":312,"width":407,"height":11}},{"id":"a6581aa6-70a3-45da-83bf-0cca7ee99bd0","block_type":"box","text":"affect countries throughout the region. 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among","page_number":32,"box":{"x":549,"y":80,"width":404,"height":11}},{"id":"a1e7ff6a-e66a-4db2-bb29-c70b1ae84e44","block_type":"box","text":"other things.","page_number":32,"box":{"x":549,"y":94,"width":80,"height":11}},{"id":"a0b1a7ba-5112-4c79-8a7a-02fb822d5d24","block_type":"box","text":"Currency Risk","page_number":32,"box":{"x":549,"y":117,"width":96,"height":11}},{"id":"0bbcb050-81e8-497d-822e-09627c5083fb","block_type":"box","text":".","page_number":32,"box":{"x":645,"y":124,"width":2,"height":2}},{"id":"419ffc31-cbd5-42f3-b3cd-714f11c5fdfe","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":32,"box":{"x":653,"y":117,"width":292,"height":9}},{"id":"9c5e5153-0b86-4a12-a463-ca4739785869","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":32,"box":{"x":549,"y":131,"width":424,"height":11}},{"id":"439ff0fe-9231-4a88-bf71-06faf03dc0cd","block_type":"box","text":"in which the Fund invests 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Financial services companies also may be significantly","page_number":32,"box":{"x":549,"y":419,"width":395,"height":11}},{"id":"70c50b9b-8b78-4386-a50f-7c4e1fba081e","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":32,"box":{"x":549,"y":433,"width":367,"height":11}},{"id":"838b1657-69aa-401b-b9b8-34d5eb9a8f1e","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":32,"box":{"x":549,"y":447,"width":343,"height":11}},{"id":"3ac7b6a6-7340-49de-98a1-cb721ec549f9","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":32,"box":{"x":549,"y":461,"width":410,"height":11}},{"id":"be4dc8ec-de89-4cef-9578-1c3a70f633c0","block_type":"box","text":"and counterparty risk.","page_number":32,"box":{"x":549,"y":476,"width":140,"height":10}},{"id":"6b4dde49-0a94-490c-9ee7-d31405bb4a57","block_type":"box","text":"Issuer Risk","page_number":32,"box":{"x":549,"y":499,"width":75,"height":8}},{"id":"3e6e108f-d5e3-41f6-a1df-4c53bfa997bd","block_type":"box","text":".","page_number":32,"box":{"x":624,"y":505,"width":3,"height":2}},{"id":"56c04227-dd7f-4e61-b90c-8ebb2b563df6","block_type":"box","text":"The performance of the Fund depends on the","page_number":32,"box":{"x":632,"y":499,"width":288,"height":11}},{"id":"f8014603-c8e4-4600-9abc-a8fc638caa56","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":32,"box":{"x":549,"y":513,"width":412,"height":11}},{"id":"b442ba89-d4ea-4afb-9b5c-8634b42795e2","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":32,"box":{"x":550,"y":527,"width":402,"height":11}},{"id":"6dcdbdb7-d3b4-414b-b314-f164c77046e7","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":32,"box":{"x":549,"y":541,"width":418,"height":11}},{"id":"7528b79b-c7ee-4929-a7f7-69bde91192e4","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":32,"box":{"x":549,"y":556,"width":414,"height":10}},{"id":"c08ca1f1-7af3-4730-b308-5823bbf1a7a7","block_type":"box","text":"counterparty.","page_number":32,"box":{"x":549,"y":571,"width":84,"height":10}},{"id":"b9c46f7d-3651-425f-86d7-9d4b9a4abdc0","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":32,"box":{"x":549,"y":593,"width":252,"height":11}},{"id":"d21da7fe-489d-4701-addc-157c5f66ff7f","block_type":"box","text":"Large-capitalization","page_number":32,"box":{"x":808,"y":593,"width":124,"height":11}},{"id":"c0bb45a9-9e03-4575-9696-50f7e2f04a8f","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":32,"box":{"x":549,"y":607,"width":352,"height":11}},{"id":"83adae41-3a46-499a-8008-e583c1e6ce96","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":32,"box":{"x":549,"y":621,"width":352,"height":11}},{"id":"4aa5ed76-f0b7-4508-8f5b-e097ad07afda","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":32,"box":{"x":549,"y":635,"width":405,"height":11}},{"id":"bd0ac6ab-c661-4684-8108-95ed089a22a8","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":32,"box":{"x":549,"y":650,"width":371,"height":10}},{"id":"61517ada-667f-405c-a290-932b727a79fd","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":32,"box":{"x":549,"y":664,"width":340,"height":11}},{"id":"e595e1b6-fa98-4ff7-8716-aac6f8b0b41f","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":32,"box":{"x":549,"y":678,"width":390,"height":11}},{"id":"4717dad0-5440-47d2-a557-d0ed6ef3ecaa","block_type":"box","text":"overall performance of the broader securities markets.","page_number":32,"box":{"x":549,"y":692,"width":349,"height":11}},{"id":"e21b83dd-5bc7-48e1-99cc-1dda7fe29091","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":32,"box":{"x":549,"y":715,"width":360,"height":11}},{"id":"1f7bddea-88ad-42eb-a7a8-347dd40875b5","block_type":"box","text":"Certain","page_number":32,"box":{"x":915,"y":715,"width":45,"height":9}},{"id":"22299f4a-743b-4e28-8b35-bd7a93a1163e","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":32,"box":{"x":549,"y":730,"width":405,"height":10}},{"id":"8917b608-194e-4c02-af3d-0692050bb25d","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":32,"box":{"x":549,"y":744,"width":409,"height":11}},{"id":"ff0d97e7-9ea9-4d62-a6c0-61b44fa38a7a","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":32,"box":{"x":549,"y":758,"width":419,"height":11}},{"id":"f7d71b19-a6c4-434c-814d-3c27946b87e7","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":32,"box":{"x":549,"y":772,"width":417,"height":11}},{"id":"390d9667-1dcc-4c65-91f3-ad1a65cfdf0b","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":32,"box":{"x":549,"y":815,"width":421,"height":10}},{"id":"fb10cba8-8c88-4dc9-843a-e084a51e305e","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":32,"box":{"x":549,"y":829,"width":413,"height":11}},{"id":"65352dab-efd2-4188-a4a1-18b706a51862","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":32,"box":{"x":549,"y":843,"width":416,"height":11}},{"id":"e5bbe29c-28ac-463c-9bd2-90fa1920394f","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":32,"box":{"x":549,"y":857,"width":411,"height":11}},{"id":"80bebb39-95c5-4325-9ce0-5e23783c536e","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":32,"box":{"x":549,"y":871,"width":415,"height":9}},{"id":"64fa36df-2b07-40b1-b1b1-2974cca70a8a","block_type":"box","text":"S-9","page_number":32,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"c0883f37-4f35-4c14-ab43-e4a68c2a0118","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":33,"box":{"x":83,"y":23,"width":400,"height":10}},{"id":"5188ddf4-ce8a-4631-aa98-056e638e7706","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":33,"box":{"x":83,"y":37,"width":404,"height":11}},{"id":"739d88a6-a125-4b07-9dc8-7422b4b6b593","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":33,"box":{"x":83,"y":52,"width":415,"height":10}},{"id":"49db8a19-c0b3-4d7c-8fc8-8fe3a290e3c4","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":33,"box":{"x":82,"y":66,"width":413,"height":10}},{"id":"644f5777-b49f-4ea1-b9e9-c8f32de0237b","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":33,"box":{"x":83,"y":80,"width":352,"height":11}},{"id":"8c97af15-36e4-40a3-bc98-7d921d4722ea","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":33,"box":{"x":83,"y":94,"width":415,"height":11}},{"id":"b641c957-8d49-4d7d-9633-c712b1cf1d8b","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":33,"box":{"x":82,"y":108,"width":417,"height":11}},{"id":"06a6d23e-cd15-4783-ae4e-2b7e4a42a4a2","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":33,"box":{"x":83,"y":122,"width":387,"height":11}},{"id":"243326a4-ed05-47e0-a44a-47314cd1247d","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":33,"box":{"x":82,"y":137,"width":419,"height":10}},{"id":"91aa9eac-9d32-4c94-a6f4-ca1a423ff48d","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":33,"box":{"x":83,"y":151,"width":389,"height":11}},{"id":"e7d3bfdb-e146-4c37-b871-3b2c0fbebe1c","block_type":"box","text":"price of Fund shares.","page_number":33,"box":{"x":83,"y":165,"width":133,"height":11}},{"id":"4c969c5c-52e3-4f8b-8fb7-f1f15bd6c516","block_type":"box","text":"Management Risk","page_number":33,"box":{"x":83,"y":188,"width":122,"height":11}},{"id":"60b2e57f-b954-4d74-8de6-8b25aa59cb0d","block_type":"box","text":".","page_number":33,"box":{"x":206,"y":195,"width":2,"height":2}},{"id":"e0e6455a-fb75-43a5-9be9-962f57d1ee9c","block_type":"box","text":"The Fund generally does not attempt to take","page_number":33,"box":{"x":213,"y":188,"width":283,"height":11}},{"id":"576b522d-984a-4536-9bd1-e75562433a70","block_type":"box","text":"defensive positions under any market conditions, including","page_number":33,"box":{"x":83,"y":202,"width":376,"height":11}},{"id":"065abb47-e1b2-46a7-b290-f741b4d83239","block_type":"box","text":"declining markets. 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Mr.","page_number":36,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"09ec2fd7-cfb8-49a7-b37a-790c8d165bd0","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":36,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"05d74903-5292-4c20-8100-71d533ff97ea","block_type":"box","text":"Managers of the Fund since 2025.","page_number":36,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"c974196d-8fb3-4ba3-96c2-fb539ed4f5d7","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":36,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"cdf62050-b39b-4992-a20a-6e5310458dad","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":36,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"7dd8340b-3214-45a2-8945-e4aa4d2a01ae","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":36,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"7b5fb583-3be2-4663-876d-d483ec184469","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":36,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"06d41bb0-d925-4bcb-be8a-8703b75c2048","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":36,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"10349b55-1bfa-4128-8157-8d505f93ca9d","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":36,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"f21c89c0-c528-4887-9746-d3bc069c5f73","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":36,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"1acbde0a-7149-4eac-a4b6-1252881bdcb4","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":36,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"0cf125ad-c3da-4650-b1a0-187d16be6050","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":36,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"7b8c300a-71d2-4c27-845f-a0bb68ac4a53","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":36,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"3a228991-2f77-4276-b730-9486881e2cdd","block_type":"box","text":"Tax Information","page_number":36,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"f2a4589a-ce57-4191-a6a9-0441c4829af5","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":36,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"9d2a225e-f523-4f1f-a22e-761e15d18b39","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":36,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"0e673f06-3e30-4361-8069-b5ddba2db25b","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":36,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"b14c1683-f7e4-4653-9c25-82ca40a742d8","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":36,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"057d64f6-efc1-4a4b-a946-6dbca1a2c9bf","block_type":"box","text":"withdrawn.","page_number":36,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"748c0f78-95a7-45dd-a9cc-e4c12c7fef60","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":36,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"6542eb90-d0e6-4b1a-93f1-359ab3dd1064","block_type":"box","text":"Intermediaries","page_number":36,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"ea1d0a5e-3645-43fb-b382-2268b328dfc0","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":36,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"43630c2a-acd5-427d-9a60-2004bcff8166","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":36,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"0c5df239-faa1-409d-9255-81728f5d00c6","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":36,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"930b7a12-859e-4fa5-9d16-7e1337aa6d7e","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":36,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"2bd45753-646f-4b75-a169-35bc3fe6a022","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":36,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"d67d2eb0-2b10-47d0-8f8f-a550927b331e","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":36,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"4bca27e4-a342-4542-a7dd-9d61bf00116f","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":36,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"f0e321c7-cb4e-4f4b-8e68-72429ccbc21c","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":36,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"eec3d6bc-a963-4743-ba73-ac63a27e7553","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":37,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"a48d12ee-0e48-4243-a2a2-b07d6cce456b","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":37,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"97256415-a1f7-4096-9916-be7113a05a1a","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":37,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"64f2d634-8786-4c2c-8200-053440154571","block_type":"box","text":"the tables and examples below.","page_number":37,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"ade41132-b4ca-4bd4-a1ab-ef0a7b951972","block_type":"box","text":"Annual Fund Operating 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any.","page_number":37,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"f34ece31-c904-47db-bae2-f964fdaa3823","block_type":"box","text":"Example.","page_number":37,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"7dce55c0-6288-40c7-9c29-bf48f9ac4094","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":37,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"c3e520f8-c3e1-415f-a80f-638c015c5ebc","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":37,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"6a6f5fe4-2e59-460f-a8d4-a1b86f6494de","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":37,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"b8f4bfca-2bc3-4406-925c-30acf8f8d139","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":37,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"98bcea3c-e9d4-40a0-9a52-59b1102b1703","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":37,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"3e08942a-7abc-44af-8e18-be3f6b35c198","block_type":"box","text":"$51 $160 $280 $628","page_number":37,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"61bf7846-cf73-46b1-8cd9-f39436fc548f","block_type":"box","text":"Portfolio Turnover.","page_number":37,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"8f8e690a-db3e-4dc4-96b1-9fcaeff210f4","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":37,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"be5936be-b2b1-453e-8b04-d464be8d77f7","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":37,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"eb9b4f66-360a-4d20-920b-59fc3ee90b79","block_type":"box","text":"portfolio). 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For","page_number":38,"box":{"x":83,"y":730,"width":377,"height":10}},{"id":"ec7dcb8f-7aab-40c6-bc57-8751d034617e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":38,"box":{"x":83,"y":744,"width":389,"height":11}},{"id":"35eff25c-a183-4502-b19f-298333ab65de","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":38,"box":{"x":83,"y":758,"width":389,"height":11}},{"id":"3ab8a818-91f1-49d7-8d61-8761e87c3dca","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":38,"box":{"x":83,"y":772,"width":410,"height":11}},{"id":"d40a9922-42b5-4e35-882a-237a68202f96","block_type":"box","text":"considered to be issued by members of any industry.","page_number":38,"box":{"x":83,"y":786,"width":337,"height":11}},{"id":"5c29d465-96c0-4cab-8b4b-7d20b436f3fb","block_type":"box","text":"Summary of Principal Risks","page_number":38,"box":{"x":83,"y":815,"width":235,"height":14}},{"id":"f05ab976-6a35-4332-9c89-293cb08cb90e","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":38,"box":{"x":82,"y":840,"width":363,"height":11}},{"id":"c12a565d-d2f5-48ea-9ad8-58a4c817802c","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":38,"box":{"x":83,"y":855,"width":402,"height":10}},{"id":"4be942a2-818b-46fd-bff2-21d0327d9864","block_type":"box","text":"that of other investments. 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The","page_number":39,"box":{"x":549,"y":339,"width":340,"height":11}},{"id":"97ef6d29-db91-491f-a9a7-9b8ec6b1676c","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":39,"box":{"x":549,"y":353,"width":390,"height":11}},{"id":"2811b559-b1a6-43eb-8411-eb89f5c14431","block_type":"box","text":"overall performance of the broader securities markets.","page_number":39,"box":{"x":549,"y":367,"width":349,"height":11}},{"id":"c6b6a835-dcec-45bf-9a88-76c001d6a420","block_type":"box","text":"Management Risk","page_number":39,"box":{"x":549,"y":391,"width":123,"height":10}},{"id":"26a16b85-dabd-4108-9cd4-46e0e2526bb4","block_type":"box","text":".","page_number":39,"box":{"x":672,"y":397,"width":2,"height":2}},{"id":"c107a51c-9982-4392-a7df-3b1f2c8e27ad","block_type":"box","text":"The Fund generally does not attempt to take","page_number":39,"box":{"x":679,"y":391,"width":283,"height":10}},{"id":"dfec17d6-3d90-437e-9cc5-97801be71b45","block_type":"box","text":"defensive positions under any market conditions, including","page_number":39,"box":{"x":549,"y":405,"width":376,"height":11}},{"id":"14d34973-f9de-4c19-89ad-fb5000b6e895","block_type":"box","text":"declining markets. 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The","page_number":39,"box":{"x":549,"y":735,"width":405,"height":10}},{"id":"6fb7c4ec-f9db-4ae0-8884-dc75a6405fbc","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":39,"box":{"x":549,"y":749,"width":407,"height":11}},{"id":"bf2cec47-d79a-4c47-a40d-5407b2466f8f","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":40,"box":{"x":82,"y":80,"width":361,"height":11}},{"id":"625177e5-a02d-40b3-98f2-6d8096deae87","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":40,"box":{"x":83,"y":94,"width":398,"height":11}},{"id":"a1744719-c08c-4359-8827-ae2f0d888b79","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":40,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"a8a3c0b9-2f96-40aa-949e-0a50f884c7c0","block_type":"box","text":"Non-Diversification Risk","page_number":40,"box":{"x":83,"y":131,"width":165,"height":9}},{"id":"8b7f6a01-62bd-4103-9528-a6b1acdfd208","block_type":"box","text":".","page_number":40,"box":{"x":248,"y":138,"width":2,"height":2}},{"id":"9d5c1c8d-62f9-4fdc-b1d2-ad9167a79d2a","block_type":"box","text":"The Fund is classified as “non","page_number":40,"box":{"x":255,"y":131,"width":193,"height":9}},{"id":"6d0b84d6-0c6b-49be-921f-8cf033614097","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":40,"box":{"x":83,"y":146,"width":377,"height":10}},{"id":"e78bf6a0-9ea3-471a-a709-89da4180046e","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":40,"box":{"x":83,"y":160,"width":358,"height":11}},{"id":"e90d3606-b9dc-46f8-bae2-dfcb995598c9","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":40,"box":{"x":83,"y":174,"width":370,"height":11}},{"id":"49abd38d-3740-4e94-83af-427e3a7a39e5","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":40,"box":{"x":83,"y":188,"width":422,"height":11}},{"id":"f48d7095-8fa6-4f58-a17e-22bac9788900","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":40,"box":{"x":83,"y":202,"width":379,"height":11}},{"id":"78838a94-7bde-4b40-a4fa-fdb2a292a907","block_type":"box","text":"particular issuers or counterparties. 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Ask your","page_number":43,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"10166375-211c-4e38-9cd9-c9cb021da770","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":43,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"86a8434f-dde3-478e-bbac-86d8981906fe","block_type":"box","text":"information.","page_number":43,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"3ad8e569-3d84-435c-bb9c-5b542d49e811","block_type":"box","text":"S-20","page_number":43,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"386d76a5-04db-44b1-b5df-90d649414294","block_type":"box","text":"iSHARES","page_number":44,"box":{"x":344,"y":24,"width":118,"height":15}},{"id":"015c1357-fa30-4829-bb4e-03b4a49ddbf8","block_type":"box","text":"®","page_number":44,"box":{"x":465,"y":17,"width":11,"height":8}},{"id":"f4eaba7e-7483-48e4-ac7a-5bf22250cf48","block_type":"box","text":"MSCI JAPAN ETF","page_number":44,"box":{"x":487,"y":24,"width":228,"height":15}},{"id":"34421423-4e17-49db-b0a9-ff2208c64805","block_type":"box","text":"Ticker: EWJ Stock Exchange: NYSE Arca","page_number":44,"box":{"x":285,"y":53,"width":481,"height":12}},{"id":"5899949d-6579-4eaa-9a98-5e577cc1113f","block_type":"box","text":"Investment Objective","page_number":44,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"1840c8ca-7be1-4f98-a6b6-4b365e4025c6","block_type":"box","text":"The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities.","page_number":44,"box":{"x":82,"y":116,"width":786,"height":11}},{"id":"2f076480-ee3c-4e90-a7e3-81497b71ff12","block_type":"box","text":"Fees and Expenses","page_number":44,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"d7afe340-9c4c-462e-a246-6a3361945f18","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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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":44,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"5b670555-3cf0-49a4-a416-99380120ef33","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":44,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"95736932-eecb-4811-992d-64c009af22a1","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":44,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"3be27404-fa7a-48f1-88d5-4035c61c014c","block_type":"box","text":"the tables and examples below.","page_number":44,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"11394d5c-3d8b-418e-b491-9775a7eab53e","block_type":"box","text":"Annual Fund Operating 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any.","page_number":44,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"8ff03e2a-649c-46de-9135-9d3c44684b49","block_type":"box","text":"Example.","page_number":44,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"26d703a7-314a-4155-816c-d8600b94bbc0","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":44,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"9637c3de-71e8-4fc0-9a30-b1943b1c91f4","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":44,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"45991740-457e-4473-9bd0-6334b0e7c4cf","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":44,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"a8125f67-2631-4447-b459-870a113adbf5","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":44,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"fc1638ef-813c-4d02-86c1-a70eb1532b9b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":44,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"370bd60c-9c86-4097-b818-b35802f688f7","block_type":"box","text":"$50 $157 $274 $616","page_number":44,"box":{"x":202,"y":534,"width":647,"height":9}},{"id":"3ea57326-59d5-4753-b060-176602aec9d9","block_type":"box","text":"Portfolio Turnover.","page_number":44,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"0404c0d0-5fe3-4445-b70d-11e2a36d6694","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":44,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"a4774138-2a02-45c4-b780-d9f9037cd8e1","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":44,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"d212da32-8c05-45eb-8fdc-7ec67eefab84","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":44,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"63564a42-7c83-48ad-a9ca-301ba02f502c","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":44,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"daaf097e-f32f-4703-a8d1-2419d6e34f24","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":44,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"39e18b9f-8cda-42e2-9c7f-2baca113c7f6","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":44,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"a0289d24-9085-4b99-beb0-56fc35237c7d","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":44,"box":{"x":84,"y":659,"width":411,"height":11}},{"id":"c04cafc2-bcab-4472-b404-7ed9ff1ba223","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 6% of the","page_number":44,"box":{"x":82,"y":673,"width":377,"height":11}},{"id":"4d965aa9-1139-4cb6-82ad-d1665e3f2c6f","block_type":"box","text":"average value of its portfolio.","page_number":44,"box":{"x":83,"y":687,"width":184,"height":11}},{"id":"3c604156-de09-42b2-b684-180282237adc","block_type":"box","text":"Principal Investment Strategies","page_number":44,"box":{"x":84,"y":716,"width":268,"height":13}},{"id":"271c900d-08e8-413c-9047-e3a7a2aaf461","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Japan","page_number":44,"box":{"x":82,"y":741,"width":420,"height":11}},{"id":"91caffea-e19b-4749-80e7-cec7522d9888","block_type":"box","text":"Index (the “Underlying Index”), which is designed to measure the","page_number":44,"box":{"x":83,"y":755,"width":413,"height":11}},{"id":"98270fba-ac4e-4138-b9c9-e5779623b886","block_type":"box","text":"performance of the large- and mid-capitalization segments of the","page_number":44,"box":{"x":83,"y":770,"width":416,"height":10}},{"id":"cdd094b5-6225-49e6-93e1-39271dca12c7","block_type":"box","text":"Japanese equity market. As of August 31, 2025, a significant","page_number":44,"box":{"x":82,"y":784,"width":385,"height":11}},{"id":"2d8e2a44-d7f3-450b-a619-054b139fe083","block_type":"box","text":"portion of the Underlying Index is represented by securities of","page_number":44,"box":{"x":83,"y":798,"width":396,"height":11}},{"id":"9ef7a0bc-87a8-4aac-89f4-cec8b40e4258","block_type":"box","text":"companies in the consumer goods and services, financials and","page_number":44,"box":{"x":83,"y":812,"width":399,"height":11}},{"id":"a854e0d2-f26f-4833-8061-e92ceecb4c56","block_type":"box","text":"industrials industries or sectors. The components of the","page_number":44,"box":{"x":83,"y":826,"width":356,"height":11}},{"id":"edd74b6f-092d-4ad4-a2c6-16614440f4f6","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":44,"box":{"x":83,"y":840,"width":303,"height":11}},{"id":"a6acb443-6359-4a7c-b06a-36a4499760fa","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":44,"box":{"x":84,"y":864,"width":376,"height":10}},{"id":"e0bab822-a298-474c-9cb6-209b7bac9cd2","block_type":"box","text":"investment objective. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":50,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"5af92898-6704-4e20-94ae-3e09416e4f50","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":50,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"a7f3729a-cadb-4713-bfca-d647ab7eb884","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":50,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"916b9bf8-5f53-4f83-ab60-8eda10ca5d87","block_type":"box","text":"the tables and examples below.","page_number":50,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"a65381fa-0a5b-49b3-b1a9-ab600404f09b","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":50,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"42d93f0d-6628-4b6a-89fa-e1709609badc","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":50,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"0b4019ec-3150-4c78-825e-e32824cd6241","block_type":"box","text":"$51 $160 $280 $628","page_number":50,"box":{"x":203,"y":548,"width":648,"height":9}},{"id":"98c3f6ec-0ae8-4c26-bab3-5ca6c43d35b0","block_type":"box","text":"Portfolio Turnover.","page_number":50,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"1d414143-b78f-4f62-acd2-8e01f3a6a63a","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":50,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"e10d0b02-9c9f-4edc-a4a8-f36ea09e2f1f","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":50,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"44a144d1-4851-497d-8c1b-142981066831","block_type":"box","text":"portfolio). 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Certain key risks are prioritized below (with others","page_number":51,"box":{"x":83,"y":681,"width":387,"height":10}},{"id":"61c42af9-006a-4205-ba4e-c06ac99e87e2","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":51,"box":{"x":82,"y":695,"width":426,"height":11}},{"id":"f2f028f2-bd48-401b-910d-199f90152b91","block_type":"box","text":"risk is difficult to predict and may change over time. 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Errors in index data, index computations or the","page_number":51,"box":{"x":549,"y":556,"width":366,"height":10}},{"id":"57fcb731-6019-4439-ba1c-ab9a97fbd8d9","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":51,"box":{"x":549,"y":570,"width":377,"height":11}},{"id":"a4b82b5b-4e7c-42d0-9ef6-f1104cd3f083","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":51,"box":{"x":549,"y":584,"width":413,"height":11}},{"id":"fc7ef7fe-61f6-4443-9901-2556d989c990","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":51,"box":{"x":549,"y":598,"width":396,"height":11}},{"id":"81db7d56-05b4-49bd-a67f-4cc021f1032a","block_type":"box","text":"impact on the Fund and its shareholders. 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This could cause the","page_number":51,"box":{"x":549,"y":669,"width":362,"height":11}},{"id":"74774be3-0e54-4e83-ab07-69385b54b5bf","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":51,"box":{"x":550,"y":683,"width":422,"height":11}},{"id":"43944401-78cb-4cd3-b966-5c40f58984aa","block_type":"box","text":"Asset Class Risk.","page_number":51,"box":{"x":548,"y":706,"width":114,"height":9}},{"id":"6f6f0c87-cec8-4557-9180-2f2d63bfaad4","block_type":"box","text":"The securities and other assets in the","page_number":51,"box":{"x":668,"y":706,"width":239,"height":9}},{"id":"9fec8c74-b91c-4bda-83b5-dac3dc861360","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":51,"box":{"x":550,"y":721,"width":405,"height":10}},{"id":"d374a3ab-28c2-483e-8c9a-579f09faeb2e","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":51,"box":{"x":549,"y":735,"width":405,"height":11}},{"id":"0fcb6b8f-2253-44f9-9e51-884dd5b30a96","block_type":"box","text":"market, another index, or other asset classes.","page_number":51,"box":{"x":549,"y":749,"width":292,"height":10}},{"id":"6c288c6e-ff23-405d-bf8c-804ddfa66032","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":51,"box":{"x":548,"y":772,"width":290,"height":11}},{"id":"51b8559e-148a-4431-9fef-18fe1196cab6","block_type":"box","text":"An “Authorized","page_number":51,"box":{"x":847,"y":772,"width":93,"height":9}},{"id":"78743c2a-fd9e-4683-b705-f06d6aecce96","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":51,"box":{"x":550,"y":786,"width":379,"height":11}},{"id":"b7de5976-6223-4599-ac75-f07d1d43f379","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":51,"box":{"x":549,"y":800,"width":411,"height":11}},{"id":"8fbea858-da97-4ee0-aaa5-c53156ea038a","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":51,"box":{"x":550,"y":815,"width":395,"height":10}},{"id":"2947cdff-6d1c-442d-8186-9891dbaf2113","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":51,"box":{"x":550,"y":829,"width":399,"height":11}},{"id":"605cb26d-e50d-4c2d-abda-50c82f06d3de","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":52,"box":{"x":83,"y":37,"width":378,"height":11}},{"id":"544b78ce-9c8a-4e6e-bdde-36b3fcfa3a02","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":52,"box":{"x":84,"y":52,"width":379,"height":10}},{"id":"8a9d009c-721c-4df4-90df-909c2bf61bb7","block_type":"box","text":"transactions. 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Currency exchange rates can be very volatile and can","page_number":52,"box":{"x":83,"y":405,"width":404,"height":11}},{"id":"fa4bc31f-b398-4cb9-bbb8-01d5b65e6117","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":52,"box":{"x":83,"y":419,"width":394,"height":11}},{"id":"c7569c29-5de3-4e01-b8cc-993575e7f359","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":52,"box":{"x":83,"y":433,"width":398,"height":11}},{"id":"c07998f0-5cdc-4f3b-85a3-6086601adee8","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":52,"box":{"x":83,"y":447,"width":392,"height":11}},{"id":"740462f7-ab15-4181-a67f-062763ec44d4","block_type":"box","text":"dollars and foreign currencies.","page_number":52,"box":{"x":83,"y":461,"width":193,"height":11}},{"id":"0a7f1d71-981f-4c99-a47f-5401140dd9da","block_type":"box","text":"Industrial Companies Risk.","page_number":52,"box":{"x":83,"y":485,"width":180,"height":10}},{"id":"bc344c65-3b58-4a36-bdbf-14bc515a3cec","block_type":"box","text":"Industrial companies face a number","page_number":52,"box":{"x":270,"y":485,"width":229,"height":10}},{"id":"505956cb-1c26-48e6-9061-1a925746cb3e","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":52,"box":{"x":83,"y":499,"width":378,"height":11}},{"id":"201cb745-cf98-410a-b660-dcd8595393b4","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":52,"box":{"x":83,"y":513,"width":415,"height":11}},{"id":"8f5ccc20-2f6f-4ef7-8aa2-8fc3bf2b0771","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":52,"box":{"x":83,"y":527,"width":380,"height":11}},{"id":"5e3e74b3-4388-47d3-af6a-5e59cc11c36a","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":52,"box":{"x":83,"y":541,"width":418,"height":11}},{"id":"1191a91b-b364-43a1-ac0a-49fa8b8f3c22","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":52,"box":{"x":83,"y":556,"width":393,"height":10}},{"id":"16afe26f-5f49-4ac1-8597-b2519ef66b98","block_type":"box","text":"currencies. 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These","page_number":55,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"c4948c56-1009-4a14-9085-e47c8fa22483","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":55,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"ec235fa6-36b5-4253-9217-b9f662b9c2c3","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":55,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"fcd3c082-96a9-43e3-9d64-6c7f9b9f83e6","block_type":"box","text":"recommend the Fund over another investment. 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Amounts in the table","page_number":56,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"4bd094fd-82ab-4ad8-a06e-88f4870a7f78","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":56,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"f533c71a-ed92-4f38-9109-92afa1f66bde","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":56,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"6f1f4471-8936-4fba-8bfe-e42ce3fbd834","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":56,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"b39aa4c7-cbc7-4b8b-8061-55e7deba37a1","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":56,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"1ceb2ab9-3547-4028-862f-8b628ad18830","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":56,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"9e5167d4-3823-477f-8542-489aea1294d5","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":56,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"e11b6fd5-6e8a-439f-a43a-67eb96743695","block_type":"box","text":"the tables and examples below.","page_number":56,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"5b7efd7e-e326-4842-9071-b6738d461ccd","block_type":"box","text":"Annual Fund Operating 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The Fund does not try to “beat” the index it","page_number":56,"box":{"x":83,"y":878,"width":417,"height":11}},{"id":"f3c80981-00c7-4980-a747-ea9360f554d6","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":56,"box":{"x":549,"y":566,"width":396,"height":11}},{"id":"a0ceb415-edee-400c-85a4-66b77b87c1b3","block_type":"box","text":"markets decline or appear overvalued.","page_number":56,"box":{"x":549,"y":580,"width":244,"height":11}},{"id":"5237399e-6558-4b75-9de8-382db8182918","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":56,"box":{"x":550,"y":603,"width":420,"height":11}},{"id":"12862ebf-1d09-4305-8ff3-8d3c4b7fd600","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":56,"box":{"x":549,"y":617,"width":421,"height":11}},{"id":"a9108579-24d2-4f87-8de1-69661c5dcfd5","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":56,"box":{"x":549,"y":632,"width":386,"height":10}},{"id":"d13e52bf-ca3d-44fe-adc7-27adf3f0f904","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":56,"box":{"x":550,"y":646,"width":369,"height":11}},{"id":"b48e0a1c-bb06-4346-8cca-e5a1a6822727","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":56,"box":{"x":549,"y":660,"width":356,"height":11}},{"id":"926662e4-1a8e-4f93-b5c2-da578c5c487d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":56,"box":{"x":549,"y":674,"width":359,"height":11}},{"id":"be8f70b7-b02f-4575-aa47-d3d5277c85a8","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":56,"box":{"x":550,"y":697,"width":411,"height":11}},{"id":"e2fa3ac0-4fd3-4a2c-8ac0-dea6ab9e7a71","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":56,"box":{"x":549,"y":712,"width":411,"height":10}},{"id":"116f4eda-52d8-46eb-9baa-3857cb738d5a","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":56,"box":{"x":549,"y":726,"width":424,"height":11}},{"id":"f50e9db8-c324-4aae-89b1-2b6b0a826566","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":56,"box":{"x":549,"y":740,"width":410,"height":11}},{"id":"93dd0720-3408-4ca8-84c4-f445bd4e6170","block_type":"box","text":"that of an applicable underlying index. 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The Fund may or may not hold all of","page_number":56,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"7fea177a-f359-4a03-9f90-d8963ffdc1df","block_type":"box","text":"the components of the Underlying Index.","page_number":56,"box":{"x":549,"y":839,"width":259,"height":11}},{"id":"50ca61a4-7586-4afc-bf03-232b28c192e0","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":56,"box":{"x":549,"y":862,"width":389,"height":11}},{"id":"88104851-2cfb-44e3-aaeb-c3024adc8064","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":56,"box":{"x":549,"y":877,"width":410,"height":10}},{"id":"ac9f242e-d9bd-4a76-9dbd-b09a44e74d70","block_type":"box","text":"S-33","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e6e27b0e-8714-4698-ac4d-0d682e4b2432","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":57,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"4a0cbb26-5b41-4f44-8cc9-efd3ee813c32","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":57,"box":{"x":83,"y":37,"width":335,"height":11}},{"id":"c891700d-d212-4a86-9dd0-d838a8a19048","block_type":"box","text":"i.e","page_number":57,"box":{"x":419,"y":37,"width":14,"height":9}},{"id":"cf58033b-ce56-4719-9a6a-2addc89b0682","block_type":"box","text":".,","page_number":57,"box":{"x":435,"y":44,"width":6,"height":3}},{"id":"33c5b05b-bea1-4f85-a2af-52564aa4cbfb","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":57,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"e3bc450b-bad8-46b1-8fa4-12fae87eb6eb","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":57,"box":{"x":83,"y":66,"width":403,"height":10}},{"id":"8ef7b936-0f2e-43d4-b28d-aad3018df1c6","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":57,"box":{"x":83,"y":80,"width":418,"height":11}},{"id":"20f270c9-1c97-4080-af29-a426b916ca84","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":57,"box":{"x":83,"y":94,"width":411,"height":11}},{"id":"fd43cd58-c334-4e27-aa72-1c24ee3ee93d","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":57,"box":{"x":82,"y":108,"width":389,"height":11}},{"id":"9c3e8c60-8b46-4f36-8af4-393a2b6a5d65","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":57,"box":{"x":82,"y":122,"width":415,"height":11}},{"id":"74e42fcf-8284-41c5-bccf-45ee86c6b3f1","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":57,"box":{"x":83,"y":137,"width":360,"height":10}},{"id":"fa8a9f07-160e-47d0-95d3-50cd7f25af91","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":57,"box":{"x":83,"y":151,"width":407,"height":11}},{"id":"fdb70c86-16bd-46cc-9658-26e7caf2511d","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":57,"box":{"x":83,"y":165,"width":421,"height":11}},{"id":"3ad7a659-1aea-43b0-b02a-0bf3c4765e2c","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":57,"box":{"x":83,"y":179,"width":392,"height":11}},{"id":"74b76aca-8e90-41ea-b7af-f27d179e62bd","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":57,"box":{"x":83,"y":193,"width":404,"height":11}},{"id":"65ec8717-a93b-47df-9253-43390b6f8f11","block_type":"box","text":"Fund.","page_number":57,"box":{"x":84,"y":208,"width":33,"height":8}},{"id":"058f7364-8b0d-480a-a5d9-4124bb5f0b28","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":57,"box":{"x":82,"y":231,"width":412,"height":11}},{"id":"3a061733-4dc6-4972-a7d0-ddc03f745d87","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":57,"box":{"x":82,"y":245,"width":371,"height":11}},{"id":"427f8f60-e482-4835-ad1a-05bc3acf83b3","block_type":"box","text":"collateral received).","page_number":57,"box":{"x":83,"y":259,"width":125,"height":11}},{"id":"c1f4d55e-e25c-4293-94c6-803f49c71b9f","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. 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This could cause the","page_number":57,"box":{"x":549,"y":674,"width":362,"height":11}},{"id":"12e0cc4d-22ce-4077-b0b4-d49859030cbd","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":57,"box":{"x":550,"y":688,"width":422,"height":11}},{"id":"8f08125a-5828-4a84-be00-180852aca3de","block_type":"box","text":"Asset Class Risk.","page_number":57,"box":{"x":548,"y":711,"width":114,"height":9}},{"id":"3df96d1c-11a3-4cba-a676-331dfaf1541b","block_type":"box","text":"The securities and other assets in the","page_number":57,"box":{"x":668,"y":712,"width":239,"height":8}},{"id":"ee5bec0d-188e-41f0-8685-57ba32318f30","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":57,"box":{"x":550,"y":726,"width":405,"height":11}},{"id":"9b647309-68eb-41a7-a946-d2c3202af199","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":57,"box":{"x":549,"y":740,"width":405,"height":11}},{"id":"dad591d9-849c-4b00-b6f5-fb7cf1567a67","block_type":"box","text":"market, another index, or other asset classes.","page_number":57,"box":{"x":549,"y":754,"width":292,"height":10}},{"id":"9cd9756b-5384-472c-9150-3c5a65b3e3f8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":57,"box":{"x":548,"y":777,"width":290,"height":11}},{"id":"919575d7-29a7-43e8-b7b6-c0adcca4ad54","block_type":"box","text":"An “Authorized","page_number":57,"box":{"x":847,"y":777,"width":93,"height":9}},{"id":"666d09c4-4e10-4a1c-8445-1e1b147976e5","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":57,"box":{"x":550,"y":791,"width":379,"height":11}},{"id":"8b433300-0b85-4c63-83ec-ac09f1067899","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":57,"box":{"x":549,"y":806,"width":411,"height":10}},{"id":"3eedc2a8-1f1f-4661-b79a-10fcf81986c1","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":57,"box":{"x":550,"y":820,"width":395,"height":11}},{"id":"52b1ec55-a955-444e-9bd7-46a6f3cf1450","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":57,"box":{"x":550,"y":834,"width":399,"height":11}},{"id":"ba5e4c76-ab2e-48ff-9079-ab82b53635e8","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":57,"box":{"x":549,"y":848,"width":407,"height":11}},{"id":"a9106ef9-5a9b-4fce-a2f5-fd988bfe1120","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":57,"box":{"x":549,"y":862,"width":409,"height":11}},{"id":"26485d93-3eb9-4128-8538-dd7de88b2d20","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":57,"box":{"x":549,"y":877,"width":412,"height":10}},{"id":"1402a929-f067-4502-975a-8dfd638212b5","block_type":"box","text":"S-34","page_number":57,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ee71dd4e-0e92-4786-bee9-d00ddd37560f","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":58,"box":{"x":83,"y":23,"width":403,"height":11}},{"id":"4c401e31-9d80-4e79-a53b-0d6459eb3665","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":58,"box":{"x":83,"y":37,"width":378,"height":11}},{"id":"59ce0ac7-3048-4469-a42b-f4855d34f771","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":58,"box":{"x":84,"y":52,"width":379,"height":10}},{"id":"43bd1d36-f889-4565-9efa-f6f178607458","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":58,"box":{"x":83,"y":66,"width":404,"height":10}},{"id":"8d3dcabf-b6bf-4cc5-ac88-b3b3424bcb91","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":58,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"7088e0ed-2857-4eb7-b0fe-e48f652daa64","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":58,"box":{"x":84,"y":94,"width":391,"height":11}},{"id":"5286efb9-1707-4f17-9b35-6813aeb7cb79","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":58,"box":{"x":83,"y":108,"width":408,"height":11}},{"id":"673bcc6e-9b49-4eec-ac2d-04a1837e1bc4","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":58,"box":{"x":83,"y":122,"width":273,"height":11}},{"id":"2603788a-e008-4452-997b-f878aee1d9ea","block_type":"box","text":"Cash Transactions Risk","page_number":58,"box":{"x":83,"y":146,"width":157,"height":8}},{"id":"c79607c6-c7c2-48a9-acfd-3d4791165b09","block_type":"box","text":".","page_number":58,"box":{"x":240,"y":152,"width":3,"height":2}},{"id":"5a8e1a19-74d4-40e7-ab34-282c9f1d727a","block_type":"box","text":"The Fund expects to effect all of its","page_number":58,"box":{"x":248,"y":146,"width":224,"height":10}},{"id":"7ce12156-f8e1-4893-a0fa-16e83957bbc3","block_type":"box","text":"creations and redemptions for cash, rather than in-kind securities.","page_number":58,"box":{"x":83,"y":160,"width":423,"height":11}},{"id":"f0f94372-5db3-4d4e-8cbc-7c6ff565efc7","block_type":"box","text":"As a result, the Fund may have to sell portfolio securities at","page_number":58,"box":{"x":82,"y":174,"width":380,"height":11}},{"id":"7a45ac39-fc92-47b6-b73b-76b559db37ff","block_type":"box","text":"inopportune times in order to obtain the cash needed to meet","page_number":58,"box":{"x":83,"y":188,"width":395,"height":11}},{"id":"767397f1-f4b6-4657-89bf-fcd768697dbd","block_type":"box","text":"redemption orders. 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The use of cash creations and","page_number":58,"box":{"x":83,"y":231,"width":422,"height":10}},{"id":"43262782-0a06-48ac-a891-795f031b8069","block_type":"box","text":"redemptions may also cause the Fund’s shares to trade in the","page_number":58,"box":{"x":83,"y":245,"width":394,"height":11}},{"id":"183776de-80a1-4655-9cbd-07d9f527286a","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":58,"box":{"x":83,"y":259,"width":424,"height":11}},{"id":"f4181e5b-60c8-4138-b72c-ffd68409eab4","block_type":"box","text":"to the Fund’s NAV.","page_number":58,"box":{"x":83,"y":273,"width":116,"height":9}},{"id":"616e3cf7-9db8-4d94-9862-1a6db240f704","block_type":"box","text":"Concentration Risk.","page_number":58,"box":{"x":83,"y":296,"width":132,"height":9}},{"id":"5cf7dd69-4891-48c9-bbd0-0e984e66650a","block_type":"box","text":"The Fund may be susceptible to an","page_number":58,"box":{"x":220,"y":296,"width":222,"height":11}},{"id":"96da7c20-e902-4d66-8dbd-e41b68bcbd7a","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":58,"box":{"x":83,"y":311,"width":419,"height":10}},{"id":"97fc5faf-4a7f-4cd1-8b85-e20363dc548b","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":58,"box":{"x":83,"y":325,"width":407,"height":10}},{"id":"73ae04ca-c45a-4d33-a4c3-ef96e62f6c8f","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":58,"box":{"x":83,"y":339,"width":417,"height":8}},{"id":"6f9b4c76-6d27-469a-8898-2e2fe7326a2f","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":58,"box":{"x":83,"y":353,"width":395,"height":10}},{"id":"13f78416-1007-4610-85fa-ff968d75c750","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":58,"box":{"x":83,"y":367,"width":388,"height":11}},{"id":"49499266-ccd6-4f7e-907f-3c77fd4614d3","block_type":"box","text":"asset classes.","page_number":58,"box":{"x":83,"y":382,"width":88,"height":8}},{"id":"b91e767b-62f7-4cb0-bd3e-0fa1c2980cd8","block_type":"box","text":"Currency Risk","page_number":58,"box":{"x":83,"y":405,"width":95,"height":11}},{"id":"45148428-eaf3-4523-945d-ca79c64941f1","block_type":"box","text":".","page_number":58,"box":{"x":179,"y":411,"width":2,"height":2}},{"id":"75ef9d82-1680-4792-a799-af1d9c51a5e2","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":58,"box":{"x":187,"y":405,"width":292,"height":8}},{"id":"d04fc049-0652-4647-8dd3-1a56139e1872","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":58,"box":{"x":83,"y":419,"width":388,"height":11}},{"id":"5141078d-687c-4654-9952-fe41a41115c9","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":58,"box":{"x":83,"y":433,"width":395,"height":11}},{"id":"132cc63b-923a-4369-b72c-77a2ed309b6a","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":58,"box":{"x":83,"y":447,"width":415,"height":11}},{"id":"91f21469-93a4-47a0-91fc-6284420d50d7","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":58,"box":{"x":83,"y":461,"width":404,"height":11}},{"id":"cf4d743a-e8ae-44eb-9733-1f9363c6c323","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":58,"box":{"x":83,"y":476,"width":394,"height":10}},{"id":"5a3a012d-9800-4235-af3a-33c2683b3009","block_type":"box","text":"may change quickly and without warning. 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These issues may have an","page_number":58,"box":{"x":83,"y":584,"width":406,"height":11}},{"id":"8bdb07e0-5a35-490c-b5be-6b93c5dcc8cd","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":58,"box":{"x":83,"y":598,"width":364,"height":11}},{"id":"e2d33198-1879-4047-a483-4ed4893061e7","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":58,"box":{"x":83,"y":612,"width":364,"height":11}},{"id":"8a6523a8-5b79-49ca-92ea-6238327de617","block_type":"box","text":"Financial Companies Risk","page_number":58,"box":{"x":83,"y":635,"width":174,"height":11}},{"id":"7889585c-915f-4723-8307-e0658a0c60e7","block_type":"box","text":".","page_number":58,"box":{"x":257,"y":642,"width":3,"height":2}},{"id":"60b14b21-2bc4-4815-ab47-637c30756130","block_type":"box","text":"Financial services companies are","page_number":58,"box":{"x":266,"y":636,"width":211,"height":10}},{"id":"1fd6c789-4d01-438e-8349-1711e4879432","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":58,"box":{"x":83,"y":650,"width":400,"height":10}},{"id":"475d62df-7a75-450b-bc56-44ef2a1725d4","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":58,"box":{"x":82,"y":664,"width":405,"height":11}},{"id":"e806e9ae-c643-4106-ab6d-d0b72fbb3599","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":58,"box":{"x":83,"y":678,"width":405,"height":11}},{"id":"92b94629-4a3c-4b2f-bb95-91687f7ed1ac","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":58,"box":{"x":83,"y":692,"width":385,"height":11}},{"id":"a46ba0ba-de37-4423-8516-75d690b1ee53","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":58,"box":{"x":83,"y":706,"width":395,"height":11}},{"id":"d1eade35-4012-430e-93dd-8ee4da16dbeb","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":58,"box":{"x":83,"y":721,"width":367,"height":10}},{"id":"377de133-7c35-4b9b-937a-abe8c5e565c0","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":58,"box":{"x":83,"y":735,"width":343,"height":11}},{"id":"8ff3e51d-b269-4531-8ea0-d8c631bf5841","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":58,"box":{"x":83,"y":749,"width":410,"height":11}},{"id":"a964fc94-62ef-45c5-ae82-36c8e3a5ddfc","block_type":"box","text":"and counterparty risk.","page_number":58,"box":{"x":83,"y":763,"width":140,"height":11}},{"id":"a1761cce-3db5-4347-9d10-ea2c61cb791b","block_type":"box","text":"Issuer Risk","page_number":58,"box":{"x":83,"y":786,"width":75,"height":9}},{"id":"65760b81-e5ad-463b-98f2-7fea2e553208","block_type":"box","text":".","page_number":58,"box":{"x":158,"y":793,"width":3,"height":2}},{"id":"41edf425-46ab-4616-ba0e-b3aee904bde3","block_type":"box","text":"The performance of the Fund depends on the","page_number":58,"box":{"x":166,"y":786,"width":288,"height":11}},{"id":"3be3f166-576b-48ed-a487-b3b691a5994b","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":58,"box":{"x":83,"y":800,"width":412,"height":11}},{"id":"2511869c-0aef-4513-b122-d1365235317f","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":58,"box":{"x":84,"y":815,"width":401,"height":10}},{"id":"d0cc938d-a489-4566-a39e-07c767de3f4a","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":58,"box":{"x":83,"y":829,"width":418,"height":11}},{"id":"6e2af6fc-dee8-4ad5-8292-762e75685579","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":58,"box":{"x":83,"y":843,"width":414,"height":11}},{"id":"d057708e-3dfe-4199-9856-e3702012ecfd","block_type":"box","text":"counterparty.","page_number":58,"box":{"x":83,"y":858,"width":84,"height":10}},{"id":"c45a6d9c-b297-479b-9f4b-a367bf86f12c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":58,"box":{"x":549,"y":23,"width":252,"height":11}},{"id":"217ee14b-7abe-4ee6-bef1-c860d0424df2","block_type":"box","text":"Large-capitalization","page_number":58,"box":{"x":808,"y":23,"width":124,"height":11}},{"id":"f23d17fb-b895-4e33-b146-d970b457217c","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":58,"box":{"x":549,"y":37,"width":352,"height":11}},{"id":"9626c19d-3c63-414e-8c41-07b8abdf3507","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":58,"box":{"x":549,"y":52,"width":352,"height":10}},{"id":"c142bb04-bc8a-413d-a022-dff62cf349c0","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":58,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"c78c45d1-a5e6-45de-af2a-e62247ab3ecd","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":58,"box":{"x":549,"y":80,"width":371,"height":11}},{"id":"46bd8d67-b8ca-4427-b0b7-635f5aefa513","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":58,"box":{"x":549,"y":94,"width":340,"height":11}},{"id":"ea73724e-b5ba-4c63-9fac-eb4a578f46fb","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":58,"box":{"x":549,"y":108,"width":390,"height":11}},{"id":"7c81760c-627f-4cdb-8e9f-4239bc54890b","block_type":"box","text":"overall performance of the broader securities markets.","page_number":58,"box":{"x":549,"y":122,"width":349,"height":11}},{"id":"50b9d39e-a715-4e84-9b9a-6808d975f551","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":58,"box":{"x":549,"y":146,"width":360,"height":10}},{"id":"e36865d2-ea79-4bdc-93e0-2660153832bf","block_type":"box","text":"Certain","page_number":58,"box":{"x":915,"y":146,"width":45,"height":8}},{"id":"324a8713-a388-4fb0-8075-44d21d74066a","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":58,"box":{"x":549,"y":160,"width":405,"height":11}},{"id":"348d4e71-67a1-4bca-998a-2e43cd607bcf","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":58,"box":{"x":549,"y":174,"width":409,"height":11}},{"id":"142c7174-9a86-4333-ab15-57d8c65c3b7b","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":58,"box":{"x":549,"y":188,"width":419,"height":11}},{"id":"6f870d9e-83dc-4a23-8704-67932576c8b4","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":58,"box":{"x":549,"y":202,"width":417,"height":11}},{"id":"db282af8-a8e5-43fc-a8b6-e5c2cb36112f","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":58,"box":{"x":549,"y":216,"width":424,"height":11}},{"id":"f89bde75-4923-4072-9641-ce0b511a6418","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":58,"box":{"x":549,"y":231,"width":387,"height":11}},{"id":"482e465e-9351-458d-80cd-a83ed43ff62f","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":58,"box":{"x":549,"y":245,"width":421,"height":11}},{"id":"2f327d01-e158-49ad-ab2a-c8b37349777b","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":58,"box":{"x":549,"y":259,"width":413,"height":11}},{"id":"5d76f628-a2d7-4cfe-a969-f401f1b6d4f1","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":58,"box":{"x":549,"y":273,"width":416,"height":11}},{"id":"4d48c404-13a4-4f42-afe1-471694a2ee5b","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":58,"box":{"x":549,"y":287,"width":411,"height":11}},{"id":"3b529338-53b5-4aae-a0fa-4c27d31a47f5","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":58,"box":{"x":549,"y":302,"width":415,"height":8}},{"id":"36255def-ac31-4c5a-b0d8-a2212de29835","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":58,"box":{"x":549,"y":316,"width":400,"height":10}},{"id":"7a6bffc4-1101-4faf-b62e-541262302422","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":58,"box":{"x":549,"y":330,"width":404,"height":11}},{"id":"6847aef4-7986-4fcb-9b2e-843638381576","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":58,"box":{"x":549,"y":344,"width":415,"height":11}},{"id":"36c6c05a-2323-411f-9cc5-3eb64fbfd77a","block_type":"box","text":"with respect to such year. 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The","page_number":58,"box":{"x":549,"y":825,"width":405,"height":11}},{"id":"7eb6a30d-0067-4123-8567-81d471c5929f","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":58,"box":{"x":549,"y":839,"width":407,"height":11}},{"id":"048c197f-fbe0-454c-900a-3c36ee94babf","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":59,"box":{"x":82,"y":188,"width":361,"height":11}},{"id":"126c967b-d128-4494-91c6-2f1b47476a5e","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":59,"box":{"x":83,"y":202,"width":398,"height":11}},{"id":"d5fbfd06-7682-41d3-8f5a-b9d022141707","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":59,"box":{"x":84,"y":216,"width":410,"height":11}},{"id":"bf8b3a51-2751-4ea4-8938-7dec2c9fba99","block_type":"box","text":"Non-Diversification Risk","page_number":59,"box":{"x":83,"y":240,"width":165,"height":8}},{"id":"d34126b8-d18c-4822-9e9a-ff1774fa5ce0","block_type":"box","text":".","page_number":59,"box":{"x":248,"y":246,"width":2,"height":2}},{"id":"4e4bad70-65ed-4dab-b645-52aaef81d6e6","block_type":"box","text":"The Fund is classified as “non","page_number":59,"box":{"x":255,"y":240,"width":193,"height":8}},{"id":"f31dce34-27f1-4445-8320-ce3ea8d77b5a","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":59,"box":{"x":83,"y":254,"width":377,"height":11}},{"id":"99e81496-5860-439f-a012-334579064c54","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":59,"box":{"x":83,"y":268,"width":358,"height":11}},{"id":"ffc99b06-1e3e-460f-a1e3-1632661fae4d","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":59,"box":{"x":83,"y":282,"width":370,"height":11}},{"id":"6799fe38-fccc-4444-82af-421d24efc60a","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":59,"box":{"x":83,"y":296,"width":422,"height":11}},{"id":"2d750d60-54ac-4d54-8cdf-5053f6ca24fd","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":59,"box":{"x":83,"y":311,"width":379,"height":10}},{"id":"9036b980-35ff-494d-80ff-b9b9215a27c7","block_type":"box","text":"particular issuers or counterparties. 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Operational and technology risks for the","page_number":59,"box":{"x":82,"y":532,"width":411,"height":11}},{"id":"32fae5a1-6b6a-4aad-bbc1-b2997d60b581","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":59,"box":{"x":83,"y":547,"width":391,"height":8}},{"id":"820c385f-7daf-4890-b3bd-bf66911539fc","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":59,"box":{"x":83,"y":561,"width":421,"height":11}},{"id":"5a6936da-081d-436f-80f8-a5f1309356b3","block_type":"box","text":"investments in such issuers to lose value.","page_number":59,"box":{"x":83,"y":575,"width":264,"height":8}},{"id":"d8e8e880-35ed-40de-ad34-3c47c3adbd6e","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":59,"box":{"x":83,"y":598,"width":228,"height":11}},{"id":"29cb200f-c920-470b-a5b1-821d533319d9","block_type":"box","text":".","page_number":59,"box":{"x":311,"y":605,"width":2,"height":2}},{"id":"f3b379b1-bdc7-4899-bb34-5597fff70b0c","block_type":"box","text":"The Fund invests in a country","page_number":59,"box":{"x":318,"y":598,"width":188,"height":11}},{"id":"933327df-2bf7-488e-b5b9-aa6e48ea8474","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":59,"box":{"x":82,"y":612,"width":381,"height":11}},{"id":"164ee592-3f70-481f-b498-49a2610cbb49","block_type":"box","text":"partners. 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Through its holdings of","page_number":59,"box":{"x":83,"y":641,"width":370,"height":10}},{"id":"10b001fc-5d03-4340-a85b-52ff9aad2343","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":59,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"9e856269-7248-441c-a646-8f8385e5e756","block_type":"box","text":"Asian Economic Risk","page_number":59,"box":{"x":82,"y":669,"width":145,"height":8}},{"id":"c08b32ae-36b1-4f59-91dd-329c29a4a91c","block_type":"box","text":"and","page_number":59,"box":{"x":232,"y":669,"width":22,"height":8}},{"id":"03ca863b-0727-413b-8e03-5f0394e67db9","block_type":"box","text":"U.S. Economic Risk","page_number":59,"box":{"x":261,"y":669,"width":133,"height":8}},{"id":"8f193f36-a635-457a-b325-ff2473c29481","block_type":"box","text":".","page_number":59,"box":{"x":395,"y":676,"width":2,"height":1}},{"id":"144cfcd1-6c7c-488a-86b1-c5a4ba46a00e","block_type":"box","text":"Risk of Investing in Emerging Markets","page_number":59,"box":{"x":83,"y":692,"width":258,"height":11}},{"id":"7771bee8-f56c-47c2-9afb-e81ce53cfd32","block_type":"box","text":".","page_number":59,"box":{"x":342,"y":699,"width":3,"height":2}},{"id":"15bfb017-555f-4f72-a7d1-0a4854bf1308","block_type":"box","text":"Investments in emerging","page_number":59,"box":{"x":351,"y":692,"width":157,"height":11}},{"id":"6bfa0264-f848-4539-80b3-aa1b1d188359","block_type":"box","text":"markets may be subject to a greater risk of loss than investments","page_number":59,"box":{"x":83,"y":706,"width":419,"height":11}},{"id":"fa4c9a78-c38a-4b26-8995-fb5f7036b207","block_type":"box","text":"in more developed markets. 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The price received by the Fund also may differ from","page_number":59,"box":{"x":549,"y":660,"width":418,"height":11}},{"id":"8b9a2c6e-24e3-496c-9a64-9e6572091be0","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":59,"box":{"x":549,"y":674,"width":406,"height":11}},{"id":"3453039a-e68d-4213-9aff-0d41af51db20","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":59,"box":{"x":549,"y":688,"width":411,"height":11}},{"id":"5131cfc3-d8b2-459c-b303-b352842278d7","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":59,"box":{"x":549,"y":703,"width":392,"height":10}},{"id":"77c8204a-6c8a-4e79-b397-901e7ef4cbde","block_type":"box","text":"purchase or sell Fund shares. 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An investor may incur costs attributable to","page_number":61,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"6f1b39aa-2512-49a8-abea-45b61e6ae1b8","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":61,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"bb48cb93-fd66-4c4e-81f9-9f620f827ccf","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":61,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"5c433104-3475-4060-b35d-048aa1d866ff","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":61,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"c0e9b54c-ce27-42f5-97b2-4fecdfde4606","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":61,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"b7e3b7c8-e4fb-46f8-978b-a05bf6a6cc28","block_type":"box","text":"Tax Information","page_number":61,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"4db33c67-c8a2-4782-a30f-ef06edeece17","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":61,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"df2ef008-e39c-49a9-ad03-2e93b56f027d","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":61,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"f3ba3d0f-4f50-4763-b231-7e8f15d48e0d","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":61,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"0a012f64-07eb-49c5-be2c-001e8b1d1ec4","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":61,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"59a347e7-4e84-45ea-ae9e-8f01661bd59b","block_type":"box","text":"withdrawn.","page_number":61,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"e0dab6f4-9d0f-4ac6-9d56-a0aa68565f08","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":61,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"675129c9-9c6a-470d-9e4b-a2766b801095","block_type":"box","text":"Intermediaries","page_number":61,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"21446893-491a-4db4-9c5e-01a72aa5ca8a","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":61,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"f3f9fc20-1d75-4a50-9e45-3d28fabf2381","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":61,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"5f7f3959-f089-4bb5-ae28-c00d3bcf142e","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":61,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"6da5a0a1-fd0e-4e65-9419-9bbe7a6b83cd","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":61,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"c2569c46-cd2a-4a9b-a4af-dc7df63ced6b","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":61,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"b07b62a9-cfdb-4f0f-8101-9b1f4e918373","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":61,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"5b641448-ba7c-4daf-bb12-ede3eed3b39b","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":61,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"0851385a-27b9-437c-a347-33beb0b335d7","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":61,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"0654ae9c-1264-4e7f-bab4-2b2f4045bb60","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":61,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"7a156347-6f02-420a-bb52-bc2b091d0970","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":61,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"ef998b50-a9e6-496e-bc04-abf7b10583fc","block_type":"box","text":"information.","page_number":61,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"db5fbfed-bcf5-4222-ad49-150cba181e22","block_type":"box","text":"S-38","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7c565e6b-ea1a-4b34-8f79-5cf8519f558f","block_type":"box","text":"iSHARES","page_number":62,"box":{"x":266,"y":24,"width":119,"height":15}},{"id":"a5d41be6-7221-4139-9557-377f9558d30c","block_type":"box","text":"®","page_number":62,"box":{"x":388,"y":17,"width":11,"height":8}},{"id":"27f3689e-457e-46fb-849d-23d1c98756b1","block_type":"box","text":"MSCI PACIFIC ex JAPAN ETF","page_number":62,"box":{"x":410,"y":24,"width":382,"height":15}},{"id":"33ea1f2b-5f35-4650-b0e0-848e443aef5b","block_type":"box","text":"Ticker: EPP Stock Exchange: NYSE Arca","page_number":62,"box":{"x":285,"y":53,"width":481,"height":12}},{"id":"941790cd-7ffb-4f5c-942b-a05ecc467a78","block_type":"box","text":"Investment Objective","page_number":62,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"14ab2ddc-1f7d-4c87-9232-89b372928c2d","block_type":"box","text":"The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed","page_number":62,"box":{"x":82,"y":116,"width":891,"height":11}},{"id":"3b0e072c-112a-4ff5-b8fd-928f960b8877","block_type":"box","text":"market equities, excluding Japan.","page_number":62,"box":{"x":83,"y":130,"width":211,"height":11}},{"id":"88a73570-9586-48c2-90bb-419cd2a7c7d5","block_type":"box","text":"Fees and Expenses","page_number":62,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"5f245619-d5d8-449d-b12f-5d7647d15658","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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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":62,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"ec4d0dfd-89f3-4055-b08b-ba9415945f9c","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":62,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"bf8c40c2-ea69-4795-a1f6-52155f07191e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":62,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"887a75e0-1570-4789-9b27-9be399a9aad6","block_type":"box","text":"the tables and examples below.","page_number":62,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"c04ee90b-0d3f-464c-89f0-44539c60e4e6","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":62,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"aa61491a-b2d1-480f-bd3d-849d345644ca","block_type":"box","text":"Other","page_number":62,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"e5474d28-510e-426b-915c-00b177a140d4","block_type":"box","text":"Expenses","page_number":62,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"f2c04800-cf5c-42f5-8f34-9232c554adc4","block_type":"box","text":"Total Annual","page_number":62,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"2b89adfe-0aa2-459d-adcf-a6ffaf4b5b1b","block_type":"box","text":"Fund","page_number":62,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"c0ea2e70-ea8f-4007-a0a4-a1c5e0798927","block_type":"box","text":"Operating","page_number":62,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"03a8f1c5-854c-433c-99b2-d7681903d910","block_type":"box","text":"Expenses","page_number":62,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"88edd513-7362-424d-b47e-b7734aae5e3f","block_type":"box","text":"0.47% None 0.00% 0.47%","page_number":62,"box":{"x":193,"y":403,"width":672,"height":8}},{"id":"3d2c1b64-63fa-4be7-bdbc-558f4f44ca1e","block_type":"box","text":"1","page_number":62,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"dc2d62f7-29c3-4d5c-af11-6a6d92425332","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":62,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"71f396d7-4e77-41ad-a962-2cf7eb6c76bd","block_type":"box","text":"Example.","page_number":62,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"7fa47d2c-7419-4f0a-8dc3-d9762a84f90d","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":62,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"4465e24c-7a6b-4aba-83c4-4d13efd23da8","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":62,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"a959144a-8c6c-4d56-953a-f85485a8bc82","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":62,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"6e139b06-f764-4e13-9dc1-f61fde365812","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":62,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"8dfa4253-0560-4b3b-aca3-f6de542b7297","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":62,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"3fe0ec41-3876-4a19-9618-a5b8c80486f7","block_type":"box","text":"$48 $151 $263 $591","page_number":62,"box":{"x":202,"y":548,"width":647,"height":9}},{"id":"6cb583b2-b1f0-4a9c-b4e0-83ab1d883594","block_type":"box","text":"Portfolio Turnover.","page_number":62,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"089c7b87-ae18-4a54-9a01-14e90fbc381e","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":62,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"42a91b29-24e5-4e5a-b210-ee09195929af","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":62,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"c9f9ecea-1d09-4435-b391-88ca6b6aef23","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":62,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"66e908f9-acb6-4971-966b-2d32af9ea22a","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":62,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"0fce06c7-8458-4a88-ab00-cffff298e5b0","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":62,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"a2dbc8ba-0f52-41c8-9cef-53d358f69baa","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":62,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"346bd904-7ba9-4fba-8c28-9b64b8c5f147","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":62,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"29724a2d-380e-4a93-8b1f-afefc904fafe","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 10% of the","page_number":62,"box":{"x":82,"y":687,"width":384,"height":11}},{"id":"c16b49bf-104f-427d-9d26-221df4ae3809","block_type":"box","text":"average value of its portfolio.","page_number":62,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"3547a4ea-fef8-48da-b833-6d8fa7908210","block_type":"box","text":"Principal Investment Strategies","page_number":62,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"34113046-6be2-4620-a658-407132aeb7c8","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":62,"box":{"x":82,"y":755,"width":380,"height":9}},{"id":"37ef104e-f583-4abc-b9d9-e8a55489adc9","block_type":"box","text":"Pacific ex Japan Index (the “Underlying Index”), which consists of","page_number":62,"box":{"x":84,"y":770,"width":414,"height":10}},{"id":"5e6f929b-93fc-4ccb-a26e-dfeeefc6c019","block_type":"box","text":"stocks from Australia, Hong Kong, New Zealand and Singapore","page_number":62,"box":{"x":83,"y":784,"width":400,"height":11}},{"id":"0ed78da4-c701-4ef1-b73e-577c84fe5d45","block_type":"box","text":"and covers approximately 85% of the free float-adjusted market","page_number":62,"box":{"x":83,"y":798,"width":407,"height":11}},{"id":"8f03b15d-ab49-4baf-9881-bd1c029bb786","block_type":"box","text":"capitalization in each country. The Underlying Index includes","page_number":62,"box":{"x":83,"y":812,"width":385,"height":11}},{"id":"c0de0306-6dac-4791-81e7-4786ea1117c9","block_type":"box","text":"large- and mid-capitalization companies and may change over","page_number":62,"box":{"x":83,"y":826,"width":395,"height":11}},{"id":"c06b66a3-2f53-476f-9b5c-2cd06b154635","block_type":"box","text":"time. As of August 31, 2025, a significant portion of the","page_number":62,"box":{"x":83,"y":840,"width":352,"height":11}},{"id":"8e44850c-4f61-4add-bbb3-cf6665f7666f","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":62,"box":{"x":83,"y":855,"width":418,"height":10}},{"id":"e312c3e6-2cac-47ea-8baa-310c6f7117e3","block_type":"box","text":"financials industry or sector. 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The Fund does not select investments based on","page_number":65,"box":{"x":548,"y":561,"width":383,"height":8}},{"id":"e393e34b-29c4-4982-b975-c848b7303974","block_type":"box","text":"investor protection considerations.","page_number":65,"box":{"x":549,"y":575,"width":223,"height":11}},{"id":"e0cad66b-1b61-4585-8c8c-21bff024f315","block_type":"box","text":"Securities Lending Risk.","page_number":65,"box":{"x":548,"y":598,"width":162,"height":11}},{"id":"a947c180-01a2-49c5-bc1b-72a55c442f5d","block_type":"box","text":"The Fund may engage in securities","page_number":65,"box":{"x":716,"y":598,"width":221,"height":11}},{"id":"857ae59c-35d4-4d90-9a18-3660c88bb2e1","block_type":"box","text":"lending. 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These","page_number":68,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"b6314b21-e852-48c7-8094-6179e45db3bf","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":68,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"60a72f00-8e8a-4893-8345-45a23d8b8e3e","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":68,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"61de8250-5188-4f62-8c2d-d5b56a7630a9","block_type":"box","text":"recommend the Fund over another investment. 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Amounts in the table","page_number":69,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"1add9095-5ce4-4fbb-9a98-fd0c9a624fd6","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":69,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"899f8ea1-bf20-4575-8179-b16bd3430af1","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":69,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"ea43b98c-9384-411e-b5ef-81e4a3f83724","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":69,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"0a98356f-c0f3-4917-91a5-efa1bf12b8b3","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":69,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"010b0935-56bb-484d-b14b-30fc294ab666","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":69,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"fa4ac74b-5aad-44c5-8952-3fbfd7408548","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":69,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"0e63f24c-9cbd-43eb-a7bf-c1a09754acb4","block_type":"box","text":"the tables and examples below.","page_number":69,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"d2a40be7-5be1-4f7d-8304-2f3aa1d0275c","block_type":"box","text":"Annual Fund Operating 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The Fund does not try to “beat” the index it","page_number":69,"box":{"x":549,"y":852,"width":417,"height":11}},{"id":"6c9c6632-14bc-44c4-8f45-62a1ffa83477","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":69,"box":{"x":549,"y":866,"width":396,"height":11}},{"id":"898de4be-c9b5-45c2-a026-a20930af9038","block_type":"box","text":"markets decline or appear overvalued.","page_number":69,"box":{"x":549,"y":880,"width":244,"height":11}},{"id":"e151fa1c-5b80-4c0d-b047-70e4deb12a23","block_type":"box","text":"S-46","page_number":69,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"349f7cb4-442d-46ea-911f-9ca15fa64a72","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":70,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"ac6b2e98-734c-4f72-a363-2c95a8b48462","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":70,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"f0f1effa-b008-431e-919a-4866e6297d6f","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":70,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"5cd80ec1-8b80-428c-85de-99e2d5bd8817","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":70,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"313715c7-2d02-40a6-a483-ca20a72dd67f","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":70,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"7eb171b3-2e62-4b1d-8e74-744acd02296a","block_type":"box","text":"comparison to actively managed investment companies.","page_number":70,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"a3902e31-c36c-446d-a47c-351bae8d6250","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":70,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"0d120c70-9ff5-491c-9d77-11195562645a","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":70,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"24b6d49c-005c-40ef-af18-0dbcb544045e","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":70,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"7e9ca96c-b863-4524-95dc-523ddcf9986a","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":70,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"d59c834e-10ea-463b-83f0-29dd9729614c","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":70,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"57b6627c-1036-48bb-a26f-1c237f0a3aa5","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":70,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"9f537b16-4471-4f59-9d6d-003bc91dedb9","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":70,"box":{"x":83,"y":202,"width":386,"height":11}},{"id":"9161f5b9-8875-4d45-8fb5-3f272732ac7f","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":70,"box":{"x":82,"y":216,"width":360,"height":11}},{"id":"200ef6d6-3b74-440d-9992-96937c2da4a9","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":70,"box":{"x":82,"y":231,"width":414,"height":10}},{"id":"1cee5b38-68e1-4e19-af4b-36b7f8e7c63e","block_type":"box","text":"applicable underlying index. 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Certain key risks are prioritized below (with others","page_number":70,"box":{"x":549,"y":23,"width":388,"height":11}},{"id":"ae1b1cd7-b7e1-416c-a796-d3828c91543e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":70,"box":{"x":549,"y":37,"width":425,"height":11}},{"id":"f48a4174-10cb-41c1-a7f1-d68ed01e49d5","block_type":"box","text":"risk is difficult to predict and may change over time. 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The performance of such companies may also be","page_number":71,"box":{"x":549,"y":108,"width":388,"height":11}},{"id":"f4e4e58f-41c5-4670-80ba-c10b7e932027","block_type":"box","text":"affected by technological developments, labor relations,","page_number":71,"box":{"x":549,"y":122,"width":358,"height":11}},{"id":"c6272c86-5ce0-4760-b2da-b1b6e8e475a3","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":71,"box":{"x":549,"y":137,"width":420,"height":10}},{"id":"6abfcd4b-52c1-4296-91b7-cee2897fa962","block_type":"box","text":"and changes in domestic and international economies.","page_number":71,"box":{"x":549,"y":151,"width":348,"height":11}},{"id":"736a3786-5525-481c-8961-73e97e5f0708","block_type":"box","text":"Issuer Risk","page_number":71,"box":{"x":549,"y":174,"width":75,"height":8}},{"id":"7df4008b-cef9-462c-b5ad-efd236062073","block_type":"box","text":".","page_number":71,"box":{"x":624,"y":181,"width":3,"height":1}},{"id":"4a1ba5e2-aea3-4d96-9458-cfb225ea6376","block_type":"box","text":"The performance of the Fund depends on the","page_number":71,"box":{"x":632,"y":174,"width":288,"height":11}},{"id":"d1c4f854-4724-4ed3-b9dd-26361350b680","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":71,"box":{"x":549,"y":188,"width":412,"height":11}},{"id":"0da43401-adf9-461c-bb7b-28232f3e4457","block_type":"box","text":"Fund has exposure. 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These","page_number":72,"box":{"x":82,"y":80,"width":361,"height":11}},{"id":"fc6de600-f2c1-4511-9071-54838403199c","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":72,"box":{"x":83,"y":94,"width":398,"height":11}},{"id":"c34f9f7b-64e3-48d0-93ad-d331e3100bbb","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":72,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"2eb732f7-0899-4866-90a8-006a5a24d84d","block_type":"box","text":"Non-Diversification Risk","page_number":72,"box":{"x":83,"y":131,"width":165,"height":9}},{"id":"702eb6d1-07e4-4315-9e5e-896838faa6f7","block_type":"box","text":".","page_number":72,"box":{"x":248,"y":138,"width":2,"height":2}},{"id":"3341ac90-88f4-475d-86bc-5b8d95f9a3bc","block_type":"box","text":"The Fund is classified as “non","page_number":72,"box":{"x":255,"y":131,"width":193,"height":9}},{"id":"cfd1b41a-74be-4fb3-8ad1-87a646cefd2b","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":72,"box":{"x":83,"y":146,"width":377,"height":10}},{"id":"6adb3120-2949-41a1-9247-5aa953b9a860","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":72,"box":{"x":83,"y":160,"width":358,"height":11}},{"id":"56111d85-88a3-4522-a2e9-5adf2ad9c550","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":72,"box":{"x":83,"y":174,"width":370,"height":11}},{"id":"dd63c912-4a0a-42ab-a29e-1d1cdaec7497","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":72,"box":{"x":83,"y":188,"width":422,"height":11}},{"id":"98e282d8-e8e9-453f-b176-dda5e7a150e4","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":72,"box":{"x":83,"y":202,"width":379,"height":11}},{"id":"c6c7866c-240c-4df8-b20a-ab39af21092b","block_type":"box","text":"particular issuers or counterparties. 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Through its holdings of","page_number":72,"box":{"x":83,"y":532,"width":370,"height":11}},{"id":"e84d32fa-675d-4346-83ac-3f55726b448b","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":72,"box":{"x":83,"y":547,"width":403,"height":10}},{"id":"ba1c655e-226e-4a08-9c1e-ab3b4608f036","block_type":"box","text":"Asian Economic Risk","page_number":72,"box":{"x":82,"y":561,"width":145,"height":8}},{"id":"60228682-c851-4fc7-a983-62734818bf70","block_type":"box","text":"and","page_number":72,"box":{"x":232,"y":561,"width":22,"height":8}},{"id":"b9d0dd2f-79b2-46a7-a9a9-63f8f7ac7ee9","block_type":"box","text":"U.S. Economic Risk","page_number":72,"box":{"x":261,"y":561,"width":133,"height":8}},{"id":"8c4a6e55-28f3-4383-be24-b95a45f54b99","block_type":"box","text":".","page_number":72,"box":{"x":395,"y":568,"width":2,"height":1}},{"id":"2ef14508-22bd-4f04-a0d8-56105ef7fc45","block_type":"box","text":"Securities Lending Risk.","page_number":72,"box":{"x":82,"y":584,"width":162,"height":11}},{"id":"b3c54609-5f1a-44c0-925c-1bef706f2e03","block_type":"box","text":"The Fund may engage in securities","page_number":72,"box":{"x":249,"y":584,"width":221,"height":11}},{"id":"6038a57a-0f04-4acb-99d4-161653772d3f","block_type":"box","text":"lending. 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Individual shares of the Fund may only be","page_number":74,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"38c8cffc-f2ff-4543-a926-060a22f786d9","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":74,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"ffc27e14-dd27-4356-bb11-36d7a1d25e0f","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":74,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"da28e890-0111-451d-9e80-19a29fd1fa50","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":74,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"db1abcc7-8695-4fd7-bf19-7c1780c9a3fd","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":74,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"f2d8908a-bb3a-4a6b-91fb-7ea8e134b294","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":74,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"5f0cddba-8580-4d1f-84ef-e2d5f751487b","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":74,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"4a1c885e-93bd-4000-90df-37fbc776ead5","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":74,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"dd46a6d9-a938-4a6c-b1ca-f6b834ce32cc","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":74,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"cb40d0a1-facb-4959-a613-b7035f2cdbd7","block_type":"box","text":"Tax Information","page_number":74,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"6f263d7a-dfe1-40b8-8f8e-fc90e34ec5e5","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":74,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"9bb51572-2147-4d0a-a9db-97b051f37060","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":74,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"a609612d-66ab-44b6-b61f-96bdc220510e","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":74,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"bad0cc5b-6385-4c51-bd80-3f81e8929d4e","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":74,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"1bdb2b68-1dfe-46cf-b4e0-8c857f229943","block_type":"box","text":"withdrawn.","page_number":74,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"12bf15f3-3de5-42a1-9213-db4a695c772c","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":74,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"16e77e22-a809-458b-bf8e-8a83e473b0c5","block_type":"box","text":"Intermediaries","page_number":74,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"356c9f36-72be-457b-87c5-198d9daa49c0","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":74,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"7b133dba-af9c-496f-8d90-cc47d642fdbd","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":74,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"2129eb38-3a28-401c-b1bd-14ed64b2c4b7","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":74,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"c251fd54-3de7-4cfa-8eef-16f89cee41d8","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":74,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"a3945819-605f-4042-91ff-eacba2a10f94","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":74,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"b6a71ffc-d645-4e1c-bba0-a6d51d6585cc","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":74,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"e3b0190d-6895-475a-8412-fffd1b944780","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":74,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"23a6bf53-f706-4b46-85be-5356abb8c543","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":74,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"43945fc7-bd44-458a-b654-c684a8681ded","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":75,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"3e1d3dea-4873-482c-a026-5c00e362120e","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":75,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"7ed93400-d2bd-4ac4-9608-8a1d8d655647","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":75,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"56291f2b-cfbb-4efc-82f4-5c72922ac324","block_type":"box","text":"the tables and examples below.","page_number":75,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"0ea54a30-dbd6-4d23-ac0e-93c0ad400905","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":75,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"6ed3b670-e575-47d9-ac66-fa9f1e73788a","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":75,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"0c3e2f66-9018-48f2-b715-7e72c3d07849","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":75,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"ed3cc683-eb83-46a5-8cb3-e769248908d6","block_type":"box","text":"$60 $189 $329 $738","page_number":75,"box":{"x":202,"y":534,"width":649,"height":9}},{"id":"a36c19ff-0415-47ad-af65-b0fae71465c2","block_type":"box","text":"Portfolio Turnover.","page_number":75,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"9614bc41-2228-4126-afa6-8ab315d0dc77","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":75,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"7a1f6736-d2e8-4915-af89-879110cd7939","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":75,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"ac65b167-647c-48c5-83b9-863e037f7165","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":75,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"c3ec922a-0bfd-4fbf-b14f-6a868dcf99d4","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":75,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"50c50912-1866-4187-8b04-10d97e743376","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":75,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"f498a5c3-8962-460e-b4ab-30a67474b326","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":75,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"52ea4ed6-711e-41cb-9fbc-8431f29ca9bd","block_type":"box","text":"Example, affect the Fund’s performance. 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Errors in index data, index computations or the","page_number":76,"box":{"x":549,"y":834,"width":366,"height":11}},{"id":"7e1472d9-8b03-472f-ba09-7939befaa50a","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":76,"box":{"x":549,"y":848,"width":377,"height":11}},{"id":"ae2cd0b2-ae1c-4cd9-b28a-c6cf25c9ee82","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":76,"box":{"x":549,"y":862,"width":413,"height":11}},{"id":"d2f1b519-e167-47d4-a160-5685229c59c5","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":76,"box":{"x":549,"y":877,"width":396,"height":10}},{"id":"2219df6c-bee4-4aa3-94df-d086e10c25f6","block_type":"box","text":"S-53","page_number":76,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e18b2979-b9b8-4e2a-a91e-ebe379e8e747","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":77,"box":{"x":83,"y":23,"width":367,"height":11}},{"id":"150afdfe-1cbc-4062-b04c-e614305e9180","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":77,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"b82c6151-0191-48b1-923e-98c9c9b874c9","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":77,"box":{"x":83,"y":52,"width":409,"height":10}},{"id":"d4a78cdc-77bc-4a0f-9ab9-d3a82f7b2fda","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":77,"box":{"x":83,"y":66,"width":414,"height":10}},{"id":"4e793abb-36fd-4f31-84c9-2cbbf717e121","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":77,"box":{"x":83,"y":80,"width":362,"height":11}},{"id":"75ed4219-d9ff-428f-8930-d9f5ccbb8001","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":77,"box":{"x":83,"y":94,"width":423,"height":11}},{"id":"bd0cd3c0-a1ff-4e4d-9ffc-faa0e583e124","block_type":"box","text":"Asset Class Risk.","page_number":77,"box":{"x":81,"y":117,"width":115,"height":9}},{"id":"3f85ea25-6c4b-4f07-a553-404bda4e483d","block_type":"box","text":"The securities and other assets in the","page_number":77,"box":{"x":202,"y":117,"width":239,"height":9}},{"id":"319c755b-6cd2-4c50-afd1-ca308de531ba","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":77,"box":{"x":83,"y":131,"width":406,"height":11}},{"id":"31eadf2d-3c5a-490b-9425-c75f12ecffe0","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":77,"box":{"x":83,"y":146,"width":405,"height":10}},{"id":"be5e61ff-bbb0-43f7-b602-116c15b9808c","block_type":"box","text":"market, another index, or other asset classes.","page_number":77,"box":{"x":83,"y":160,"width":292,"height":10}},{"id":"627e3058-3d9d-40bd-9f8d-29694e03f200","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":77,"box":{"x":81,"y":183,"width":290,"height":11}},{"id":"122054a6-d145-4731-85eb-62651ca7b354","block_type":"box","text":"An “Authorized","page_number":77,"box":{"x":381,"y":183,"width":93,"height":8}},{"id":"20c4de50-dc99-4752-a0e5-60b32c31b9e3","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":77,"box":{"x":84,"y":197,"width":379,"height":11}},{"id":"399abebc-9b6b-49bd-93d8-6da6ae5c6386","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":77,"box":{"x":83,"y":211,"width":411,"height":11}},{"id":"67e2fcfa-3542-44cf-ac12-9b1ee6471cc2","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":77,"box":{"x":84,"y":226,"width":395,"height":10}},{"id":"2a783adc-38fe-4609-88d1-84127e3e8712","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":77,"box":{"x":84,"y":240,"width":399,"height":10}},{"id":"bb60f5a0-e32c-4111-a00e-7cdd122a567d","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":77,"box":{"x":83,"y":254,"width":407,"height":11}},{"id":"3ced8192-450a-4c70-abdd-921de5a39e0a","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":77,"box":{"x":83,"y":268,"width":409,"height":11}},{"id":"19178b80-0969-4188-a25c-71bdb34ca8f6","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":77,"box":{"x":83,"y":282,"width":412,"height":11}},{"id":"3f5028a0-1e7b-49e7-a45a-bff8cb8cd96d","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":77,"box":{"x":83,"y":296,"width":403,"height":11}},{"id":"d2613355-c5ca-4c55-be43-d800a519e6af","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":77,"box":{"x":83,"y":311,"width":378,"height":10}},{"id":"a882fe30-73b4-4f58-b6a3-a1dabf21247f","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":77,"box":{"x":84,"y":325,"width":379,"height":11}},{"id":"5ea11bc5-f885-4c78-95df-2fe107358515","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":77,"box":{"x":83,"y":339,"width":404,"height":11}},{"id":"553bdb22-7d4a-47f9-9d47-c2f8569dbe6e","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":77,"box":{"x":83,"y":353,"width":399,"height":11}},{"id":"567d9027-4b48-469b-a2c3-79bf4a800269","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":77,"box":{"x":84,"y":367,"width":391,"height":11}},{"id":"62c6895e-a84e-4031-b3b1-4db57981be81","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":77,"box":{"x":83,"y":382,"width":408,"height":10}},{"id":"69fcedf2-dc6a-4223-8095-40c0942da5b0","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":77,"box":{"x":83,"y":396,"width":273,"height":11}},{"id":"05b712ec-7d19-4ec5-b2e7-e076657d33b8","block_type":"box","text":"Cash Transactions Risk","page_number":77,"box":{"x":83,"y":419,"width":157,"height":8}},{"id":"65b688b1-0242-43d3-9822-4b5ffcde4608","block_type":"box","text":".","page_number":77,"box":{"x":240,"y":425,"width":3,"height":2}},{"id":"a352aac6-e8be-453b-a7f1-d6dc6ac92f66","block_type":"box","text":"The Fund expects to effect all of its","page_number":77,"box":{"x":248,"y":419,"width":224,"height":11}},{"id":"297e5fa8-1607-4288-8481-55f7fc197952","block_type":"box","text":"creations and redemptions for cash, rather than in-kind securities.","page_number":77,"box":{"x":83,"y":433,"width":423,"height":11}},{"id":"fd5584f0-26ab-4d70-bfd7-8531498810c8","block_type":"box","text":"As a result, the Fund may have to sell portfolio securities at","page_number":77,"box":{"x":82,"y":447,"width":380,"height":11}},{"id":"2b3b6179-623c-46d7-8875-07d7ffae87b7","block_type":"box","text":"inopportune times in order to obtain the cash needed to meet","page_number":77,"box":{"x":83,"y":461,"width":395,"height":11}},{"id":"12fa6956-b201-4fd1-89bc-a62ee143ba79","block_type":"box","text":"redemption orders. This may cause the Fund to sell a security and","page_number":77,"box":{"x":83,"y":476,"width":420,"height":10}},{"id":"d0c47b47-2f8f-4c54-abfe-8f45b30a832b","block_type":"box","text":"recognize a capital gain or loss that might not have been incurred","page_number":77,"box":{"x":83,"y":490,"width":417,"height":11}},{"id":"7f12ca2b-0efa-4e92-a9fb-be88fc1f991c","block_type":"box","text":"if it had made a redemption in-kind. The use of cash creations and","page_number":77,"box":{"x":83,"y":504,"width":422,"height":11}},{"id":"f8dbb568-065f-4561-a5e3-425820e28dc1","block_type":"box","text":"redemptions may also cause the Fund’s shares to trade in the","page_number":77,"box":{"x":83,"y":518,"width":394,"height":11}},{"id":"34fab8f1-d04e-476d-a2b0-13971fa5a129","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":77,"box":{"x":83,"y":532,"width":424,"height":11}},{"id":"f0992006-6d0a-448f-9434-8340109f78f6","block_type":"box","text":"to the Fund’s NAV.","page_number":77,"box":{"x":83,"y":547,"width":116,"height":8}},{"id":"6222abb0-ec24-4a67-8157-aa2692df1406","block_type":"box","text":"Concentration Risk.","page_number":77,"box":{"x":83,"y":570,"width":132,"height":8}},{"id":"7fdb1577-b4d7-4108-b87f-796025709ac9","block_type":"box","text":"The Fund may be susceptible to an","page_number":77,"box":{"x":220,"y":570,"width":222,"height":11}},{"id":"d872607c-aed9-48ca-b11d-ef862ad690e3","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":77,"box":{"x":83,"y":584,"width":419,"height":11}},{"id":"fc322044-0b26-43ff-934e-56ebd20aede5","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":77,"box":{"x":83,"y":598,"width":407,"height":10}},{"id":"22cac465-cfba-454f-a393-b4eceb0e3be6","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":77,"box":{"x":83,"y":612,"width":417,"height":9}},{"id":"3258c892-de16-4fcd-b594-e8cd3e1b1b66","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":77,"box":{"x":83,"y":626,"width":395,"height":11}},{"id":"31873689-1a40-46d2-83ed-51bd38e9910e","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":77,"box":{"x":83,"y":641,"width":388,"height":10}},{"id":"f2dd7c10-7644-4277-bd98-5d5fdcc7f43f","block_type":"box","text":"asset classes.","page_number":77,"box":{"x":83,"y":655,"width":88,"height":8}},{"id":"e828cec1-c8fa-4d79-85bf-2d363463b19e","block_type":"box","text":"Currency Risk","page_number":77,"box":{"x":83,"y":678,"width":95,"height":11}},{"id":"ca81f62c-e42c-496f-b6b8-abb4d497fb8e","block_type":"box","text":".","page_number":77,"box":{"x":179,"y":685,"width":2,"height":1}},{"id":"f4124b6e-df9a-42d6-bcf8-0186688611da","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":77,"box":{"x":187,"y":678,"width":292,"height":8}},{"id":"71ac545e-1e97-4123-a840-19e463fccffa","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":77,"box":{"x":83,"y":692,"width":388,"height":11}},{"id":"159032d5-70a1-4870-bd70-668215f8232d","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":77,"box":{"x":83,"y":706,"width":395,"height":11}},{"id":"4eb1c285-103e-4288-a040-49a21dade26d","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":77,"box":{"x":83,"y":721,"width":415,"height":10}},{"id":"93d9eb1b-08db-471c-b45a-6048e0933bc8","block_type":"box","text":"currency. 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The value of securities or other assets may","page_number":77,"box":{"x":550,"y":240,"width":402,"height":11}},{"id":"e14a053b-0c4e-4043-aa59-e74355094ccf","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":77,"box":{"x":549,"y":254,"width":418,"height":11}},{"id":"9bad6b28-3f86-474d-9a1b-be4f55a225e6","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":77,"box":{"x":549,"y":268,"width":414,"height":11}},{"id":"40401207-ac49-41cf-99cd-75fc52ce6373","block_type":"box","text":"counterparty.","page_number":77,"box":{"x":549,"y":283,"width":84,"height":10}},{"id":"f8f9801c-7e72-4bb8-a040-515951542e94","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":77,"box":{"x":549,"y":305,"width":252,"height":11}},{"id":"cddb8978-30de-45d8-ba3c-eb9f3bac7c48","block_type":"box","text":"Large-capitalization","page_number":77,"box":{"x":808,"y":305,"width":124,"height":11}},{"id":"24148549-295f-49ae-b3a4-fa8b1cae84e8","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":77,"box":{"x":549,"y":320,"width":352,"height":10}},{"id":"43293189-2506-4fe6-839b-f168d56fec2f","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":77,"box":{"x":549,"y":334,"width":352,"height":11}},{"id":"f145e849-63a1-43b4-8945-9f269bc6d276","block_type":"box","text":"competitive challenges. 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These","page_number":78,"box":{"x":82,"y":438,"width":361,"height":11}},{"id":"9d68d42c-3602-430b-bbe2-76e14e9511fa","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":78,"box":{"x":83,"y":452,"width":398,"height":11}},{"id":"01979ffb-4474-4b9c-8c65-3292f1294db4","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":78,"box":{"x":84,"y":467,"width":410,"height":10}},{"id":"239793e7-bad1-456a-b1c8-62b68f74c1ae","block_type":"box","text":"Non-Diversification Risk","page_number":78,"box":{"x":83,"y":490,"width":165,"height":8}},{"id":"0f2d6ca4-3f95-43bd-b3aa-23f15214a6cb","block_type":"box","text":".","page_number":78,"box":{"x":248,"y":496,"width":2,"height":2}},{"id":"4fc5fc3a-6d5b-4b39-b618-6055fd695c8e","block_type":"box","text":"The Fund is classified as “non","page_number":78,"box":{"x":255,"y":490,"width":193,"height":8}},{"id":"c40d67a4-2974-4edb-b55f-7b6bbfb4d4c2","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":78,"box":{"x":83,"y":504,"width":377,"height":11}},{"id":"08ff8a45-77df-41b6-b594-07432e81da42","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":78,"box":{"x":83,"y":518,"width":358,"height":11}},{"id":"5b81b51d-fc3d-4abf-8662-2b32882f50d2","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":78,"box":{"x":83,"y":532,"width":370,"height":11}},{"id":"b82886a4-7141-4674-8a1f-48e350318c86","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":78,"box":{"x":83,"y":547,"width":422,"height":10}},{"id":"da255f81-b25c-4edc-bd29-8dc2ed3b20e3","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":78,"box":{"x":83,"y":561,"width":379,"height":11}},{"id":"a91e9012-c7b9-422c-8220-532f80fc07a7","block_type":"box","text":"particular issuers or counterparties. 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Any reduction in this trading may have an adverse","page_number":78,"box":{"x":83,"y":877,"width":380,"height":10}},{"id":"273a7c38-60af-4dab-a360-84b56dfadf3a","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":78,"box":{"x":549,"y":23,"width":370,"height":11}},{"id":"76699985-663b-40dc-b56d-4b68398ee300","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":78,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"bdf2d279-a214-49d6-85c4-1fe14d038cec","block_type":"box","text":"Asian Economic Risk","page_number":78,"box":{"x":548,"y":51,"width":145,"height":9}},{"id":"473c2755-f3a1-4ce9-ac8c-4b6901fd4afe","block_type":"box","text":"and","page_number":78,"box":{"x":698,"y":52,"width":22,"height":8}},{"id":"325af8f3-036b-4b74-9e7c-1f5946655ddc","block_type":"box","text":"U.S. Economic Risk","page_number":78,"box":{"x":727,"y":51,"width":133,"height":9}},{"id":"bf979b9a-f9c5-4771-afb7-7cf680520aa2","block_type":"box","text":".","page_number":78,"box":{"x":861,"y":59,"width":2,"height":1}},{"id":"aae3a13b-da00-4f82-9a09-48eb87955426","block_type":"box","text":"Risk of Investing in Emerging Markets","page_number":78,"box":{"x":549,"y":75,"width":258,"height":10}},{"id":"2717c5ea-db46-460c-b3d2-23f6c706573e","block_type":"box","text":".","page_number":78,"box":{"x":808,"y":81,"width":3,"height":2}},{"id":"906e2fc9-8350-42d6-8596-b55526c1817e","block_type":"box","text":"Investments in emerging","page_number":78,"box":{"x":817,"y":75,"width":157,"height":11}},{"id":"dc9a9281-17f7-44fc-bcb9-8007041f0641","block_type":"box","text":"markets may be subject to a greater risk of loss than investments","page_number":78,"box":{"x":549,"y":89,"width":419,"height":11}},{"id":"f5ea087b-4db5-41c7-aa86-9b333611101b","block_type":"box","text":"in more developed markets. 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Securities lending involves the risk that the Fund may","page_number":78,"box":{"x":549,"y":339,"width":397,"height":11}},{"id":"85ccc0fb-a2c0-442b-837a-b475e08fbe6e","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":78,"box":{"x":549,"y":353,"width":418,"height":11}},{"id":"cd420bdb-2426-49fb-b4dc-b82f0f3bb926","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":78,"box":{"x":549,"y":367,"width":409,"height":11}},{"id":"10fd7b5b-46e0-4b39-9a25-509aea34e829","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":78,"box":{"x":549,"y":381,"width":416,"height":11}},{"id":"e4a7de13-a373-460d-be23-5a9ae8df0d09","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":78,"box":{"x":549,"y":396,"width":389,"height":10}},{"id":"58421f8e-25ba-4d6c-aacf-8910058ac04d","block_type":"box","text":"investments made with cash collateral. 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These companies typically face intense","page_number":78,"box":{"x":549,"y":490,"width":348,"height":11}},{"id":"4d81cae5-e7d0-49d1-8307-1383fe7770d5","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":78,"box":{"x":549,"y":504,"width":418,"height":11}},{"id":"59dbd77b-7b9d-4509-9909-c4ae1f313ad2","block_type":"box","text":"in product cycles and customer preferences. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":82,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"0eba707a-5069-4c26-bc17-2680a9b53919","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":82,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"06da7bb6-86e3-48ec-973d-301d5a6cbde3","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":82,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"356dc80d-77e0-4c36-9c77-b1567fe44ada","block_type":"box","text":"the tables and examples below.","page_number":82,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"a755c714-c9bc-4f0b-ab07-9d4060987942","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":82,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"fb131f29-2a50-49c4-a52c-bb43803433aa","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":82,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"2c17d63a-3934-4b62-9e87-8dcb1fbb1def","block_type":"box","text":"$60 $189 $329 $738","page_number":82,"box":{"x":202,"y":534,"width":649,"height":9}},{"id":"53a4037e-9fc4-43cd-b25a-76adcfe0a7b6","block_type":"box","text":"Portfolio Turnover.","page_number":82,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"2b204534-f828-46df-93bb-d1b495cbad42","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":82,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"c2799cb6-8512-42f8-8ae3-15f21134a367","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":82,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"dfbc874d-7e64-4a2f-beb4-71997e7ce5d2","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":82,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"387a8294-1ba5-402f-8b12-b9d0c50abfd8","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":82,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"11de5b4f-d830-448b-b1ef-9c55ab7154bc","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":82,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"06aabcd4-cbe3-4c7b-86bb-d1649f45ccd8","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":82,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"754a9157-36b0-44e4-9fc0-7db5c53de594","block_type":"box","text":"Example, affect the Fund’s performance. 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The Fund does not try to “beat” the index it","page_number":82,"box":{"x":549,"y":838,"width":417,"height":11}},{"id":"d6a22ab4-379d-4696-8c87-6ed3404d7059","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":82,"box":{"x":549,"y":852,"width":396,"height":11}},{"id":"e3db971e-1046-46aa-a29b-dde3b4087af1","block_type":"box","text":"markets decline or appear overvalued.","page_number":82,"box":{"x":549,"y":866,"width":244,"height":11}},{"id":"e3092eb0-493a-488d-b72b-50ce81cac18e","block_type":"box","text":"S-59","page_number":82,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"19c562a0-c477-4673-a0f2-131f3986e7b6","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":83,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"7e24dd10-780a-49d2-a295-5d6f23f4f456","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":83,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"20b823bf-ebee-43fa-85ec-338f9e0a8607","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":83,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"b37618e1-0d3a-4a5d-89de-2155eb63e5f6","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":83,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"8610d622-a52e-4703-8986-d8c2200deb9a","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":83,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"c41c99c3-349e-4f05-94e6-94ad56336336","block_type":"box","text":"comparison to actively managed investment companies.","page_number":83,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"1c8457a3-f4c2-4cc2-a854-c614d055b2cb","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":83,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"b4b1813d-ba20-415a-8de8-13b80086dc97","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":83,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"c3748914-dfde-4a0a-9ab4-f7ffeb730ede","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":83,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"b40f330f-1339-47fd-a554-976d7287b1cc","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":83,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"cfdff4d6-3835-4b84-8fdc-82649060f24e","block_type":"box","text":"that of an applicable underlying index. 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Errors in index data, index computations or the","page_number":84,"box":{"x":83,"y":23,"width":366,"height":11}},{"id":"5f0e8b7c-d42d-4872-9cd7-6e0cd02fd677","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":84,"box":{"x":83,"y":37,"width":377,"height":11}},{"id":"8dab01fc-e635-4223-9019-04c5921583f8","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":84,"box":{"x":83,"y":51,"width":413,"height":11}},{"id":"5afdf9af-66dc-4b50-96b7-30c0e3735a78","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":84,"box":{"x":83,"y":66,"width":396,"height":10}},{"id":"23499405-19a8-4eb3-adcd-b6fe39a8e6be","block_type":"box","text":"impact on the Fund and its shareholders. 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This could cause the","page_number":84,"box":{"x":83,"y":137,"width":362,"height":10}},{"id":"7a66716b-818f-464f-85b4-866e1c334b79","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":84,"box":{"x":83,"y":151,"width":423,"height":11}},{"id":"bfb85060-ff94-4689-b944-213732c776d8","block_type":"box","text":"Asset Class Risk.","page_number":84,"box":{"x":81,"y":174,"width":115,"height":8}},{"id":"3bd84b0f-d570-434e-91d2-4ebe80c80271","block_type":"box","text":"The securities and other assets in the","page_number":84,"box":{"x":202,"y":174,"width":239,"height":8}},{"id":"c4d477d3-7741-473a-8536-5f892b98b0e5","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":84,"box":{"x":83,"y":188,"width":406,"height":11}},{"id":"6385c566-577e-41a0-b044-02e9e7b5c3bd","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":84,"box":{"x":83,"y":202,"width":405,"height":11}},{"id":"556e3eb5-115f-438d-94ac-f09445f11abe","block_type":"box","text":"market, another index, or other asset classes.","page_number":84,"box":{"x":83,"y":217,"width":292,"height":10}},{"id":"da281bde-ab96-4ad8-9096-49c5c371f409","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":84,"box":{"x":81,"y":240,"width":290,"height":10}},{"id":"d4bf35f7-4360-4e9f-a21b-383da5ce29b1","block_type":"box","text":"An “Authorized","page_number":84,"box":{"x":381,"y":240,"width":93,"height":8}},{"id":"59d02806-07fb-425b-937f-f70ff385023b","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":84,"box":{"x":84,"y":254,"width":379,"height":11}},{"id":"dda40da1-d463-4793-afe6-22964c545437","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":84,"box":{"x":83,"y":268,"width":411,"height":11}},{"id":"0f7e51d9-9419-4748-aa3e-ab67ca5839f2","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":84,"box":{"x":84,"y":282,"width":395,"height":11}},{"id":"0e211a00-0acd-4cbf-9e00-428d4c9cb9f8","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":84,"box":{"x":84,"y":296,"width":399,"height":11}},{"id":"6a358bc4-27bd-4d7c-a227-b2d4bb150a37","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":84,"box":{"x":83,"y":367,"width":378,"height":11}},{"id":"b38f508a-130e-4805-9f42-44a22ca46402","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":84,"box":{"x":84,"y":382,"width":379,"height":10}},{"id":"cb11258e-7c68-4a38-befc-04b9428bc11c","block_type":"box","text":"transactions. 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The","page_number":85,"box":{"x":83,"y":296,"width":405,"height":11}},{"id":"a1b17a7f-be38-4d98-9727-b21908ae1a0c","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":85,"box":{"x":83,"y":311,"width":407,"height":10}},{"id":"922af046-c4f6-49b5-97ab-a86dbd666dd4","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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10.95%","page_number":87,"box":{"x":722,"y":493,"width":201,"height":8}},{"id":"5087b376-a976-4d52-a54d-baf356379124","block_type":"box","text":"Return After Taxes on Distributions 15.73% 10.84% 9.62%","page_number":87,"box":{"x":124,"y":505,"width":799,"height":7}},{"id":"e9c65032-70cd-4d61-bb34-1ee9146cf0b3","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 10.40% 9.81% 8.69%","page_number":87,"box":{"x":124,"y":517,"width":799,"height":7}},{"id":"5c964d93-1bba-4ba0-a6b3-d3d86900d64c","block_type":"box","text":"MSCI Emerging Markets Index (Net)","page_number":87,"box":{"x":124,"y":528,"width":220,"height":10}},{"id":"0c8966f0-21be-46c2-89a9-ea0fda1a6b96","block_type":"box","text":"1","page_number":87,"box":{"x":347,"y":527,"width":2,"height":4}},{"id":"60a505f9-9da4-4243-9596-1b89eb97688d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":87,"box":{"x":356,"y":528,"width":318,"height":10}},{"id":"4356e7d8-028c-4904-87c6-aaf1b285d303","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 7.50% 1.70% 3.64%","page_number":87,"box":{"x":136,"y":541,"width":787,"height":10}},{"id":"f7a90d0f-193b-42d5-8584-d0d184ac40a5","block_type":"box","text":"MSCI Taiwan 25/50 Index (Spliced)","page_number":87,"box":{"x":124,"y":553,"width":217,"height":9}},{"id":"87e9f700-8890-454c-b884-8e6b23a3d18e","block_type":"box","text":"1,2","page_number":87,"box":{"x":343,"y":551,"width":12,"height":6}},{"id":"21bbcf9c-38b4-4ff4-848f-fd608a0c5979","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":87,"box":{"x":360,"y":553,"width":319,"height":9}},{"id":"2ae857b2-2be3-44fb-9ec2-91e7c5227bd1","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 17.50% 13.51% 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Such indices use withholding tax rates that are often at a higher rate","page_number":87,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"a72f8328-7122-4bf6-b60a-29be739e8a21","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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An investor may incur costs attributable to","page_number":88,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"be686982-e179-4c9b-ae96-5d26101fbe4f","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":88,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"489c3828-c772-4398-84dd-f6817cbe0176","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":88,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"9b4fe07a-9e77-46a4-b438-d4438a1ac855","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":88,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"498b36fa-54da-4d8e-95ae-6cbef7e6aa62","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":88,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"db0c771b-6f60-431b-9a98-c395c21bb2d1","block_type":"box","text":"Tax Information","page_number":88,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"786e2760-b3aa-4b6c-9e9f-636dddf391f8","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":88,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"fb8114c8-1503-4c35-a0a2-c3eea48ec933","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":88,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"f8d09b23-19cf-47ba-bd17-4f86e85293ed","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":88,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"1152ceba-8faa-49cc-a78a-0fd7a70992ab","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":88,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"f4547f58-d73e-4e5c-a8b7-e9f30ceb8362","block_type":"box","text":"withdrawn.","page_number":88,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"93e4ade6-a34f-48e9-a106-49ab34196b4d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":88,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8c8dca37-7fcd-4331-b22f-05736481e612","block_type":"box","text":"Intermediaries","page_number":88,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"7c6f1d4d-f3cf-46c2-8790-29673a6a7f5d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":88,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"2f7bdca0-5199-453d-8b48-7af44c89e917","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":88,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"3d854e24-1454-4d01-b0cc-41cc572910fe","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":88,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"f5d01922-f96c-4e95-82d9-b4f8e7271999","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":88,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"0267470d-314d-4993-ab8f-dfa52544feea","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":88,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"3eae1760-8bd2-4b8e-a346-83c769bc81e2","block_type":"box","text":"other services related to the sale or promotion of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":89,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"58a626d5-1dde-4a1e-af8f-698c9eaab358","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":89,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"4e0ff89a-38aa-4bdb-972f-3b56372fe533","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":89,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"797d2c66-13bd-4b93-b24c-a71af2bcfaf9","block_type":"box","text":"the tables and examples below.","page_number":89,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"c74cffb6-8953-4245-a1dc-787077f39b36","block_type":"box","text":"Annual Fund Operating 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The value of securities or other assets may","page_number":91,"box":{"x":550,"y":51,"width":402,"height":11}},{"id":"341cc4e8-c404-4ca2-8339-cf69de51a383","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":91,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"d516ebf3-a6f8-478a-8863-adbe414285e4","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":91,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"c425a1e4-24fb-4b95-8de0-e1931ebd345c","block_type":"box","text":"counterparty.","page_number":91,"box":{"x":549,"y":95,"width":84,"height":10}},{"id":"df696508-4d28-4c6e-afb4-f699e73848db","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":91,"box":{"x":549,"y":117,"width":252,"height":11}},{"id":"8f757fba-b3c1-43e4-b72b-66b8b1c92ed6","block_type":"box","text":"Large-capitalization","page_number":91,"box":{"x":808,"y":117,"width":124,"height":11}},{"id":"2fc7ee56-bb0a-4f76-81f0-0830b8d96814","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":91,"box":{"x":549,"y":131,"width":352,"height":11}},{"id":"f5d63511-5222-408c-a4fc-2d29caeeaa74","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":91,"box":{"x":549,"y":146,"width":352,"height":10}},{"id":"e3f85384-8e88-4fea-9f77-a3cabf8b99c6","block_type":"box","text":"competitive challenges. 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The","page_number":91,"box":{"x":549,"y":188,"width":340,"height":11}},{"id":"c7ffd607-558f-4060-b663-fff2fdee9226","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":91,"box":{"x":549,"y":202,"width":390,"height":11}},{"id":"84ff5d9d-6d9f-497f-afd7-211bb1dcb293","block_type":"box","text":"overall performance of the broader securities markets.","page_number":91,"box":{"x":549,"y":216,"width":349,"height":11}},{"id":"44dc6bde-3394-4bad-a350-5ab16e3e9289","block_type":"box","text":"Management Risk","page_number":91,"box":{"x":549,"y":240,"width":123,"height":10}},{"id":"2dade3e6-7d05-4dcb-bec6-c9b10fda66db","block_type":"box","text":".","page_number":91,"box":{"x":672,"y":246,"width":2,"height":2}},{"id":"ea6766e5-8457-491f-ab18-cce5d1723e6d","block_type":"box","text":"The Fund generally does not attempt to take","page_number":91,"box":{"x":679,"y":240,"width":283,"height":11}},{"id":"085220ca-329c-4182-9bcc-767d31b98de3","block_type":"box","text":"defensive positions under any market conditions, including","page_number":91,"box":{"x":549,"y":254,"width":376,"height":11}},{"id":"4708f733-0fce-4744-b350-6e417395e9fe","block_type":"box","text":"declining markets. 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no","page_number":100,"box":{"x":228,"y":276,"width":694,"height":11}},{"id":"ac528e4a-99ee-4bed-83bd-33b609d7da3e","block_type":"box","text":"assurance that this growth rate will be maintained. Other Asian economies have experienced high inflation, high unemployment, currency","page_number":100,"box":{"x":76,"y":290,"width":880,"height":11}},{"id":"320584f4-cf01-4cb2-a9ba-b9f8ea756537","block_type":"box","text":"devaluations and restrictions, and over-extension of credit. 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Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":100,"box":{"x":76,"y":347,"width":888,"height":11}},{"id":"b6b53385-d82e-4c96-8d90-1b4da81bcbcd","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":100,"box":{"x":76,"y":361,"width":894,"height":11}},{"id":"e03c626a-9024-49fa-8c9a-15951570313d","block_type":"box","text":"U.S. or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could","page_number":100,"box":{"x":77,"y":375,"width":902,"height":11}},{"id":"46be8be3-b3b9-4930-99c5-a051ee1026bd","block_type":"box","text":"suppress Asia’s exports and reduce foreign investment in the region.","page_number":100,"box":{"x":76,"y":390,"width":438,"height":10}},{"id":"50c619ad-12fe-4bc7-a720-464bdc16ea05","block_type":"box","text":"Many Asian countries are subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":100,"box":{"x":77,"y":413,"width":866,"height":11}},{"id":"b5f494ed-0dad-4f8d-9334-d2307d85806e","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":100,"box":{"x":77,"y":427,"width":865,"height":11}},{"id":"4d1ea7be-6a07-4159-9e31-e9b75b67e013","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":100,"box":{"x":76,"y":441,"width":876,"height":11}},{"id":"ce99fd19-7699-4b1e-8a6f-8fcb86c4b2b1","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":100,"box":{"x":76,"y":455,"width":905,"height":11}},{"id":"0c7ac85e-4111-4d90-89da-0e74cd0a0af2","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":100,"box":{"x":76,"y":470,"width":833,"height":10}},{"id":"e0c33442-3bbf-4066-b065-72a09673bee4","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":100,"box":{"x":76,"y":484,"width":856,"height":10}},{"id":"bba18d99-0287-46ee-8c7f-f8d6a7d3d051","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":100,"box":{"x":76,"y":498,"width":879,"height":11}},{"id":"454be672-4621-42e6-9e17-93693a463e07","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":100,"box":{"x":76,"y":512,"width":889,"height":11}},{"id":"6ec67492-1bba-4ca3-af97-8381fa308e3a","block_type":"box","text":"exposure to Asia.","page_number":100,"box":{"x":76,"y":526,"width":109,"height":11}},{"id":"cdc2b295-9a2f-49d0-ac50-a67b83c801f2","block_type":"box","text":"Asset Class Risk.","page_number":100,"box":{"x":76,"y":549,"width":117,"height":9}},{"id":"9dfffec8-b59a-4618-82da-ef329b94ab27","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":100,"box":{"x":198,"y":549,"width":706,"height":11}},{"id":"3d8939c6-d494-4bda-b68e-710e01dde903","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":100,"box":{"x":76,"y":564,"width":878,"height":10}},{"id":"175d9ccc-2454-4ff7-bdcf-50fe8a650c3f","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":100,"box":{"x":76,"y":578,"width":869,"height":11}},{"id":"ee0bf1d9-35c0-49b6-b8c6-494dbb905442","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":100,"box":{"x":76,"y":592,"width":857,"height":11}},{"id":"7d8da30d-854f-4f69-bfc2-f5d9e1f78231","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":100,"box":{"x":76,"y":606,"width":900,"height":11}},{"id":"691f7436-2abd-43a1-a4dd-1e486196fd6c","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":100,"box":{"x":76,"y":620,"width":512,"height":11}},{"id":"81ec8d5a-4d95-417d-a5ca-26087e384a5a","block_type":"box","text":"Australasian Economic Risk.","page_number":100,"box":{"x":76,"y":644,"width":196,"height":8}},{"id":"b9aaf469-c4e7-4be5-b3c4-972d2b5d0567","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":100,"box":{"x":277,"y":644,"width":696,"height":10}},{"id":"3eb999a8-3d0c-438f-bb10-382795139077","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":100,"box":{"x":76,"y":658,"width":903,"height":11}},{"id":"1e60c1fc-30bf-40ae-8014-8428521c9c9c","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":100,"box":{"x":76,"y":672,"width":857,"height":11}},{"id":"ce5bc4fb-236f-4ff0-ac25-dfd145632d41","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":100,"box":{"x":76,"y":686,"width":834,"height":11}},{"id":"5f265e0d-99cc-4701-bd1e-e37b4174c9d3","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":100,"box":{"x":76,"y":700,"width":858,"height":11}},{"id":"7f2ad7c9-6aa6-4c62-bcdd-277aa2bcc292","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":100,"box":{"x":76,"y":714,"width":813,"height":11}},{"id":"a8595662-13e3-4533-b9b5-109ba9b623c8","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":100,"box":{"x":76,"y":738,"width":898,"height":10}},{"id":"31ca55e0-c714-49fe-94ad-23b6685bd233","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":100,"box":{"x":76,"y":752,"width":847,"height":11}},{"id":"4b890391-69da-4411-9828-ed106e9f7f42","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":100,"box":{"x":76,"y":766,"width":840,"height":11}},{"id":"c765776b-8e24-4630-b4a8-9baec16ebbba","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":100,"box":{"x":76,"y":789,"width":296,"height":11}},{"id":"364ad580-4de3-43e3-abcb-e0575999c211","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":100,"box":{"x":378,"y":789,"width":578,"height":11}},{"id":"67741a7b-1350-412a-8a5d-894e524f82a0","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":100,"box":{"x":76,"y":803,"width":894,"height":11}},{"id":"59a5233d-afdc-4ebd-8d43-db6546873165","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":100,"box":{"x":76,"y":818,"width":882,"height":10}},{"id":"53a57cc7-1d64-42ce-a428-ea85e44e1806","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":100,"box":{"x":76,"y":832,"width":888,"height":11}},{"id":"9bce8442-837c-4b01-85ef-3ebd67573d5c","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":100,"box":{"x":76,"y":846,"width":889,"height":11}},{"id":"697b3764-c462-4bd7-a4c9-e001d9316da0","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":100,"box":{"x":77,"y":860,"width":885,"height":11}},{"id":"ebe4d686-fa13-466b-ad45-d63a2de919bc","block_type":"box","text":"6","page_number":100,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"491f8b58-d5ee-4a72-a0a3-5a5676edbc9f","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":101,"box":{"x":76,"y":23,"width":893,"height":11}},{"id":"2a545689-12d5-48d5-9f72-89ad7380b052","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":101,"box":{"x":76,"y":37,"width":521,"height":11}},{"id":"94db7498-a014-4a9d-83b8-b630515f012f","block_type":"box","text":"Borrowing Risk.","page_number":101,"box":{"x":77,"y":61,"width":108,"height":10}},{"id":"98b44db6-9b38-4434-829e-05da08bc6d1b","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":101,"box":{"x":191,"y":61,"width":739,"height":10}},{"id":"8a672bca-02ff-4be9-bab2-7a1ba5c9ac13","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":101,"box":{"x":76,"y":75,"width":890,"height":11}},{"id":"0aa21a99-0c97-413f-a246-d7a5041a78ca","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":101,"box":{"x":76,"y":89,"width":348,"height":11}},{"id":"73d39310-db85-40a6-b619-b04814a35ebf","block_type":"box","text":"Cash Transactions Risk.","page_number":101,"box":{"x":76,"y":112,"width":164,"height":9}},{"id":"e382f750-99a6-4a40-b70f-5a05de2c164a","block_type":"box","text":"Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in","page_number":101,"box":{"x":245,"y":112,"width":711,"height":11}},{"id":"0f8c8809-97b9-4230-a7bf-0dae3b265057","block_type":"box","text":"kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to","page_number":101,"box":{"x":77,"y":126,"width":861,"height":11}},{"id":"9fac4d1d-5eb1-47de-8b7e-e639359ee0f8","block_type":"box","text":"dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may","page_number":101,"box":{"x":76,"y":140,"width":895,"height":11}},{"id":"9c6e7c2e-0c35-4a18-9c2e-2684139eb5b7","block_type":"box","text":"cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind.","page_number":101,"box":{"x":76,"y":155,"width":888,"height":10}},{"id":"a899051b-631f-4c04-880a-6e6c8a351710","block_type":"box","text":"As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations","page_number":101,"box":{"x":76,"y":169,"width":897,"height":11}},{"id":"0dde93e5-5cbe-440f-a2ed-9e4abbe550a0","block_type":"box","text":"and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the","page_number":101,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"cfc89554-e12b-4a19-b26c-00d41b81933e","block_type":"box","text":"Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price","page_number":101,"box":{"x":77,"y":197,"width":881,"height":11}},{"id":"7d244a3f-43f0-4df4-9c2e-11b71243c768","block_type":"box","text":"used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient","page_number":101,"box":{"x":77,"y":211,"width":889,"height":11}},{"id":"69ae92af-7ed7-4101-8279-2e4862bb2185","block_type":"box","text":"to cover the execution shortfall, the Fund’s performance could be negatively impacted.","page_number":101,"box":{"x":76,"y":226,"width":555,"height":10}},{"id":"636b3b5d-5a85-428c-8c76-e1c306203bcb","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":101,"box":{"x":76,"y":249,"width":336,"height":8}},{"id":"0e1b847d-30e7-4dcd-8b83-e2d1142b958e","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":101,"box":{"x":418,"y":249,"width":562,"height":11}},{"id":"775881d3-6f8f-44e6-9cbe-6d6720301a5f","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":101,"box":{"x":76,"y":263,"width":880,"height":11}},{"id":"2cb57ce0-4c6e-4930-9926-4b8433741b15","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":101,"box":{"x":76,"y":277,"width":881,"height":11}},{"id":"61e09ecc-c42f-4c5b-962b-eaeea15079bd","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":101,"box":{"x":76,"y":291,"width":896,"height":11}},{"id":"9175f89b-ac99-4dd0-80dd-9e0d4e42dee8","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":101,"box":{"x":76,"y":305,"width":889,"height":11}},{"id":"076dfd90-1d04-4707-9c90-9f8bf940651e","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":101,"box":{"x":76,"y":320,"width":903,"height":10}},{"id":"eb6bd2b8-0dea-4ffc-a0c4-dbea7a5527c1","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":101,"box":{"x":76,"y":334,"width":231,"height":8}},{"id":"88d15b6c-51bb-4e72-80d0-409971db5df9","block_type":"box","text":"Commodity Risk.","page_number":101,"box":{"x":76,"y":357,"width":117,"height":11}},{"id":"74158a24-54d3-4d99-a917-ae9ecc5a39b2","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":101,"box":{"x":198,"y":357,"width":723,"height":11}},{"id":"20815953-dcdb-498f-90a1-f126d1a077c9","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":101,"box":{"x":76,"y":371,"width":873,"height":11}},{"id":"f504958a-a493-4d98-81d2-2088dd4cce95","block_type":"box","text":"ts,","page_number":101,"box":{"x":951,"y":372,"width":14,"height":9}},{"id":"a8c06d7e-bbee-466e-a2d0-afeeb819407b","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":101,"box":{"x":76,"y":385,"width":895,"height":11}},{"id":"0a98cb49-7a29-4b6e-9615-8b6678fa4196","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":101,"box":{"x":76,"y":400,"width":890,"height":10}},{"id":"559d4da9-f0c1-4db1-bb14-331619b74832","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":101,"box":{"x":76,"y":414,"width":349,"height":11}},{"id":"4aab8722-ccda-475a-b0bb-bdac29155dd5","block_type":"box","text":"Communications Companies Risk.","page_number":101,"box":{"x":76,"y":437,"width":236,"height":11}},{"id":"cbe3244e-be14-439a-9f6d-a4b9bf271202","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":101,"box":{"x":317,"y":437,"width":633,"height":11}},{"id":"562cf676-44df-4de0-83a9-2cfce07bbcbc","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":101,"box":{"x":76,"y":451,"width":863,"height":11}},{"id":"8c739b94-1a9f-45e4-92a5-4fd8c2518206","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":101,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"a45a11fb-b291-45bf-a0fb-c7bfbdf89dd0","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":101,"box":{"x":76,"y":479,"width":868,"height":11}},{"id":"9d092520-1bac-41a5-abdd-bd78db47ad92","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":101,"box":{"x":76,"y":494,"width":881,"height":11}},{"id":"68c588b7-5181-4427-9e16-432cc4d49971","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":101,"box":{"x":76,"y":508,"width":694,"height":11}},{"id":"a85a8305-8b1a-47de-abe6-72539ed827e9","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":101,"box":{"x":76,"y":531,"width":880,"height":11}},{"id":"d8611447-d3f5-4757-82b1-692bd9f0d024","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":101,"box":{"x":76,"y":545,"width":897,"height":11}},{"id":"42b067cf-78f0-40f6-818b-a7d9a5ea46d3","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":101,"box":{"x":76,"y":559,"width":898,"height":11}},{"id":"339b0bf3-be55-499f-adcc-e596e3e2efb5","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":101,"box":{"x":76,"y":574,"width":805,"height":10}},{"id":"83c52568-1e15-44f3-9c04-099620e19488","block_type":"box","text":"Concentration Risk.","page_number":101,"box":{"x":76,"y":597,"width":136,"height":8}},{"id":"bb18b00a-9caf-4489-8c01-c8ca494835ea","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":101,"box":{"x":217,"y":597,"width":744,"height":11}},{"id":"cface08a-6f3f-44db-867b-4988e79d2734","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":101,"box":{"x":76,"y":611,"width":903,"height":10}},{"id":"359c44e8-7548-48eb-a11b-7b71d8701485","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":101,"box":{"x":76,"y":625,"width":853,"height":11}},{"id":"4c0b71b5-4f03-4abb-8fae-1e9d2f5fc765","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":101,"box":{"x":76,"y":639,"width":897,"height":11}},{"id":"d9cf0c84-88a8-4256-8cdd-bff786df8f03","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":101,"box":{"x":76,"y":654,"width":905,"height":10}},{"id":"fb3b7923-945b-4b37-b2de-47c6227426ec","block_type":"box","text":"its investments.","page_number":101,"box":{"x":76,"y":668,"width":100,"height":8}},{"id":"5b2c5e44-8c12-400e-8b7f-827adb885e25","block_type":"box","text":"Consumer Goods and Services Com","page_number":101,"box":{"x":76,"y":691,"width":247,"height":8}},{"id":"7f6ac155-3f69-4352-ab78-fef2bdea9649","block_type":"box","text":"panies Risk.","page_number":101,"box":{"x":325,"y":691,"width":83,"height":11}},{"id":"46839155-4282-400a-baba-178da17b7555","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":101,"box":{"x":414,"y":691,"width":561,"height":11}},{"id":"ddb7b2d0-4040-4d29-b97f-899533c804c2","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":101,"box":{"x":76,"y":705,"width":897,"height":11}},{"id":"2aa3dc75-1748-4e22-b6d1-c4bfd8fd1061","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":101,"box":{"x":76,"y":719,"width":860,"height":11}},{"id":"8353ea74-e396-4c54-bbf7-16d5de71cefe","block_type":"box","text":"adverse impact on consumer companies.","page_number":101,"box":{"x":76,"y":733,"width":262,"height":11}},{"id":"8b73e53c-175a-40db-8239-8195cbcff566","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":101,"box":{"x":76,"y":757,"width":849,"height":10}},{"id":"567ef51f-98e1-4d94-9f66-3fa64290ea2d","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":101,"box":{"x":76,"y":771,"width":883,"height":11}},{"id":"63de2a2c-3961-45fa-ad26-964695839cf3","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":101,"box":{"x":76,"y":785,"width":856,"height":11}},{"id":"1339f43e-304c-4b89-b870-6673aedf38d5","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":101,"box":{"x":76,"y":799,"width":561,"height":11}},{"id":"98e46da9-be95-4c1d-bfc3-9b9fbb5addd1","block_type":"box","text":"Currency Risk.","page_number":101,"box":{"x":76,"y":822,"width":100,"height":11}},{"id":"f2c8cc62-1462-42e1-ab75-398c1fb4a678","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":101,"box":{"x":182,"y":822,"width":782,"height":11}},{"id":"a3617b68-5b84-41c2-9ad2-2d7ef62987e0","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":101,"box":{"x":77,"y":837,"width":871,"height":10}},{"id":"5061ad27-e629-4652-8313-b85e327c0530","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":101,"box":{"x":76,"y":851,"width":867,"height":11}},{"id":"a2f0ba43-12c2-40f4-997c-02aca25e5ccf","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":101,"box":{"x":76,"y":865,"width":892,"height":11}},{"id":"be4d1741-83b6-4359-b059-324b9ca4573a","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":101,"box":{"x":76,"y":879,"width":470,"height":11}},{"id":"3e87df18-5840-4fcc-8c9d-7d3134ed4b3f","block_type":"box","text":"7","page_number":101,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"bffd1050-41b9-4e3e-a3bd-f0312cf69f47","block_type":"box","text":"Custody Risk.","page_number":102,"box":{"x":76,"y":23,"width":94,"height":11}},{"id":"f136e738-8058-4186-b092-dda3b356129a","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":102,"box":{"x":175,"y":23,"width":780,"height":11}},{"id":"a227ff58-514d-4f81-8722-280045839631","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":102,"box":{"x":76,"y":37,"width":853,"height":11}},{"id":"cfb7e801-8a97-4293-8232-f869fbb22146","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":102,"box":{"x":76,"y":51,"width":893,"height":11}},{"id":"469be550-1378-4936-8c57-729f27513ed0","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":102,"box":{"x":76,"y":66,"width":822,"height":11}},{"id":"b35e8e77-bf37-4a30-a5ba-9c9253a4cd0a","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":102,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"fb7c34e5-f9a5-4bc6-88a0-74307d64d897","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":102,"box":{"x":76,"y":94,"width":850,"height":11}},{"id":"d4878ebd-f3a1-422d-bc31-96448a9102ad","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":102,"box":{"x":76,"y":108,"width":453,"height":11}},{"id":"02484739-0918-46af-b1c3-ee1f95f8aa8a","block_type":"box","text":"Energy Companies Risk.","page_number":102,"box":{"x":77,"y":131,"width":165,"height":11}},{"id":"4a0b1722-b21c-4e76-bf6d-9abaf44f8ce1","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":102,"box":{"x":247,"y":131,"width":695,"height":11}},{"id":"6b5b0416-4b75-4050-bf26-a7a5548e5f08","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":102,"box":{"x":76,"y":146,"width":904,"height":10}},{"id":"b20eae3e-b883-43ee-a35d-907c4e3c5f1b","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":102,"box":{"x":76,"y":160,"width":898,"height":11}},{"id":"8969f968-900e-4c25-823e-e479072acba3","block_type":"box","text":"s","page_number":102,"box":{"x":976,"y":162,"width":6,"height":6}},{"id":"a2e08675-4b1b-4346-8182-3eaf35cae3da","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":102,"box":{"x":76,"y":174,"width":880,"height":11}},{"id":"c3046440-04d2-44f6-8c5b-b5a4a7755baa","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":102,"box":{"x":77,"y":188,"width":866,"height":11}},{"id":"676a3fbd-f264-4a34-bc24-03bbc978593b","block_type":"box","text":"energy companies.","page_number":102,"box":{"x":76,"y":202,"width":120,"height":11}},{"id":"eb2f8e71-7841-4944-b520-04ae478af62c","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":102,"box":{"x":77,"y":226,"width":892,"height":10}},{"id":"d7c9b9ff-bb93-48d6-a6b3-09ab9904752c","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":102,"box":{"x":76,"y":240,"width":878,"height":11}},{"id":"b6f0e53a-0614-4871-b6ad-bd5cb5e21a7f","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":102,"box":{"x":76,"y":254,"width":885,"height":11}},{"id":"964bdbae-15a5-47b1-bbe3-3b025e6247de","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":102,"box":{"x":77,"y":268,"width":866,"height":11}},{"id":"3fb55006-46bb-4e92-9cf7-fd878fa636ab","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":102,"box":{"x":76,"y":282,"width":883,"height":11}},{"id":"0b4a553f-6273-4bf4-93d9-47d73c4dcc02","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":102,"box":{"x":76,"y":296,"width":800,"height":11}},{"id":"b8e8b2fc-018d-4fe6-8e96-a3ba08bd7ad5","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":102,"box":{"x":76,"y":320,"width":837,"height":10}},{"id":"c2403087-26f9-408d-a0c4-0acb0d8295a9","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":102,"box":{"x":76,"y":334,"width":882,"height":11}},{"id":"e984b632-3a1e-49bc-a9e9-f5944de3725c","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":102,"box":{"x":76,"y":348,"width":899,"height":11}},{"id":"2849a42f-e894-4e97-97f7-e61ab72059fe","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":102,"box":{"x":76,"y":362,"width":860,"height":11}},{"id":"7edc0c3b-bd77-492a-82ba-4a05748b32af","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":102,"box":{"x":76,"y":376,"width":868,"height":11}},{"id":"ab964ad4-c294-4b58-9a40-707fc3126ed4","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":102,"box":{"x":76,"y":391,"width":867,"height":10}},{"id":"bb575d91-7985-47d1-bb58-270904c7ea84","block_type":"box","text":"Equity Securities Risk.","page_number":102,"box":{"x":77,"y":414,"width":154,"height":11}},{"id":"77ef181c-d919-4cfa-ae06-2f8309ff04be","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":102,"box":{"x":237,"y":414,"width":732,"height":11}},{"id":"ea93de85-fd41-4716-adac-d2a961d2d164","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":102,"box":{"x":76,"y":428,"width":877,"height":11}},{"id":"c167b9ca-90d1-4a50-be76-e5dc2d63dc9c","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":102,"box":{"x":76,"y":442,"width":905,"height":11}},{"id":"68efe9c2-e6c5-4f5e-83ed-96d057fe4df4","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":102,"box":{"x":76,"y":456,"width":875,"height":11}},{"id":"060e8acc-cd81-4e6c-9633-da11aaeca9bf","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":102,"box":{"x":76,"y":470,"width":812,"height":11}},{"id":"79d672b1-5da0-4a22-b286-0e4c4a086ad4","block_type":"box","text":"European Economic Risk.","page_number":102,"box":{"x":77,"y":494,"width":174,"height":10}},{"id":"1e034898-2a93-4a59-b6d2-7ca6d4e955b0","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":102,"box":{"x":256,"y":494,"width":704,"height":10}},{"id":"8e28955a-32fc-4a45-9a67-efbcb5b4e256","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":102,"box":{"x":76,"y":508,"width":893,"height":11}},{"id":"9a4ab997-82b9-4660-a5f5-053630c92601","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":102,"box":{"x":76,"y":522,"width":899,"height":11}},{"id":"5664e0a6-dc22-45c6-92a6-b092817adce2","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":102,"box":{"x":77,"y":536,"width":888,"height":11}},{"id":"59f77ba3-43d5-4a20-bb89-6a3e964ed914","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":102,"box":{"x":77,"y":550,"width":879,"height":11}},{"id":"d73c304c-9dd8-4766-a4c0-09831e592c1b","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":102,"box":{"x":76,"y":565,"width":887,"height":10}},{"id":"6eec5bb4-60b6-419e-8fa6-ca8ef1e5aebf","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":102,"box":{"x":76,"y":579,"width":874,"height":11}},{"id":"fc68a29d-10a4-4aea-97cd-8265a4feb9d6","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":102,"box":{"x":76,"y":593,"width":889,"height":11}},{"id":"cd2edff0-f1ab-46ee-bae6-ee9d5cba6a1f","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":102,"box":{"x":76,"y":607,"width":899,"height":11}},{"id":"c192d4ff-d782-4e96-985a-96059527a918","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":102,"box":{"x":76,"y":621,"width":904,"height":11}},{"id":"81eddede-6238-4822-92d0-31d24b3cf59d","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":102,"box":{"x":76,"y":635,"width":857,"height":11}},{"id":"8b7ce4a8-7f03-44e5-ae75-5a0e76c0a9f0","block_type":"box","text":"countries.","page_number":102,"box":{"x":76,"y":650,"width":63,"height":8}},{"id":"48d42f4d-f467-4489-8355-4c59d63f39f1","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":102,"box":{"x":77,"y":673,"width":878,"height":11}},{"id":"56c3c257-cc88-401c-a329-ea0342a8ac9c","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":102,"box":{"x":76,"y":687,"width":858,"height":11}},{"id":"023aaace-752b-4d16-8413-9c2f9af4c1e7","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":102,"box":{"x":76,"y":701,"width":882,"height":11}},{"id":"1a083026-44b6-4c17-bfee-61172910b0a4","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":102,"box":{"x":76,"y":715,"width":859,"height":11}},{"id":"89acc187-4aa3-4f50-86f6-c750e2197ce1","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":102,"box":{"x":76,"y":730,"width":866,"height":10}},{"id":"ad685d13-7d14-425d-8f89-437382cb71c0","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":102,"box":{"x":77,"y":744,"width":894,"height":11}},{"id":"32463aff-a6cc-4faa-b76d-721aa80d7193","block_type":"box","text":"l","page_number":102,"box":{"x":973,"y":744,"width":1,"height":8}},{"id":"72a1779c-5bbe-4d48-aaa8-f3aa437b9d30","block_type":"box","text":"markets.","page_number":102,"box":{"x":76,"y":758,"width":55,"height":8}},{"id":"a8487539-b3f5-4995-8336-407a4a07fc8d","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":102,"box":{"x":76,"y":781,"width":880,"height":11}},{"id":"e67b2522-e7ca-4995-b543-482d93a4f04c","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":102,"box":{"x":76,"y":795,"width":896,"height":11}},{"id":"e4ea9d7d-83c6-4da9-9b3e-61e9c6a7fbf9","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":102,"box":{"x":76,"y":809,"width":845,"height":11}},{"id":"795cb8cc-753e-42f0-9533-f354683c1a94","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":102,"box":{"x":76,"y":824,"width":871,"height":11}},{"id":"9a4529fe-8001-48a0-8b50-fe10b1e00083","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":102,"box":{"x":76,"y":838,"width":872,"height":11}},{"id":"38bc81cf-3be6-48ec-ad78-b4f7500bcb49","block_type":"box","text":"investments.","page_number":102,"box":{"x":76,"y":852,"width":81,"height":9}},{"id":"a90457f4-a9a7-4e21-a190-94f2b14419c4","block_type":"box","text":"8","page_number":102,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"8cf2693a-c6ea-4c32-8768-c4d3090aaae5","block_type":"box","text":"Russian Invasion of Ukraine","page_number":103,"box":{"x":76,"y":23,"width":172,"height":9}},{"id":"28c5978c-02f5-4ef4-97f3-961cc5d0e53b","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":103,"box":{"x":250,"y":23,"width":720,"height":11}},{"id":"8b73f096-0963-4a4d-a87b-120219d943e0","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":103,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"9a6d625d-e6d5-411f-93e6-a4db602e3698","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":103,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"20a0cc75-6e4d-4d54-83cf-9d14cb1bd968","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":103,"box":{"x":76,"y":66,"width":886,"height":11}},{"id":"3205ac02-7815-452c-b01b-35721383969b","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":103,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"8dc4a429-3cd7-4176-a73e-90ec93c1b116","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":103,"box":{"x":76,"y":94,"width":891,"height":11}},{"id":"183429f1-733b-4921-a1da-0173f976846a","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":103,"box":{"x":76,"y":108,"width":885,"height":11}},{"id":"93d02a78-66a6-4ff0-9ff4-cc24430e6018","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":103,"box":{"x":76,"y":122,"width":892,"height":11}},{"id":"1908312d-ad4b-4378-8db8-ed2a11b45d5b","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":103,"box":{"x":77,"y":137,"width":431,"height":10}},{"id":"a27586f5-19ca-4d49-9396-8b3d1e9c0496","block_type":"box","text":"Financial Companies Risk.","page_number":103,"box":{"x":77,"y":160,"width":180,"height":11}},{"id":"f05de2af-b8b9-4975-8bb5-1ad6e3b4612b","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":103,"box":{"x":263,"y":160,"width":689,"height":11}},{"id":"33be658e-b04b-4530-a06a-aea622312049","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":103,"box":{"x":76,"y":174,"width":892,"height":11}},{"id":"8158010a-6fc0-4b5a-be13-272aa0bbfbd0","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":103,"box":{"x":76,"y":188,"width":891,"height":11}},{"id":"0a5ce84e-0718-4b31-aa1e-98158448d3de","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":103,"box":{"x":76,"y":202,"width":888,"height":11}},{"id":"258e556d-7b7c-4da2-9ed6-d7a0db82f4fe","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":103,"box":{"x":77,"y":216,"width":870,"height":11}},{"id":"bbd6872d-9e3b-4fba-af78-fe25a1e2e8c8","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":103,"box":{"x":77,"y":231,"width":766,"height":11}},{"id":"d9053b84-ef55-4e63-b434-92f0ea55dd85","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":103,"box":{"x":77,"y":254,"width":890,"height":11}},{"id":"3ef0b6d4-e1a7-47e4-aed5-4fee39679d8b","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":103,"box":{"x":76,"y":268,"width":848,"height":11}},{"id":"6e25d7fa-8bc2-478a-8232-c54bf5463903","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":103,"box":{"x":76,"y":282,"width":884,"height":11}},{"id":"1083b457-67ff-4334-a992-b9059f036df8","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":103,"box":{"x":76,"y":296,"width":889,"height":11}},{"id":"f3f1f220-8465-408a-815c-2ca062dd42e9","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":103,"box":{"x":76,"y":311,"width":856,"height":10}},{"id":"8305ca3f-0831-40f1-af21-2df69f7c979b","block_type":"box","text":"financial sector generally.","page_number":103,"box":{"x":76,"y":325,"width":162,"height":11}},{"id":"1506482a-9518-42af-a523-f5aa1e701d2e","block_type":"box","text":"Geographic and Security Risks.","page_number":103,"box":{"x":76,"y":348,"width":216,"height":11}},{"id":"3709d9c9-772d-4beb-a55a-b62be5b71993","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":103,"box":{"x":298,"y":348,"width":668,"height":11}},{"id":"41c43771-fde0-4651-9df6-88b608d2e6b6","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":103,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"59ce5411-4829-4f26-b295-071297a2ed17","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":103,"box":{"x":76,"y":376,"width":840,"height":11}},{"id":"435d7adf-41a0-47ff-afa8-ec732931103d","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":103,"box":{"x":76,"y":391,"width":845,"height":10}},{"id":"966e1686-b626-486a-981a-c1c7adaa5123","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":103,"box":{"x":76,"y":405,"width":570,"height":11}},{"id":"4fc54e44-c235-4f26-b161-fd0d0249403b","block_type":"box","text":"Healthcare Companies Risk.","page_number":103,"box":{"x":77,"y":428,"width":194,"height":11}},{"id":"99d71247-190b-4f7a-8da6-48fdd0218191","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":103,"box":{"x":276,"y":428,"width":688,"height":11}},{"id":"7619f67b-2daf-4648-8818-b250f8f680da","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":103,"box":{"x":76,"y":442,"width":879,"height":11}},{"id":"a1a48984-f2bd-405f-9ae9-d76a95849a05","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":103,"box":{"x":76,"y":456,"width":899,"height":11}},{"id":"47200732-f800-412a-98bd-884ae5a1bf65","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":103,"box":{"x":76,"y":470,"width":888,"height":11}},{"id":"0c8b3776-c0bb-46c7-bc03-4fc7dc5c6c57","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":103,"box":{"x":76,"y":485,"width":891,"height":10}},{"id":"2110fa36-c059-41c7-8da5-1e2d91fa2f10","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":103,"box":{"x":76,"y":499,"width":882,"height":11}},{"id":"9a7b3d62-43c3-48c4-9e73-20f2ca00c11c","block_type":"box","text":"product liability and similar claims.","page_number":103,"box":{"x":76,"y":513,"width":221,"height":11}},{"id":"6cae76f3-b751-4ec6-bee6-2d654f6ff91a","block_type":"box","text":"Illiquid Investments Risk.","page_number":103,"box":{"x":77,"y":536,"width":174,"height":11}},{"id":"7edbdfed-d309-4831-9c4b-21eceb6116b6","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":103,"box":{"x":256,"y":536,"width":719,"height":11}},{"id":"c227a716-da1a-4da8-9204-d690251cd121","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":103,"box":{"x":76,"y":550,"width":883,"height":11}},{"id":"7609e391-fbd9-4d12-b985-f5f38a3ac974","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":103,"box":{"x":76,"y":565,"width":885,"height":10}},{"id":"8a6cb71a-2221-4373-83eb-60baf5627826","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":103,"box":{"x":76,"y":579,"width":902,"height":11}},{"id":"a089ac4e-fa8d-4784-9341-7885744a9cc0","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":103,"box":{"x":76,"y":593,"width":890,"height":11}},{"id":"c51abc37-a592-4f0e-95bc-e868c75adcc6","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":103,"box":{"x":77,"y":607,"width":751,"height":11}},{"id":"b35b8c73-bddb-4b24-b0fe-8beca08d1986","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":103,"box":{"x":77,"y":630,"width":884,"height":11}},{"id":"12b1d2c3-3a5d-4154-b844-f38ab0e5e261","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":103,"box":{"x":76,"y":644,"width":900,"height":11}},{"id":"8699041a-bae1-431d-af65-65c9a841d404","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":103,"box":{"x":76,"y":659,"width":867,"height":11}},{"id":"c6ab216b-2e5c-4ee0-beb6-7d66f05376ab","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":103,"box":{"x":77,"y":682,"width":900,"height":11}},{"id":"f87f0162-2831-4dfe-b69c-55569fcc1d11","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":103,"box":{"x":76,"y":696,"width":890,"height":11}},{"id":"0981dda3-e0a5-49fe-bee4-b49eb87a4d36","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":103,"box":{"x":76,"y":710,"width":828,"height":11}},{"id":"5be76ec9-6ba4-4837-a3f0-92033a1c6126","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":103,"box":{"x":77,"y":724,"width":873,"height":11}},{"id":"c117ad09-6cdd-4f7e-84b8-db254374110c","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":103,"box":{"x":77,"y":739,"width":887,"height":10}},{"id":"dc7c0ab3-e2b8-4242-860e-d226b3003b21","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":103,"box":{"x":77,"y":753,"width":896,"height":11}},{"id":"ac86d2a1-f651-449c-b984-d2fe3ec0b24b","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":103,"box":{"x":76,"y":767,"width":869,"height":11}},{"id":"66e99ccd-ec34-4c07-86ea-60703280c13f","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":103,"box":{"x":77,"y":781,"width":886,"height":11}},{"id":"e1407030-46ee-48fd-af5f-1f7423637337","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":103,"box":{"x":77,"y":795,"width":858,"height":11}},{"id":"7c41736a-7600-44f5-b09b-eebf6ba08488","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":103,"box":{"x":76,"y":810,"width":254,"height":10}},{"id":"f825cd44-8f8b-4e77-b3e2-f906f92ccc53","block_type":"box","text":"Index-Related Risk.","page_number":103,"box":{"x":77,"y":833,"width":132,"height":8}},{"id":"3d786f8c-35ca-47f4-9aac-d874b96a679d","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":103,"box":{"x":214,"y":833,"width":728,"height":11}},{"id":"f0180b93-49f3-4b4a-ac49-2b54fd96b82d","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":103,"box":{"x":76,"y":847,"width":869,"height":11}},{"id":"1b6b8f7e-b9db-4d2c-9d09-97097cbdff8d","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":103,"box":{"x":77,"y":861,"width":872,"height":11}},{"id":"14c498ef-e349-4990-a5d9-7f09b1644c9e","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":103,"box":{"x":77,"y":875,"width":862,"height":11}},{"id":"20d02180-2c0d-4d55-a50a-5d5f66db4639","block_type":"box","text":"9","page_number":103,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"217a1049-151d-4c9c-b3e1-961a3893cf5f","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":104,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"89a6edd8-37e5-49a5-aca3-7f58755e6578","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":104,"box":{"x":76,"y":37,"width":881,"height":11}},{"id":"0cb0e72b-308e-4349-b6b1-4f348ec29347","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":104,"box":{"x":76,"y":61,"width":852,"height":10}},{"id":"9e7bfb2e-91c4-44d8-97d2-e5da41fead5a","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":104,"box":{"x":76,"y":75,"width":850,"height":11}},{"id":"051d12ff-7ac9-4e04-9695-af07f091f8cc","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":104,"box":{"x":76,"y":89,"width":877,"height":11}},{"id":"85797882-ae50-462b-88ee-630fbdca9d49","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":104,"box":{"x":76,"y":103,"width":906,"height":11}},{"id":"d657f06a-e6a4-4468-a9e1-db5f606ce9b1","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":104,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"0388bd79-5cfd-4b02-9ccd-9bc98729b1c2","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":104,"box":{"x":76,"y":131,"width":894,"height":11}},{"id":"e99f800d-feba-4d01-a36a-0002465010f1","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":104,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"d9b48efc-ffcf-49f9-9218-3b560a2d23fc","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":104,"box":{"x":76,"y":160,"width":881,"height":11}},{"id":"afaea863-c12b-442e-ba66-b1aca56bb883","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":104,"box":{"x":76,"y":174,"width":844,"height":11}},{"id":"91fd7661-fee9-4dc7-958e-da6785a8cac3","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":104,"box":{"x":77,"y":188,"width":879,"height":11}},{"id":"18b8743e-fe91-41d0-a37f-46012d9d086b","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":104,"box":{"x":76,"y":202,"width":340,"height":11}},{"id":"d37058b7-6bb4-4855-a6c1-57e66b9ac677","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":104,"box":{"x":77,"y":226,"width":857,"height":10}},{"id":"4f309b01-75d9-4fc1-bc08-94801484e869","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":104,"box":{"x":77,"y":240,"width":880,"height":11}},{"id":"fa908573-e6ea-4db9-aa65-7828d0987eff","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":104,"box":{"x":76,"y":254,"width":902,"height":11}},{"id":"3560b962-d2ff-423c-9ddc-ab05fcd5e309","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":104,"box":{"x":76,"y":268,"width":905,"height":11}},{"id":"f757a109-53f7-46e3-bb9f-713185bd1d40","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":104,"box":{"x":76,"y":282,"width":889,"height":11}},{"id":"8d6eb36a-1572-4d1c-9360-2d4e0a806a15","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":104,"box":{"x":76,"y":296,"width":890,"height":11}},{"id":"4efee8b6-a163-4ac3-8be2-4fc8f87af4b5","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":104,"box":{"x":76,"y":311,"width":723,"height":10}},{"id":"d81c5e7c-6f44-42bc-984b-1873f119f511","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":104,"box":{"x":77,"y":334,"width":899,"height":11}},{"id":"fb96f63f-16b5-4b16-a30f-1da1639bb4aa","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":104,"box":{"x":76,"y":348,"width":876,"height":11}},{"id":"c501eb14-d4fb-4116-b4d3-dee9ab5b2002","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":104,"box":{"x":76,"y":362,"width":865,"height":11}},{"id":"61a485af-c36c-431b-818b-2f94f51cd687","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":104,"box":{"x":76,"y":376,"width":897,"height":11}},{"id":"c76b44aa-1460-4a98-9179-7c465cbc74b6","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":104,"box":{"x":76,"y":391,"width":213,"height":10}},{"id":"0f99b1cc-8a59-48ec-aad3-3bb8fd172b3e","block_type":"box","text":"Industrial Companies Risk.","page_number":104,"box":{"x":77,"y":414,"width":184,"height":10}},{"id":"08ea6eca-feb0-4d8c-9ff4-f1f58fefd848","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":104,"box":{"x":267,"y":414,"width":673,"height":11}},{"id":"eecffba5-047c-4e1b-a5b8-5168aa715678","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":104,"box":{"x":76,"y":428,"width":889,"height":11}},{"id":"f26fcdd3-da1e-4aeb-8d93-ab9f45cfd642","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":104,"box":{"x":76,"y":442,"width":878,"height":11}},{"id":"1938f0b1-93dd-4091-9525-17387f6caad5","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":104,"box":{"x":76,"y":456,"width":873,"height":11}},{"id":"27e3dc15-0cc9-4eac-aa51-012b0a6b5ce8","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":104,"box":{"x":76,"y":470,"width":902,"height":11}},{"id":"e627d336-127b-44de-84a8-1803b4767d5e","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":104,"box":{"x":76,"y":485,"width":872,"height":10}},{"id":"b7e5dae3-3abf-49f4-9f6a-769139d33803","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":104,"box":{"x":77,"y":499,"width":881,"height":11}},{"id":"61c2e84f-6d5e-4024-b8f9-5fc8543ec41d","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":104,"box":{"x":76,"y":513,"width":892,"height":11}},{"id":"6513237b-984a-45a2-9d1a-5c0a195da2ef","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":104,"box":{"x":76,"y":527,"width":322,"height":11}},{"id":"08069c10-69cd-4d2c-821e-5d1a333e34ea","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":104,"box":{"x":77,"y":550,"width":899,"height":11}},{"id":"6672add7-c160-4b79-8125-9650461e1517","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":104,"box":{"x":76,"y":565,"width":864,"height":10}},{"id":"3e2319ae-388b-41ae-8f7e-4391156ee54b","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":104,"box":{"x":77,"y":579,"width":402,"height":11}},{"id":"55f7003c-11ed-4f0e-8de4-7be8c3fba099","block_type":"box","text":"Issuer Risk.","page_number":104,"box":{"x":77,"y":602,"width":79,"height":8}},{"id":"07cc4e5b-4e00-4b49-a4ef-156dc55e8f36","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":104,"box":{"x":161,"y":602,"width":755,"height":11}},{"id":"542aead7-c844-4c8e-bc78-3ec54cb64c08","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":104,"box":{"x":76,"y":616,"width":861,"height":11}},{"id":"a901b13a-57d8-4854-824e-a0aedaffa6a5","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":104,"box":{"x":76,"y":630,"width":406,"height":11}},{"id":"471d408c-f2cc-4951-b249-d72301d27475","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":104,"box":{"x":77,"y":654,"width":256,"height":10}},{"id":"b6567f12-8f95-4921-8ed1-aad2719ec03f","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":104,"box":{"x":340,"y":654,"width":630,"height":10}},{"id":"ed76552d-153d-4845-ba8f-c505fa596af8","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":104,"box":{"x":76,"y":668,"width":881,"height":11}},{"id":"3779ebbf-06be-421c-8007-918a1ba2deb2","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":104,"box":{"x":76,"y":682,"width":890,"height":11}},{"id":"69b72ce8-e57c-4b9f-86eb-06241d73f3a7","block_type":"box","text":"performance of the broader securities markets.","page_number":104,"box":{"x":76,"y":696,"width":303,"height":11}},{"id":"e61fb1c1-04b5-40c6-8988-f7a79f834af5","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":104,"box":{"x":77,"y":719,"width":368,"height":11}},{"id":"bdc80a61-d711-4c97-86e2-22f9d279a59c","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":104,"box":{"x":450,"y":719,"width":518,"height":11}},{"id":"cce5d2c0-2f21-4ae8-91b4-f00ddbf3bcb9","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":104,"box":{"x":76,"y":733,"width":875,"height":11}},{"id":"093d3718-76b5-4492-b811-ed54e73fe249","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":104,"box":{"x":76,"y":748,"width":899,"height":10}},{"id":"b75356d0-aeb3-446f-a473-bffd115e9fc2","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":104,"box":{"x":76,"y":762,"width":901,"height":11}},{"id":"61733c79-d7ef-4e4e-aff6-6922ccdad6d1","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":104,"box":{"x":76,"y":776,"width":888,"height":11}},{"id":"9365a210-dc4e-46e1-ae0e-cc3b20385e36","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":104,"box":{"x":76,"y":790,"width":882,"height":11}},{"id":"aeafd373-7106-412d-b9f3-73704dab2a63","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":104,"box":{"x":76,"y":804,"width":889,"height":11}},{"id":"8bcf541c-708d-4e8e-9060-4e76d2715cac","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":104,"box":{"x":76,"y":819,"width":906,"height":10}},{"id":"3eb1e51e-5bc3-4c23-9d41-93873330014a","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":104,"box":{"x":76,"y":833,"width":904,"height":11}},{"id":"36802dbb-0cf4-4eb9-9d48-6ec26b4fc229","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":104,"box":{"x":76,"y":847,"width":855,"height":11}},{"id":"37b635ab-6d4f-4118-a344-0e27dcbd9344","block_type":"box","text":"10","page_number":104,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"d352ffb5-be54-4a4b-ad37-db436f615a76","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":105,"box":{"x":77,"y":23,"width":892,"height":11}},{"id":"45fcac19-cc61-4029-938b-2e86ba7b1da1","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":105,"box":{"x":77,"y":37,"width":901,"height":11}},{"id":"731b2d72-6a33-4d05-823e-ac844d789477","block_type":"box","text":"to price.","page_number":105,"box":{"x":76,"y":52,"width":52,"height":10}},{"id":"a3549785-5edd-44b7-bd74-c18a5567e6cf","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":105,"box":{"x":76,"y":75,"width":840,"height":11}},{"id":"6256e912-d1ae-47d4-9435-d935e2772e7a","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":105,"box":{"x":76,"y":89,"width":898,"height":11}},{"id":"65f6550d-bc3f-4021-8e03-82b6ea01ed07","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":105,"box":{"x":76,"y":103,"width":878,"height":11}},{"id":"94e120be-bdc7-4aff-8774-7f5db25f50bb","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":105,"box":{"x":76,"y":117,"width":792,"height":11}},{"id":"6daed4ab-771d-43a1-8539-2771b1c27044","block_type":"box","text":"Management Risk.","page_number":105,"box":{"x":77,"y":140,"width":126,"height":11}},{"id":"c2fdffd1-a787-4a73-a304-25a7ca1685f2","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":105,"box":{"x":208,"y":140,"width":757,"height":11}},{"id":"ad683f5d-b98c-4cf9-8568-d63f97ddb86b","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":105,"box":{"x":76,"y":155,"width":863,"height":10}},{"id":"f9ac36af-a657-4fe6-940e-d1a2f7e31778","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":105,"box":{"x":76,"y":169,"width":864,"height":11}},{"id":"889713fb-ff50-40ad-b18d-6b528f8ad0e8","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":105,"box":{"x":77,"y":183,"width":898,"height":11}},{"id":"d9035b28-d243-46e2-9804-591f241b06b4","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":105,"box":{"x":76,"y":197,"width":837,"height":11}},{"id":"8fcb4282-f1fa-42f8-96a6-6235d0e1d170","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":105,"box":{"x":77,"y":211,"width":888,"height":11}},{"id":"f9535f3d-854d-4c4c-bc44-2ed79a993bbd","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":105,"box":{"x":77,"y":226,"width":883,"height":10}},{"id":"9f6f63db-e857-483d-b272-0a3bfeab6ea5","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":105,"box":{"x":76,"y":240,"width":889,"height":11}},{"id":"5020f5e0-477c-41b0-a473-f1eb4b1ed90f","block_type":"box","text":"its investment objective.","page_number":105,"box":{"x":76,"y":254,"width":156,"height":11}},{"id":"4ba88bef-1eab-4266-81b7-057c81eb88fb","block_type":"box","text":"Market Risk.","page_number":105,"box":{"x":77,"y":277,"width":85,"height":9}},{"id":"91163ed2-f450-4465-b8df-3ddc30e785ab","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":105,"box":{"x":167,"y":277,"width":764,"height":11}},{"id":"00645907-5f8c-4a55-85b8-6dde8cc3feba","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":105,"box":{"x":76,"y":291,"width":879,"height":11}},{"id":"0164fdf7-84d6-43fd-8fa9-5bbf132fb040","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":105,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"74b888c8-8497-4afd-a0a9-852130966f21","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":105,"box":{"x":76,"y":320,"width":904,"height":10}},{"id":"ba80d509-1781-4a1b-b244-3db23b00bb6d","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":105,"box":{"x":76,"y":334,"width":858,"height":11}},{"id":"ae13b111-868d-4369-a522-56231de71d16","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":105,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"79988ecd-efa9-4162-ba85-d006717a21c3","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":105,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"2bb6b7d0-30ef-4bc8-b5a2-b2ab9b642004","block_type":"box","text":"and assets.","page_number":105,"box":{"x":76,"y":376,"width":71,"height":9}},{"id":"2f38436e-7220-4e37-9107-82878ad14c12","block_type":"box","text":"Market Trading Risk.","page_number":105,"box":{"x":77,"y":400,"width":140,"height":10}},{"id":"bb961f99-f3a5-4f17-98b7-f73b4d0fabcb","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":105,"box":{"x":222,"y":400,"width":753,"height":10}},{"id":"6fb7b6a7-2568-4624-be76-1cb6c00791d9","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":105,"box":{"x":76,"y":414,"width":896,"height":11}},{"id":"ab06113f-cd8b-4a86-830d-766e21ed22a9","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":105,"box":{"x":76,"y":428,"width":877,"height":11}},{"id":"8e677f64-671d-4e64-81fe-a5720f4cfb30","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":105,"box":{"x":77,"y":442,"width":446,"height":11}},{"id":"20f76f33-acc6-4d94-87b9-d955de3b508a","block_type":"box","text":"Absence of an Active Primary Market.","page_number":105,"box":{"x":75,"y":465,"width":236,"height":11}},{"id":"86c15c70-cfe3-4abc-8e4a-81ce1ffb8c91","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":105,"box":{"x":317,"y":465,"width":663,"height":11}},{"id":"4576eb98-e509-4c2d-87f1-3c8db3208f47","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":105,"box":{"x":76,"y":479,"width":826,"height":11}},{"id":"aa0f0fa2-5b02-41f6-a330-fed0dacea7b2","block_type":"box","text":"Secondary Listing Risks.","page_number":105,"box":{"x":76,"y":503,"width":151,"height":11}},{"id":"110fe133-1de3-4599-98af-b5d6017d5431","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":105,"box":{"x":233,"y":503,"width":732,"height":11}},{"id":"ae2fce63-b936-44ac-9bdf-fb0e12456f3e","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":105,"box":{"x":76,"y":517,"width":841,"height":11}},{"id":"5f178656-5a8a-48c1-8444-fa0e17227e7c","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":105,"box":{"x":76,"y":531,"width":890,"height":11}},{"id":"548fdfc4-2949-4dab-b8f2-6cd54638f360","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":105,"box":{"x":76,"y":545,"width":880,"height":11}},{"id":"da5b672c-458c-41d0-b59b-61aa05591dd9","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":105,"box":{"x":76,"y":559,"width":872,"height":11}},{"id":"d2394176-36fd-4646-8852-4d9d9bdc9b76","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":105,"box":{"x":76,"y":574,"width":897,"height":10}},{"id":"5a404a02-6883-4185-b128-09cfb7eededf","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":105,"box":{"x":76,"y":588,"width":862,"height":11}},{"id":"ce4b5890-bfc5-4f37-ab36-1c18631da667","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":105,"box":{"x":76,"y":602,"width":579,"height":11}},{"id":"c454239e-9405-42d0-9870-e3cb4129f549","block_type":"box","text":"Secondary Market Trading Risk.","page_number":105,"box":{"x":76,"y":625,"width":196,"height":11}},{"id":"7ccff800-f3cd-4c81-a432-b693cc9dc36d","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":105,"box":{"x":279,"y":625,"width":703,"height":11}},{"id":"905fcb4a-de9a-4c48-bcef-23cc53f56178","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":105,"box":{"x":76,"y":639,"width":896,"height":11}},{"id":"c84102f3-badb-4cd0-8929-6e5c185a9ec1","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":105,"box":{"x":76,"y":654,"width":880,"height":10}},{"id":"b3d5dc95-803f-42ef-a344-efd39bee4cdd","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":105,"box":{"x":76,"y":668,"width":900,"height":11}},{"id":"e9455092-add9-425b-95d6-ed29ac3904c8","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":105,"box":{"x":76,"y":682,"width":893,"height":11}},{"id":"c5b16cec-c354-4d87-af1f-383545624422","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":105,"box":{"x":76,"y":696,"width":581,"height":11}},{"id":"534a4ca7-99c7-4652-b1fe-e73f9de87917","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":105,"box":{"x":77,"y":719,"width":900,"height":11}},{"id":"705501e2-b22b-4b67-9989-925f3626ee65","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":105,"box":{"x":76,"y":733,"width":547,"height":11}},{"id":"1ecd23f9-a76b-476f-b39c-58d4657e760b","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":105,"box":{"x":76,"y":757,"width":894,"height":10}},{"id":"e5428ba0-c70e-48e2-887d-7cc191f5063e","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":105,"box":{"x":76,"y":771,"width":905,"height":11}},{"id":"a96ed54d-7975-42d4-93d6-a0373d86dfac","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":105,"box":{"x":77,"y":785,"width":874,"height":11}},{"id":"b41b4a9c-0472-4276-9364-af26bd76a444","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":105,"box":{"x":76,"y":799,"width":890,"height":11}},{"id":"a507adf1-49a6-4ec3-a419-2bc7609d4288","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":105,"box":{"x":76,"y":813,"width":857,"height":11}},{"id":"223b7d92-eae8-49d4-91ef-cef1750e2008","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":105,"box":{"x":76,"y":828,"width":891,"height":10}},{"id":"6c260fda-5822-4945-90d8-69ef5d79a164","block_type":"box","text":"substantial trading losses.","page_number":105,"box":{"x":76,"y":842,"width":166,"height":11}},{"id":"d16ca5c5-088d-4fa1-a984-897b8045ee78","block_type":"box","text":"11","page_number":105,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"721b159f-abb9-49da-93de-b2143b267359","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":106,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"99387d40-d197-4a37-a291-c9634b6616c1","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":106,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"55badea8-21cc-41d7-8bce-0787e114a6b4","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":106,"box":{"x":76,"y":51,"width":658,"height":11}},{"id":"d55ab37c-3d0c-4906-adde-6f94ab8aa3d4","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":106,"box":{"x":76,"y":75,"width":310,"height":10}},{"id":"a3ffa074-a274-4322-9e4d-b1282bcbf77d","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":106,"box":{"x":385,"y":75,"width":572,"height":11}},{"id":"f48339d2-e012-46a1-bb4d-0b6c8023aa6f","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":106,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"56b35c5d-3d5c-498f-ac60-4886765bd82d","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":106,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"f8ab5290-127d-4089-bba4-051a9b197065","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":106,"box":{"x":77,"y":117,"width":885,"height":11}},{"id":"f15da48c-904f-4dc8-9704-f31cce94d1c3","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":106,"box":{"x":76,"y":131,"width":792,"height":11}},{"id":"6786109d-a57b-42f7-8df9-de3745e23951","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":106,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"a08b2721-a394-4033-8ddf-8f39e517bc12","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":106,"box":{"x":77,"y":169,"width":891,"height":11}},{"id":"c3485929-7ed2-4bbe-9e74-4c04f03d1dbf","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":106,"box":{"x":76,"y":183,"width":899,"height":11}},{"id":"e8d3ca46-120f-4e99-a46b-6bedc13e525d","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":106,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"a8b48c53-4c35-44a7-9405-40112d968e4a","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":106,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"907e8a02-9df8-4073-bf0c-86af929fd535","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":106,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"2145d2f5-4eea-4b46-b0fa-8493e5823a72","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":106,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"af2a5df2-dcf4-44c2-bde0-0008a4808e39","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":106,"box":{"x":76,"y":254,"width":849,"height":11}},{"id":"895bf42c-8622-4c40-a048-8d0995a54e60","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":106,"box":{"x":76,"y":268,"width":622,"height":11}},{"id":"db706e49-6380-4301-a6a7-0bb1f9aa2c22","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":106,"box":{"x":76,"y":291,"width":245,"height":11}},{"id":"f7e0ba19-5b67-4903-8b22-5a6c3231646d","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":106,"box":{"x":328,"y":291,"width":636,"height":11}},{"id":"c47ad44c-26b0-4458-be14-57646720ae61","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":106,"box":{"x":76,"y":305,"width":853,"height":11}},{"id":"b4f28e57-3b2b-431d-9215-c57fb0bef06a","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":106,"box":{"x":76,"y":320,"width":895,"height":10}},{"id":"9fee24d9-b8b9-4281-9ffe-9f27e6967aa8","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":106,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"42be918d-a667-41f3-b1d3-ab2253711943","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":106,"box":{"x":76,"y":348,"width":885,"height":11}},{"id":"9942ddbc-a5a2-43fa-aee2-35a0694a89c7","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":106,"box":{"x":77,"y":362,"width":891,"height":11}},{"id":"c031d323-56e5-4aea-a40c-44a57b1076c6","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":106,"box":{"x":76,"y":376,"width":901,"height":11}},{"id":"ebfe983a-e84e-4fd6-a263-753600b01217","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":106,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"7ef678d9-96e0-4ac0-9f33-8103a1cc84b5","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":106,"box":{"x":77,"y":405,"width":418,"height":11}},{"id":"c3eb2110-846e-434a-9070-28fdd428aef4","block_type":"box","text":"Materials Companies Risk.","page_number":106,"box":{"x":77,"y":428,"width":182,"height":11}},{"id":"dc2a2f96-5e38-45f1-a640-2f46afa48ee9","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":106,"box":{"x":264,"y":428,"width":710,"height":11}},{"id":"d44b8ec1-2ec9-4b95-b3bc-feb69d0563c4","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":106,"box":{"x":76,"y":442,"width":868,"height":11}},{"id":"bac33c7d-3694-4a82-96a2-e70f36ac930f","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":106,"box":{"x":76,"y":456,"width":897,"height":11}},{"id":"3a97780e-90c1-419c-bd1f-f3e5c0793e2b","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":106,"box":{"x":77,"y":470,"width":868,"height":11}},{"id":"fcfe19b2-c6fd-4bad-8481-8596d52f058b","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":106,"box":{"x":76,"y":485,"width":676,"height":10}},{"id":"13d4a11f-eacb-4d91-b429-76cca8855a3f","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":106,"box":{"x":77,"y":508,"width":243,"height":11}},{"id":"9cc01eb1-94af-4731-8928-eda05f7c0851","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":106,"box":{"x":326,"y":508,"width":607,"height":11}},{"id":"f3a179dd-ef09-4c6b-a0af-ca6b8fd08266","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":106,"box":{"x":76,"y":522,"width":875,"height":11}},{"id":"10384e23-fa65-48bc-9c73-59c3de7581c8","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":106,"box":{"x":76,"y":536,"width":847,"height":11}},{"id":"60daa057-56a2-40bd-a4fc-329ec5ae15f5","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":106,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"93c496f0-dda8-444e-822a-d67769b1b229","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":106,"box":{"x":76,"y":565,"width":882,"height":10}},{"id":"712c2602-30e4-4fae-8fa5-b42c1f086b27","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":106,"box":{"x":76,"y":579,"width":473,"height":11}},{"id":"604dccc8-6a18-4898-be06-80684983bcc6","block_type":"box","text":"National Closed Market Trading Risk.","page_number":106,"box":{"x":77,"y":602,"width":254,"height":11}},{"id":"af4335ac-8dca-4848-882f-1a99fcd08402","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":106,"box":{"x":336,"y":602,"width":637,"height":11}},{"id":"29392553-5a62-42af-917e-764f45b8257f","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":106,"box":{"x":76,"y":616,"width":905,"height":11}},{"id":"e56169a8-e118-44d6-9642-7c8e39ffab76","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":106,"box":{"x":76,"y":630,"width":332,"height":11}},{"id":"24ded792-b08a-416c-8a75-cb6860f6c200","block_type":"box","text":"i.e","page_number":106,"box":{"x":408,"y":630,"width":15,"height":9}},{"id":"cdf2ede2-8a3b-42f5-af2f-f3e970a2acb1","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":106,"box":{"x":425,"y":630,"width":508,"height":11}},{"id":"3b531073-a532-413f-a89b-e3ad314e7ac2","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":106,"box":{"x":76,"y":644,"width":863,"height":11}},{"id":"01dd2a85-5eed-46c9-a369-34deb61bfe49","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":106,"box":{"x":76,"y":659,"width":862,"height":11}},{"id":"c0a5486e-dda9-4304-82bf-3743a0b97308","block_type":"box","text":"greater than those experienced by other funds.","page_number":106,"box":{"x":76,"y":673,"width":300,"height":11}},{"id":"fc59c8d8-72c9-4408-8a26-bc97ab62afcf","block_type":"box","text":"Non-Diversification Risk.","page_number":106,"box":{"x":77,"y":696,"width":170,"height":9}},{"id":"a27ed77e-7aaa-4b25-b8a8-573b442c2aa0","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":106,"box":{"x":252,"y":696,"width":711,"height":11}},{"id":"c9414f8d-cbfa-4cb8-89db-7c29eb0aa11f","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":106,"box":{"x":76,"y":710,"width":855,"height":11}},{"id":"99c41bbd-e166-45b4-b87d-0b3e440711d0","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":106,"box":{"x":76,"y":724,"width":886,"height":11}},{"id":"f85fdd86-58ef-48dd-b490-24d12d0366a4","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":106,"box":{"x":76,"y":739,"width":879,"height":10}},{"id":"ada2c7d7-396c-41bc-8c14-2b66a4bf5445","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":106,"box":{"x":77,"y":753,"width":390,"height":11}},{"id":"35d6aba9-fa9e-41c1-87fe-ca5b647f5e23","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":106,"box":{"x":77,"y":776,"width":171,"height":8}},{"id":"5b89ef80-c9ef-43e1-8360-2c64f1376468","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":106,"box":{"x":253,"y":776,"width":698,"height":11}},{"id":"ad1f157e-f2e8-4114-8252-dbcf11a5c2fd","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":106,"box":{"x":76,"y":790,"width":889,"height":11}},{"id":"8c4ccf4f-3227-4488-9cde-1af05b54ca9b","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":106,"box":{"x":76,"y":804,"width":880,"height":11}},{"id":"a033ce8b-8150-46f1-95d4-6eaaa4bdfd73","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":106,"box":{"x":76,"y":819,"width":402,"height":10}},{"id":"cc9add54-2e9e-424e-acd1-f26013fd3e2c","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":106,"box":{"x":114,"y":837,"width":445,"height":10}},{"id":"52d9bada-e64c-4dc8-9e9e-a24935afde71","block_type":"box","text":"Greater market volatility;","page_number":106,"box":{"x":113,"y":855,"width":158,"height":10}},{"id":"8dc307fb-2793-439f-981a-d2cb38b94d2a","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":106,"box":{"x":113,"y":873,"width":383,"height":10}},{"id":"f2793a19-f5de-4489-b9a5-1de6e01bb012","block_type":"box","text":"12","page_number":106,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"1f5d46a9-d489-45a8-aa2b-37de9ead6bfd","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":107,"box":{"x":113,"y":23,"width":348,"height":11}},{"id":"b9bff23b-3a8f-470f-85f5-d8d4491ada86","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":107,"box":{"x":114,"y":41,"width":316,"height":11}},{"id":"5ab87786-659f-4fad-82d8-a68e4d1e6b46","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":107,"box":{"x":114,"y":59,"width":319,"height":11}},{"id":"436151e0-a118-4f4d-b84d-5a9be509c99d","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":107,"box":{"x":114,"y":77,"width":257,"height":11}},{"id":"49909e9c-03ab-4500-81c1-7a84eb4f07bf","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":107,"box":{"x":114,"y":95,"width":265,"height":11}},{"id":"b674da9a-0012-413c-95d2-cc5a0ae0d645","block_type":"box","text":"Higher transaction and custody costs;","page_number":107,"box":{"x":114,"y":113,"width":241,"height":11}},{"id":"c697721b-2fc4-4ccc-8007-d76d8341c055","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":107,"box":{"x":114,"y":131,"width":852,"height":11}},{"id":"af218a47-a1db-46b2-bd5c-8fd4df3a88cf","block_type":"box","text":"engage in portfolio transactions;","page_number":107,"box":{"x":113,"y":146,"width":206,"height":10}},{"id":"cf3f6c80-4d16-4d6e-a559-7987104444b5","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":107,"box":{"x":114,"y":164,"width":386,"height":10}},{"id":"fd6e8c4d-9612-4479-aedf-707cde60efa9","block_type":"box","text":"Less availability of public information about issuers;","page_number":107,"box":{"x":114,"y":182,"width":329,"height":11}},{"id":"6492a98e-9810-4444-9297-8d39615c1278","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":107,"box":{"x":113,"y":200,"width":803,"height":11}},{"id":"795c7b0b-fb06-4997-8500-49f6327ddcfd","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":107,"box":{"x":114,"y":218,"width":328,"height":11}},{"id":"179df21c-ffe2-434d-82f0-0c49e4ca8225","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":107,"box":{"x":114,"y":236,"width":853,"height":11}},{"id":"06439bfd-a8f3-466a-b157-55dc7006e76f","block_type":"box","text":"than those that apply in the U.S.","page_number":107,"box":{"x":113,"y":250,"width":205,"height":11}},{"id":"63846368-2e68-49e3-9286-1fbbef1fdb52","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":107,"box":{"x":77,"y":273,"width":188,"height":11}},{"id":"5573f0c6-0083-4491-85e0-099b2b8ec0e6","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":107,"box":{"x":265,"y":273,"width":674,"height":11}},{"id":"74c11413-e835-4631-8608-f055454c9f46","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":107,"box":{"x":76,"y":287,"width":905,"height":11}},{"id":"2d67e33e-b6dd-4750-9ab1-3b582d64ecc1","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":107,"box":{"x":76,"y":302,"width":898,"height":10}},{"id":"64a4d3fe-071d-4641-8df1-28fcde4c28a3","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":107,"box":{"x":76,"y":316,"width":892,"height":11}},{"id":"6f295f11-4200-4a1c-9b02-315e075fceec","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":107,"box":{"x":76,"y":330,"width":840,"height":11}},{"id":"9d97ea67-51c7-41a5-8c70-58f8d379ca19","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":107,"box":{"x":76,"y":344,"width":901,"height":11}},{"id":"64c12673-ee38-418d-a27e-1841c250f928","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":107,"box":{"x":76,"y":358,"width":897,"height":11}},{"id":"5dcbcd6b-b8e0-4582-b0ef-3bcb243d0305","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":107,"box":{"x":77,"y":372,"width":882,"height":11}},{"id":"f8428019-2314-4902-9289-a4c545f4284d","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":107,"box":{"x":76,"y":387,"width":906,"height":11}},{"id":"2babb3fe-1bd2-4c61-9b6d-6318a22135db","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":107,"box":{"x":77,"y":401,"width":636,"height":11}},{"id":"b314cafa-2046-4ef9-ac92-ed7ac5e6f510","block_type":"box","text":"Operational and Technology Risks.","page_number":107,"box":{"x":76,"y":424,"width":239,"height":11}},{"id":"119d4939-a964-42e0-b000-d707c218ac28","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":107,"box":{"x":320,"y":424,"width":648,"height":11}},{"id":"16435069-4ff3-4881-b3e2-67861567392d","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":107,"box":{"x":76,"y":438,"width":842,"height":11}},{"id":"1ccee49f-770a-4fa1-bacb-331026af58f0","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":107,"box":{"x":76,"y":452,"width":877,"height":11}},{"id":"29f59698-17a5-4ea7-9159-d24164efcbef","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":107,"box":{"x":76,"y":467,"width":844,"height":10}},{"id":"9b1dba7d-37db-460d-9826-fbf589086243","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":107,"box":{"x":76,"y":481,"width":866,"height":11}},{"id":"e9677a79-d383-4361-b2d2-05f4064d134b","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":107,"box":{"x":76,"y":495,"width":892,"height":11}},{"id":"2567aec9-3831-4a09-a82d-590f5bf8d150","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":107,"box":{"x":76,"y":509,"width":889,"height":11}},{"id":"a4b8d5de-fc41-4478-8580-f7ca14fb5947","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":107,"box":{"x":76,"y":523,"width":870,"height":11}},{"id":"6c2584fe-51c3-4f5a-ae83-7123f7605060","block_type":"box","text":"risks.","page_number":107,"box":{"x":77,"y":538,"width":32,"height":8}},{"id":"2909fa9a-7f3b-4585-9edd-b2f8dc47230d","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":107,"box":{"x":76,"y":561,"width":895,"height":11}},{"id":"b05485ce-14be-42ee-bc83-dfd4fafaa073","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":107,"box":{"x":76,"y":575,"width":878,"height":11}},{"id":"509a5446-8131-4ae5-8e7f-31eef37dec24","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":107,"box":{"x":76,"y":589,"width":905,"height":11}},{"id":"a967f9c9-2b27-48eb-87cf-c9c0876afab9","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":107,"box":{"x":76,"y":603,"width":885,"height":11}},{"id":"5cfa2ac7-bd52-4d97-9531-7f26239342cb","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":107,"box":{"x":76,"y":617,"width":828,"height":11}},{"id":"7213f586-8b2b-4cfc-80ec-554c31ec7aba","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":107,"box":{"x":76,"y":632,"width":898,"height":10}},{"id":"b716f9ff-62f0-47e7-bc34-852b42789890","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":107,"box":{"x":76,"y":646,"width":884,"height":11}},{"id":"a27b46bc-c368-4a52-85c9-ba4e5530e766","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":107,"box":{"x":77,"y":660,"width":880,"height":11}},{"id":"91879b87-2d9f-40af-a6aa-65a39bc1f8d6","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":107,"box":{"x":77,"y":674,"width":898,"height":11}},{"id":"1aeea921-2bb9-4f5a-b6b1-0876cb61cde1","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":107,"box":{"x":76,"y":688,"width":866,"height":11}},{"id":"96278ae3-db8b-48be-ac9e-2d052278e815","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":107,"box":{"x":76,"y":702,"width":906,"height":11}},{"id":"b76024c8-4169-4893-bd10-9c2344a87bf3","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":107,"box":{"x":76,"y":717,"width":904,"height":11}},{"id":"e9f685cc-b84b-4cd2-a381-2f3d471280a6","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":107,"box":{"x":76,"y":731,"width":885,"height":11}},{"id":"b229797a-cfc3-4adf-bea3-0677173c3155","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":107,"box":{"x":77,"y":745,"width":872,"height":11}},{"id":"2fe7a9d3-7c8c-4179-aa66-04f1acfdeb87","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":107,"box":{"x":76,"y":759,"width":855,"height":11}},{"id":"207551c0-b130-40b3-9f8e-b8fa166db606","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":107,"box":{"x":76,"y":773,"width":857,"height":11}},{"id":"5747c79b-3890-49da-8af1-5075f20a0194","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":107,"box":{"x":76,"y":788,"width":897,"height":10}},{"id":"3e40d472-da99-4941-9180-3624d2a3e356","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":107,"box":{"x":76,"y":802,"width":886,"height":11}},{"id":"9d09b44b-c2b9-4478-aa6a-1f99ecd28862","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":107,"box":{"x":76,"y":816,"width":876,"height":11}},{"id":"949be472-52f1-4989-a331-ab48d6d62c84","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":107,"box":{"x":76,"y":830,"width":585,"height":11}},{"id":"bdeb9efd-c652-468f-9370-874155c35dd3","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":107,"box":{"x":76,"y":853,"width":864,"height":11}},{"id":"6ff07b7e-fb9a-46ea-83cd-f1ec08f06812","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":107,"box":{"x":76,"y":868,"width":889,"height":10}},{"id":"f2271d97-25f7-45fa-9373-3cd75ce9feeb","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":107,"box":{"x":77,"y":882,"width":839,"height":11}},{"id":"02be1c50-309b-4657-ac5e-a5045252a4a7","block_type":"box","text":"13","page_number":107,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"a8e6f058-8b61-4255-b209-adbf1b8c7883","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":108,"box":{"x":76,"y":23,"width":862,"height":11}},{"id":"05672311-b799-4280-a8d8-1b960f26a9a4","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":108,"box":{"x":77,"y":37,"width":863,"height":11}},{"id":"48f5e098-614f-4472-bb07-e6d44228381f","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":108,"box":{"x":76,"y":51,"width":871,"height":11}},{"id":"36a5d932-816d-4fb4-937e-ac7f60d10a78","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":108,"box":{"x":76,"y":66,"width":895,"height":10}},{"id":"91fec0aa-ce23-43d6-a038-ed1aadb4f2f9","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":108,"box":{"x":76,"y":80,"width":882,"height":11}},{"id":"3c67d7a3-cf56-4a91-b5b8-b56bb44b9b65","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":108,"box":{"x":76,"y":94,"width":659,"height":11}},{"id":"d9d5da86-be7c-489f-97b5-f8890666ec0e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":108,"box":{"x":77,"y":117,"width":830,"height":11}},{"id":"4e458510-af13-4476-b65e-e1e0f66a41f7","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":108,"box":{"x":75,"y":131,"width":905,"height":11}},{"id":"a96f214e-0053-48ce-9bc7-69ce53f6d93f","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":108,"box":{"x":77,"y":146,"width":756,"height":10}},{"id":"9b896d24-a30a-4239-bd11-cfcbe9d3268a","block_type":"box","text":"Ownership Limitations Risk.","page_number":108,"box":{"x":76,"y":169,"width":195,"height":11}},{"id":"53d40fa2-cebc-4cf6-ab95-b2543dae52a6","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":108,"box":{"x":277,"y":169,"width":697,"height":11}},{"id":"4a8325e6-2cf0-4fac-a006-fc6366c168a4","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":108,"box":{"x":77,"y":183,"width":900,"height":11}},{"id":"c83daf97-3748-456e-9258-17284080961a","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":108,"box":{"x":76,"y":197,"width":851,"height":11}},{"id":"d20dfb99-680a-4895-bf66-db48eef2a73c","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":108,"box":{"x":77,"y":211,"width":866,"height":11}},{"id":"b6558357-128a-4e17-8a5e-4ad9dfc9d2d7","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":108,"box":{"x":76,"y":226,"width":903,"height":10}},{"id":"c63688d8-3f8a-4205-bc4b-7499a7e45dc5","block_type":"box","text":"holdings.","page_number":108,"box":{"x":77,"y":240,"width":55,"height":11}},{"id":"836f6b83-43af-4565-b4f4-dbc709953e52","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":108,"box":{"x":77,"y":263,"width":851,"height":11}},{"id":"f1df415a-0efd-4139-be7a-c1a4be5fe2a4","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":108,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"d4928158-1f4e-4fdd-a1d8-ca5c6812142d","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":108,"box":{"x":76,"y":291,"width":870,"height":11}},{"id":"232b1a97-7a22-477a-9b2e-629ce20c6a03","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":108,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"e1ad0be2-54f3-458a-ab45-39565f7f628e","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":108,"box":{"x":76,"y":320,"width":906,"height":10}},{"id":"71953478-7f91-4d06-a4a7-2243912fa5b5","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":108,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"ec280c67-5f6a-4494-969f-26fcc7bce276","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":108,"box":{"x":76,"y":348,"width":896,"height":11}},{"id":"2e1fb578-802a-4b67-93a1-0265fa470bc2","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":108,"box":{"x":76,"y":371,"width":885,"height":11}},{"id":"2a66532d-e664-4b44-8905-9d55c811d2b7","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":108,"box":{"x":76,"y":385,"width":854,"height":11}},{"id":"af590fc3-50ed-4c61-add5-d71b78e8edc5","block_type":"box","text":"disapproval that was obtained.","page_number":108,"box":{"x":76,"y":400,"width":195,"height":10}},{"id":"e707e9a5-1b15-4fd4-912b-e17990cb75c8","block_type":"box","text":"Real Estate Companies Risk.","page_number":108,"box":{"x":77,"y":423,"width":196,"height":11}},{"id":"7762e8d3-5dca-4eba-8ec2-2714e7e5de0a","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":108,"box":{"x":279,"y":423,"width":649,"height":11}},{"id":"38662036-8e4e-4ee8-9f0a-2b969c7f430b","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":108,"box":{"x":76,"y":437,"width":903,"height":11}},{"id":"e898dbb0-dd04-4b2e-90dc-99b371f820ed","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":108,"box":{"x":76,"y":451,"width":883,"height":11}},{"id":"6802ef54-f3ce-40a1-a019-4fd112bbd02b","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":108,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"b9a879b2-1ae2-4a7d-b59c-6d0a9ce33cc1","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":108,"box":{"x":77,"y":480,"width":329,"height":10}},{"id":"9875389d-4330-407a-9816-bd12b2af2484","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":108,"box":{"x":77,"y":503,"width":897,"height":11}},{"id":"b9455b05-6044-45ab-b9e1-15dc052ba794","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":108,"box":{"x":77,"y":517,"width":900,"height":11}},{"id":"56bd30c1-1e5c-41aa-bf39-289fe00ae1c5","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":108,"box":{"x":76,"y":531,"width":409,"height":11}},{"id":"6fc6e58d-4cc2-4178-8ffc-d9ae41039362","block_type":"box","text":"e.g.","page_number":108,"box":{"x":487,"y":533,"width":20,"height":9}},{"id":"1ccfaf62-9829-4806-a474-b7d236bc767a","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":108,"box":{"x":510,"y":531,"width":446,"height":11}},{"id":"45428096-7780-4299-833f-832a895de269","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":108,"box":{"x":76,"y":545,"width":891,"height":11}},{"id":"9118c812-6e3f-46ce-9b57-8d790a13ef56","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":108,"box":{"x":76,"y":559,"width":882,"height":11}},{"id":"6985dc13-0bec-4768-bc09-4d0565a9d1c8","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":108,"box":{"x":76,"y":574,"width":858,"height":10}},{"id":"ead29bfa-9d4f-4a47-ad16-35a1e37bfda7","block_type":"box","text":"response to economic conditions or other events.","page_number":108,"box":{"x":77,"y":588,"width":316,"height":11}},{"id":"5e31892f-5344-4885-b5fd-65c62594f688","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":108,"box":{"x":77,"y":611,"width":900,"height":11}},{"id":"7b96cf13-20f4-4282-aff6-d4b017e4cfcd","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":108,"box":{"x":77,"y":625,"width":881,"height":11}},{"id":"0d1c5e3b-f7d5-4502-ae5c-68471fecf583","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":108,"box":{"x":76,"y":639,"width":867,"height":11}},{"id":"10fa9227-42f2-47cb-9e75-813b868d4d38","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":108,"box":{"x":77,"y":654,"width":343,"height":10}},{"id":"f4e3d8e6-0a2b-498a-b985-4a7c40b6cf76","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":108,"box":{"x":76,"y":677,"width":875,"height":11}},{"id":"7a039a5c-9661-43fd-a898-8847f7d2dadf","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":108,"box":{"x":76,"y":691,"width":492,"height":11}},{"id":"336fa2f3-7b2e-465d-bb4b-82165a0111ee","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":108,"box":{"x":77,"y":714,"width":235,"height":11}},{"id":"2cd95681-52c6-4206-bc66-c6e36ae86d79","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":108,"box":{"x":317,"y":714,"width":636,"height":11}},{"id":"13c59130-d904-494f-823a-625b683f79b8","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":108,"box":{"x":77,"y":728,"width":873,"height":11}},{"id":"93e22cee-5da2-4b37-9e5a-95a5d1ac56ee","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":108,"box":{"x":76,"y":742,"width":893,"height":11}},{"id":"8814a182-4665-452f-85f9-53402676b627","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":108,"box":{"x":77,"y":757,"width":681,"height":10}},{"id":"9a1a2ea9-c95b-4a52-bcf0-340ea0f40ea1","block_type":"box","text":"Risk of Investing in Australia.","page_number":108,"box":{"x":77,"y":780,"width":202,"height":11}},{"id":"c6418e41-64ae-41cd-9ef6-a1221bcfed88","block_type":"box","text":"Investing in Australian issuers involves legal, regulatory, political, currency, security, and economic risks that","page_number":108,"box":{"x":285,"y":780,"width":696,"height":11}},{"id":"c4ab28bb-fefa-4bb7-a5a3-7fce473b4727","block_type":"box","text":"are specific to Australia. The Australian economy depends heavily on exports from the energy, agricultural and mining sectors and, as a","page_number":108,"box":{"x":76,"y":794,"width":864,"height":11}},{"id":"7740ba26-4ec3-4886-b58c-35baeefa1964","block_type":"box","text":"result, is susceptible to fluctuations in the commodity markets. The Australian economy also increasingly depends on its growing services","page_number":108,"box":{"x":77,"y":808,"width":880,"height":11}},{"id":"fb465380-0fe0-4293-a842-be4e4c53c698","block_type":"box","text":"industry. Intensifying natural disasters in Australia, including drought and bushfires, could adversely impact the value of investments in","page_number":108,"box":{"x":76,"y":822,"width":861,"height":11}},{"id":"603eb0a2-7920-4b55-8512-2f1edaec4d26","block_type":"box","text":"Australian issuers. The Australian economy depends on trading with key trading partners, including China, Japan, South Korea, the U.S., and","page_number":108,"box":{"x":76,"y":837,"width":893,"height":10}},{"id":"d4bbdf1a-eed7-4458-8cc0-4437cd121fb0","block_type":"box","text":"certain European countries. Reduced spending by any of these trading partners on Australian products and services, or negative changes in","page_number":108,"box":{"x":76,"y":851,"width":892,"height":11}},{"id":"079af930-8a68-41d4-97e0-4d1ade18ab34","block_type":"box","text":"any of these economies, may have an adverse impact on the Australian economy. Economic events in key trading countries can have a","page_number":108,"box":{"x":76,"y":865,"width":861,"height":11}},{"id":"4f3d1787-62a3-4bd5-84b0-f2816751a6d0","block_type":"box","text":"significant effect on the Australian economy.","page_number":108,"box":{"x":76,"y":879,"width":285,"height":11}},{"id":"cedc7449-f97a-4431-92bb-d7365b69f2c7","block_type":"box","text":"14","page_number":108,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"755097ff-dc18-438a-b3c3-3fe2edde3f31","block_type":"box","text":"Risk of Investing in China.","page_number":109,"box":{"x":77,"y":23,"width":178,"height":11}},{"id":"819bf2a4-81b7-4cc9-abdc-8ee835c18715","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":109,"box":{"x":261,"y":23,"width":711,"height":11}},{"id":"ee2c97c4-ee3f-41c4-bbe8-8d3584479089","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":109,"box":{"x":76,"y":37,"width":708,"height":11}},{"id":"c3362ecd-bb4e-4abe-8daa-1ed2b0516156","block_type":"box","text":"Political and Social Risk.","page_number":109,"box":{"x":76,"y":61,"width":151,"height":8}},{"id":"1bc9ae86-be23-4846-9a73-2d69e18e8372","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":109,"box":{"x":233,"y":61,"width":713,"height":10}},{"id":"89a1a3cd-81d0-4cec-814a-76b986bd0547","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":109,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"554cf5db-3a59-49ac-ab78-f0fe0ddab5c2","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":109,"box":{"x":76,"y":89,"width":888,"height":11}},{"id":"3fa1d252-8073-409d-bba1-1df915b8b1a8","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":109,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"200b66e4-197c-4be2-8b2d-86e1b4dfad50","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":109,"box":{"x":77,"y":117,"width":873,"height":11}},{"id":"a33967d0-2376-4fbf-a508-23c5b1d0207d","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":109,"box":{"x":77,"y":131,"width":888,"height":11}},{"id":"49354439-d6e5-498f-a659-fa48ad6cdcfc","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":109,"box":{"x":76,"y":146,"width":345,"height":10}},{"id":"afd46343-8ea5-432a-a9c9-dabbcc8b4bd6","block_type":"box","text":"Government Control and Regulations.","page_number":109,"box":{"x":76,"y":169,"width":234,"height":11}},{"id":"ed4d7e91-2f94-44ef-9f95-cd529be0958d","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":109,"box":{"x":317,"y":169,"width":659,"height":11}},{"id":"6a708bed-54b4-47f0-a21b-3b28fc19c1e5","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":109,"box":{"x":76,"y":183,"width":889,"height":11}},{"id":"54cf4576-c81c-4741-98a1-96a4700bf2f9","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":109,"box":{"x":77,"y":197,"width":898,"height":11}},{"id":"30da171e-7ab2-43cb-9fcf-8993ea78a817","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":109,"box":{"x":76,"y":211,"width":894,"height":11}},{"id":"5e8274d7-4971-4fe5-b877-8649f5da9d64","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":109,"box":{"x":76,"y":226,"width":855,"height":10}},{"id":"92fe6a8a-a010-4ca5-b5a8-39320cebcfce","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":109,"box":{"x":76,"y":240,"width":880,"height":11}},{"id":"3f4de53d-926e-408f-bb15-6860a69bd5f7","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":109,"box":{"x":76,"y":254,"width":850,"height":11}},{"id":"b3093264-100e-474e-a162-df88ead485d3","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":109,"box":{"x":76,"y":268,"width":893,"height":11}},{"id":"ea741434-fc99-4ffd-a22c-e2cec0ac9187","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":109,"box":{"x":76,"y":282,"width":905,"height":11}},{"id":"93a59adc-9b2a-434f-9e03-c1c78d535aed","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":109,"box":{"x":76,"y":296,"width":778,"height":11}},{"id":"5c2d7082-d0d5-41a3-a542-c1366194a762","block_type":"box","text":"Economic Risk.","page_number":109,"box":{"x":76,"y":320,"width":94,"height":8}},{"id":"5710951e-23bb-44b1-ac01-0a2291b21e71","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":109,"box":{"x":176,"y":320,"width":766,"height":10}},{"id":"4bff0eeb-e35b-415b-bca4-dbc9a3cd9e1f","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":109,"box":{"x":76,"y":334,"width":887,"height":11}},{"id":"b591bd7e-ba87-4597-9521-729d8f8a5791","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":109,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"6f79f0f5-55b7-4bdb-b08d-f3dd9692211c","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":109,"box":{"x":76,"y":362,"width":893,"height":11}},{"id":"1adfe21e-1a8f-43e6-a2a3-571c9ec86574","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":109,"box":{"x":76,"y":376,"width":871,"height":11}},{"id":"81a90a6e-a5d5-4100-8885-3f47b40096d8","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":109,"box":{"x":76,"y":391,"width":881,"height":10}},{"id":"8f40835c-8c02-413f-9a21-042170f12dd2","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":109,"box":{"x":76,"y":405,"width":876,"height":11}},{"id":"22ba560a-bf1b-49d9-a947-916fb27d2e8b","block_type":"box","text":"may occur.","page_number":109,"box":{"x":76,"y":421,"width":69,"height":9}},{"id":"801d6f81-c0c1-47af-984f-226773a62f89","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":109,"box":{"x":77,"y":442,"width":840,"height":11}},{"id":"b5ccb905-5f61-4362-bd6d-d9dc46d8bdfd","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":109,"box":{"x":77,"y":456,"width":872,"height":11}},{"id":"9c2ae2ae-145f-4545-b3bb-2fcdc2c68dad","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":109,"box":{"x":76,"y":470,"width":848,"height":11}},{"id":"a2e3cdb2-e3c1-4a18-b99c-2ce10e74b443","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":109,"box":{"x":76,"y":485,"width":893,"height":10}},{"id":"51e2771c-b51a-40b9-b76f-324cce5bbee1","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":109,"box":{"x":76,"y":499,"width":898,"height":11}},{"id":"241bb320-7e91-4340-8ff7-745f655682e4","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":109,"box":{"x":76,"y":513,"width":863,"height":11}},{"id":"5940cf98-b6c7-474b-9cff-9233bb8538ee","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":109,"box":{"x":77,"y":527,"width":897,"height":11}},{"id":"308564dc-c084-4b38-9af1-a090e720bb13","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":109,"box":{"x":76,"y":541,"width":884,"height":11}},{"id":"024971f7-f389-4e5b-aabb-271356d72f1d","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":109,"box":{"x":76,"y":556,"width":905,"height":10}},{"id":"7faa4c21-244f-4be7-8ea4-e6df7b6d50ab","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":109,"box":{"x":76,"y":570,"width":893,"height":11}},{"id":"e1383883-dcde-4109-8948-1b6df767fd71","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":109,"box":{"x":76,"y":584,"width":578,"height":11}},{"id":"5539969b-1302-47c4-97e9-5a25f8f64fd9","block_type":"box","text":"Expropriation Risk.","page_number":109,"box":{"x":76,"y":607,"width":116,"height":11}},{"id":"ac21c9fb-e345-4bdc-bd2f-25d3edc7818d","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":109,"box":{"x":198,"y":607,"width":781,"height":11}},{"id":"ead7bbe5-b554-474f-bd85-b13fb49d3bca","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":109,"box":{"x":76,"y":621,"width":841,"height":11}},{"id":"932e0ea5-4e90-454c-8932-00b29f0bdfe5","block_type":"box","text":"repatriation of capital invested.","page_number":109,"box":{"x":77,"y":635,"width":198,"height":11}},{"id":"f6a930ec-697d-4844-869a-ad1a10210680","block_type":"box","text":"Security Risk.","page_number":109,"box":{"x":76,"y":659,"width":83,"height":10}},{"id":"eeb53a8e-1462-4a10-8115-71e36dfcfe0e","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":109,"box":{"x":166,"y":659,"width":770,"height":11}},{"id":"a662191e-4b24-4be8-aed5-66cd4c1e799e","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":109,"box":{"x":76,"y":673,"width":848,"height":11}},{"id":"162df5e5-d6ec-46c0-af48-d60bce472791","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":109,"box":{"x":76,"y":687,"width":898,"height":11}},{"id":"bb003d9c-aee9-4919-be2a-558c60289c26","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":109,"box":{"x":76,"y":701,"width":886,"height":11}},{"id":"acff8769-ac78-4991-9165-e560eba0a375","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":109,"box":{"x":76,"y":715,"width":879,"height":11}},{"id":"da5aefbe-2c7f-4ec1-89e9-9cc68240daa2","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":109,"box":{"x":76,"y":730,"width":887,"height":10}},{"id":"2578d181-a852-4087-afb4-9cfa3788996d","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":109,"box":{"x":76,"y":744,"width":883,"height":11}},{"id":"db25e4e4-9cd1-4f21-8084-3ac11fa659e8","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":109,"box":{"x":77,"y":758,"width":353,"height":11}},{"id":"a1aec358-2db7-45f3-8621-454a02f40ba2","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":109,"box":{"x":76,"y":781,"width":866,"height":11}},{"id":"98b133e4-f123-4ce2-91d1-b0cea617c24b","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":109,"box":{"x":76,"y":795,"width":876,"height":11}},{"id":"37cbb17f-4f03-4466-8cdc-c1c682330c82","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":109,"box":{"x":76,"y":809,"width":871,"height":11}},{"id":"93282d6b-f7e0-4223-9939-f8ec4c6f465a","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":109,"box":{"x":76,"y":824,"width":891,"height":10}},{"id":"8fd78676-4969-432a-b8c6-726fa6881693","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":109,"box":{"x":76,"y":838,"width":863,"height":11}},{"id":"162bfcf8-00a0-4d55-8e5e-3e3c2579a1fe","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":109,"box":{"x":76,"y":852,"width":855,"height":11}},{"id":"c5665f3d-0445-493e-bf23-0a1ecd049843","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":109,"box":{"x":76,"y":866,"width":893,"height":11}},{"id":"8c0ac759-6dd1-41d6-bae3-34b8bf8e261c","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":109,"box":{"x":77,"y":880,"width":879,"height":11}},{"id":"ba02151d-32ad-453f-913e-0216c4052b81","block_type":"box","text":"15","page_number":109,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"fd3d567a-954b-4f27-ade5-8a6dbea9fda3","block_type":"box","text":"Chinese Equity Markets.","page_number":110,"box":{"x":76,"y":23,"width":151,"height":11}},{"id":"7a7e58a7-f8bf-4de8-9bd7-1054f37f6604","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":110,"box":{"x":233,"y":23,"width":726,"height":11}},{"id":"6a251d91-4ae8-4b6f-81ce-9df1f781d278","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":110,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"11a58a1c-7934-4197-925f-c93988bf95cf","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":110,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"536ef6be-8bf3-4035-b728-38f60a89bb19","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":110,"box":{"x":76,"y":66,"width":834,"height":11}},{"id":"3c104d75-ea56-4bb6-a62b-da20a2187566","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":110,"box":{"x":76,"y":80,"width":880,"height":11}},{"id":"f977152b-9ac5-45b9-990c-75666edd9827","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":110,"box":{"x":77,"y":94,"width":905,"height":11}},{"id":"871f8818-b0b8-48d3-ba0c-b91dfaa2c350","block_type":"box","text":"volume and price volatility.","page_number":110,"box":{"x":76,"y":108,"width":170,"height":11}},{"id":"27f00115-d3df-423f-be52-0a4c236b2823","block_type":"box","text":"Hong Kong Political Risk.","page_number":110,"box":{"x":76,"y":131,"width":154,"height":11}},{"id":"b3aa4f47-8be5-44be-b0c3-89d3dd9f92e1","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":110,"box":{"x":237,"y":131,"width":692,"height":11}},{"id":"306903e8-f608-4d63-90d4-6fddefe1ef3c","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":110,"box":{"x":77,"y":146,"width":887,"height":10}},{"id":"0433c202-bae7-4061-aa73-ef374c0097f5","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":110,"box":{"x":76,"y":160,"width":861,"height":11}},{"id":"06f23323-65f5-46ea-a377-8c1fa7acf978","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":110,"box":{"x":76,"y":174,"width":895,"height":11}},{"id":"3ceffb62-6d5b-431e-97e9-ae0ab9f1c7b6","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":110,"box":{"x":76,"y":188,"width":881,"height":11}},{"id":"9e56249f-9adb-4ca9-97b1-c02d8cf237e5","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":110,"box":{"x":76,"y":202,"width":823,"height":11}},{"id":"2aec54fa-6015-4055-a032-3a0b282f63ab","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":110,"box":{"x":76,"y":217,"width":853,"height":10}},{"id":"7a35dfa4-4828-40a0-92dc-fe06952c99b2","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":110,"box":{"x":76,"y":231,"width":888,"height":11}},{"id":"8f3f6deb-c595-43fe-bdb6-925c8d91bc32","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":110,"box":{"x":76,"y":245,"width":838,"height":11}},{"id":"6a966da3-ac47-45ed-bded-a0a4fc51dd3d","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":110,"box":{"x":76,"y":259,"width":869,"height":11}},{"id":"44d3a792-628f-45ca-aa20-43926c17a22d","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":110,"box":{"x":77,"y":273,"width":384,"height":9}},{"id":"d6adfc33-e312-4467-a9ff-2c8065293469","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":110,"box":{"x":76,"y":296,"width":376,"height":11}},{"id":"4aab10ba-335c-4e0c-b53e-51bc7e25d3b2","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":110,"box":{"x":459,"y":296,"width":462,"height":11}},{"id":"76442dd9-d603-4cc6-89a8-dad97d8023cc","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":110,"box":{"x":76,"y":311,"width":896,"height":10}},{"id":"c2bb4f2d-27f1-4316-9ed5-bd23805bd767","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":110,"box":{"x":76,"y":325,"width":855,"height":11}},{"id":"683b8a0b-7597-4e3b-85cf-865179ee0207","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":110,"box":{"x":76,"y":339,"width":864,"height":11}},{"id":"d02d39de-b3fa-42de-971c-e09213fbbd0a","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":110,"box":{"x":76,"y":353,"width":859,"height":11}},{"id":"367aabea-c392-4fe7-809e-685e378f9c52","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":110,"box":{"x":76,"y":367,"width":876,"height":11}},{"id":"09556dc9-b074-4ae9-bb53-00d881fa2923","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":110,"box":{"x":76,"y":382,"width":738,"height":10}},{"id":"77c77818-8b0d-46c7-aa14-36e42c188432","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":110,"box":{"x":77,"y":405,"width":888,"height":11}},{"id":"e2909be7-a3fc-44a7-a2da-049f0b98df0f","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":110,"box":{"x":77,"y":419,"width":869,"height":11}},{"id":"d90e189a-3900-4137-b688-dfe5fb755475","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":110,"box":{"x":76,"y":433,"width":888,"height":11}},{"id":"97e9a783-fae2-425e-9f00-8b17972bfd6d","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":110,"box":{"x":76,"y":447,"width":858,"height":11}},{"id":"110cf646-6e17-4af4-8eac-b09b61d0cc91","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":110,"box":{"x":76,"y":461,"width":852,"height":11}},{"id":"51ecb955-345e-4f93-88b4-90ac26c83767","block_type":"box","text":"represent equity ownership in the operating company.","page_number":110,"box":{"x":77,"y":476,"width":344,"height":10}},{"id":"bc2167d9-f684-471d-bda2-c299729bba96","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":110,"box":{"x":76,"y":499,"width":888,"height":11}},{"id":"cdb63c55-0b8d-4a5c-a768-5382804f7d23","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":110,"box":{"x":76,"y":513,"width":906,"height":11}},{"id":"8feebc2a-b735-42f2-bb38-d763279b1b42","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":110,"box":{"x":76,"y":527,"width":849,"height":11}},{"id":"bb4df978-522b-4cc5-afc2-12db441dcacf","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":110,"box":{"x":76,"y":541,"width":890,"height":11}},{"id":"8be9db00-ebb2-4326-9ccb-ddffb239af87","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":110,"box":{"x":76,"y":556,"width":855,"height":10}},{"id":"123bd00e-2de0-4d3f-884c-56486c9e0256","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":110,"box":{"x":76,"y":570,"width":898,"height":11}},{"id":"a4c31025-047a-43ce-9fb6-3165bed6df60","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":110,"box":{"x":76,"y":584,"width":892,"height":11}},{"id":"20a575a1-b85f-48cd-82e6-38d43526d0c3","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":110,"box":{"x":77,"y":598,"width":879,"height":11}},{"id":"8a1a17bb-7a5a-400a-8133-ee9f47d09dcc","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":110,"box":{"x":76,"y":612,"width":904,"height":11}},{"id":"fd171ceb-4a8a-4108-9b39-ade9197d2b2f","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":110,"box":{"x":76,"y":626,"width":894,"height":11}},{"id":"ac73a131-b284-42de-a37a-c1ee6abbeb3b","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":110,"box":{"x":76,"y":641,"width":324,"height":10}},{"id":"12a0af8d-4b3f-40ac-a1a4-3336d38c0e50","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":110,"box":{"x":77,"y":664,"width":285,"height":11}},{"id":"f29ac8fa-9e25-4fc3-b0c8-ccd7813542d7","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":110,"box":{"x":368,"y":664,"width":568,"height":11}},{"id":"b832de6c-548b-4ab0-953a-61f97d64269d","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":110,"box":{"x":76,"y":678,"width":878,"height":11}},{"id":"2f9d5cef-f2df-4486-a4a1-a72a15b89bf5","block_type":"box","text":"sectors (","page_number":110,"box":{"x":76,"y":692,"width":55,"height":11}},{"id":"88a0093a-6344-4eab-b206-d8c824166dc6","block_type":"box","text":"e.g.,","page_number":110,"box":{"x":132,"y":695,"width":25,"height":8}},{"id":"b6f6812b-f3a7-4e43-9a60-d53c8bf6428c","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":110,"box":{"x":163,"y":692,"width":817,"height":11}},{"id":"6fa9c606-6593-4b16-ad4d-190e27208f45","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":110,"box":{"x":76,"y":706,"width":887,"height":11}},{"id":"d459de24-45c8-48f7-86a7-281926bc41e2","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":110,"box":{"x":76,"y":721,"width":884,"height":10}},{"id":"f776cbdc-4fed-44e9-944c-41847eb241da","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":110,"box":{"x":76,"y":735,"width":874,"height":10}},{"id":"9299f1a7-1132-4066-87a7-d4ccbeff2bd0","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":110,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"d6914de4-8370-4ffb-a423-7fe3782d9845","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":110,"box":{"x":76,"y":763,"width":897,"height":11}},{"id":"2673ef96-4a4c-4a94-9f8d-ba2881a70b57","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":110,"box":{"x":77,"y":777,"width":899,"height":11}},{"id":"239a5f78-4c8b-494e-ab68-3563716f25af","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":110,"box":{"x":76,"y":791,"width":860,"height":11}},{"id":"ffc3d7e7-3371-4d02-9215-1d4acbd9555c","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":110,"box":{"x":76,"y":806,"width":877,"height":10}},{"id":"e588d844-0b19-42e2-a6b8-081a55513370","block_type":"box","text":"country economies.","page_number":110,"box":{"x":76,"y":820,"width":126,"height":11}},{"id":"43f8389b-cc5f-4b52-bf74-cb7eff26986d","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":110,"box":{"x":77,"y":843,"width":266,"height":11}},{"id":"233e53b3-2a6b-4da5-886d-ecd37b49c57c","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":110,"box":{"x":349,"y":843,"width":625,"height":11}},{"id":"fdb0c288-7177-4905-81c7-2e162fa903be","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":110,"box":{"x":76,"y":857,"width":869,"height":11}},{"id":"c3cb1358-e9ee-4e4b-9d62-1004fbb2f828","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":110,"box":{"x":77,"y":871,"width":836,"height":11}},{"id":"0562b39a-9123-48b2-974d-4010b11d40c9","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":110,"box":{"x":76,"y":886,"width":838,"height":10}},{"id":"553fe6e1-7b71-4c77-a9eb-955e744dcf18","block_type":"box","text":"16","page_number":110,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"3bdc0a59-b430-4118-97f4-ebacabc5c6ac","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":111,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"8e1a8dd3-63b5-4b59-9f35-6ff430137923","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":111,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"f89d8a7f-ce0f-4227-a9bb-0c7286285865","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":111,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"78bde84a-2dd7-40e5-a296-0f0ce662058b","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":111,"box":{"x":76,"y":66,"width":533,"height":11}},{"id":"3c0fe5c9-2d97-40c0-8c70-a7c3d63833cf","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":111,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"5f7b74e4-39a8-456a-9cf7-348ad964d757","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":111,"box":{"x":76,"y":103,"width":854,"height":11}},{"id":"7aaaa4ba-af05-4f9c-bb2d-c4356e3d6611","block_type":"box","text":"significant investment losses.","page_number":111,"box":{"x":76,"y":117,"width":188,"height":11}},{"id":"21502419-df4c-4f0f-9f77-ce6dae1b9022","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":111,"box":{"x":76,"y":140,"width":863,"height":11}},{"id":"ccee18f6-e1e6-4d23-b939-f54e18c734e4","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":111,"box":{"x":76,"y":155,"width":884,"height":10}},{"id":"fdf9e868-be05-45cc-8720-d84b4b7c8806","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":111,"box":{"x":77,"y":169,"width":902,"height":11}},{"id":"51dd648a-0352-478d-897a-3caeb48b7683","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":111,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"44bc81e4-5485-4128-8dc6-fdd8a7a38dcf","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":111,"box":{"x":77,"y":197,"width":878,"height":11}},{"id":"d31c726b-bf25-499e-88e0-822da27767ce","block_type":"box","text":"protection considerations.","page_number":111,"box":{"x":76,"y":211,"width":167,"height":11}},{"id":"a797a241-94e7-4b25-95b3-40f4fc69975c","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":111,"box":{"x":77,"y":235,"width":851,"height":10}},{"id":"b34ddb77-b145-4c79-b037-a0c9a2739af9","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":111,"box":{"x":76,"y":249,"width":892,"height":11}},{"id":"04f92acf-a2d9-4d1f-9db2-614593cdab32","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":111,"box":{"x":76,"y":263,"width":765,"height":11}},{"id":"ea95ab48-41dc-4b9c-ab75-bf596ed886c5","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":111,"box":{"x":77,"y":286,"width":885,"height":11}},{"id":"89ca9952-13f0-4f98-a9d7-b940f0c260fc","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":111,"box":{"x":76,"y":300,"width":857,"height":11}},{"id":"f6fda5a1-dd09-4c3b-8582-ae87229c9c20","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":111,"box":{"x":76,"y":314,"width":875,"height":11}},{"id":"f529afc8-ad9e-46dc-af76-911ad997b3eb","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":111,"box":{"x":76,"y":329,"width":870,"height":10}},{"id":"c1fc5c8e-c0ec-4ddc-be75-7ab277892df2","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":111,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"ceb5eca0-4218-4ab4-a231-fa73026d3262","block_type":"box","text":"objective.","page_number":111,"box":{"x":76,"y":357,"width":61,"height":11}},{"id":"02859e67-ffb2-4c50-b8fe-0ea69e3eb012","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":111,"box":{"x":76,"y":380,"width":858,"height":11}},{"id":"de9ea9a2-6646-4e90-b15b-567609611b1d","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":111,"box":{"x":76,"y":394,"width":863,"height":11}},{"id":"ed7c281c-c075-44d1-90b8-21f8c47aad75","block_type":"box","text":"generally less available or transparent in these markets.","page_number":111,"box":{"x":76,"y":409,"width":357,"height":10}},{"id":"adc7d525-6626-4cc8-824e-c86b7c582190","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":111,"box":{"x":77,"y":432,"width":904,"height":11}},{"id":"c957b940-2100-40a1-b4b9-98ec95120478","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":111,"box":{"x":76,"y":446,"width":700,"height":11}},{"id":"8e4bc4c9-bc7d-441f-aecc-83889f8ca85e","block_type":"box","text":"Risk of Investing in Hong Kong.","page_number":111,"box":{"x":77,"y":469,"width":215,"height":11}},{"id":"5bd55822-6f6c-4af8-96f2-8e38ec2b43e8","block_type":"box","text":"Investing in Hong Kong issuers subjects a Fund to legal, regulatory, political, economic, currency,","page_number":111,"box":{"x":298,"y":469,"width":623,"height":11}},{"id":"0032a531-e987-47de-a781-9611d6e65d13","block_type":"box","text":"geographic and security risks that are specific to Hong Kong. Hong Kong’s economy and political environment are closely tied to those of","page_number":111,"box":{"x":76,"y":483,"width":878,"height":11}},{"id":"6a1d532c-817d-4bcd-a66f-11484183c0df","block_type":"box","text":"China, which is Hong Kong’s largest trading partner for exports and imports. Changes in China’s economy, markets or policies may have an","page_number":111,"box":{"x":76,"y":498,"width":889,"height":10}},{"id":"c0beb732-932f-488e-a96c-059a9cbde959","block_type":"box","text":"adverse impact on Hong Kong’s economy. Additionally, fluctuations or shortages in the commodity markets could have a negative impact on","page_number":111,"box":{"x":76,"y":512,"width":897,"height":11}},{"id":"6fbaf200-ad1c-40e1-9bb9-8eb7c4b9f246","block_type":"box","text":"the economy of Hong Kong, which has few natural resources. The Hong Kong dollar trades at a fixed exchange rate in relation to (or, is","page_number":111,"box":{"x":76,"y":526,"width":860,"height":11}},{"id":"34504a44-2911-49fc-89c5-a66b01f76b2a","block_type":"box","text":"“pegged” to) the U.S. dollar, which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long","page_number":111,"box":{"x":76,"y":540,"width":895,"height":11}},{"id":"702ffbac-f874-48c0-9e06-2f2af997aa02","block_type":"box","text":"the currency peg will continue or what effect the establishment of an alternative exchange rate system would have on Hong Kong’s economy.","page_number":111,"box":{"x":76,"y":554,"width":903,"height":11}},{"id":"da71e755-e1c4-42f4-a5e9-97923cdc2079","block_type":"box","text":"Such a change could result in a decline in a Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":111,"box":{"x":76,"y":568,"width":665,"height":11}},{"id":"04116bf7-42bc-430d-ad1c-85bf0d159e7a","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region of the People’s Republic of China under the","page_number":111,"box":{"x":77,"y":592,"width":879,"height":10}},{"id":"29d34aa1-ab3b-424e-bd3e-8a1f74d0e952","block_type":"box","text":"principle of “one country, two systems.” Although China is obligated by treaty to maintain the current capitalist economic and social system","page_number":111,"box":{"x":76,"y":606,"width":894,"height":11}},{"id":"0fc86fe7-fba6-43f5-8b0c-52575e6f4291","block_type":"box","text":"of Hong Kong through June 30, 2047, the continuation of economic and social freedoms in Hong Kong depends on the government of China.","page_number":111,"box":{"x":76,"y":620,"width":898,"height":11}},{"id":"e3295381-d28f-479d-b9b2-cbd69f3a8b5b","block_type":"box","text":"Hong Kong has experienced protests and unrest related to China’s control, and tensions have increased between China and Hong Kong. Due","page_number":111,"box":{"x":77,"y":634,"width":898,"height":11}},{"id":"e2e47fc1-5000-43c1-a40a-49028b5ce1b3","block_type":"box","text":"to the interconnected nature of the Hong Kong and Chinese economies, instability in Hong Kong may adversely affect the Hong Kong and","page_number":111,"box":{"x":76,"y":648,"width":877,"height":11}},{"id":"6a5fc296-5700-4904-8f29-253a2a90c156","block_type":"box","text":"Chinese markets. Other countries’ perceptions of the degree of convergence between China and Hong Kong, such as with respect to trade,","page_number":111,"box":{"x":76,"y":663,"width":890,"height":10}},{"id":"d3fcf31e-1522-427e-8fd1-250534b57933","block_type":"box","text":"and resulting actions also may impact both economies.","page_number":111,"box":{"x":76,"y":677,"width":352,"height":11}},{"id":"2bbda397-17fe-475d-a0a9-a01389674f36","block_type":"box","text":"Risk of Investing in India.","page_number":111,"box":{"x":77,"y":700,"width":173,"height":11}},{"id":"36c4b369-e669-4f08-8e10-30693f6b7d9d","block_type":"box","text":"India is an emerging market country and exhibits significantly greater market volatility from time to time in","page_number":111,"box":{"x":256,"y":700,"width":681,"height":11}},{"id":"a2b36939-4b5e-4abb-b1ae-8b7ea3861821","block_type":"box","text":"comparison to more developed markets. Political and legal uncertainty, greater government control over the economy, currency fluctuations","page_number":111,"box":{"x":76,"y":714,"width":899,"height":11}},{"id":"547e2451-8907-4a58-97c2-89439079b319","block_type":"box","text":"or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses.","page_number":111,"box":{"x":76,"y":728,"width":700,"height":11}},{"id":"ff00ba81-8ce3-4029-bf51-fc8521ab2466","block_type":"box","text":"Moreover, governmental actions can have a significant effect on the economic conditions in India, which could adversely affect the value and","page_number":111,"box":{"x":77,"y":751,"width":901,"height":11}},{"id":"72d6fcf1-a0d4-4b53-821e-e66a54dc883e","block_type":"box","text":"liquidity of a Fund’s investments. In November 2016, the Indian government eliminated certain large denomination cash notes as legal tender,","page_number":111,"box":{"x":77,"y":766,"width":905,"height":11}},{"id":"ed7245f2-2a02-4aa5-b914-77df9219784d","block_type":"box","text":"causing uncertainty in certain financial markets. The securities markets in India are comparatively underdeveloped, and stockbrokers and","page_number":111,"box":{"x":76,"y":780,"width":879,"height":11}},{"id":"7d3252c4-2a16-42ab-925b-c48d797b2a80","block_type":"box","text":"other intermediaries may not perform as well as their counterparts in the U.S. and other more developed securities markets. The limited","page_number":111,"box":{"x":76,"y":794,"width":871,"height":11}},{"id":"ca6be609-9094-42ed-98b2-d00ccc2d279d","block_type":"box","text":"liquidity of the Indian securities markets may also affect the Fund’s ability to acquire or dispose of securities at the price and time that it","page_number":111,"box":{"x":77,"y":808,"width":870,"height":11}},{"id":"3970ea4c-ee3b-4fe1-a031-fc4139a94f27","block_type":"box","text":"desires.","page_number":111,"box":{"x":76,"y":822,"width":49,"height":9}},{"id":"679b7ac1-10d3-4b83-98f5-19210eeb5370","block_type":"box","text":"Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In addition, the","page_number":111,"box":{"x":76,"y":846,"width":879,"height":10}},{"id":"15597da3-ea9f-468c-a158-5344e666ea73","block_type":"box","text":"Reserve Bank of India (“RBI”) has imposed limits on foreign ownership of Indian securities, which may decrease the liquidity of a Fund’s","page_number":111,"box":{"x":77,"y":860,"width":864,"height":11}},{"id":"8f580294-80e0-4964-ae0a-3b6b6ca992c5","block_type":"box","text":"portfolio and result in extreme volatility in the prices of Indian securities. These factors, coupled with the lack of extensive accounting,","page_number":111,"box":{"x":76,"y":874,"width":858,"height":11}},{"id":"f602992f-dcd3-4e40-b643-f9df7a000806","block_type":"box","text":"auditing and financial reporting standards and practices, as compared to the U.S., may increase a Fund’s risk of loss.","page_number":111,"box":{"x":76,"y":888,"width":747,"height":11}},{"id":"5a91977a-7ec3-4aa8-a423-b4701f6c155d","block_type":"box","text":"17","page_number":111,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"7153cf76-8d7a-4fd9-aab9-05e5987529e8","block_type":"box","text":"Further, certain Indian regulatory approvals, including approvals from the Securities and Exchange Board of India (“","page_number":112,"box":{"x":77,"y":23,"width":735,"height":11}},{"id":"58f7631c-2205-42f5-9f19-a017d44fd9e1","block_type":"box","text":"SEBI”), the RBI, the","page_number":112,"box":{"x":813,"y":23,"width":123,"height":11}},{"id":"a90547fc-248a-42ca-b727-3617de03a3b7","block_type":"box","text":"central government and the tax authorities (to the extent that tax benefits need to be utilized), may be required before the Fund can make","page_number":112,"box":{"x":76,"y":37,"width":882,"height":11}},{"id":"20a41e92-e02a-41af-9a61-f93d4d624b83","block_type":"box","text":"investments in the securities of Indian companies. Capital gains from Indian securities may be subject to local taxation.","page_number":112,"box":{"x":76,"y":51,"width":763,"height":11}},{"id":"f44b2fba-f9b3-4c20-ab30-637f6a1e0747","block_type":"box","text":"Risk of Investing in Japan.","page_number":112,"box":{"x":77,"y":75,"width":178,"height":11}},{"id":"33f7a516-b309-46f1-b5c5-a931082205c1","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":112,"box":{"x":261,"y":75,"width":713,"height":11}},{"id":"c4b7043f-db87-4477-944c-0caaf30908c3","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":112,"box":{"x":76,"y":89,"width":903,"height":11}},{"id":"a2e54059-fc1a-4a02-a308-7d334b15d74a","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":112,"box":{"x":76,"y":103,"width":864,"height":11}},{"id":"dc28e2bf-d9b5-4165-a1eb-480a6d674bd5","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":112,"box":{"x":77,"y":117,"width":868,"height":11}},{"id":"4025e08b-f5a2-4929-bdab-a462df289628","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":112,"box":{"x":76,"y":131,"width":890,"height":11}},{"id":"5a6195e0-2711-4272-a5bb-841653bba4dd","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":112,"box":{"x":76,"y":146,"width":891,"height":10}},{"id":"50dafb36-1c3c-427d-9055-7037e8306d8b","block_type":"box","text":"could cause losses to investors.","page_number":112,"box":{"x":76,"y":160,"width":203,"height":8}},{"id":"41b49601-6a61-452a-89ca-030254a775b3","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":112,"box":{"x":76,"y":183,"width":896,"height":11}},{"id":"092dcbae-6d98-4779-a4ea-134b7f5636c0","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":112,"box":{"x":76,"y":197,"width":885,"height":11}},{"id":"2c01422d-b62b-4b1e-b379-9ec7f7805a0d","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":112,"box":{"x":77,"y":211,"width":899,"height":11}},{"id":"54d8673f-e9dc-440d-b4d8-41825bd4f21e","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":112,"box":{"x":76,"y":226,"width":903,"height":10}},{"id":"0eeeba68-e6ef-47b4-8a3f-19f63ef1d266","block_type":"box","text":"Risk of Investing in Malaysia.","page_number":112,"box":{"x":77,"y":249,"width":200,"height":11}},{"id":"b6fb27d9-74ee-47a1-b677-b515264110e5","block_type":"box","text":"Investments in Malaysian issuers involve risks that are specific to Malaysia, including, legal, regulatory,","page_number":112,"box":{"x":283,"y":249,"width":659,"height":11}},{"id":"b68144d3-ff5f-4969-b7dd-0010ef81eddf","block_type":"box","text":"political, currency and economic risks. The Malaysian economy, among other things is dependent upon external trade with other economies,","page_number":112,"box":{"x":76,"y":263,"width":898,"height":11}},{"id":"c036569b-769f-4659-bdc8-33c0903b24b3","block_type":"box","text":"including the U.S., China, Japan and Singapore. As a result, Malaysia is dependent on the economies of these other countries and any change","page_number":112,"box":{"x":76,"y":277,"width":904,"height":11}},{"id":"676e8452-3925-4cee-b679-a70f902b14e5","block_type":"box","text":"in the price or demand for Malaysian exports may have an adverse impact on the Malaysian economy. In addition, the Malaysian economy is","page_number":112,"box":{"x":76,"y":291,"width":896,"height":11}},{"id":"3a79f742-b6e0-451b-a4c1-6af2030535e6","block_type":"box","text":"heavily focused on export of electronic goods. As a result, Malaysia’s reliance on the electronics sector makes it vulnerable to economic","page_number":112,"box":{"x":77,"y":305,"width":870,"height":11}},{"id":"7d7af817-5e0e-474f-bead-1c315e8833ce","block_type":"box","text":"downturns in, among other sectors, the technology sector.","page_number":112,"box":{"x":76,"y":320,"width":374,"height":10}},{"id":"8e62a889-df36-441a-a090-f129e8f3252a","block_type":"box","text":"Risk of Investing in New Zealand.","page_number":112,"box":{"x":77,"y":343,"width":228,"height":11}},{"id":"95569b77-8631-4f32-8532-1d43dbe41e32","block_type":"box","text":"Investing in New Zealand issuers subjects a Fund to legal, regulatory, political, economic, currency,","page_number":112,"box":{"x":312,"y":343,"width":635,"height":11}},{"id":"15283353-bfb1-4cc0-8cee-46cca3b9d7ae","block_type":"box","text":"geographic and security risks that are specific to New Zealand. Global trade is critical to New Zealand’s economy. It depends heavily on","page_number":112,"box":{"x":76,"y":357,"width":865,"height":11}},{"id":"2e8e2d05-8051-4b3b-acd2-825b7cc862c1","block_type":"box","text":"agricultural exports, which are susceptible to weather hazards and environmental issues. New Zealand’s key trading partners are China,","page_number":112,"box":{"x":76,"y":371,"width":868,"height":11}},{"id":"ccc9c354-9728-4970-a0dc-38d1637d356d","block_type":"box","text":"Australia and the U.S., and it is vulnerable to changes in demand from these and other countries. Other risks facing New Zealand include","page_number":112,"box":{"x":76,"y":385,"width":873,"height":11}},{"id":"75c25c1c-bd2b-4832-a9d4-b76064c9ee5f","block_type":"box","text":"skilled labor shortages, dependence on foreign investment and natural disasters.","page_number":112,"box":{"x":76,"y":400,"width":517,"height":10}},{"id":"6f6cf94a-9691-4b6d-8fee-81676c4d4e65","block_type":"box","text":"Risk of Investing in Singapore.","page_number":112,"box":{"x":77,"y":423,"width":209,"height":11}},{"id":"d1189927-7bd2-4b8b-9232-d37e406b2ce2","block_type":"box","text":"Investments in Singaporean issuers will subject the Fund to legal, regulatory, political, currency and","page_number":112,"box":{"x":292,"y":423,"width":638,"height":11}},{"id":"f3440bd0-8bc9-482a-8a17-5b7bf8ebdc65","block_type":"box","text":"economic risks specific to Singapore. Specifically, political and economic developments of its neighbors may have an adverse effect on","page_number":112,"box":{"x":76,"y":437,"width":864,"height":11}},{"id":"9e3c9df0-c613-4a4d-a665-ccd4ec8728e2","block_type":"box","text":"Singapore’s economy. In addition, because its economy is export-driven, Singapore relies heavily on its trading partners. China is a major","page_number":112,"box":{"x":76,"y":451,"width":877,"height":11}},{"id":"062e9d02-104e-4a44-85c0-bb38af171aef","block_type":"box","text":"purchaser of Singapore’s exports and serves as a source of Singapore’s imports. Singapore derives a significant portion of its foreign","page_number":112,"box":{"x":76,"y":465,"width":849,"height":11}},{"id":"66ed8d8a-ad86-4137-a0fb-029fd546f5aa","block_type":"box","text":"investments from China. Singapore also has substantial economic exposure to Malaysia, Hong Kong, and the U.S. As a result, Singapore’s","page_number":112,"box":{"x":76,"y":479,"width":882,"height":11}},{"id":"d71392eb-4db2-4dba-9ca9-692b8248cd08","block_type":"box","text":"economy is susceptible to fluctuations in the world economy. A downturn in the economies of China, Malaysia, Hong Kong, or the U.S.,","page_number":112,"box":{"x":76,"y":494,"width":862,"height":11}},{"id":"4b4b3102-d20f-44db-b1be-1731ede21785","block_type":"box","text":"among other countries or regions, could adversely affect Singapore’s economy. In addition, Singapore’s economy may be particularly","page_number":112,"box":{"x":76,"y":508,"width":851,"height":11}},{"id":"97ec4aa8-5bfa-455c-bc21-ead6ab0a4686","block_type":"box","text":"vulnerable to external market changes due to its smaller size.","page_number":112,"box":{"x":76,"y":522,"width":392,"height":11}},{"id":"908d2e2b-914c-435f-82fd-a42b0ad857d5","block_type":"box","text":"Risk of Investing in South Korea.","page_number":112,"box":{"x":77,"y":545,"width":225,"height":11}},{"id":"e3a1036e-907e-4da8-a9fd-e636589f828e","block_type":"box","text":"Investments in South Korean issuers involve risks that are specific to South Korea, including legal,","page_number":112,"box":{"x":308,"y":545,"width":628,"height":11}},{"id":"7167a2f6-9ff0-4f1f-8fb7-e4a6a8b73dfa","block_type":"box","text":"regulatory, political, currency, security and economic risks. Substantial political tensions exist between North Korea and South Korea.","page_number":112,"box":{"x":77,"y":559,"width":855,"height":11}},{"id":"2bc0c710-dfc3-4fbb-b038-9119ba07e7f1","block_type":"box","text":"Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of","page_number":112,"box":{"x":77,"y":574,"width":877,"height":10}},{"id":"85445c80-7a80-429d-b932-9e091a01b586","block_type":"box","text":"hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has","page_number":112,"box":{"x":77,"y":588,"width":863,"height":11}},{"id":"adec8207-2857-4810-82fd-2de70baad29f","block_type":"box","text":"recently been on a decline because of a rapidly aging population and structural problems, among other factors. The South Korean economy is","page_number":112,"box":{"x":77,"y":602,"width":904,"height":11}},{"id":"59143a8b-6ea5-48ad-a5de-8ef7671c525b","block_type":"box","text":"heavily reliant on trading exports and disruptions or decreases in trade activity could lead to further declines.","page_number":112,"box":{"x":77,"y":616,"width":696,"height":11}},{"id":"6c98cfe5-7f0d-490b-8b98-7724006c2b3d","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":112,"box":{"x":77,"y":639,"width":187,"height":11}},{"id":"cd7657d0-d75d-4d7e-9e09-10bc176f1395","block_type":"box","text":"Investing in Taiwanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic","page_number":112,"box":{"x":270,"y":639,"width":693,"height":11}},{"id":"02ac8780-9b92-4793-b3ca-4b2c1ea2ffdc","block_type":"box","text":"and security risks that are specific to Taiwan. Taiwan’s economy is export-oriented, so it depends on a free-trade regime. It may be adversely","page_number":112,"box":{"x":76,"y":654,"width":900,"height":10}},{"id":"9a6c09e9-fa63-4170-ad0d-ee529ae90a35","block_type":"box","text":"affected by trade conflicts, downturns in the world economy and reduced demand for its goods, particularly from key trading partners such","page_number":112,"box":{"x":76,"y":668,"width":888,"height":11}},{"id":"a7458ee0-a993-4dfa-871c-ab1df76d41d7","block_type":"box","text":"as China. Taiwan has limited natural resources and relies on imports for its commodity needs, making it vulnerable to global fluctuations in","page_number":112,"box":{"x":76,"y":682,"width":886,"height":11}},{"id":"06d21435-ea19-4c7c-bf03-f3d3e0d1c473","block_type":"box","text":"price and supply. This dependence is especially pronounced in the energy sector. Electricity and water shortages pose threats to Taiwan’s","page_number":112,"box":{"x":76,"y":696,"width":879,"height":11}},{"id":"81a55a57-fb98-4810-a70c-4f412dba8eff","block_type":"box","text":"high-tech manufacturing sector. Other long-term challenges for Taiwan include an aging population, a shortage of skilled labor and increasing","page_number":112,"box":{"x":77,"y":710,"width":902,"height":11}},{"id":"a504c59e-a90f-40f5-9c42-5543c92305e7","block_type":"box","text":"competition from neighboring lower-cost countries.","page_number":112,"box":{"x":76,"y":724,"width":328,"height":11}},{"id":"29590ece-24ff-4d57-822c-4032e9121e67","block_type":"box","text":"China has a complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if","page_number":112,"box":{"x":76,"y":748,"width":883,"height":10}},{"id":"6bfbfb2a-31d7-47d1-871b-5002344bc5a4","block_type":"box","text":"necessary. The Chinese military has conducted military drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based","page_number":112,"box":{"x":76,"y":762,"width":853,"height":11}},{"id":"45c76912-0e28-48bd-a619-99dcb74805bc","block_type":"box","text":"companies and individuals are significant investors in China. Continuing hostility between China and Taiwan may have an adverse impact on","page_number":112,"box":{"x":76,"y":776,"width":893,"height":11}},{"id":"a69f9fbc-7d6a-4bc3-998f-8228849c9b42","block_type":"box","text":"their economies and markets and on the value of a Fund’s investments in China, Taiwan or the region, may cause a suspension in a Fund’s","page_number":112,"box":{"x":76,"y":790,"width":882,"height":11}},{"id":"bbd2a89e-7f69-49c4-987f-c47cd595a6da","block_type":"box","text":"ability to trade in certain securities or other assets, or may otherwise make such investments impracticable or impossible.","page_number":112,"box":{"x":76,"y":804,"width":781,"height":11}},{"id":"6afd83ce-4d4f-495e-8b78-aa06c137e604","block_type":"box","text":"Risk of Investing in Thailand.","page_number":112,"box":{"x":77,"y":827,"width":198,"height":11}},{"id":"d3ca3150-165a-4d7a-9152-1965b00b6dee","block_type":"box","text":"Investing in Thai issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":112,"box":{"x":281,"y":828,"width":681,"height":10}},{"id":"c8ae5e31-143e-4f5e-ba07-6161b63f81d1","block_type":"box","text":"security risks that are specific to Thailand. Thailand’s economy is heavily export-dependent and is vulnerable to changes in demand from its","page_number":112,"box":{"x":76,"y":842,"width":893,"height":11}},{"id":"565c6a21-19d3-492c-b96b-ff7e005cee26","block_type":"box","text":"key trading partners, which include the U.S., China and Japan. The tourism industry is a key contributor to Thailand’s economy and could be","page_number":112,"box":{"x":77,"y":856,"width":890,"height":11}},{"id":"859807ef-e374-423b-9563-8eecd3224f24","block_type":"box","text":"adversely affected by disruptions in international travel and natural disasters, among other things. Other risks facing Thailand include periods","page_number":112,"box":{"x":76,"y":870,"width":903,"height":11}},{"id":"3a48e2d1-abe0-46b0-ad6d-e1281cd4260f","block_type":"box","text":"of political instability, perceptions of corruption, an aging population, skilled labor shortages and infrastructure challenges.","page_number":112,"box":{"x":76,"y":884,"width":784,"height":11}},{"id":"c8665cef-cd9f-40ea-8622-8855b266616d","block_type":"box","text":"18","page_number":112,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"a27a90f3-ca32-4381-9477-d849e3cc6179","block_type":"box","text":"Securities Lending Risk.","page_number":113,"box":{"x":76,"y":23,"width":166,"height":11}},{"id":"71159920-a4d5-4434-b09f-63961dce765f","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":113,"box":{"x":247,"y":23,"width":730,"height":11}},{"id":"426ff030-71ec-45f2-abb6-4fa1430f3f37","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":113,"box":{"x":76,"y":37,"width":898,"height":11}},{"id":"4d320977-a052-4d20-be54-669d9401b8d1","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":113,"box":{"x":76,"y":51,"width":892,"height":11}},{"id":"c1a240d9-3008-4e73-a517-eb183c8bda6c","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":113,"box":{"x":76,"y":66,"width":403,"height":11}},{"id":"16479457-e59e-4d6d-8656-f6111325deb0","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":113,"box":{"x":76,"y":89,"width":257,"height":11}},{"id":"5ec6ebe7-86e2-478d-adf6-e8ca1903081c","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":113,"box":{"x":339,"y":89,"width":617,"height":11}},{"id":"1b8103cb-086f-4356-af30-30bd2ef63a47","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":113,"box":{"x":76,"y":103,"width":863,"height":11}},{"id":"1f753d87-5fcb-4302-b49e-5f224af15ca1","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":113,"box":{"x":76,"y":117,"width":868,"height":11}},{"id":"907991f2-846a-465c-afff-2f32a3f76cbb","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":113,"box":{"x":76,"y":131,"width":895,"height":11}},{"id":"2db62610-da1e-4964-ba02-86235fa59fa1","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":113,"box":{"x":77,"y":146,"width":898,"height":10}},{"id":"69d03f2f-6c4e-4034-8c04-83dc6309bb11","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":113,"box":{"x":76,"y":160,"width":900,"height":11}},{"id":"e98f097b-5fad-4d72-846c-0e61df43c2d5","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":113,"box":{"x":77,"y":174,"width":885,"height":11}},{"id":"c5b3c1b8-8619-4d5e-9ba9-b71c7f620fd4","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":113,"box":{"x":76,"y":188,"width":354,"height":11}},{"id":"51a69697-4c9c-4b03-9901-ec22ca4bca58","block_type":"box","text":"Sustainability Risk.","page_number":113,"box":{"x":76,"y":211,"width":132,"height":11}},{"id":"19d4208a-32de-4237-9f84-15318f2bc403","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":113,"box":{"x":214,"y":211,"width":762,"height":11}},{"id":"dacaf661-683b-4a49-9489-674a90a2e92e","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":113,"box":{"x":77,"y":226,"width":732,"height":10}},{"id":"03b6868f-58e0-47bb-8092-84b3f6ed8a84","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":113,"box":{"x":76,"y":249,"width":874,"height":11}},{"id":"65f0d01f-5a27-49d4-88a0-c50fb883c5e5","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":113,"box":{"x":76,"y":263,"width":875,"height":11}},{"id":"6fef1118-72df-4dea-99b8-a1449347fff7","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":113,"box":{"x":76,"y":277,"width":901,"height":11}},{"id":"4e4daef4-f676-485a-802b-18d611d6e7c1","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":113,"box":{"x":76,"y":291,"width":883,"height":11}},{"id":"4bddfe09-8719-4778-873d-664b8dcc0483","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":113,"box":{"x":76,"y":305,"width":863,"height":11}},{"id":"e0984526-3fdf-4507-90c3-37a0961b511b","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":113,"box":{"x":76,"y":320,"width":864,"height":10}},{"id":"d29089e4-98d4-4c69-93f3-a38b3610f695","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":113,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"b108f547-447e-448e-a323-6ec0ccc4d2b4","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":113,"box":{"x":76,"y":357,"width":905,"height":11}},{"id":"dd8b0a77-6291-4beb-b579-a4f1767bbaa2","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":113,"box":{"x":76,"y":371,"width":851,"height":11}},{"id":"a3a7b9ed-2222-4bb8-b5cc-2850d2ff9f9b","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":113,"box":{"x":76,"y":394,"width":875,"height":11}},{"id":"11186d3a-ff97-40f9-959c-3b1f6b784c0a","block_type":"box","text":"edit","page_number":113,"box":{"x":952,"y":394,"width":24,"height":9}},{"id":"40ad6ab7-a52f-41d2-b5f5-adaeb6f1238c","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":113,"box":{"x":76,"y":409,"width":890,"height":10}},{"id":"bbf30eb8-7491-48d8-9412-640dbd5d9a82","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":113,"box":{"x":76,"y":423,"width":343,"height":11}},{"id":"b0a61acb-6824-4c90-acb6-96f3e9dd812f","block_type":"box","text":"e.g","page_number":113,"box":{"x":420,"y":425,"width":19,"height":9}},{"id":"ca101ad7-c236-46f1-9680-f5fb7e35a64c","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":113,"box":{"x":440,"y":423,"width":534,"height":11}},{"id":"784a67a8-23a9-4c4f-8a83-f97e2976e485","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":113,"box":{"x":76,"y":437,"width":468,"height":11}},{"id":"9b0438c6-42aa-4b1d-a5ec-3fc029549463","block_type":"box","text":"e.g","page_number":113,"box":{"x":545,"y":439,"width":19,"height":9}},{"id":"fb3a1550-ff32-4d20-9608-5eda26443eaf","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":113,"box":{"x":565,"y":437,"width":410,"height":11}},{"id":"da779f1d-33b9-4511-b457-babd2dd0f397","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":113,"box":{"x":76,"y":451,"width":845,"height":11}},{"id":"6515a8da-3450-436f-aba8-f741fbba7354","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":113,"box":{"x":76,"y":465,"width":777,"height":11}},{"id":"59577713-c062-4f84-997e-972db39c2be7","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":113,"box":{"x":76,"y":489,"width":903,"height":10}},{"id":"e9c980f8-a933-4020-bfc7-b006ecf67a86","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":113,"box":{"x":76,"y":503,"width":840,"height":11}},{"id":"6491d5d4-0b8b-4855-a283-62d9226a1645","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":113,"box":{"x":76,"y":517,"width":898,"height":11}},{"id":"42a715ce-bd5b-4752-b78a-7789215455d2","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":113,"box":{"x":77,"y":531,"width":873,"height":11}},{"id":"8957b92e-4b80-4c41-9c28-c68f855f2558","block_type":"box","text":"transition risks.","page_number":113,"box":{"x":76,"y":545,"width":98,"height":9}},{"id":"65eec4f2-6496-460c-bdf4-db4d21f61283","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":113,"box":{"x":76,"y":568,"width":869,"height":11}},{"id":"a7d58c2a-cb3a-4c8d-9837-27791472dca8","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":113,"box":{"x":76,"y":583,"width":443,"height":10}},{"id":"85e60960-8306-4b04-a7a1-e72384f8bde0","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":113,"box":{"x":76,"y":606,"width":850,"height":11}},{"id":"eaa37ab6-5d70-4581-950f-4c6507b89bbb","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":113,"box":{"x":76,"y":620,"width":889,"height":11}},{"id":"6de69674-a362-487f-a833-d2eb8a90c5fe","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":113,"box":{"x":76,"y":634,"width":903,"height":11}},{"id":"a728a541-ae29-473f-8bea-d4894218343e","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":113,"box":{"x":76,"y":648,"width":252,"height":11}},{"id":"49743dc9-ca6e-47bc-9950-60add1adfdac","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":113,"box":{"x":76,"y":672,"width":829,"height":10}},{"id":"7311f6d5-2099-4730-95b2-b80105e18d5b","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":113,"box":{"x":76,"y":686,"width":477,"height":11}},{"id":"55c1875d-3913-4d25-8285-d139112a1541","block_type":"box","text":"Technology Companies Risk.","page_number":113,"box":{"x":76,"y":709,"width":198,"height":11}},{"id":"f95480ca-d2e4-4c9e-83d8-fee4958f6351","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":113,"box":{"x":278,"y":709,"width":693,"height":11}},{"id":"a2bdc267-7448-4825-a6f6-300e4ec3e6af","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":113,"box":{"x":77,"y":723,"width":882,"height":11}},{"id":"43db906d-bf61-4785-bca8-43938f9fd9c4","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":113,"box":{"x":76,"y":737,"width":888,"height":11}},{"id":"46f71501-553a-4727-854a-57ba7b19146a","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":113,"box":{"x":76,"y":751,"width":905,"height":11}},{"id":"a8a6b50b-29f4-4d88-996d-72b950951d08","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":113,"box":{"x":76,"y":766,"width":891,"height":11}},{"id":"5f422d3d-91a2-4c16-ba94-d1e19bd827ff","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":113,"box":{"x":76,"y":780,"width":868,"height":11}},{"id":"39a208cb-28c7-4b75-b7cd-964c538927b7","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":113,"box":{"x":76,"y":794,"width":898,"height":11}},{"id":"45e28571-74cc-424b-86ff-b54e52352bbe","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":113,"box":{"x":76,"y":808,"width":738,"height":11}},{"id":"8f8830cf-cedb-4add-9604-d0ddb9390454","block_type":"box","text":"Tracking Error Risk.","page_number":113,"box":{"x":76,"y":831,"width":135,"height":11}},{"id":"278be3d6-e4c5-4110-9ea8-ac40bddad294","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":113,"box":{"x":216,"y":831,"width":749,"height":11}},{"id":"5022043b-5d74-451f-bee2-fed79366417c","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":113,"box":{"x":76,"y":846,"width":871,"height":10}},{"id":"cb9ca2bb-67a5-4310-8d2d-6470ee5b21c4","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":113,"box":{"x":76,"y":860,"width":897,"height":11}},{"id":"5163b769-7da8-4945-a1b6-b43f83bfc600","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":113,"box":{"x":76,"y":874,"width":868,"height":11}},{"id":"6452e60a-b81d-43d2-9f28-b6e419f8ddba","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":113,"box":{"x":77,"y":888,"width":823,"height":11}},{"id":"ad622f8c-6ea9-4b67-97b7-84cbb4494369","block_type":"box","text":"19","page_number":113,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c876a4ac-94c5-416e-83cd-bb1131bb8116","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":114,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"778b4866-935c-4220-b85f-4b2b3438b811","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":114,"box":{"x":77,"y":37,"width":901,"height":11}},{"id":"c85d3cc3-97b0-4dab-a89c-0ab88f5464ee","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":114,"box":{"x":76,"y":51,"width":869,"height":11}},{"id":"fa113efe-878b-459b-bebb-1d9e2a1c5580","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":114,"box":{"x":76,"y":66,"width":884,"height":11}},{"id":"c6d64bf4-b75c-4bcc-9ee4-3c97d7e62ad2","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":114,"box":{"x":76,"y":80,"width":844,"height":11}},{"id":"df51ffa5-abcc-431d-b056-2a8ccd9137d1","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":114,"box":{"x":76,"y":94,"width":851,"height":11}},{"id":"b6491747-34da-4639-812e-4f7ec00f9e16","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":114,"box":{"x":76,"y":108,"width":401,"height":11}},{"id":"79376de0-806f-4e2c-85e3-b7b5c15f42b1","block_type":"box","text":"U.S. Economic Risk.","page_number":114,"box":{"x":77,"y":131,"width":135,"height":9}},{"id":"39de4a73-e127-41e9-babe-c396f7876ef4","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. 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There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":114,"box":{"x":76,"y":334,"width":842,"height":11}},{"id":"d813df63-96c6-4d28-b83d-c0abc464d82f","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":114,"box":{"x":76,"y":348,"width":899,"height":11}},{"id":"4aeeb178-e441-4aa8-9a9c-11306bcfe3bf","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. 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The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":114,"box":{"x":76,"y":470,"width":857,"height":11}},{"id":"776f22d4-1d42-44ba-9183-5c5f33fb0d97","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":114,"box":{"x":76,"y":485,"width":898,"height":10}},{"id":"57079b17-e70c-4c0a-9b37-2d5c71ea1906","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":114,"box":{"x":76,"y":499,"width":849,"height":11}},{"id":"10bbadd9-ef8d-4810-acd3-9fcc88b06d30","block_type":"box","text":"purchase or sell Fund shares.","page_number":114,"box":{"x":76,"y":513,"width":187,"height":11}},{"id":"b978fb27-af28-44f3-9fed-4a8a23caae31","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":114,"box":{"x":77,"y":536,"width":886,"height":11}},{"id":"894d2989-3554-4e5a-bfff-3dc216b66df1","block_type":"box","text":"dollars at the prevailing market rates. 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Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":114,"box":{"x":76,"y":579,"width":895,"height":11}},{"id":"8e1df9db-079a-455a-b670-0d0c20d8b4e2","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":114,"box":{"x":76,"y":593,"width":892,"height":11}},{"id":"fed05de3-2cfb-4ab8-a7cb-22a1097776f9","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":114,"box":{"x":77,"y":607,"width":857,"height":11}},{"id":"32a89dae-5434-4df3-ae12-3320e3e3e846","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":114,"box":{"x":76,"y":621,"width":772,"height":11}},{"id":"7fafbf56-fa62-4391-a685-b8ae945a860e","block_type":"box","text":"Portfolio Holdings Information","page_number":114,"box":{"x":78,"y":650,"width":296,"height":17}},{"id":"413d36d3-b3cb-49d1-aaa6-6152ff738e9d","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":114,"box":{"x":76,"y":679,"width":896,"height":11}},{"id":"a6066954-b116-4c8b-ac4c-8a6b18844db0","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":114,"box":{"x":77,"y":846,"width":852,"height":10}},{"id":"7c1baf90-da30-48ea-99e4-4327d60d55db","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":114,"box":{"x":77,"y":869,"width":901,"height":11}},{"id":"060cc9dc-b79f-4717-8d1b-d8136bd51b4b","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":114,"box":{"x":76,"y":882,"width":823,"height":12}},{"id":"51105f10-5c7a-45a9-8dcf-4a6446f1d6dc","block_type":"box","text":"20","page_number":114,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"b5fe4bdc-1c9c-4ec8-8ab7-734fd0ba4c7c","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":115,"box":{"x":77,"y":23,"width":887,"height":11}},{"id":"06bd888b-9546-4836-aff5-48e13451ca7b","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":115,"box":{"x":76,"y":37,"width":885,"height":11}},{"id":"25f91e54-0022-4ab1-9a34-2f709db03b8a","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":115,"box":{"x":76,"y":51,"width":892,"height":11}},{"id":"828f93f8-4987-4d99-ad68-275eff233c38","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":115,"box":{"x":76,"y":66,"width":886,"height":10}},{"id":"4d469aa5-f7c8-4c8e-93ed-2a42130ff37e","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":115,"box":{"x":76,"y":80,"width":299,"height":11}},{"id":"2ad12b39-59f8-4eb5-9f25-54b7c5bee2b5","block_type":"box","text":"Fees and Expenses","page_number":115,"box":{"x":77,"y":103,"width":131,"height":11}},{"id":"e4a693c2-e60d-44d3-b01c-1d92101d1035","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Company (entered into on behalf of the Funds), BFA is responsible for","page_number":115,"box":{"x":77,"y":126,"width":896,"height":11}},{"id":"c905580c-20f4-4be7-9500-ab46da8a63f8","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":115,"box":{"x":76,"y":140,"width":858,"height":11}},{"id":"07c3009f-86e1-4e3f-ac92-e729dec49ac8","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":115,"box":{"x":76,"y":155,"width":891,"height":10}},{"id":"45df843e-a48d-4ba1-a0a1-f4043c65c512","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Directors who are not","page_number":115,"box":{"x":76,"y":169,"width":843,"height":11}},{"id":"dfaa6bca-5b0a-4a81-ba97-3a4c3f8ba681","block_type":"box","text":"“interested persons” of the Company). 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For these services, the securities lending agent will","page_number":117,"box":{"x":77,"y":37,"width":854,"height":11}},{"id":"5322f99b-73d1-4b6b-85a7-86459f61078f","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":117,"box":{"x":77,"y":51,"width":862,"height":11}},{"id":"03a75134-0fbc-46d7-b78b-f94967b148fb","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":117,"box":{"x":77,"y":66,"width":876,"height":11}},{"id":"6abcfd1a-b513-404b-9a61-958af3d91265","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":117,"box":{"x":76,"y":80,"width":363,"height":11}},{"id":"75a3088b-58d3-45ec-b001-a8cd72509c19","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":117,"box":{"x":77,"y":103,"width":894,"height":11}},{"id":"4baa380a-86a3-482a-973c-99b14793b1cf","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":117,"box":{"x":76,"y":117,"width":860,"height":11}},{"id":"106faecf-0983-4cba-abf8-9d3b5470f931","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":117,"box":{"x":77,"y":131,"width":854,"height":11}},{"id":"9a85e933-e5be-4f27-ba04-dde9396583a7","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":117,"box":{"x":76,"y":146,"width":894,"height":10}},{"id":"e74ebf80-1e7f-4f9c-932a-b7574c3356fc","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":117,"box":{"x":76,"y":160,"width":871,"height":11}},{"id":"bacff587-0cda-4339-bf19-408c59a8bdf0","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":117,"box":{"x":76,"y":174,"width":848,"height":11}},{"id":"3e267667-a96f-4385-909d-ff8128190346","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":117,"box":{"x":77,"y":188,"width":342,"height":11}},{"id":"27175b80-9390-4b2e-8685-a5eccd1781b9","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":117,"box":{"x":77,"y":211,"width":893,"height":11}},{"id":"18bbdb54-8eb0-43d4-92f6-c8164094746f","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":117,"box":{"x":76,"y":226,"width":885,"height":10}},{"id":"32ce9d50-9471-4919-b956-9ab8b624f13d","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":117,"box":{"x":76,"y":240,"width":897,"height":11}},{"id":"4aa75d3e-0c13-46df-8367-63fb00f7fbd8","block_type":"box","text":"licensees.","page_number":117,"box":{"x":77,"y":254,"width":61,"height":8}},{"id":"068d96eb-4739-4f9b-8b92-e65a0842cd76","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":117,"box":{"x":76,"y":277,"width":875,"height":11}},{"id":"61095023-0198-4099-acd3-8fdd0b4b743f","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":117,"box":{"x":76,"y":291,"width":886,"height":11}},{"id":"b059ec2b-bbf8-46aa-8764-5509d136d225","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":117,"box":{"x":76,"y":305,"width":326,"height":9}},{"id":"13c2022e-6f41-49b6-a0f2-1ff9ad8cbaf1","block_type":"box","text":"Shareholder Information","page_number":117,"box":{"x":77,"y":334,"width":240,"height":14}},{"id":"de97bd10-f34b-4c8e-b373-b4731c4d90b4","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":117,"box":{"x":75,"y":363,"width":821,"height":11}},{"id":"6f4dfae8-14ee-4048-aeb9-42e3acdf5f2a","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":117,"box":{"x":78,"y":378,"width":383,"height":10}},{"id":"6685bfc0-2531-4d71-9467-12557ac07767","block_type":"box","text":"Buying and Selling Shares","page_number":117,"box":{"x":77,"y":401,"width":180,"height":11}},{"id":"f21863ac-a092-4f79-9466-b7d3073e7de1","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":117,"box":{"x":76,"y":424,"width":839,"height":11}},{"id":"6e93207b-99f3-4075-b333-d99079d0d52c","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":117,"box":{"x":76,"y":438,"width":584,"height":11}},{"id":"ecf75501-a46a-4060-99be-6c1376a9c660","block_type":"box","text":"i.e","page_number":117,"box":{"x":661,"y":438,"width":14,"height":9}},{"id":"c22e1c79-933e-4d40-812d-23fea0e6a393","block_type":"box","text":"., financial institutions that are authorized to","page_number":117,"box":{"x":677,"y":438,"width":282,"height":10}},{"id":"7a70409e-5001-4757-8835-dc0c7b567eb5","block_type":"box","text":"participate in such transactions), as described in the","page_number":117,"box":{"x":76,"y":452,"width":335,"height":11}},{"id":"6e3d1470-08c7-4bfb-a361-94ccccc21cdd","block_type":"box","text":"Creations and Redemptions","page_number":117,"box":{"x":417,"y":452,"width":173,"height":11}},{"id":"bce2971f-fcef-4cfe-83ab-2d37309bf7d1","block_type":"box","text":"section below.","page_number":117,"box":{"x":595,"y":452,"width":90,"height":9}},{"id":"c685d005-5f5c-49e4-a3e9-c31f25588bac","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":117,"box":{"x":77,"y":476,"width":904,"height":10}},{"id":"54c0285f-22a2-41c1-9f79-de5b6f762f04","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":117,"box":{"x":77,"y":490,"width":860,"height":11}},{"id":"547a6646-2515-475b-90d9-38e1151c878b","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":117,"box":{"x":76,"y":504,"width":857,"height":11}},{"id":"f989125b-d5ce-4acc-9ed2-309af8ff7b6a","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":117,"box":{"x":76,"y":518,"width":598,"height":11}},{"id":"28abbfc2-c1fe-4059-967f-4abdf892cd2e","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":117,"box":{"x":77,"y":541,"width":899,"height":11}},{"id":"d96a5c96-3bbc-4243-8d2c-3197ad2606e8","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":117,"box":{"x":76,"y":556,"width":869,"height":10}},{"id":"cfbc58fe-2269-41cc-8b27-90460817bb1d","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":117,"box":{"x":76,"y":570,"width":888,"height":11}},{"id":"de82e47b-dc0b-49d2-a1ec-ffc848e9f8e7","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":117,"box":{"x":76,"y":584,"width":884,"height":11}},{"id":"ca4e6d6c-df21-4cbf-a21d-8f06b73a5db8","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":117,"box":{"x":76,"y":598,"width":904,"height":11}},{"id":"93b13b24-941f-4b7e-ada2-2a14b9020741","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":117,"box":{"x":76,"y":612,"width":897,"height":11}},{"id":"90c2a937-aa64-4770-b2f1-86806e0403d5","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":117,"box":{"x":76,"y":626,"width":887,"height":11}},{"id":"78f82ad0-4c04-4051-87d0-52474271211d","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":117,"box":{"x":76,"y":641,"width":713,"height":10}},{"id":"7767d995-77a2-4cef-a0aa-95694fc4384d","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":117,"box":{"x":76,"y":664,"width":902,"height":11}},{"id":"acea2595-6f95-4ede-b156-d7e27a3310b6","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":117,"box":{"x":76,"y":678,"width":856,"height":11}},{"id":"5020224c-9c2f-4145-8955-460cd12f95a0","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":117,"box":{"x":77,"y":692,"width":612,"height":11}},{"id":"1056bd75-9917-44a2-b646-2f9e726a3565","block_type":"box","text":"Investments in Investment Companies","page_number":117,"box":{"x":77,"y":715,"width":268,"height":11}},{"id":"0259bb8f-04b7-474c-af55-432f9230f6c2","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":117,"box":{"x":76,"y":739,"width":873,"height":10}},{"id":"704b7cb5-2118-4594-b20f-24401ea7cb30","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":117,"box":{"x":76,"y":753,"width":889,"height":11}},{"id":"403643d0-655d-4b8b-bca0-8b9dcb04d775","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":117,"box":{"x":76,"y":767,"width":847,"height":11}},{"id":"c1370ad3-43d7-4036-bc6e-d35a9010fc69","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":117,"box":{"x":76,"y":781,"width":897,"height":11}},{"id":"e5c8b7af-7bd1-4fb1-841e-224c64133bad","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":117,"box":{"x":76,"y":795,"width":890,"height":11}},{"id":"938f9c21-b8b2-4013-81f8-66ea3a3c3fed","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":117,"box":{"x":76,"y":809,"width":904,"height":11}},{"id":"c2189a77-2e5f-48bd-8530-f4c70e5c9456","block_type":"box","text":"investment companies and companies controlled by them.","page_number":117,"box":{"x":76,"y":824,"width":374,"height":11}},{"id":"e7a6526e-7c8b-43c2-9117-dfb0629ba3ed","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":117,"box":{"x":77,"y":847,"width":867,"height":11}},{"id":"9a91eb06-bd37-4df7-8f0a-546c00e8785d","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":117,"box":{"x":78,"y":861,"width":871,"height":11}},{"id":"b7204a78-0173-4766-a1d0-1f732b65deee","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Company. If an Acquired Fund invests","page_number":117,"box":{"x":77,"y":875,"width":884,"height":11}},{"id":"49a3c787-4ec8-4544-91c1-b60e54076282","block_type":"box","text":"23","page_number":117,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"908b7da8-adeb-474f-82d9-5cbd79d21900","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":118,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"ded0af2d-9a53-4b47-8393-cbb50c4f889f","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":118,"box":{"x":78,"y":37,"width":894,"height":11}},{"id":"2aee87a5-c138-4587-86cf-7b0c6dae6d5f","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":118,"box":{"x":76,"y":51,"width":367,"height":11}},{"id":"2a91553f-5fa1-49a5-b139-d47159299b5a","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":118,"box":{"x":77,"y":75,"width":883,"height":11}},{"id":"f6ef74ba-7088-474b-9659-5335f9978197","block_type":"box","text":"SEC no-action relief.","page_number":118,"box":{"x":76,"y":89,"width":130,"height":8}},{"id":"5eb66c3f-92a6-49e7-8b14-a8b9387bdffa","block_type":"box","text":"Book Entry","page_number":118,"box":{"x":77,"y":112,"width":76,"height":11}},{"id":"b61f4731-b36c-494f-b94c-d8177f3d9d52","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":118,"box":{"x":76,"y":135,"width":892,"height":11}},{"id":"b1d0d0ea-37b9-4ea9-9786-aab4a6dd6e04","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":118,"box":{"x":76,"y":149,"width":832,"height":11}},{"id":"7c06ff33-c968-47eb-a1ed-917d399cb3ec","block_type":"box","text":"outstanding shares of the Funds.","page_number":118,"box":{"x":76,"y":164,"width":209,"height":10}},{"id":"51992a4f-b97d-4e4b-aa1b-a3f698943f63","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":118,"box":{"x":77,"y":187,"width":885,"height":11}},{"id":"e04e6d3c-2245-4fa2-af76-f56d21c73b17","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":118,"box":{"x":76,"y":201,"width":863,"height":11}},{"id":"64cf3798-9093-45a7-8c79-83fbb26bb4ae","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":118,"box":{"x":77,"y":215,"width":888,"height":11}},{"id":"b2b34eff-dda3-4a91-a0c0-10c8b5e8f4b6","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":118,"box":{"x":76,"y":229,"width":874,"height":11}},{"id":"37efe868-0f2d-40fc-9387-0ebcebded80c","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":118,"box":{"x":77,"y":244,"width":899,"height":10}},{"id":"b8d1bf58-71c6-4316-864d-10508d521fc6","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":118,"box":{"x":76,"y":258,"width":330,"height":11}},{"id":"6ca68409-ea9d-4445-9051-1eccc6a3741c","block_type":"box","text":"Share Prices","page_number":118,"box":{"x":76,"y":281,"width":87,"height":8}},{"id":"dc21c5d0-48d6-4aa6-a3c5-9d194a9dead2","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":118,"box":{"x":76,"y":304,"width":894,"height":11}},{"id":"98adc303-1b3d-45de-b6e1-c57f3f0f967c","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":118,"box":{"x":76,"y":318,"width":876,"height":11}},{"id":"10265d42-c2b4-4adc-a4b3-c3a77cc45d48","block_type":"box","text":"conditions.","page_number":118,"box":{"x":76,"y":333,"width":69,"height":8}},{"id":"80f64544-1f60-4e35-aa91-68a084ccf26e","block_type":"box","text":"Determination of Net Asset Value","page_number":118,"box":{"x":77,"y":356,"width":233,"height":8}},{"id":"1357afe0-65e5-466f-99ee-f82ef158dd37","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":118,"box":{"x":76,"y":379,"width":872,"height":11}},{"id":"cbc5aa76-751e-4954-819a-2facf8621bf4","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":118,"box":{"x":76,"y":393,"width":904,"height":11}},{"id":"f166d21a-65eb-4474-9d65-2059dd2c60e1","block_type":"box","text":"on prices at the time of closing.","page_number":118,"box":{"x":76,"y":407,"width":201,"height":11}},{"id":"a2cf6160-cbe6-482f-acb4-9070d6d6a6d0","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":118,"box":{"x":76,"y":431,"width":883,"height":10}},{"id":"3057741b-107c-4b7e-8b78-857b888b18c4","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":118,"box":{"x":76,"y":445,"width":554,"height":10}},{"id":"1ef00d40-7dd4-4ecc-a291-0a7c3cc8f8fa","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":118,"box":{"x":76,"y":468,"width":501,"height":11}},{"id":"d295e2db-1d2a-423d-a643-d12b156109a6","block_type":"box","text":"i.e","page_number":118,"box":{"x":578,"y":468,"width":14,"height":8}},{"id":"fa1c4e68-1d4d-4e46-8e1c-8c1e3c4a5258","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":118,"box":{"x":594,"y":468,"width":353,"height":11}},{"id":"580c4310-61be-4b5e-b76c-b7be7bdff905","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":118,"box":{"x":77,"y":482,"width":857,"height":11}},{"id":"9eebe43d-b017-44f9-a032-b5ff2f70f747","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":118,"box":{"x":77,"y":496,"width":883,"height":11}},{"id":"0e58a89d-7a98-4b7e-89e5-c51b2509f2f9","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":118,"box":{"x":77,"y":510,"width":881,"height":11}},{"id":"047a80ff-e1b3-41f6-89f4-4103ce37c2f8","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":118,"box":{"x":77,"y":534,"width":867,"height":10}},{"id":"87f545ec-83c5-4abd-8439-da79b38c2131","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":118,"box":{"x":76,"y":548,"width":896,"height":11}},{"id":"d5ef1362-b5f2-48c2-a12d-5962b8b52792","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":118,"box":{"x":77,"y":562,"width":903,"height":11}},{"id":"3b03a8d9-d1b9-417c-a63e-2388fb580fe7","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":118,"box":{"x":76,"y":576,"width":897,"height":11}},{"id":"0e62d486-6a51-4e01-bd0a-6236048ea8a0","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":118,"box":{"x":76,"y":590,"width":887,"height":11}},{"id":"57c7135a-1de8-44bd-adf6-d148f23a5e41","block_type":"box","text":"price.","page_number":118,"box":{"x":76,"y":605,"width":35,"height":10}},{"id":"1bdc8c34-c7fe-41f6-8f7b-74045ba55f5f","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":118,"box":{"x":77,"y":628,"width":904,"height":11}},{"id":"5a5fd8c4-7e15-44a1-8352-c5514adf7eac","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":118,"box":{"x":76,"y":642,"width":891,"height":11}},{"id":"0b1906e5-d509-4102-887b-616a5fb4b841","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":118,"box":{"x":76,"y":656,"width":861,"height":11}},{"id":"728f8f98-84fc-426b-bacc-2ea0fffdf8c7","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":118,"box":{"x":76,"y":670,"width":901,"height":11}},{"id":"70e8ce8d-42d4-4c69-b3ed-e377fa64c3e9","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":118,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"f4eb72ee-6705-4316-aea8-6a83dbf14912","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":118,"box":{"x":77,"y":699,"width":899,"height":10}},{"id":"c73da724-3dba-4a4a-ac8d-85fcbad51434","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":118,"box":{"x":77,"y":713,"width":902,"height":11}},{"id":"e4dd7436-c5d0-4181-92b2-03e8ebbaa5b1","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":118,"box":{"x":77,"y":727,"width":491,"height":11}},{"id":"8d2fded0-e2cc-4e92-81d5-0db7df8a7dcc","block_type":"box","text":"Generally, trading in certain instruments (","page_number":118,"box":{"x":76,"y":750,"width":265,"height":11}},{"id":"30ea725d-1c0c-4b66-939e-4c812f87ee2c","block_type":"box","text":"e.g","page_number":118,"box":{"x":343,"y":753,"width":19,"height":8}},{"id":"c0deac13-147f-479c-ac43-50a1c65ef200","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":118,"box":{"x":362,"y":750,"width":599,"height":11}},{"id":"162454ab-f26c-43f0-be71-6f2960f26bfe","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":118,"box":{"x":76,"y":764,"width":869,"height":11}},{"id":"07ef73e0-57b9-4abf-aec2-9427282fc484","block_type":"box","text":"determined as of such times.","page_number":118,"box":{"x":76,"y":779,"width":185,"height":8}},{"id":"54b7d5b8-c0dc-466b-9ff5-f18c045a1524","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":118,"box":{"x":77,"y":802,"width":885,"height":11}},{"id":"de2eca0e-42b1-4283-9866-5a6ea67f3edb","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":118,"box":{"x":76,"y":816,"width":901,"height":11}},{"id":"9bc922ad-133f-4b41-932a-f80575e02efa","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":118,"box":{"x":76,"y":830,"width":904,"height":11}},{"id":"df014e7d-f804-4d3f-bb4c-ca98d1ba1d35","block_type":"box","text":"a Fund’s pricing time.","page_number":118,"box":{"x":76,"y":844,"width":136,"height":11}},{"id":"039a7e04-9e44-45ce-8ce2-4326d7cb34d7","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":118,"box":{"x":76,"y":868,"width":877,"height":10}},{"id":"056ad65f-8aa4-49e4-84d2-f5ed3fec81e2","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":118,"box":{"x":76,"y":882,"width":392,"height":11}},{"id":"e538acf9-34c9-47f7-b99d-ddd7880038ba","block_type":"box","text":"24","page_number":118,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"ea788943-1474-4ae6-a67e-32b49bab2d51","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":119,"box":{"x":76,"y":23,"width":837,"height":11}},{"id":"dc4f21d5-5beb-4f23-a29b-8184e1bbffcb","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":119,"box":{"x":76,"y":37,"width":874,"height":11}},{"id":"d2cd4626-38a8-420a-835e-a9da37383eca","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":119,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"6b8bbd1e-0932-447d-9bc4-3280a131b4a6","block_type":"box","text":"length transaction.","page_number":119,"box":{"x":77,"y":66,"width":118,"height":11}},{"id":"a0727b0c-0165-4a10-9d7e-5ca9b6e86ccc","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":119,"box":{"x":77,"y":89,"width":531,"height":11}},{"id":"c52743f7-9f8e-47d8-812a-3e81436d5bfc","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":119,"box":{"x":113,"y":107,"width":582,"height":11}},{"id":"09047ecd-ba61-4f00-8eec-69ef2c99c5ed","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":119,"box":{"x":113,"y":125,"width":767,"height":11}},{"id":"4c002dbc-65cd-42c5-8f08-154e83fe600c","block_type":"box","text":"An asset or liability is thinly traded;","page_number":119,"box":{"x":113,"y":143,"width":223,"height":11}},{"id":"c7970689-f666-4ff6-a29d-9bb5e01aa928","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":119,"box":{"x":113,"y":161,"width":508,"height":11}},{"id":"63587134-5a63-49bb-82e2-36c09da8e2d6","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":119,"box":{"x":113,"y":179,"width":853,"height":11}},{"id":"6431cde6-1987-487b-8b81-ebe9d1870cb1","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":119,"box":{"x":76,"y":202,"width":874,"height":11}},{"id":"4120fa52-fcd4-443c-be8c-31a6465d4d20","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":119,"box":{"x":76,"y":216,"width":876,"height":11}},{"id":"c29286b4-8506-42f2-99f2-3ccdd67c9e81","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":119,"box":{"x":76,"y":231,"width":246,"height":8}},{"id":"1f7f1269-ccca-4d82-a1fb-5a5442f76ee7","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":119,"box":{"x":76,"y":254,"width":890,"height":11}},{"id":"67324390-e41d-48f6-9ebe-1f69cbf7810f","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":119,"box":{"x":76,"y":268,"width":888,"height":11}},{"id":"83a3c5b5-52b3-41b1-a0ea-340d70e11974","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":119,"box":{"x":76,"y":282,"width":896,"height":11}},{"id":"d3903986-5647-4692-9ce4-e847ce276bbd","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":119,"box":{"x":77,"y":296,"width":870,"height":11}},{"id":"fdd2c5bc-fda8-4ef7-9d50-90a28ab9bb33","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":119,"box":{"x":77,"y":311,"width":414,"height":10}},{"id":"7fc82fab-7df9-4b8d-96d9-fa0d48b3c28c","block_type":"box","text":"Dividends and Distributions","page_number":119,"box":{"x":77,"y":334,"width":192,"height":8}},{"id":"c131b196-eb20-4d25-b2cc-e380304fffad","block_type":"box","text":"General Policies.","page_number":119,"box":{"x":76,"y":357,"width":103,"height":9}},{"id":"86057177-1f58-43d7-a065-422c735de37e","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":119,"box":{"x":185,"y":357,"width":782,"height":11}},{"id":"fdd7f896-0df4-4641-bc5b-14151d6627cd","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Company may make distributions on a more frequent","page_number":119,"box":{"x":77,"y":371,"width":879,"height":11}},{"id":"0d99618a-1f33-42a4-96d8-8d24a4edb1d9","block_type":"box","text":"basis for a Fund. The Company reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or","page_number":119,"box":{"x":76,"y":385,"width":890,"height":11}},{"id":"48051ee9-68ea-447a-b5cb-609c7493652b","block_type":"box","text":"advisable to preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on","page_number":119,"box":{"x":76,"y":400,"width":834,"height":10}},{"id":"c7fc018f-9b1e-4c1b-9414-dd7853938763","block_type":"box","text":"undistributed income or realized gains.","page_number":119,"box":{"x":77,"y":414,"width":247,"height":11}},{"id":"856587c2-7a8f-456e-9455-30f955160fe1","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":119,"box":{"x":77,"y":437,"width":885,"height":11}},{"id":"e49a5f01-d7dc-494d-9cc8-5ca01295cf20","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":119,"box":{"x":76,"y":451,"width":856,"height":11}},{"id":"3dfeb3a9-6ef7-4935-94b7-d9b78d4a37a6","block_type":"box","text":"received from the Funds.","page_number":119,"box":{"x":77,"y":465,"width":157,"height":9}},{"id":"a6662efa-41da-4544-901f-568a7a93d390","block_type":"box","text":"Dividend Reinvestment Service.","page_number":119,"box":{"x":76,"y":489,"width":197,"height":8}},{"id":"e59e4f19-37b4-41ae-a2c2-3277a871cf6d","block_type":"box","text":"No dividend reinvestment service is provided by the Company. Broker-dealers may make the DTC book-entry","page_number":119,"box":{"x":280,"y":489,"width":695,"height":10}},{"id":"5d76485b-5784-4f51-805f-9bb28928a1fa","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":119,"box":{"x":77,"y":503,"width":899,"height":11}},{"id":"44eb209d-87be-4bdd-b9b4-a930ca89da62","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":119,"box":{"x":76,"y":517,"width":869,"height":11}},{"id":"feff892d-1ee3-4fee-8011-e992da2375e2","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":119,"box":{"x":76,"y":531,"width":895,"height":11}},{"id":"41d49308-f6ff-435a-a598-1547e0ba3c5e","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":119,"box":{"x":76,"y":545,"width":617,"height":11}},{"id":"c725c1e4-8a6c-4501-bdbd-ba0fba76fdcb","block_type":"box","text":"Note on Tax Information.","page_number":119,"box":{"x":76,"y":568,"width":167,"height":9}},{"id":"00730bf0-7d4c-48ce-8514-595afe8190db","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":119,"box":{"x":249,"y":568,"width":723,"height":11}},{"id":"b98e90a0-65ed-45ae-863e-77c9e0278e1c","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":119,"box":{"x":76,"y":583,"width":905,"height":10}},{"id":"0239d76e-6b23-4549-bf1e-9e2d9bb4cbe0","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":119,"box":{"x":76,"y":597,"width":893,"height":11}},{"id":"900f845b-b662-4cdd-9fed-908a20c07acf","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":119,"box":{"x":76,"y":611,"width":893,"height":11}},{"id":"4e365e72-0319-403c-a490-2b8be2ad22f2","block_type":"box","text":"laws.","page_number":119,"box":{"x":76,"y":625,"width":30,"height":9}},{"id":"e9d5b608-4d21-4d63-a651-59dfa83ac39b","block_type":"box","text":"Taxes","page_number":119,"box":{"x":76,"y":649,"width":38,"height":8}},{"id":"e38154c3-1911-477b-a36e-daa9b313d878","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":119,"box":{"x":76,"y":672,"width":874,"height":10}},{"id":"49d8ac0d-6d84-4ccb-867e-be6fefc2c782","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":119,"box":{"x":76,"y":686,"width":877,"height":11}},{"id":"799050c6-df4f-495b-89f0-dd4153e2d15f","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":119,"box":{"x":76,"y":700,"width":895,"height":11}},{"id":"922f7779-5982-4d02-b1ab-fabbab3dff34","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":119,"box":{"x":76,"y":714,"width":594,"height":11}},{"id":"935e2248-1051-4073-a61a-6a49f842497f","block_type":"box","text":"Taxes on Fund Distributions","page_number":119,"box":{"x":76,"y":737,"width":194,"height":9}},{"id":"fdba6a5c-57e2-4177-8ed1-d44f3245b0d6","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":119,"box":{"x":76,"y":761,"width":863,"height":10}},{"id":"c475a734-10ed-4672-8b3b-920865de898a","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":119,"box":{"x":76,"y":775,"width":873,"height":11}},{"id":"fa93d8d9-e7e8-42d9-85d0-ffbb95b57c27","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":119,"box":{"x":76,"y":789,"width":713,"height":11}},{"id":"68bdc32d-a598-4830-a53e-aad0445b6659","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":119,"box":{"x":77,"y":812,"width":902,"height":11}},{"id":"9113de06-e556-4277-b62a-b51857203377","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":119,"box":{"x":76,"y":826,"width":365,"height":11}},{"id":"6b5ea954-d30a-496a-abfb-4af00492561c","block_type":"box","text":"Capital Gains.","page_number":119,"box":{"x":76,"y":849,"width":86,"height":11}},{"id":"c660f33f-4490-4bd7-8514-abea442b8907","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":119,"box":{"x":169,"y":849,"width":785,"height":11}},{"id":"e023187c-9e87-4e22-9ca9-063e009d3953","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":119,"box":{"x":76,"y":864,"width":857,"height":10}},{"id":"14ed4fc3-bd4f-4020-a33d-f85006cb6567","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":119,"box":{"x":76,"y":878,"width":878,"height":11}},{"id":"b5b79670-768d-4c75-a4c0-d2273f65efed","block_type":"box","text":"25","page_number":119,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"d59c2708-db9e-42bb-abe6-cf8e0652e758","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":120,"box":{"x":77,"y":23,"width":871,"height":11}},{"id":"1f308123-54ef-49a4-8b58-be8405c30aee","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":120,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"bbcc9e82-ee5c-4672-93d5-6702ce646625","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":120,"box":{"x":76,"y":51,"width":878,"height":11}},{"id":"0dd52076-5ca2-44ae-a85d-18f4004d35c2","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":120,"box":{"x":77,"y":66,"width":289,"height":10}},{"id":"a4750c27-fc89-4787-9d9f-df7c4eac2578","block_type":"box","text":"Return of Capital.","page_number":120,"box":{"x":76,"y":89,"width":108,"height":11}},{"id":"68852e53-1aec-4213-a7e1-9efc80a794b4","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":120,"box":{"x":191,"y":89,"width":775,"height":11}},{"id":"86807a01-b61b-423b-b3a1-860e100e1afc","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":120,"box":{"x":76,"y":103,"width":904,"height":11}},{"id":"e2c5db38-e06f-4d0f-9c67-952c7f75ef4d","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":120,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"c65cfbb5-2228-4c2d-b508-25d21f665b58","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":120,"box":{"x":76,"y":131,"width":843,"height":11}},{"id":"2dd09119-0d93-4914-8e6a-f6a2765851d0","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":120,"box":{"x":76,"y":146,"width":874,"height":10}},{"id":"c2b74f6d-b171-4a7d-abc3-90616e973dfd","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":120,"box":{"x":76,"y":160,"width":803,"height":11}},{"id":"449c2fce-cd8a-45e7-9595-1553540ab90f","block_type":"box","text":"Qualified Dividend Income.","page_number":120,"box":{"x":76,"y":183,"width":167,"height":8}},{"id":"6a8c9fbb-4be0-4062-a143-9c6d87c5f2e7","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":120,"box":{"x":249,"y":183,"width":702,"height":11}},{"id":"82843d1f-821b-4e3b-930f-750148647120","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":120,"box":{"x":76,"y":197,"width":848,"height":11}},{"id":"898202ef-9db5-467d-838b-4f0842a0405c","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":120,"box":{"x":76,"y":211,"width":846,"height":11}},{"id":"725a344c-0459-4869-ad92-95cfb7f63523","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":120,"box":{"x":76,"y":226,"width":872,"height":10}},{"id":"93b1603e-9bf6-4222-809b-1442924a63e5","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":120,"box":{"x":76,"y":240,"width":892,"height":11}},{"id":"f6018461-6751-4d13-b8b6-40aaedfa6b11","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":120,"box":{"x":76,"y":254,"width":886,"height":11}},{"id":"1f001685-5fb3-41d1-bdcd-7d1f5ad841f1","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":120,"box":{"x":76,"y":268,"width":854,"height":11}},{"id":"7e6f87a1-e660-43ed-86eb-aa1c008d79dc","block_type":"box","text":"company.","page_number":120,"box":{"x":76,"y":285,"width":60,"height":8}},{"id":"a12f1c8a-6a12-4e60-ac9a-3540ffbdf438","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":120,"box":{"x":77,"y":305,"width":904,"height":11}},{"id":"346a0c2e-87b4-45d8-98f0-7d5731fef804","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":120,"box":{"x":76,"y":320,"width":901,"height":10}},{"id":"faf0060b-351b-4507-bfde-3925b77a5155","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":120,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"89641bf6-9b12-4da0-9ecd-85e90b959e55","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":120,"box":{"x":76,"y":348,"width":895,"height":11}},{"id":"a5d06973-b4df-44d3-bd3b-5149797309b4","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":120,"box":{"x":76,"y":362,"width":428,"height":11}},{"id":"62c65c3d-5218-44aa-b6ab-b439046d1c7b","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":120,"box":{"x":77,"y":385,"width":891,"height":11}},{"id":"58825efc-c893-447c-9b31-c4e880a5574e","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":120,"box":{"x":77,"y":400,"width":861,"height":10}},{"id":"2ec5c82c-c435-43ac-bb59-ac05fe91e47d","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":120,"box":{"x":76,"y":414,"width":883,"height":11}},{"id":"199d2826-df8b-4809-ba82-47ce2d83b6a0","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":120,"box":{"x":76,"y":428,"width":682,"height":11}},{"id":"f340c68f-f007-448a-ab74-11305e931ec6","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":120,"box":{"x":77,"y":451,"width":872,"height":11}},{"id":"53ef06b6-aefa-4876-a2e3-2d20b375f98e","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":120,"box":{"x":77,"y":465,"width":603,"height":11}},{"id":"df7694ce-b8c6-4819-b20e-c77780bff639","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":120,"box":{"x":76,"y":489,"width":876,"height":10}},{"id":"ca066156-ca4f-4d96-a786-5205bb491400","block_type":"box","text":"Medicare Tax.","page_number":120,"box":{"x":76,"y":512,"width":85,"height":8}},{"id":"00918bc9-a91c-434f-8723-d75779789be2","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":120,"box":{"x":167,"y":512,"width":791,"height":11}},{"id":"e7e75366-c8d5-4252-8946-fd6fa420175b","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":120,"box":{"x":76,"y":525,"width":876,"height":12}},{"id":"59af4727-13c3-409a-865a-174abdea5aec","block_type":"box","text":"trusts.","page_number":120,"box":{"x":76,"y":541,"width":40,"height":8}},{"id":"680c67b2-cd25-4031-985a-478020ead653","block_type":"box","text":"Alternative Minimum Tax.","page_number":120,"box":{"x":75,"y":563,"width":157,"height":9}},{"id":"8b155be9-6955-4983-a3a8-cd0cf31fea98","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":120,"box":{"x":238,"y":563,"width":738,"height":11}},{"id":"06d0153c-2f96-4cba-8d63-30bb0a7c80c5","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":120,"box":{"x":76,"y":577,"width":833,"height":11}},{"id":"e003af41-55f3-4be9-aa98-093b0d95d8ca","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":120,"box":{"x":76,"y":592,"width":877,"height":10}},{"id":"50a0b01d-b020-4d56-9918-2c5d4fd642f2","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":120,"box":{"x":77,"y":606,"width":903,"height":11}},{"id":"3c74a62d-f232-498b-a8fc-8f5d5c1466a3","block_type":"box","text":"liability and the regular income tax liability.","page_number":120,"box":{"x":77,"y":620,"width":271,"height":11}},{"id":"10b90ab6-7105-475c-9a86-21789ae43012","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":120,"box":{"x":76,"y":643,"width":406,"height":11}},{"id":"33f824b3-1b67-44a0-a58f-05986331c7a7","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":120,"box":{"x":76,"y":666,"width":892,"height":11}},{"id":"fec7599b-226f-4211-993b-645e28e34cae","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":120,"box":{"x":76,"y":681,"width":874,"height":10}},{"id":"0814b795-866f-4dc6-8d05-0241b9b93d37","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":120,"box":{"x":76,"y":695,"width":864,"height":11}},{"id":"a8dfe66c-c512-4daa-84cc-adf2efa40cfc","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":120,"box":{"x":76,"y":709,"width":895,"height":11}},{"id":"9dd29685-eb4c-44f6-b0f4-69b34e32563a","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":120,"box":{"x":77,"y":723,"width":896,"height":11}},{"id":"d4837abb-273a-4822-a85e-d5aa686b80a5","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":120,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"7298ee77-0d73-4cde-aa1a-ff39ba46d480","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":120,"box":{"x":76,"y":751,"width":707,"height":11}},{"id":"7403850f-a308-4b96-8bcc-a529b1aa6b31","block_type":"box","text":"Market Discount Bonds","page_number":120,"box":{"x":77,"y":775,"width":162,"height":8}},{"id":"de506729-c7ca-45e7-8451-d097c963fdad","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":120,"box":{"x":76,"y":798,"width":898,"height":11}},{"id":"f048cd47-5e2a-4f4a-bb89-fe1e28fc22c6","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":120,"box":{"x":76,"y":812,"width":903,"height":11}},{"id":"ef7494f4-4a4f-485d-a445-2caf621cfb3e","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":120,"box":{"x":76,"y":826,"width":898,"height":11}},{"id":"31c40a68-2004-4f89-aa73-bdeaeb4ea1db","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":120,"box":{"x":76,"y":840,"width":626,"height":11}},{"id":"22bdae30-5953-4212-92e3-334edaffd807","block_type":"box","text":"26","page_number":120,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"7b1804d8-41ee-487b-80ea-c95d3bced42e","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":121,"box":{"x":77,"y":23,"width":307,"height":11}},{"id":"ce34e446-bebd-4da3-9aa2-2d77469c3f3b","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":121,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"fbb58d42-d9c1-4a7a-952d-3ca790cc505c","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":121,"box":{"x":76,"y":61,"width":860,"height":10}},{"id":"cd19e9ea-31c8-4baa-b35a-9ce7a9e57e5a","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":121,"box":{"x":77,"y":75,"width":852,"height":11}},{"id":"0a6bda7e-2a5b-470b-88b6-4433062ab94a","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":121,"box":{"x":76,"y":89,"width":863,"height":11}},{"id":"33aa82eb-0565-43e4-bf77-74ceb1024930","block_type":"box","text":"Non-U.S. Income Taxes","page_number":121,"box":{"x":77,"y":112,"width":158,"height":9}},{"id":"22780175-0f34-4cd3-96cf-6bf6c6520cd3","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":121,"box":{"x":77,"y":135,"width":837,"height":11}},{"id":"d5e89102-3881-40fc-9f83-91714a6d698e","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":121,"box":{"x":76,"y":149,"width":863,"height":11}},{"id":"3a2a4afd-8581-407a-a152-ee25d37e50d4","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":121,"box":{"x":77,"y":164,"width":865,"height":10}},{"id":"b830da5d-b6a0-46a1-b4f3-1b7e41d5c2dc","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":121,"box":{"x":77,"y":178,"width":875,"height":11}},{"id":"f689696f-2ef1-4354-a029-c263ecda5a28","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":121,"box":{"x":77,"y":192,"width":895,"height":11}},{"id":"74f62bfe-fd2d-4950-88e2-1841ed84197f","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":121,"box":{"x":76,"y":206,"width":888,"height":11}},{"id":"19b86c59-893d-4d49-9d37-0e13e153a9e1","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":121,"box":{"x":76,"y":220,"width":875,"height":11}},{"id":"1b08d52f-21db-4f5c-8765-11a315e15009","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":121,"box":{"x":76,"y":235,"width":896,"height":10}},{"id":"b58f404e-09b4-4f16-a61b-23b58509d23f","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":121,"box":{"x":76,"y":249,"width":635,"height":11}},{"id":"93fc1a63-912e-4c54-b392-b9cdf9850df8","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":121,"box":{"x":77,"y":272,"width":896,"height":11}},{"id":"b0ca78b6-9292-4442-b734-c87c37904ed3","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":121,"box":{"x":76,"y":286,"width":903,"height":11}},{"id":"30adb208-c52f-4199-ae5f-02f28a33f07e","block_type":"box","text":"could be reduced.","page_number":121,"box":{"x":76,"y":300,"width":114,"height":9}},{"id":"d6c08ffc-cbb7-4e42-897e-4ef433957c22","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":121,"box":{"x":77,"y":323,"width":853,"height":11}},{"id":"31a78d87-faf5-4e32-89db-fb0ecb854672","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":121,"box":{"x":76,"y":338,"width":900,"height":10}},{"id":"063130bc-4c67-4c27-bd1f-7ef6090f636b","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":121,"box":{"x":76,"y":352,"width":876,"height":11}},{"id":"4aaa8580-799c-4c55-a838-abd6f666d6c9","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":121,"box":{"x":76,"y":366,"width":509,"height":11}},{"id":"a9f4060a-0132-4168-bc33-9c4b6301e53a","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":121,"box":{"x":77,"y":389,"width":879,"height":11}},{"id":"f060dbf1-b2a5-4e27-9590-3252a253efc2","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":121,"box":{"x":76,"y":403,"width":407,"height":11}},{"id":"6603841b-c951-4b1e-8315-8d94b231811b","block_type":"box","text":"Non-U.S. Shareholders","page_number":121,"box":{"x":77,"y":427,"width":156,"height":8}},{"id":"29516335-7046-4998-83a7-50eb5aa2c0a5","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":121,"box":{"x":77,"y":450,"width":888,"height":11}},{"id":"6bb9770c-c822-4e70-a1b8-5c49a69e952e","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":121,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"f59c00b9-0360-4cdc-a368-2c541d7172a0","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":121,"box":{"x":77,"y":478,"width":868,"height":11}},{"id":"9d922e6a-c278-4b50-8608-22011f59a538","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":121,"box":{"x":76,"y":492,"width":886,"height":11}},{"id":"fb040a5d-3281-4e68-8e77-c50d8a52953f","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":121,"box":{"x":76,"y":507,"width":499,"height":10}},{"id":"286220c8-84ab-4099-84e3-ceb34166d53c","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":121,"box":{"x":76,"y":530,"width":896,"height":11}},{"id":"f815b5ee-c0a3-4829-a2fd-523bd1c8d28c","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":121,"box":{"x":76,"y":544,"width":894,"height":11}},{"id":"a4854fda-12f6-47df-8a76-9c8ba27c0141","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":121,"box":{"x":77,"y":558,"width":262,"height":11}},{"id":"452a2399-cca2-4907-b91c-9eab29eed331","block_type":"box","text":"Backup Withholding","page_number":121,"box":{"x":77,"y":581,"width":139,"height":11}},{"id":"d65672cb-3081-47aa-95fa-3ec64ac92418","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":121,"box":{"x":77,"y":605,"width":890,"height":10}},{"id":"d2d89426-fe30-4e52-8a94-9751e7be200f","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":121,"box":{"x":76,"y":619,"width":789,"height":11}},{"id":"9eb9108a-ab8c-41ff-b396-63ce7f405ad7","block_type":"box","text":"Securities Lending","page_number":121,"box":{"x":76,"y":642,"width":129,"height":11}},{"id":"55de57c8-48cb-400d-8d06-f2d2e3e2b0c7","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":121,"box":{"x":77,"y":665,"width":901,"height":11}},{"id":"01352dd6-cc64-4f4e-9c19-b7221d29c262","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":121,"box":{"x":76,"y":679,"width":892,"height":11}},{"id":"3a721813-9ca1-410b-9d02-c48f7f477fb5","block_type":"box","text":"through by the Fund.","page_number":121,"box":{"x":76,"y":694,"width":132,"height":10}},{"id":"a3876fbb-5742-4f6e-8b4b-6690548cbb5b","block_type":"box","text":"Fund of Funds","page_number":121,"box":{"x":77,"y":717,"width":98,"height":8}},{"id":"e04c63a2-0d2d-426e-9df6-4d9a4a21d43c","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":121,"box":{"x":77,"y":740,"width":844,"height":11}},{"id":"e9dff247-a8cb-4f19-8555-a5f9806ae98c","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":121,"box":{"x":76,"y":754,"width":870,"height":11}},{"id":"1a498d3c-8e8e-4718-afb3-4f0cbe23d0c2","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":121,"box":{"x":77,"y":768,"width":864,"height":11}},{"id":"4eb3ceb4-5950-45d4-85ab-f0481644ebe2","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":121,"box":{"x":76,"y":782,"width":643,"height":11}},{"id":"a9979872-c4ee-4e24-9d96-9dcaf7f6d90a","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":121,"box":{"x":76,"y":806,"width":350,"height":10}},{"id":"a61bb005-f645-4a1f-8f40-c117cd6bb006","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":121,"box":{"x":76,"y":829,"width":876,"height":11}},{"id":"e1503df7-d31d-40f8-9df6-5373f80fcc86","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":121,"box":{"x":77,"y":843,"width":896,"height":11}},{"id":"7815f980-75fe-4247-9fac-ca7cf9ce5ca2","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":121,"box":{"x":76,"y":857,"width":870,"height":11}},{"id":"48d10cc1-1ec0-497d-92ea-25b5eed69598","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":121,"box":{"x":77,"y":871,"width":892,"height":11}},{"id":"9d57789d-85d7-44de-8475-65872bdbdade","block_type":"box","text":"27","page_number":121,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"ff638636-fe32-4f0f-9581-d0dc8f6ac985","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":122,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"db2067c7-f9f9-41bb-94ee-0423059ec1f9","block_type":"box","text":"contribution tax mentioned above.","page_number":122,"box":{"x":76,"y":37,"width":219,"height":9}},{"id":"651f9208-c76b-4a80-87c4-fba80be33dc0","block_type":"box","text":"Creations and Redemptions","page_number":122,"box":{"x":76,"y":61,"width":193,"height":10}},{"id":"75bc4f7e-fc3b-41ff-8d14-0cf0c360d8e3","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":122,"box":{"x":77,"y":84,"width":693,"height":11}},{"id":"08fe90ba-ff1a-4879-a6ed-999c9d717b9b","block_type":"box","text":"i.e.","page_number":122,"box":{"x":771,"y":84,"width":17,"height":8}},{"id":"7fcfb951-1bcb-4419-ab6f-acb9deedfb52","block_type":"box","text":", market makers, large","page_number":122,"box":{"x":790,"y":84,"width":143,"height":11}},{"id":"802e2b1a-6d0a-49c3-9a4b-65715351b4a8","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":122,"box":{"x":76,"y":98,"width":866,"height":11}},{"id":"cd6830a6-8c57-4c4c-b785-b297608f4dcd","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":122,"box":{"x":76,"y":112,"width":650,"height":11}},{"id":"4afd93fa-53d4-4aca-b774-ce8597785a0d","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":122,"box":{"x":77,"y":135,"width":832,"height":11}},{"id":"ad140eb5-239d-4cf4-af4b-9e789d20375e","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":122,"box":{"x":76,"y":149,"width":891,"height":11}},{"id":"e4274ef2-1925-44b0-8ad3-dc7520cc4474","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":122,"box":{"x":76,"y":164,"width":874,"height":10}},{"id":"4237db23-f787-40f1-984d-117837f37b9f","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":122,"box":{"x":76,"y":178,"width":904,"height":11}},{"id":"2d085646-06c5-4ac1-88e9-741e489f5d8d","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":122,"box":{"x":76,"y":201,"width":875,"height":11}},{"id":"e167ebc2-a7c6-4fd8-80dc-3efb3eb9bfc1","block_type":"box","text":"cash.","page_number":122,"box":{"x":76,"y":215,"width":33,"height":9}},{"id":"14dc90b1-4a33-46ca-b831-effc9c5bbf2e","block_type":"box","text":"In-Kind","page_number":122,"box":{"x":76,"y":238,"width":45,"height":9}},{"id":"94f60b57-ec1f-47b7-9879-8e59ba2d420a","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":122,"box":{"x":122,"y":238,"width":860,"height":11}},{"id":"f37e2c48-d10f-427d-81f3-312cb2ae1fd9","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":122,"box":{"x":76,"y":253,"width":898,"height":10}},{"id":"87e79deb-7050-4833-ad72-45912953f63b","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":122,"box":{"x":77,"y":267,"width":851,"height":11}},{"id":"180ab74c-3caa-4583-aa5d-04502acad446","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":122,"box":{"x":76,"y":281,"width":686,"height":11}},{"id":"44c03a41-87e2-449c-8fde-9be97e81f60a","block_type":"box","text":"Partial Cash","page_number":122,"box":{"x":76,"y":304,"width":74,"height":9}},{"id":"9ffe0275-963b-45fc-9683-7008c8c853bf","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":122,"box":{"x":152,"y":304,"width":806,"height":11}},{"id":"57b0ab83-b767-476e-a07e-96d0e30e9b39","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":122,"box":{"x":76,"y":318,"width":870,"height":11}},{"id":"85fb6e33-25a7-4860-9709-0b12d73b7cbf","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":122,"box":{"x":77,"y":333,"width":870,"height":10}},{"id":"9341bd1f-17ef-4288-bc5f-dcb22e9a19d3","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":122,"box":{"x":77,"y":347,"width":380,"height":11}},{"id":"f302776b-1cf8-4fd5-9450-65077201ba65","block_type":"box","text":"All Cash","page_number":122,"box":{"x":75,"y":370,"width":51,"height":8}},{"id":"de3ce6b1-f073-4ada-97da-a154fa81cd8d","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":122,"box":{"x":128,"y":370,"width":833,"height":11}},{"id":"32aa0436-e8f6-4659-8086-103eb88fe494","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":122,"box":{"x":76,"y":384,"width":869,"height":11}},{"id":"2c613b4e-0c1e-4e20-954c-6190c606ff33","block_type":"box","text":"specified amount of cash.","page_number":122,"box":{"x":76,"y":398,"width":164,"height":11}},{"id":"b036d4af-b683-4dde-a97b-e0f54b254ea3","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":122,"box":{"x":76,"y":421,"width":845,"height":11}},{"id":"2f306f66-9508-4eba-80db-64558c678239","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":122,"box":{"x":76,"y":436,"width":408,"height":10}},{"id":"bc59bc96-5908-44f5-a832-68c0af3c7e06","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":122,"box":{"x":77,"y":459,"width":855,"height":11}},{"id":"b6ef2740-1799-4a36-b2d7-0e07e3bcc6e4","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":122,"box":{"x":76,"y":473,"width":455,"height":11}},{"id":"ce6ff0de-384f-459b-8e2a-4f778c26d97d","block_type":"box","text":"e.g.","page_number":122,"box":{"x":532,"y":475,"width":21,"height":9}},{"id":"c1de987b-30b3-4753-9bee-d5c0261e5883","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":122,"box":{"x":555,"y":473,"width":354,"height":11}},{"id":"02dea1f0-0701-4104-8071-b88d33894f11","block_type":"box","text":"Fund","page_number":122,"box":{"x":87,"y":504,"width":33,"height":9}},{"id":"1eee36df-e4dc-4620-b3b3-97f4042e9b30","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":122,"box":{"x":621,"y":504,"width":296,"height":9}},{"id":"cda29371-5954-4420-87d3-7489a660708a","block_type":"box","text":"iShares MSCI Australia ETF","page_number":122,"box":{"x":87,"y":522,"width":173,"height":9}},{"id":"24620330-f160-480d-8999-8b6ae191cc12","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF","page_number":122,"box":{"x":87,"y":540,"width":264,"height":11}},{"id":"aecb18b8-cf0a-4e93-92ed-40d377d9ed04","block_type":"box","text":"iShares MSCI Hong Kong ETF","page_number":122,"box":{"x":87,"y":558,"width":187,"height":11}},{"id":"4e5968df-6d71-440a-bf92-0cf5d3c7d79f","block_type":"box","text":"iShares MSCI Japan ETF","page_number":122,"box":{"x":87,"y":577,"width":153,"height":10}},{"id":"1b1a0e94-c653-402d-b217-5b4a92649c09","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF","page_number":122,"box":{"x":87,"y":595,"width":223,"height":10}},{"id":"228bf730-42df-4d4b-b295-95e8c07d0158","block_type":"box","text":"iShares MSCI Malaysia ETF","page_number":122,"box":{"x":87,"y":613,"width":173,"height":10}},{"id":"b2aab13b-b340-468a-a086-add2cece6616","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":122,"box":{"x":87,"y":631,"width":218,"height":10}},{"id":"a9e77786-13ef-42e5-9d95-3f36f2b94512","block_type":"box","text":"iShares MSCI Singapore ETF","page_number":122,"box":{"x":87,"y":649,"width":182,"height":11}},{"id":"226a1c1b-9781-46b7-ae3f-5f5c28cf079c","block_type":"box","text":"iShares MSCI South Korea ETF","page_number":122,"box":{"x":87,"y":667,"width":196,"height":8}},{"id":"b9d02554-253f-49ed-b9b8-927fff5aaea3","block_type":"box","text":"iShares MSCI Taiwan ETF","page_number":122,"box":{"x":87,"y":685,"width":160,"height":8}},{"id":"5fbb84b8-7154-4b9b-8b2b-7de15201ac3a","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":122,"box":{"x":87,"y":703,"width":170,"height":8}},{"id":"f7fc57b3-e9ff-4710-a028-28e7b2260ef4","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":122,"box":{"x":76,"y":733,"width":897,"height":11}},{"id":"0ae8d216-77a6-49d6-845a-9c45ea3ca1b1","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":122,"box":{"x":76,"y":747,"width":905,"height":11}},{"id":"b4ca9ee3-caf4-40de-a0ab-5a0dafcc57c3","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":122,"box":{"x":76,"y":761,"width":849,"height":11}},{"id":"805f41b7-baac-4aa3-839e-b1d2efab7998","block_type":"box","text":"instructions or may not be executed at all.","page_number":122,"box":{"x":76,"y":775,"width":269,"height":11}},{"id":"cc90c662-3850-4fea-ba17-adac9ea990eb","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":122,"box":{"x":76,"y":799,"width":854,"height":10}},{"id":"4f304e2f-afa0-493b-9e60-f8a436756a1d","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":122,"box":{"x":77,"y":813,"width":310,"height":11}},{"id":"49bb1ec2-9cc4-4db6-bca4-713916950622","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":122,"box":{"x":76,"y":836,"width":848,"height":11}},{"id":"4b90ff63-efb8-4ab1-9aa1-34feda2349ec","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":122,"box":{"x":76,"y":850,"width":876,"height":11}},{"id":"830d9daf-8155-4851-b1f6-e42f73b94ed5","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":122,"box":{"x":76,"y":864,"width":894,"height":11}},{"id":"a950d455-0bda-47ab-9884-f52f6151c17a","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":122,"box":{"x":76,"y":878,"width":898,"height":11}},{"id":"025bd923-39f9-47e8-b78f-392237051a79","block_type":"box","text":"28","page_number":122,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"563bf01e-c175-4339-a809-9caa0d79250f","block_type":"box","text":"taken certain measures (","page_number":123,"box":{"x":76,"y":23,"width":158,"height":11}},{"id":"d20f1b23-3c93-459f-97d0-225b85538fee","block_type":"box","text":"e.g.","page_number":123,"box":{"x":235,"y":26,"width":21,"height":8}},{"id":"e8ca38f8-0a37-4128-99f0-0ad51fe9f150","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":123,"box":{"x":259,"y":23,"width":694,"height":11}},{"id":"db6661d9-f23c-4e36-9d5b-d87ba6fb17df","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":123,"box":{"x":76,"y":37,"width":835,"height":11}},{"id":"9e716262-2e1f-4cf9-b5e8-8550dc79a81f","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":123,"box":{"x":77,"y":51,"width":894,"height":11}},{"id":"2e3150ee-ab78-4da9-8ec1-38a604d3cf2a","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":123,"box":{"x":76,"y":66,"width":900,"height":11}},{"id":"69fa50d3-7187-49b7-ad74-9b90714c57c7","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":123,"box":{"x":77,"y":80,"width":892,"height":11}},{"id":"fb474802-2ebc-484b-9b5b-789a4c07f667","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":123,"box":{"x":76,"y":103,"width":898,"height":11}},{"id":"13ad98b2-378b-49cb-a51d-caf5553e7bc7","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":123,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"7720c8fe-4812-4644-a11a-9129610ef594","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":123,"box":{"x":76,"y":131,"width":844,"height":11}},{"id":"d5a5ed98-57f6-4c0c-a75c-313d8c8b6fc2","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":123,"box":{"x":76,"y":146,"width":885,"height":10}},{"id":"753cfa38-05a4-47c6-b19c-4fd7eca7df41","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":123,"box":{"x":76,"y":160,"width":838,"height":11}},{"id":"ee1ba609-f9e9-4804-8099-3836c3ff7dc8","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":123,"box":{"x":77,"y":183,"width":886,"height":11}},{"id":"84103030-5fbe-48fb-a32d-d773d226e71d","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":123,"box":{"x":77,"y":197,"width":902,"height":11}},{"id":"09b32903-889a-4380-ad1b-ec9669b7b357","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":123,"box":{"x":76,"y":211,"width":868,"height":11}},{"id":"c2f77433-b6ba-4a56-baed-ecfb2b5bcafa","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":123,"box":{"x":76,"y":226,"width":901,"height":10}},{"id":"4cfbe9e2-661a-4bcc-940d-e40e4ef34c5f","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":123,"box":{"x":76,"y":240,"width":464,"height":10}},{"id":"752ff84c-3184-48bd-a2e0-cb4ea6d0cb35","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":123,"box":{"x":77,"y":263,"width":868,"height":11}},{"id":"0575f59b-6896-4d07-a6a0-e6b50d10ef39","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":123,"box":{"x":76,"y":277,"width":889,"height":11}},{"id":"06761d1b-74e1-43f7-be26-09461dd19421","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. 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Householding is a method of delivery, based on the preference of the individual","page_number":123,"box":{"x":77,"y":366,"width":903,"height":11}},{"id":"0c177ebd-f38a-4a8b-9747-ecb451d627ba","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":123,"box":{"x":76,"y":380,"width":880,"height":11}},{"id":"3677ffd7-7d79-43f3-a9c2-d36844b578f6","block_type":"box","text":"accounts are registered under different names. 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