open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
Summary Prospectus
• iS h a r es | H Y G W | Cboe BZ X
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information abou t the Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) and other information about the Fund, includin g the Fund ’s ’s statement of additional information an d shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation at no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request to iSharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated February ry 27, 2026, as amended and supplemented fr from time to time, are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on the Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found a t https://www.i S hares.com .
The Securities and Exchan g e Commission has not approved or disapproved these securities or passed upon the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense.
( as revised October 15 , 2026 )
HY G Premium Income+ ET F
Page 2
T i c k e r: HY G W Stock Exchan g e: Cboe BZX
Investment Object i v e
F ees an d Expense s
The followin g table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “ 0.00. ” The investment advisory agreement between i S hares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the mana g ement fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition an d d isposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees o r expenses, and (vi) liti g ation expenses and any extraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses re f lect the Fund’s pro ra ta share o f the f ees and expenses incurred indirectly by the Fund as a result o f investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included i n the Fund’s ratio o f expenses to average net assets. Both f igures are shown in th e Fin inanc ia ial Hi Hig ighli lig ights section o f the Fund’s prospectus (the “Prospectus”) . Yo You may pay other fees , such as brokerage commissions and other fees to financial intermediaries , which are not reflected i n the tables and examples below . A nnual Fund Operat i n g Expense s (ongoing expenses that you pay each year as a
1 p ercenta g eo f the value o fy our investments ) 1
Mana g emen t F ee s
D i str i but i o n and Serv i ce ( 12b-1 ) Fees
O the r E xpenses
Ac q u i red Fun d F ees an d Expenses
To Tota l Annua l F un d O perat i n g E xpense s 0 .20 % N one 0.00 % 0.49 % 0.69 %
1 O peratin g expenses paid by BFA under the Investment Advisory A g reement exclude Acquired Fund Fees and Expenses, i f any . Exam p le . This Example is intended to help you compare the cost of ownin g shares of the Fund with the cost of investin g in other funds . The Example assumes that you invest $ 10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the s ame. Althou g h your actual costs may be hi g her or lower, based on these assumptions, your costs would be:
1 Y ear 3 Y ears 5Y ears 1 0 Y ears $ 70 $ 22 1 $ 38 4 $ 859
S - 1
i S HARE S ® HY G Pr e mi u m In co m e + ET F
The iShares HYG Premium Income+ ETF (the “Fund”) seeks to track the investment results o f an index that re f lects a strategy o f holding the iShares iBoxx $ High Yield Corporate Bond ETF while writing (selling) one-month call options to generate income .
Page 3
P o rtf o li o Turn o v e r . The Fund or the iShares iBoxx $ Hi g h Yiel d Corporate Bond ETF (“HYG” or the “Underlyin g Fund”) may pay transact i on costs, such as comm i ss i ons, when i t bu y s and sells s ecurities (or “turns over” its port f olio). A hi g her port f olio turnove r rate f or the Fund or the Underlyin g Fund may indicate hi g her transact i on costs and may cause the Fund or the Underly i n g Fund to incur increased expenses. These costs, which are not re f lecte d in the Annual Fund Operating Expenses or in the Example (excep t costs to the Underlying Fund included as part o f Acquired Fun d Fees and Expenses), affect the Fund’s performance. During the most recent fiscal y ear, the Fund’s portfolio turnover rate was 3% o f the average value o f its port f olio. To the extent the Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative e ff ect on the per f ormance o f the Fund.
Principal Investment Strate g ie s
S -2
Th e F u n d see k s t o tr ac k th e inv es tm e nt r esu lt s o f th e C boe HY G BuyWrite Index (the “Underlyin g Index”). The Underlyin g Index is designed to measure the per f ormance o f holding the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG” or the “Underlying Fund”) while writin g (sellin g ) call options on the Underlyin g Fund to g enerate income. The Underlyin g Index consists of four tranches of options, each rolling on a weekly staggered schedule. A “ Premium Income+” strategy is intended to reflect a focus on generating option premium income versus a g reater mix of income and g rowth . As of October 31, 2025, a significant portion of the Underlying Index i s i nd i rectly represented throu g h i ts hold i n g s i n the Underlyin g Fund by securities of companies in the consumer goods and services industry or sector. The components o f the Underly i ng Index, i nclud i ng those i nd i rectly represented through i ts hold i ngs i n the Underly i ng Fund, are l i kely to change over t i me .
The Underl y in g Fun d
The Underly i n g Fund i s an ETF that seeks to track the i nvestment results of the iBoxx USD Liquid High Yield Index (the “Underlying ® ® Fund’s underlying index”), which consists of U.S. dollar denominated, high yield (as determined by S &P Dow Jones Indices LLC ( “SPDJI” )) corporate bonds for sale in the U.S. The Underlyin g Fund’s underlyin g index is desi g ned to provide a broad representation of the U.S. dollar-denominated liquid high yield c orporate bond market . The Underlyin g Fund’s underlyin g index is a modified market value we ig hted i ndex w i th a 3% cap on each i ssuer. It i s a subset of the iBoxx USD Corporate Bond Index. Eligible components of the Underlying Fund’s underlying index consist o f U.S. dollar denom i nated h i gh y i eld corporate bonds that: ( i ) are i ssued by companies domiciled in countries classified as developed markets by SPDJI; (ii) have an average rating of sub-investment grade (ratings from Fitch Ratings, Inc., Moody’s Investors Service, Inc. or Standard & Poor s Global Ratings a subsidiary of S&P Global are considered; if more than one a g ency provides a ratin g , the average rating is attached to the bond); (iii) are from issuers with at least $ 1 billion outstanding face value; (iv) have at least $ 400 million o f outstanding f ace value; (v) have an original maturity date of less than 15 years; ( vi ) have at least one year to maturity; and (vii) have at least one year and 6 months to maturity for new index const i tuents .
BFA i s the i nvestment adv i ser to the Underly i n g Fund and rece i ves a mana g ement f ee f rom the Underlyin g Fund. Shares o f the U nderlyin g Fund are listed on C boe BZX .
The Wr i tten Call O p t i on s
The options in the index are referred to g enerally as Flexible Exchan g e Options (“FLEX Options”). FLEX Options provide the ab i l i ty to custom i ze key opt i on contract terms such as str i ke pr i ce, style and exp i rat i on date. The Underly i ng Index ut i l i zes “European-style” call options, meanin g they are exercisable at the str i ke pr i ce only on the exp i rat i on date. The Underly i n g Index utilizes f our tranches o f call options with staggered f our-week expiration cycles and each tranche represents an equal share o f the Underly i n g Index. Each call opt i on i n the Underly i n g Index has a strike price equal to 100% o f the closing value o f the Underlying Fund on the appl i cable roll date. The roll date i s the day that the Underlying Index settles the expiring call option for the applicable tranche and writes a new call option for that tranche’s new four week cycle scheduled to expire on the last trading day o f the week f alling f our weeks f rom that roll date. Each tranche will have a roll date occurring on a different week from any other tranche. The Underly i n g Index i s rebalanced weekly so that each tranche continues to represent an equal share o f the Underlying Index at the close of trading on each weekly roll date . By wr i t i n g a call opt i on, the Underly i n g Index rece i ves a prem i um and gives up the economic exposure to increases in the value o f the Underly i ng Fund above the str i ke pr i ce at exp i rat i on. By wr i t i ng the call opt i ons, the Underly i ng Index w i ll not part i c i pate i n market g ains of the Underlyin g Fund above the strike price but will fully participate in any market losses if the Underlyin g Fund declines in value .
D i str i but i on s
The Fund expects to make monthly d i str i but i ons typ i cally consistin g of net investment income and amounts attributable to opt i on prem i ums rece i ved by the Fund, g enerally up to the extrinsic value of such options when traded. The amount of the Fund’s monthly distribution will vary f rom month to month based on the amount o f option premiums received, dividends received from the Underlyin g Fund and other Fund-specific and market factors. The Fund will also make distributions of net realized s ecurities gains, if any, at least once per year. The Fund is likely to distribute an amount greater than its earnings and pro f its, resultin g in a return of capital .
Index i ng Strateg y
The Fund seeks to track the investment results of the Underlying Index be f ore f ees and expenses o f the Fund. BFA uses a representat i ve sampl i n g i ndex i n g strate g y to mana g e the Fund. “Representative samplin g ” is an indexin g strate g y that involves investing in a representative sample o f securities or other instruments intended to collectively have an investment pro f ile s imilar to that of an applicable underlyin g index. The instruments s elected are expected to have, i n the a gg re g ate, i nvestment characteristics (based on f actors such as market capitalization and industry weightings), f undamental characteristics (such as return var i ab i l i ty and y i eld ) and l i qu i d i ty measures s i m i lar to those of an applicable underlying index. The Fund may or may not hold
®
Page 4
Summar y o f Principal Risks
A s with an y investment, y ou could lose all or part o fy our i nvestment in the Fund, and the Fund’s per f ormance could trai l t hat o f other investments. The Fund is subject to certain risks, i ncluding the principal risks noted below, any o f which may adversely a ff ect the Fund’s net asset value per share (“NAV”) , t rad i n g pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestmen t objective. C ertain key risks are prioritized below (with others f ollowin g in alphabetical order), but the relative si g nificance of an y r isk is di ff icult to predict and may change over time. You should r eview each risk factor carefully.
C overed Call Opti tio ion Ri Ris isk. By wr i t i ng covered call opt i ons in r eturn for the receipt of premiums, the Fund will give up th e opportunit y to benefit from potential increases in the value of th e U nderlying Fund above the exercise prices o f the written options, b ut will continue to bear the risk of declines in the value of the U nderlying Fund. The premiums received f rom the options may n ot be sufficient to offset an y losses sustained from the volatilit y of the Underlyin g Fund over time. In addition, the Fund’s ability to sell shares of the Underlying Fund will be limited while the optio n i s in effect unless the Fund extinguishes the option position t hrough the purchase o f an o ff setting identical option prior to th e expiration of the written option.
T he covered call strategy may be subject to imper f ect matching o r p r i ce correlat i on between the wr i tten opt i ons and the Underly i ng Fund, which could reduce the Fund’s returns. Exchan g es may suspend the trading o f options ( f or example due to volatil e m arkets or if trading in the Underlying Fund is halted). If trading is suspended, the Fund may be unable to wr i te or purchase opt i on s at t i mes that may be des i rable or advantageous to the Fund to do so. If the Fund is unable to extin g uish the option position before exerc i se, the Fund may be requ i red to del i ver the correspond i ng shares of the Underlyin g Fund, resultin g in increased transactio n costs, track i ng error, under i nvestment, and potent i ally th e r ealization of capital gains. Further, this could lead to re p urchasin g shares of the Underlyin g Fund or sellin g the corresponding options at a less f avorable price than the f und mig ht have rece i ved had the opt i ons been ext i n g u i shed. The Fund u ses options which are struck once per month, and the timing o f changes in the price of the Underlying Fund may affect the Fund’s p erformance. For example, if the Underlyin g Fund experiences a drop in price followed by a quick rebound, the Fund may be u nable to fully participate in the rebound if the rebound occur s i mmediately a f ter the Fund’s roll date. In addition, i f trading is suspended, the Fund may be unable to purchase an offsettin g option for purposes of closing out an existing written option at th e or igi nally scheduled t i me and date.
S - 3
all o f the components o f the Underlyin g Index. The Fund may use der i vat i ves to g a i n or reduce exposure to the components o f the Underlyin g Index or exposure to one or more market risk f actors associated with such components. Subject to the limits descr i bed here i n, the Fund ma y purchase and hold cash and cash equivalents, includin g shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not i ncluded i n the Underly i ng Index when BFA bel i eves that s uch instruments will hel p the Fund track the p erformance of the U nderlyin g Index over time, includin g in li g ht of expected liquidity or trading costs, anticipated additions to or deletions from the U nderly i ng Index, or other reasons as determ i ned by BFA . The Fund intends for its short option position in the Underlying Fund to be f ully o ff set, or “covered,” by the long position that the Fund holds in shares of the Underlyin g Fund. At times, however, there may be a notional mismatch due to differences between the Underly i ng Fund and the RUT w i th respect to pr i c i ng, track i ng error, dividends, and other f actors. Options written by the Fund are generally expected to be cash-settled upon exp i rat i on or closed out throu g h offsettin g transactions. The Fund does not expect to phys i cally settle outstand i ng opt i on pos i t i ons. In add i t i on, the Fund may write options on di ff erent dates than the Underlying Index’s roll date and may use str i ke pr i ces, contract s i zes, or matur i ty dates that are different than those for the options used in the Underly i ng Index. The Fund may also wr i te opt i ons that are not on the Underlying Fund but that have investment and f undamental character i st i cs, i n the aggregate, s i m i lar to the opt i ons used i n the Underly i n g Index. In certa i n c i rcumstances, the Fund may not write any options, primarily if the option is far “out of the money” (i.e., the strike price exceeds the price o f the Underlying Fund) and would generate m i n i mal prem i um i ncome . In accordance with Rule 35d-1 under the Investment Compan y Act o f 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowin g s for investment purposes, in components of the Underlyin g Index. Investments i n der i vat i ves and other i nvestments w i ll be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of the Underlyin g Index or exposure to one or more market risk f actors associated with s uch components. The Fund ’ s 80% investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 da y s’ notice to shareholders . The Underlying Index is a product o f Cboe Global Indices, LLC (the “Index Provider” or “Cboe”), which is independent of the Fund and BFA. The Index Prov i der determ i nes the compos i t i on and relative wei g htin g s of the components of the Underlyin g Index and publishes in f ormation regarding the market value o f the Underly i ng Index .
. The Fund w i ll concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or g roup of industries to approximately the same extent that the Underly i ng Index i s concentrated. For purposes of this limitation, securities of the U.S. government ( i nclud i ng i ts agenc i es and i nstrumental i t i es) and repurchase agreements collateralized by U.S. government s ecurities are not considered to be issued by members o f any i ndustry .
T he Fund will be a ff ected by movements in interest rates an d b ond yields and the resulting share price of the Underlying Fund. In a f alling interest rate environment and other environments in w h i ch cred i t spreads narrow, the Underly i ng Fund i s generall y expected to appreciate in price, and the Fund may underperform the Underlying Fund as price appreciation f or the Fund is limite d to the exercise prices of the options written by the Fund .
Industry Concentrat i on Pol i c y
Page 5
Index Prov i der or a th i rd-party data prov i der and could cause the Index Prov i der to postpone a scheduled rebalance. Th i s could cause the Underlying Index to vary f rom its normal or expected compos i t i on . A sset Class Ri Ris isk. k. The secur i t i es and other assets i n th e U nderlyin g Index or in the Fund’s portfolio may underperform i n comparison to f inancial markets generally, a particular f inancia l market, another i ndex, or other asset classes .
A uthorized Particip ip ant Concentration Risk. An “A “A u th o riz ed P articipant” is a member or participant o f a clearin g a g enc y r e g istered with the SEC, which has a written a g reement with the F und or one of its service providers that allows the Authorized P artici p ant to p lace orders f or the p urchase and redem p tion o f creation units (“C reation Units ”) . O nly an Authorized Participan t m ay engage i n creat i on or redempt i on transact i ons d i rectly w i th t he Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, includin g on an a g ency b asis on behal f o f other market participants. No Authorized P art i c i pant i s obl i gated to engage i n creat i on or redempt i on transact i ons. To the extent that Author i zed Part i c i pants ex i t th e b usiness or do not place creation or redemption orders f or the Fund and no other Author i zed Part i c i pant places orders, Fund shares are more l i kely to trade at a prem i um or d i scount to NAV and possibly face trading halts or delisting.
C oncentrati tio ion Ri Ris isk. T he Fund may be suscept i ble to a n i ncreased risk o f loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole , t o th ee xt e nt th a t th e F u n d ’ s inv es tm e nt sa r e co n ce ntr a t ed in th e securities or other assets o f one or more issuers, countries or other geograph i c un i ts, markets, i ndustr i es, project types, or asset classes.
Consumer Goods and Servi vic ices Compan ie ies Ri Ris isk. k. C onsumer g oods and services companies face risks related to chan g es in consumer pre f erences and disposable income, commodit y prices , government regulat i on, supply cha i nd i srupt i ons, damage to brand or reputat i on, econom i c slowdown and labor shorta g es, amon g other th i ngs . D e rivative ves Ris is k. k. The Fund’s use of derivatives ( e. g ., futures , f orwards, swaps, options) may be riskier than other types o f investments and may not have the intended effect on the Fund’ s per f ormance. Derivatives can be sensitive to changes in economic and market conditions, and they may increase the Fund’s volat i l i t y . The Fund also ma y exper i ence reduced returns as a result o f transaction costs and losses on derivatives positions. There is the risk of imperfect correlation between the value of a derivative and that o f the asset underlying the derivative. Der i vat i ves may create i nvestment leverage, wh i ch could result in losses that si g nificantly exceed the Fund’s ori g inal investment . Derivatives are subject to the risk o f mispricing or imprope r valuation, particularly if there is not a liquid secondary market fo r the instrument. C ertain derivatives are subject to counterpart y r i sk, wh i ch i s the r i sk that the other party i n the transact i on w i l l not fulfill its contractual obli g ations. The use of derivatives als o exposes the Fund to add i t i onal operat i onal and legal r i sks . Dis is tributio io n Tax Ris is k. k. T he Fund currently expects to make d i str i but i ons on a regular bas i s. Wh i le the Fund w i ll normally pa y its income as distributions, the Fund’s distributions may excee d the Fund’s income and g ains for the Fund’s taxable year. The Fund may be required to reduce its distributions if it has insufficien t
S -4
Market Ri Ris is k . The Fund could lose money over short per i ods du e to short-term market movements and over lon g er periods durin g more prolonged market downturns. Local, reg i onal or globa l events such as war, acts of terrorism, p andemics or other p ubli c h ealth issues, recessions, the prospect or occurrence o f a sovereign default or other financial crisis, or other events could h ave a signi f icant impact on the Fund and its investments an d could result in increased premiums or discounts to the Fund’s N AV . Index-Related Ri Ris isk. k. The Index Prov i der may rely on var i ou s sources of information to assess the criteria of components of th e Underlying Index, including in f ormation that may be based o n assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources o f information will provide an accurate assessment of included components or w i ll result i n the Fund meet i n gi ts i nvestment object i ve. Errors i n i ndex data, i ndex computat i ons or the construction of the Underlying Index in accordance with its methodolo g y may occur, and the Index Provider may not identif y or correct them promptly or at all, wh i ch may have an adverse i mpact on the Fund and i ts shareholders. Because the Index Provider is relativel y new to the creation o f indexes, these risk s may be greater w i th respect to the Underly i ng Index than i n the case o f an index maintained by a long-standing index provider . Unusual market conditions or other unforeseen circumstance s ( such as natural d i sasters, pol i t i cal unrest or war ) may i mpact the
Credi di tRi Ris is k . Credit risk is the risk that an issuer, guarantor o r liquidit y provider of a fixed-income securit y ma y be unable o r unw i ll i ng, or may be perce i ved as unable or unw i ll i ng, to make t i mel y pr i nc i pal and/or i nterest pa y ments or to otherw i se hono r i ts obl i gat i ons. The cred i t rat i ng ass i gned to a secur i ty or i ts i ssue r does not necessarily reflect the issuer’s current financia l condition or an investment’s volatilit y or liquidit y . An actual o r perceived decline in an issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make it di ff icult to sell the securities. The Fund may be adversely affected if an investment that it holds experiences a down g rade or a default.
Hig igh gh Yield Securities Risk. D eb t secu r i t ies th a t a r e r a t ed be l o w investment g rade (commonly re f erred to as “junk bonds”) and debt secur i t i es that are unrated are g enerally cons i dered to b e speculative. C ompared to hi g her-quality debt securities, hi g h yield securities are subject to a g reater risk o f de f ault, illiquidity, price volatilit y and valuation uncertaint y . S uch investments ma y b e subject to add i t i onal r i sks i nclud i ng subord i nat i on to other creditors, no collateral or limited rights in collateral, lack of a re g ular tradin g market, prepayment risk, and lack of publicl y available in f ormation .
in co m e . Di s tri bu ti o n s in e x cess o f th e F u n d ’ s cu rr e nt a n d accumulated earnings and profits will be treated as a return o f capital. Distributions in excess of the Fund’s minimum distributio n requirements, but not in excess o f the Fund’s earnings and pro f its , w i ll be taxable to Fund shareholders and w i ll not const i tut e nontaxable returns of ca p ital. A return of ca p ital distributio n generally will not be taxable but will reduce the shareholder’s cos t
Page 6
changes in the financial condition or credit rating of the issuer or coun t erpar ty . Large Shareholder and Large-Scale Redempti tio ion Ri Ris isk. k. Ce rt a i n shareholders o f the Fund, including an Authorized Participant, a third-part y investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entit y , ma y from time to time own or manage a substantial amount o f Fund shares, or may hol d their investment in the Fund for a limited period of time. There ca n be no assurance that any large shareholder or large group o f
shareholders would not redeem their investment. Redemptions o f a lar g e number o f Fund shares could require the Fund to dispose o f assets to meet the redem p tion re q uests, which can accelerate t he realization o f taxable income and/or capital g ains and cause t h e F u n d t o m a k e t a x ab l e dis tr ibu t io n s t oi t ss h a r e h o l de r s ea rl ie r t han the Fund otherwise would have. In addition , under certain c i rcumstances, non-redeem i ng shareholders may be treated as r ece i v i ng a d i sproport i onately large taxable d i str i but i on dur i ng or wi th respect to such year. In some c i rcumstances, the Fund may h old a relatively large proportion o f its assets in cash in anticipation of lar g e redemptions, dilutin g its investment returns . T hese large redemptions may also f orce the Fund to sell port f olio secur i t i es or other assets when i tm i ght not otherw i se do so, w hich may ne g atively impact the Fund’s NAV, increase the Fund’ s b rokerage costs and/or have a material e ff ect on the market p rice of Fund shares.
Management Ri Ris is k . T he Fund generally does not attempt to take defensive positions under any market conditions, includin g declining markets. As the Fund will not f ully replicate th e Underly i ng Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i ng Index, i t i s subject to the r i sk that th e investment strategy of BFA may not produce the intended results . There is no g uarantee that the Fund’s investment results will hav e a high degree o f correlation to those o f the Underlying Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve . Market Tradi din ing Ri Ris isk . T he Fund f aces numerous market trading risks, including the potential lack of an active market for Fun d shares (including through a trading halt), losses f rom trading i n secondary markets, periods of high volatility, and disruptions in the process of creatin g and redeemin g Fund shares. Any of these f actors, among others, may lead to the Fund’s shares trading in the secondar y market at a prem i um or d i scount to NAV or to the intraday value o f the Fund’s port f olio holdings. I f you buy Fun d shares at a t i me when the market pr i ce i s at a prem i um to NAV o r sell Fund shares at a t i me when the market p r i ce i s at a d i scount to NAV, you may pay signi f icantly more or receive signi f icantl y less than the underlying value of the Fund shares.
Op Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectl y an d i nd i rectly suscept i ble to operat i onal and technolo g yr i sks , i nclud i ng those related to human errors, process i ng errors , communication errors, systems failures, cybersecurity incidents , and the use of artificial intelli g ence and machine learnin g (“AI”), which may result in losses for the Fund and its shareholders o r may impair the Fund’s operations. While the Fund’s servic e prov i ders are requ i red to have appropr i ate operat i onal , information security and cybersecurity risk management policie s and procedures, their methods of risk mana g ement may diffe r f rom those o f the Fund. Operational and technology risks f or th e i ssuers i n wh i ch the Fund i nvests could also result i n mater i a l adverse consequences f or such issuers and may cause the Fund’ s i nv es tm e nt si n suc h issue r s t o l ose v a l ue.
S -5
Interest Rate Ri Ris isk . Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to chan g e s in the general level o f interest rates. Interest rate changes can b e s udden and unpredictable and are influenced by a number o f f actors, including government policy, monetary policy, in f lation expectations, perceptions of risk, and supply and demand fo r fixed-income securities. An increase in interest rates g enerally wil l cause the value o ff ixed-income securities to decline. Securities w i th longer matur i t i es generally are more sens i t i ve to i nterest rate chan g es and subject to g reater fluctuations in value. Chan g es in interest rates may have unpredictable effects on fixed-incom e markets and result in hei g htened volatility and lower liquidity fo r certain instruments, which ma y adversel y a ff ect a Fund’s performance. During periods of very low or negative interest rates, a Fund may be unable to maintain positive returns or pa y di v i dends to shareholders.
Investment in Underly lyi ying Fund Risk. k. Th e F u n d inv es t s in th e U nderlying Fund, so the Fund’s investment performance and risk s are likely to be directly related to those of the Underlying Fund. The Fund’s NAV will change with changes in the value o f th e U nderly i ng Fund and other assets that the Fund holds. The shares of the Underlyin g Fund may trade at a premium or discount to th e U nderlying Fund’s NAV. Investors in the Fund will indirectly bea r the expenses char g ed by the Underly i n g Fund, and an i nvestment i n the Fund may enta i l more expenses than a d i rect i nvestment in the Underly i ng Fund.
Issuer Ri Ris is k . The per f ormance o f the Fund depends on the performance of individual securities or other assets to which th e Fund has exposure. The value o f securities or other assets may d ecline, or perform differently from the market as a whole, due t o
Income Ri Ris isk. k. The Fund’s income may decline due to f alling interest rates or other factors. This can occur because the Fun d may be requ i red to i nvest i n lower-y i eld i n g bonds when a bond in the Fund’s port f olio matures, is near maturity, is called or i s prepa i d, when bonds i n the Underly i ng Index are subst i tuted, o r when the Fund otherw i se needs to purchase add i t i onal bonds. The Index Provider’s substitution of bonds in the Underlying Index ma y occur, for example, when the time to maturit y for the bond no longer matches the Underlying Index ’ s stated maturity guidelines.
b as i s and w i ll result i nah ig her cap i tal g a i n or lower cap i tal los s wh e n th ose F u n ds h a r es o n wh ic h th e dis tr ibu t io nw as r ecei v ed are sold. O nce a Fund shareholder ’ s cost basis is reduced to zero , f urther distributions will be treated as capital g ain, i f the Fun d s hareholder holds shares o f the Fund as capital assets. Because the Fund’s distributions ma y consist o f return o f capital, the Fun d ma y not be an appropriate investment for investors who do not want the i r pr i nc i pal i nvestment i n the Fund to decrease over t i m e or who do not wish to receive return of capital in a given period .
Pri ri vately Issued Securi ri ti tie ies Ri Ris isk. k. Pr i vately i ssued secur i t i es are securities that have not been registered under the S ecurities Ac t of 1933, as amended (the “1933 Act”). Such securities typicall y are subject to le g al restrictions on resale and g enerally are no t traded i n establ i shed publ i c markets. As a result, pr i vately i ssue d secur i t i es may be deemed to be i ll i qu i d i nvestments, may be mor e difficult to value than publicly traded securities, may be subject t o
Page 7
Tracki kin ing Error Ri Ris is k . T he Fund may be subject to “ tracking error, ” w hich is the diver g ence o f the Fund’s per f ormance f rom that o f the Underlying Index. Tracking error may occur due to a number o f f actors, includin g di ff erences between the securities and other assets held in the Fund’s p ort f olio and those included in the Underlyin g Index; di ff erences in the timin g and methodolo g ies used to value secur i t i es and other assets; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x does not incur; the Fund’s holding o f uninvested cash; di ff erence s i n the timing of the accrual or the valuation of dividends or i nterest received b y the Fund or distributions paid to Fun d shareholders; tax gains or losses; differences between the amount and/or timin g of withholdin g taxes on dividends reflected i n the Underlying Index f rom the Fund’s obligation, i f any, f or f oreign withholding taxes; the requirements for the Fund to m aintain pass-throu g h tax treatment; portfolio transaction s carried out to minimize the distribution of capital gains t o shareholders; the acceptance of custom baskets; chan g es to th e U nderlying Index; and impacts to the Fund o f complying with certa i n regulatory requ i rements or l i m i ts. Track i ng error r i sk ma y b e hei g htened durin g times of increased market volatility or other u nusual market cond i t i ons. To the extent that the Fund seeks to ach i eve i ts i nvestment object i ve through i nvestments i n the U nderly i ng Fund, the Fund may exper i ence i ncreased track i ng error as compared to i nvest i ng d i rectly i n the secur i t i es or other assets included in the underlyin g index of the Underlyin g Fund. A Fund that tracks an i ndex w i th exposure to swaps, opt i ons, f utures and/or other derivatives may experience higher tracking error than ETFs that do not track such i ndexes. A Fund that track s an index with exposure to non-U.S. issuers may experience hi g he r track i ng error than ETFs that do not track such i ndexes. A Fund that tracks an i ndex where h i gh y i eld secur i t i es are an i nvestmen t f ocus may experience higher tracking error than ETFs that do no t track such i ndexes . Va Valuati tio ion Ri Ris is k . T he pr i ce that the Fund could rece i ve upon the sale (or other disposition) of a security or other asset may diffe r from the Fund’s valuation of the security or other asset , particularly for securities or other assets that trade in low volume or volatile markets or that are valued usin g a fair valu e methodology. The price received by the Fund also may di ff er f ro m the value used by the Underlying Index. In addition, the value o f the securities or other assets in the Fund’s portfolio may chan ge on days or dur i ng t i me per i ods when i nvestors are not able t o p urchase or sell Fund shares. Author i zed Part i c ip ants that create or redeem Fund shares on days when the Fund is holding f air v alued securities or other assets may receive fewer or more shares, or lower or hi g her redemption proceeds, than they would have received had the securities or other assets not been fair v alued or been valued usin g a different methodolo g y. The ability t o v alue i nvestments may be i mpacted by technolog i cal i ssues or errors by pr i c i ng serv i ces or other th i rd-party serv i ce prov i ders .
S - 6
Tax Ri Ris isk . The tax rules and l i m i tat i ons that apply to the Fund w i l l cause some or all of its income and g ain to be taxable as ordinar y i ncome or at ord i nar yi ncome rates, ma y accelerate i t s recognition of income and gain, and may defer its use of losses , all o f which are expected to have negative tax consequences f o r the Fund and Fund i nvestors. Because the assets compr i s i ng th e U nderly i n g Index and held by the Underly i n g Fund w i ll not cons i s t o f stock, ordinary dividends f rom the Fund will not be eligible f or the reduced rates applicable to “qualified dividend income” or eligible f or the dividends-received deduction. The Fund expects that its ownership of shares of the Underlying Fund and sale of call options thereon g enerally will constitute “straddles” (o ff setting positions with respect to personal property) unde r section 1092 of the Internal Revenue Code (“IRC”). The straddle rules generally do not apply i f all the straddle’s o ff settin g positions consist of “qualified covered call options” and the stock to be p urchased under the o p tions, and the straddle is not p art o f a larger straddle. Unlike certain other f unds that utilize covered call strate gi es, the Fund does not ant i c i pate that th i s except i o n w i ll be ava i lable because, as a general matter, the call opt i ons it writes are not expected to be treated as “qualified covered cal l options.” The straddle rules usuall y will terminate the Fund’s holding periods f or its shares o f the Underlying Fund that become part of a straddle before the lon g -term capital g ain holdin g period (more than one year) has been reached, wh i ch i s expected to eliminate the Fund’s ability to recognize long-term capital gain s from a sale or other dis p osition of such shares. The straddle rule s also usually will de f er recognition o f realized losses and requir e the capitalization of certain interest expenses and carryin g charges. Similarly, “wash sale” rules may apply to de f er the recognition of loss by the Fund from the disposition of stock o r secur i t i es at a loss i n a case i n wh i ch i dent i cal or substant i all y i dent i cal stock or secur i t i es (or an opt i on to acqu i re such property) i s or has been acqu i red w i th i n a prescr i bed per i od. As a result o f the f oregoing, an investor may be subject to signi f icantly greater amounts of tax as a result of the investment than woul d apply to an investment in a fund en g a g ed in a different investmen t s t ra t egy .
wide f luctuations in value and may have hi g her transaction costs . There can be no assurance that a trad i n g market w i ll ex i st at any time for any particular privately issued security. Difficulty in sellin g such secur i t i es at a des i rable t i me or pr i ce may result i n a loss to t he F u n d.
Risk o f Investing in the U. S . Investing in U.S. issuers subject s the Fund to le g al, re g ulatory, pol i t i cal, currency, secur i ty, an d economic risks that are speci f ic to the U.S. Certain changes in th e U .S., such as a weakening of the U.S. economy or a decline in it s f inancial markets, may have an adverse e ff ect on U.S. issuers .
Page 8
Per f ormance In f ormatio n
The p er f ormance in f ormation below illustrates how the Fund’s p er f ormance has varied over di ff erent p eriods and p rovides some indicatio n o f the risks o f investin g in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar year to another over the p eriods shown. The table com p ares the Fund’s p er f ormance to that o f an a pp ro p riate broad-based securities market index an d the Underlying Index. Returns assume the reinvestment o f any dividends and distributions. The Fund’s returns re f lect the impact o f any agreements to waive or reimburse expenses, which would reduce per f ormance i f not in e ff ect. Past per f ormance (be f ore and a f ter taxes) d oes not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll f ree).
Calendar Year-by-Year Returns
1 0 % 8 % 6 % 4% 2% 0 %
2 0 2 3 2 0 2 4 2 0 2 5
7 .30 % 7.10% 6.01 %
R eturn ( % ) Per i od Ende d D ur i ng the per i ods shown i n the chart: B est Q uarter 3 .94 % March 31, 2023 W orst Q uarter - 0.26% S eptember 30, 202 3
A vera g e Annual Total Return s ( f or the periods ended December 31 , 2025 )
O ne Yea r
S i nce Fun d Ince p tio n ( Incept i on Date: 8/18/2022 ) Return Be f ore Taxe s 6.01 % 5.53 % Return A f ter Taxes on Distribution s 3 .18 % 2.09 % R e t u rn Aft e rTa Ta x es o n Di s tri bu ti o n sa n d S a l eo fF u n d Sh a r es 3.51% 2.6 9% Bloomber g U.S. Un i versal Index ( Returns do not re f lect deductions f or f ees, expenses or taxes ) 7 .58% 3.42 % Cboe HYG Bu y Wr i te Inde x ( Returns do not re f lect deductions f or f ees, expenses or taxes ) 4 .97 % 5.48 %
A f ter-tax returns in the table above are calculated using the historical highest individual U.S. f ederal marginal income tax rates and do no t reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and ma y differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares throu g h tax-deferred arran g ements , s uch as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns a f ter taxes on distributions and sales o f Fund shares are calculated assumin g that an investor has sufficient capital g ains of the same character from other investments to offset any capital losses f rom the sales o f Fund shares. As a result, Fund returns a f ter taxes on distributions and sales o f Fund shares may exceed Fund return s b efore taxes and/or returns after taxes on distributions .
S -7
Page 9
M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Erin Armstrong, Kyle Mc C lements and Orlando Montalvo (the “Port f olio Managers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Armstrong, Mr. McClements and Mr. Montalvo have been Port f oli o M anagers of the Fund since 2025, 2025 and 2022, respectively .
Purchase and Sale o f Fund Share s
The Fund is an ETF. Individual shares of the Fund ma y onl y b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce greater than NAV (a prem i um) or les s than NAV ( ad i scount ) . An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a selle r is willing to accept f or shares o f the Fund (ask) when buying o r s elling shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-de f erred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons generally w i ll be taxed whe n w i thdrawn .
Payments to Broker-Dealers and Other Financia l Int e rm e diari es
I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.
S -8
Page 10
[THIS PAGE INTENTIONALLY LEFT BLANK ]
Page 11
[THIS PAGE INTENTIONALLY LEFT BLANK ]
Page 12
For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-09729
IS - S
P-HY G
W-1
026
Go paperless. . . It’s Easy, Economical and Green! Go to www.icsdelivery.com
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "acae120e-bc85-462c-842e-eb80acc263a1",
"date_created": "2026-10-15T22:58:15.316000Z",
"date_modified": "2026-10-15T22:58:15.316000Z",
"file_hash": "c6cf0016625d23b74099d5b85659805a251b548a2629e44c7a2ef6a744aee981",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 12,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 33,
"width": 501,
"x": 112,
"y": 175
},
"id": "55a2bac4-a6a8-450c-a4a6-ee1115590eb5",
"page_number": 1,
"text": "Summary Prospectus"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 6,
"x": 81,
"y": 256
},
"id": "2a8bb6e0-d793-404f-93e8-b9e2df44b9ad",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 13,
"x": 102,
"y": 253
},
"id": "aa0b36de-acf7-4b50-a02c-191698186bcd",
"page_number": 1,
"text": "iS"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 117,
"y": 253
},
"id": "2cf101c6-ec21-42c6-856a-22559c47d3cf",
"page_number": 1,
"text": "h"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 7,
"x": 127,
"y": 256
},
"id": "a25f5bf1-7c6a-491a-8cff-f7334d837ac6",
"page_number": 1,
"text": "a"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 4,
"x": 138,
"y": 256
},
"id": "718aecfb-c3c7-45db-95d8-f540dd074e41",
"page_number": 1,
"text": "r"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 16,
"x": 143,
"y": 256
},
"id": "e040489e-5379-4bce-900a-caa4f2645cbf",
"page_number": 1,
"text": "es"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 1,
"x": 394,
"y": 253
},
"id": "bc9f1fb3-bab1-4b87-aceb-ef91bae63d2e",
"page_number": 1,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 406,
"y": 253
},
"id": "2b702437-f309-4cb2-a27b-e7fe75e05a79",
"page_number": 1,
"text": "H"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 418,
"y": 253
},
"id": "cd2c2598-2a78-40a3-8b5c-5efd741c0db9",
"page_number": 1,
"text": "Y"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 429,
"y": 253
},
"id": "1ea766cd-adf8-4f53-9674-2182c7cc010a",
"page_number": 1,
"text": "G"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 15,
"x": 440,
"y": 253
},
"id": "805ca499-1706-47fc-93f1-29b2da588087",
"page_number": 1,
"text": "W"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 1,
"x": 465,
"y": 253
},
"id": "c2d345a1-935d-4aff-94fc-af2ee033139c",
"page_number": 1,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 39,
"x": 477,
"y": 253
},
"id": "4b71400a-0f72-4c05-962b-7f6d48d8c890",
"page_number": 1,
"text": "Cboe"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 19,
"x": 523,
"y": 253
},
"id": "259109d8-bf8e-4c5a-90a9-a5aee6ca8942",
"page_number": 1,
"text": "BZ"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 543,
"y": 253
},
"id": "00da2eed-b433-48af-8583-93f5ea4ab45d",
"page_number": 1,
"text": "X"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 394,
"x": 81,
"y": 299
},
"id": "0a2031c7-6689-4d17-92a8-aa36440089bf",
"page_number": 1,
"text": "Before you invest, you may want to review the Fund"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 2,
"x": 477,
"y": 299
},
"id": "4dd5cf31-e536-4671-a5f4-9bd5cfe3d83d",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 407,
"x": 479,
"y": 299
},
"id": "321924be-986a-40e8-970b-31984fff3e9e",
"page_number": 1,
"text": "\u2019s prospectus, which contains more information abou"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 888,
"y": 301
},
"id": "918592db-0244-4631-afcc-11183580bdf8",
"page_number": 1,
"text": "t"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 445,
"x": 81,
"y": 315
},
"id": "43dee48f-ca83-41d7-a759-c42877683929",
"page_number": 1,
"text": "the Fund and its risks. You can find the Fund\u2019s prospectus"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 5,
"x": 532,
"y": 315
},
"id": "ecdf54d9-d9ae-402c-9b18-615ae87eec71",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 62,
"x": 537,
"y": 315
},
"id": "f1eafcb4-e39b-4b8f-a51b-f9a77739293a",
"page_number": 1,
"text": "includin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 600,
"y": 318
},
"id": "a33b2b4f-4264-4d88-90d8-0ec9cc7da9f8",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 241,
"x": 615,
"y": 315
},
"id": "4d574fe6-44b5-4eac-876c-94f3b5bc04af",
"page_number": 1,
"text": "amendments and supplements"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 6,
"x": 856,
"y": 315
},
"id": "e8f906ac-c7f5-46fe-a083-157ad7198733",
"page_number": 1,
"text": ")"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 29,
"x": 867,
"y": 315
},
"id": "43081acb-e1a7-4168-a73d-ae04431fe738",
"page_number": 1,
"text": "and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 330,
"x": 81,
"y": 330
},
"id": "8d841f31-557f-41e9-b3c8-b885a3dc60a4",
"page_number": 1,
"text": "other information about the Fund, includin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 412,
"y": 333
},
"id": "a897094e-1871-42e4-8f36-ae65d91afba1",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 69,
"x": 426,
"y": 331
},
"id": "269d15b1-4e7c-4eb5-879a-692fc9158680",
"page_number": 1,
"text": "the Fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 497,
"y": 330
},
"id": "00ea9971-dc8a-43cb-a0d3-951f196a9f5b",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 312,
"x": 499,
"y": 330
},
"id": "4e46d64e-3c2e-4b54-bfed-bdbb2712f32c",
"page_number": 1,
"text": "\u2019s statement of additional information an"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 813,
"y": 331
},
"id": "6d3e76ce-02dd-493f-bf0f-b56b35422c41",
"page_number": 1,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 645,
"x": 81,
"y": 346
},
"id": "f81eafd9-4454-464e-88de-e0d81e99da61",
"page_number": 1,
"text": "shareholder reports, online at https://www.blackrock.com/prospectus. You can also"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 731,
"y": 349
},
"id": "f659004f-f097-4603-a61b-dab221501467",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 64,
"x": 742,
"y": 346
},
"id": "4aed8110-c456-4d9f-a87e-e21dd4ba15dd",
"page_number": 1,
"text": "et this in"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 808,
"y": 346
},
"id": "7fe926fd-6ca9-4b09-987e-5add6ef8e926",
"page_number": 1,
"text": "fo"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 90,
"x": 814,
"y": 346
},
"id": "29d66035-8274-4e97-8fe8-e254ddd52f7b",
"page_number": 1,
"text": "formation at"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 69,
"x": 81,
"y": 362
},
"id": "93fafd27-4128-403e-837e-baad0b48a8ab",
"page_number": 1,
"text": "no cost by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 150,
"y": 364
},
"id": "c1bc439a-764e-45d8-8dba-711e21d00e74",
"page_number": 1,
"text": "by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 40,
"x": 164,
"y": 362
},
"id": "3cf5ccac-4a9f-4876-8828-0d2f063e8dc8",
"page_number": 1,
"text": "callin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 206,
"y": 364
},
"id": "989b8a88-8f0f-454f-ba0e-d4455fb6a053",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 113,
"x": 220,
"y": 361
},
"id": "8269f868-a792-4785-8da2-961b138c5dbb",
"page_number": 1,
"text": "1-800-iShares"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 5,
"x": 339,
"y": 361
},
"id": "3943e008-5dfb-47bc-8087-0a8e02ee7c1e",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 135,
"x": 345,
"y": 361
},
"id": "e32f5871-d13d-47f3-8f20-33ddd4ed5cd3",
"page_number": 1,
"text": "1-800-474-2737"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 5,
"x": 480,
"y": 361
},
"id": "b5f2e974-eb70-440e-9d2f-157bef5ba52d",
"page_number": 1,
"text": ")"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 28,
"x": 491,
"y": 362
},
"id": "da27f8fe-bbde-4364-ba04-59efb5a42bf5",
"page_number": 1,
"text": "or by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 519,
"y": 364
},
"id": "14ef37fc-88d3-46e3-bf24-864bf6979ad1",
"page_number": 1,
"text": "by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 52,
"x": 532,
"y": 362
},
"id": "9d368885-33be-4dd7-b4bf-87185b9ed97f",
"page_number": 1,
"text": "sendin"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 585,
"y": 364
},
"id": "5a24bb67-9afc-401e-814f-76ef51e74794",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 154,
"x": 600,
"y": 362
},
"id": "908e2468-dc53-4242-9e40-0db67f8ff1f0",
"page_number": 1,
"text": "an e-mail request to"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 577,
"x": 81,
"y": 377
},
"id": "d087c240-2181-40db-b222-1e9622dc63a3",
"page_number": 1,
"text": "iSharesETFs@blackrock.com, or from your financial professional. The Fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 660,
"y": 377
},
"id": "1acae6f4-0242-49c3-b0f5-dbc986a171d0",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 229,
"x": 662,
"y": 377
},
"id": "ddc147a1-bc95-4bcc-b285-bd2e075a5b2f",
"page_number": 1,
"text": "\u2019s prospectus and statement o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 893,
"y": 377
},
"id": "63012bad-2d65-4d52-8f3c-20c10835d602",
"page_number": 1,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 96,
"x": 81,
"y": 393
},
"id": "610d2692-2f66-4504-8c9f-7cb6c911683e",
"page_number": 1,
"text": "additional in"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 6,
"x": 179,
"y": 392
},
"id": "5e7aca6d-3445-407a-ab17-9991b1f6f872",
"page_number": 1,
"text": "fo"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 228,
"x": 185,
"y": 393
},
"id": "0f954f9d-8e4a-4c28-b953-6e253e749b3b",
"page_number": 1,
"text": "formation, both dated February"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 412,
"y": 395
},
"id": "6f5503d0-636c-43e5-8d4a-1a70f920e6c7",
"page_number": 1,
"text": "ry"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 323,
"x": 425,
"y": 392
},
"id": "f52b2d79-22f7-4a52-97b6-ee1060519c04",
"page_number": 1,
"text": "27, 2026, as amended and supplemented"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 7,
"x": 753,
"y": 392
},
"id": "99b7c66b-2584-465b-838a-4930274175eb",
"page_number": 1,
"text": "fr"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 130,
"x": 759,
"y": 393
},
"id": "a6dea8a1-5198-4548-8d55-0955585fc79c",
"page_number": 1,
"text": "from time to time,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 142,
"x": 81,
"y": 408
},
"id": "7b41e1f0-cf00-4f32-b6e7-c300602edf22",
"page_number": 1,
"text": "are incorporated by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 222,
"y": 411
},
"id": "b0df1ac6-aa2f-4fcd-ae2d-a2520191710f",
"page_number": 1,
"text": "by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 106,
"x": 237,
"y": 408
},
"id": "04ca0a51-46dc-4688-8bee-746b0b0473df",
"page_number": 1,
"text": "reference into"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 5,
"x": 349,
"y": 408
},
"id": "87836f7e-5601-4c3b-ab21-515481f01035",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 12,
"x": 354,
"y": 408
},
"id": "2d55ec5e-00c4-45ac-9f05-43c8ea02dc27",
"page_number": 1,
"text": "le"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 367,
"y": 411
},
"id": "e29d8e90-81e1-443e-8b41-d93b36b5ba29",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 378,
"y": 408
},
"id": "941c0b7c-c1f7-44ff-a58d-69571efba18c",
"page_number": 1,
"text": "ally"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 394,
"y": 411
},
"id": "5060cbec-2564-4f41-8c49-4cf3c808b27e",
"page_number": 1,
"text": "ly"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 113,
"x": 409,
"y": 408
},
"id": "454a939e-962a-4ff6-bab2-e682971b1209",
"page_number": 1,
"text": "made a part of)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 5,
"x": 521,
"y": 408
},
"id": "c59e4097-3d6c-4618-80f5-69fac2192493",
"page_number": 1,
"text": "f)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 100,
"x": 531,
"y": 408
},
"id": "5c8fe19c-4a5a-42f5-9456-fcfe1975036f",
"page_number": 1,
"text": "this Summary"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 630,
"y": 411
},
"id": "1d6f78cd-b379-4070-98c4-22028c8e2795",
"page_number": 1,
"text": "ry"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 240,
"x": 644,
"y": 408
},
"id": "866af65a-fd9b-4765-a775-33e20c207af7",
"page_number": 1,
"text": "Prospectus. Information on the"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 40,
"x": 81,
"y": 423
},
"id": "562c75de-dc1f-4fad-9c3a-0c8e6750ede2",
"page_number": 1,
"text": "Fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 2,
"x": 123,
"y": 423
},
"id": "20ef74dd-857c-48cf-bced-471adaf5a963",
"page_number": 1,
"text": "\u2019s"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 716,
"x": 125,
"y": 423
},
"id": "3713875c-7b54-4d38-b02a-2d298ade92a5",
"page_number": 1,
"text": "\u2019s net asset value, market price, premiums and discounts, and bid-ask spreads can be found a"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 843,
"y": 424
},
"id": "12b7f8a3-b225-4e9e-afd5-4494e7d4f09f",
"page_number": 1,
"text": "t"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 106,
"x": 81,
"y": 439
},
"id": "9d5b755a-64ea-462f-b6a1-65f3ad47d6fc",
"page_number": 1,
"text": "https://www.i"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 187,
"y": 439
},
"id": "18f1d151-6c07-485f-9960-7bbe67c7cd26",
"page_number": 1,
"text": "S"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 198,
"y": 439
},
"id": "76d07907-2a73-4ac9-ac4c-d2560e82b32d",
"page_number": 1,
"text": "hares.com"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 2,
"x": 279,
"y": 447
},
"id": "fe4b0bf3-8a95-40da-96d9-0c1a76ea670c",
"page_number": 1,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 205,
"x": 81,
"y": 891
},
"id": "fd40c0b0-da53-44c1-b119-0563f3726e3c",
"page_number": 1,
"text": "The Securities and Exchan"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 289,
"y": 894
},
"id": "05607114-f6a6-4ff0-9f15-67f6077b149c",
"page_number": 1,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 618,
"x": 299,
"y": 891
},
"id": "3d9f051b-0c0e-456f-9063-49a465d218c6",
"page_number": 1,
"text": "e Commission has not approved or disapproved these securities or passed upon"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 97,
"x": 81,
"y": 907
},
"id": "851a314b-2e9a-465f-ad5c-01e9868e9490",
"page_number": 1,
"text": "the adequac"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 179,
"y": 910
},
"id": "140b9420-ad98-46f0-b799-4dddcd9ebe8c",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 8,
"x": 192,
"y": 909
},
"id": "8212132d-775a-4540-ae42-bae0358d89c3",
"page_number": 1,
"text": "o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 201,
"y": 907
},
"id": "c2f47367-3949-4502-98c6-3ae767df6fb8",
"page_number": 1,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 150,
"x": 211,
"y": 907
},
"id": "d2245505-1945-48b5-b776-57f8dc7e84ea",
"page_number": 1,
"text": "this prospectus. An"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 362,
"y": 910
},
"id": "18e31e59-36ef-46b1-b578-416c39b29eaf",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 226,
"x": 376,
"y": 907
},
"id": "350fffaa-1089-4139-8c71-c1bbde2cb5f4",
"page_number": 1,
"text": "representation to the contrar"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 603,
"y": 910
},
"id": "0572a988-f78e-4f94-b79e-14a26e3550ff",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 107,
"x": 617,
"y": 907
},
"id": "00b969a4-8c79-48b5-a193-2166a0a2d1e3",
"page_number": 1,
"text": "is a criminal o"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 12,
"x": 725,
"y": 907
},
"id": "50f58b4c-fdcf-439b-82c5-10b009b66170",
"page_number": 1,
"text": "ff"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 39,
"x": 738,
"y": 909
},
"id": "8a4d9054-6747-4c56-ac2a-b20b7205d447",
"page_number": 1,
"text": "ense."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 4,
"x": 710,
"y": 81
},
"id": "ef7247e7-2c82-419f-af82-53212b51bf11",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 153,
"x": 715,
"y": 82
},
"id": "788f67f8-6d86-4c91-83f8-587969dc2745",
"page_number": 1,
"text": "as revised October 15"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 2,
"x": 869,
"y": 89
},
"id": "a23dfc7f-20cd-4df1-99ff-304d350de9fb",
"page_number": 1,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 36,
"x": 877,
"y": 82
},
"id": "100473ad-2ae0-44c9-9c6e-4f892e532937",
"page_number": 1,
"text": "2026"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 4,
"x": 914,
"y": 81
},
"id": "339f26bc-11b2-40b0-8fe8-dbc8a2a7a20d",
"page_number": 1,
"text": ")"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 21,
"x": 166,
"y": 253
},
"id": "ee996e60-822f-4cd2-bc67-0dbef5640400",
"page_number": 1,
"text": "HY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 10,
"x": 189,
"y": 253
},
"id": "bc7868a3-831e-46fb-a163-9e98ab743b4a",
"page_number": 1,
"text": "G"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 167,
"x": 206,
"y": 253
},
"id": "df92221c-b618-4219-a453-76dba9885c1e",
"page_number": 1,
"text": "Premium Income+ ET"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 375,
"y": 253
},
"id": "fe22be62-472b-493b-8970-76f52fc12aa2",
"page_number": 1,
"text": "F"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 252,
"y": 76
},
"id": "fc4b8292-8b38-4cb4-9d7b-3105cac604ab",
"page_number": 2,
"text": "T"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 2,
"x": 260,
"y": 75
},
"id": "a3e9beee-4f46-46e2-ae89-fd4c05b0994b",
"page_number": 2,
"text": "i"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 6,
"x": 264,
"y": 78
},
"id": "1fdd81ba-e6c6-451c-bcf5-e0426dd58e1e",
"page_number": 2,
"text": "c"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 7,
"x": 272,
"y": 75
},
"id": "f16e4bbe-9a47-4465-a909-17e63d648316",
"page_number": 2,
"text": "k"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 280,
"y": 78
},
"id": "03c34bb6-fbfd-4167-b818-6c6066ce4226",
"page_number": 2,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 34,
"x": 289,
"y": 76
},
"id": "50494b76-7476-40e9-807f-05ab000c4b74",
"page_number": 2,
"text": "r: HY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 9,
"x": 325,
"y": 75
},
"id": "8730ffdc-7598-4ec0-8542-b334235d76a8",
"page_number": 2,
"text": "G"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 308,
"x": 335,
"y": 75
},
"id": "11e90382-1bb4-49ca-8e74-555a53e33b06",
"page_number": 2,
"text": "W Stock Exchan"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 645,
"y": 78
},
"id": "a40b5749-7871-4abc-b0b9-60a36d87760a",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 86,
"x": 654,
"y": 75
},
"id": "f8efce75-c19e-4c52-b30e-391dd75d615e",
"page_number": 2,
"text": "e: Cboe BZX"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 157,
"x": 53,
"y": 113
},
"id": "64a352ef-21b1-4d0e-9843-5d49ae799ff4",
"page_number": 2,
"text": "Investment Object"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 3,
"x": 211,
"y": 113
},
"id": "6349ccfd-9623-42e3-9356-974fc7b1694f",
"page_number": 2,
"text": "i"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 9,
"x": 216,
"y": 116
},
"id": "86b29ab6-9ab0-411d-b6dd-0be4acab1407",
"page_number": 2,
"text": "v"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 9,
"x": 226,
"y": 116
},
"id": "0d6ea40b-5415-402f-a186-621f07ac58eb",
"page_number": 2,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 9,
"x": 53,
"y": 182
},
"id": "bdf1c743-a3fc-4cd5-8b10-94e6c1f556c9",
"page_number": 2,
"text": "F"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 54,
"x": 62,
"y": 184
},
"id": "75b29491-5cd8-4e46-9bf4-0a56559ced12",
"page_number": 2,
"text": "ees an"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 9,
"x": 118,
"y": 182
},
"id": "c18f3917-016f-41a3-9e04-178c2114e890",
"page_number": 2,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 70,
"x": 135,
"y": 182
},
"id": "b8b56289-29ab-4234-9417-7f01a2a5b2d7",
"page_number": 2,
"text": "Expense"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 8,
"x": 206,
"y": 184
},
"id": "3ab12950-0e9f-4458-804d-148216a40d93",
"page_number": 2,
"text": "s"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 75,
"x": 52,
"y": 206
},
"id": "c5e5091d-4b7c-4bd0-90b5-af93496e4fb4",
"page_number": 2,
"text": "The followin"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 129,
"y": 209
},
"id": "f40fbec7-526f-45d6-8c44-97f16523f902",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 781,
"x": 140,
"y": 206
},
"id": "c79bcfde-846f-43de-9eec-8974ff621bab",
"page_number": 2,
"text": "table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 434,
"x": 53,
"y": 221
},
"id": "95124e11-9aa4-4f29-bab4-b1d8577bafc0",
"page_number": 2,
"text": "are rounded to the nearest basis point, which in some cases may be"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 5,
"x": 492,
"y": 221
},
"id": "0eb488da-8318-4bf6-87a8-81d726edfed4",
"page_number": 2,
"text": "\u201c"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 31,
"x": 499,
"y": 221
},
"id": "7d321f52-18fe-4540-9bf3-200af776d355",
"page_number": 2,
"text": "0.00."
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 5,
"x": 532,
"y": 221
},
"id": "cf6e6f47-95df-4bd5-9e28-782cf25b721d",
"page_number": 2,
"text": "\u201d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 294,
"x": 546,
"y": 221
},
"id": "6ab4bbd9-a7f4-49ea-afc7-cae5c074e916",
"page_number": 2,
"text": "The investment advisory agreement between i"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 842,
"y": 221
},
"id": "9d719fa9-78e3-4a80-8995-db5555db94f8",
"page_number": 2,
"text": "S"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 69,
"x": 851,
"y": 221
},
"id": "d0e4d53d-a849-4a61-b8e4-5160abaff520",
"page_number": 2,
"text": "hares Trust"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 889,
"x": 53,
"y": 235
},
"id": "0c900aa3-bddd-4a4e-8d94-c196c7414345",
"page_number": 2,
"text": "(the \u201cTrust\u201d) and BlackRock Fund Advisors (\u201cBFA\u201d) (the \u201cInvestment Advisory Agreement\u201d) provides that BFA will pay all operating expenses"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 207,
"x": 53,
"y": 249
},
"id": "7bb5a6d8-db10-4e64-8e97-9fb71893bbea",
"page_number": 2,
"text": "of the Fund, except: (i) the mana"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 262,
"y": 251
},
"id": "0fcbbdc3-56ac-437f-8ee8-0a1b0f2ed66f",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 645,
"x": 270,
"y": 249
},
"id": "474c0b40-3a64-4aa7-96a3-5bb67116da39",
"page_number": 2,
"text": "ement fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition an"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 917,
"y": 249
},
"id": "842b3d5c-f254-444b-a0e0-fd3eeb851595",
"page_number": 2,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 6,
"x": 53,
"y": 263
},
"id": "805a28fc-9df1-4312-8eb0-8142cd00426e",
"page_number": 2,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 844,
"x": 61,
"y": 263
},
"id": "96d7c399-a878-42ed-b49e-e563ac347636",
"page_number": 2,
"text": "isposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees o"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 4,
"x": 907,
"y": 266
},
"id": "30494093-d962-40fe-85a0-366c4e3f0326",
"page_number": 2,
"text": "r"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 133,
"x": 53,
"y": 277
},
"id": "2d844326-c469-49f9-a92d-8601d56b04a2",
"page_number": 2,
"text": "expenses, and (vi) liti"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 7,
"x": 187,
"y": 280
},
"id": "bc18f46f-522b-4da3-8e4d-6987149cf66d",
"page_number": 2,
"text": "g"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 735,
"x": 195,
"y": 277
},
"id": "63745a5c-580e-4358-8db0-4a825ff1d45b",
"page_number": 2,
"text": "ation expenses and any extraordinary expenses. The Fund may incur \u201cAcquired Fund Fees and Expenses.\u201d Acquired"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 173,
"x": 53,
"y": 292
},
"id": "8f7fb979-e9e8-4830-8319-91220a7bc2f7",
"page_number": 2,
"text": "Fund Fees and Expenses re"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 227,
"y": 292
},
"id": "1ddd9009-d9ca-4e27-8441-23ec48d0fae8",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 93,
"x": 232,
"y": 292
},
"id": "d87dae75-ac4c-4978-ad6e-151982d8ad8d",
"page_number": 2,
"text": "lect the Fund\u2019s"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 37,
"x": 329,
"y": 294
},
"id": "edc7b0a8-77f1-4fd9-9955-996aec633f71",
"page_number": 2,
"text": "pro ra"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 11,
"x": 368,
"y": 292
},
"id": "6cfb9f53-4903-4ef2-97e2-2eef34670571",
"page_number": 2,
"text": "ta"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 384,
"y": 292
},
"id": "45d5f9fc-cbae-435b-b8c3-2ca7dd8147e3",
"page_number": 2,
"text": "share o"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 431,
"y": 292
},
"id": "67ebd57e-89b2-4a10-9c6d-e5011c964f7c",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 19,
"x": 440,
"y": 292
},
"id": "9228a71d-d841-421d-a7d4-d4dca1a8bdb6",
"page_number": 2,
"text": "the"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 464,
"y": 292
},
"id": "8f5da4de-6674-4841-b1c2-7d873217df4b",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 395,
"x": 469,
"y": 292
},
"id": "89176efb-48e0-46a9-8331-4b0df877ec40",
"page_number": 2,
"text": "ees and expenses incurred indirectly by the Fund as a result o"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 865,
"y": 292
},
"id": "ad624963-70e9-4239-a904-51e34256c998",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 56,
"x": 874,
"y": 292
},
"id": "2ba06863-db98-4dd5-a980-e63868daf244",
"page_number": 2,
"text": "investing"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 879,
"x": 53,
"y": 306
},
"id": "11f5f279-e166-4ddc-9695-c0708d261dc0",
"page_number": 2,
"text": "in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund\u2019s total return but is not included i"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 6,
"x": 934,
"y": 308
},
"id": "ce74ee49-5930-48dd-b13f-18372deb54ce",
"page_number": 2,
"text": "n"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 111,
"x": 52,
"y": 320
},
"id": "92701bba-281a-4f7a-98e1-684f1765bff1",
"page_number": 2,
"text": "the Fund\u2019s ratio o"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 164,
"y": 320
},
"id": "7e279657-cc7c-43db-b098-22ac04bd7780",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 238,
"x": 173,
"y": 320
},
"id": "011d7450-b0ab-41fd-8913-6754f7d21109",
"page_number": 2,
"text": "expenses to average net assets. Both"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 416,
"y": 320
},
"id": "624b48a9-4c6b-4443-8bd6-0fab9fa0554a",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 139,
"x": 422,
"y": 320
},
"id": "5b82f02a-ae28-4285-9b29-37477ab598bd",
"page_number": 2,
"text": "igures are shown in th"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 6,
"x": 563,
"y": 322
},
"id": "af4ebc3f-4786-466f-ac69-a46e3cee4635",
"page_number": 2,
"text": "e"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 12,
"x": 574,
"y": 320
},
"id": "21d0fa69-5491-4ea3-b560-31adda103fb9",
"page_number": 2,
"text": "Fin"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 30,
"x": 585,
"y": 322
},
"id": "09ac04f2-b9a9-4d25-b02c-7840201c3be9",
"page_number": 2,
"text": "inanc"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 616,
"y": 320
},
"id": "0ffaaaa8-f370-4158-8469-3809c85d2a2b",
"page_number": 2,
"text": "ia"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 619,
"y": 320
},
"id": "b93942f3-4be8-4b5e-9fe1-6657d0a9c8e0",
"page_number": 2,
"text": "ial Hi"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 644,
"y": 320
},
"id": "32911480-4625-423c-8dc3-1042d14b762e",
"page_number": 2,
"text": "Hig"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 20,
"x": 646,
"y": 320
},
"id": "eb1d902b-3358-4896-9f60-360aed319d7c",
"page_number": 2,
"text": "ighli"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 666,
"y": 320
},
"id": "1f61890f-0c04-40c4-916c-c018a9c4f14c",
"page_number": 2,
"text": "lig"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 27,
"x": 669,
"y": 320
},
"id": "b665fb87-414c-49c3-a1ed-52528e052401",
"page_number": 2,
"text": "ights"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 57,
"x": 701,
"y": 320
},
"id": "5510f189-6e82-4ed6-a642-7275e6682248",
"page_number": 2,
"text": "section o"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 5,
"x": 759,
"y": 320
},
"id": "32e1a8dd-7f32-4767-ba90-8cd6b9dceca4",
"page_number": 2,
"text": "f"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 171,
"x": 768,
"y": 320
},
"id": "ead452ba-7315-4e7f-b02e-6a083748823d",
"page_number": 2,
"text": "the Fund\u2019s prospectus (the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 87,
"x": 53,
"y": 334
},
"id": "755823b2-741d-4abf-b96d-e9ad418b4d54",
"page_number": 2,
"text": "\u201cProspectus\u201d)"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 2,
"x": 142,
"y": 341
},
"id": "7ec66fbc-aadb-45dc-adf4-9e27a48abc55",
"page_number": 2,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 52,
"y": 357
},
"id": "52a2d5a4-b67a-4c6f-9265-ddda057119a2",
"page_number": 2,
"text": "Yo"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 156,
"x": 60,
"y": 357
},
"id": "d634fbac-8cfa-4b17-88e6-80b147807035",
"page_number": 2,
"text": "You may pay other fees"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 3,
"x": 217,
"y": 364
},
"id": "33ea1a34-5c64-48c9-897b-c8df244b0628",
"page_number":...