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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":8,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"e538b908-9438-4f7b-ac16-c860b6b6e04c","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":8,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"415de5c5-05fe-42e7-a24c-7441aee6094f","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":8,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"44be8233-709d-481a-80d8-305fd791d9e9","block_type":"box","text":"your costs would be:","page_number":8,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"907b3883-4292-46ea-9d2b-58649e85aa18","block_type":"box","text":"Expense Example","page_number":8,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"1fdfc7d9-7b89-47e7-86d2-427138e41529","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":8,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"2770a8e0-2468-4f8a-9100-cbf5162586c0","block_type":"box","text":"Example Fund Costs","page_number":8,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"bec4f40a-e25f-4b72-84bc-b8aa071de400","block_type":"box","text":"$41 $128 $224 $505","page_number":8,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"945d00fb-b739-4aad-a2e9-a5ef57e63ff3","block_type":"box","text":"Portfolio Turnover.","page_number":8,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"c2f4189b-3788-4df1-b49a-1681a277017c","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":8,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"74f50574-2de7-49d5-9392-584f18739cbe","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":8,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"1803e717-33bb-4d5c-884c-58a017745187","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":8,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"57fdf5f5-da28-49b8-a19e-4f6959b6311a","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 2% of","page_number":8,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"2ff77839-8a99-458c-8d07-1b8059ed3f2f","block_type":"box","text":"the average value of its portfolio.","page_number":8,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"4cfb5a5b-816e-43c8-9d43-418b47469b81","block_type":"box","text":"Principal Investment Strategies","page_number":8,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"d3e2d83f-62b9-483f-9088-864134de32b2","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 100","page_number":8,"box":{"x":52,"y":683,"width":490,"height":8}},{"id":"5c838fbd-cfea-4f1e-b2bf-536192e716de","block_type":"box","text":"TM","page_number":8,"box":{"x":543,"y":681,"width":16,"height":5}},{"id":"ba8a447f-7ab7-474c-80a3-c8d3897c5250","block_type":"box","text":"(the “Underlying Index”), which is designed to","page_number":8,"box":{"x":565,"y":682,"width":321,"height":11}},{"id":"51446e69-4df7-44fa-8f2e-c1917759e47b","block_type":"box","text":"measure the performance of the stocks of approximately 100 large-capitalization global companies. The stocks in the","page_number":8,"box":{"x":53,"y":697,"width":831,"height":11}},{"id":"2fcf0149-da61-456e-a500-89a73a358739","block_type":"box","text":"Underlying Index are expected to be highly liquid and represent some of the largest multinational businesses in the world.","page_number":8,"box":{"x":53,"y":711,"width":861,"height":11}},{"id":"2e91e239-ecd9-48c8-a08c-1058adc710bc","block_type":"box","text":"The Underlying Index is a subset of the S&P Global 1200","page_number":8,"box":{"x":52,"y":725,"width":400,"height":11}},{"id":"3184ca7c-e373-4995-8734-a378252f9b6f","block_type":"box","text":"TM","page_number":8,"box":{"x":453,"y":724,"width":16,"height":5}},{"id":"512be51d-c02c-4e0f-bc6a-e9fd5491d247","block_type":"box","text":"and contains 102 common stocks as of March 31, 2026, screened","page_number":8,"box":{"x":475,"y":725,"width":465,"height":10}},{"id":"8e6cd640-b771-497f-92ca-5e8bfaebbf49","block_type":"box","text":"for sector representation, liquidity and size. The market capitalization of constituent companies is adjusted to reflect the","page_number":8,"box":{"x":52,"y":739,"width":850,"height":11}},{"id":"4ca1b770-5e70-40ba-aad6-3676c09c0ed4","block_type":"box","text":"available float and, if necessary, any foreign investment restrictions. As of March 31, 2026, the Underlying Index was","page_number":8,"box":{"x":53,"y":754,"width":821,"height":10}},{"id":"b9dddd7b-6ca2-4e88-9ec1-9392f783dbca","block_type":"box","text":"composed of securities of companies in the following countries: Australia, China, France, Germany, Japan, the Netherlands,","page_number":8,"box":{"x":53,"y":768,"width":870,"height":11}},{"id":"565e88b5-347a-4e61-b960-f4e6c33be087","block_type":"box","text":"South Korea, Spain, Switzerland, the United Kingdom (the “U.K.”) and the U.S. As of March 31, 2026, a significant portion of","page_number":8,"box":{"x":52,"y":782,"width":871,"height":11}},{"id":"ea789f33-4409-46ed-be47-ec207919fc0a","block_type":"box","text":"the Underlying Index was represented by securities of companies in the consumer goods and services and technology","page_number":8,"box":{"x":52,"y":796,"width":835,"height":11}},{"id":"bc2c46cb-92a4-4cb2-9cb8-3178658d4330","block_type":"box","text":"industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":8,"box":{"x":53,"y":810,"width":653,"height":11}},{"id":"16cdebf8-1847-4060-870c-dea27e245091","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":8,"box":{"x":52,"y":833,"width":853,"height":11}},{"id":"67bc0a44-6847-488e-9755-5ff385a66288","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":8,"box":{"x":53,"y":847,"width":839,"height":11}},{"id":"cea09674-5faa-465e-ad01-ac0cdffaecbd","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":8,"box":{"x":53,"y":862,"width":868,"height":11}},{"id":"24478f9f-e9cd-4bac-a014-bf779871435c","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":8,"box":{"x":53,"y":876,"width":851,"height":11}},{"id":"322dcf11-e2f6-4d4b-894c-b4808965afa0","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":8,"box":{"x":53,"y":890,"width":806,"height":11}},{"id":"c7b2c47c-15cf-431b-b395-b1b5bbcb0f8b","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":8,"box":{"x":53,"y":904,"width":884,"height":11}},{"id":"bcfffe99-14ad-4f00-bdc9-3ec67cb562e7","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":8,"box":{"x":52,"y":919,"width":884,"height":10}},{"id":"a2ee9430-f03b-4ed9-a843-4123ca3f8f11","block_type":"box","text":"S-1","page_number":8,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"9f423928-7acc-4417-a6d5-5524a47b9e67","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":9,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"8f583f8e-adf9-4774-ae0d-4c69f1c3679f","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":9,"box":{"x":53,"y":61,"width":867,"height":10}},{"id":"920b5072-5ce5-42b1-87b9-f6091e8a5a84","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":9,"box":{"x":52,"y":75,"width":869,"height":11}},{"id":"fdcbd06c-9d23-4cac-be81-f195b77f09a3","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":9,"box":{"x":52,"y":89,"width":863,"height":11}},{"id":"c86b0816-4fef-4b7a-8018-3665703ddee1","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":9,"box":{"x":53,"y":103,"width":826,"height":11}},{"id":"08300e6d-d41b-4e9e-98ab-1be8c8e79e35","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":9,"box":{"x":53,"y":118,"width":405,"height":10}},{"id":"b624fd7f-a3f9-4fa0-9468-a54e9d172ac4","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":9,"box":{"x":53,"y":140,"width":844,"height":11}},{"id":"fe615062-af14-4d31-acf1-52bef1f14bf6","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":9,"box":{"x":53,"y":155,"width":860,"height":11}},{"id":"75742a21-2480-457f-94db-33f28f7fe5c6","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":9,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"9b13065e-b178-4cea-a53d-dcbb2ccc796a","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":9,"box":{"x":53,"y":183,"width":817,"height":11}},{"id":"b4b9032f-63dc-4a1d-8548-ecd3d83cfd05","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":9,"box":{"x":53,"y":197,"width":818,"height":11}},{"id":"1ac95707-8f85-4c53-aee8-496b5791f57d","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":9,"box":{"x":53,"y":211,"width":835,"height":11}},{"id":"2fab75a8-90c6-440b-839a-9ef61e6cc16d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":9,"box":{"x":52,"y":235,"width":873,"height":10}},{"id":"e2c7bdcd-2ecd-4296-a5c8-aa171e7d04a2","block_type":"box","text":"collateral received).","page_number":9,"box":{"x":53,"y":249,"width":136,"height":9}},{"id":"606e0dca-7b60-4c4c-b881-3a602b7fa84c","block_type":"box","text":"The Underlying Index is a product of S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which is independent of","page_number":9,"box":{"x":52,"y":272,"width":867,"height":11}},{"id":"dfa3ccc8-5354-45d8-ab52-ffe1eb126162","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":9,"box":{"x":52,"y":286,"width":821,"height":11}},{"id":"7bc6b503-4807-4076-b497-07281b901cf2","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":9,"box":{"x":53,"y":300,"width":681,"height":11}},{"id":"1bcfa7a9-1989-4266-b99e-b97fe4b895d3","block_type":"box","text":"Industry Concentration Policy.","page_number":9,"box":{"x":53,"y":323,"width":224,"height":11}},{"id":"334754e0-10f2-4afd-a263-411fe7394fd4","block_type":"box","text":"The Fund will concentrate its investments (","page_number":9,"box":{"x":281,"y":323,"width":304,"height":10}},{"id":"17cdd426-ac20-4fef-91ef-ee13826b0600","block_type":"box","text":"i.e.","page_number":9,"box":{"x":587,"y":324,"width":17,"height":8}},{"id":"3952ffd8-dd7a-4c3c-a51b-fd7adf4c2e6a","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":9,"box":{"x":606,"y":323,"width":292,"height":10}},{"id":"3fe02413-01c4-4f98-b1ce-8b03fdd3991d","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":9,"box":{"x":53,"y":338,"width":858,"height":11}},{"id":"350dd274-16a8-4060-949e-907b6b929a41","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":9,"box":{"x":53,"y":352,"width":868,"height":11}},{"id":"8fd0159c-58c1-49b3-84ff-2832295b9e93","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":9,"box":{"x":53,"y":366,"width":826,"height":11}},{"id":"ee5e90eb-e98e-4676-86bd-b0bb8005920b","block_type":"box","text":"Diversification Policy.","page_number":9,"box":{"x":53,"y":389,"width":159,"height":11}},{"id":"35d7719c-f1cb-4f96-a868-7834ea32ac11","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as the Underlying Index is","page_number":9,"box":{"x":216,"y":389,"width":699,"height":11}},{"id":"9be9be76-8248-4ec9-9533-d3f344fc7346","block_type":"box","text":"diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same","page_number":9,"box":{"x":53,"y":404,"width":881,"height":10}},{"id":"d1b85c24-f84c-4542-8632-b56587f775e2","block_type":"box","text":"proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to","page_number":9,"box":{"x":53,"y":418,"width":872,"height":11}},{"id":"fd3fb52c-7a01-4f6e-8281-9f321c29c54c","block_type":"box","text":"use representative sampling. The Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a","page_number":9,"box":{"x":53,"y":432,"width":837,"height":11}},{"id":"5b86412c-1745-4436-a09b-e3135b4597f4","block_type":"box","text":"change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder","page_number":9,"box":{"x":53,"y":446,"width":878,"height":11}},{"id":"62127579-95e2-4b54-96bf-a70954fa6145","block_type":"box","text":"approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization","page_number":9,"box":{"x":53,"y":460,"width":877,"height":11}},{"id":"963a7041-3008-46ab-9232-ead65929b350","block_type":"box","text":"or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and","page_number":9,"box":{"x":53,"y":474,"width":825,"height":11}},{"id":"1c1873de-c27f-45c0-b37a-ee7587d937ea","block_type":"box","text":"weightings at www.iShares.com.","page_number":9,"box":{"x":52,"y":489,"width":227,"height":10}},{"id":"1c1f4f04-f4d9-4495-98f4-9b72da413f52","block_type":"box","text":"Summary of Principal Risks","page_number":9,"box":{"x":52,"y":518,"width":248,"height":13}},{"id":"1d19f05b-c722-423a-87b3-c645ddeb24c9","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":9,"box":{"x":52,"y":543,"width":881,"height":11}},{"id":"e26cdaff-df6c-490b-ab50-7c4f49c9bf6d","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":9,"box":{"x":53,"y":557,"width":824,"height":11}},{"id":"adad80c2-de08-484d-84ac-7d1606efc74e","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":9,"box":{"x":53,"y":571,"width":807,"height":11}},{"id":"821f20fa-eaf1-4927-b130-8efa8d72729e","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":9,"box":{"x":53,"y":585,"width":844,"height":11}},{"id":"022194a2-c07f-4596-a181-e77be86b556d","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":9,"box":{"x":52,"y":599,"width":815,"height":11}},{"id":"46922dde-6293-4c70-b0c2-862991d5d180","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":9,"box":{"x":53,"y":623,"width":278,"height":11}},{"id":"3c3d98aa-ac0d-47bb-a05a-7cc587fd815f","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":9,"box":{"x":337,"y":623,"width":540,"height":10}},{"id":"606f180c-c9f1-4a65-8a8d-96d34b35bd7d","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":9,"box":{"x":53,"y":637,"width":890,"height":11}},{"id":"ffe4567b-aa41-4e8a-824d-1a0a2fb7950b","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":9,"box":{"x":53,"y":651,"width":868,"height":11}},{"id":"7875e2f0-fa1a-41d9-9ba4-494f0faea12d","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":9,"box":{"x":53,"y":665,"width":709,"height":11}},{"id":"5b1da27f-7f44-402b-9845-3dadaef8e168","block_type":"box","text":"Equity Securities Risk.","page_number":9,"box":{"x":53,"y":688,"width":164,"height":11}},{"id":"4add28b6-f9b0-449f-b07b-4215a2190c58","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":9,"box":{"x":223,"y":688,"width":709,"height":11}},{"id":"896ff7da-6a8f-4626-8a2a-8e96a8132d58","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":9,"box":{"x":53,"y":703,"width":889,"height":10}},{"id":"e0db1fa8-aec1-4705-b50e-9d984aafa15c","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":9,"box":{"x":53,"y":717,"width":880,"height":11}},{"id":"01932192-db71-4767-8158-57f8c2f030a8","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":9,"box":{"x":53,"y":731,"width":867,"height":11}},{"id":"0180b342-8b7a-46a2-98db-a6027af74170","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":9,"box":{"x":53,"y":745,"width":339,"height":11}},{"id":"ca95334d-1f94-4708-8a01-8e36d737b71d","block_type":"box","text":"Market Risk.","page_number":9,"box":{"x":53,"y":768,"width":91,"height":9}},{"id":"834c0b6d-a681-4b77-b430-d1cd606e9407","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":9,"box":{"x":148,"y":769,"width":768,"height":10}},{"id":"c5e46673-ad66-4af6-becb-c615044bb7d2","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":9,"box":{"x":53,"y":783,"width":882,"height":10}},{"id":"779fb59d-3ef3-4842-8304-4b24a441af41","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":9,"box":{"x":53,"y":797,"width":858,"height":11}},{"id":"40a3e10a-e91c-49e0-970e-b4e5319c799c","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":9,"box":{"x":53,"y":811,"width":875,"height":11}},{"id":"0a0012b8-2715-44c4-912b-603b7ecf7a85","block_type":"box","text":"Fund’s NAV.","page_number":9,"box":{"x":53,"y":825,"width":82,"height":9}},{"id":"3d566a21-7de1-4e44-9ccb-0a3c5c4a9870","block_type":"box","text":"Index-Related Risk.","page_number":9,"box":{"x":53,"y":848,"width":143,"height":9}},{"id":"4a1bd369-e87a-433e-84fe-c91d2e143714","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":9,"box":{"x":201,"y":848,"width":742,"height":11}},{"id":"0fea5ac5-cbd1-4d8a-a013-c11583fb6a0d","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":9,"box":{"x":53,"y":862,"width":856,"height":11}},{"id":"2c0859c4-e720-4119-818b-0306e4c2df45","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":9,"box":{"x":53,"y":877,"width":852,"height":10}},{"id":"8af38388-e11f-4b18-a413-c6fdc8f51feb","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":9,"box":{"x":53,"y":891,"width":876,"height":11}},{"id":"ec4f2dc7-a07c-4bed-aecf-9444ae07b4f3","block_type":"box","text":"S-2","page_number":9,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"fac9a8f6-dc06-4806-aa4a-2dbbc89904ba","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":10,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"1dadf251-7d68-440e-ab53-ddd6897c34a5","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":10,"box":{"x":53,"y":61,"width":849,"height":10}},{"id":"f5a6ba53-4598-4244-af31-c18741a14395","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":10,"box":{"x":53,"y":75,"width":890,"height":11}},{"id":"c7df1f50-027f-4eaa-9215-a8041032a8cc","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":10,"box":{"x":53,"y":89,"width":853,"height":11}},{"id":"0b5695af-5c16-45c2-ac00-ddf4fb1d1a3a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":10,"box":{"x":53,"y":103,"width":539,"height":11}},{"id":"aef2c90d-b97d-47da-8e9a-1ce21e5916f9","block_type":"box","text":"Asset Class Risk.","page_number":10,"box":{"x":52,"y":126,"width":122,"height":9}},{"id":"a8c6fae7-31b4-43d9-953d-59e1291e2766","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":10,"box":{"x":179,"y":126,"width":721,"height":11}},{"id":"b2a274b8-963c-4b10-8571-94ce7b65e5d5","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":10,"box":{"x":53,"y":141,"width":774,"height":10}},{"id":"c9268819-e75b-48df-93f3-0fc476527f76","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":10,"box":{"x":52,"y":164,"width":318,"height":10}},{"id":"c67ff435-0a09-42e7-95fa-49f2214c4cc1","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":10,"box":{"x":374,"y":164,"width":531,"height":11}},{"id":"83178a1b-313e-44e0-83f7-8ba76c7edcbc","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":10,"box":{"x":53,"y":178,"width":810,"height":11}},{"id":"ca74c8e1-c267-4841-b266-8a002c0ef350","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":10,"box":{"x":52,"y":192,"width":816,"height":11}},{"id":"96f8160c-dfd1-4c21-9d02-b4c8627e1c7b","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":10,"box":{"x":52,"y":206,"width":884,"height":11}},{"id":"e96f5a98-a23d-469f-863a-29e7501408ed","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":10,"box":{"x":53,"y":220,"width":871,"height":11}},{"id":"b21e0b0b-2143-4b89-a788-c135bf6fefbe","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":10,"box":{"x":53,"y":235,"width":846,"height":10}},{"id":"1fe38003-6810-48b4-948c-2793cbc92be3","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":10,"box":{"x":52,"y":249,"width":881,"height":10}},{"id":"95f8844b-3725-4dc5-97fb-e3a1c74748de","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":10,"box":{"x":53,"y":263,"width":853,"height":11}},{"id":"5cf8f6d6-b336-47bf-bab2-f6fdbb328d0a","block_type":"box","text":"halts or delisting.","page_number":10,"box":{"x":53,"y":277,"width":121,"height":11}},{"id":"6dfe11ef-a395-4f23-a845-8feb1897a1d5","block_type":"box","text":"Concentration Risk.","page_number":10,"box":{"x":53,"y":300,"width":145,"height":9}},{"id":"71a5a49d-c963-4f7a-9844-e0f84cfdfb73","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":10,"box":{"x":202,"y":300,"width":711,"height":11}},{"id":"d0542657-51f1-4680-9a62-c13734f4cb0b","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":10,"box":{"x":53,"y":314,"width":884,"height":10}},{"id":"f142e6a8-8124-4bd8-aa26-2013ea2d552d","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":10,"box":{"x":52,"y":329,"width":887,"height":11}},{"id":"043a7985-c12a-4752-8a18-a4f2883ce155","block_type":"box","text":"asset classes.","page_number":10,"box":{"x":53,"y":343,"width":95,"height":8}},{"id":"a3e8c2dd-1483-412f-a611-6d4b51ee03b4","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":10,"box":{"x":53,"y":366,"width":349,"height":11}},{"id":"e341c459-4be6-4c07-840b-974a6b4c0299","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":10,"box":{"x":407,"y":366,"width":518,"height":11}},{"id":"8f5e8da9-b660-4a69-b4c3-fe469d981566","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":10,"box":{"x":53,"y":380,"width":880,"height":11}},{"id":"e47379a8-583a-4963-839d-121f3e2a4aae","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":10,"box":{"x":52,"y":395,"width":605,"height":10}},{"id":"1cff3cb5-a8cf-437c-a232-b68bed2c78f3","block_type":"box","text":"Currency Risk.","page_number":10,"box":{"x":53,"y":418,"width":106,"height":11}},{"id":"bc5a7b88-43f2-4792-826e-46c52884b312","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":10,"box":{"x":164,"y":418,"width":751,"height":11}},{"id":"4e3e505f-24f5-48e7-a078-fa7f582c0fd4","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":10,"box":{"x":53,"y":432,"width":842,"height":11}},{"id":"b738deea-70c1-4262-b0b6-db46def437f3","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":10,"box":{"x":52,"y":446,"width":854,"height":11}},{"id":"d270ff06-7f0b-4eac-bf6e-50119943d2c5","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":10,"box":{"x":53,"y":460,"width":869,"height":11}},{"id":"bf796d85-800c-4583-be64-322f31457fb8","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":10,"box":{"x":53,"y":474,"width":309,"height":11}},{"id":"d48670d6-84c2-4e5d-8c52-01e0654fb08f","block_type":"box","text":"Issuer Risk.","page_number":10,"box":{"x":53,"y":498,"width":83,"height":8}},{"id":"b9e6b745-38d1-4c03-a086-ba3f910f0ae7","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":10,"box":{"x":140,"y":498,"width":780,"height":10}},{"id":"300cd40a-15b8-442d-925c-f3ecf00dc9aa","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":10,"box":{"x":53,"y":512,"width":886,"height":11}},{"id":"9e47597c-d6c4-4b27-85fd-27dfeefae87d","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":10,"box":{"x":52,"y":526,"width":576,"height":11}},{"id":"4ca5c8ef-6acc-42d8-a1ad-d698c4286172","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":10,"box":{"x":53,"y":549,"width":395,"height":11}},{"id":"c02d69cb-249d-4559-948a-b3749bc94fa9","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":10,"box":{"x":453,"y":549,"width":410,"height":11}},{"id":"4d999de5-b42b-481f-8796-94d71ff89694","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":10,"box":{"x":53,"y":563,"width":883,"height":11}},{"id":"b0321b01-d830-4c93-871c-b955e9c7dd5f","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":10,"box":{"x":52,"y":578,"width":884,"height":10}},{"id":"a6be72f8-8665-43cd-b12c-04d0ff2d8e97","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":10,"box":{"x":53,"y":592,"width":872,"height":11}},{"id":"cc9a4da2-dae0-4b81-b3ca-089edc0a67be","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":10,"box":{"x":53,"y":606,"width":812,"height":11}},{"id":"5dbc106e-0ab7-4363-8c8c-b2393b724fd7","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":10,"box":{"x":53,"y":620,"width":890,"height":11}},{"id":"efdb9480-4c83-43b7-8078-340cae6f6ec3","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":10,"box":{"x":52,"y":634,"width":891,"height":10}},{"id":"e4215155-1b78-428b-9fcc-b67bf141dd11","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":10,"box":{"x":53,"y":649,"width":836,"height":10}},{"id":"3997a97e-1e06-4dec-8251-9fc1d91cf031","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":10,"box":{"x":53,"y":663,"width":810,"height":10}},{"id":"8b9e8615-4898-48b2-ab3f-dc54a219f868","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":10,"box":{"x":53,"y":677,"width":861,"height":11}},{"id":"651451ec-1189-41f9-8032-b2d020868159","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":10,"box":{"x":53,"y":691,"width":875,"height":11}},{"id":"3bad1d0c-01e8-476c-b92f-867f03b5348c","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":10,"box":{"x":52,"y":705,"width":654,"height":11}},{"id":"afebc409-bd7b-441f-b59d-d97810c57cd3","block_type":"box","text":"Management Risk.","page_number":10,"box":{"x":53,"y":728,"width":137,"height":11}},{"id":"1cd137f0-a5c3-4627-8bb1-c8ca17345306","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":10,"box":{"x":194,"y":728,"width":711,"height":11}},{"id":"66548dfb-d85c-437f-9ae9-6fd40724c121","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":10,"box":{"x":53,"y":743,"width":877,"height":10}},{"id":"948f29f3-6059-4a20-bcf4-225b87bb078a","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":10,"box":{"x":53,"y":757,"width":859,"height":11}},{"id":"4f20efb2-95aa-4831-99d6-702c8a7a0514","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":10,"box":{"x":52,"y":771,"width":848,"height":11}},{"id":"6ec425a4-36e8-4fa3-802b-51d705e1b547","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":10,"box":{"x":53,"y":785,"width":756,"height":11}},{"id":"89f1531e-8889-4fd9-a288-475f78a91e57","block_type":"box","text":"Market Trading Risk.","page_number":10,"box":{"x":53,"y":808,"width":152,"height":11}},{"id":"15ecd770-4a40-480c-b9e3-513fbd46fe8a","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":10,"box":{"x":209,"y":808,"width":694,"height":11}},{"id":"65a1d1af-9077-46e5-bc2d-5e883110a67e","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":10,"box":{"x":53,"y":822,"width":841,"height":11}},{"id":"8f02e68a-5d6a-4d63-9f63-f789603f289b","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":10,"box":{"x":53,"y":837,"width":887,"height":10}},{"id":"67182468-4c38-4fa6-be18-cc126bd714af","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":10,"box":{"x":52,"y":851,"width":839,"height":11}},{"id":"c3f77697-52ae-4f4c-8429-9758dff69e98","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":10,"box":{"x":53,"y":865,"width":866,"height":11}},{"id":"721ff746-407c-43ff-aeb2-da06ac1a18ab","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":10,"box":{"x":52,"y":879,"width":885,"height":11}},{"id":"7cf82756-7ba7-4bc1-bed2-984855ef2010","block_type":"box","text":"of the Fund shares.","page_number":10,"box":{"x":53,"y":893,"width":134,"height":9}},{"id":"1dae3090-3e09-467f-aa96-c26b947bee74","block_type":"box","text":"S-3","page_number":10,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"c2d8260d-263c-49fb-bcf5-dad53f8795f4","block_type":"box","text":"National Closed Market Trading Risk.","page_number":11,"box":{"x":53,"y":46,"width":273,"height":11}},{"id":"a48e30ec-6a33-4f95-af40-d92de92de680","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":11,"box":{"x":330,"y":46,"width":544,"height":11}},{"id":"d251a991-6363-4385-97d4-adae5a66389c","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":11,"box":{"x":53,"y":61,"width":874,"height":10}},{"id":"23587b0e-acdd-44fe-b79c-817dc6415b9e","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":11,"box":{"x":52,"y":75,"width":651,"height":11}},{"id":"9b9c8c1c-e6ad-466d-8360-f087feee5514","block_type":"box","text":"i.e","page_number":11,"box":{"x":704,"y":75,"width":15,"height":8}},{"id":"4cd62745-4999-46c3-9de5-12d13f439a11","block_type":"box","text":"., the quote from the closed","page_number":11,"box":{"x":720,"y":75,"width":191,"height":10}},{"id":"ff354e70-7d3e-4ad9-8f47-d935cb0a087f","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":11,"box":{"x":52,"y":89,"width":880,"height":11}},{"id":"8bf6e0d3-ac1a-411d-abd3-55f9f0b1e04a","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":11,"box":{"x":52,"y":103,"width":849,"height":11}},{"id":"65612650-787e-4c22-8445-091d0df799fd","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":11,"box":{"x":53,"y":117,"width":850,"height":11}},{"id":"0ae31eb7-bd0f-4209-b98c-9722c176707c","block_type":"box","text":"funds.","page_number":11,"box":{"x":52,"y":131,"width":44,"height":9}},{"id":"9edb0694-de06-4bbd-9394-7eab65e16dc7","block_type":"box","text":"Non-Diversification Risk.","page_number":11,"box":{"x":53,"y":155,"width":184,"height":8}},{"id":"a8455ffe-32a1-4806-811b-8a3206568892","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in","page_number":11,"box":{"x":242,"y":155,"width":677,"height":11}},{"id":"b11f02fc-d970-4cb0-a93a-cdc9f0b19ad9","block_type":"box","text":"securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible","page_number":11,"box":{"x":52,"y":169,"width":874,"height":11}},{"id":"59a8c54d-b29d-42c6-b1c7-fed9282500f5","block_type":"box","text":"to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a","page_number":11,"box":{"x":52,"y":183,"width":867,"height":11}},{"id":"1ce5e55a-602e-4163-8052-94668e290c09","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the","page_number":11,"box":{"x":53,"y":197,"width":856,"height":11}},{"id":"acc34aaa-707a-4686-9f7d-c1cfc7a056a5","block_type":"box","text":"Fund’s NAV.","page_number":11,"box":{"x":53,"y":211,"width":82,"height":9}},{"id":"5b42aa10-ea28-4619-a9f9-3ba29a1b3993","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":11,"box":{"x":53,"y":235,"width":182,"height":8}},{"id":"217844d6-e5aa-4655-921b-c7b56731ef0f","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":11,"box":{"x":240,"y":235,"width":687,"height":10}},{"id":"fb853b2a-d97b-4b9d-afb6-5455e7c6a5e4","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":11,"box":{"x":53,"y":249,"width":853,"height":11}},{"id":"1326187f-2ad1-4238-b79b-6771d2814f38","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":11,"box":{"x":52,"y":263,"width":847,"height":11}},{"id":"670aa78b-2d1c-433b-b4b1-4a39d53e0e25","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":11,"box":{"x":53,"y":277,"width":889,"height":11}},{"id":"7fbc629b-236c-4379-9996-e08931adab6c","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":11,"box":{"x":53,"y":291,"width":842,"height":11}},{"id":"71558a9c-07f1-494f-a291-e54d09ff7846","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":11,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"75ff1350-4446-4c0b-bace-c42aba78d23f","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":11,"box":{"x":53,"y":320,"width":821,"height":11}},{"id":"f96df93a-c884-42c6-ab0c-f7786fab7011","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":11,"box":{"x":53,"y":334,"width":871,"height":11}},{"id":"63020313-a5dc-4702-b2e5-8951e477644b","block_type":"box","text":"Fund.","page_number":11,"box":{"x":53,"y":348,"width":39,"height":9}},{"id":"86254201-b015-4f22-9543-5207ee4a8e1b","block_type":"box","text":"Operational and Technology Risks.","page_number":11,"box":{"x":53,"y":371,"width":254,"height":11}},{"id":"e751b427-6ddd-4df2-89a3-d2ebdfaa6570","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":11,"box":{"x":312,"y":371,"width":581,"height":11}},{"id":"fa466bc5-dd21-42ee-a4f0-b8314d4d1f1b","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":11,"box":{"x":53,"y":385,"width":876,"height":11}},{"id":"25ef8025-23ef-403e-98c0-63ae23c3d599","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":11,"box":{"x":53,"y":399,"width":879,"height":11}},{"id":"276d8d6b-8d06-4098-9b89-79e8ab656592","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":11,"box":{"x":53,"y":414,"width":825,"height":11}},{"id":"a76cc72b-27f3-4c8c-a7ed-467ed2ebc697","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":11,"box":{"x":53,"y":428,"width":862,"height":11}},{"id":"5799c3ac-ce7a-43be-bd78-7f676f59f646","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":11,"box":{"x":53,"y":442,"width":872,"height":11}},{"id":"75c69e75-dabc-49b1-9644-bc934454588a","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":11,"box":{"x":53,"y":456,"width":824,"height":11}},{"id":"6874b78c-bd0e-4b29-a0b4-a3abf38a2ccb","block_type":"box","text":"Risk of Investing in China.","page_number":11,"box":{"x":53,"y":479,"width":191,"height":11}},{"id":"84830d98-b6dc-4323-806f-4d5cce796080","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":11,"box":{"x":250,"y":480,"width":678,"height":10}},{"id":"c0869b11-c7c8-4a6f-b5e3-7ad82342ca11","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":11,"box":{"x":53,"y":494,"width":819,"height":11}},{"id":"05362215-0be7-45a6-9faa-2ff3fa3989ea","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":11,"box":{"x":53,"y":508,"width":866,"height":11}},{"id":"8b7fd934-e231-4cc4-a710-5e2db4156618","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":11,"box":{"x":53,"y":522,"width":866,"height":11}},{"id":"007d002b-3ba6-4a72-ad71-74500e01d0c8","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":11,"box":{"x":52,"y":536,"width":841,"height":11}},{"id":"bb29249c-eb37-46a6-921f-3ff11dcd7d37","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":11,"box":{"x":53,"y":550,"width":864,"height":11}},{"id":"538311fa-bcb0-4009-9085-4c0366744530","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":11,"box":{"x":52,"y":565,"width":861,"height":10}},{"id":"c7ecbd60-1c40-4f95-8977-abf637ae81aa","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":11,"box":{"x":53,"y":579,"width":869,"height":11}},{"id":"b4c415a2-c09e-48fe-804a-ac6d7dea3141","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":11,"box":{"x":53,"y":593,"width":783,"height":11}},{"id":"ced7f353-0e65-44b9-8bc7-189ad98c21a4","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":11,"box":{"x":53,"y":616,"width":887,"height":11}},{"id":"e7bb414e-82ce-43a9-b45d-e6bb4ada97ed","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":11,"box":{"x":52,"y":630,"width":834,"height":11}},{"id":"2e1b63b9-72e8-4fc3-aecc-082693f1af09","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":11,"box":{"x":52,"y":645,"width":845,"height":10}},{"id":"b048aaff-2ae0-414e-96d9-ccdb6628026b","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":11,"box":{"x":53,"y":659,"width":876,"height":11}},{"id":"b67453d8-d27d-4195-abeb-9092d1492744","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":11,"box":{"x":53,"y":673,"width":834,"height":11}},{"id":"0a18b619-54a5-4c18-a5e1-1ac53c1391c9","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":11,"box":{"x":53,"y":687,"width":421,"height":11}},{"id":"4dd3eb60-f648-4f90-b14a-834426c88bdc","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":11,"box":{"x":52,"y":710,"width":849,"height":11}},{"id":"969dc997-cf06-4aa6-9b11-eafcb9291667","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":11,"box":{"x":53,"y":724,"width":886,"height":11}},{"id":"0a3c6420-696b-478e-827f-3bea4788cabb","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":11,"box":{"x":53,"y":739,"width":878,"height":11}},{"id":"0165c1ce-46db-4130-b848-caa5e54ede56","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":11,"box":{"x":53,"y":753,"width":874,"height":11}},{"id":"2f1a0eb6-1e65-4f5b-ae9d-96d79afa609f","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":11,"box":{"x":53,"y":767,"width":878,"height":11}},{"id":"97a872dc-7641-41f8-852f-60a30bb314d5","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":11,"box":{"x":53,"y":781,"width":807,"height":11}},{"id":"727509f2-4762-41ea-b34b-e496b14631ef","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":11,"box":{"x":53,"y":796,"width":890,"height":10}},{"id":"7b4f68ac-20f9-4bff-a6be-009a978bfbc7","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":11,"box":{"x":52,"y":810,"width":471,"height":10}},{"id":"bb3ba2db-3437-45ff-9968-067a560a3b28","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":11,"box":{"x":53,"y":833,"width":883,"height":11}},{"id":"dd67ee7d-da22-4590-8043-9d7a9a2563fb","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":11,"box":{"x":53,"y":847,"width":850,"height":11}},{"id":"6b32074e-d403-41b2-9e76-4065c0e95b60","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":11,"box":{"x":53,"y":861,"width":861,"height":11}},{"id":"620ea970-2090-4e58-8534-4ae302e8234d","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":11,"box":{"x":53,"y":875,"width":850,"height":11}},{"id":"41fc2ad9-0974-4d3f-9095-2473aed86b17","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":11,"box":{"x":53,"y":890,"width":883,"height":10}},{"id":"f6baf95e-6ac3-4116-ba83-210e4e87dd46","block_type":"box","text":"S-4","page_number":11,"box":{"x":493,"y":944,"width":25,"height":8}},{"id":"10e728ee-009d-47d0-8d0f-4f97868c244e","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":12,"box":{"x":52,"y":46,"width":860,"height":11}},{"id":"82b4c932-54d9-449b-89c7-88ca1ea4e5c5","block_type":"box","text":"have limited legal remedies.","page_number":12,"box":{"x":53,"y":61,"width":196,"height":10}},{"id":"6ca87522-0468-4903-ba6d-9e8feefd02fd","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","page_number":12,"box":{"x":53,"y":84,"width":845,"height":11}},{"id":"9011a8ed-4d46-4aa3-a1bd-bec547ba6468","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":12,"box":{"x":52,"y":98,"width":836,"height":11}},{"id":"4419e60b-54a4-40bd-9e6c-457083b040de","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":12,"box":{"x":53,"y":112,"width":851,"height":11}},{"id":"243316cb-8b67-4637-a84b-10ff8444bc8a","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":12,"box":{"x":52,"y":126,"width":779,"height":11}},{"id":"eb1ea356-15eb-41c4-bb0f-e3f8c0b96c8c","block_type":"box","text":"considerations.","page_number":12,"box":{"x":53,"y":141,"width":107,"height":8}},{"id":"f168eaac-5a5a-4970-af8e-aab48774ea4f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":12,"box":{"x":53,"y":164,"width":200,"height":11}},{"id":"24484494-4585-4cf0-be05-f79454fd2008","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":12,"box":{"x":259,"y":164,"width":663,"height":11}},{"id":"69007ccc-1560-4410-90a9-9d8a49f3fb19","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":12,"box":{"x":53,"y":178,"width":877,"height":11}},{"id":"4c44db17-741e-435a-b3ae-b137ac2a2688","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":12,"box":{"x":53,"y":192,"width":470,"height":11}},{"id":"7766591b-b06c-40ed-929d-64a456f3e274","block_type":"box","text":"Securities Lending Risk.","page_number":12,"box":{"x":52,"y":215,"width":178,"height":11}},{"id":"d67e4aa7-8bc1-4bff-b406-b8dcee1d06c9","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":12,"box":{"x":234,"y":215,"width":692,"height":11}},{"id":"ad92332f-6d9b-44f8-875d-ec225f30c10c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":12,"box":{"x":53,"y":229,"width":870,"height":11}},{"id":"9adb0bc1-044f-4008-8c42-8a26fc97fca3","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":12,"box":{"x":53,"y":244,"width":886,"height":10}},{"id":"f8999f8c-956c-4b20-84e7-c20bb72fbf3d","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":12,"box":{"x":53,"y":258,"width":831,"height":11}},{"id":"af1c0941-9dd4-4fda-8750-17253f756adf","block_type":"box","text":"Technology Companies Risk.","page_number":12,"box":{"x":52,"y":281,"width":211,"height":11}},{"id":"80571293-b506-4ec4-bb09-9200a94beea8","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":12,"box":{"x":267,"y":281,"width":657,"height":11}},{"id":"4108ffd0-2f36-4df1-b554-013094fb5ed0","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":12,"box":{"x":53,"y":295,"width":849,"height":11}},{"id":"b69634e3-15bf-4c9f-b7a8-4d4aa4da5794","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":12,"box":{"x":53,"y":309,"width":887,"height":11}},{"id":"e5d55dce-e4e7-4915-90a1-75d6c87f8059","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":12,"box":{"x":53,"y":324,"width":883,"height":10}},{"id":"2cab522e-ce6c-4552-b70e-2d3f7f2f2b80","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":12,"box":{"x":52,"y":338,"width":839,"height":11}},{"id":"3a694384-1354-42f6-8839-4230769a8cdb","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":12,"box":{"x":53,"y":352,"width":870,"height":11}},{"id":"f8af270c-d6a6-43ae-8e1d-585f6d26c786","block_type":"box","text":"government or legal action.","page_number":12,"box":{"x":53,"y":366,"width":192,"height":11}},{"id":"bb0a3971-3839-4362-9c6c-07408c7c47a4","block_type":"box","text":"Tracking Error Risk.","page_number":12,"box":{"x":52,"y":389,"width":145,"height":11}},{"id":"55e5c430-7ec4-434d-bdd5-32d638eb5b71","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":12,"box":{"x":201,"y":389,"width":741,"height":11}},{"id":"d78e3c12-79af-4472-9777-f307fa7ba75c","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":12,"box":{"x":53,"y":404,"width":861,"height":10}},{"id":"f9f5d5c8-6334-407d-83e9-d5dbb809c229","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":12,"box":{"x":53,"y":418,"width":832,"height":11}},{"id":"f5e967aa-a2dd-4bae-ad70-e2f247a983f3","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":12,"box":{"x":53,"y":432,"width":880,"height":11}},{"id":"fe4c822f-df4f-43a8-b200-7bc72bb411b6","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":12,"box":{"x":53,"y":446,"width":831,"height":11}},{"id":"c75526ca-77b0-4a93-88be-8e4aa1037ea4","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":12,"box":{"x":52,"y":460,"width":828,"height":11}},{"id":"4197933b-d925-4306-9136-1618c39f75dd","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":12,"box":{"x":53,"y":474,"width":873,"height":11}},{"id":"be2ada00-eb83-458a-b2d8-44e99af071f3","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":12,"box":{"x":53,"y":489,"width":889,"height":10}},{"id":"37631ca1-c9a7-4685-ba44-86ba5eb7f0a1","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":12,"box":{"x":53,"y":503,"width":852,"height":11}},{"id":"37bbdefd-0182-4de2-a627-14301597a12e","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":12,"box":{"x":53,"y":517,"width":886,"height":11}},{"id":"dc81cbfd-51ec-43f8-b18d-e9e8b025394e","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":12,"box":{"x":53,"y":531,"width":873,"height":11}},{"id":"78d734da-3ef7-4fed-aa2a-e646877d639e","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":12,"box":{"x":53,"y":545,"width":879,"height":11}},{"id":"8a7b1556-3e82-4120-8647-54826631980a","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":12,"box":{"x":53,"y":560,"width":839,"height":10}},{"id":"3eabb5b6-ef50-4d54-a18d-94471e0d23ef","block_type":"box","text":"Valuation Risk.","page_number":12,"box":{"x":52,"y":583,"width":110,"height":8}},{"id":"8a3a9340-0db2-41d1-a282-4d02b93776ad","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":12,"box":{"x":166,"y":583,"width":740,"height":11}},{"id":"4c769b68-3548-46ce-b9f4-f6045b1401ea","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":12,"box":{"x":53,"y":597,"width":840,"height":11}},{"id":"497054e9-7245-4097-80de-ac5960a9fe92","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":12,"box":{"x":52,"y":611,"width":869,"height":11}},{"id":"fe25c3c2-8e41-4dfc-b23c-1d8fad34e59c","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":12,"box":{"x":52,"y":625,"width":889,"height":11}},{"id":"d105c67f-f18e-4936-915f-13fe74450c60","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":12,"box":{"x":53,"y":640,"width":871,"height":10}},{"id":"636e38bc-b44f-4b52-9c90-da2bf7386b25","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":12,"box":{"x":52,"y":654,"width":879,"height":10}},{"id":"4e15c2c7-0734-4aba-8496-f0079641da40","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":12,"box":{"x":53,"y":668,"width":880,"height":11}},{"id":"8934acef-c004-4bb9-bef5-38f7270cc0d9","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":12,"box":{"x":53,"y":682,"width":816,"height":11}},{"id":"6f2bfb2c-ae51-4e97-a608-d73e87492fcf","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":12,"box":{"x":52,"y":696,"width":613,"height":11}},{"id":"9e24f9fe-1c65-4258-83fc-0abc163d0969","block_type":"box","text":"Performance Information","page_number":12,"box":{"x":54,"y":725,"width":228,"height":11}},{"id":"54cf3162-dc37-46c4-aadd-4ec24e8f5ab7","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":12,"box":{"x":52,"y":750,"width":864,"height":11}},{"id":"1ee234c1-f3dc-4341-acfd-92b970765c10","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":12,"box":{"x":52,"y":764,"width":872,"height":11}},{"id":"d74bb5c0-6054-4b53-989d-3873baa377f0","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":12,"box":{"x":53,"y":779,"width":868,"height":10}},{"id":"605b4b20-d06a-481e-8081-998664b4197c","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":12,"box":{"x":53,"y":793,"width":838,"height":11}},{"id":"9181cdf0-2487-4afc-984c-6ad8c8ad2f2c","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":12,"box":{"x":53,"y":807,"width":868,"height":11}},{"id":"349cd11c-389b-4913-a4e4-648ac495a9dd","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":12,"box":{"x":53,"y":821,"width":832,"height":11}},{"id":"991d3bc9-50ab-441b-9fa7-7115e0d73146","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":12,"box":{"x":53,"y":835,"width":842,"height":11}},{"id":"ba3f54b4-c43b-434e-9550-54387b33050d","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":12,"box":{"x":52,"y":849,"width":531,"height":11}},{"id":"cf7dbbd0-5d47-4110-b60f-c62c30a0c42c","block_type":"box","text":"S-5","page_number":12,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"e0c0f266-25a8-4d6c-80d5-0c4f5d8a2935","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":13,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"9cc80fa0-fd07-4b97-ae74-5f8a3279a5ed","block_type":"box","text":"8.76","page_number":13,"box":{"x":89,"y":124,"width":20,"height":6}},{"id":"e091107f-d3ff-4fc8-9fdd-944241751a25","block_type":"box","text":"23.39","page_number":13,"box":{"x":123,"y":102,"width":26,"height":6}},{"id":"e7566dc6-ea4e-4c88-b6e5-1475d0f78145","block_type":"box","text":"-6.20","page_number":13,"box":{"x":161,"y":163,"width":23,"height":6}},{"id":"7e77379e-827e-497f-b017-daf7f2757418","block_type":"box","text":"29.82","page_number":13,"box":{"x":197,"y":92,"width":26,"height":6}},{"id":"fcc33dab-fae1-4e68-a746-7792425455e3","block_type":"box","text":"18.67","page_number":13,"box":{"x":235,"y":109,"width":25,"height":6}},{"id":"ec175da1-b046-42a8-971c-4d1e153cd187","block_type":"box","text":"25.81","page_number":13,"box":{"x":271,"y":98,"width":25,"height":6}},{"id":"bcf9d2f2-8fd4-41eb-a1c5-10dee9bed634","block_type":"box","text":"-16.28","page_number":13,"box":{"x":306,"y":178,"width":29,"height":6}},{"id":"1943f983-800b-4c0a-a864-b25720c7f8d4","block_type":"box","text":"27.61","page_number":13,"box":{"x":345,"y":95,"width":25,"height":7}},{"id":"8a15e19e-81bd-4d52-969d-1dd0db24a730","block_type":"box","text":"26.60","page_number":13,"box":{"x":382,"y":97,"width":26,"height":6}},{"id":"17313486-6ac4-4590-a0e9-3e5ede672568","block_type":"box","text":"27.05","page_number":13,"box":{"x":419,"y":96,"width":26,"height":6}},{"id":"3b9c185b-6579-479a-b50c-91f08ccdf9ed","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":13,"box":{"x":87,"y":201,"width":356,"height":6}},{"id":"2accb1ab-717e-4afb-b53d-a114ddf43f54","block_type":"box","text":"Return (%) Period Ended","page_number":13,"box":{"x":760,"y":61,"width":176,"height":9}},{"id":"4ecea77e-03fc-4974-a82c-969f9eb9125e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":13,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"4814e4c7-8ef2-408d-892c-2c6f3a45e747","block_type":"box","text":"8.48% June 30, 2026","page_number":13,"box":{"x":782,"y":80,"width":160,"height":8}},{"id":"d89c9b10-83d9-4082-b5c0-e267a76005e4","block_type":"box","text":"During the periods shown in the chart:","page_number":13,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"4e6e56d9-1c74-4f0d-bf13-f4a6f65de254","block_type":"box","text":"Best Quarter 19.04% June 30, 2020","page_number":13,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"aaec9c36-a2f8-4b66-b62c-df7058031cdd","block_type":"box","text":"Worst Quarter -17.14% March 31, 2020","page_number":13,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"90686b23-a194-4c07-915a-e1c9787e1221","block_type":"box","text":"Average Annual Total Returns (%)","page_number":13,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"f07059f3-afef-47f5-83a6-01e2582d572d","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":13,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"0833098e-a339-4bf5-9ef1-76dc9b9b62aa","block_type":"box","text":"One Year Five Years Ten Years","page_number":13,"box":{"x":670,"y":261,"width":268,"height":8}},{"id":"dc61c906-982b-460a-a78f-5343aec31446","block_type":"box","text":"Fund Inception: 12/5/2000","page_number":13,"box":{"x":58,"y":277,"width":179,"height":9}},{"id":"d17d1838-9ef4-46c9-bc2c-d32a9920f121","block_type":"box","text":"Return Before Taxes","page_number":13,"box":{"x":58,"y":288,"width":125,"height":8}},{"id":"f5225cf6-0e6b-491a-bfa4-ff1649e50c67","block_type":"box","text":"27.05% 16.67% 15.41%","page_number":13,"box":{"x":682,"y":288,"width":257,"height":8}},{"id":"966d190a-9ddf-4019-a370-7ac0ee37d371","block_type":"box","text":"Return After Taxes on Distributions 26.74% 16.27% 14.90%","page_number":13,"box":{"x":58,"y":300,"width":881,"height":8}},{"id":"447d19e0-6dd7-4284-82aa-3e64577348ea","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 16.19% 13.39% 12.86%","page_number":13,"box":{"x":58,"y":312,"width":881,"height":7}},{"id":"6eac4912-49c1-49b8-bb31-05b92f344e1d","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":13,"box":{"x":57,"y":323,"width":244,"height":9}},{"id":"c37f0655-8754-4cf4-ba84-36b35d12b271","block_type":"box","text":"1","page_number":13,"box":{"x":302,"y":322,"width":5,"height":4}},{"id":"f9772579-9466-4336-8b79-f9dcd4dc4d3e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":13,"box":{"x":312,"y":323,"width":330,"height":10}},{"id":"d088450d-b630-45a7-ab37-4541cb724bbe","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":13,"box":{"x":71,"y":336,"width":868,"height":10}},{"id":"df9a0ad3-fdec-479a-a20c-b095a3036f7e","block_type":"box","text":"S&P Global 100 (Net)","page_number":13,"box":{"x":57,"y":348,"width":139,"height":9}},{"id":"ef6e5505-a17d-498f-b682-d5e5c53953e1","block_type":"box","text":"1","page_number":13,"box":{"x":197,"y":346,"width":5,"height":5}},{"id":"885e130b-00b7-4f99-aa0f-b94b9cf7fedf","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":13,"box":{"x":206,"y":348,"width":429,"height":9}},{"id":"59f0ec05-d2cf-47d2-bcc1-434c668dc9c1","block_type":"box","text":"for withholding taxes on reinvested dividends) 27.16% 16.69% 15.36%","page_number":13,"box":{"x":71,"y":361,"width":868,"height":9}},{"id":"d7a3da4e-ba93-4e24-8c67-f8bdf5880250","block_type":"box","text":"1","page_number":13,"box":{"x":80,"y":379,"width":5,"height":5}},{"id":"2ff337a9-a581-4ccc-8298-2c210062ce3d","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":13,"box":{"x":94,"y":381,"width":827,"height":9}},{"id":"b6bb62a7-850c-4959-9d25-45ebfb29b974","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":13,"box":{"x":93,"y":391,"width":847,"height":10}},{"id":"8f0bcacf-bc4b-45dd-a81a-e8449754b10d","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":13,"box":{"x":93,"y":401,"width":843,"height":10}},{"id":"82cafe7d-0e32-48ce-be33-83fa4a6e4f7f","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":13,"box":{"x":92,"y":412,"width":829,"height":9}},{"id":"5fa24344-ff42-4c92-a8f5-da308a5f771a","block_type":"box","text":"tax rates, if any.","page_number":13,"box":{"x":92,"y":422,"width":97,"height":9}},{"id":"7ace4488-150b-499d-8ecd-30bda961d441","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":13,"box":{"x":52,"y":442,"width":857,"height":10}},{"id":"ad59f1b1-b3ac-4ebe-aed8-3e0f5686750e","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":13,"box":{"x":53,"y":456,"width":865,"height":10}},{"id":"e58c6cb1-e1cb-4666-a6d3-0bf656cc7f1e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":13,"box":{"x":53,"y":470,"width":847,"height":11}},{"id":"4ad76ea9-cef6-4ea9-94b0-bf31a3ec2424","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":13,"box":{"x":52,"y":484,"width":857,"height":11}},{"id":"713c2206-69ae-4018-9fff-227b35cf4a92","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":13,"box":{"x":53,"y":498,"width":877,"height":11}},{"id":"7976cd17-6a3b-4ddf-bdf8-134712f6adcb","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":13,"box":{"x":52,"y":512,"width":836,"height":11}},{"id":"b80a5cae-4b33-4a4a-b7ed-dd09759f3bdc","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":13,"box":{"x":53,"y":527,"width":886,"height":10}},{"id":"7596db96-70c9-46ca-b101-3070202b8046","block_type":"box","text":"on distributions.","page_number":13,"box":{"x":53,"y":541,"width":114,"height":8}},{"id":"c95da071-7212-41a9-982c-e3351df496b6","block_type":"box","text":"Management","page_number":13,"box":{"x":54,"y":570,"width":119,"height":13}},{"id":"96df98ff-4895-4848-b57a-e8680b8d6fee","block_type":"box","text":"Investment Adviser.","page_number":13,"box":{"x":53,"y":595,"width":145,"height":8}},{"id":"d3be6990-d0c5-4c43-89dc-e0b532e1b208","block_type":"box","text":"BlackRock Fund Advisors.","page_number":13,"box":{"x":204,"y":595,"width":180,"height":8}},{"id":"ffd225d2-e0fe-40d4-b30e-ade7b24cf6ce","block_type":"box","text":"Portfolio Managers.","page_number":13,"box":{"x":53,"y":618,"width":146,"height":11}},{"id":"f2c61dc8-f670-49d8-8570-e4d0d82742e6","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":13,"box":{"x":203,"y":618,"width":679,"height":11}},{"id":"3eaea363-ba66-4413-9736-8b4f5e59102b","block_type":"box","text":"management of the Fund:","page_number":13,"box":{"x":53,"y":632,"width":182,"height":11}},{"id":"ff4f8341-1634-4e03-a68f-84bbe51a77f5","block_type":"box","text":"Portfolio Manager","page_number":13,"box":{"x":58,"y":668,"width":119,"height":10}},{"id":"384197e2-72e5-4e1f-9a81-7c15bb90cea2","block_type":"box","text":"Portfolio Manager of the","page_number":13,"box":{"x":411,"y":655,"width":160,"height":10}},{"id":"f1195a48-e507-4111-9493-3702c91a42a6","block_type":"box","text":"Fund Since","page_number":13,"box":{"x":455,"y":668,"width":72,"height":8}},{"id":"8cb5050d-d773-494a-ae00-c04c675473cd","block_type":"box","text":"Title with Investment","page_number":13,"box":{"x":804,"y":655,"width":140,"height":8}},{"id":"7299d4a4-1ef9-4b5f-8a87-812c777240c9","block_type":"box","text":"Adviser","page_number":13,"box":{"x":849,"y":668,"width":49,"height":8}},{"id":"cf17467e-3018-4236-b6b6-3c8cb5660385","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":13,"box":{"x":57,"y":684,"width":876,"height":9}},{"id":"6a37d781-7261-46d3-81d8-aadbad9fb695","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":13,"box":{"x":58,"y":699,"width":875,"height":10}},{"id":"1e001bba-f547-43e2-be01-f6e53e9e39c5","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":13,"box":{"x":58,"y":715,"width":875,"height":9}},{"id":"094c1e74-e14b-423a-a83d-e0025d5eab32","block_type":"box","text":"Steven White 2025 Managing Director","page_number":13,"box":{"x":57,"y":730,"width":876,"height":10}},{"id":"bfd79eed-3607-499e-927f-8177e0a109d0","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":13,"box":{"x":54,"y":765,"width":304,"height":11}},{"id":"cbd9239b-2f8c-4629-b09b-2f1d28e03cae","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":13,"box":{"x":52,"y":790,"width":878,"height":11}},{"id":"46d7352b-cb3f-4344-afaa-c90b0c82aa15","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":13,"box":{"x":53,"y":805,"width":855,"height":10}},{"id":"226206f1-1e18-42c3-9662-90733c1754b8","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":13,"box":{"x":52,"y":819,"width":817,"height":10}},{"id":"ce9e95dd-39ad-4b72-bff0-f1e03b88e156","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":13,"box":{"x":53,"y":833,"width":878,"height":11}},{"id":"af2d08ce-dd2c-4994-ba37-17fef25fae2e","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":13,"box":{"x":53,"y":847,"width":861,"height":11}},{"id":"6a8ae4a7-6aa0-4233-8471-36e492e70dee","block_type":"box","text":"(the “bid-ask spread”).","page_number":13,"box":{"x":53,"y":861,"width":156,"height":11}},{"id":"5b5bec24-83d9-44dc-8e7b-b20124899937","block_type":"box","text":"S-6","page_number":13,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"695b39eb-a066-418a-8333-f7b2c619f519","block_type":"box","text":"Tax Information","page_number":14,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"19949824-7768-4788-b909-cc04fbe875ed","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":14,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"15eb3336-63c6-459f-8ba2-5ff892b416c1","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":14,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"22885a5a-0639-48b6-862c-ec043f501600","block_type":"box","text":"be taxed when withdrawn.","page_number":14,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"86dcfb01-7e84-4839-b45e-55a0fbb205ed","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":14,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"269ea6e1-3074-47f5-a101-7c566f6c147c","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":14,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"7b786840-f9d5-4f97-ba39-56d98c70da40","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":14,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"622a8c06-0205-457c-b69b-ae585554e7cf","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":14,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"a91a5a40-7b4d-47b9-b9a6-b2345430ee6d","block_type":"box","text":"promotion of the Fund. 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Ask your salesperson or visit your","page_number":14,"box":{"x":53,"y":210,"width":841,"height":11}},{"id":"2605b88f-ae43-4c41-ad84-73a5b13176b8","block_type":"box","text":"financial intermediary’s website for more information.","page_number":14,"box":{"x":52,"y":224,"width":380,"height":11}},{"id":"4e282a7e-5df6-45f2-a4b8-dfa437fa4157","block_type":"box","text":"S-7","page_number":14,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"5c9dc13d-5fed-41a6-8be8-e21679d5541e","block_type":"box","text":"iShares Global Comm Services ETF","page_number":15,"box":{"x":53,"y":47,"width":486,"height":16}},{"id":"e1fdfa10-537b-476c-b73d-c5a6e96d7e28","block_type":"box","text":"IXP | NYSE Arca","page_number":15,"box":{"x":54,"y":70,"width":219,"height":18}},{"id":"f38f1ed3-ea05-4977-97da-a5de052433ef","block_type":"box","text":"Investment Objective","page_number":15,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"f518c273-3d5a-4e56-b0f8-b18fa320a5b0","block_type":"box","text":"The iShares Global Comm Services ETF (the “Fund”) seeks to track the investment results of an index composed of global","page_number":15,"box":{"x":52,"y":134,"width":856,"height":11}},{"id":"b04e16c0-2205-4551-8742-d140bdb1fdde","block_type":"box","text":"equities in the communication services sector.","page_number":15,"box":{"x":53,"y":148,"width":327,"height":11}},{"id":"e4835ab6-db72-4a53-89a9-b03d9456985b","block_type":"box","text":"Fees and Expenses","page_number":15,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"3426163c-8c63-45a2-8f00-574d654bab52","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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Although your actual costs may be higher or lower, based on these assumptions,","page_number":15,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"1de49819-1c1a-4539-850e-0eeb13fa68d9","block_type":"box","text":"your costs would be:","page_number":15,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"5d31b5eb-4b22-4b1a-b3b5-27fe4021c069","block_type":"box","text":"Expense Example","page_number":15,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"0c537eba-5851-415a-ba16-0bcb6f096749","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":15,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"a8efda5e-2ed5-496f-8426-82d662c2bb4c","block_type":"box","text":"Example Fund Costs","page_number":15,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"67770e56-af50-46a3-a472-22e0ef43e48d","block_type":"box","text":"$38 $119 $208 $468","page_number":15,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"a4583d51-07bc-4f33-acea-64a924c422c5","block_type":"box","text":"Portfolio Turnover.","page_number":15,"box":{"x":57,"y":572,"width":136,"height":8}},{"id":"44cdc8c7-1968-4b7f-86ae-d87fdf6529e0","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":15,"box":{"x":198,"y":572,"width":721,"height":11}},{"id":"70c39032-18da-4e77-b405-ab747caad42d","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":15,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"bbbd3e1e-e680-4718-93b5-fdf1ac712748","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":15,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"7d740278-029a-4c6a-85ad-bf37a6ff64aa","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of","page_number":15,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"5dfc4a48-b9d9-488b-b7a6-df274104ae1c","block_type":"box","text":"the average value of its portfolio.","page_number":15,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"26b5f240-e4c8-4cf6-bac6-a0f2d326902e","block_type":"box","text":"Principal Investment Strategies","page_number":15,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"3ae8e167-2b5a-414e-bca2-0e789d3b7e76","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Communication Services 4.5/22.5/45 Capped","page_number":15,"box":{"x":52,"y":683,"width":832,"height":10}},{"id":"6bf67425-4ad6-4d18-af7c-984c024cda94","block_type":"box","text":"Index","page_number":15,"box":{"x":53,"y":697,"width":38,"height":8}},{"id":"2ddee3b0-283d-40b5-ae7c-9ff7862e1546","block_type":"box","text":"TM","page_number":15,"box":{"x":91,"y":695,"width":17,"height":5}},{"id":"5fab6a09-a10f-43c4-8037-86feb6d49b26","block_type":"box","text":"(the “Underlying Index”), which is designed to measure the performance of global equities in the communication","page_number":15,"box":{"x":113,"y":697,"width":796,"height":11}},{"id":"67c8e9f3-504d-4e7b-9339-8cd9d5f80480","block_type":"box","text":"services sector. The Underlying Index is a subset of the S&P Global 1200","page_number":15,"box":{"x":52,"y":711,"width":512,"height":11}},{"id":"355fed04-2173-4941-98c3-72b78fb43988","block_type":"box","text":"TM","page_number":15,"box":{"x":564,"y":710,"width":17,"height":4}},{"id":"69c35f75-6f97-49f1-a256-b9c818644541","block_type":"box","text":", which is designed to measure the performance of","page_number":15,"box":{"x":583,"y":711,"width":357,"height":11}},{"id":"ef2d8ab0-4879-41cb-9a12-0466fc6c5edd","block_type":"box","text":"large-capitalization stocks from major global markets, as determined by S&P Dow Jones Indices LLC (the “Index Provider” or","page_number":15,"box":{"x":53,"y":725,"width":879,"height":11}},{"id":"7f355ca8-a2c0-455d-83b9-a9476b76a840","block_type":"box","text":"“SPDJI”).","page_number":15,"box":{"x":53,"y":739,"width":61,"height":10}},{"id":"127304ad-b857-49a8-bad0-50a7b123cb00","block_type":"box","text":"The Underlying Index uses a capping methodology to limit the weight of the securities of any single issuer (as determined by","page_number":15,"box":{"x":52,"y":761,"width":880,"height":11}},{"id":"be2c9f63-087d-47ef-b221-d8459cb8a1ad","block_type":"box","text":"SPDJI) to a maximum of 25% of the Underlying Index. The capping methodology limits the sum of the weights of the","page_number":15,"box":{"x":52,"y":775,"width":824,"height":11}},{"id":"3e49c4a1-e684-410e-9448-a38b8f71df42","block_type":"box","text":"securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 50%","page_number":15,"box":{"x":52,"y":790,"width":888,"height":10}},{"id":"95453546-5740-4dcd-a7aa-4bae8ced6265","block_type":"box","text":"of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index","page_number":15,"box":{"x":53,"y":804,"width":888,"height":11}},{"id":"8943d986-5023-44ba-b139-c0d0cf4716c7","block_type":"box","text":"constrains at quarterly rebalance: (i) the weight of any single issuer to a maximum of 22.5%, and (ii) the aggregate weight of","page_number":15,"box":{"x":53,"y":818,"width":878,"height":11}},{"id":"e28b6493-7267-4577-b47f-603c482571e6","block_type":"box","text":"all issuers that individually exceed 4.5% of the index weight to maximum of 45%. 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As of","page_number":15,"box":{"x":53,"y":897,"width":850,"height":10}},{"id":"c94f70fa-bdbc-4d5a-a947-1396aa9de5f0","block_type":"box","text":"March 31, 2026, the Underlying Index was composed of securities of companies in the following countries: Australia, Brazil,","page_number":15,"box":{"x":53,"y":911,"width":872,"height":11}},{"id":"e5873744-2e76-4555-8d6f-b2785fd82c22","block_type":"box","text":"S-8","page_number":15,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"09ee6d75-00c3-48e3-ab19-deba48f81033","block_type":"box","text":"Canada, China, Finland, France, Germany, Italy, Japan, Mexico, the Netherlands, Norway, Singapore, South Korea, Spain,","page_number":16,"box":{"x":53,"y":46,"width":847,"height":11}},{"id":"55c65019-8420-45d0-9687-524aabc461f2","block_type":"box","text":"Sweden, Switzerland, the United Kingdom (the “U.K.”) and the U.S.","page_number":16,"box":{"x":52,"y":60,"width":463,"height":11}},{"id":"6aeea09a-693c-40bb-8b78-2a634eae6956","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":16,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"191ec667-1b2e-4e0f-9b96-d193fb9c7892","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":16,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"f1841e00-d8ce-4271-92ff-50b481c134a6","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":16,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"34a0bd7a-2aaa-49a1-8321-349c9aff2f09","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":16,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"d294b972-b1af-4df1-ad58-d4fa6aa98f29","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":16,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"6014c1b7-06f6-4e84-8579-de09dbbd2cbb","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":16,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"5e0f4ee5-c0f8-4643-b650-5f137f46b9d1","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":16,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"8acbea1a-6a57-470a-a8d2-7766d79fbb90","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":16,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"15631108-6d7a-4634-abd4-5df88c669337","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":16,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"7f0cd801-a81f-464d-9fa9-f41090bbe787","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":16,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"37d30aaf-5206-4e7d-9881-6d96316ec2ea","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":16,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"cfb1d130-02d0-4cff-a70d-22996d54dd95","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":16,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"4ae106c4-9972-479b-b736-e375725f93a2","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":16,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"11a116e5-40dc-4a46-bccc-bf1a4793c9ec","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":16,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"87ece024-39dc-40c3-8c59-466b12e99e02","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":16,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"c07cdf5c-0b78-4093-9028-38289da27172","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":16,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"6298913c-ba88-4530-beae-f88dc976f5d9","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":16,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"fe5b8708-6c31-4e15-bf2e-4a1daf440ac9","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":16,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"36fdd5d9-32c2-485d-90c1-028b97a56302","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":16,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"e9fb9546-6978-4f7b-9201-b64c57a8f5ec","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":16,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"d23b136c-fa0a-4c36-8d98-ee4967df8445","block_type":"box","text":"collateral received).","page_number":16,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"b814c1ef-ccc3-4d86-9feb-ab7b036190f6","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":16,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"c088f16f-c2b9-43de-a49a-05205b10a1c3","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":16,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"2a2ed00e-5175-4894-81f9-ec859b6a83f9","block_type":"box","text":"market value of the Underlying Index.","page_number":16,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"41e5505e-7787-4952-95a8-0fc3c1ceed75","block_type":"box","text":"Industry Concentration Policy.","page_number":16,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"ea8066dc-7f52-45d0-9f5b-0445f86ff313","block_type":"box","text":"The Fund will concentrate its investments (","page_number":16,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"d5161621-0762-4ba3-8e80-1cd6ab0bf538","block_type":"box","text":"i.e.","page_number":16,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"927f0a3c-d1db-47a6-8842-b8a369a30566","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":16,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"5116d241-38a8-4dba-8250-587fe90fc1fd","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":16,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"c8177203-5398-40c8-8fe9-40278d146981","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":16,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"849b0558-93ea-4ebe-8398-1d5bbfb46b08","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":16,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"00719216-bf20-46cc-b144-573601780518","block_type":"box","text":"Summary of Principal Risks","page_number":16,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"6c7b8995-8049-4133-9143-5cf8cb7328db","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":16,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"7da6b370-56de-4bef-8c74-efd25582e2ff","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":16,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"5e26b6e6-30bd-4d27-837d-f3e9fa17a9e9","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":16,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"8311d8a1-0f7d-48fe-89b8-73490610c212","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":16,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"006ab64d-ca71-4c72-a11c-3b5b5d3226cb","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":16,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"f4464245-5637-42fe-a77c-33ef7767f6f2","block_type":"box","text":"Communications Companies Risk.","page_number":16,"box":{"x":53,"y":637,"width":251,"height":10}},{"id":"5bf71310-090e-4865-a1c9-d049d4bee6ce","block_type":"box","text":"Companies in the communications industry (“communications companies”) include","page_number":16,"box":{"x":310,"y":637,"width":594,"height":11}},{"id":"d96a5005-4c44-4674-b615-4ad64855fa9c","block_type":"box","text":"telecommunications and media companies. Communications companies face risks related to cybersecurity incidents, data","page_number":16,"box":{"x":52,"y":651,"width":868,"height":11}},{"id":"5d8c728f-1fa9-4e96-96d7-05c1ec0b9104","block_type":"box","text":"breaches, new technologies, substantial capital requirements, government regulation, cyclicality of revenues and earnings,","page_number":16,"box":{"x":53,"y":665,"width":869,"height":11}},{"id":"9436de83-a8ba-4f18-bd90-3b907ba84b30","block_type":"box","text":"obsolescence of products and services, and changes in consumer preferences and expectations, among other things.","page_number":16,"box":{"x":53,"y":679,"width":830,"height":11}},{"id":"2b1d10c6-f4cc-4721-9571-b620cd6fece3","block_type":"box","text":"Equity Securities Risk.","page_number":16,"box":{"x":53,"y":703,"width":164,"height":10}},{"id":"5e9c5d28-1fa9-4a60-8b75-32d6aec29f89","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":16,"box":{"x":223,"y":703,"width":709,"height":10}},{"id":"51e4b3e6-c02e-4614-8212-ee96eda6bda7","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":16,"box":{"x":53,"y":717,"width":889,"height":11}},{"id":"f38bedb3-1265-4f25-89d5-d23f52005b02","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":16,"box":{"x":53,"y":731,"width":880,"height":11}},{"id":"effcaee5-954b-4a91-97e5-4a6a390ee9c1","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":16,"box":{"x":53,"y":745,"width":867,"height":11}},{"id":"9ecd2ee6-e83d-4af2-bcec-57cbb2b0285b","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":16,"box":{"x":53,"y":759,"width":339,"height":11}},{"id":"ebc98494-491a-4590-8e79-793bf5947a3b","block_type":"box","text":"Market Risk.","page_number":16,"box":{"x":53,"y":782,"width":91,"height":9}},{"id":"d0dffb6e-73bc-444d-be7c-80ad1b805427","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":16,"box":{"x":148,"y":783,"width":768,"height":10}},{"id":"39e63d77-e055-47fb-be00-c13d162ae4a2","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":16,"box":{"x":53,"y":797,"width":882,"height":11}},{"id":"f52bea52-8f90-4d19-93ca-21bbf74e39cc","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":16,"box":{"x":53,"y":811,"width":858,"height":11}},{"id":"c29956c2-49f6-4fe6-a2c2-fd92249ce9af","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":16,"box":{"x":53,"y":825,"width":875,"height":11}},{"id":"49ec5b16-4b47-4f53-b764-a92e5d304713","block_type":"box","text":"Fund’s NAV.","page_number":16,"box":{"x":53,"y":839,"width":82,"height":9}},{"id":"1ca66af2-488b-4bb6-b862-73b5443f0b2c","block_type":"box","text":"Index-Related Risk.","page_number":16,"box":{"x":53,"y":862,"width":143,"height":9}},{"id":"293726d9-f087-499b-ba5f-6b68d40adfce","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":16,"box":{"x":201,"y":862,"width":742,"height":11}},{"id":"a0ad19e8-1b54-4aa1-81fa-086ac47e2826","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":16,"box":{"x":53,"y":877,"width":856,"height":10}},{"id":"0d065bbe-e354-48cc-8534-c7b4f7c39dd7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":16,"box":{"x":53,"y":891,"width":852,"height":11}},{"id":"ad561ea1-4a96-4c50-aed6-6b3773a8baec","block_type":"box","text":"S-9","page_number":16,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"5104b27f-42f8-41c5-be86-2377ccea703b","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":17,"box":{"x":53,"y":47,"width":876,"height":10}},{"id":"5fc69205-5067-4970-9733-fb867d4f3149","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":17,"box":{"x":52,"y":61,"width":849,"height":10}},{"id":"cc125443-b4f8-49f2-a69f-1c88fd611b93","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":17,"box":{"x":53,"y":75,"width":849,"height":11}},{"id":"819e5e7c-372d-4463-80d5-92f18f8aaa47","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":17,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"bf5b6c18-d807-4d2e-957f-a6d1bda5a0c0","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":17,"box":{"x":53,"y":103,"width":853,"height":11}},{"id":"042069ab-4f27-4a31-a679-743f34ee564e","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":17,"box":{"x":53,"y":117,"width":539,"height":11}},{"id":"2d2c912b-95d6-4401-a5e5-aa20762e027c","block_type":"box","text":"Asset Class Risk.","page_number":17,"box":{"x":52,"y":140,"width":122,"height":9}},{"id":"08035b15-c970-43ea-b249-57d05a0b8922","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":17,"box":{"x":179,"y":140,"width":721,"height":11}},{"id":"f5d9716f-e6bf-4d6c-ba62-60653c0f5215","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":17,"box":{"x":53,"y":155,"width":774,"height":11}},{"id":"fa4eb893-926d-4a2f-b890-854abe0b31ee","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":17,"box":{"x":52,"y":178,"width":318,"height":10}},{"id":"efcc8a9f-ec64-49d1-b939-b0603a7da115","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":17,"box":{"x":374,"y":178,"width":531,"height":11}},{"id":"c53487de-8b6d-4e6d-b99f-50aee64f65dd","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":17,"box":{"x":53,"y":192,"width":810,"height":11}},{"id":"d3f597a7-9b24-476b-8dee-e16c05c06e26","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":17,"box":{"x":52,"y":206,"width":816,"height":11}},{"id":"5bab2296-6513-48fd-ae78-b4e2f641772f","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":17,"box":{"x":52,"y":221,"width":884,"height":10}},{"id":"f38ac785-1782-4954-9152-98439b459acd","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":17,"box":{"x":53,"y":235,"width":871,"height":10}},{"id":"2b78a98e-3464-4c29-bfda-83bf40923777","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":17,"box":{"x":53,"y":249,"width":846,"height":11}},{"id":"2693b013-3671-421e-bf0d-0b94018ea980","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":17,"box":{"x":52,"y":263,"width":881,"height":10}},{"id":"cf8dd057-d86e-46e5-a262-695ae715ec62","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":17,"box":{"x":53,"y":277,"width":853,"height":11}},{"id":"2f7c6880-fd71-407e-a7cf-4621a3c50904","block_type":"box","text":"halts or delisting.","page_number":17,"box":{"x":53,"y":292,"width":121,"height":10}},{"id":"801c7ab7-7ef1-4a69-bfd7-1dfd91b8e8ea","block_type":"box","text":"Concentration Risk.","page_number":17,"box":{"x":53,"y":314,"width":145,"height":9}},{"id":"0dfe86b8-4d7d-4e73-a37e-f546e319c3c8","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":17,"box":{"x":202,"y":315,"width":711,"height":10}},{"id":"4ab37784-acaf-441f-a396-fd2cc6a603ce","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":17,"box":{"x":53,"y":329,"width":884,"height":10}},{"id":"a09561f1-c3fb-404d-a445-56eb5bd9c860","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":17,"box":{"x":52,"y":343,"width":887,"height":11}},{"id":"ace1ac62-2c28-49b1-9ac4-483cb9b50be4","block_type":"box","text":"asset classes.","page_number":17,"box":{"x":53,"y":357,"width":95,"height":9}},{"id":"e13c84fb-c0d2-46ad-854f-80df3be7936d","block_type":"box","text":"Currency Risk.","page_number":17,"box":{"x":53,"y":380,"width":106,"height":11}},{"id":"48cfbbd9-2cdd-4bbb-8818-5de5d5acb70e","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":17,"box":{"x":164,"y":380,"width":751,"height":11}},{"id":"0f867042-6dfb-4513-b09e-f1708c50ada8","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":17,"box":{"x":53,"y":394,"width":842,"height":11}},{"id":"8f99dfd5-1caa-42bd-9988-ee2b1b1ca189","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":17,"box":{"x":52,"y":409,"width":854,"height":10}},{"id":"589899ec-3bb5-470f-ab2f-e33fde496e5b","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":17,"box":{"x":53,"y":423,"width":869,"height":11}},{"id":"cd3e948c-ee05-4a7a-9f55-45f02ca8e25b","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":17,"box":{"x":53,"y":437,"width":309,"height":11}},{"id":"2bd741df-b8d7-4801-bc72-7fc8084e36bd","block_type":"box","text":"Issuer Risk.","page_number":17,"box":{"x":53,"y":460,"width":83,"height":9}},{"id":"edd84c35-18a9-41cb-b7a1-d2fdc8b9639d","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":17,"box":{"x":140,"y":460,"width":780,"height":11}},{"id":"705da718-2160-4013-8c5c-42771c5e7109","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":17,"box":{"x":53,"y":474,"width":886,"height":11}},{"id":"2f8ed5bf-998a-4aed-95f8-e3e0df1c339b","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":17,"box":{"x":52,"y":489,"width":576,"height":10}},{"id":"4db81994-606b-424c-b876-1b5652790e70","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":17,"box":{"x":53,"y":512,"width":278,"height":11}},{"id":"3c539f18-e86b-414b-a46f-c07de645389e","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":17,"box":{"x":337,"y":512,"width":540,"height":11}},{"id":"13f3afcc-b462-4a14-ade8-409d3b8d6325","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":17,"box":{"x":53,"y":526,"width":890,"height":11}},{"id":"40683bd6-ceb4-4570-bb94-1128a0d7c11a","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":17,"box":{"x":53,"y":540,"width":868,"height":11}},{"id":"b2d82142-77a2-47fb-8e9c-21d4df6ef749","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":17,"box":{"x":53,"y":554,"width":709,"height":11}},{"id":"a46271a0-5ac0-452c-a6c9-4bd083223c5a","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":17,"box":{"x":53,"y":577,"width":395,"height":11}},{"id":"b6da1255-b012-424b-bfa2-4ec350480a5c","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":17,"box":{"x":453,"y":578,"width":410,"height":10}},{"id":"31e30ee6-0cda-4596-aab7-b5ea627c13f4","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":17,"box":{"x":53,"y":592,"width":883,"height":11}},{"id":"31fee411-1400-4768-b9a5-2c84f8792544","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":17,"box":{"x":52,"y":606,"width":884,"height":11}},{"id":"4d3af22b-340a-4522-ab9a-eb1ad1e72e6d","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":17,"box":{"x":53,"y":620,"width":872,"height":11}},{"id":"e5168c29-9c00-4178-988d-15c9b9c0a286","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":17,"box":{"x":53,"y":634,"width":812,"height":11}},{"id":"2624c8db-cf4a-4cea-b026-d260a6071e79","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":17,"box":{"x":53,"y":648,"width":890,"height":11}},{"id":"5e26c7b4-0256-49c2-ae3a-8752962e3a72","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":17,"box":{"x":52,"y":663,"width":891,"height":9}},{"id":"0406218c-b19d-4ad5-96fe-0f5c705bcfb0","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":17,"box":{"x":53,"y":677,"width":836,"height":11}},{"id":"f9d4f981-48c5-48ed-b80c-681b5461a3c3","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":17,"box":{"x":53,"y":691,"width":810,"height":11}},{"id":"eede1da1-599d-4b0d-8e43-a299dda52838","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":17,"box":{"x":53,"y":705,"width":861,"height":11}},{"id":"9254ffe0-07b6-4b84-8f97-07b194ac005a","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":17,"box":{"x":53,"y":719,"width":875,"height":11}},{"id":"e3968090-d615-4a33-951a-846f155ad07d","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":17,"box":{"x":52,"y":733,"width":654,"height":11}},{"id":"4e588871-5345-4f6b-a2cf-fff775cb01a5","block_type":"box","text":"Management Risk.","page_number":17,"box":{"x":53,"y":757,"width":137,"height":11}},{"id":"77db8a68-af5d-4d2f-9905-cbc4cd3ce69a","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":17,"box":{"x":194,"y":757,"width":711,"height":11}},{"id":"725001cd-861e-4ad6-b825-70d0df54fc1d","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":17,"box":{"x":53,"y":771,"width":877,"height":11}},{"id":"6c5f95fd-8ae4-4323-9ed2-76ab5fd9143b","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":17,"box":{"x":53,"y":785,"width":859,"height":11}},{"id":"2d821e36-01cc-4120-b526-8797bfa18169","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":17,"box":{"x":52,"y":799,"width":848,"height":11}},{"id":"0d652d7f-ce37-4fe6-85ed-5ebac1392912","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":17,"box":{"x":53,"y":813,"width":756,"height":11}},{"id":"d463e435-1730-468a-b593-60a5ed525205","block_type":"box","text":"Market Trading Risk.","page_number":17,"box":{"x":53,"y":837,"width":152,"height":11}},{"id":"ddcd1611-64e7-424f-ab26-5742f46db930","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":17,"box":{"x":209,"y":837,"width":694,"height":10}},{"id":"b86c0492-8445-40e0-8671-137a28d09b35","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":17,"box":{"x":53,"y":851,"width":841,"height":11}},{"id":"51de1e19-cf07-4f69-b0a5-77d475eee5c7","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":17,"box":{"x":53,"y":865,"width":887,"height":11}},{"id":"4f9aadb3-54d2-42b9-89c7-d98494956493","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":17,"box":{"x":52,"y":879,"width":839,"height":11}},{"id":"0b6b4f70-b1b2-4bd1-ae20-72bbc3e09489","block_type":"box","text":"S-10","page_number":17,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"aff3c179-7897-449b-92ad-ec47720cae89","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":18,"box":{"x":53,"y":46,"width":866,"height":11}},{"id":"d9c40be2-9c60-4539-8e39-8b5158598a06","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":18,"box":{"x":52,"y":61,"width":885,"height":10}},{"id":"8572c4e4-ec41-445e-a73c-ff08c317690c","block_type":"box","text":"of the Fund shares.","page_number":18,"box":{"x":53,"y":75,"width":134,"height":8}},{"id":"d45357ad-8faf-48dc-a2ed-1a7dbae1d649","block_type":"box","text":"National Closed Market Trading Risk.","page_number":18,"box":{"x":53,"y":98,"width":273,"height":11}},{"id":"2508a3cd-a5f3-4dbd-aea9-b27a72c6e058","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":18,"box":{"x":330,"y":98,"width":544,"height":11}},{"id":"69844e49-5103-42b8-9903-9d75d4c2a0fd","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":18,"box":{"x":53,"y":112,"width":874,"height":11}},{"id":"9c433551-7c5f-4670-a94f-5e89ca0e6428","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":18,"box":{"x":52,"y":126,"width":651,"height":11}},{"id":"367e21df-ab11-4ffe-b594-62996ff6675a","block_type":"box","text":"i.e","page_number":18,"box":{"x":704,"y":127,"width":15,"height":8}},{"id":"ced64751-4e7b-4dfa-b31b-5810cd19af15","block_type":"box","text":"., the quote from the closed","page_number":18,"box":{"x":720,"y":126,"width":191,"height":11}},{"id":"d5c268ec-5794-4007-866c-f680bb510a80","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":18,"box":{"x":52,"y":140,"width":880,"height":11}},{"id":"ddfd22d8-5a40-433b-994f-c9da39564d32","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":18,"box":{"x":52,"y":155,"width":849,"height":11}},{"id":"1287dc8b-52d0-471a-b4a4-4df02fc29b42","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":18,"box":{"x":53,"y":169,"width":850,"height":11}},{"id":"8f093ad9-67e9-44f7-ba97-f7527537560b","block_type":"box","text":"funds.","page_number":18,"box":{"x":52,"y":183,"width":44,"height":9}},{"id":"7456017f-3648-4d16-8d35-6cdbd22f3e46","block_type":"box","text":"Non-Diversification Risk.","page_number":18,"box":{"x":53,"y":206,"width":184,"height":9}},{"id":"b89b04f3-eec7-4cdb-93b1-e3db6f789ec9","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":18,"box":{"x":242,"y":206,"width":633,"height":11}},{"id":"c95d170d-0d73-4096-9858-9e1e95737e45","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":18,"box":{"x":53,"y":220,"width":802,"height":11}},{"id":"fc835094-a28b-4e29-85d6-fd30b1fd3c88","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":18,"box":{"x":53,"y":235,"width":888,"height":10}},{"id":"6998fb7f-1eee-4a30-962c-492164c9550d","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":18,"box":{"x":53,"y":249,"width":876,"height":11}},{"id":"7e02211c-5ef0-45aa-9f66-a248ae50ec69","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":18,"box":{"x":53,"y":263,"width":696,"height":11}},{"id":"fe13deaf-9041-44e3-a559-2a9a86d8ef28","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":18,"box":{"x":53,"y":286,"width":182,"height":9}},{"id":"a03c53e8-e4e3-4b05-8dac-0b3b7618b11e","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":18,"box":{"x":240,"y":286,"width":687,"height":11}},{"id":"599f3532-5a7e-4a4c-8330-aebd3296fddb","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":18,"box":{"x":53,"y":300,"width":853,"height":11}},{"id":"1b3bb731-e6ab-48b4-a177-08ae34a83628","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":18,"box":{"x":52,"y":315,"width":847,"height":10}},{"id":"32ab6395-32d1-43cb-b614-681dcc3b4b26","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":18,"box":{"x":53,"y":329,"width":889,"height":11}},{"id":"56a8c9c4-ceee-4e89-85a0-5ecb7e29236a","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":18,"box":{"x":53,"y":343,"width":842,"height":11}},{"id":"de48e8d9-4520-47c0-94e9-e0957308c1d5","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":18,"box":{"x":53,"y":357,"width":831,"height":11}},{"id":"24e553b9-752a-41cd-be8a-ae674ff42bf6","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":18,"box":{"x":53,"y":371,"width":821,"height":11}},{"id":"73e86bcb-c832-4499-b61b-2009d3242b8a","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":18,"box":{"x":53,"y":385,"width":871,"height":11}},{"id":"b4146934-bc81-4176-952c-d62ef08ff78c","block_type":"box","text":"Fund.","page_number":18,"box":{"x":53,"y":400,"width":39,"height":8}},{"id":"8297100c-e8e4-4117-a715-13fa8eb62bf1","block_type":"box","text":"Operational and Technology Risks.","page_number":18,"box":{"x":53,"y":423,"width":254,"height":11}},{"id":"4ee6b2bd-532b-487a-ab63-8c39b4530190","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":18,"box":{"x":312,"y":423,"width":581,"height":11}},{"id":"2f3d87b8-c417-4fa2-b17c-93e18fc43c91","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":18,"box":{"x":53,"y":437,"width":876,"height":11}},{"id":"34c87f5a-fd60-43ec-894a-cbb6a75f9783","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":18,"box":{"x":53,"y":451,"width":879,"height":11}},{"id":"e2b2e051-0c67-4b27-be53-003a3797b582","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":18,"box":{"x":53,"y":465,"width":825,"height":11}},{"id":"03d89c5a-b01b-472d-b9bd-49e0a2ca6a76","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":18,"box":{"x":53,"y":480,"width":862,"height":10}},{"id":"ffd8fb09-6336-49d3-be8c-240850e44d69","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":18,"box":{"x":53,"y":494,"width":872,"height":11}},{"id":"45b06c6b-8c2c-4633-8cdd-a145ff692c98","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":18,"box":{"x":53,"y":508,"width":824,"height":11}},{"id":"fbcba7c6-1842-4402-924a-32257e05ccfa","block_type":"box","text":"Risk of Investing in China.","page_number":18,"box":{"x":53,"y":531,"width":191,"height":11}},{"id":"b985151c-61b5-4982-8f89-0035855a06b9","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":18,"box":{"x":250,"y":531,"width":678,"height":11}},{"id":"e94a1c02-bd72-4e62-b9c8-422cacccd744","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":18,"box":{"x":53,"y":545,"width":819,"height":11}},{"id":"6a3a79b4-9c87-49d4-bda3-bd351809a65a","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":18,"box":{"x":53,"y":559,"width":866,"height":11}},{"id":"84040473-90d0-44a5-95c7-467fb5af7bba","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":18,"box":{"x":53,"y":574,"width":866,"height":10}},{"id":"ff6feea7-96eb-4ac8-be9b-3028ee2dc005","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":18,"box":{"x":52,"y":588,"width":841,"height":11}},{"id":"f4f0ca3d-add7-4375-bd63-63ba76d94779","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":18,"box":{"x":53,"y":602,"width":864,"height":11}},{"id":"15e9b20e-d460-4487-8872-c923e87a4ea1","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":18,"box":{"x":52,"y":616,"width":861,"height":11}},{"id":"1bfe1576-b3b6-4afe-8c4a-c39d879f254f","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":18,"box":{"x":53,"y":630,"width":869,"height":11}},{"id":"d86c72f4-1497-41b8-8c9c-6a8db5a31e3d","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":18,"box":{"x":53,"y":645,"width":783,"height":10}},{"id":"cacab53e-90ee-4e4c-952e-6233682856b8","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":18,"box":{"x":53,"y":668,"width":887,"height":11}},{"id":"c0193a22-8a33-4ce3-8deb-44b75eb2c044","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":18,"box":{"x":52,"y":682,"width":834,"height":11}},{"id":"ba1aff0a-c11b-4ddb-a535-f17c61b32a51","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":18,"box":{"x":52,"y":696,"width":845,"height":11}},{"id":"2bb158a8-3154-4eda-9299-dd0b5e66e467","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":18,"box":{"x":53,"y":710,"width":876,"height":11}},{"id":"25e7fb9d-4d01-4922-a857-372f3b0b0692","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":18,"box":{"x":53,"y":724,"width":834,"height":11}},{"id":"649e2d8d-079a-4b38-91fd-7c5f873c77b4","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":18,"box":{"x":53,"y":739,"width":421,"height":11}},{"id":"d038f57a-b071-4480-9ff4-762d272ebb68","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":18,"box":{"x":52,"y":762,"width":849,"height":11}},{"id":"26887fbf-4309-4d16-92f9-7f07888dee54","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":18,"box":{"x":53,"y":776,"width":886,"height":11}},{"id":"51f7a637-f1a8-4179-9916-4f958eb75c24","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":18,"box":{"x":53,"y":790,"width":878,"height":11}},{"id":"b1cdcd22-3115-4001-b30f-f933bf96995d","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":18,"box":{"x":53,"y":804,"width":874,"height":11}},{"id":"84846c4d-e32f-4cf4-9231-5593ba1d9eee","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":18,"box":{"x":53,"y":819,"width":878,"height":10}},{"id":"b0466770-45e6-4498-a2b7-ab0bfa94e3ac","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":18,"box":{"x":53,"y":833,"width":807,"height":11}},{"id":"6142cd23-3b19-4b6b-a195-2e50e06a292b","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":18,"box":{"x":53,"y":847,"width":890,"height":11}},{"id":"38572dbd-d4ca-4fa3-ad7a-9336bd7aadba","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":18,"box":{"x":52,"y":861,"width":471,"height":11}},{"id":"fd7b9708-1249-4e88-a877-8886b9969012","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":18,"box":{"x":53,"y":884,"width":883,"height":11}},{"id":"5f1abb85-161e-4628-b195-ac20043e13d3","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":18,"box":{"x":53,"y":899,"width":850,"height":10}},{"id":"2a582909-2f89-424d-bef2-538ea078d217","block_type":"box","text":"S-11","page_number":18,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"6066d519-9477-4235-beb5-f7b11e974990","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":19,"box":{"x":53,"y":46,"width":861,"height":11}},{"id":"196b3e82-4b40-4f06-9c40-7fcea13dec43","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":19,"box":{"x":53,"y":61,"width":850,"height":10}},{"id":"015f4cca-8bac-49ec-9c51-2c22022e63d3","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":19,"box":{"x":53,"y":75,"width":883,"height":11}},{"id":"2aee499a-89a8-4cc8-86d6-496c372daab1","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":19,"box":{"x":52,"y":89,"width":860,"height":11}},{"id":"2fbc56e6-3e87-4d26-b702-52ad283004c6","block_type":"box","text":"have limited legal remedies.","page_number":19,"box":{"x":53,"y":103,"width":196,"height":11}},{"id":"6e93bf9f-3e52-4ec9-a0e8-048ca0c08a16","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","page_number":19,"box":{"x":53,"y":126,"width":845,"height":11}},{"id":"fffe04f9-b9b0-4064-a05a-8fdaf8353f04","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":19,"box":{"x":52,"y":141,"width":836,"height":10}},{"id":"2b582a69-8b4b-4f1d-96a6-b7957aa7bfcf","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":19,"box":{"x":53,"y":155,"width":851,"height":11}},{"id":"cfb8ba06-2014-45e1-af6b-55e3e5559282","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":19,"box":{"x":52,"y":169,"width":779,"height":10}},{"id":"17476cbb-5bee-4e9c-bbc9-1283535dac4f","block_type":"box","text":"considerations.","page_number":19,"box":{"x":53,"y":183,"width":107,"height":9}},{"id":"a2b80fe7-24da-418b-9a04-6c63b88777d0","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":19,"box":{"x":53,"y":206,"width":302,"height":11}},{"id":"a3ff8d72-7674-47ea-9405-b62e4542ea78","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":19,"box":{"x":359,"y":206,"width":581,"height":11}},{"id":"2bf4b67a-f2b7-43ae-9f0c-0ec502ca5a3d","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":19,"box":{"x":53,"y":221,"width":868,"height":10}},{"id":"c5263929-88e1-415e-ab95-2b403a68a5b9","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":19,"box":{"x":52,"y":235,"width":871,"height":10}},{"id":"ef6db1c8-3b5b-4926-b56d-1c5b0263f38f","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":19,"box":{"x":52,"y":249,"width":875,"height":11}},{"id":"17568f19-23d2-4bcb-88e6-a8111e2a1731","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":19,"box":{"x":52,"y":263,"width":877,"height":11}},{"id":"727f225d-447a-426b-ba9e-3dbbfa6ca763","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":19,"box":{"x":53,"y":277,"width":887,"height":11}},{"id":"2ec6e6b1-0457-41c8-b236-8b788c45ca8f","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":19,"box":{"x":53,"y":291,"width":836,"height":11}},{"id":"64af0ded-f318-43a4-922c-c7dcd6dfed10","block_type":"box","text":"availability of certain commodities.","page_number":19,"box":{"x":53,"y":306,"width":246,"height":10}},{"id":"acbddd8e-c779-4675-afcf-40251e26ac85","block_type":"box","text":"Risk of Investing in the U.S.","page_number":19,"box":{"x":53,"y":329,"width":200,"height":11}},{"id":"bd7135e6-3c6b-4b56-98f3-7d658534fc3d","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":19,"box":{"x":259,"y":329,"width":663,"height":11}},{"id":"48df073c-765f-40ad-8430-994dbaf7de2c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":19,"box":{"x":53,"y":343,"width":877,"height":11}},{"id":"e4926e10-e9a3-4451-bf7b-6799c763207e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":19,"box":{"x":53,"y":357,"width":470,"height":11}},{"id":"ff0db78b-3594-4c22-a150-db22d127b9f2","block_type":"box","text":"Securities Lending Risk.","page_number":19,"box":{"x":52,"y":380,"width":178,"height":11}},{"id":"f35234de-1f21-46a8-9f9d-6a6a155a3fe7","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":19,"box":{"x":234,"y":380,"width":692,"height":11}},{"id":"f1abf44a-61e0-4f29-84b8-a6ebc23fb63c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":19,"box":{"x":53,"y":394,"width":870,"height":11}},{"id":"b0cdf04e-883a-4962-b7b9-5c3a85aafbde","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":19,"box":{"x":53,"y":409,"width":886,"height":10}},{"id":"cb1f1912-2857-47c4-af78-89e0fc4b8144","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":19,"box":{"x":53,"y":423,"width":831,"height":11}},{"id":"47b76358-63af-4564-8514-d08effb95f02","block_type":"box","text":"Tracking Error Risk.","page_number":19,"box":{"x":52,"y":446,"width":145,"height":11}},{"id":"26bb5953-654b-496b-ab3e-603314e0a951","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":19,"box":{"x":201,"y":446,"width":741,"height":11}},{"id":"bfe7f5d9-dfa6-4bf5-877f-1c9cf99f8d18","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":19,"box":{"x":53,"y":460,"width":861,"height":11}},{"id":"23f813c9-29de-4c71-9ec5-92d1b8e0a7ff","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":19,"box":{"x":53,"y":474,"width":832,"height":11}},{"id":"f6e209c2-d4be-4ff3-831b-8c25e76f83d4","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":19,"box":{"x":53,"y":489,"width":880,"height":10}},{"id":"cbe84d86-7b23-468a-9a70-a4934727caa9","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":19,"box":{"x":53,"y":503,"width":831,"height":11}},{"id":"2922ff28-062e-4023-a6c2-1fb333929ef9","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":19,"box":{"x":52,"y":517,"width":828,"height":11}},{"id":"d6b2c47e-91a3-436b-aa45-1e342072249a","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":19,"box":{"x":53,"y":531,"width":873,"height":11}},{"id":"3c168729-3342-4e93-b699-9f0ca9fe9faa","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":19,"box":{"x":53,"y":545,"width":889,"height":11}},{"id":"994b0d28-3732-49b6-8d53-df1ed1acd978","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":19,"box":{"x":53,"y":559,"width":852,"height":11}},{"id":"cb3f4125-e454-4571-9fb2-003f63acc1c0","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":19,"box":{"x":53,"y":574,"width":886,"height":10}},{"id":"a83725a2-ae62-4132-8e28-b91185f4d644","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":19,"box":{"x":53,"y":588,"width":873,"height":11}},{"id":"8d70de90-451a-495a-9346-e5191653ace1","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":19,"box":{"x":53,"y":602,"width":879,"height":11}},{"id":"96b17b50-557a-481a-8880-f479f83b7a9e","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":19,"box":{"x":53,"y":616,"width":839,"height":11}},{"id":"21002950-f584-4f5f-ab19-47e0f99382e7","block_type":"box","text":"Valuation Risk.","page_number":19,"box":{"x":52,"y":639,"width":110,"height":9}},{"id":"85e3354e-284f-4401-96a7-32acbfe76e51","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":19,"box":{"x":166,"y":639,"width":740,"height":11}},{"id":"3d39fa51-e1d1-4a07-aaa1-2d115d6d4f1a","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":19,"box":{"x":53,"y":654,"width":840,"height":10}},{"id":"fd528abe-fa4d-4491-b930-db58fd6766f5","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":19,"box":{"x":52,"y":668,"width":869,"height":11}},{"id":"dcb1c5df-e548-49f8-bcd1-6398882c4ad0","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":19,"box":{"x":52,"y":682,"width":889,"height":11}},{"id":"82bd7898-b584-4def-8127-88490e40f711","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":19,"box":{"x":53,"y":696,"width":871,"height":11}},{"id":"27d11d2f-d6c0-4394-9195-80c46835b9e4","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":19,"box":{"x":52,"y":710,"width":879,"height":11}},{"id":"e388ea15-9e57-4d5c-a31d-4928ff2bb31a","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":19,"box":{"x":53,"y":725,"width":880,"height":10}},{"id":"d5be7a34-7e4d-4fc0-95ea-b5c9b76d9357","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":19,"box":{"x":53,"y":739,"width":816,"height":11}},{"id":"1417d52b-ade8-4bda-a582-a81adb69d23f","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":19,"box":{"x":52,"y":753,"width":613,"height":11}},{"id":"8131e49d-d846-4104-975b-c0e6295a21f8","block_type":"box","text":"Performance Information","page_number":19,"box":{"x":54,"y":774,"width":228,"height":11}},{"id":"c98cd3db-d659-47ab-b6ae-92852f1f2d95","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":19,"box":{"x":52,"y":799,"width":864,"height":11}},{"id":"0ffea664-bea2-4762-ad65-5b7aa8549971","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":19,"box":{"x":52,"y":813,"width":872,"height":11}},{"id":"dc6be6cd-5355-4a96-8d1c-8c26ecb3c182","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":19,"box":{"x":53,"y":828,"width":868,"height":10}},{"id":"272aaef6-e076-42b1-af4b-5b2faaf6ffc6","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":19,"box":{"x":53,"y":842,"width":838,"height":11}},{"id":"d53c14b7-9478-40ab-9be4-cebc9f73f633","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":19,"box":{"x":53,"y":856,"width":868,"height":11}},{"id":"af5cebd4-28d6-46a0-9514-019132f8f092","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":19,"box":{"x":53,"y":870,"width":832,"height":11}},{"id":"7f52acab-8aa4-43ba-b393-acba7f2531b7","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":19,"box":{"x":53,"y":884,"width":842,"height":11}},{"id":"44a9c59e-e0bd-45b9-b800-4154e75be22e","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":19,"box":{"x":52,"y":898,"width":531,"height":11}},{"id":"4046511e-d7b2-4a47-8689-3251f02867f6","block_type":"box","text":"S-12","page_number":19,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3976a925-94ce-4cc0-a8bd-e78b7aa97aa2","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":20,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"f1fe929c-7764-4a34-990d-3f1d2697a97b","block_type":"box","text":"5.59","page_number":20,"box":{"x":89,"y":124,"width":20,"height":6}},{"id":"98de978e-2106-49c3-b1e1-b74f49143c6c","block_type":"box","text":"6.38","page_number":20,"box":{"x":126,"y":123,"width":20,"height":6}},{"id":"4959f701-7c27-4b8d-aadb-5e5741d45970","block_type":"box","text":"-13.54","page_number":20,"box":{"x":157,"y":160,"width":31,"height":6}},{"id":"8a00071e-bcaf-4b2c-9532-19975b6eb939","block_type":"box","text":"25.07","page_number":20,"box":{"x":197,"y":103,"width":26,"height":6}},{"id":"4c22eecb-fc16-4ee6-8158-8fa6e5becb94","block_type":"box","text":"22.26","page_number":20,"box":{"x":234,"y":106,"width":26,"height":6}},{"id":"a2461dc3-6841-49a2-bbb9-58e448f2d0ea","block_type":"box","text":"12.77","page_number":20,"box":{"x":272,"y":116,"width":25,"height":6}},{"id":"2b1b0dcf-be2d-4706-997d-ffdfa0916101","block_type":"box","text":"-33.06","page_number":20,"box":{"x":306,"y":181,"width":29,"height":6}},{"id":"684e941c-c629-43cd-bd56-479a21e224d3","block_type":"box","text":"38","page_number":20,"box":{"x":345,"y":89,"width":11,"height":6}},{"id":"035f8443-b80c-41c4-918e-ffc63595764c","block_type":"box","text":".","page_number":20,"box":{"x":357,"y":94,"width":1,"height":1}},{"id":"fa40c9c8-9bd3-4655-aa95-f7e4f13664e9","block_type":"box","text":"71","page_number":20,"box":{"x":360,"y":89,"width":10,"height":6}},{"id":"43c8834c-61f5-4f25-8f03-fee36bd7e7e1","block_type":"box","text":"31.31","page_number":20,"box":{"x":382,"y":97,"width":25,"height":6}},{"id":"ad6ce97d-fc51-4247-8940-f6ed26aaca2c","block_type":"box","text":"29.09","page_number":20,"box":{"x":419,"y":99,"width":26,"height":6}},{"id":"c117bcd6-96ba-47c9-9a03-7b1859e12dff","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":20,"box":{"x":87,"y":201,"width":356,"height":6}},{"id":"f9831b72-036d-4bd9-9fe2-2485e917d512","block_type":"box","text":"Return (%) Period Ended","page_number":20,"box":{"x":770,"y":61,"width":171,"height":9}},{"id":"5c91195f-b203-4009-a428-a492585302cc","block_type":"box","text":"Calendar Year-to-Date Return","page_number":20,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"63a280cc-2e43-48c9-856a-18990d6a315e","block_type":"box","text":"-6.22% June 30, 2026","page_number":20,"box":{"x":786,"y":80,"width":156,"height":8}},{"id":"51c6df03-3a4d-4fba-92e4-216ca1fe5183","block_type":"box","text":"During the periods shown in the chart:","page_number":20,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"1f4ccc83-076c-4ce3-bdf4-702ea4158124","block_type":"box","text":"Best Quarter 19.46% June 30, 2020","page_number":20,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"aec266aa-62c1-4b11-b8d1-cdcef301945a","block_type":"box","text":"Worst Quarter -16.40% June 30, 2022","page_number":20,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"844d83e1-358d-4644-80f6-0a4142d74ff9","block_type":"box","text":"Average Annual Total Returns (%)","page_number":20,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"498a8364-78dd-41de-8fd3-e3e8e95f74bf","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":20,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"bef1c1c4-dd31-42f8-affa-3c872bd11a9d","block_type":"box","text":"One Year Five Years Ten Years","page_number":20,"box":{"x":670,"y":261,"width":268,"height":8}},{"id":"2c9dd8a6-900e-465d-915f-53a8bab7a701","block_type":"box","text":"Fund Inception: 11/12/2001","page_number":20,"box":{"x":58,"y":277,"width":187,"height":9}},{"id":"188f20ce-9d7f-4b1b-9925-790d05a04d72","block_type":"box","text":"Return Before Taxes","page_number":20,"box":{"x":58,"y":288,"width":125,"height":8}},{"id":"e41fc26f-ad7b-41da-89d6-a7cf94fe12fc","block_type":"box","text":"29.09% 12.16% 10.18%","page_number":20,"box":{"x":682,"y":288,"width":257,"height":8}},{"id":"bd424362-6e36-4aec-b20a-4ce3b6b1b8f0","block_type":"box","text":"Return After Taxes on Distributions 27.71% 11.62% 9.58%","page_number":20,"box":{"x":58,"y":300,"width":881,"height":8}},{"id":"19a0cec5-6417-4c6d-80cb-8626eb249240","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 17.39% 9.54% 8.19%","page_number":20,"box":{"x":58,"y":312,"width":881,"height":7}},{"id":"e58c026b-b649-4adf-9cd7-402576720e82","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":20,"box":{"x":57,"y":323,"width":244,"height":9}},{"id":"2279a3e2-1b3c-4a5a-aa77-8748ced5ce02","block_type":"box","text":"1","page_number":20,"box":{"x":302,"y":322,"width":5,"height":4}},{"id":"5e205480-0997-40f7-a473-6c5084acd34b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":20,"box":{"x":312,"y":323,"width":330,"height":10}},{"id":"930ad3bb-f40e-4b94-a10f-cd03edea06dc","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":20,"box":{"x":71,"y":336,"width":868,"height":10}},{"id":"290d40a6-697e-4f58-9e73-d1e90745b730","block_type":"box","text":"S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index (Spliced)","page_number":20,"box":{"x":57,"y":348,"width":517,"height":9}},{"id":"38a88954-15f3-4a7c-a0b6-7027880336c4","block_type":"box","text":"1,2","page_number":20,"box":{"x":575,"y":346,"width":14,"height":6}},{"id":"eb95f8a4-16b4-4989-a366-f7bc86d51c8b","block_type":"box","text":"(Returns","page_number":20,"box":{"x":593,"y":348,"width":53,"height":8}},{"id":"cd8e00c6-9fc5-4576-9c1e-6a90e06794f8","block_type":"box","text":"do not reflect deductions for fees, expenses or taxes except for withholding taxes on","page_number":20,"box":{"x":71,"y":361,"width":526,"height":9}},{"id":"7248bd33-0bd5-4a2b-9410-edb8e899199d","block_type":"box","text":"reinvested dividends)","page_number":20,"box":{"x":72,"y":373,"width":133,"height":9}},{"id":"f0ab1219-ec2c-4d4d-9dd5-098da262ecb1","block_type":"box","text":"28.72% 12.25% 10.23%","page_number":20,"box":{"x":682,"y":374,"width":257,"height":7}},{"id":"2407c562-cb45-4cd7-a16c-3cc54dda693e","block_type":"box","text":"1","page_number":20,"box":{"x":80,"y":392,"width":5,"height":5}},{"id":"42ddeb0c-3381-466c-b814-bb7ff6cf51bb","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":20,"box":{"x":94,"y":393,"width":827,"height":10}},{"id":"4f743c15-2182-4484-a500-295bd4bcc719","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":20,"box":{"x":93,"y":404,"width":847,"height":9}},{"id":"cde0e382-0aa9-4c2c-be83-d341b1bd605a","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":20,"box":{"x":93,"y":414,"width":843,"height":10}},{"id":"155534e9-7a07-4f50-9f20-fe783eeb0dc1","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":20,"box":{"x":92,"y":424,"width":829,"height":10}},{"id":"636d3bc5-236d-4570-997d-cde5fc6b2846","block_type":"box","text":"tax rates, if any.","page_number":20,"box":{"x":92,"y":435,"width":97,"height":9}},{"id":"4636f1c1-e4ac-40bc-b0d7-d7d8746f5b22","block_type":"box","text":"2","page_number":20,"box":{"x":80,"y":444,"width":5,"height":4}},{"id":"b2b108fd-20dd-4e4c-90a6-ceee61350735","block_type":"box","text":"The S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index (Spliced) reflects the performance of the S&P Global 1200","page_number":20,"box":{"x":92,"y":445,"width":841,"height":9}},{"id":"70fc2d04-43db-40d1-bbf7-9aefc464ba22","block_type":"box","text":"Communication Services Sector Index (Net) through June 23, 2019 and the S&P Global 1200 Communication Services 4.5/22.5/45","page_number":20,"box":{"x":93,"y":455,"width":830,"height":10}},{"id":"dce5f6fc-7315-41c5-98d9-b1c27b3600c5","block_type":"box","text":"Capped Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":20,"box":{"x":93,"y":466,"width":690,"height":9}},{"id":"7638ab92-6861-4010-9e10-a3a94c8a9c17","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":20,"box":{"x":52,"y":485,"width":857,"height":11}},{"id":"61450847-42dd-4c9d-9c97-caf3117bc10d","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":20,"box":{"x":53,"y":499,"width":865,"height":11}},{"id":"4e57c950-53c9-45fe-8b61-be75815d1347","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":20,"box":{"x":53,"y":514,"width":847,"height":11}},{"id":"ffb43442-405e-4746-b805-d65a271f6f7f","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":20,"box":{"x":52,"y":528,"width":857,"height":11}},{"id":"1cade90b-b528-4361-bd50-4cabc2d5ef4b","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":20,"box":{"x":53,"y":542,"width":877,"height":11}},{"id":"1228b263-1860-4d51-9c09-bbf094e7a032","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":20,"box":{"x":52,"y":556,"width":836,"height":11}},{"id":"563b3f02-7d3c-4769-9588-6832db9b651c","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":20,"box":{"x":53,"y":570,"width":886,"height":11}},{"id":"7a8896ad-f51b-4490-a25b-fc7e18b1376f","block_type":"box","text":"on distributions.","page_number":20,"box":{"x":53,"y":585,"width":114,"height":8}},{"id":"dec0686e-e8c6-4443-a44d-08fd05bf49e6","block_type":"box","text":"Management","page_number":20,"box":{"x":54,"y":614,"width":119,"height":13}},{"id":"2e9e13cd-c9c0-476b-8736-e3221d2fa3c2","block_type":"box","text":"Investment Adviser.","page_number":20,"box":{"x":53,"y":639,"width":145,"height":8}},{"id":"04f83c79-360f-4db6-82db-08530eb1bd36","block_type":"box","text":"BlackRock Fund Advisors.","page_number":20,"box":{"x":204,"y":639,"width":180,"height":8}},{"id":"dab203e9-a9b8-4d60-b59f-fed281659b3d","block_type":"box","text":"Portfolio Managers.","page_number":20,"box":{"x":53,"y":662,"width":146,"height":11}},{"id":"18d0b3b8-e2ab-4609-8978-7d1973aa8a0e","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":20,"box":{"x":203,"y":662,"width":679,"height":11}},{"id":"08188b60-8711-40f5-ab88-40c6e8374fb8","block_type":"box","text":"management of the Fund:","page_number":20,"box":{"x":53,"y":676,"width":182,"height":11}},{"id":"887474b3-a6e5-493d-b5b0-7c32d3f232de","block_type":"box","text":"Portfolio Manager","page_number":20,"box":{"x":58,"y":712,"width":119,"height":10}},{"id":"24c80f7d-a2ce-42e9-be83-d28732ae1fb4","block_type":"box","text":"Portfolio Manager of the","page_number":20,"box":{"x":411,"y":699,"width":160,"height":10}},{"id":"8673676f-394f-409a-a515-ae76a135722b","block_type":"box","text":"Fund Since","page_number":20,"box":{"x":455,"y":712,"width":72,"height":7}},{"id":"1c2617fc-08b5-496e-a95e-23d4905bf2b2","block_type":"box","text":"Title with Investment","page_number":20,"box":{"x":804,"y":699,"width":140,"height":8}},{"id":"30af69fa-37de-4f58-90ab-b02a8e69ec8f","block_type":"box","text":"Adviser","page_number":20,"box":{"x":849,"y":712,"width":49,"height":7}},{"id":"1fbbe717-693d-43ae-a58d-78dd7fdbfdcb","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":20,"box":{"x":57,"y":727,"width":876,"height":10}},{"id":"30c894bc-c303-49bc-a41a-39b9e831e6ab","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":20,"box":{"x":58,"y":743,"width":875,"height":9}},{"id":"1db6cd79-161d-425a-8d17-690be632aa4e","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":20,"box":{"x":58,"y":758,"width":875,"height":10}},{"id":"3ab3c025-fba6-4f72-a0ec-0c2132d5e7bf","block_type":"box","text":"Steven White 2025 Managing Director","page_number":20,"box":{"x":57,"y":774,"width":876,"height":9}},{"id":"e3c8c7c6-eb7d-4dbf-a5a1-56a5db8c5ff2","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":20,"box":{"x":54,"y":809,"width":304,"height":10}},{"id":"0bcce163-0e8c-4ed1-a4f5-415b1f42ce1a","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":20,"box":{"x":52,"y":834,"width":878,"height":11}},{"id":"ac5387bc-ba8f-452d-be35-fbe500f6e6ee","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":20,"box":{"x":53,"y":848,"width":855,"height":11}},{"id":"78b88f38-ca3b-497b-b620-f7ccd8a38097","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":20,"box":{"x":52,"y":862,"width":817,"height":11}},{"id":"813beaf0-a271-4bb6-953e-21aa11a752ab","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":20,"box":{"x":53,"y":877,"width":878,"height":10}},{"id":"8da62b0b-1b73-4cc0-a336-85e6d033ffb5","block_type":"box","text":"S-13","page_number":20,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"92c6afed-4cde-48b2-a6f8-1956615da500","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":21,"box":{"x":53,"y":46,"width":861,"height":11}},{"id":"56e932a6-a287-4522-876d-51954ffe2454","block_type":"box","text":"(the “bid-ask spread”).","page_number":21,"box":{"x":53,"y":60,"width":156,"height":11}},{"id":"27044f55-533c-4e72-a064-ef6a5f394cb0","block_type":"box","text":"Tax Information","page_number":21,"box":{"x":52,"y":90,"width":144,"height":10}},{"id":"691587aa-bfa1-4697-9e07-4140afdef4bc","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":21,"box":{"x":52,"y":115,"width":831,"height":11}},{"id":"7e711da1-fa08-42c5-82c2-438e42ce0242","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":21,"box":{"x":53,"y":129,"width":883,"height":11}},{"id":"7e33143a-6842-4c50-80b4-9e46cec2d168","block_type":"box","text":"be taxed when withdrawn.","page_number":21,"box":{"x":53,"y":143,"width":182,"height":9}},{"id":"541ea815-2325-46bd-8f58-44061053472b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":21,"box":{"x":54,"y":172,"width":575,"height":13}},{"id":"dda8266c-8a77-4df4-8d1b-778db95702f2","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":21,"box":{"x":53,"y":197,"width":855,"height":11}},{"id":"bd8de1a9-ab1c-41b1-8454-ae808e6bd546","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":21,"box":{"x":53,"y":211,"width":843,"height":11}},{"id":"2c930d83-adea-4800-90e0-e9e8ab4bfcfd","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":21,"box":{"x":53,"y":226,"width":820,"height":10}},{"id":"ebf17f8d-8595-4925-bf87-152b4d0c92fe","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":21,"box":{"x":53,"y":240,"width":801,"height":11}},{"id":"9054442e-3f23-4d63-86f2-2a59edb2fe60","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":21,"box":{"x":53,"y":254,"width":841,"height":11}},{"id":"ce6bfc4c-bb43-47ee-addd-e5738db8d76a","block_type":"box","text":"financial intermediary’s website for more information.","page_number":21,"box":{"x":52,"y":268,"width":380,"height":11}},{"id":"0f12390a-8e0f-454f-85a5-6ff6254fa713","block_type":"box","text":"S-14","page_number":21,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"14a76280-e640-4aa2-8b57-a428505dcb87","block_type":"box","text":"iShares Global Consumer Discretionary ETF","page_number":22,"box":{"x":53,"y":47,"width":610,"height":20}},{"id":"4c6dcc43-7b35-44f8-a634-c9f6536ec7fb","block_type":"box","text":"RXI | NYSE Arca","page_number":22,"box":{"x":54,"y":70,"width":219,"height":18}},{"id":"4884daff-af21-400b-a86b-31d8f98cec20","block_type":"box","text":"Investment Objective","page_number":22,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"f33194a3-042b-4cb8-8db0-1404a78daa71","block_type":"box","text":"The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":22,"box":{"x":52,"y":134,"width":872,"height":11}},{"id":"3fb860d0-860f-4f98-b732-b8a3d16d00d4","block_type":"box","text":"global equities in the consumer discretionary sector.","page_number":22,"box":{"x":53,"y":148,"width":369,"height":11}},{"id":"0480cee2-cc92-4900-8856-e599d5ccd9e5","block_type":"box","text":"Fees and Expenses","page_number":22,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"66a2ca47-0ee7-450e-a1b5-1b1c79e6f13c","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","page_number":22,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"61368aaa-42c7-4b4c-8172-b6b06f8c7c78","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":22,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"f7e199d2-1f08-426f-ac79-382f8af6c200","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":22,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"16d79d66-7816-498a-91ac-9120b142337c","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":22,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"82d23c6b-1746-48df-b8c4-3d56659a5d32","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":22,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"7232ccf6-a0b3-498b-9710-07d6f4c1cbcb","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":22,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"38d2d59d-2641-426b-bcab-9f623c4f7f3c","block_type":"box","text":"extraordinary expenses.","page_number":22,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"7640306c-a878-4284-8444-0dacb6f47543","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":22,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"239b3747-1701-48de-bf61-23381a13ba9f","block_type":"box","text":"reflected in the table and example below.","page_number":22,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"ebc8646f-82b4-40b4-8f49-8a46a28a66b1","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":22,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"8dbb1f99-a87a-4ba5-8627-77cd558d8c21","block_type":"box","text":"1","page_number":22,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"1ff83ef1-37ee-4200-a2f6-6658d41345d7","block_type":"box","text":"Management Fee","page_number":22,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"a5ba7b43-d8c7-4a60-b87c-81c7a2194a61","block_type":"box","text":"0.37%","page_number":22,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"5551eaa3-c28e-489d-9cbd-0763feca43a6","block_type":"box","text":"Other Expenses","page_number":22,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"6172b988-3a3c-49bf-98fe-d61ac443f58d","block_type":"box","text":"0.00%","page_number":22,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"52532880-986c-4f1b-a90a-11bb45b4e64e","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":22,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"630d088b-798d-465d-ae64-1a062a6ac310","block_type":"box","text":"0.37%","page_number":22,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"f065e922-16c5-4633-95b5-f1895b9625ee","block_type":"box","text":"1","page_number":22,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"bc0dc016-af2d-42ac-b539-0ef461cec21a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":22,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"8537f158-2e21-42d8-bdf3-2a27ddc300f3","block_type":"box","text":"Example.","page_number":22,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"e18a6a7d-a88d-458a-8ef0-53d9da28c13f","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","page_number":22,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"75f9d88c-86d6-4acf-9c60-871b48af1ce1","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":22,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"29af2493-f0fd-409d-aec0-ff3ebe73a627","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":22,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"a042a691-2aad-49b2-9ca5-a924c3703b6f","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":22,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"c48c0696-233a-4a65-8293-54739018f467","block_type":"box","text":"your costs would be:","page_number":22,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"60e7d1f4-ec37-4595-ab17-4a90d2e01e80","block_type":"box","text":"Expense Example","page_number":22,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"381993e7-9d65-4aa1-9a92-cb495ce71ba0","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":22,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"63343f34-de72-47e5-8d76-10b7b128c272","block_type":"box","text":"Example Fund Costs","page_number":22,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"591275d3-fde6-4044-b210-e72b714395ad","block_type":"box","text":"$38 $119 $208 $468","page_number":22,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"e2e6826e-2bf3-4ce1-b8e6-a5ca61011b59","block_type":"box","text":"Portfolio Turnover.","page_number":22,"box":{"x":57,"y":572,"width":136,"height":8}},{"id":"80b67c2a-a5fc-4a00-b819-11e9c39dd9ee","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":22,"box":{"x":198,"y":572,"width":721,"height":11}},{"id":"b5df6ba5-eeb8-4d60-99af-2401577202cc","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":22,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"d2a1791d-401e-4ba3-a4a8-cfa5be1f775b","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":22,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"8ed129e7-5882-4088-96c2-7018ae26a1a2","block_type":"box","text":"the Example, affect the Fund’s performance. 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Between scheduled quarterly reviews, the Underlying Index is rebalanced at the end of any day on","page_number":22,"box":{"x":52,"y":768,"width":878,"height":11}},{"id":"6e6ce00e-568b-4cba-afd2-1a5eded09194","block_type":"box","text":"which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent more","page_number":22,"box":{"x":52,"y":782,"width":856,"height":11}},{"id":"7828d150-da93-488c-8d79-c5d4c7791d67","block_type":"box","text":"than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology, S&P Dow Jones","page_number":22,"box":{"x":52,"y":796,"width":888,"height":11}},{"id":"00c884d8-6e3b-4d20-879b-84a42201ca0e","block_type":"box","text":"Indices LLC (the “Index Provider” or “SPDJI”)) may consider two or more companies as belonging to the same issuer where","page_number":22,"box":{"x":53,"y":810,"width":864,"height":11}},{"id":"53c50818-59e1-454d-ad7a-68d74c01deda","block_type":"box","text":"there is reasonable evidence of common control. The Underlying Index is a subset of the S&P Global 1200","page_number":22,"box":{"x":52,"y":824,"width":748,"height":11}},{"id":"d4048451-8c7d-4cb7-8e4f-127b04c7f0f8","block_type":"box","text":"TM","page_number":22,"box":{"x":801,"y":823,"width":16,"height":5}},{"id":"5263c0c3-eeea-4c54-92fc-1ef367a93d5c","block_type":"box","text":", which is","page_number":22,"box":{"x":819,"y":825,"width":63,"height":9}},{"id":"73116a1e-6f06-47c7-a0b2-0d65c8dfe6a9","block_type":"box","text":"designed to measure the performance of large-capitalization stocks from major global markets, as determined by SPDJI.","page_number":22,"box":{"x":53,"y":839,"width":851,"height":10}},{"id":"04db08cf-7bfb-45ce-8166-551845829dc1","block_type":"box","text":"Component companies include consumer product manufacturing, service and retail companies.","page_number":22,"box":{"x":53,"y":853,"width":681,"height":11}},{"id":"15d26bd4-97f2-4581-a3e6-bba3ad52baa0","block_type":"box","text":"As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":22,"box":{"x":52,"y":875,"width":829,"height":11}},{"id":"8af07a16-cb7a-420e-bdf8-9c3f1288c7ed","block_type":"box","text":"consumer goods and services industry or sector. The components of the Underlying Index are likely to change over time. 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BFA uses a","page_number":23,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"1030bbe0-be29-46b8-93ad-d339193d514b","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":23,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"74afed18-8c37-4d38-b1bc-641600ce86e2","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":23,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"764b9110-6738-466d-852c-02723f8ba680","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":23,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"372407b2-1dde-4838-9664-3a4a25d4f584","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":23,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"0d5cbd3b-3561-450e-9794-7484c02d8086","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":23,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"63fee473-f684-444e-8e0c-539cc240611a","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":23,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"14b5358a-dac9-40f7-a0b3-5374eafed8be","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":23,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"f4577a39-b9d2-4e81-a8a4-c9f8a3c2bcc9","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":23,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"0c1ee464-7d64-42ce-8946-adf79587a61f","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":23,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"573b2022-f6e5-47f0-83cc-2b65158b77eb","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":23,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"091ede27-7501-4884-88c5-17cc4306947b","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":23,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"e4d0f30f-6cbe-4afa-826e-c40ca83650a3","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":23,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"5b0e42cd-bbd9-4160-b717-a03633fa9556","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":23,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"0298ea1e-681d-4253-8639-f5b4bee34af5","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":23,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"871b7394-21e0-43de-b136-b460298cb94e","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":23,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"7c7b30df-69a9-42bf-9f3f-0561c3a76942","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":23,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"55f09b6b-9b1e-487a-9bd7-b9103679fc45","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":23,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"7e959330-9f8c-4388-8c4a-247d273692be","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":23,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"d6c74ea8-de24-488b-8e3d-9083b6004943","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":23,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"b7985907-497f-4e87-bfe0-5440fdf6caac","block_type":"box","text":"collateral received).","page_number":23,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"adb603f2-be31-4624-b20b-4612735df66d","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":23,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"8b135b4d-f3cf-43d6-83a8-df182205b8bc","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":23,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"585544c6-7f88-46a9-b21b-18ce9e7175e8","block_type":"box","text":"market value of the Underlying Index.","page_number":23,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"e4d02965-b888-4b10-a650-448c9e2b0890","block_type":"box","text":"Industry Concentration Policy.","page_number":23,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"d2f5bd80-efde-4e05-9c13-1adbc8f61fa3","block_type":"box","text":"The Fund will concentrate its investments (","page_number":23,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"0ce6c5df-56e8-4f0d-8376-166ce52be713","block_type":"box","text":"i.e.","page_number":23,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"e9332e92-a315-4c91-962a-a5c5c630540d","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":23,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"b5cf5721-1c8d-46ab-ad68-6522c341402d","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":23,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"3ba84939-d06c-4162-a2d6-156ad7cc726e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":23,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"7e6280bf-3b31-4610-ad4b-090fff4b2f89","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":23,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"0290fc2b-2451-48b8-b012-ac252aa328dc","block_type":"box","text":"Summary of Principal Risks","page_number":23,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"fe994211-8ab6-4f34-8b0a-12e6e537adf5","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":23,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"6381ad4c-f96c-4eb6-91c5-c7444829b958","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":23,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"f8d95f5b-c2a6-4ec9-b7d5-984f257555a4","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":23,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"b5051806-3dab-456a-a21f-b961e0e85825","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":23,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"bd710f0f-53c3-484f-8e9f-82f484703e28","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":23,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"4165a2c6-e5c7-4b18-bb12-7257339d9e4a","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":23,"box":{"x":53,"y":637,"width":349,"height":10}},{"id":"e951fdec-fa8c-4e94-9756-98c89820e812","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":23,"box":{"x":407,"y":637,"width":518,"height":11}},{"id":"9bbd6351-7d82-442f-9aa7-39057e08b478","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":23,"box":{"x":53,"y":651,"width":880,"height":11}},{"id":"22fb23ae-bf0f-49c9-9702-317c82cc8a68","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":23,"box":{"x":52,"y":665,"width":605,"height":11}},{"id":"cbf4b51e-3814-40ba-8d06-556dcd789773","block_type":"box","text":"Equity Securities Risk.","page_number":23,"box":{"x":53,"y":688,"width":164,"height":11}},{"id":"486a9be4-a11b-4630-b796-b2d0c8b8c2d8","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":23,"box":{"x":223,"y":688,"width":709,"height":11}},{"id":"fe01b8f3-649d-492a-ac73-ac99d002dea9","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":23,"box":{"x":53,"y":703,"width":889,"height":10}},{"id":"eae759df-6716-4352-9c4d-a4007b26984c","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":23,"box":{"x":53,"y":717,"width":880,"height":11}},{"id":"9e9389dc-3624-4bce-bf83-0d9e105b59c6","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":23,"box":{"x":53,"y":731,"width":867,"height":11}},{"id":"2bfa7937-26d2-45dc-9258-c7d3a3adfda6","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":23,"box":{"x":53,"y":745,"width":339,"height":11}},{"id":"a7e26b44-4c12-414c-ba02-af84288612f2","block_type":"box","text":"Market Risk.","page_number":23,"box":{"x":53,"y":768,"width":91,"height":9}},{"id":"e58d7f97-cf9d-4699-be00-63d9eb611d17","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":23,"box":{"x":148,"y":769,"width":768,"height":10}},{"id":"a47f362b-c5a1-45b8-9b2d-033d34617f78","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":23,"box":{"x":53,"y":783,"width":882,"height":10}},{"id":"abfcd0da-6b63-4eac-9c1b-d502c5e9ab20","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":23,"box":{"x":53,"y":797,"width":858,"height":11}},{"id":"9262232c-4a4d-4b33-89db-94ae8d0c3f2d","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":23,"box":{"x":53,"y":811,"width":875,"height":11}},{"id":"1fda72f1-99d0-4196-b135-d4a2bf7a599b","block_type":"box","text":"Fund’s NAV.","page_number":23,"box":{"x":53,"y":825,"width":82,"height":9}},{"id":"ed51b29d-fe1c-40b9-8ba8-aa3155f655ef","block_type":"box","text":"Index-Related Risk.","page_number":23,"box":{"x":53,"y":848,"width":143,"height":9}},{"id":"469be321-7795-4c5e-9b7f-725881bf2823","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":23,"box":{"x":201,"y":848,"width":742,"height":11}},{"id":"5e8a6178-c5cd-479c-8260-474fbf9b87a1","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":23,"box":{"x":53,"y":862,"width":856,"height":11}},{"id":"7d799136-dedf-4d72-926d-a3f81faa63c4","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":23,"box":{"x":53,"y":877,"width":852,"height":10}},{"id":"32b661aa-bb51-44f5-bb49-869b2c88762b","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":23,"box":{"x":53,"y":891,"width":876,"height":11}},{"id":"71ea3ac9-336e-476b-af4d-d3c3fa60013c","block_type":"box","text":"S-16","page_number":23,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"358d223f-556b-423f-9c2f-27b4de38f225","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":24,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"c415934b-513d-46e8-b528-26390eb122ca","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":24,"box":{"x":53,"y":61,"width":849,"height":10}},{"id":"7f034c0f-3582-4d33-90d4-e099a80541e1","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":24,"box":{"x":53,"y":75,"width":890,"height":11}},{"id":"285c779a-5453-43cc-b09f-464fcce8cfd0","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":24,"box":{"x":53,"y":89,"width":853,"height":11}},{"id":"9b2f37ef-8d84-44c7-80ab-dc0ca5683a16","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":24,"box":{"x":53,"y":103,"width":539,"height":11}},{"id":"52de0a82-36f4-4355-826b-4387366872d1","block_type":"box","text":"Asset Class Risk.","page_number":24,"box":{"x":52,"y":126,"width":122,"height":9}},{"id":"affcddfd-0710-44f8-9bba-b1e1a1b480f8","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":24,"box":{"x":179,"y":126,"width":721,"height":11}},{"id":"473b6c6a-2ff8-4d15-a5ad-3f828791ac8a","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":24,"box":{"x":53,"y":141,"width":774,"height":10}},{"id":"2c44a109-b499-49dd-93af-0d74100a03b0","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":24,"box":{"x":52,"y":164,"width":318,"height":10}},{"id":"3a544b90-a960-46ef-a931-f61d17f5dacf","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":24,"box":{"x":374,"y":164,"width":531,"height":11}},{"id":"dc44d207-f2b8-4286-a1f1-c8136f592324","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":24,"box":{"x":53,"y":178,"width":810,"height":11}},{"id":"d75d745b-cd3c-43fe-b5f3-46b9be8fbf63","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":24,"box":{"x":52,"y":192,"width":816,"height":11}},{"id":"607e94c4-3d85-45dc-a163-0ce7cfc539e1","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":24,"box":{"x":52,"y":206,"width":884,"height":11}},{"id":"1c798241-6c51-49af-898a-62d8a64d15a9","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":24,"box":{"x":53,"y":220,"width":871,"height":11}},{"id":"261ac415-d2b7-4da9-abbb-07e4db51a4c5","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":24,"box":{"x":53,"y":235,"width":846,"height":10}},{"id":"c58aeff1-d3b9-4f59-b235-ab5e6d640b17","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":24,"box":{"x":52,"y":249,"width":881,"height":10}},{"id":"41cda6c6-0968-433b-94b0-24b4e650f275","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":24,"box":{"x":53,"y":263,"width":853,"height":11}},{"id":"ae6dd17e-a830-4919-a10a-bcd6d38fb6fd","block_type":"box","text":"halts or delisting.","page_number":24,"box":{"x":53,"y":277,"width":121,"height":11}},{"id":"5dcf6383-7f86-4255-b1bf-9208ccc21959","block_type":"box","text":"Concentration Risk.","page_number":24,"box":{"x":53,"y":300,"width":145,"height":9}},{"id":"7dd9ce6d-37e3-4adf-a671-bcedf439aaec","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":24,"box":{"x":202,"y":300,"width":711,"height":11}},{"id":"2f259602-8fd4-4aa1-941d-283ddd923c5f","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":24,"box":{"x":53,"y":314,"width":884,"height":10}},{"id":"7ea9592d-43ab-4550-9b48-c1905bae4b3d","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":24,"box":{"x":52,"y":329,"width":887,"height":11}},{"id":"8250cf3a-8d92-445c-a9a2-2bbdde4ae49e","block_type":"box","text":"asset classes.","page_number":24,"box":{"x":53,"y":343,"width":95,"height":8}},{"id":"724fd561-7fe7-409f-816e-614aeedd550a","block_type":"box","text":"Currency Risk.","page_number":24,"box":{"x":53,"y":366,"width":106,"height":11}},{"id":"5261932c-0fcd-47c8-bee8-5c8293e5fb85","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":24,"box":{"x":164,"y":366,"width":751,"height":11}},{"id":"adb3caa7-8e07-4b5e-8a6d-9b7544e80364","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":24,"box":{"x":53,"y":380,"width":842,"height":11}},{"id":"600fffe1-5a10-45cb-8927-5443d3929a9a","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":24,"box":{"x":52,"y":394,"width":854,"height":11}},{"id":"60a75e54-e41a-446b-8a1b-96143eed4ea8","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":24,"box":{"x":53,"y":409,"width":869,"height":10}},{"id":"f2cd353e-6902-4661-b3ac-0f96d92f8cc4","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":24,"box":{"x":53,"y":423,"width":309,"height":11}},{"id":"bffb5489-e6f0-4d84-b615-f9cf9c7b0e26","block_type":"box","text":"Issuer Risk.","page_number":24,"box":{"x":53,"y":446,"width":83,"height":9}},{"id":"9fe5c17f-0987-4258-b695-34abf2b7dbda","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":24,"box":{"x":140,"y":446,"width":780,"height":11}},{"id":"a0171217-e8d9-465c-ba2f-8dadc7fc5f69","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":24,"box":{"x":53,"y":460,"width":886,"height":11}},{"id":"6bb17aa2-2cc3-4e9d-912f-2ba6f06d2c7a","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":24,"box":{"x":52,"y":474,"width":576,"height":11}},{"id":"1a79f6a8-6304-48d6-8a9d-da5e9a73742c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":24,"box":{"x":53,"y":498,"width":278,"height":10}},{"id":"2ec89e46-f3ce-4f55-a9c1-cf580582993d","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":24,"box":{"x":337,"y":498,"width":540,"height":10}},{"id":"2151bef6-3520-4813-b4b5-8cd50e3f9cc3","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":24,"box":{"x":53,"y":512,"width":890,"height":11}},{"id":"7ce5e97e-b1be-4f99-a8a1-9b3caf9bb5aa","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":24,"box":{"x":53,"y":526,"width":868,"height":11}},{"id":"cae36084-7277-4339-8570-1c1089c41d99","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":24,"box":{"x":53,"y":540,"width":709,"height":11}},{"id":"cc28f09c-a4ea-460b-8826-befc9ac90604","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":24,"box":{"x":53,"y":563,"width":395,"height":11}},{"id":"08fbcc5e-425b-4d2a-8fab-86271c273c69","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":24,"box":{"x":453,"y":563,"width":410,"height":11}},{"id":"806c9cfa-e046-45e3-b335-83915feb7965","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":24,"box":{"x":53,"y":577,"width":883,"height":11}},{"id":"92637a31-d3e1-46bf-aea3-0bc76dff3120","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":24,"box":{"x":52,"y":592,"width":884,"height":11}},{"id":"6f4d9118-5996-45eb-a675-570513cfc0df","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":24,"box":{"x":53,"y":606,"width":872,"height":11}},{"id":"2e1d3392-90bc-4c73-a1f9-4bf0e9534ca6","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":24,"box":{"x":53,"y":620,"width":812,"height":11}},{"id":"c566ba30-637d-4cb9-9a87-681187bb9e48","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":24,"box":{"x":53,"y":634,"width":890,"height":11}},{"id":"45ab5e74-8c4d-4da0-986b-668884c57372","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":24,"box":{"x":52,"y":649,"width":891,"height":9}},{"id":"63ce9cdf-cde6-467f-81b1-7c07fdbc21f4","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":24,"box":{"x":53,"y":663,"width":836,"height":10}},{"id":"1dbc3e6d-8d18-42a0-875d-2af6ddfdfe39","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":24,"box":{"x":53,"y":677,"width":810,"height":11}},{"id":"30670b8b-4293-41cc-b856-900c110c8b5d","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":24,"box":{"x":53,"y":691,"width":861,"height":11}},{"id":"3d4acc08-4c36-42a0-9652-8870cafefb24","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":24,"box":{"x":53,"y":705,"width":875,"height":11}},{"id":"765d55c0-1529-45b8-9934-a6580c6eea2d","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":24,"box":{"x":52,"y":719,"width":654,"height":11}},{"id":"e249586c-a302-45a6-86d1-e24b09f106d9","block_type":"box","text":"Management Risk.","page_number":24,"box":{"x":53,"y":742,"width":137,"height":11}},{"id":"51cedb83-d205-4a4b-b5eb-a6c30e0952b5","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":24,"box":{"x":194,"y":742,"width":711,"height":11}},{"id":"8a88ca39-630a-4632-895b-9418ff3f83e4","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":24,"box":{"x":53,"y":757,"width":877,"height":11}},{"id":"442e9d4a-dd5a-43fa-ba66-8805aabe6612","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":24,"box":{"x":53,"y":771,"width":859,"height":11}},{"id":"aea6702e-5b01-4cda-9fa9-fc005a9bdeb1","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":24,"box":{"x":52,"y":785,"width":848,"height":11}},{"id":"caae76d7-f395-44f5-abf2-a319d6ffc747","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":24,"box":{"x":53,"y":799,"width":756,"height":11}},{"id":"478edd38-76a5-41a9-9e82-cb7d552ec251","block_type":"box","text":"Market Trading Risk.","page_number":24,"box":{"x":53,"y":822,"width":152,"height":11}},{"id":"950c57ee-ee84-459e-afaf-20d6018439d6","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":24,"box":{"x":209,"y":822,"width":694,"height":11}},{"id":"6151a8d4-1939-4a3b-b6a5-36757c20ecfe","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":24,"box":{"x":53,"y":837,"width":841,"height":10}},{"id":"53477190-b8e3-43fc-b4e1-dd0571c76f81","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":24,"box":{"x":53,"y":851,"width":887,"height":11}},{"id":"f1b4ac5a-ff65-4fd6-b262-19ca56b69611","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":24,"box":{"x":52,"y":865,"width":839,"height":11}},{"id":"28b348d1-aab5-4d6b-be79-7801fe062c8f","block_type":"box","text":"S-17","page_number":24,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"479235e0-bd5b-4591-8747-86a86ac759bc","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":25,"box":{"x":53,"y":46,"width":866,"height":11}},{"id":"2e1e80a4-e5aa-42b1-b7bf-f8af2920d6a3","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":25,"box":{"x":52,"y":61,"width":885,"height":10}},{"id":"3e2b6c46-dd2a-42cc-91e0-6d5a84b01c03","block_type":"box","text":"of the Fund shares.","page_number":25,"box":{"x":53,"y":75,"width":134,"height":8}},{"id":"8c06fd10-9618-4abb-9109-39e8bf2f5e3d","block_type":"box","text":"National Closed Market Trading Risk.","page_number":25,"box":{"x":53,"y":98,"width":273,"height":11}},{"id":"39cf6835-5ec7-4115-8704-2da70b7eb000","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":25,"box":{"x":330,"y":98,"width":544,"height":11}},{"id":"3e45cfd7-5af8-404d-8e13-a269d675dad8","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":25,"box":{"x":53,"y":112,"width":874,"height":11}},{"id":"1bdc19af-1281-4b36-92a2-20ba29ddc5fe","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":25,"box":{"x":52,"y":126,"width":651,"height":11}},{"id":"afeebfde-42d2-4029-a60a-8041a932dc4d","block_type":"box","text":"i.e","page_number":25,"box":{"x":704,"y":127,"width":15,"height":8}},{"id":"2b9d914f-9bc6-48f0-826c-50d0d4866ad5","block_type":"box","text":"., the quote from the closed","page_number":25,"box":{"x":720,"y":126,"width":191,"height":11}},{"id":"058f5a37-24a1-4092-8a41-80e0e5a6d235","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":25,"box":{"x":52,"y":140,"width":880,"height":11}},{"id":"15bc850d-5716-47ad-94e7-799163dc9d18","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":25,"box":{"x":52,"y":155,"width":849,"height":11}},{"id":"f31d283c-cdc1-4c12-a52d-40e104da74bc","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":25,"box":{"x":53,"y":169,"width":850,"height":11}},{"id":"6da6276c-5769-4902-ba55-906f0c8c7c13","block_type":"box","text":"funds.","page_number":25,"box":{"x":52,"y":183,"width":44,"height":9}},{"id":"f51a6ceb-2c07-4201-a4f3-5b5c7f0bc57f","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":25,"box":{"x":53,"y":206,"width":182,"height":9}},{"id":"777f1cc2-71ff-4f8f-9245-fd22d9074c45","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":25,"box":{"x":240,"y":206,"width":687,"height":11}},{"id":"862b7ee1-62ed-4e3f-af3e-e095acd42482","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":25,"box":{"x":53,"y":221,"width":853,"height":10}},{"id":"70315ecf-70d4-496f-b347-f6b8c4226512","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":25,"box":{"x":52,"y":235,"width":847,"height":10}},{"id":"6a3e3366-bfdb-45da-b71c-ba65249e4233","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":25,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"bc9ee893-7a53-4039-aecd-78b73bac4717","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":25,"box":{"x":53,"y":263,"width":842,"height":11}},{"id":"9f4be73e-94c8-4976-a1b6-8baff88b0695","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":25,"box":{"x":53,"y":277,"width":831,"height":11}},{"id":"b92f3c63-c846-480c-99f2-cf67f62ff1d7","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":25,"box":{"x":53,"y":291,"width":821,"height":11}},{"id":"377ef647-62a6-413c-bb61-8b0ea2afdb79","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":25,"box":{"x":53,"y":306,"width":871,"height":10}},{"id":"f55a1992-6d20-4127-815c-44a7919ec8b7","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":25,"box":{"x":53,"y":320,"width":289,"height":11}},{"id":"66ba622b-7311-47bf-a51c-22ea97311b6e","block_type":"box","text":"Asian Economic Risk.","page_number":25,"box":{"x":346,"y":320,"width":157,"height":8}},{"id":"bb5ec2b2-9b20-44ac-8c64-cda992394f1e","block_type":"box","text":"Operational and Technology Risks.","page_number":25,"box":{"x":53,"y":343,"width":254,"height":11}},{"id":"041ba6a3-2e95-4025-bf56-d3f702344ddd","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":25,"box":{"x":312,"y":343,"width":581,"height":11}},{"id":"666b193d-2f10-4478-b7fb-1269ca67223d","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":25,"box":{"x":53,"y":357,"width":876,"height":11}},{"id":"434ee2aa-5325-49b3-95f8-74e0d1d28c98","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":25,"box":{"x":53,"y":371,"width":879,"height":11}},{"id":"2d7b4477-b9b6-4fb2-90f0-1aa2e8bdc5ad","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":25,"box":{"x":53,"y":385,"width":825,"height":11}},{"id":"4726db36-244e-42be-882a-e998b2c3168e","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":25,"box":{"x":53,"y":400,"width":862,"height":10}},{"id":"7dce6ba3-0a80-4554-8e58-b3f42a9279b0","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":25,"box":{"x":53,"y":414,"width":872,"height":11}},{"id":"eb81315c-73ad-4396-8d94-c035a1c35628","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":25,"box":{"x":53,"y":428,"width":824,"height":11}},{"id":"4eea0fcd-527d-4435-b183-44c7ca311be1","block_type":"box","text":"Risk of Investing in China.","page_number":25,"box":{"x":53,"y":451,"width":191,"height":11}},{"id":"ee2d0cf9-6b19-4434-88d5-2c0beb6d251f","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":25,"box":{"x":250,"y":451,"width":678,"height":11}},{"id":"c512e5c6-28e0-48aa-a895-b7973ebfcc41","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":25,"box":{"x":53,"y":465,"width":819,"height":11}},{"id":"f8adbe2e-049b-4b43-b181-6eb8ff014ca0","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":25,"box":{"x":53,"y":480,"width":866,"height":10}},{"id":"87553a42-6ae1-42c7-a71c-b11618ed6a86","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":25,"box":{"x":53,"y":494,"width":866,"height":11}},{"id":"37625bef-a4a3-4b17-a668-83aaa3aec7c9","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":25,"box":{"x":52,"y":508,"width":841,"height":11}},{"id":"aaaaa8b1-fd47-4bcb-b08b-95bb7f50ab02","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":25,"box":{"x":53,"y":522,"width":864,"height":11}},{"id":"1628ebab-5a6d-472b-aa71-a97e90d574bc","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":25,"box":{"x":52,"y":536,"width":861,"height":11}},{"id":"eac01d56-ef0c-4e59-90ce-1868bdb1846d","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":25,"box":{"x":53,"y":550,"width":869,"height":11}},{"id":"5b7b6c31-4b0d-4bb9-8142-2b7e2f252317","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":25,"box":{"x":53,"y":565,"width":783,"height":10}},{"id":"70e29ff0-f263-483a-a196-118b592335ac","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":25,"box":{"x":53,"y":588,"width":887,"height":11}},{"id":"ed973393-f582-4b10-983e-1393fe9077ac","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":25,"box":{"x":52,"y":602,"width":834,"height":11}},{"id":"57947dbc-3311-47bc-a82c-8def1e9ceb9f","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":25,"box":{"x":52,"y":616,"width":845,"height":11}},{"id":"b0c60a7e-3fe8-453d-b5b8-f0c383b42915","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":25,"box":{"x":53,"y":630,"width":876,"height":11}},{"id":"bc467b74-8729-4588-a35d-12120933856b","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":25,"box":{"x":53,"y":645,"width":834,"height":10}},{"id":"eccb9db5-1716-4379-a2ba-bcef48840ea2","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":25,"box":{"x":53,"y":659,"width":421,"height":11}},{"id":"45a17cc7-6454-4aa9-ae12-69e18fbfd38d","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":25,"box":{"x":52,"y":682,"width":849,"height":11}},{"id":"46f6440d-110d-4f5b-a6ce-ec4a8ed96e59","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":25,"box":{"x":53,"y":696,"width":886,"height":11}},{"id":"db29ceea-a16c-46ae-acd7-d032e221e74b","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":25,"box":{"x":53,"y":710,"width":878,"height":11}},{"id":"3f9111f3-9896-4952-b1ed-27b49476c425","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":25,"box":{"x":53,"y":724,"width":874,"height":11}},{"id":"60898147-5c76-4e33-9c2a-430e4db27a2e","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":25,"box":{"x":53,"y":739,"width":878,"height":11}},{"id":"0964d274-a326-47a4-bf78-775f3f022178","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":25,"box":{"x":53,"y":753,"width":807,"height":11}},{"id":"99c7f547-652c-44e9-8378-310e06108836","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":25,"box":{"x":53,"y":767,"width":890,"height":11}},{"id":"16d086ac-9a0a-4c5a-b368-0a3593684dcc","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":25,"box":{"x":52,"y":781,"width":471,"height":11}},{"id":"f365e51a-3fd1-4924-94b2-7850aee7f493","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":25,"box":{"x":53,"y":804,"width":883,"height":11}},{"id":"5680f158-f002-4418-bb27-25cd8ec4b99d","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":25,"box":{"x":53,"y":819,"width":850,"height":10}},{"id":"c48f5926-6601-40d4-811a-60800832c8d3","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":25,"box":{"x":53,"y":833,"width":861,"height":11}},{"id":"f63196fa-d0e7-43fa-bd71-4e22bf701f4b","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":25,"box":{"x":53,"y":847,"width":850,"height":11}},{"id":"606a89ad-3d02-4e6b-85a4-a9b526aa89ac","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":25,"box":{"x":53,"y":861,"width":883,"height":11}},{"id":"d520e325-1be3-4aef-ba97-96908caec3c4","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":25,"box":{"x":52,"y":875,"width":860,"height":11}},{"id":"3e236097-2d11-424c-84c6-5eb9870bf3a4","block_type":"box","text":"have limited legal remedies.","page_number":25,"box":{"x":53,"y":890,"width":196,"height":10}},{"id":"ed4db261-6cee-43d3-b60e-01cef8e02637","block_type":"box","text":"S-18","page_number":25,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"201f5455-6fd9-437a-81ad-275d7174dae8","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","page_number":26,"box":{"x":53,"y":46,"width":845,"height":11}},{"id":"378d14a1-fb97-4c0c-bac5-3cb09340807a","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":26,"box":{"x":52,"y":61,"width":836,"height":10}},{"id":"6a386586-b5ac-4524-97e0-b582ceba7078","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":26,"box":{"x":53,"y":75,"width":851,"height":11}},{"id":"ee98cd2e-2cc0-409a-9e45-fbd59d451e8d","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":26,"box":{"x":52,"y":89,"width":779,"height":10}},{"id":"0cc0d8d6-b80d-48b5-9e74-036b98efa75b","block_type":"box","text":"considerations.","page_number":26,"box":{"x":53,"y":103,"width":107,"height":9}},{"id":"10a6260f-42f1-45a0-a08a-7092ca07691f","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":26,"box":{"x":53,"y":126,"width":302,"height":11}},{"id":"7eabade6-05b6-4567-9198-d2525c1bac50","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":26,"box":{"x":359,"y":126,"width":581,"height":11}},{"id":"d0adff24-8015-4c7a-8c19-0dc4859b10ad","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":26,"box":{"x":53,"y":141,"width":868,"height":10}},{"id":"9202ce9a-0ac7-4b1e-b04a-de0247ff5e75","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":26,"box":{"x":52,"y":155,"width":871,"height":11}},{"id":"b15da1ed-76f0-4250-ab32-ef0f4ec33ebf","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":26,"box":{"x":52,"y":169,"width":875,"height":11}},{"id":"2bf36b78-b34c-4469-ab1d-427034c7624c","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":26,"box":{"x":52,"y":183,"width":877,"height":11}},{"id":"46ce0098-45a7-40a2-a26b-efface016091","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":26,"box":{"x":53,"y":197,"width":887,"height":11}},{"id":"905788d8-1c10-4aa0-b9e6-51bc61104a0e","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":26,"box":{"x":53,"y":211,"width":836,"height":11}},{"id":"f4eb106d-51eb-4015-b944-16ed2b43480d","block_type":"box","text":"availability of certain commodities.","page_number":26,"box":{"x":53,"y":226,"width":246,"height":10}},{"id":"107a91d3-0654-406b-8478-5142a65009be","block_type":"box","text":"Risk of Investing in the U.S.","page_number":26,"box":{"x":53,"y":249,"width":200,"height":11}},{"id":"89ececb2-c975-4456-8709-8f43755ff9ec","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":26,"box":{"x":259,"y":249,"width":663,"height":11}},{"id":"d07db4e9-847e-40e0-818c-61816475972b","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":26,"box":{"x":53,"y":263,"width":877,"height":11}},{"id":"1f1b3016-4ecf-477f-84d5-98958adf5853","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":26,"box":{"x":53,"y":277,"width":470,"height":11}},{"id":"6f683c80-7207-4a10-8a8f-2fdd07ab7e73","block_type":"box","text":"Securities Lending Risk.","page_number":26,"box":{"x":52,"y":300,"width":178,"height":11}},{"id":"210e60c5-e87a-40fe-8e5b-1ebf99d43780","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":26,"box":{"x":234,"y":300,"width":692,"height":11}},{"id":"1bd04cf3-a537-409c-9528-03b8b46579f5","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":26,"box":{"x":53,"y":315,"width":870,"height":10}},{"id":"759cc7d3-03a1-49a5-9727-84295fafefb3","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":26,"box":{"x":53,"y":329,"width":886,"height":11}},{"id":"cc7c1485-7906-418a-b090-d9b79f782d8b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":26,"box":{"x":53,"y":343,"width":831,"height":11}},{"id":"3ffed652-e03a-4a6f-8398-ba7ca3f00457","block_type":"box","text":"Tracking Error Risk.","page_number":26,"box":{"x":52,"y":366,"width":145,"height":11}},{"id":"03b4dc2c-6dc3-45b5-bbc9-91e11c6f7fda","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":26,"box":{"x":201,"y":366,"width":741,"height":11}},{"id":"f84a238c-de24-46a8-92ec-a43bb9a6d012","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":26,"box":{"x":53,"y":380,"width":861,"height":11}},{"id":"74c596ca-fcd4-4a91-aed6-e67d471de5b0","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":26,"box":{"x":53,"y":394,"width":832,"height":11}},{"id":"7e55b190-fd63-47fb-93ec-753cc585373f","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":26,"box":{"x":53,"y":409,"width":880,"height":10}},{"id":"50036b96-0dea-4f2b-9b05-46594bb0431d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":26,"box":{"x":53,"y":423,"width":831,"height":11}},{"id":"b888a9d3-f4d0-4968-bd83-ca013e5b8c50","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":26,"box":{"x":52,"y":437,"width":828,"height":11}},{"id":"a4f01b53-57af-42a8-ba64-a079d0b83b53","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":26,"box":{"x":53,"y":451,"width":873,"height":11}},{"id":"0cda6d7b-3ca8-4d04-b984-29f4d6e69831","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":26,"box":{"x":53,"y":465,"width":889,"height":11}},{"id":"93eaee59-37e2-4027-9ffc-b7e21b3d810e","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":26,"box":{"x":53,"y":480,"width":852,"height":10}},{"id":"42db740f-e0d0-45da-9199-fe53aa091065","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":26,"box":{"x":53,"y":494,"width":886,"height":11}},{"id":"d41b5a7e-6c81-47c5-ba95-135e75081009","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":26,"box":{"x":53,"y":508,"width":873,"height":11}},{"id":"55e1144a-a5ff-4888-a686-fb98d1625ec8","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":26,"box":{"x":53,"y":522,"width":879,"height":11}},{"id":"e1dce31e-beaf-43e3-a678-7dd6d2e8685c","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":26,"box":{"x":53,"y":536,"width":839,"height":11}},{"id":"e2bfa512-57d3-4014-bf0a-33614ff9f66d","block_type":"box","text":"Valuation Risk.","page_number":26,"box":{"x":52,"y":559,"width":110,"height":9}},{"id":"054863cc-fe93-4170-8796-2e6c6dcec92f","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":26,"box":{"x":166,"y":559,"width":740,"height":11}},{"id":"c6bd0668-fa8d-436e-a523-61644b3f6d4b","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":26,"box":{"x":53,"y":574,"width":840,"height":10}},{"id":"68ad9a76-dfbb-4c63-bdf5-1b4e833eb2d8","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":26,"box":{"x":52,"y":588,"width":869,"height":11}},{"id":"02433c2e-766e-45e1-915a-466463a1a436","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":26,"box":{"x":52,"y":602,"width":889,"height":11}},{"id":"c9f677b0-24a5-45b1-96b9-0354893fb19c","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":26,"box":{"x":53,"y":616,"width":871,"height":11}},{"id":"34cc7253-2a99-4dd8-98a1-622c8f518828","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":26,"box":{"x":52,"y":630,"width":879,"height":11}},{"id":"d3c76eae-2388-4f67-89e3-f516291dc1d7","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":26,"box":{"x":53,"y":645,"width":880,"height":10}},{"id":"601484de-7ace-48c9-a27a-055c07ebdadb","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":26,"box":{"x":53,"y":659,"width":816,"height":11}},{"id":"bc334f55-f26b-4d7a-a58d-065f61efe064","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":26,"box":{"x":52,"y":673,"width":613,"height":11}},{"id":"360a9dc4-7036-489b-92eb-8896c4706afb","block_type":"box","text":"Performance Information","page_number":26,"box":{"x":54,"y":702,"width":228,"height":10}},{"id":"fa331d7b-3ab8-4b9a-ad0b-d6f4ca715d25","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":26,"box":{"x":52,"y":727,"width":864,"height":11}},{"id":"0eda41a0-246e-48cd-9693-69fc1652c073","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":26,"box":{"x":52,"y":741,"width":872,"height":11}},{"id":"6059e058-1a34-4d8e-823e-41568c2b25ef","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":26,"box":{"x":53,"y":755,"width":868,"height":11}},{"id":"93b301ea-dc99-474a-ac4a-cf359f672fad","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":26,"box":{"x":53,"y":770,"width":838,"height":10}},{"id":"7fdc0940-cf85-4ed0-a9be-0816206ec597","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":26,"box":{"x":53,"y":784,"width":868,"height":11}},{"id":"4572059f-9633-4069-a0c6-b965d3fdf10f","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":26,"box":{"x":53,"y":798,"width":832,"height":11}},{"id":"ee2aa8b8-0032-4d74-aea1-53368b98a8b1","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":26,"box":{"x":53,"y":812,"width":842,"height":11}},{"id":"cb8415ec-9e1f-4adf-8a30-fe613481d963","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":26,"box":{"x":52,"y":826,"width":531,"height":11}},{"id":"a315cb62-6cd8-44fd-b9a5-51dbd911ec6c","block_type":"box","text":"S-19","page_number":26,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"8f7f6f3e-2e3a-4a1f-8e84-de48aa6f8f0f","block_type":"box","text":"Calendar Year-by-Year Returns 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10.19%","page_number":27,"box":{"x":682,"y":374,"width":257,"height":7}},{"id":"4c6a86de-28b9-43ab-a92a-fb044e2f054c","block_type":"box","text":"1","page_number":27,"box":{"x":80,"y":392,"width":5,"height":5}},{"id":"a34a6562-a1d2-4013-94c5-088c00f1a036","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":27,"box":{"x":94,"y":393,"width":827,"height":10}},{"id":"0bebbffe-013f-4099-8584-7a37c81598de","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":27,"box":{"x":93,"y":404,"width":847,"height":9}},{"id":"1ed5790c-793d-4665-ae91-b3b39ff9fb9f","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":27,"box":{"x":93,"y":414,"width":843,"height":10}},{"id":"6201b4d5-e53b-46ad-8347-9bb45673a3fd","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":27,"box":{"x":92,"y":424,"width":829,"height":10}},{"id":"2bbc7e82-6dbc-4693-801c-e1b9bf281a74","block_type":"box","text":"tax rates, if any.","page_number":27,"box":{"x":92,"y":435,"width":97,"height":9}},{"id":"db05d03a-1c89-4edb-88c2-1c95d38a1df8","block_type":"box","text":"2","page_number":27,"box":{"x":80,"y":444,"width":5,"height":4}},{"id":"9c9a2865-08de-40f0-9fc0-a38a058415f3","block_type":"box","text":"The S&P Global Consumer Discretionary (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Consumer","page_number":27,"box":{"x":92,"y":445,"width":838,"height":10}},{"id":"b540905a-ed9c-47ea-8c3a-a6c94722fcba","block_type":"box","text":"Discretionary Index (Net) through September 22, 2019 and the S&P Global Consumer Discretionary (Sector) Capped Index (Net)","page_number":27,"box":{"x":94,"y":455,"width":806,"height":10}},{"id":"b420880c-a1b8-4d15-9a9f-585c6310eaf3","block_type":"box","text":"thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":27,"box":{"x":92,"y":466,"width":562,"height":9}},{"id":"59bc638b-8aed-4037-a107-185f4e2d3dfc","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":27,"box":{"x":52,"y":485,"width":857,"height":11}},{"id":"44b2beb1-3273-4d05-a9eb-3b5570926e17","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":27,"box":{"x":53,"y":499,"width":865,"height":11}},{"id":"4065185f-91fb-489a-affd-8627662f2100","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":27,"box":{"x":53,"y":514,"width":847,"height":11}},{"id":"1f6cf6ba-0b8c-4161-966b-2e07dbde4064","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":27,"box":{"x":52,"y":528,"width":857,"height":11}},{"id":"97406274-ad62-4b55-a143-b811789c6cd2","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":27,"box":{"x":53,"y":542,"width":877,"height":11}},{"id":"07438aca-70ad-4fe1-9a6d-e9a1495d58aa","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":27,"box":{"x":52,"y":556,"width":836,"height":11}},{"id":"639452aa-4720-4860-8bd4-5dc95a64067a","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":27,"box":{"x":53,"y":570,"width":886,"height":11}},{"id":"9b36347b-ab2d-4f02-a3f2-9faaa09f4eb9","block_type":"box","text":"on distributions.","page_number":27,"box":{"x":53,"y":585,"width":114,"height":8}},{"id":"b179089e-6612-4a87-8fc2-08ceff5a4c6f","block_type":"box","text":"Management","page_number":27,"box":{"x":54,"y":614,"width":119,"height":13}},{"id":"b15d530e-e5f4-416e-ab9e-93707d85e0c2","block_type":"box","text":"Investment Adviser.","page_number":27,"box":{"x":53,"y":639,"width":145,"height":8}},{"id":"4c0ead63-fe46-40d4-939a-6828b7282b82","block_type":"box","text":"BlackRock Fund Advisors.","page_number":27,"box":{"x":204,"y":639,"width":180,"height":8}},{"id":"0d8e180c-a9c4-43bc-8e42-63068706b5a3","block_type":"box","text":"Portfolio Managers.","page_number":27,"box":{"x":53,"y":662,"width":146,"height":11}},{"id":"d71acda3-1318-4683-9584-3ba0c59998ad","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":27,"box":{"x":203,"y":662,"width":679,"height":11}},{"id":"002e2d29-59df-4f99-8fdf-667731dcd398","block_type":"box","text":"management of the Fund:","page_number":27,"box":{"x":53,"y":676,"width":182,"height":11}},{"id":"49350ba9-3a88-4a37-8c1f-20d866497371","block_type":"box","text":"Portfolio Manager","page_number":27,"box":{"x":58,"y":712,"width":119,"height":10}},{"id":"55abcb5f-955d-4e6f-989d-c913a3a69399","block_type":"box","text":"Portfolio Manager of the","page_number":27,"box":{"x":411,"y":699,"width":160,"height":10}},{"id":"e65ce240-f523-415f-9cfa-ce622779400e","block_type":"box","text":"Fund Since","page_number":27,"box":{"x":455,"y":712,"width":72,"height":7}},{"id":"20c981d0-d3d7-4970-9018-3c7d929ab2f8","block_type":"box","text":"Title with Investment","page_number":27,"box":{"x":804,"y":699,"width":140,"height":8}},{"id":"e9de5d02-52f5-4447-93e9-8944838fd056","block_type":"box","text":"Adviser","page_number":27,"box":{"x":849,"y":712,"width":49,"height":7}},{"id":"88353899-e65c-45e8-b048-e8050dfec404","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":27,"box":{"x":57,"y":727,"width":876,"height":10}},{"id":"ffabd424-0b72-4114-af1f-3f9459d19895","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":27,"box":{"x":58,"y":743,"width":875,"height":9}},{"id":"a1abed96-7e03-4ee9-b237-df25f1115888","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":27,"box":{"x":58,"y":758,"width":875,"height":10}},{"id":"e5eeb96e-e67b-4604-9a71-f2c6cfa2c510","block_type":"box","text":"Steven White 2025 Managing Director","page_number":27,"box":{"x":57,"y":774,"width":876,"height":9}},{"id":"dcb6e295-d8da-4541-af64-cbe6910166a5","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":27,"box":{"x":54,"y":809,"width":304,"height":10}},{"id":"378aefc2-a9b5-4c07-b6ad-60bbac61603d","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). 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An investor may incur costs","page_number":27,"box":{"x":52,"y":862,"width":817,"height":11}},{"id":"ae09cbe0-3732-4025-806f-23575eb2abe7","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":27,"box":{"x":53,"y":877,"width":878,"height":10}},{"id":"ff32fefc-fef4-4315-9471-9fc8e5090df8","block_type":"box","text":"S-20","page_number":27,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"eb44c05c-7f19-4798-8221-50c42c4d5e83","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":28,"box":{"x":53,"y":46,"width":861,"height":11}},{"id":"ffa08330-6354-409f-8c94-dcb692043def","block_type":"box","text":"(the “bid-ask spread”).","page_number":28,"box":{"x":53,"y":60,"width":156,"height":11}},{"id":"5b69fe04-e34e-4365-ac56-44583c776140","block_type":"box","text":"Tax Information","page_number":28,"box":{"x":52,"y":90,"width":144,"height":10}},{"id":"3efa3c3a-8358-43c1-998e-04f76eb762ce","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":28,"box":{"x":52,"y":115,"width":831,"height":11}},{"id":"353bbcfe-5646-49f0-9588-80aab421c5a5","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":28,"box":{"x":53,"y":129,"width":883,"height":11}},{"id":"519daf6c-f5c0-4384-a686-5b23ac1dbe4e","block_type":"box","text":"be taxed when withdrawn.","page_number":28,"box":{"x":53,"y":143,"width":182,"height":9}},{"id":"786b3c77-0e0e-4927-91d8-00cd5a3461a2","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":28,"box":{"x":54,"y":172,"width":575,"height":13}},{"id":"9742b8bf-46f8-4d26-915a-88a3e36bfa76","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":28,"box":{"x":53,"y":197,"width":855,"height":11}},{"id":"0ecf8d50-017d-4046-824c-ca325c42ed5b","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":28,"box":{"x":53,"y":211,"width":843,"height":11}},{"id":"2b8e8264-fced-4ce7-8cbe-c0cdb1bc0ea2","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":28,"box":{"x":53,"y":226,"width":820,"height":10}},{"id":"ab6d9669-8b1e-4458-95e3-9d3e817e1462","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":28,"box":{"x":53,"y":240,"width":801,"height":11}},{"id":"29aef962-bf2c-491e-8b6c-8f93449e0433","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":28,"box":{"x":53,"y":254,"width":841,"height":11}},{"id":"036245c4-4209-457b-8198-d65cd9591a62","block_type":"box","text":"financial intermediary’s website for more information.","page_number":28,"box":{"x":52,"y":268,"width":380,"height":11}},{"id":"a2983b00-8ebc-413b-9792-86292fea3dd4","block_type":"box","text":"S-21","page_number":28,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"c89a381b-7acb-4bdb-9a71-d0743a9178d4","block_type":"box","text":"iShares Global Consumer Staples ETF","page_number":29,"box":{"x":53,"y":47,"width":524,"height":20}},{"id":"0c1bee12-19fa-44c1-bfff-010ded5720bc","block_type":"box","text":"KXI | NYSE Arca","page_number":29,"box":{"x":54,"y":70,"width":220,"height":18}},{"id":"04bf7b28-fb86-41eb-bee7-15b353e19c84","block_type":"box","text":"Investment Objective","page_number":29,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"7cd4e5f1-027b-427a-b2fd-b1cccd33b2f3","block_type":"box","text":"The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global","page_number":29,"box":{"x":52,"y":134,"width":876,"height":11}},{"id":"9e855bcf-bc9e-46f6-b552-69646e428e39","block_type":"box","text":"equities in the consumer staples sector.","page_number":29,"box":{"x":53,"y":148,"width":279,"height":11}},{"id":"71687663-26e3-4cc3-a1f8-1201a1c6ba27","block_type":"box","text":"Fees and Expenses","page_number":29,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"46d434f9-2dde-4ef3-b290-aafec2a30415","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","page_number":29,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"95c5edda-084e-4ed4-ac61-a3b95a706499","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":29,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"1f213b00-88eb-4200-a42c-2fb0f590debd","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":29,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"90e6e542-04be-463c-a392-5051c6841da6","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":29,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"f66d5823-ee78-478b-84bd-76848cbcdd40","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":29,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"7f586c33-d51d-404d-acb5-39e028c1bcb1","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":29,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"90ee7aff-7567-4732-8220-8e3f58d18576","block_type":"box","text":"extraordinary expenses.","page_number":29,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"827cbbf8-2c36-4024-9684-1fa3a6e354f8","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":29,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"5f61ca67-bdfc-47e4-84d7-a17e9fc8cb4f","block_type":"box","text":"reflected in the table and example below.","page_number":29,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"28e6ddb1-fe18-4baf-af88-c7861a38f1ea","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":29,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"c2328ab9-2285-4b28-bf2f-753d22074a4c","block_type":"box","text":"1","page_number":29,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"fdf09f0a-6b36-4879-854f-5be81a5931ee","block_type":"box","text":"Management Fee","page_number":29,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"25f1093f-f657-4f11-aa5a-3cf884d15ebb","block_type":"box","text":"0.38%","page_number":29,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"373380d0-1e46-4aa5-9ba1-37ae4cc4dc5a","block_type":"box","text":"Other Expenses","page_number":29,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"22a90089-1060-4bc2-8922-2ef4b4ca5280","block_type":"box","text":"0.00%","page_number":29,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"6549b259-3423-406b-a434-a065fe096e0d","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":29,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"3d845794-7f90-4547-a8c8-4f6260e4c7b8","block_type":"box","text":"0.38%","page_number":29,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"846843ed-6da9-417f-9ec3-59acedb521b2","block_type":"box","text":"1","page_number":29,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"c408782b-cd62-4dc0-af81-4153c492b4f3","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":29,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"ef5b44d2-9aec-4f61-b8b7-21f9620a75b1","block_type":"box","text":"Example.","page_number":29,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"99281f8a-4c60-4e31-ae38-8fa3c10f281c","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","page_number":29,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"72d38018-13e8-4085-821e-69823f9efbc1","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":29,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"97a92010-cc8e-4852-a6d7-72b0a7fe615c","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":29,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"603da8ec-fcc1-41b2-81f6-06984e16afbf","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":29,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"f9a65d7b-5a04-48fa-8c86-e68bb9280083","block_type":"box","text":"your costs would be:","page_number":29,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"cce4d8b2-a87b-45bc-a80b-c6c374ac60a1","block_type":"box","text":"Expense Example","page_number":29,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"c0d8925c-1514-4b34-95ec-6a8de1646f52","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":29,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"fabf2ef4-d439-4999-a5b4-1d1ab47825ca","block_type":"box","text":"Example Fund Costs","page_number":29,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"717cf252-6ce0-48fd-ad48-496403e4bd4f","block_type":"box","text":"$39 $122 $213 $480","page_number":29,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"bda8e984-880b-4b6f-a37e-3a842ee5bc5d","block_type":"box","text":"Portfolio Turnover.","page_number":29,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"89d68a61-e295-40e7-8f6d-f6be7583e755","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":29,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"34594ce2-1044-4000-86f8-ed74229aa377","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":29,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"550ffe9c-8010-4c51-89d6-f090d3776f06","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":29,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"5bb8e5ff-751c-4ce7-ad08-50d92abd47f2","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of","page_number":29,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"2e1afd57-9765-4d9a-ba20-b7a7053d29b4","block_type":"box","text":"the average value of its portfolio.","page_number":29,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"d19ee9d5-c97a-4c66-901e-61858b9443a3","block_type":"box","text":"Principal Investment Strategies","page_number":29,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"29f55283-7ec9-48fe-8f61-a6b2aff6dbac","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Consumer Staples (Sector) Capped Index (the","page_number":29,"box":{"x":52,"y":683,"width":827,"height":10}},{"id":"8a015843-c602-48de-bf6e-b2093ee8e2ce","block_type":"box","text":"“Underlying Index”), which is designed to measure the performance of global equities in the consumer staples sector (as","page_number":29,"box":{"x":53,"y":697,"width":849,"height":11}},{"id":"d1a87c18-5160-4671-86fe-ec4d3d2d5fe6","block_type":"box","text":"determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”)). The Underlying Index uses a capping","page_number":29,"box":{"x":53,"y":711,"width":809,"height":11}},{"id":"27e60933-95ec-47ba-a113-b35a592731f2","block_type":"box","text":"methodology. The capping methodology limits the sum of the weights of the securities of all issuers that individually","page_number":29,"box":{"x":53,"y":725,"width":822,"height":11}},{"id":"85096bd8-8e2d-48be-85cb-3dd84b39b83a","block_type":"box","text":"constitute more than 5% of the weight of the Underlying Index to a maximum of 25% of the weight of the Underlying Index in","page_number":29,"box":{"x":53,"y":739,"width":886,"height":11}},{"id":"b48a69cb-cc45-429c-bea3-9eb3eab01ab4","block_type":"box","text":"the aggregate. In order to implement this capping methodology, the Underlying Index rebalances quarterly to limit the","page_number":29,"box":{"x":52,"y":754,"width":835,"height":10}},{"id":"2d454580-e515-4538-9aae-791014718da7","block_type":"box","text":"aggregate weight of all issuers that individually exceed 4.50% of the Underlying Index weight to maximum of 22.50%.","page_number":29,"box":{"x":53,"y":768,"width":834,"height":11}},{"id":"c75c315b-29c7-4cc1-a06d-d6625a0c8fa8","block_type":"box","text":"Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end of any day on which all issuers that","page_number":29,"box":{"x":53,"y":782,"width":886,"height":11}},{"id":"d7570212-e0fa-4c90-ac4b-2623d095ead2","block_type":"box","text":"individually constitute more than 5% of the weight of the Underlying Index collectively represent more than 25% of the","page_number":29,"box":{"x":53,"y":796,"width":842,"height":11}},{"id":"bc610212-cda5-459f-81c7-529be81f64a6","block_type":"box","text":"weight of the Underlying Index in the aggregate. In implementing this capping methodology, SPDJI may consider two or more","page_number":29,"box":{"x":52,"y":810,"width":888,"height":11}},{"id":"1f59e9a7-045c-4e5b-bdb3-9eff91e1f628","block_type":"box","text":"companies as belonging to the same issuer where there is reasonable evidence of common control. The Underlying Index is a","page_number":29,"box":{"x":53,"y":824,"width":883,"height":11}},{"id":"c52b1cea-2b10-4355-92a3-883408ae1585","block_type":"box","text":"subset of the S&P Global 1200","page_number":29,"box":{"x":52,"y":839,"width":217,"height":8}},{"id":"218cc649-efc4-48be-ab5a-9d7063a2c055","block_type":"box","text":"TM","page_number":29,"box":{"x":270,"y":837,"width":16,"height":5}},{"id":"29e2cd1c-5955-4a34-a66a-4b5f7dfba8d6","block_type":"box","text":", which is designed to measure the performance of large-capitalization stocks from major","page_number":29,"box":{"x":288,"y":839,"width":632,"height":10}},{"id":"a997dc0c-c333-4763-ad49-adb38cef2b39","block_type":"box","text":"global markets, as determined by SPDJI.","page_number":29,"box":{"x":53,"y":853,"width":283,"height":11}},{"id":"0b228f33-496e-4ce6-98eb-19164b6f380c","block_type":"box","text":"As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":29,"box":{"x":52,"y":875,"width":829,"height":11}},{"id":"1f3afcd7-5850-4dd8-bc2f-2d6e56b9e7a3","block_type":"box","text":"consumer goods and services industry or sector. The components of the Underlying Index are likely to change over time. As of","page_number":29,"box":{"x":53,"y":889,"width":887,"height":11}},{"id":"b6cbd9ed-5928-417f-bba7-dc7085228388","block_type":"box","text":"March 31, 2026, the Underlying Index was composed of securities of companies in the following countries: Australia,","page_number":29,"box":{"x":53,"y":903,"width":824,"height":11}},{"id":"921c9f60-1200-4681-91db-b5dbb8b0b138","block_type":"box","text":"S-22","page_number":29,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"32d0c5de-244c-4e3d-bcc7-9705fc7aacd6","block_type":"box","text":"Belgium, Brazil, Canada, Chile, Denmark, Finland, France, Germany, Ireland, Japan, Mexico, the Netherlands, Norway,","page_number":30,"box":{"x":53,"y":46,"width":826,"height":11}},{"id":"a9b3cff7-e073-4c6a-afcc-adc03159340e","block_type":"box","text":"Portugal, Sweden, Switzerland, the United Kingdom (the “U.K.”) and the U.S.","page_number":30,"box":{"x":53,"y":60,"width":531,"height":11}},{"id":"0c50a67f-acd1-47a8-b759-9b92e853bc72","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":30,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"40eca7ec-5e14-42e9-a5b3-4af861a8c9d6","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":30,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"0c145b95-43ef-4cef-ab8f-50f320f4e5e0","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":30,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"575f1f6a-4ebc-4f4c-b662-8ba87c582024","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":30,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"f3a52be8-7581-4298-aa23-f0e5d4c8e410","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":30,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"0e337545-f9de-4b47-9c31-1ec761ef7f04","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":30,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"f669f4d3-e836-4049-bd3a-4ccdff1762b4","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":30,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"df16e54f-e1bd-4c7a-b52c-7e2b6d8f5d7e","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":30,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"54a88ea0-0342-4d59-8135-c10bcfaad578","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":30,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"9350fd22-84e1-4bd5-9a98-2c2d1c4ae16e","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":30,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"8d2ac000-3f3f-4594-81e3-a28e20f3396a","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":30,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"cda016f1-c826-436f-8e50-d43c42a3310f","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":30,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"42cc1762-5f2a-42c2-a163-d790ff061e87","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":30,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"a9e3ff74-94f3-45cd-98fe-420b2035298c","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":30,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"e70b8979-7ef8-484d-8e9e-555a869e8d7d","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":30,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"87b70ea6-9cbd-4c1d-9b5e-cf1e06596bb8","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":30,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"26d09cf8-5853-4b8d-bee7-3b60a4db284d","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":30,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"97d99d2b-6dfd-4ba4-b06d-d34070a9b09b","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":30,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"4054ce20-6509-414c-b026-8105d2bbfe4e","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":30,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"6b7185d3-b1d7-4cb9-9f84-c62c7fcc61fd","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":30,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"e0a6cf59-8500-44c7-a43a-bc9d6042ca7e","block_type":"box","text":"collateral received).","page_number":30,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"4cd2f4d0-d68f-4227-97b9-05bb8db24c34","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":30,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"a81e2815-3493-4ab5-8cb2-95ac3801ccd4","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":30,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"63bbfe70-7adc-45e5-b2d6-4cff014eb57d","block_type":"box","text":"market value of the Underlying Index.","page_number":30,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"627f029d-1e8d-48a0-b9b1-18bfa5471ebb","block_type":"box","text":"Industry Concentration Policy.","page_number":30,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"df4deacd-4ae5-4426-95fc-2f07ef5229ea","block_type":"box","text":"The Fund will concentrate its investments (","page_number":30,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"49cc8702-4c5d-44a6-a48e-eb0e0e0192d7","block_type":"box","text":"i.e.","page_number":30,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"8bbcd243-16c4-4f8b-b6e4-fcb05dc0cb05","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":30,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"ac04f3f1-0a6e-46c3-b687-6e07665ccf9f","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":30,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"7bce5daa-92e6-4f7f-a2ba-5ab0adc08c81","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":30,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"b2a3792b-a0e2-4d35-b504-d0152a225bce","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":30,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"e54c321b-0eca-40ca-a8c9-27fb1a1b06cf","block_type":"box","text":"Summary of Principal Risks","page_number":30,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"0ef2d7bf-c61e-44da-a8c3-ab7cb9d171ff","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":30,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"2b115831-0e87-4c76-b19d-57bb817993f5","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":30,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"3e3004b0-1be2-443f-b01a-bdfba81062ca","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":30,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"6c2d5ec0-784d-49eb-bc3b-c7de220f98b3","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":30,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"15329bdd-a651-4dab-b033-9f6b9b3a4494","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":30,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"c8af89e6-51b0-4cda-b9d7-452a67d9f54a","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":30,"box":{"x":53,"y":637,"width":349,"height":10}},{"id":"c981a59d-2635-41b5-a936-2830bab58255","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":30,"box":{"x":407,"y":637,"width":518,"height":11}},{"id":"455c1bea-e6fa-4c55-adb3-9aa3e2b0c221","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":30,"box":{"x":53,"y":651,"width":880,"height":11}},{"id":"92ed2c05-d7ef-4aac-95ac-85a24a165aa7","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":30,"box":{"x":52,"y":665,"width":605,"height":11}},{"id":"47960cfd-9f6c-4a80-9855-7d49cc928f62","block_type":"box","text":"Equity Securities Risk.","page_number":30,"box":{"x":53,"y":688,"width":164,"height":11}},{"id":"788ecf7c-7023-4e04-bdc4-6e3a1fa60ab4","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":30,"box":{"x":223,"y":688,"width":709,"height":11}},{"id":"e43517d5-dda3-4d56-92c0-22da6d27ebf2","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":30,"box":{"x":53,"y":703,"width":889,"height":10}},{"id":"05303c7c-26df-479c-83b7-68e6719dd5c6","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":30,"box":{"x":53,"y":717,"width":880,"height":11}},{"id":"d1a00d71-7e95-4c14-b3d3-73525b88bc83","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":30,"box":{"x":53,"y":731,"width":867,"height":11}},{"id":"0fbe6cd5-fbc5-451f-bb53-eab70c1a4bc9","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":30,"box":{"x":53,"y":745,"width":339,"height":11}},{"id":"8dc9f483-dd10-49f8-8d41-4c27c0dc0e71","block_type":"box","text":"Market Risk.","page_number":30,"box":{"x":53,"y":768,"width":91,"height":9}},{"id":"6eb0ea43-418b-46c2-9eae-2cb597eae8ed","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":30,"box":{"x":148,"y":769,"width":768,"height":10}},{"id":"5892f9d3-43f8-4ee3-afa1-f6b8aad7946c","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":30,"box":{"x":53,"y":783,"width":882,"height":10}},{"id":"76e471be-3dca-4f33-beb8-2c02e0921d14","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":30,"box":{"x":53,"y":797,"width":858,"height":11}},{"id":"144ac962-4f9d-4f4b-b971-da2ac776cc0d","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":30,"box":{"x":53,"y":811,"width":875,"height":11}},{"id":"0e96e47b-fbc5-4049-9189-52c6de854487","block_type":"box","text":"Fund’s NAV.","page_number":30,"box":{"x":53,"y":825,"width":82,"height":9}},{"id":"d6983a08-a01b-4914-b5ea-094f7a59e7f5","block_type":"box","text":"Index-Related Risk.","page_number":30,"box":{"x":53,"y":848,"width":143,"height":9}},{"id":"728ad111-e7a5-47b9-9e16-dd937a1a2070","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":30,"box":{"x":201,"y":848,"width":742,"height":11}},{"id":"682e02e2-edfc-4fc9-803a-11b869c4c73a","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":30,"box":{"x":53,"y":862,"width":856,"height":11}},{"id":"687ce199-6c46-446b-a825-0e29ad6f3a05","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":30,"box":{"x":53,"y":877,"width":852,"height":10}},{"id":"10b94f92-2194-4504-ab96-a2acd7a2a874","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":30,"box":{"x":53,"y":891,"width":876,"height":11}},{"id":"0f799871-f4d8-42ab-8505-9fe4e07822d4","block_type":"box","text":"S-23","page_number":30,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"c6913ed3-8654-4ddb-851b-23074b686f3d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":31,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"b1e693c0-4e03-4060-9920-f956306042d5","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":31,"box":{"x":53,"y":61,"width":849,"height":10}},{"id":"a9e4e901-a52f-4a40-a36b-087c54999720","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":31,"box":{"x":53,"y":75,"width":890,"height":11}},{"id":"d6b02698-bcb1-409b-b0a4-fe3ed619544c","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":31,"box":{"x":53,"y":89,"width":853,"height":11}},{"id":"9fed820b-cb7b-44a7-971e-132d375444f6","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":31,"box":{"x":53,"y":103,"width":539,"height":11}},{"id":"67c9d3d3-e3e4-409a-9b56-98753681fc75","block_type":"box","text":"Asset Class Risk.","page_number":31,"box":{"x":52,"y":126,"width":122,"height":9}},{"id":"8443adc8-6715-4784-a18a-3826a2b444b4","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":31,"box":{"x":179,"y":126,"width":721,"height":11}},{"id":"b9e30458-095e-4fde-b22d-61ca84e629c5","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":31,"box":{"x":53,"y":141,"width":774,"height":10}},{"id":"11520d46-c6e8-40cf-880e-85b789cf46be","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":31,"box":{"x":52,"y":164,"width":318,"height":10}},{"id":"14856d6e-1d4b-4ab9-a114-821b8173c1e7","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":31,"box":{"x":374,"y":164,"width":531,"height":11}},{"id":"8c6fc021-d59c-4e16-8762-5d9ab987e850","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":31,"box":{"x":53,"y":178,"width":810,"height":11}},{"id":"acf6843a-5e9c-45ff-a49c-4d0ed66f1653","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":31,"box":{"x":52,"y":192,"width":816,"height":11}},{"id":"7d9b8bea-7899-48a4-97be-b633c4f7e896","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":31,"box":{"x":52,"y":206,"width":884,"height":11}},{"id":"d071c33d-3210-4958-931a-7ae844c91755","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":31,"box":{"x":53,"y":220,"width":871,"height":11}},{"id":"07c620e2-cffd-4a47-ae94-d229dce539c6","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":31,"box":{"x":53,"y":235,"width":846,"height":10}},{"id":"6ba691b2-7924-4f27-b900-95ef71b512f9","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":31,"box":{"x":52,"y":249,"width":881,"height":10}},{"id":"865e8f50-b7e6-4e2a-a425-325adb1844a1","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":31,"box":{"x":53,"y":263,"width":853,"height":11}},{"id":"d1e0e9fa-90a3-4029-bdc5-b15109ae46f6","block_type":"box","text":"halts or delisting.","page_number":31,"box":{"x":53,"y":277,"width":121,"height":11}},{"id":"027d6bbc-5c9e-4da7-aef7-0447f177b328","block_type":"box","text":"Concentration Risk.","page_number":31,"box":{"x":53,"y":300,"width":145,"height":9}},{"id":"897e6dc2-d677-4d12-ab5e-0e3c4b534c47","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":31,"box":{"x":202,"y":300,"width":711,"height":11}},{"id":"d41f2ea1-8645-485b-b40e-1572e736556b","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":31,"box":{"x":53,"y":314,"width":884,"height":10}},{"id":"219cd5a6-174e-4f91-b042-110289e00954","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":31,"box":{"x":52,"y":329,"width":887,"height":11}},{"id":"31b07b9a-9bb5-47c1-a506-e933dd097283","block_type":"box","text":"asset classes.","page_number":31,"box":{"x":53,"y":343,"width":95,"height":8}},{"id":"390cc2a0-3885-4991-86e9-0901406bb2f5","block_type":"box","text":"Currency Risk.","page_number":31,"box":{"x":53,"y":366,"width":106,"height":11}},{"id":"c9be207e-8a46-4426-ae87-464abacc5172","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":31,"box":{"x":164,"y":366,"width":751,"height":11}},{"id":"a7d401c3-ad79-4929-bae7-e8200f221f00","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":31,"box":{"x":53,"y":380,"width":842,"height":11}},{"id":"e8e37e3f-c5a8-4185-968c-24cd70d542d6","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":31,"box":{"x":52,"y":394,"width":854,"height":11}},{"id":"9ff6f478-e58f-45a5-b9ab-1a15794b5c47","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":31,"box":{"x":53,"y":409,"width":869,"height":10}},{"id":"45a6d8e3-8775-4ecb-9098-d481823f71d4","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":31,"box":{"x":53,"y":423,"width":309,"height":11}},{"id":"7ccc266a-8660-4294-9277-f30e96a23a42","block_type":"box","text":"Issuer Risk.","page_number":31,"box":{"x":53,"y":446,"width":83,"height":9}},{"id":"7925406b-9567-497e-b978-ff4437d26ccc","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":31,"box":{"x":140,"y":446,"width":780,"height":11}},{"id":"9b820b47-9a23-4341-b18e-7a403e0cf849","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":31,"box":{"x":53,"y":460,"width":886,"height":11}},{"id":"74cc2c2a-f165-4556-b8a6-df7e9952fbf3","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":31,"box":{"x":52,"y":474,"width":576,"height":11}},{"id":"93cac0b7-f561-4231-923c-2e8f064aa3f5","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":31,"box":{"x":53,"y":498,"width":278,"height":10}},{"id":"07708b94-4a59-478a-b0a7-5bee0cedffee","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":31,"box":{"x":337,"y":498,"width":540,"height":10}},{"id":"a3f570c4-a40d-4fe6-ab52-450ed390133b","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":31,"box":{"x":53,"y":512,"width":890,"height":11}},{"id":"b4dde99b-086d-4ed8-b63e-886eaac008f6","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":31,"box":{"x":53,"y":526,"width":868,"height":11}},{"id":"7e36e3ab-9814-4d4c-b132-e8cf191e5551","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":31,"box":{"x":53,"y":540,"width":709,"height":11}},{"id":"7cd93ebd-8187-44c0-948e-d3c6ff0651ed","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":31,"box":{"x":53,"y":563,"width":395,"height":11}},{"id":"52360fb4-de32-4ae7-a293-5f3a52445313","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":31,"box":{"x":453,"y":563,"width":410,"height":11}},{"id":"a9fb936b-1cf5-4872-9cc5-bba295492085","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":31,"box":{"x":53,"y":577,"width":883,"height":11}},{"id":"1ee3e055-e0bb-4432-aee6-7fc4d6d89acf","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":31,"box":{"x":52,"y":592,"width":884,"height":11}},{"id":"b3cb4e02-97ad-4e99-abb2-3371025573b3","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":31,"box":{"x":53,"y":606,"width":872,"height":11}},{"id":"4d7ee384-06c6-49f9-9711-2762f948afa8","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":31,"box":{"x":53,"y":620,"width":812,"height":11}},{"id":"3ed8671d-d2ff-42d8-8c86-8ec6977b5b0d","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":31,"box":{"x":53,"y":634,"width":890,"height":11}},{"id":"ca88f2f5-19af-4448-878a-86b4a35d4bf6","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":31,"box":{"x":52,"y":649,"width":891,"height":9}},{"id":"13fd674a-8481-48c3-a83b-fb9fce6efdf1","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":31,"box":{"x":53,"y":663,"width":836,"height":10}},{"id":"06e65f80-297f-4136-bca3-ace0f8963313","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":31,"box":{"x":53,"y":677,"width":810,"height":11}},{"id":"ca8c324d-dd55-4b2b-85c9-0226f7fd63bc","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":31,"box":{"x":53,"y":691,"width":861,"height":11}},{"id":"6403afc8-be64-46fc-b524-a76fdf340f2d","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":31,"box":{"x":53,"y":705,"width":875,"height":11}},{"id":"ebf86d47-758e-4959-8da2-e6f7d338b1e1","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":31,"box":{"x":52,"y":719,"width":654,"height":11}},{"id":"f022b3bb-ff08-4a49-b581-ca14af71a92f","block_type":"box","text":"Management Risk.","page_number":31,"box":{"x":53,"y":742,"width":137,"height":11}},{"id":"96b5b9d8-c7b7-4269-a14a-77057b1b268f","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":31,"box":{"x":194,"y":742,"width":711,"height":11}},{"id":"767afa04-f6ac-441a-9902-338d0ca0dc9a","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":31,"box":{"x":53,"y":757,"width":877,"height":11}},{"id":"64c8db1d-bf3d-46f2-a1ca-cacf6a9e7e6f","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":31,"box":{"x":53,"y":771,"width":859,"height":11}},{"id":"a3ddf0f7-ea1b-4fdb-a007-d3e2bd4f4552","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":31,"box":{"x":52,"y":785,"width":848,"height":11}},{"id":"b7698258-ec18-4088-bc34-f596a80ea969","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":31,"box":{"x":53,"y":799,"width":756,"height":11}},{"id":"5036623e-c5a5-4744-b29a-c0c51c151e7e","block_type":"box","text":"Market Trading Risk.","page_number":31,"box":{"x":53,"y":822,"width":152,"height":11}},{"id":"3ab88ce2-daf4-41ec-a0c2-ce1c021df7a2","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":31,"box":{"x":209,"y":822,"width":694,"height":11}},{"id":"e47c5d16-4b63-46ed-8d74-25061f9e0614","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":31,"box":{"x":53,"y":837,"width":841,"height":10}},{"id":"fbffd62b-c01b-4745-9d0f-839479ffa730","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":31,"box":{"x":53,"y":851,"width":887,"height":11}},{"id":"8a0b4b53-b8b1-4519-971f-1c37591ed47b","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":31,"box":{"x":52,"y":865,"width":839,"height":11}},{"id":"dae8f5dd-f2a6-471e-a97d-7991e29d39df","block_type":"box","text":"S-24","page_number":31,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"6afb4f65-e906-4545-8872-cc13ce1f615b","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":32,"box":{"x":53,"y":46,"width":866,"height":11}},{"id":"60f0f2c7-d219-4176-87de-7d4acf1b5cbe","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":32,"box":{"x":52,"y":61,"width":885,"height":10}},{"id":"5c800ed6-62ce-4635-8aec-85df531965a0","block_type":"box","text":"of the Fund shares.","page_number":32,"box":{"x":53,"y":75,"width":134,"height":8}},{"id":"9ee4a06a-1afc-4016-93c3-9c3ff3b95864","block_type":"box","text":"National Closed Market Trading Risk.","page_number":32,"box":{"x":53,"y":98,"width":273,"height":11}},{"id":"e1b9c73b-5640-4f0d-83b8-e97b5564ece7","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":32,"box":{"x":330,"y":98,"width":544,"height":11}},{"id":"7ed1a456-5b0f-4f3b-ba06-32ca820e88ab","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":32,"box":{"x":53,"y":112,"width":874,"height":11}},{"id":"ed6dafb5-b142-42c0-8fc5-e5bdafa92185","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":32,"box":{"x":52,"y":126,"width":651,"height":11}},{"id":"066035e2-74e7-45f5-bf97-781db2fb02d9","block_type":"box","text":"i.e","page_number":32,"box":{"x":704,"y":127,"width":15,"height":8}},{"id":"6e7d7003-8e73-4b0f-9669-f8e17879f891","block_type":"box","text":"., the quote from the closed","page_number":32,"box":{"x":720,"y":126,"width":191,"height":11}},{"id":"dda628b9-2bf4-41f2-b716-0e9e915b69a1","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":32,"box":{"x":52,"y":140,"width":880,"height":11}},{"id":"535b11cf-36ff-4a5c-8f58-559187d99f21","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":32,"box":{"x":52,"y":155,"width":849,"height":11}},{"id":"901ae55c-f836-43a4-b4ed-8ca33a3a4280","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":32,"box":{"x":53,"y":169,"width":850,"height":11}},{"id":"ac648253-e170-410b-8797-416eaed7df26","block_type":"box","text":"funds.","page_number":32,"box":{"x":52,"y":183,"width":44,"height":9}},{"id":"39ecbf42-6772-4243-9934-4d4e0b5245f8","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":32,"box":{"x":53,"y":206,"width":182,"height":9}},{"id":"60f2b328-e9c8-4291-98a8-25ab48eee57d","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":32,"box":{"x":240,"y":206,"width":687,"height":11}},{"id":"69e8e7d8-b8f0-4cfd-b226-893a32a5cb0c","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":32,"box":{"x":53,"y":221,"width":853,"height":10}},{"id":"29e15822-f37c-4683-9b20-b0d2795a478e","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":32,"box":{"x":52,"y":235,"width":847,"height":10}},{"id":"964f4dc5-d829-42db-9f32-b35c130e9958","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":32,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"7dabbb21-d8ca-4572-9ce3-e88b02c3f318","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":32,"box":{"x":53,"y":263,"width":842,"height":11}},{"id":"53f76a1d-de0c-4908-94c3-09aea7a658c8","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":32,"box":{"x":53,"y":277,"width":831,"height":11}},{"id":"0d243dd4-9219-4c84-a29f-9ec36265d038","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":32,"box":{"x":53,"y":291,"width":821,"height":11}},{"id":"93d8f9c5-acba-486a-b375-f5ff3e6ac71c","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":32,"box":{"x":53,"y":306,"width":871,"height":10}},{"id":"6b3209b9-83be-4313-bd60-e8741db5a9b5","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":32,"box":{"x":53,"y":320,"width":289,"height":11}},{"id":"8e14a07c-4ede-41e9-9fee-eb1c9fa970f2","block_type":"box","text":"European Economic Risk.","page_number":32,"box":{"x":348,"y":320,"width":186,"height":10}},{"id":"9ab853b1-2cf6-4c8a-8971-c5cad74925e5","block_type":"box","text":"Operational and Technology Risks.","page_number":32,"box":{"x":53,"y":343,"width":254,"height":11}},{"id":"6db2c8ad-13e9-407a-9f89-33de7104c898","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":32,"box":{"x":312,"y":343,"width":581,"height":11}},{"id":"d876fd58-a086-4fe2-8b9c-ae2330bb70d0","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":32,"box":{"x":53,"y":357,"width":876,"height":11}},{"id":"b2c56b42-0bad-42e4-8ad3-82d3514dedfb","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":32,"box":{"x":53,"y":371,"width":879,"height":11}},{"id":"ff3bad54-f743-45d7-b83e-ccc9d3231cad","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":32,"box":{"x":53,"y":385,"width":825,"height":11}},{"id":"5efcfaf2-02f9-4e87-bf82-ff74bf00f8c0","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":32,"box":{"x":53,"y":400,"width":862,"height":10}},{"id":"7e943801-b983-43b1-bae7-fffa4205e0e0","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":32,"box":{"x":53,"y":414,"width":872,"height":11}},{"id":"7ac417e3-bf79-4db5-b683-fa7fb9ffa4d5","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":32,"box":{"x":53,"y":428,"width":824,"height":11}},{"id":"6dbaa02d-044f-4108-96e9-59f56c13f0b0","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":32,"box":{"x":53,"y":451,"width":302,"height":11}},{"id":"bcd3e2b4-9b77-4b18-a6b6-fa932e8b81e7","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":32,"box":{"x":359,"y":451,"width":581,"height":11}},{"id":"e12cd808-6642-4e53-8ac7-8b6104337e81","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":32,"box":{"x":53,"y":466,"width":868,"height":10}},{"id":"0cf7a88a-d288-493d-bd0e-5ae2b8a9c7eb","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":32,"box":{"x":52,"y":480,"width":871,"height":10}},{"id":"9d6ffba7-5af5-47a7-a8a6-ccea2b78cde2","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":32,"box":{"x":52,"y":494,"width":875,"height":11}},{"id":"67860035-c3c9-472f-88e8-284627df6e1c","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":32,"box":{"x":52,"y":508,"width":877,"height":11}},{"id":"46bd5e01-b903-4e76-b466-6fc1ff5d436e","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":32,"box":{"x":53,"y":522,"width":887,"height":11}},{"id":"aeab03c1-ffe0-4d66-97c7-7842ebcbf643","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":32,"box":{"x":53,"y":536,"width":836,"height":11}},{"id":"11399726-fe9c-4236-ae6a-1ff9647a3b74","block_type":"box","text":"availability of certain commodities.","page_number":32,"box":{"x":53,"y":550,"width":246,"height":11}},{"id":"b2599372-558d-48ff-89e2-7fb95fc48912","block_type":"box","text":"Risk of Investing in the U.S.","page_number":32,"box":{"x":53,"y":574,"width":200,"height":11}},{"id":"9763202e-f078-4163-b4b6-4f882d2b5b9a","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":32,"box":{"x":259,"y":574,"width":663,"height":10}},{"id":"1892ca97-4308-452a-bc0c-d6e8b1192db3","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":32,"box":{"x":53,"y":588,"width":877,"height":11}},{"id":"0f76765c-9a09-472d-b561-97bcfe88982c","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":32,"box":{"x":53,"y":602,"width":470,"height":11}},{"id":"a25bf77b-8510-4039-8af5-e70c0d7993a4","block_type":"box","text":"Securities Lending Risk.","page_number":32,"box":{"x":52,"y":625,"width":178,"height":11}},{"id":"51d45007-cc18-4239-824b-e01e4a29f4ed","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":32,"box":{"x":234,"y":625,"width":692,"height":11}},{"id":"a46231f5-a412-4f97-a088-3a6561c7d650","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":32,"box":{"x":53,"y":639,"width":870,"height":11}},{"id":"7bd9acc2-c6d7-4c88-8603-c84b8e92768c","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":32,"box":{"x":53,"y":654,"width":886,"height":10}},{"id":"21d18d29-5ef7-4b70-a26a-491639d41fd2","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":32,"box":{"x":53,"y":668,"width":831,"height":11}},{"id":"0402ac35-130f-42ac-9148-da58f82305bb","block_type":"box","text":"Tracking Error Risk.","page_number":32,"box":{"x":52,"y":691,"width":145,"height":11}},{"id":"15f93c5c-81cb-49ac-b3d9-2cf9aece984c","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":32,"box":{"x":201,"y":691,"width":741,"height":11}},{"id":"cf309393-8f0d-42b2-8395-35cef871eea1","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":32,"box":{"x":53,"y":705,"width":861,"height":11}},{"id":"064fc8e9-baf1-4121-a3a6-40bcb232d482","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":32,"box":{"x":53,"y":719,"width":832,"height":11}},{"id":"5ec7bf4b-c568-4ea3-a268-63e0d98dcb32","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":32,"box":{"x":53,"y":734,"width":880,"height":10}},{"id":"5651bfb6-a2c5-4047-afdc-06b9ff318ab1","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":32,"box":{"x":53,"y":748,"width":831,"height":11}},{"id":"e62a5daf-1e38-47f0-9a2e-c2b65d38be33","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":32,"box":{"x":52,"y":762,"width":828,"height":11}},{"id":"2ff89465-8d03-4561-a209-4a89bc47b65e","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":32,"box":{"x":53,"y":776,"width":873,"height":11}},{"id":"97843def-2c96-4240-8866-5d545c67f5f0","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":32,"box":{"x":53,"y":790,"width":889,"height":11}},{"id":"b2277971-f336-47ba-9efb-2149e0ac94f5","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":32,"box":{"x":53,"y":804,"width":852,"height":11}},{"id":"9b2ec9d0-849a-4915-a06d-950d2536f354","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":32,"box":{"x":53,"y":819,"width":886,"height":10}},{"id":"44883fd3-8ef9-4497-8998-9fe1d642e204","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":32,"box":{"x":53,"y":833,"width":873,"height":11}},{"id":"bb9cb86d-f947-476d-96c8-5c89bcf3a52b","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":32,"box":{"x":53,"y":847,"width":879,"height":11}},{"id":"8b91cd74-4a72-44d3-9d9a-b7deaa8dbb2a","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":32,"box":{"x":53,"y":861,"width":839,"height":11}},{"id":"a047778c-7d96-4ff4-9b64-e5a4a04a6595","block_type":"box","text":"Valuation Risk.","page_number":32,"box":{"x":52,"y":884,"width":110,"height":9}},{"id":"28fd7983-97a3-4b4e-9e92-94ea76efd859","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":32,"box":{"x":166,"y":884,"width":740,"height":11}},{"id":"8bb2a8cc-d5a9-467c-85ee-0b3f995df91b","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":32,"box":{"x":53,"y":898,"width":840,"height":11}},{"id":"db23dff4-d213-48fd-ba10-38fbce90a7e5","block_type":"box","text":"S-25","page_number":32,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"65a5e736-a8b3-48eb-8ef9-ecc604067a84","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":33,"box":{"x":52,"y":46,"width":869,"height":11}},{"id":"27f9513f-2e7f-4ac4-83d6-8b795de18205","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":33,"box":{"x":52,"y":61,"width":889,"height":10}},{"id":"1f40015a-95bd-4493-8fa3-30a63418864e","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":33,"box":{"x":53,"y":75,"width":871,"height":11}},{"id":"e7515a6a-0f03-4c38-9c6b-b91d52ced8a1","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":33,"box":{"x":52,"y":89,"width":879,"height":11}},{"id":"b4c2fca4-675e-4384-9782-da088e9b1cba","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":33,"box":{"x":53,"y":103,"width":880,"height":11}},{"id":"0ad87e3d-4955-4b9b-bf00-3577301611e5","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":33,"box":{"x":53,"y":117,"width":816,"height":11}},{"id":"e6b565fb-d0d3-4064-ae00-f6982f64aa03","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":33,"box":{"x":52,"y":132,"width":613,"height":10}},{"id":"2f454f6b-e6ab-4d2c-b759-a762ef3f8f8e","block_type":"box","text":"Performance Information","page_number":33,"box":{"x":54,"y":160,"width":228,"height":11}},{"id":"3138c02a-e289-4930-8f17-d68dc3affe07","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":33,"box":{"x":52,"y":186,"width":864,"height":10}},{"id":"fda630a8-61ce-4619-b36d-34cbd72589fa","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":33,"box":{"x":52,"y":200,"width":872,"height":11}},{"id":"e50e5181-e7be-4003-96d5-579e111b6fad","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":33,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"290a4bbc-650a-49e6-a2f6-0c9cad8b6b05","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":33,"box":{"x":53,"y":228,"width":838,"height":11}},{"id":"bf542394-d85a-4c16-a70b-e546e8378f40","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":33,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"5534adf0-c299-49d7-968c-266a790163ca","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":33,"box":{"x":53,"y":256,"width":832,"height":11}},{"id":"bf726283-5622-4376-8e52-9cbfe476e1ae","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":33,"box":{"x":53,"y":271,"width":842,"height":11}},{"id":"39ae937a-6e10-4464-9544-a68bfcdb305a","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":33,"box":{"x":52,"y":285,"width":531,"height":11}},{"id":"840ec2af-435f-44cb-a41a-477068f8b5f1","block_type":"box","text":"Calendar Year-by-Year Returns 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5.72%","page_number":33,"box":{"x":690,"y":637,"width":249,"height":7}},{"id":"f54b0269-e8ff-401d-8aaf-36da0037e099","block_type":"box","text":"1","page_number":33,"box":{"x":80,"y":655,"width":5,"height":5}},{"id":"faf4b122-8c80-4347-a5ad-093209a36f04","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":33,"box":{"x":94,"y":656,"width":827,"height":10}},{"id":"9bec3620-be12-42b1-8bd2-91b309458382","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":33,"box":{"x":93,"y":667,"width":847,"height":9}},{"id":"bbc1bb17-4936-4ed4-b2ca-8c5a129dc197","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":33,"box":{"x":93,"y":677,"width":843,"height":10}},{"id":"eb6e2cc2-8c54-48e3-8f9d-897b361328df","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":33,"box":{"x":92,"y":687,"width":829,"height":10}},{"id":"d7c1ba87-9c9a-4921-a6f5-c82d0ef85575","block_type":"box","text":"tax rates, if any.","page_number":33,"box":{"x":92,"y":698,"width":97,"height":9}},{"id":"3d95d0e1-74d6-46ed-88c1-ed3103b5ec67","block_type":"box","text":"2","page_number":33,"box":{"x":80,"y":707,"width":5,"height":4}},{"id":"a7aa9e2b-8345-4e47-bbb3-221eb9052702","block_type":"box","text":"The S&P Global 1200 Consumer Staples (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Consumer","page_number":33,"box":{"x":92,"y":708,"width":836,"height":9}},{"id":"cf78b87e-e269-470b-97b3-00df74ea2af0","block_type":"box","text":"Staples Sector Index (Net) through June 23, 2019 and the S&P Global 1200 Consumer Staples (Sector) Capped Index (Net) thereafter,","page_number":33,"box":{"x":93,"y":718,"width":842,"height":10}},{"id":"13c24d4c-4c82-48b8-9a86-618dce7bce81","block_type":"box","text":"which reflect the times when each index was the Underlying Index of the Fund.","page_number":33,"box":{"x":92,"y":729,"width":493,"height":9}},{"id":"45b4435c-bc72-4c78-bf04-0b32fa0839db","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":33,"box":{"x":52,"y":748,"width":857,"height":11}},{"id":"d233e687-053c-4fb1-8c66-da0b156227b6","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":33,"box":{"x":53,"y":762,"width":865,"height":11}},{"id":"b94b76a1-8df4-4624-8501-389ed185d5da","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":33,"box":{"x":53,"y":777,"width":847,"height":11}},{"id":"4b2eb26a-8d1b-4e12-aed4-06f6efa0d69b","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":33,"box":{"x":52,"y":791,"width":857,"height":11}},{"id":"d3e33039-9261-46bc-82d9-3b35045f1ed9","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":33,"box":{"x":53,"y":805,"width":877,"height":11}},{"id":"249575cb-72e6-4350-8fb8-234de7841192","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":33,"box":{"x":52,"y":819,"width":836,"height":11}},{"id":"1feaaa0d-8eac-476f-8800-9d9a06010aed","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":33,"box":{"x":53,"y":833,"width":886,"height":11}},{"id":"8bb11c24-e994-4173-89ca-2c7f6277f29e","block_type":"box","text":"on distributions.","page_number":33,"box":{"x":53,"y":848,"width":114,"height":8}},{"id":"22d26108-9ecc-4cf5-8e1a-715da066d3c2","block_type":"box","text":"Management","page_number":33,"box":{"x":54,"y":877,"width":119,"height":13}},{"id":"5dffcfeb-828e-46ae-9957-b32e0a9e918f","block_type":"box","text":"Investment Adviser.","page_number":33,"box":{"x":53,"y":902,"width":145,"height":8}},{"id":"b6f87ee9-1703-4a48-8e57-2d5c1e27c989","block_type":"box","text":"BlackRock Fund Advisors.","page_number":33,"box":{"x":204,"y":902,"width":180,"height":8}},{"id":"34ce46e0-76e8-4efa-9e9a-082590da85c2","block_type":"box","text":"S-26","page_number":33,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"035aa678-48e2-4da6-bd1a-98d584b0f40b","block_type":"box","text":"Portfolio Managers.","page_number":34,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"47cea6af-7fd9-4d00-a504-5f68c5004c90","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":34,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"10e9d45e-a476-40f0-a599-f6ac13188ba7","block_type":"box","text":"management of the Fund:","page_number":34,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"95501512-e992-413e-b3f4-9382f751d87a","block_type":"box","text":"Portfolio Manager","page_number":34,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"ec155aab-9354-45b5-849c-2002e08a285e","block_type":"box","text":"Portfolio Manager of the","page_number":34,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"873cf98e-2eca-45f2-a4f1-f990e8149a11","block_type":"box","text":"Fund Since","page_number":34,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"791606f3-f2ad-472e-93c8-e2ea5e239601","block_type":"box","text":"Title with Investment","page_number":34,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"e74afdb1-3d2b-4414-8bc6-4e3a1f6fb2f8","block_type":"box","text":"Adviser","page_number":34,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"15f8b2ca-72a6-4a30-a160-c33f14ec87a2","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":34,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"b22798e1-8464-40c6-a781-22329e32ab80","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":34,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"c81dccdd-5871-45ab-842f-a8037d2877c8","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":34,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"710fc329-639e-4c6c-93db-ec818553cf6d","block_type":"box","text":"Steven White 2025 Managing Director","page_number":34,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"b9b0805c-2b7c-46cd-a2ed-bc6336f8d65d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":34,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"4ec9b453-fc0b-4c6b-8269-956024422767","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":34,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"1213ea47-46dc-4028-840b-93f1f77b9470","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":34,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"2c1cc329-c3b9-434b-a406-4b7297a1f249","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":34,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"b0e4b17d-2c01-4601-b0cc-3c9dba048ecd","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":34,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"0b78b52c-bc57-41cb-8d24-519373a89e2f","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":34,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"8c8c102d-1e13-4750-ab41-99235060b5e6","block_type":"box","text":"(the “bid-ask spread”).","page_number":34,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"0f9b1a3e-f5a5-4963-8239-306a0deed671","block_type":"box","text":"Tax Information","page_number":34,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"886b3fbf-f20b-426b-83f3-ea4cc26106d3","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":34,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"cc897e9e-7c7e-4b5d-b4ed-cd9120e4f66f","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":34,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"ff3fd861-8fc0-4bfc-9f73-69faad89aad4","block_type":"box","text":"be taxed when withdrawn.","page_number":34,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"0f4955f4-d403-4c69-9355-a861cd23222c","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":34,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"62f443ea-2532-4ec4-9bce-df61698b1869","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":34,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"aacb5974-0169-4164-b8d7-d3fa9aa36077","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":34,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"a326dcd4-3d94-4ffa-b39a-ae0cefa869c2","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":34,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"4bca61e1-18b9-494c-b7e3-88ac85358a71","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":34,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"3e204c46-fbf7-4d05-9ccb-0dc5fa48fccb","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":34,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"f8b64685-b364-4d77-ba3c-220bb86b2a9b","block_type":"box","text":"financial intermediary’s website for more information.","page_number":34,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"b00528d7-1ef8-466f-969b-ad29ccd40e7a","block_type":"box","text":"S-27","page_number":34,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"dc12d7ce-be00-4185-a2b4-2ecc3952a107","block_type":"box","text":"iShares Global Energy ETF","page_number":35,"box":{"x":53,"y":47,"width":369,"height":20}},{"id":"c6cad8aa-6119-4e86-9960-e69081faa677","block_type":"box","text":"IXC | NYSE Arca","page_number":35,"box":{"x":54,"y":70,"width":218,"height":18}},{"id":"6e93370f-73b6-474a-961e-5bfa88f2a460","block_type":"box","text":"Investment Objective","page_number":35,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"fc07665c-a303-4b6f-9c8d-e8ae80e8744a","block_type":"box","text":"The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in","page_number":35,"box":{"x":52,"y":134,"width":873,"height":11}},{"id":"2e2d8bdd-9384-4794-beb6-945cf3e4ccb7","block_type":"box","text":"the energy sector.","page_number":35,"box":{"x":52,"y":148,"width":125,"height":11}},{"id":"431c3006-6311-40f0-b6ba-28fdec5244e7","block_type":"box","text":"Fees and Expenses","page_number":35,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"762c3e43-7aca-4724-b270-0cd813d82b2b","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","page_number":35,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"433e2e16-2825-4034-a818-1223362483e3","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":35,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"be609104-dd27-4e14-92e0-4d56ca7f1371","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":35,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"6dee32ff-6b58-494d-be83-d73f81069ce2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":35,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"5410c0c3-d00b-4bb2-85b8-4496796dfc67","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":35,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"eca3ce96-693f-4a3e-aedf-8f7059a59d02","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":35,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"5b8370a0-705e-425b-90ae-1afa3151195f","block_type":"box","text":"extraordinary expenses.","page_number":35,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"a94546ae-c12e-4305-8d23-94f3fb879db9","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":35,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"fc5cc3c4-ad76-4239-a029-3d99b57bbc8b","block_type":"box","text":"reflected in the table and example below.","page_number":35,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"b8b1de4b-888b-481a-a8af-e24041efe9eb","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":35,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"16dde49b-6fd2-47dd-a409-3ab8939fe504","block_type":"box","text":"1","page_number":35,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"1d8599b6-2289-4289-87d6-04044f56c7a0","block_type":"box","text":"Management Fee","page_number":35,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"63222e67-0b34-477d-bc36-04a48a48b984","block_type":"box","text":"0.37%","page_number":35,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"5ee97b06-86e1-4b40-8b30-3409ed4cf871","block_type":"box","text":"Other Expenses","page_number":35,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"dc12e51a-b63c-4a7c-bd2b-0f176610f268","block_type":"box","text":"0.00%","page_number":35,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"6eb2937d-b370-4651-b0e1-57d5c1b53332","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":35,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"77397288-d2fe-490d-8b04-b6a5a8d3d153","block_type":"box","text":"0.37%","page_number":35,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"df573bc9-b456-4804-bbe7-74a9c7eda6b5","block_type":"box","text":"1","page_number":35,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"bd55445b-1eda-4c64-809a-621bf6592e6a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":35,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"e5d9eadd-2292-45ed-8867-7fd01751f27f","block_type":"box","text":"Example.","page_number":35,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"cb38b65a-9f0c-4f77-959e-ee89cc64c3a0","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","page_number":35,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"20967fbe-0f72-459a-9319-4976532f97e6","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":35,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"4d07f049-8747-4fdf-b1cf-2c3cb3b80304","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":35,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"500de49c-3c0e-4b87-a60b-aafb9ed3968a","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":35,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"abddb5cf-3e33-475c-a21f-444a86314219","block_type":"box","text":"your costs would be:","page_number":35,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"579aaa62-db19-4e00-a798-5f9d42836edc","block_type":"box","text":"Expense Example","page_number":35,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"7495d3ca-a86e-41d8-97d6-cd5ade51f5ef","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":35,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"675579c8-535d-4c95-b6a6-9a70519047f6","block_type":"box","text":"Example Fund Costs","page_number":35,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"24314125-6460-4aae-bdaa-6f212a80d913","block_type":"box","text":"$38 $119 $208 $468","page_number":35,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"fc999bfa-f80f-4706-a257-5da48e9e2d9d","block_type":"box","text":"Portfolio Turnover.","page_number":35,"box":{"x":57,"y":572,"width":136,"height":8}},{"id":"ab69c061-3f8b-4a08-b36d-9d476dc75ed2","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":35,"box":{"x":198,"y":572,"width":721,"height":11}},{"id":"17d1338e-d225-43db-a205-1204bd758cff","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":35,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"7e315593-f148-4c83-8d7b-246b6704acbd","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":35,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"5ab8b4cd-04ea-472a-8134-d7810901c38c","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of","page_number":35,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"aa5f6eed-5cd8-46c6-8a54-f31b6ff01f77","block_type":"box","text":"the average value of its portfolio.","page_number":35,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"32210185-ab30-4643-8d84-97f3dcb264a9","block_type":"box","text":"Principal Investment Strategies","page_number":35,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"c197e149-53c3-4b3c-9a4f-52daada4b353","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index","page_number":35,"box":{"x":52,"y":683,"width":748,"height":10}},{"id":"c31ce842-abe9-440f-a814-0205f155f2be","block_type":"box","text":"TM","page_number":35,"box":{"x":800,"y":681,"width":16,"height":5}},{"id":"32afcaf7-c7e0-40ef-b2c1-130ea0f397c6","block_type":"box","text":"(the “Underlying","page_number":35,"box":{"x":822,"y":682,"width":114,"height":11}},{"id":"4eeec777-4e8f-4bfd-94db-bc0c1cb58119","block_type":"box","text":"Index”), which is designed to measure the performance of global equities in the energy sector. The Underlying Index is a","page_number":35,"box":{"x":53,"y":697,"width":844,"height":11}},{"id":"c397de7d-bfc3-4c55-9bdd-17a75c2a709d","block_type":"box","text":"subset of the S&P Global 1200, which is designed to measure the performance of large-capitalization stocks from major","page_number":35,"box":{"x":52,"y":711,"width":850,"height":11}},{"id":"5f2b4c1a-2431-44e8-9359-2cec87718b54","block_type":"box","text":"global markets, as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”).","page_number":35,"box":{"x":53,"y":725,"width":671,"height":11}},{"id":"10b30ad2-cfe7-4ee8-a456-e111c6378712","block_type":"box","text":"The Underlying Index uses a capping methodology to limit the weight of the securities of any single issuer (as determined by","page_number":35,"box":{"x":52,"y":747,"width":880,"height":11}},{"id":"25001354-1787-4696-9d58-ae716c406c4f","block_type":"box","text":"SPDJI) to a maximum of 25% of the Underlying Index. The capping methodology limits the sum of the weights of the","page_number":35,"box":{"x":52,"y":761,"width":824,"height":11}},{"id":"b1cb0809-38c3-41b4-a8ea-9babbefe3825","block_type":"box","text":"securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 50%","page_number":35,"box":{"x":52,"y":775,"width":888,"height":11}},{"id":"4574dcc1-b05e-40d3-9663-25334dc8b8b4","block_type":"box","text":"of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying","page_number":35,"box":{"x":53,"y":790,"width":847,"height":10}},{"id":"f3690985-bfd3-4a11-ad6b-3809313975cc","block_type":"box","text":"Index constrains at quarterly rebalance: (i) the weight of any single issuer to a maximum of 22.5%, and (ii) the aggregate","page_number":35,"box":{"x":53,"y":804,"width":851,"height":11}},{"id":"bcc95f58-2a5c-4b25-8694-747555e8e7c4","block_type":"box","text":"weight of all issuers that individually exceed 4.5% of the index weight to a maximum of 45%. 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As of March 31, 2026, the","page_number":35,"box":{"x":53,"y":882,"width":818,"height":11}},{"id":"cd6ae4dc-e717-4aa7-bc38-e4008148a402","block_type":"box","text":"Underlying Index was composed of securities of companies in the following countries: Australia, Austria, Brazil, Canada,","page_number":35,"box":{"x":53,"y":897,"width":844,"height":10}},{"id":"1874c853-195e-4938-8774-484c9b8a61f2","block_type":"box","text":"China, Colombia, Finland, France, Ireland, Italy, Japan, Norway, Portugal, Spain, the United Kingdom (the “U.K.”) and the U.S.","page_number":35,"box":{"x":53,"y":911,"width":874,"height":11}},{"id":"d2d05b6b-aa78-4fa9-a787-80157520885e","block_type":"box","text":"S-28","page_number":35,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"23c49e12-d3cd-4052-aa6a-7d7d7f761e5c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":36,"box":{"x":52,"y":46,"width":853,"height":11}},{"id":"abf27609-f4b4-4b1c-9222-f18e7c660c83","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":36,"box":{"x":53,"y":60,"width":839,"height":11}},{"id":"0a62e92b-68cd-46ec-b4e3-2dbfd1627e1a","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":36,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"058e0c15-54d0-450a-b624-356fb8fcf4f1","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":36,"box":{"x":53,"y":89,"width":851,"height":11}},{"id":"91eba0e2-6694-4288-bb28-98221fa3a898","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":36,"box":{"x":53,"y":103,"width":806,"height":11}},{"id":"4658490e-d7d3-48de-b50d-f223082aac51","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":36,"box":{"x":53,"y":117,"width":884,"height":11}},{"id":"532da9a9-8028-413d-a170-6ec2fee7ae0f","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":36,"box":{"x":52,"y":131,"width":884,"height":11}},{"id":"4f9695ee-e926-4b43-b658-d5cb4e70e30f","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":36,"box":{"x":53,"y":146,"width":852,"height":11}},{"id":"8b7748cb-efee-4761-b1f4-711ffc09b502","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":36,"box":{"x":53,"y":160,"width":867,"height":11}},{"id":"48c72911-5fe0-48a7-96b4-b192b409d72c","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":36,"box":{"x":52,"y":174,"width":869,"height":11}},{"id":"4e1ca928-de35-48ef-8bc6-ac9737f3223d","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":36,"box":{"x":52,"y":188,"width":863,"height":11}},{"id":"75deab75-0264-4bbd-81d9-20c2e7bbaabc","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":36,"box":{"x":53,"y":202,"width":826,"height":11}},{"id":"f84ceaa0-0cd3-46fa-8137-c8013abfa73a","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":36,"box":{"x":53,"y":217,"width":405,"height":10}},{"id":"d80e2f45-b6d2-43e5-a966-cbec64350730","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":36,"box":{"x":53,"y":240,"width":844,"height":11}},{"id":"aeab43f5-dbc6-4c0d-bc63-8b44b2367dcd","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":36,"box":{"x":53,"y":254,"width":860,"height":11}},{"id":"0404144f-0141-4f2b-961e-814e12a7e70b","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":36,"box":{"x":53,"y":268,"width":831,"height":11}},{"id":"e99a7af6-cbcd-47cd-aad3-3e8efc1c3c90","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":36,"box":{"x":53,"y":282,"width":817,"height":11}},{"id":"b906cc66-e3b7-4edb-9959-0c7202ea5d4e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":36,"box":{"x":53,"y":296,"width":818,"height":11}},{"id":"db33ebca-978a-463a-b613-b693ea4b790f","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":36,"box":{"x":53,"y":310,"width":835,"height":12}},{"id":"bf6725a4-22f3-4fd2-9108-5b4e09682840","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":36,"box":{"x":52,"y":334,"width":873,"height":11}},{"id":"5d493a26-314e-420a-b690-8ae21a0fd4aa","block_type":"box","text":"collateral received).","page_number":36,"box":{"x":53,"y":348,"width":136,"height":9}},{"id":"0048b83f-e720-4ac7-9058-ea54988be65a","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":36,"box":{"x":52,"y":371,"width":861,"height":11}},{"id":"2c6040ce-d60f-49e2-aa3e-9bd277a0da8c","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":36,"box":{"x":53,"y":385,"width":856,"height":11}},{"id":"03ecd96e-7230-498a-9fad-ea1dada25280","block_type":"box","text":"market value of the Underlying Index.","page_number":36,"box":{"x":53,"y":400,"width":263,"height":10}},{"id":"7c95128d-bf31-48a5-bf1f-8d69b65e978d","block_type":"box","text":"Industry Concentration Policy.","page_number":36,"box":{"x":53,"y":423,"width":224,"height":11}},{"id":"deac4c31-111a-49fc-bff7-a3d7620188b1","block_type":"box","text":"The Fund will concentrate its investments (","page_number":36,"box":{"x":281,"y":423,"width":304,"height":9}},{"id":"c240b467-48b3-4a4f-be20-75cdb5bcbf5e","block_type":"box","text":"i.e.","page_number":36,"box":{"x":587,"y":423,"width":17,"height":8}},{"id":"8c17cdab-5aa5-4ea5-9b0f-a9a9f0d3e198","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":36,"box":{"x":606,"y":423,"width":292,"height":10}},{"id":"d2b856be-7e2d-4fbb-9aca-d6c77803f1bc","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":36,"box":{"x":53,"y":437,"width":858,"height":11}},{"id":"d8314f52-2515-42b9-a938-f143d90f2975","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":36,"box":{"x":53,"y":451,"width":868,"height":11}},{"id":"2edbee22-f3e4-494e-8950-49d210931983","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":36,"box":{"x":53,"y":465,"width":826,"height":11}},{"id":"57ef6f4e-733c-474d-bda1-34d8af9df8fd","block_type":"box","text":"Summary of Principal Risks","page_number":36,"box":{"x":52,"y":494,"width":248,"height":14}},{"id":"49efea8a-b17a-4c6f-8d23-b9055865c177","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":36,"box":{"x":52,"y":520,"width":881,"height":10}},{"id":"9aa93454-6913-43f6-aea3-b907c1413dfe","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":36,"box":{"x":53,"y":534,"width":824,"height":11}},{"id":"fe967804-b007-4779-9862-df1d19bf35c3","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":36,"box":{"x":53,"y":548,"width":807,"height":11}},{"id":"558a11e8-805c-4d03-a9e9-9cffad787d02","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":36,"box":{"x":53,"y":562,"width":844,"height":11}},{"id":"015190f4-9f27-41a9-8cc6-d01a785b9b7b","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":36,"box":{"x":52,"y":576,"width":815,"height":11}},{"id":"6aa04f2f-a284-4dfd-9e08-405e959ef8e4","block_type":"box","text":"Energy Companies Risk.","page_number":36,"box":{"x":53,"y":599,"width":177,"height":11}},{"id":"af782328-608e-4ca4-8374-89c6830311c6","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":36,"box":{"x":236,"y":599,"width":681,"height":11}},{"id":"c62cd75b-309c-4bc0-86ba-6d284459f8a9","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":36,"box":{"x":53,"y":614,"width":856,"height":10}},{"id":"96c657b1-01a7-4561-89d2-2876a06f08e7","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":36,"box":{"x":53,"y":628,"width":887,"height":11}},{"id":"a17da3ce-a8dd-4c94-a091-6b3c45fc317c","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":36,"box":{"x":53,"y":642,"width":870,"height":11}},{"id":"1160dc5b-7c87-4dd2-b2ce-da55b8bfb245","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":36,"box":{"x":53,"y":656,"width":833,"height":11}},{"id":"75a07a78-ab3e-42e8-819a-a02f1305a23f","block_type":"box","text":"damage claims and other litigation.","page_number":36,"box":{"x":53,"y":671,"width":250,"height":10}},{"id":"900a5420-3cff-4bc1-8c12-66e3e362e323","block_type":"box","text":"Equity Securities Risk.","page_number":36,"box":{"x":53,"y":693,"width":164,"height":11}},{"id":"0fbeaae7-9c15-4517-a244-f39c62b0412f","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":36,"box":{"x":223,"y":694,"width":709,"height":10}},{"id":"1a6e7ff4-e5f1-4161-a51a-4d8e1723d790","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":36,"box":{"x":53,"y":708,"width":889,"height":11}},{"id":"13016726-9618-4ebe-b408-068e9b3d5387","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":36,"box":{"x":53,"y":722,"width":880,"height":11}},{"id":"c1364e52-fe61-4e93-b1b9-8851fcd81b4b","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":36,"box":{"x":53,"y":736,"width":867,"height":11}},{"id":"d0a57fe7-af5c-4a71-bf17-6e7720978d5a","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":36,"box":{"x":53,"y":750,"width":339,"height":11}},{"id":"c35b74f7-83ad-494f-93fc-cea4602a41f2","block_type":"box","text":"Market Risk.","page_number":36,"box":{"x":53,"y":773,"width":91,"height":9}},{"id":"6c4d02b0-07d7-4fc1-a40b-1903c5ffd668","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":36,"box":{"x":148,"y":774,"width":768,"height":10}},{"id":"c04d2889-88ca-4556-9661-33fe03ad5827","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":36,"box":{"x":53,"y":788,"width":882,"height":10}},{"id":"4809e58a-bdc5-4f11-a802-c5320fb2d5b1","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":36,"box":{"x":53,"y":802,"width":858,"height":11}},{"id":"76e609a6-6885-4e3e-b5b0-dc0f7dc03709","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":36,"box":{"x":53,"y":816,"width":875,"height":11}},{"id":"3783ea88-4bb0-4856-88c5-36c6c795b91c","block_type":"box","text":"Fund’s NAV.","page_number":36,"box":{"x":53,"y":830,"width":82,"height":9}},{"id":"8b477617-867d-425d-82d5-6d29e6fba0cc","block_type":"box","text":"Index-Related Risk.","page_number":36,"box":{"x":53,"y":853,"width":143,"height":9}},{"id":"22353070-0ba7-42c3-b2a3-85a6aed6eaa7","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":36,"box":{"x":201,"y":853,"width":742,"height":11}},{"id":"9cab33c6-036e-4919-95eb-a9303e78815a","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":36,"box":{"x":53,"y":868,"width":856,"height":10}},{"id":"9d22542f-f1ef-4ac4-b8c1-ddee9106aab2","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":36,"box":{"x":53,"y":882,"width":852,"height":11}},{"id":"ea84b1a9-dac6-4dcc-adfc-8ded3c5aed88","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":36,"box":{"x":53,"y":896,"width":876,"height":11}},{"id":"4fc5086f-5e91-459a-bbf5-07deec897bc6","block_type":"box","text":"S-29","page_number":36,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"0df11952-832d-455c-a1e9-cf0f8a38c30d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":37,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"fb3db3a2-e9d7-418d-b34a-0259bbb7fb83","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":37,"box":{"x":53,"y":61,"width":849,"height":10}},{"id":"6c9f8827-9812-4f3e-b186-914987a13fa1","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":37,"box":{"x":53,"y":75,"width":890,"height":11}},{"id":"94057ffd-c7ca-48d5-b460-a1b1e99138a1","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":37,"box":{"x":53,"y":89,"width":853,"height":11}},{"id":"b152d68b-7065-43ef-90b7-c9950b7f498b","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":37,"box":{"x":53,"y":103,"width":539,"height":11}},{"id":"b418981f-5209-4004-bc38-9bba14903124","block_type":"box","text":"Asset Class Risk.","page_number":37,"box":{"x":52,"y":126,"width":122,"height":9}},{"id":"f9449f72-89e9-4cef-b953-862b0fe2e081","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":37,"box":{"x":179,"y":126,"width":721,"height":11}},{"id":"4cd861fe-d55c-41c1-87da-69a611c96157","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":37,"box":{"x":53,"y":141,"width":774,"height":10}},{"id":"4671a8b8-073f-4eb0-a17e-62d362ff418a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":37,"box":{"x":52,"y":164,"width":318,"height":10}},{"id":"862e0115-3844-43d6-abd4-80fc1796ebd9","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":37,"box":{"x":374,"y":164,"width":531,"height":11}},{"id":"67cc11f7-7da8-47c5-b87c-be88eb2cd161","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":37,"box":{"x":53,"y":178,"width":810,"height":11}},{"id":"bf032853-df8b-42ab-a1d9-dd8f618449c8","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":37,"box":{"x":52,"y":192,"width":816,"height":11}},{"id":"fa18d6cc-c3c9-4110-9ec3-9fac8808497b","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":37,"box":{"x":52,"y":206,"width":884,"height":11}},{"id":"5f4dbb4d-9e24-44d9-9894-181b31716b9f","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":37,"box":{"x":53,"y":220,"width":871,"height":11}},{"id":"fcba0ba6-4ef9-4881-9c6e-4a11ca15a3e3","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":37,"box":{"x":53,"y":235,"width":846,"height":10}},{"id":"5d49dea1-2ff7-45e3-b4df-f39848258c2f","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":37,"box":{"x":52,"y":249,"width":881,"height":10}},{"id":"002752fa-df36-48ce-844d-c588998fe704","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":37,"box":{"x":53,"y":263,"width":853,"height":11}},{"id":"bb44df54-7526-435c-a10d-55870a400c48","block_type":"box","text":"halts or delisting.","page_number":37,"box":{"x":53,"y":277,"width":121,"height":11}},{"id":"839772e9-e19c-4e85-b212-14ef272b805d","block_type":"box","text":"Commodity Risk.","page_number":37,"box":{"x":53,"y":300,"width":124,"height":11}},{"id":"d3e235f7-de92-486d-bf87-5f284665b859","block_type":"box","text":"The Fund’s investments in certain companies, especially resource extraction and production companies,","page_number":37,"box":{"x":181,"y":300,"width":739,"height":11}},{"id":"8ebdc1af-7b77-4d6e-a84a-493c7b25c8b6","block_type":"box","text":"are sensitive to fluctuations in certain commodity markets and to price changes due to trade relations, and changes in those","page_number":37,"box":{"x":53,"y":315,"width":879,"height":10}},{"id":"1277d796-2ee5-41f7-adf5-9684b2304ee9","block_type":"box","text":"markets may cause the Fund’s portfolio to lose value.","page_number":37,"box":{"x":53,"y":329,"width":374,"height":11}},{"id":"ad559959-a6ee-4f60-90f7-b80d92551749","block_type":"box","text":"Concentration Risk.","page_number":37,"box":{"x":53,"y":352,"width":145,"height":8}},{"id":"78ec200b-2964-4928-8c4e-a1634d9c6975","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":37,"box":{"x":202,"y":352,"width":711,"height":11}},{"id":"6093e3b0-82be-4b9d-919b-669c2b0e4ddc","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":37,"box":{"x":53,"y":366,"width":884,"height":10}},{"id":"fb0e2c7e-324d-4994-b2e1-16fa2d1e0e11","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":37,"box":{"x":52,"y":380,"width":887,"height":11}},{"id":"88345728-7f87-4e3a-8d6a-33760979e908","block_type":"box","text":"asset classes.","page_number":37,"box":{"x":53,"y":395,"width":95,"height":8}},{"id":"7b8ffa6d-71cd-4e94-ba79-31561192987b","block_type":"box","text":"Currency Risk.","page_number":37,"box":{"x":53,"y":418,"width":106,"height":11}},{"id":"33a52837-ab9e-4b75-8a96-e8e5650bfc5f","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":37,"box":{"x":164,"y":418,"width":751,"height":11}},{"id":"bf550731-759f-4960-a48f-574eb03decce","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":37,"box":{"x":53,"y":432,"width":842,"height":11}},{"id":"1f0113d2-207e-4ce9-9766-0ebd2022cc65","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":37,"box":{"x":52,"y":446,"width":854,"height":11}},{"id":"51ff91db-2b9f-4835-934d-e836ae180bcd","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":37,"box":{"x":53,"y":460,"width":869,"height":11}},{"id":"0debba77-ac85-4d63-ab9b-7b4ee4b38c16","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":37,"box":{"x":53,"y":474,"width":309,"height":11}},{"id":"efe251d4-db64-4a4f-9eb6-f1551e9c9d14","block_type":"box","text":"Issuer Risk.","page_number":37,"box":{"x":53,"y":498,"width":83,"height":8}},{"id":"75553ec1-2c5c-4bd3-85da-1d6ff606a050","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":37,"box":{"x":140,"y":498,"width":780,"height":10}},{"id":"02369c71-8851-4793-9c63-da386b161d85","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":37,"box":{"x":53,"y":512,"width":886,"height":11}},{"id":"70f4e734-5705-4b8a-8dbe-252411c1090b","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":37,"box":{"x":52,"y":526,"width":576,"height":11}},{"id":"b6ae214a-6ffd-4a55-831e-3959b040eeb8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":37,"box":{"x":53,"y":549,"width":278,"height":11}},{"id":"6b4a68ed-82c4-4eb9-85a9-85e899879354","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":37,"box":{"x":337,"y":549,"width":540,"height":11}},{"id":"e9d13f16-5e7b-4d52-b539-ce8a2fbc85b2","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":37,"box":{"x":53,"y":564,"width":890,"height":10}},{"id":"5520d286-6455-4938-848f-93714c02cfff","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":37,"box":{"x":53,"y":578,"width":868,"height":10}},{"id":"ddf56294-c1e7-452d-87fa-eb6c2dea10a2","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":37,"box":{"x":53,"y":592,"width":709,"height":11}},{"id":"0961e709-e493-476c-96f0-ece0fae9c1f0","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":37,"box":{"x":53,"y":615,"width":395,"height":11}},{"id":"e3e7a2cf-7572-4a38-80ad-3449a492e3b5","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":37,"box":{"x":453,"y":615,"width":410,"height":11}},{"id":"b6f92658-ef6e-4b52-a023-4418be6beea7","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":37,"box":{"x":53,"y":629,"width":883,"height":11}},{"id":"f3771123-605f-45b9-b193-d1ab2134b441","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":37,"box":{"x":52,"y":643,"width":884,"height":11}},{"id":"c34c6a8e-f64e-4786-84f4-ca7d8db54fba","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":37,"box":{"x":53,"y":657,"width":872,"height":11}},{"id":"0fcc8ee2-3b2d-494b-b92c-5de09a7f6d43","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":37,"box":{"x":53,"y":672,"width":812,"height":10}},{"id":"7b68dbd2-62c2-48ac-a544-a69fb08e516b","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":37,"box":{"x":53,"y":686,"width":890,"height":11}},{"id":"fe4201b5-a0c4-4862-bd6b-6d8720946e9f","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":37,"box":{"x":52,"y":700,"width":891,"height":10}},{"id":"dafd50d0-9de5-414b-8121-a2e1f6b5c123","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":37,"box":{"x":53,"y":714,"width":836,"height":11}},{"id":"0da65f06-2059-4f02-b99a-ba294ae61a22","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":37,"box":{"x":53,"y":728,"width":810,"height":11}},{"id":"9db4a164-06bb-40e7-8683-df40e3c66c17","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":37,"box":{"x":53,"y":743,"width":861,"height":10}},{"id":"257131a8-0d78-4611-a145-76a943333177","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":37,"box":{"x":53,"y":757,"width":875,"height":11}},{"id":"ab303ea1-5cff-4463-a7fa-33877d06d4e9","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":37,"box":{"x":52,"y":771,"width":654,"height":11}},{"id":"86a3bc18-6c87-496a-baab-5adb4e125176","block_type":"box","text":"Management Risk.","page_number":37,"box":{"x":53,"y":794,"width":137,"height":11}},{"id":"d511f446-e44a-4083-a286-3604adf72918","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":37,"box":{"x":194,"y":794,"width":711,"height":11}},{"id":"d6f14127-f9d2-44a6-9c12-457f9149111b","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":37,"box":{"x":53,"y":808,"width":877,"height":11}},{"id":"1a35724c-f7fc-4c0c-bba5-9a69af1ac4af","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":37,"box":{"x":53,"y":822,"width":859,"height":11}},{"id":"c9378a89-7bb5-47ac-8ee1-9a7d49dbc33a","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":37,"box":{"x":52,"y":837,"width":848,"height":10}},{"id":"4558424a-d13c-4fdd-8540-19218880a96d","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":37,"box":{"x":53,"y":851,"width":756,"height":11}},{"id":"de1d5f0f-81ec-45b8-8dfc-608c4a7a31bf","block_type":"box","text":"Market Trading Risk.","page_number":37,"box":{"x":53,"y":874,"width":152,"height":11}},{"id":"31afec8a-35dd-4b72-891d-13faa17c5ad7","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":37,"box":{"x":209,"y":874,"width":694,"height":11}},{"id":"54d4ade9-8464-4e30-bd45-23e390fad82c","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":37,"box":{"x":53,"y":888,"width":841,"height":11}},{"id":"9397aed9-9b19-445d-8996-0ab667e655b2","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":37,"box":{"x":53,"y":902,"width":887,"height":11}},{"id":"5e3f96c7-4d82-4897-b091-3f59e5988621","block_type":"box","text":"S-30","page_number":37,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"dca11711-a755-4830-9a6a-ff8ffa733d74","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":38,"box":{"x":52,"y":46,"width":839,"height":11}},{"id":"93a921ff-fab0-48a3-affb-f48e9a6ae76d","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":38,"box":{"x":53,"y":61,"width":866,"height":10}},{"id":"42d5bc81-0797-4e21-9a2e-c931bdd421f8","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":38,"box":{"x":52,"y":75,"width":885,"height":11}},{"id":"3a8d9970-bce9-47e0-bec6-b98634414d8d","block_type":"box","text":"of the Fund shares.","page_number":38,"box":{"x":53,"y":89,"width":134,"height":8}},{"id":"b2ee1665-d00a-47f2-a2df-b2a10d88bf18","block_type":"box","text":"National Closed Market Trading Risk.","page_number":38,"box":{"x":53,"y":112,"width":273,"height":11}},{"id":"952533ce-1b3f-4885-8a83-66f56ade7fc1","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":38,"box":{"x":330,"y":112,"width":544,"height":11}},{"id":"4b58ec8a-d9f1-4e33-86f2-7979d5018171","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":38,"box":{"x":53,"y":126,"width":874,"height":11}},{"id":"d72c30cd-2360-49ff-8c9d-78cca3952ede","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":38,"box":{"x":52,"y":140,"width":651,"height":11}},{"id":"278d4808-7d82-4d05-92df-2b6edefae39e","block_type":"box","text":"i.e","page_number":38,"box":{"x":704,"y":141,"width":15,"height":8}},{"id":"3dcdafc1-7162-4dff-ad17-ea4a68483c0a","block_type":"box","text":"., the quote from the closed","page_number":38,"box":{"x":720,"y":141,"width":191,"height":10}},{"id":"4e8a86a0-0ef1-43d7-8c7b-8ce8d85ae5a3","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":38,"box":{"x":52,"y":155,"width":880,"height":11}},{"id":"ad009b77-6c38-41dd-bf09-f613b399a5d7","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":38,"box":{"x":52,"y":169,"width":849,"height":11}},{"id":"5ff1d4e6-d522-4ccf-b309-59db8f703a12","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":38,"box":{"x":53,"y":183,"width":850,"height":11}},{"id":"cc2892c3-73f1-4dbd-9f9f-1b989848ad03","block_type":"box","text":"funds.","page_number":38,"box":{"x":52,"y":197,"width":44,"height":9}},{"id":"a69598ea-8cfe-4dc7-8207-41b85b79d09d","block_type":"box","text":"Non-Diversification Risk.","page_number":38,"box":{"x":53,"y":220,"width":184,"height":9}},{"id":"79e9295b-d42c-4334-aa9d-0e29f68d4ac1","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":38,"box":{"x":242,"y":220,"width":633,"height":11}},{"id":"46acdcee-a42e-4d16-b44b-38eab302a73d","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":38,"box":{"x":53,"y":234,"width":802,"height":11}},{"id":"a6b7d070-601d-4939-b475-613032c592b4","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":38,"box":{"x":53,"y":249,"width":888,"height":11}},{"id":"fd7f038f-a079-46f7-8d67-30ce5a848a52","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":38,"box":{"x":53,"y":263,"width":876,"height":11}},{"id":"c6ba4351-5e22-46d9-9731-2382fb138212","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":38,"box":{"x":53,"y":277,"width":696,"height":11}},{"id":"35d80fe0-3ca6-4c21-9b1f-025baf40020b","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":38,"box":{"x":53,"y":300,"width":182,"height":9}},{"id":"31026b7b-def1-4d36-8312-8a84ad0901f7","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":38,"box":{"x":240,"y":300,"width":687,"height":11}},{"id":"ab901119-c305-4243-9bc5-5dd78d4ccc1a","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":38,"box":{"x":53,"y":315,"width":853,"height":10}},{"id":"80780736-c7f3-4eb4-9e33-62c255ce34d0","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":38,"box":{"x":52,"y":329,"width":847,"height":11}},{"id":"396185c1-1978-4e86-8f88-98f9f3384311","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":38,"box":{"x":53,"y":343,"width":889,"height":11}},{"id":"a13f0d9c-b47a-4f33-b6ca-c68ba18a3def","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":38,"box":{"x":53,"y":357,"width":842,"height":11}},{"id":"1065513a-f0af-4e29-a231-beaaa6fa28bc","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":38,"box":{"x":53,"y":371,"width":831,"height":11}},{"id":"ef59efa4-905b-4da7-80d2-a3d746767c6b","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":38,"box":{"x":53,"y":385,"width":821,"height":11}},{"id":"75fe70a5-4999-4dcb-98b9-ff8c26ffa7f4","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":38,"box":{"x":53,"y":400,"width":871,"height":10}},{"id":"80357b79-c230-4aa2-8043-17aaacc5e02f","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":38,"box":{"x":53,"y":414,"width":289,"height":11}},{"id":"fa44a25d-7fe8-42ef-a22a-62c66abe5f21","block_type":"box","text":"European Economic Risk","page_number":38,"box":{"x":348,"y":414,"width":183,"height":10}},{"id":"03faa7bb-c848-4775-aca4-d510753b2127","block_type":"box","text":".","page_number":38,"box":{"x":532,"y":421,"width":1,"height":1}},{"id":"093312be-5e90-48f2-91fc-36a2dc9e2393","block_type":"box","text":"Operational and Technology Risks.","page_number":38,"box":{"x":53,"y":437,"width":254,"height":11}},{"id":"8acccd84-aec1-4425-91fb-b9bba234b9d3","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":38,"box":{"x":312,"y":437,"width":581,"height":11}},{"id":"4f13bb90-e29a-43d4-9994-321691fdb066","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":38,"box":{"x":53,"y":451,"width":876,"height":11}},{"id":"da2fb8b8-11b9-4519-93fc-91aef7e13af5","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":38,"box":{"x":53,"y":465,"width":879,"height":11}},{"id":"8a9ab4cb-19d2-4430-b3f0-e36431d15b08","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":38,"box":{"x":53,"y":480,"width":825,"height":10}},{"id":"b6d83c90-8f6d-4ab5-bb5e-d16b6ad42d2c","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":38,"box":{"x":53,"y":494,"width":862,"height":11}},{"id":"659cc77b-2051-461d-853d-fdb2590c1ae7","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":38,"box":{"x":53,"y":508,"width":872,"height":11}},{"id":"a8d8446d-a37e-44cf-ac54-061c33707b34","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":38,"box":{"x":53,"y":522,"width":824,"height":11}},{"id":"1fa3851f-953f-442e-8965-e370c543d78c","block_type":"box","text":"Risk of Investing in China.","page_number":38,"box":{"x":53,"y":545,"width":191,"height":11}},{"id":"77d80988-95c0-485c-a382-70e59ab10d59","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":38,"box":{"x":250,"y":545,"width":678,"height":11}},{"id":"35787c49-34a9-44e9-b99f-be8a5f294b69","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":38,"box":{"x":53,"y":559,"width":819,"height":11}},{"id":"06752e01-5f57-46d6-b258-73d356983150","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":38,"box":{"x":53,"y":574,"width":866,"height":10}},{"id":"4228bd16-125b-4fc5-b395-5267d84fa94d","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":38,"box":{"x":53,"y":588,"width":866,"height":11}},{"id":"331b3e3c-da88-4ebc-9165-1f08f4a80817","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":38,"box":{"x":52,"y":602,"width":841,"height":11}},{"id":"a30f22e4-378e-4c43-95ea-58bc10e066b4","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":38,"box":{"x":53,"y":616,"width":864,"height":11}},{"id":"00fe7349-e632-470e-bc5a-3e64596faee3","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":38,"box":{"x":52,"y":630,"width":861,"height":11}},{"id":"bc72372a-1b61-4b6a-85cf-eb6945f07ae0","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":38,"box":{"x":53,"y":645,"width":869,"height":10}},{"id":"0c72d9e3-e92f-4766-a3e5-5dd6b37997c9","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":38,"box":{"x":53,"y":659,"width":783,"height":11}},{"id":"81a2ed23-975e-4478-8b73-4289e00f3ef8","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":38,"box":{"x":53,"y":682,"width":887,"height":11}},{"id":"888d4cab-4091-4fd7-9f35-62b21a9a7eb8","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":38,"box":{"x":52,"y":696,"width":834,"height":11}},{"id":"0b9c8ab8-f02c-4fbd-98e8-f820332d266f","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":38,"box":{"x":52,"y":711,"width":845,"height":10}},{"id":"845b1937-8965-442c-a315-bbb2b5b1add0","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":38,"box":{"x":53,"y":724,"width":876,"height":11}},{"id":"3444922c-285c-4ef7-987c-9df73d262f5a","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":38,"box":{"x":53,"y":739,"width":834,"height":11}},{"id":"3234dc8d-0890-4f56-b26c-1a28ce6e6f30","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":38,"box":{"x":53,"y":753,"width":421,"height":11}},{"id":"350e422c-d807-412b-aae6-1c5d5820f7f7","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":38,"box":{"x":52,"y":776,"width":849,"height":11}},{"id":"ece968a5-4fea-4780-8754-e456f08dc0f8","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":38,"box":{"x":53,"y":790,"width":886,"height":11}},{"id":"53aeb6e9-ca5e-4588-a088-1779c55aaef3","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":38,"box":{"x":53,"y":804,"width":878,"height":11}},{"id":"17812ea2-c024-4999-b179-9e5edae9ad62","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":38,"box":{"x":53,"y":819,"width":874,"height":10}},{"id":"18a946b3-9fbb-4030-9087-7281b1d5f7f0","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":38,"box":{"x":53,"y":833,"width":878,"height":11}},{"id":"24970dd6-45b9-46f3-bec8-77221f5ceabe","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":38,"box":{"x":53,"y":847,"width":807,"height":11}},{"id":"3f40a639-6ae2-46fa-ad42-9ffea7f8ef5c","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":38,"box":{"x":53,"y":861,"width":890,"height":11}},{"id":"8c9a528d-7533-44c1-b8d0-ff9805469d04","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":38,"box":{"x":52,"y":875,"width":471,"height":11}},{"id":"e4da5f3e-6ff0-4d7a-ac1f-52016b949e9c","block_type":"box","text":"S-31","page_number":38,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"2360e841-3e74-4ac5-b040-e8fddecfcf7c","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":39,"box":{"x":53,"y":46,"width":883,"height":11}},{"id":"db37f10c-37ef-4bda-af2b-b1ac83193d76","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":39,"box":{"x":53,"y":61,"width":850,"height":10}},{"id":"c5e17507-5f29-4bda-8f7b-8877bcc24810","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":39,"box":{"x":53,"y":75,"width":861,"height":11}},{"id":"6a369bff-ce0f-4cd9-9835-cd30ddd84b68","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":39,"box":{"x":53,"y":89,"width":850,"height":11}},{"id":"dc3fcfdf-3872-4a42-9f9f-95870c1486bb","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":39,"box":{"x":53,"y":103,"width":883,"height":11}},{"id":"c61f479b-4d29-4032-be17-9f125db7b0de","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":39,"box":{"x":52,"y":117,"width":860,"height":11}},{"id":"4bdaddc3-82fb-4dfd-bd8d-c4deb171d233","block_type":"box","text":"have limited legal remedies.","page_number":39,"box":{"x":53,"y":132,"width":196,"height":10}},{"id":"8ada3759-24e6-4eae-8d37-86c0381506d2","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","page_number":39,"box":{"x":53,"y":155,"width":845,"height":11}},{"id":"08803d57-efd7-4730-9449-91a6a71c6c1b","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":39,"box":{"x":52,"y":169,"width":836,"height":11}},{"id":"4856ab57-4587-4930-bb9e-b918a17b20c6","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":39,"box":{"x":53,"y":183,"width":851,"height":11}},{"id":"f7f5b5a8-a09e-4f2a-8c32-a1ee72ff8cf4","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":39,"box":{"x":52,"y":197,"width":779,"height":11}},{"id":"97c3dad4-ac0d-4ffd-ae94-b03b7c86fdac","block_type":"box","text":"considerations.","page_number":39,"box":{"x":53,"y":212,"width":107,"height":8}},{"id":"5a552dc8-44ab-4be0-9710-5103c3a65a0a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":39,"box":{"x":53,"y":234,"width":302,"height":12}},{"id":"282bbc47-c37f-4061-ab37-738e2157565d","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":39,"box":{"x":359,"y":235,"width":581,"height":10}},{"id":"6f3cdc6a-b6a4-48b0-a7b3-6acef877a11c","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":39,"box":{"x":53,"y":249,"width":868,"height":11}},{"id":"c1ff85ac-e4c8-49b3-bd8e-45bd92c160ba","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":39,"box":{"x":52,"y":263,"width":871,"height":11}},{"id":"f49a6fe9-4eb5-417b-a3b6-fe842f7b689b","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":39,"box":{"x":52,"y":277,"width":875,"height":11}},{"id":"78048c37-6a88-4d92-a2dc-a4605eb71ae3","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":39,"box":{"x":52,"y":291,"width":877,"height":11}},{"id":"df186010-521e-499e-a2ed-eb8a359b229c","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":39,"box":{"x":53,"y":305,"width":887,"height":11}},{"id":"e1716ff3-2b4c-465a-ba9f-6e174c0b8c15","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":39,"box":{"x":53,"y":320,"width":836,"height":11}},{"id":"f76c69ab-185f-48c5-9e67-9a054cafb449","block_type":"box","text":"availability of certain commodities.","page_number":39,"box":{"x":53,"y":334,"width":246,"height":11}},{"id":"ea9aaddb-a020-4434-aa38-3731f5d08feb","block_type":"box","text":"Risk of Investing in the U.S.","page_number":39,"box":{"x":53,"y":357,"width":200,"height":11}},{"id":"478170ea-8ae8-4d6e-8f10-2c6a6cfc7921","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":39,"box":{"x":259,"y":357,"width":663,"height":11}},{"id":"d24a07d5-dd40-4257-be71-37e5906833e6","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":39,"box":{"x":53,"y":371,"width":877,"height":11}},{"id":"0cc871ad-4738-45df-9da3-b4035a853f51","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":39,"box":{"x":53,"y":385,"width":470,"height":11}},{"id":"3152e41e-d52a-4a7c-9924-66ab4009b00c","block_type":"box","text":"Securities Lending Risk.","page_number":39,"box":{"x":52,"y":409,"width":178,"height":11}},{"id":"c25a05fb-7030-4b17-b4cb-8c06d95a408e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":39,"box":{"x":234,"y":409,"width":692,"height":10}},{"id":"d25cdd88-f40f-4686-b173-d15e59ca93ed","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":39,"box":{"x":53,"y":423,"width":870,"height":11}},{"id":"e654e2a7-b0a3-4d76-8282-65c14922b5c7","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":39,"box":{"x":53,"y":437,"width":886,"height":11}},{"id":"8ab67414-d80b-44fa-a04b-898d4e3e4c1c","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":39,"box":{"x":53,"y":451,"width":831,"height":11}},{"id":"bfec6eb4-dc41-477e-a5ac-3aeae24d1614","block_type":"box","text":"Tracking Error Risk.","page_number":39,"box":{"x":52,"y":474,"width":145,"height":11}},{"id":"9fc01d98-62a4-48b9-b00d-a6ece1766401","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":39,"box":{"x":201,"y":474,"width":741,"height":11}},{"id":"4c2695cd-fccc-48fa-838a-16f7e9582c9c","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":39,"box":{"x":53,"y":489,"width":861,"height":10}},{"id":"184c598c-e9c6-407c-a700-dbbb51bdc7ec","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":39,"box":{"x":53,"y":503,"width":832,"height":11}},{"id":"c02674fc-5a23-4143-a252-1dc0197805d2","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":39,"box":{"x":53,"y":517,"width":880,"height":11}},{"id":"0666fa7c-3cf4-4923-9bb8-a6e8bacb785d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":39,"box":{"x":53,"y":531,"width":831,"height":11}},{"id":"653f8983-8efd-407c-8466-338ed857666d","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":39,"box":{"x":52,"y":545,"width":828,"height":11}},{"id":"27e66488-e82a-4def-af71-01dfce22c48b","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":39,"box":{"x":53,"y":559,"width":873,"height":11}},{"id":"753e319c-69d4-4610-aff3-f2b0df66157a","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":39,"box":{"x":53,"y":574,"width":889,"height":10}},{"id":"26c6fbe0-e28b-4d71-8bd7-c9b6b2744330","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":39,"box":{"x":53,"y":588,"width":852,"height":11}},{"id":"37bece19-99b2-4272-a7b3-5732df58da7d","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":39,"box":{"x":53,"y":602,"width":886,"height":11}},{"id":"5db55c9a-e427-4383-beed-e5f68631a8c6","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":39,"box":{"x":53,"y":616,"width":873,"height":11}},{"id":"9f6d0137-2501-496c-bc5b-529a2003e272","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":39,"box":{"x":53,"y":630,"width":879,"height":11}},{"id":"3302d191-398b-4ab2-a997-ed92f1f2bf65","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":39,"box":{"x":53,"y":645,"width":839,"height":10}},{"id":"c768338a-cacd-4963-aeb6-bd8f9a1a2e00","block_type":"box","text":"Valuation Risk.","page_number":39,"box":{"x":52,"y":668,"width":110,"height":8}},{"id":"8f211178-a1cc-41a2-b6fa-47998d9f19e4","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":39,"box":{"x":166,"y":668,"width":740,"height":11}},{"id":"50892025-ee2c-4417-8a22-dab22c5eb0ac","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":39,"box":{"x":53,"y":682,"width":840,"height":11}},{"id":"54cf6d81-c3eb-4b2e-944d-66a0ceecf933","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":39,"box":{"x":52,"y":696,"width":869,"height":11}},{"id":"2f0ae8d8-dccc-4bb6-8882-7ef026327eb3","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":39,"box":{"x":52,"y":710,"width":889,"height":11}},{"id":"61f0bb21-e297-4cc5-985a-fa81944f8502","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":39,"box":{"x":53,"y":725,"width":871,"height":10}},{"id":"d3a6c38d-6c93-4a98-9a86-ab1cdb1a9668","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":39,"box":{"x":52,"y":739,"width":879,"height":11}},{"id":"098484cb-2788-4248-a8cd-d5819f717b1a","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":39,"box":{"x":53,"y":753,"width":880,"height":11}},{"id":"b0469bdf-dab4-4a6e-893d-f860ed59b4e3","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":39,"box":{"x":53,"y":767,"width":816,"height":11}},{"id":"db05fcdd-0307-4fe3-95bf-9c71c977a60f","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":39,"box":{"x":52,"y":781,"width":613,"height":11}},{"id":"86567a07-2e91-4d64-b656-7578619ae0a8","block_type":"box","text":"Performance Information","page_number":39,"box":{"x":54,"y":810,"width":228,"height":11}},{"id":"b299b65c-635e-4907-ab40-c4b33571c493","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":39,"box":{"x":52,"y":835,"width":864,"height":11}},{"id":"b863712c-cc6b-4fc6-bc6a-5248f922cee7","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":39,"box":{"x":52,"y":850,"width":872,"height":10}},{"id":"4f1da081-3eb5-4517-9db1-a7f03f121de1","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":39,"box":{"x":53,"y":864,"width":868,"height":11}},{"id":"0ae0ed19-e4a3-4378-8ca0-a8ee6e9d7127","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":39,"box":{"x":53,"y":878,"width":838,"height":11}},{"id":"4b94b1e8-cae6-41c4-bcbd-9bd21cc411fb","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":39,"box":{"x":53,"y":892,"width":868,"height":11}},{"id":"962bda03-18a2-4cae-950d-6178e1c587fa","block_type":"box","text":"S-32","page_number":39,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3b4f9e9c-2e9f-4520-8b53-253f8a73550b","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":40,"box":{"x":53,"y":46,"width":832,"height":11}},{"id":"931a1fcb-f30e-4192-9baa-22271d1e3e38","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":40,"box":{"x":53,"y":61,"width":842,"height":10}},{"id":"b1d69258-77c8-4236-b207-09384d45d6fd","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":40,"box":{"x":52,"y":75,"width":531,"height":11}},{"id":"56fc7b28-3132-4a0a-9817-6f94b438b3ea","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":40,"box":{"x":135,"y":99,"width":260,"height":11}},{"id":"08e077d6-b998-4f15-bceb-bc49312525ae","block_type":"box","text":"28.04","page_number":40,"box":{"x":85,"y":169,"width":27,"height":6}},{"id":"f179c8ef-6ef7-41d9-ae34-d8359e45b784","block_type":"box","text":"5.45","page_number":40,"box":{"x":126,"y":187,"width":20,"height":5}},{"id":"6b081fad-041b-4cd8-ad31-614637814f5d","block_type":"box","text":"-14.59","page_number":40,"box":{"x":157,"y":217,"width":30,"height":6}},{"id":"492f9b03-e7df-4c3d-a6ff-474698bc3c98","block_type":"box","text":"12.33","page_number":40,"box":{"x":198,"y":181,"width":25,"height":6}},{"id":"0b70582c-201c-4e00-afe0-9cc6550a8cb0","block_type":"box","text":"-30.72","page_number":40,"box":{"x":231,"y":229,"width":30,"height":6}},{"id":"caf8766e-e058-4107-b36e-2640e6664a47","block_type":"box","text":"40.94","page_number":40,"box":{"x":270,"y":159,"width":27,"height":6}},{"id":"04b1d3c7-e1d9-46c0-9191-51c6a66b573b","block_type":"box","text":"47.82","page_number":40,"box":{"x":307,"y":154,"width":27,"height":6}},{"id":"ecb28274-4477-4bb1-a5aa-a14a4f7ff570","block_type":"box","text":"4.06","page_number":40,"box":{"x":347,"y":188,"width":21,"height":6}},{"id":"31c54012-c72a-48a2-a7d9-21f0c72bdd28","block_type":"box","text":"2.08","page_number":40,"box":{"x":385,"y":189,"width":20,"height":6}},{"id":"9d53ff2c-93cb-43f9-8cfc-488f47cd8a49","block_type":"box","text":"13.96","page_number":40,"box":{"x":420,"y":180,"width":25,"height":6}},{"id":"512bfee2-edde-438a-8cdc-2237a42e699c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":40,"box":{"x":87,"y":253,"width":356,"height":6}},{"id":"ac3107ef-ac45-4230-8e6a-1d006e8fc3c8","block_type":"box","text":"Return (%) Period Ended","page_number":40,"box":{"x":760,"y":114,"width":176,"height":9}},{"id":"59a15cb6-5d3d-420b-ac25-5988e9627ed5","block_type":"box","text":"Calendar Year-to-Date Return","page_number":40,"box":{"x":520,"y":132,"width":197,"height":8}},{"id":"fbea1dcd-6f16-4923-b457-85582723247f","block_type":"box","text":"18.88% June 30, 2026","page_number":40,"box":{"x":774,"y":132,"width":168,"height":9}},{"id":"80faf249-f26b-4eba-9417-26c09e069d65","block_type":"box","text":"During the periods shown in the chart:","page_number":40,"box":{"x":520,"y":145,"width":250,"height":10}},{"id":"0b287bb4-2f93-411e-9c51-d0a8a4178fea","block_type":"box","text":"Best Quarter 30.86% March 31, 2022","page_number":40,"box":{"x":534,"y":158,"width":408,"height":9}},{"id":"589ff91a-e2de-4ed8-8e9a-fd49bc603c28","block_type":"box","text":"Worst Quarter -44.68% March 31, 2020","page_number":40,"box":{"x":533,"y":171,"width":409,"height":9}},{"id":"271d3b2e-4b1d-4407-a08d-f1bbd68a9341","block_type":"box","text":"Average Annual Total Returns (%)","page_number":40,"box":{"x":372,"y":284,"width":251,"height":11}},{"id":"f2cbf142-bf01-424f-9f5d-99ecaa16aca8","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":40,"box":{"x":340,"y":298,"width":315,"height":10}},{"id":"2db345b9-a343-40a0-9a40-6b71ea4f3527","block_type":"box","text":"One Year Five Years Ten Years","page_number":40,"box":{"x":670,"y":314,"width":268,"height":8}},{"id":"8352cdcb-b3f1-4f0c-8be1-0580122b0146","block_type":"box","text":"Fund Inception: 11/12/2001","page_number":40,"box":{"x":58,"y":330,"width":187,"height":9}},{"id":"5a66b1ef-9d7b-4648-9426-8ff7d2b7bdb9","block_type":"box","text":"Return Before Taxes","page_number":40,"box":{"x":58,"y":341,"width":125,"height":8}},{"id":"7b9f5598-6ab5-4aa7-a878-19641b6bd476","block_type":"box","text":"13.96% 20.32% 8.51%","page_number":40,"box":{"x":682,"y":341,"width":257,"height":8}},{"id":"c60572af-5a03-440e-ae4c-526bce5ef0c6","block_type":"box","text":"Return After Taxes on Distributions 12.95% 19.18% 7.44%","page_number":40,"box":{"x":58,"y":353,"width":881,"height":7}},{"id":"a1ebf2a3-f99b-48e0-bb8c-494a259e5605","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.93% 16.46% 6.65%","page_number":40,"box":{"x":58,"y":364,"width":881,"height":8}},{"id":"568215cc-b501-417c-bbc1-cdc0ec7aa62f","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":40,"box":{"x":57,"y":376,"width":244,"height":9}},{"id":"8516ee7e-b18e-48bc-925e-f60b792dbb31","block_type":"box","text":"1","page_number":40,"box":{"x":302,"y":375,"width":5,"height":4}},{"id":"c3a2b503-a058-4bcb-803e-17436a64e5b4","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":40,"box":{"x":312,"y":376,"width":330,"height":9}},{"id":"ce2f00ea-dcce-446d-bd96-cfa62be996f9","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":40,"box":{"x":71,"y":389,"width":868,"height":10}},{"id":"27962d70-d00f-4b69-8469-267f061a0db3","block_type":"box","text":"S&P Global 1200 Energy 4.5/22.5/45 Capped Index (Spliced)","page_number":40,"box":{"x":57,"y":400,"width":399,"height":10}},{"id":"c9fecb21-6afa-40b0-8bd5-07f9c2f2ef7a","block_type":"box","text":"1,2","page_number":40,"box":{"x":457,"y":399,"width":14,"height":6}},{"id":"116bc3ef-21ed-41f8-8c4b-3f101484a6be","block_type":"box","text":"(Returns do not reflect","page_number":40,"box":{"x":476,"y":400,"width":141,"height":9}},{"id":"d2459eb3-698f-4fa3-8ad5-294ff60ab4c1","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 13.68% 19.81% 8.12%","page_number":40,"box":{"x":71,"y":413,"width":868,"height":10}},{"id":"578e782c-ddde-4d20-98cc-2481256b1c50","block_type":"box","text":"1","page_number":40,"box":{"x":80,"y":432,"width":5,"height":5}},{"id":"9c6f29a8-3a66-43a5-b090-cfba7188fa74","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":40,"box":{"x":94,"y":433,"width":827,"height":10}},{"id":"39793ef5-7618-487a-a4f2-4bc120ed8341","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":40,"box":{"x":93,"y":444,"width":847,"height":9}},{"id":"354fd940-9156-4a70-97ad-6975923f8b0e","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":40,"box":{"x":93,"y":454,"width":843,"height":10}},{"id":"b70c26cb-48e4-49b8-b705-620471234dd4","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":40,"box":{"x":92,"y":464,"width":829,"height":10}},{"id":"d0411d77-6cee-4e04-8727-8c7343df81f4","block_type":"box","text":"tax rates, if any.","page_number":40,"box":{"x":92,"y":475,"width":97,"height":9}},{"id":"3b672236-d800-4566-bc72-706e60addaeb","block_type":"box","text":"2","page_number":40,"box":{"x":80,"y":484,"width":5,"height":4}},{"id":"fb7c5e6a-9a84-421c-9dbb-0f5dee86083a","block_type":"box","text":"The S&P Global 1200 Energy 4.5/22.5/45 Capped Index (Spliced) reflects the performance of the S&P Global 1200 Energy Index (Net)","page_number":40,"box":{"x":92,"y":485,"width":846,"height":10}},{"id":"babdaf66-96a8-4944-b756-572e145ea941","block_type":"box","text":"through April 19, 2023 and the S&P Global 1200 Energy 4.5/22.5/45 Capped Index (Net) thereafter, which reflect the times when each","page_number":40,"box":{"x":92,"y":495,"width":847,"height":10}},{"id":"953f0670-8bc7-4605-ac9e-58d97e2e4b74","block_type":"box","text":"index was the Underlying Index of the Fund.","page_number":40,"box":{"x":93,"y":506,"width":275,"height":9}},{"id":"7fdb0d64-6c05-4e6d-b515-17c5dd5ecbba","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":40,"box":{"x":52,"y":525,"width":857,"height":11}},{"id":"196a1026-450d-4ca2-b43c-7653166b66c0","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":40,"box":{"x":53,"y":539,"width":865,"height":11}},{"id":"714d7be6-03cc-4db7-b27e-7eaa0ef50b64","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":40,"box":{"x":53,"y":554,"width":847,"height":11}},{"id":"6bd0af09-02d4-49b6-b7d5-6ed184bb959e","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":40,"box":{"x":52,"y":568,"width":857,"height":11}},{"id":"890882a7-f209-4f67-961d-34a847ebf27b","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":40,"box":{"x":53,"y":582,"width":877,"height":11}},{"id":"e7f16050-25b5-47f7-879f-5eeb9ec76c09","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":40,"box":{"x":52,"y":596,"width":836,"height":11}},{"id":"2ef040ec-7f14-4a1f-be6b-490ed38a66cb","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":40,"box":{"x":53,"y":610,"width":886,"height":11}},{"id":"78b94946-b212-4562-8e38-5630d2939933","block_type":"box","text":"on distributions.","page_number":40,"box":{"x":53,"y":625,"width":114,"height":8}},{"id":"44ac4dc8-f9fb-42c0-8c2f-2bfe3089a9a0","block_type":"box","text":"Management","page_number":40,"box":{"x":54,"y":654,"width":119,"height":13}},{"id":"076db0e6-05ee-4f3c-88f3-99af59195d65","block_type":"box","text":"Investment Adviser.","page_number":40,"box":{"x":53,"y":679,"width":145,"height":8}},{"id":"476b2922-26dc-4ef5-b923-5d9c80d86c0f","block_type":"box","text":"BlackRock Fund Advisors.","page_number":40,"box":{"x":204,"y":679,"width":180,"height":8}},{"id":"ee72d0ab-4ac3-4a48-b9b8-a7fac89da8b7","block_type":"box","text":"Portfolio Managers.","page_number":40,"box":{"x":53,"y":702,"width":146,"height":11}},{"id":"cff6496f-498b-4687-8baf-65dae85a01b8","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":40,"box":{"x":203,"y":702,"width":679,"height":11}},{"id":"8c2d7834-5451-4f0e-8ff0-ff60e3f9c873","block_type":"box","text":"management of the Fund:","page_number":40,"box":{"x":53,"y":716,"width":182,"height":11}},{"id":"d29065d5-2df2-42c1-9c72-15eb1ae0c216","block_type":"box","text":"Portfolio Manager","page_number":40,"box":{"x":58,"y":752,"width":119,"height":10}},{"id":"470d0cd6-4e16-45e6-a90c-d87fd679efa6","block_type":"box","text":"Portfolio Manager of the","page_number":40,"box":{"x":411,"y":739,"width":160,"height":10}},{"id":"644c73f2-31b7-4ff3-8447-2d106573ebd5","block_type":"box","text":"Fund Since","page_number":40,"box":{"x":455,"y":752,"width":72,"height":7}},{"id":"939f49e4-bd65-431b-bfc1-42d84dce1bec","block_type":"box","text":"Title with Investment","page_number":40,"box":{"x":804,"y":739,"width":140,"height":8}},{"id":"2a2d11ca-a10b-4923-b573-8f214316caba","block_type":"box","text":"Adviser","page_number":40,"box":{"x":849,"y":752,"width":49,"height":7}},{"id":"b9df9048-26a4-49fe-ac32-415808890a2e","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":40,"box":{"x":57,"y":767,"width":876,"height":10}},{"id":"b96cf3de-840c-4e72-812c-fbd42ac9f771","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":40,"box":{"x":58,"y":783,"width":875,"height":9}},{"id":"c0fdbfbc-79f2-4f36-8e23-62b9bac3b780","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":40,"box":{"x":58,"y":798,"width":875,"height":10}},{"id":"7870a800-2b49-4521-a766-0a2c41c36b97","block_type":"box","text":"Steven White 2025 Managing Director","page_number":40,"box":{"x":57,"y":814,"width":876,"height":9}},{"id":"3e8e8cf0-9e48-4a72-a037-2bf323c2db3f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":40,"box":{"x":54,"y":849,"width":304,"height":10}},{"id":"8b849fca-d5ef-4221-8a13-2eb1e611a529","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":40,"box":{"x":52,"y":874,"width":878,"height":11}},{"id":"14ba3f64-c32a-4bf6-aaf5-6907ad10f133","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":40,"box":{"x":53,"y":888,"width":855,"height":11}},{"id":"62ffeb6b-8dcb-4e88-8ad7-39c41ddd82e0","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":40,"box":{"x":52,"y":902,"width":817,"height":11}},{"id":"0b3949e1-5507-4e0c-b2bd-fbc16c36862d","block_type":"box","text":"S-33","page_number":40,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"ef6091ee-329d-49a9-aedf-5e7185ce9509","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":41,"box":{"x":53,"y":46,"width":878,"height":11}},{"id":"630c007a-a36a-4ac1-84cc-2a177f9a9daf","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":41,"box":{"x":53,"y":61,"width":861,"height":10}},{"id":"d1e6ade5-8b15-4d9c-b2fb-858dbc2af7a4","block_type":"box","text":"(the “bid-ask spread”).","page_number":41,"box":{"x":53,"y":75,"width":156,"height":10}},{"id":"11af09d4-eb38-4488-877a-a0eba2abd6be","block_type":"box","text":"Tax Information","page_number":41,"box":{"x":52,"y":104,"width":144,"height":10}},{"id":"0902a5a7-7aee-40d4-b6b8-9d86ed4412f0","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":41,"box":{"x":52,"y":129,"width":831,"height":11}},{"id":"daa023fc-70c7-43c5-92b6-8e7a723ddc3a","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":41,"box":{"x":53,"y":143,"width":883,"height":11}},{"id":"885645e4-566b-41d4-ad68-2dec181b1a06","block_type":"box","text":"be taxed when withdrawn.","page_number":41,"box":{"x":53,"y":157,"width":182,"height":9}},{"id":"db8ba8d1-98a4-46ae-90cd-79140fd899aa","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":41,"box":{"x":54,"y":186,"width":575,"height":14}},{"id":"1f14966f-165a-4d80-9541-1e31943d3c32","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":41,"box":{"x":53,"y":211,"width":855,"height":11}},{"id":"a4e642aa-2265-474a-a5f2-4848315efccc","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":41,"box":{"x":53,"y":226,"width":843,"height":10}},{"id":"18008910-a725-4a95-9abe-e2d36320c8cc","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":41,"box":{"x":53,"y":240,"width":820,"height":11}},{"id":"80b9814a-eae9-4455-bdf6-50ba337f9469","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":41,"box":{"x":53,"y":254,"width":801,"height":11}},{"id":"87888546-9764-4755-a1a0-e09ed35ee440","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":41,"box":{"x":53,"y":268,"width":841,"height":11}},{"id":"7a151d00-5116-448c-b7de-217c4e2c037d","block_type":"box","text":"financial intermediary’s website for more information.","page_number":41,"box":{"x":52,"y":282,"width":380,"height":11}},{"id":"4029c80c-e3e7-46c6-bdb9-b9ad9de21553","block_type":"box","text":"S-34","page_number":41,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"1ae76685-2841-426f-8cc3-d59fed47664b","block_type":"box","text":"iShares Global Financials ETF","page_number":42,"box":{"x":53,"y":47,"width":413,"height":16}},{"id":"095ea013-22bd-4d78-8323-8342293e032e","block_type":"box","text":"IXG | NYSE Arca","page_number":42,"box":{"x":54,"y":70,"width":219,"height":18}},{"id":"18f61c6b-e926-4bcc-9be0-16bda28bab9a","block_type":"box","text":"Investment Objective","page_number":42,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"e662b600-7c87-4245-b56e-7b5511e77464","block_type":"box","text":"The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities","page_number":42,"box":{"x":52,"y":134,"width":880,"height":11}},{"id":"6b614eff-ee56-4c75-befa-0642ddb44c6f","block_type":"box","text":"in the financials sector.","page_number":42,"box":{"x":53,"y":148,"width":162,"height":9}},{"id":"ef24ad96-76cb-41dd-b267-bea16cd38457","block_type":"box","text":"Fees and Expenses","page_number":42,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"ebf3a16a-f303-40fe-b233-183ca90b1497","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","page_number":42,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"26501166-c77f-49b0-b3fc-6b05edcaf5a6","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":42,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"7ded2299-02ef-42d8-95d5-0e3f36831cb2","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":42,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"f4b303e1-9c71-48b6-ac34-12a26e0da35f","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":42,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"3c888419-45bd-4705-9f9c-52c7dab06d62","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":42,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"929e27fd-7955-499e-886f-26f08a314d2e","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":42,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"d9efc9d9-a7d9-45c3-8524-93abc1ec4bf3","block_type":"box","text":"extraordinary expenses.","page_number":42,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"552a4cc5-0c08-44a0-a49b-51a9f03787e4","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":42,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"4e2cb6a4-9dda-4c54-9151-738d2f2dfe1b","block_type":"box","text":"reflected in the table and example below.","page_number":42,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"3ac524c1-59b7-4ae4-b9da-dbe2278178fb","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":42,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"fa02d328-f3ce-4ecc-881c-2fa54eb07570","block_type":"box","text":"1","page_number":42,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"980fafe0-ec75-4f4a-a220-ce6932bc95ae","block_type":"box","text":"Management Fee","page_number":42,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"0f7b01a2-2c5c-4104-9a9f-a781f8554895","block_type":"box","text":"0.37%","page_number":42,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"53450f4b-4d14-4eca-ae79-222f8d1cdc75","block_type":"box","text":"Other Expenses","page_number":42,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"c414738d-0f99-4862-bc6a-0fff1c1152e4","block_type":"box","text":"0.01%","page_number":42,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"5de95b1d-24e5-4291-ac11-daf05cd46b75","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":42,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"68669c9a-cc57-4c97-a289-f75c9561aa8d","block_type":"box","text":"0.38%","page_number":42,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"c4c17f5f-f0f3-43e5-87b8-a941ec1220bd","block_type":"box","text":"1","page_number":42,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"429dac8c-8ade-4ac5-816f-edab72fc413a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":42,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"804bdb9c-8ad8-4f9d-8f0a-c715c6a9e560","block_type":"box","text":"Example.","page_number":42,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"15b04f66-083c-4877-b552-19414c4fd6bd","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","page_number":42,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"8ff5ccac-d848-4961-ba59-623b31318131","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":42,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"5f162be8-d527-4222-8855-191f495a27ba","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":42,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"2ca00631-eb48-4a7e-8143-23851d933f6e","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":42,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"67f64e8b-0db5-4990-b3bd-2bcfe2fc72b1","block_type":"box","text":"your costs would be:","page_number":42,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"3110b1d1-97d5-4385-ae92-60903fa90b3f","block_type":"box","text":"Expense Example","page_number":42,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"5ca370e8-cbac-4d99-9feb-b5bac42d3365","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":42,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"697b24d3-0784-49f5-a68f-c0b112fd97d4","block_type":"box","text":"Example Fund Costs","page_number":42,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"84622821-cd15-4db6-8a04-d2f26a81b1d2","block_type":"box","text":"$39 $122 $213 $480","page_number":42,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"0e64dca5-9b97-48c9-8093-56eec781bbc1","block_type":"box","text":"Portfolio Turnover.","page_number":42,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"e2f4af3d-b9e2-4387-9fb9-fd52955ff126","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":42,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"e9cad8cf-d068-4ebd-8030-6e0f95002471","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":42,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"df01e159-5e45-4e84-ba8a-daac07ea3d97","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":42,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"e6189ac4-1e80-4462-bc59-4c96b919d00d","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of","page_number":42,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"3fb17896-49ed-49ed-86c0-6f944c1cddf1","block_type":"box","text":"the average value of its portfolio.","page_number":42,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"5f6fac07-c075-438d-a2f3-6ebe61222149","block_type":"box","text":"Principal Investment Strategies","page_number":42,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"6246011c-8cd4-44c5-ab28-8adb6ede7345","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Financials (Sector) Capped Index","page_number":42,"box":{"x":52,"y":683,"width":739,"height":10}},{"id":"25776326-0cd3-41bd-9f45-3f1f6a2c610b","block_type":"box","text":"TM","page_number":42,"box":{"x":791,"y":681,"width":17,"height":5}},{"id":"8a708022-a679-48e9-b7a9-c374155f8d3a","block_type":"box","text":"(the “Underlying","page_number":42,"box":{"x":813,"y":682,"width":115,"height":11}},{"id":"695d056e-a91b-4393-ad3e-e3de54c30f5f","block_type":"box","text":"Index”), which measures the performance of companies that S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a","page_number":42,"box":{"x":53,"y":697,"width":875,"height":10}},{"id":"eb78230c-db30-42b0-9c21-0699a015251d","block_type":"box","text":"subsidiary of S&P Global, Inc., deems to be part of the financials sector of the economy and that SPDJI believes are important","page_number":42,"box":{"x":52,"y":711,"width":886,"height":11}},{"id":"abb92148-b638-48dd-91f1-148c0ed811b8","block_type":"box","text":"to global markets. The Underlying Index is a subset of the S&P Global 1200, which is designed to measure the performance of","page_number":42,"box":{"x":52,"y":725,"width":889,"height":11}},{"id":"951ec040-eb00-45f1-ac57-c7222c2902ac","block_type":"box","text":"large-capitalization stocks from major global markets, as determined by SPDJI. As of March 31, 2026, a significant portion of","page_number":42,"box":{"x":53,"y":739,"width":883,"height":11}},{"id":"0c6e62fa-ec4f-4b9c-a48e-671b71d6368c","block_type":"box","text":"the Underlying Index was represented by securities of companies in the financials industry or sector. The components of the","page_number":42,"box":{"x":52,"y":754,"width":877,"height":10}},{"id":"9974fe0e-5350-40ea-bee4-413bc649804b","block_type":"box","text":"Underlying Index are likely to change over time. As of March 31, 2026, the Underlying Index was composed of securities of","page_number":42,"box":{"x":53,"y":768,"width":863,"height":11}},{"id":"b901aff8-f06f-48f4-ac8e-061ffa7719d3","block_type":"box","text":"companies in the following countries or regions: Australia, Austria, Belgium, Brazil, Canada, Chilé, China, Colombia, Denmark,","page_number":42,"box":{"x":53,"y":782,"width":885,"height":11}},{"id":"2d27e68e-e067-4ca9-97e4-d3a5313dbdb4","block_type":"box","text":"Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, Peru, Singapore, South Korea,","page_number":42,"box":{"x":53,"y":796,"width":873,"height":11}},{"id":"98bff253-ac08-481b-935d-4cf1007c35ee","block_type":"box","text":"Spain, Sweden, Switzerland, Taiwan, the United Kingdom (the “U.K.”) and the U.S.","page_number":42,"box":{"x":52,"y":810,"width":568,"height":11}},{"id":"e21d1f77-1aca-4763-aa23-c37dc9aeb4ed","block_type":"box","text":"The Underlying Index uses a capping methodology. The capping methodology limits the sum of the weights of the securities","page_number":42,"box":{"x":52,"y":832,"width":877,"height":11}},{"id":"bb97b701-cbca-4391-8f51-2fb757e33f3b","block_type":"box","text":"of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 25% of the","page_number":42,"box":{"x":53,"y":846,"width":859,"height":11}},{"id":"ace9175d-112a-4c1a-9c1a-2cb376102fda","block_type":"box","text":"weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index","page_number":42,"box":{"x":52,"y":861,"width":844,"height":10}},{"id":"2d84a2a6-3c27-42cc-a534-5f67dd885774","block_type":"box","text":"rebalances quarterly to limit the aggregate weight of all issuers that individually exceed 4.50% of the Underlying Index weight","page_number":42,"box":{"x":53,"y":875,"width":890,"height":11}},{"id":"664210d5-1040-46cb-b33b-dba643b6e307","block_type":"box","text":"to a maximum of 22.50%. Between scheduled quarterly reviews, the Underlying Index is rebalanced at the end of any day on","page_number":42,"box":{"x":52,"y":889,"width":878,"height":11}},{"id":"fada56b0-b8ee-4d25-b84d-eeb5917b4559","block_type":"box","text":"which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent more","page_number":42,"box":{"x":52,"y":903,"width":856,"height":11}},{"id":"5fd8f58c-4885-4222-ab3b-e2e96ad33d3c","block_type":"box","text":"S-35","page_number":42,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"cacd6883-a4c8-492b-a276-5c663d229933","block_type":"box","text":"than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology SPDJI may","page_number":43,"box":{"x":52,"y":46,"width":852,"height":11}},{"id":"d86a4191-5fd5-4126-8187-2380da151a16","block_type":"box","text":"consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control.","page_number":43,"box":{"x":53,"y":61,"width":853,"height":10}},{"id":"7eb52b75-a071-4cd3-a72b-998a5ac4878c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":43,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"d86a86e1-a8af-4c00-9729-3317a9e1e371","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":43,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"0c5acc82-9458-400f-8f2d-9c961216980d","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":43,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"e2d4b6f6-1c37-46ef-b5da-e9685717c6f6","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":43,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"f9120311-b0ad-42da-908e-ae2c81960c32","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":43,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"e543d38e-d64c-44dd-afe0-e5e7a94ff7f6","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":43,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"e6a039c4-1bbc-4e9e-a639-13491c5d3bf0","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":43,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"a02b1b7d-49c9-41e4-9151-9b48f1b830bf","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":43,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"9d53bef6-064d-4db1-97d0-3c791b8e0c63","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":43,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"ecfae257-d9b1-4ca2-87ab-19054980fc2c","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":43,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"0502c145-f216-4492-a686-d92fc19b18c5","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":43,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"e69af484-14ab-4c49-bc72-64e01cbe4772","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":43,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"e4e17629-bad9-4a25-9629-a08ec9be24ed","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":43,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"0db3d414-5a4d-414d-9797-8f647e559d79","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":43,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"2ede7466-2720-4a9b-931e-a9df7a12b7ce","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":43,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"56c2d1de-51f7-4d96-b845-83f3cc5fcb2c","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":43,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"cfe1fa28-e75d-4204-bb4e-6cd7c3989726","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":43,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"966fd048-ab57-40dd-aadf-b89a00eea38e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":43,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"b7905f58-6244-400f-b259-1a82232d71b2","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":43,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"b689ccc2-8124-4e8c-9490-6f3382c5b61b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":43,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"066a0cf0-8b21-4163-b47e-fe6628a90e5a","block_type":"box","text":"collateral received).","page_number":43,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"5f1a759b-d1db-49b4-b75b-3914002f4c40","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":43,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"47e8cf8b-3220-4705-ac49-e5012f9a7c7a","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":43,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"86fdb0c5-baa6-47cf-8d74-fcbcbc993293","block_type":"box","text":"market value of the Underlying Index.","page_number":43,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"83557a3a-bb71-4a76-8d8d-23a9dc3a3774","block_type":"box","text":"Industry Concentration Policy.","page_number":43,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"081516c5-0b38-412f-ab28-49658dcae606","block_type":"box","text":"The Fund will concentrate its investments (","page_number":43,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"2bfe2e8d-1611-49b6-a9e3-48a8c7c3d23e","block_type":"box","text":"i.e.","page_number":43,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"7fc4802e-01e7-4ed7-9b84-e94abf3c93f4","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":43,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"df50c0b7-556c-4881-a87e-399a8051e9f0","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":43,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"aa00f4f9-e8b4-40d6-9e5e-fdec8d297ce9","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":43,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"d5749940-5bdd-4f18-8746-48d7039dccc6","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":43,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"d2c0b9b7-2dd4-4805-9bd2-e911240296c6","block_type":"box","text":"Summary of Principal Risks","page_number":43,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"61c523f7-b0db-4faf-ac5e-579231915b9d","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":43,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"8f07c8d2-7ea8-4907-863b-89667fc39cdc","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":43,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"11cad7e4-e6c3-4e00-88fc-5d7127cadd95","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":43,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"b7f259e6-195b-4217-b47e-9189d7f45b35","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":43,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"845449b7-361a-46a9-b1be-4c4b62bb1b08","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":43,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"32d8a7e3-c0ca-47cf-97bd-7326f80135af","block_type":"box","text":"Financial Companies Risk.","page_number":43,"box":{"x":53,"y":637,"width":193,"height":10}},{"id":"28ddadd0-2d39-4f60-b741-f0d3e9ee355c","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":43,"box":{"x":251,"y":637,"width":683,"height":11}},{"id":"6d44ca5c-775a-4b61-afec-f9fe3ed1883a","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":43,"box":{"x":52,"y":651,"width":864,"height":11}},{"id":"17bdf960-16fc-44a4-8504-8861fb526903","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":43,"box":{"x":53,"y":665,"width":812,"height":11}},{"id":"d72a84ef-d568-4b18-ad90-9103e193a4f3","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":43,"box":{"x":52,"y":679,"width":880,"height":11}},{"id":"20aab855-d102-4f15-bb51-1de725c6cd7e","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":43,"box":{"x":53,"y":694,"width":612,"height":10}},{"id":"98a43c4f-316e-4321-83fd-a6a588a3c160","block_type":"box","text":"Equity Securities Risk.","page_number":43,"box":{"x":53,"y":717,"width":164,"height":11}},{"id":"9b98cdbe-588b-4dce-a88d-504641a3438a","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":43,"box":{"x":223,"y":717,"width":709,"height":11}},{"id":"b6bc0ee7-0468-4ad9-8ed8-ae03c91bf456","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":43,"box":{"x":53,"y":731,"width":889,"height":11}},{"id":"8ca0ed39-b40c-4ecd-ab9f-08e2b44e2899","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":43,"box":{"x":53,"y":745,"width":880,"height":11}},{"id":"57279d94-6492-40b2-b834-a6fd26d5412c","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":43,"box":{"x":53,"y":759,"width":867,"height":11}},{"id":"9eb6f9cc-67b4-4005-b003-92851631d453","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":43,"box":{"x":53,"y":773,"width":339,"height":11}},{"id":"7ab59792-4cc3-44cb-afc3-f287bfea7147","block_type":"box","text":"Market Risk.","page_number":43,"box":{"x":53,"y":797,"width":91,"height":8}},{"id":"d844ce5d-b24f-45ed-8525-eb2b54060973","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":43,"box":{"x":148,"y":797,"width":768,"height":11}},{"id":"a2edf176-be16-41c0-934a-7857fa32cde1","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":43,"box":{"x":53,"y":811,"width":882,"height":11}},{"id":"4492bcad-3fe0-4b5f-903a-98e611fbfe86","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":43,"box":{"x":53,"y":825,"width":858,"height":11}},{"id":"707cc95d-2702-452b-aa5b-101b5ce6f86c","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":43,"box":{"x":53,"y":839,"width":875,"height":11}},{"id":"520dcb8e-88ca-4ec4-9ad9-12d155f9dc64","block_type":"box","text":"Fund’s NAV.","page_number":43,"box":{"x":53,"y":853,"width":82,"height":9}},{"id":"2a57bc07-77a1-4258-b8f9-40c2b537aba1","block_type":"box","text":"Index-Related Risk.","page_number":43,"box":{"x":53,"y":877,"width":143,"height":8}},{"id":"4baa76a9-c19b-4fcb-8876-7f8f5e726224","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":43,"box":{"x":201,"y":877,"width":742,"height":10}},{"id":"6a83dfd5-fc7a-4ca2-a8df-0b932aa51337","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":43,"box":{"x":53,"y":891,"width":856,"height":11}},{"id":"4e1c3275-21e8-41d0-aeda-b1895fd2ab6d","block_type":"box","text":"S-36","page_number":43,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"291947cc-ed06-437b-9c80-7a7d120a3c8d","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":44,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"34ae94a1-f7c2-45b7-8b20-2f8df016a787","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":44,"box":{"x":53,"y":61,"width":876,"height":10}},{"id":"505eed4e-8fd0-4bb5-a36a-9bdbafb7422a","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":44,"box":{"x":52,"y":75,"width":849,"height":11}},{"id":"b1805f27-ece0-4031-a1ca-c3dc5d67ab3b","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":44,"box":{"x":53,"y":89,"width":849,"height":11}},{"id":"af86de42-7939-4788-86b4-7e1b2892cc3e","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":44,"box":{"x":53,"y":103,"width":890,"height":11}},{"id":"fbe26492-ccd8-476d-9874-e3f7319e8c24","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":44,"box":{"x":53,"y":118,"width":853,"height":10}},{"id":"b5279032-e32f-49bd-87ba-6b72f529eb5c","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":44,"box":{"x":53,"y":131,"width":539,"height":11}},{"id":"c4df068d-b2e9-4313-9eac-772ad4a02467","block_type":"box","text":"Asset Class Risk.","page_number":44,"box":{"x":52,"y":155,"width":122,"height":8}},{"id":"c39e2075-693b-4ba1-92fd-c922bd3691bc","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":44,"box":{"x":179,"y":155,"width":721,"height":11}},{"id":"0e3c1688-15ee-4334-b50a-cf8b486d2247","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":44,"box":{"x":53,"y":169,"width":774,"height":11}},{"id":"1fdb4b3a-73ef-4bf0-81d2-c6aab8deaac3","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":44,"box":{"x":52,"y":192,"width":318,"height":11}},{"id":"44b41e56-fb9b-4794-a6dd-ae017ef48462","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":44,"box":{"x":374,"y":192,"width":531,"height":11}},{"id":"063cad77-ae6e-4280-bccc-b343b543814c","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":44,"box":{"x":53,"y":206,"width":810,"height":11}},{"id":"e684e7bb-fb98-4578-90f5-ab437551f7ca","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":44,"box":{"x":52,"y":220,"width":816,"height":11}},{"id":"abb8483e-e70b-41c1-a9d6-e69ba65e5560","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":44,"box":{"x":52,"y":235,"width":884,"height":10}},{"id":"1c8cfb55-0a44-4d0b-b7cd-6e6fea44bb31","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":44,"box":{"x":53,"y":249,"width":871,"height":11}},{"id":"f6c55fde-c0a9-455b-8e8d-0ca0a7f9873f","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":44,"box":{"x":53,"y":263,"width":846,"height":11}},{"id":"b7ec23f2-4bf2-4c0d-93cd-edd7043e02d4","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":44,"box":{"x":52,"y":277,"width":881,"height":11}},{"id":"f4ab04b3-744b-4b18-83dc-21d56ba522d9","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":44,"box":{"x":53,"y":291,"width":853,"height":11}},{"id":"e33cb24d-4b34-4234-a6f1-b7bd11e3d030","block_type":"box","text":"halts or delisting.","page_number":44,"box":{"x":53,"y":306,"width":121,"height":10}},{"id":"a6839d3c-fdbf-477b-bdd1-f902ee4f167a","block_type":"box","text":"Concentration Risk.","page_number":44,"box":{"x":53,"y":329,"width":145,"height":8}},{"id":"9e82e55a-b599-4289-95dc-a6d5c69198e8","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":44,"box":{"x":202,"y":329,"width":711,"height":11}},{"id":"47a1df02-8a4e-46d8-add2-2437ca4210ca","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":44,"box":{"x":53,"y":343,"width":884,"height":10}},{"id":"978ad0ab-787e-4067-a36f-b350033b2f31","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":44,"box":{"x":52,"y":357,"width":887,"height":11}},{"id":"fd15d6b5-2c10-4d53-851f-85543256b0ee","block_type":"box","text":"asset classes.","page_number":44,"box":{"x":53,"y":371,"width":95,"height":9}},{"id":"5e981444-2c19-4a72-a072-6f0b989dfc30","block_type":"box","text":"Currency Risk.","page_number":44,"box":{"x":53,"y":394,"width":106,"height":11}},{"id":"d8a51d8c-2cfa-4a82-8637-ea19dfefde96","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":44,"box":{"x":164,"y":394,"width":751,"height":11}},{"id":"6f303442-a39a-47b9-a387-7b263622a83b","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":44,"box":{"x":53,"y":409,"width":842,"height":10}},{"id":"c34d837c-de64-40f5-a0c7-4a7c51a99ac9","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":44,"box":{"x":52,"y":423,"width":854,"height":11}},{"id":"24a4691c-b3c9-4013-811d-9b4d3f0c5cf1","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":44,"box":{"x":53,"y":437,"width":869,"height":11}},{"id":"9f7b5386-0a8e-4147-b22b-4db29ad4559b","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":44,"box":{"x":53,"y":451,"width":309,"height":11}},{"id":"89677bf4-3674-4a25-9f75-4fc91b992e80","block_type":"box","text":"Issuer Risk.","page_number":44,"box":{"x":53,"y":474,"width":83,"height":9}},{"id":"b97d720b-d4b9-4ee8-a5da-98a684650d6a","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":44,"box":{"x":140,"y":474,"width":780,"height":11}},{"id":"6c3cc882-274f-498a-a3ae-1800aba7e9c7","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":44,"box":{"x":53,"y":489,"width":886,"height":10}},{"id":"932e2aad-910a-4806-801d-96ec5ce3b0df","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":44,"box":{"x":52,"y":503,"width":576,"height":11}},{"id":"975c45a2-f5bd-4027-a64e-b7e534f327bc","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":44,"box":{"x":53,"y":526,"width":278,"height":11}},{"id":"a11f88a3-1661-4b9e-a4fb-4cb1410e909b","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":44,"box":{"x":337,"y":526,"width":540,"height":11}},{"id":"4037c657-10c5-42d6-806e-af9c843454c6","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":44,"box":{"x":53,"y":540,"width":890,"height":11}},{"id":"88eaa5d5-47f1-4b92-95a8-af3d19b8b410","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":44,"box":{"x":53,"y":554,"width":868,"height":11}},{"id":"a0fb5eab-f4dc-42eb-92a6-ca7483cd3360","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":44,"box":{"x":53,"y":569,"width":709,"height":10}},{"id":"5ebd45ba-77b3-4b67-82a5-91bc820c6c75","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":44,"box":{"x":53,"y":592,"width":395,"height":11}},{"id":"387c2d25-38ce-40ad-8d7d-8913574c2382","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":44,"box":{"x":453,"y":592,"width":410,"height":11}},{"id":"a2165bbd-dfb8-45c9-81c0-957ede28bd15","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":44,"box":{"x":53,"y":606,"width":883,"height":11}},{"id":"63d8251d-b9fd-45bd-8b23-c2ef608b922d","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":44,"box":{"x":52,"y":620,"width":884,"height":11}},{"id":"e56879a8-e5cf-463d-80ca-1fa6b7cb670c","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":44,"box":{"x":53,"y":634,"width":872,"height":11}},{"id":"fa43a3b0-6437-4100-9d6e-3611940a1d53","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":44,"box":{"x":53,"y":648,"width":812,"height":11}},{"id":"51509a65-7f26-4478-8d1d-73c43bc189ca","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":44,"box":{"x":53,"y":663,"width":890,"height":10}},{"id":"406aaaac-4157-4682-b53e-f1ce593a574a","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":44,"box":{"x":52,"y":677,"width":891,"height":10}},{"id":"c6e3d8dc-e60b-4680-b923-d5caf9d9aa51","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":44,"box":{"x":53,"y":691,"width":836,"height":11}},{"id":"04cc7ea0-e55d-4913-a0fc-670ad0f0a489","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":44,"box":{"x":53,"y":705,"width":810,"height":11}},{"id":"1c2919ff-c3d9-49c5-a130-1dfb2052117c","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":44,"box":{"x":53,"y":719,"width":861,"height":11}},{"id":"490f391f-29c6-497c-bdc1-2c8da5257531","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":44,"box":{"x":53,"y":733,"width":875,"height":11}},{"id":"2d1d55d3-6a52-49bb-ac4a-4a7338dd6766","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":44,"box":{"x":52,"y":748,"width":654,"height":11}},{"id":"42d276ab-c319-4d9e-bbd6-63e037424ac4","block_type":"box","text":"Management Risk.","page_number":44,"box":{"x":53,"y":771,"width":137,"height":11}},{"id":"6ba68a7e-72a2-4d14-9247-2a46bad7ef18","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":44,"box":{"x":194,"y":771,"width":711,"height":11}},{"id":"f8f164cd-55ea-4dae-ba41-0304cc930526","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":44,"box":{"x":53,"y":785,"width":877,"height":11}},{"id":"0945b0b6-c9e4-4d3d-a746-44d262a31bcf","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":44,"box":{"x":53,"y":799,"width":859,"height":11}},{"id":"65a094e6-3bb4-499c-a9a6-7e9730f15d8d","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":44,"box":{"x":52,"y":813,"width":848,"height":11}},{"id":"2c31bc81-4edb-4a9c-ab60-24304dbdeb76","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":44,"box":{"x":53,"y":828,"width":756,"height":10}},{"id":"e59af0ef-18aa-49f0-94a4-095c2b184af7","block_type":"box","text":"Market Trading Risk.","page_number":44,"box":{"x":53,"y":851,"width":152,"height":11}},{"id":"04b5f7a0-615c-4474-bc53-45b74f186fb1","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":44,"box":{"x":209,"y":851,"width":694,"height":11}},{"id":"49f51dce-9a9b-44f1-b1e1-8f3d8aa7b283","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":44,"box":{"x":53,"y":865,"width":841,"height":11}},{"id":"8a216576-0032-4355-b5f4-19b0c367ab7e","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":44,"box":{"x":53,"y":879,"width":887,"height":11}},{"id":"c9ea7594-730a-44b5-9df8-d7b7bdcb8fa6","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":44,"box":{"x":52,"y":893,"width":839,"height":11}},{"id":"159f04b3-8582-468d-8222-2b283ce91d2b","block_type":"box","text":"S-37","page_number":44,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5183c5f2-b26e-4269-ac44-b6ffe2cc32df","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":45,"box":{"x":53,"y":46,"width":866,"height":11}},{"id":"5ebf9a99-19d4-47c4-ac6b-c44857b8a86d","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":45,"box":{"x":52,"y":61,"width":885,"height":10}},{"id":"d186a9fa-3fc2-4a2c-8a3d-992d17df9230","block_type":"box","text":"of the Fund shares.","page_number":45,"box":{"x":53,"y":75,"width":134,"height":8}},{"id":"319f0f87-8e2e-4d06-b65f-c6db4d07f8e9","block_type":"box","text":"National Closed Market Trading Risk.","page_number":45,"box":{"x":53,"y":98,"width":273,"height":11}},{"id":"80d28083-3cd3-4b56-8d60-f9b05ed01141","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":45,"box":{"x":330,"y":98,"width":544,"height":11}},{"id":"2920b499-a0b7-4ffc-89db-4419ab388c0d","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":45,"box":{"x":53,"y":112,"width":874,"height":11}},{"id":"9a1cef11-2407-4ee9-b2b8-295eab03ca30","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":45,"box":{"x":52,"y":126,"width":651,"height":11}},{"id":"ece3cb37-28a9-4fff-8a89-e45c7e43f259","block_type":"box","text":"i.e","page_number":45,"box":{"x":704,"y":127,"width":15,"height":8}},{"id":"2d158d12-ed70-46d1-9943-b428d22d2fb9","block_type":"box","text":"., the quote from the closed","page_number":45,"box":{"x":720,"y":126,"width":191,"height":11}},{"id":"9cce358e-a5ec-4d32-be9c-4538514f630c","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":45,"box":{"x":52,"y":140,"width":880,"height":11}},{"id":"d4cfa31c-07c6-47da-9ad8-e5f8d296a5b1","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":45,"box":{"x":52,"y":155,"width":849,"height":11}},{"id":"0bfa04cc-70a0-4bfa-928c-63083dcc3892","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":45,"box":{"x":53,"y":169,"width":850,"height":11}},{"id":"b200acb2-ac50-4043-b512-0a06ecf72127","block_type":"box","text":"funds.","page_number":45,"box":{"x":52,"y":183,"width":44,"height":9}},{"id":"f3f0c8bb-f8f7-4e4f-94ba-f5a65036f0c7","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":45,"box":{"x":53,"y":206,"width":182,"height":9}},{"id":"9fda7841-e6c7-4445-ab37-5ac7640442d3","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":45,"box":{"x":240,"y":206,"width":687,"height":11}},{"id":"681bfd43-be65-4bed-b7cf-d10a2e99d6cb","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":45,"box":{"x":53,"y":221,"width":853,"height":10}},{"id":"43914fed-765b-4080-b91e-40676afd7df9","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":45,"box":{"x":52,"y":235,"width":847,"height":10}},{"id":"b36dd720-ad81-4f07-bd8e-dffb7c42ae23","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":45,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"685c9028-0e94-4072-9390-44f7cbb23b99","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":45,"box":{"x":53,"y":263,"width":842,"height":11}},{"id":"924351bf-5fab-4739-9a79-4952d25be08d","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":45,"box":{"x":53,"y":277,"width":831,"height":11}},{"id":"47facfd9-2e56-4a8c-a081-e62d19ef54fe","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":45,"box":{"x":53,"y":291,"width":821,"height":11}},{"id":"36b1df08-4424-4daf-92b5-03127096ac6d","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":45,"box":{"x":53,"y":306,"width":871,"height":10}},{"id":"7ebb1995-e1b3-4d2e-b42e-d7f6636bad9e","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":45,"box":{"x":53,"y":320,"width":289,"height":11}},{"id":"dac8c904-7cbb-487e-8a5c-fe77b3fadef0","block_type":"box","text":"European Economic Risk.","page_number":45,"box":{"x":348,"y":320,"width":186,"height":10}},{"id":"c3935ccd-a995-4925-999c-4e4fe408de6c","block_type":"box","text":"Operational and Technology Risks.","page_number":45,"box":{"x":53,"y":343,"width":254,"height":11}},{"id":"0a2358d1-ad08-4964-a9ed-d5246a9941e8","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":45,"box":{"x":312,"y":343,"width":581,"height":11}},{"id":"bf0ef24f-e581-4336-a8ee-05bf06e998df","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":45,"box":{"x":53,"y":357,"width":876,"height":11}},{"id":"6f3b4c90-e85a-4ffb-beac-8d39b90c0051","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":45,"box":{"x":53,"y":371,"width":879,"height":11}},{"id":"7090bd8d-8c42-472b-bedf-b436a21f3bc3","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":45,"box":{"x":53,"y":385,"width":825,"height":11}},{"id":"4c872ef1-932c-49dc-b8b3-1290f199e576","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":45,"box":{"x":53,"y":400,"width":862,"height":10}},{"id":"ff67ad40-772f-43f5-94da-c525af1e45b2","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":45,"box":{"x":53,"y":414,"width":872,"height":11}},{"id":"9cbe5ad5-8e97-4ad4-b793-928ed5422bde","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":45,"box":{"x":53,"y":428,"width":824,"height":11}},{"id":"a276594b-f2ae-468d-ac63-cf85b14885e4","block_type":"box","text":"Risk of Investing in China.","page_number":45,"box":{"x":53,"y":451,"width":191,"height":11}},{"id":"02bede35-96e5-425e-8dbe-eff094eb364c","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":45,"box":{"x":250,"y":451,"width":678,"height":11}},{"id":"c86486d1-df36-469b-a751-4f1ce949da91","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":45,"box":{"x":53,"y":465,"width":819,"height":11}},{"id":"99529111-3e29-47dd-9250-70830aa528ef","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":45,"box":{"x":53,"y":480,"width":866,"height":10}},{"id":"b5ed278c-2b72-46aa-b91f-978b995b64ec","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":45,"box":{"x":53,"y":494,"width":866,"height":11}},{"id":"b7ba95c1-c05d-4f01-ad96-6b2bba6b9b69","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":45,"box":{"x":52,"y":508,"width":841,"height":11}},{"id":"41620fc5-eb17-495d-9fda-de005f44497f","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":45,"box":{"x":53,"y":522,"width":864,"height":11}},{"id":"f69bdcee-ad4c-4238-a147-69cc87b0820c","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":45,"box":{"x":52,"y":536,"width":861,"height":11}},{"id":"e816d05d-e1f6-4ffb-bea1-780bead70751","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":45,"box":{"x":53,"y":550,"width":869,"height":11}},{"id":"7e568ae8-3fe0-4529-bf6e-5163002f5be6","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":45,"box":{"x":53,"y":565,"width":783,"height":10}},{"id":"1e0187d3-a141-4cf5-aaf7-7ebb43f239b9","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":45,"box":{"x":53,"y":588,"width":887,"height":11}},{"id":"7f97dadd-35ba-439d-8998-299972efa13d","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":45,"box":{"x":52,"y":602,"width":834,"height":11}},{"id":"1ba61fb4-1b37-4144-b87e-760612a949d5","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":45,"box":{"x":52,"y":616,"width":845,"height":11}},{"id":"aa5adc2a-372d-4270-98ec-b5e59a8d97ae","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":45,"box":{"x":53,"y":630,"width":876,"height":11}},{"id":"fbc9c559-2acd-41f3-b13c-16ee87324058","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":45,"box":{"x":53,"y":645,"width":834,"height":10}},{"id":"8021a75c-4208-4030-9059-eb2d1986d845","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":45,"box":{"x":53,"y":659,"width":421,"height":11}},{"id":"6d82637f-1179-4e6a-8517-158065938c2b","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":45,"box":{"x":52,"y":682,"width":849,"height":11}},{"id":"5ab87320-fef1-49c0-93c8-4b5b05811331","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":45,"box":{"x":53,"y":696,"width":886,"height":11}},{"id":"948e481e-e670-4ee4-8cd0-3958a03cb47a","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":45,"box":{"x":53,"y":710,"width":878,"height":11}},{"id":"5e81732c-f893-4812-aaa0-df3c91947d4b","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":45,"box":{"x":53,"y":724,"width":874,"height":11}},{"id":"8aea3bdd-8042-4073-a254-2ac38e9c9f09","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":45,"box":{"x":53,"y":739,"width":878,"height":11}},{"id":"0d17d18f-0fcd-412d-a0d8-28047b33b09f","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":45,"box":{"x":53,"y":753,"width":807,"height":11}},{"id":"5a895ea1-ca5b-49fb-a2ef-9958ad61da54","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":45,"box":{"x":53,"y":767,"width":890,"height":11}},{"id":"cbf3b967-7a34-4f91-bca7-5a9490271548","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":45,"box":{"x":52,"y":781,"width":471,"height":11}},{"id":"6709ca92-8b5b-47aa-bfd8-69763db98d02","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":45,"box":{"x":53,"y":804,"width":883,"height":11}},{"id":"996caa2f-3ec9-4390-951e-cd8565d40102","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":45,"box":{"x":53,"y":819,"width":850,"height":10}},{"id":"f57ca5f3-30bb-48b2-8d5f-dc9462d49d17","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":45,"box":{"x":53,"y":833,"width":861,"height":11}},{"id":"46ef531b-6276-474f-9eb3-477fa4cab0bf","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":45,"box":{"x":53,"y":847,"width":850,"height":11}},{"id":"0200797b-59c8-48aa-aad1-c0d6ba1d86ca","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":45,"box":{"x":53,"y":861,"width":883,"height":11}},{"id":"e01abd2f-a9ce-4293-93c1-563c951c9ff7","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":45,"box":{"x":52,"y":875,"width":860,"height":11}},{"id":"c301cc47-0e70-4600-b448-050853c39895","block_type":"box","text":"have limited legal remedies.","page_number":45,"box":{"x":53,"y":890,"width":196,"height":10}},{"id":"20d65f03-c3c9-4f6a-b0f8-1903ccb80c7a","block_type":"box","text":"S-38","page_number":45,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"913e81cc-ff97-4eef-9785-07a2277f697b","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","page_number":46,"box":{"x":53,"y":46,"width":845,"height":11}},{"id":"82d1e655-5b96-4a1c-82ee-6804028b2159","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":46,"box":{"x":52,"y":61,"width":836,"height":10}},{"id":"7a428fc9-68b2-4fcb-a887-3e2752be981a","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":46,"box":{"x":53,"y":75,"width":851,"height":11}},{"id":"26656663-9d7a-4601-8a5c-6d2f34463fec","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":46,"box":{"x":52,"y":89,"width":779,"height":10}},{"id":"abd03668-fe83-49ee-9ee4-05e6bc185342","block_type":"box","text":"considerations.","page_number":46,"box":{"x":53,"y":103,"width":107,"height":9}},{"id":"c79b5b38-83a2-45d9-b74e-74fa2e896ba7","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":46,"box":{"x":53,"y":126,"width":302,"height":11}},{"id":"77b5f854-a5c9-41d1-bcb9-16a9ab0d67c0","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":46,"box":{"x":359,"y":126,"width":581,"height":11}},{"id":"99261d42-8855-437c-9679-79b044a5b33c","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":46,"box":{"x":53,"y":141,"width":868,"height":10}},{"id":"15aa7de6-bce8-4455-b6f4-5307b7cb4f21","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":46,"box":{"x":52,"y":155,"width":871,"height":11}},{"id":"330e8729-32f3-4863-8b65-8b190cdcd560","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":46,"box":{"x":52,"y":169,"width":875,"height":11}},{"id":"c4738c91-25ed-4ba6-a2e7-bc496417d54b","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":46,"box":{"x":52,"y":183,"width":877,"height":11}},{"id":"3d65fafe-c75e-4da6-a7e7-753bee6976c7","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":46,"box":{"x":53,"y":197,"width":887,"height":11}},{"id":"47ddcbd0-f18d-4d62-b065-d6fa2e361fbc","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":46,"box":{"x":53,"y":211,"width":836,"height":11}},{"id":"aea05719-701d-4414-8cf3-9ffadb341e4d","block_type":"box","text":"availability of certain commodities.","page_number":46,"box":{"x":53,"y":226,"width":246,"height":10}},{"id":"fbab6021-42d6-43fb-96db-53da1f9dcfe3","block_type":"box","text":"Risk of Investing in the U.S.","page_number":46,"box":{"x":53,"y":249,"width":200,"height":11}},{"id":"dbaf5b5e-8458-4600-a259-f04d69670fb4","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":46,"box":{"x":259,"y":249,"width":663,"height":11}},{"id":"e57cfe6d-6d01-4c73-bc5c-e75bbaa5b295","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":46,"box":{"x":53,"y":263,"width":877,"height":11}},{"id":"92bc5492-d1ca-4f3c-bf6b-de8796f8d5ba","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":46,"box":{"x":53,"y":277,"width":470,"height":11}},{"id":"dc9934f3-8e9a-4628-ba30-98e192a28fee","block_type":"box","text":"Securities Lending Risk.","page_number":46,"box":{"x":52,"y":300,"width":178,"height":11}},{"id":"673d7252-15bb-4b87-ad3d-ddb79f6fe470","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":46,"box":{"x":234,"y":300,"width":692,"height":11}},{"id":"ba135032-2482-47e2-981b-119d80d63d69","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":46,"box":{"x":53,"y":315,"width":870,"height":10}},{"id":"12ea866e-a3a5-44c7-b4e9-0077d6def696","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":46,"box":{"x":53,"y":329,"width":886,"height":11}},{"id":"a4b79a9b-91df-41b5-a6d4-a673852fda27","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":46,"box":{"x":53,"y":343,"width":831,"height":11}},{"id":"17fc23e7-e129-4bae-a258-0fe09d2c5503","block_type":"box","text":"Tracking Error Risk.","page_number":46,"box":{"x":52,"y":366,"width":145,"height":11}},{"id":"867815e7-a756-48fd-b4d7-5085b59b92f4","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":46,"box":{"x":201,"y":366,"width":741,"height":11}},{"id":"828940c5-0974-4e3c-bacd-17841fbacebb","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":46,"box":{"x":53,"y":380,"width":861,"height":11}},{"id":"e3d16e81-fa85-4b7a-8fa8-e5254d0ddf63","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":46,"box":{"x":53,"y":394,"width":832,"height":11}},{"id":"9ebc53fb-4bcb-47f5-9ec3-21c9d9ba2b01","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":46,"box":{"x":53,"y":409,"width":880,"height":10}},{"id":"d0255301-d4ed-41ee-8c33-fd79cc0b1d11","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":46,"box":{"x":53,"y":423,"width":831,"height":11}},{"id":"d0dfde99-e527-409f-a882-bcce9179d6a3","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":46,"box":{"x":52,"y":437,"width":828,"height":11}},{"id":"2eb9eb78-1413-4ccd-9946-32a1114cd291","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":46,"box":{"x":53,"y":451,"width":873,"height":11}},{"id":"b6f9cade-f400-4b03-95f9-a6a2795f33c4","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":46,"box":{"x":53,"y":465,"width":889,"height":11}},{"id":"6e931024-2e40-41b5-a2b8-e766ed9b7a67","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":46,"box":{"x":53,"y":480,"width":852,"height":10}},{"id":"3b9af005-8631-4018-82ec-c7b0d28a98dc","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":46,"box":{"x":53,"y":494,"width":886,"height":11}},{"id":"e766e4f8-3460-4d10-9b84-66a386be2d9b","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":46,"box":{"x":53,"y":508,"width":873,"height":11}},{"id":"7eaea664-161f-46e5-bcd5-7f9a2362efe0","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":46,"box":{"x":53,"y":522,"width":879,"height":11}},{"id":"d64177cd-d8d8-4743-b567-fc14c0fd49b4","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":46,"box":{"x":53,"y":536,"width":839,"height":11}},{"id":"0b22d335-33c7-436d-a0f2-c40d1350311c","block_type":"box","text":"Valuation Risk.","page_number":46,"box":{"x":52,"y":559,"width":110,"height":9}},{"id":"8e715f51-8ca3-45bc-b81b-a5ef91aabab5","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":46,"box":{"x":166,"y":559,"width":740,"height":11}},{"id":"eff61170-0cf6-447d-be4f-b4b4bdb0b3e8","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":46,"box":{"x":53,"y":574,"width":840,"height":10}},{"id":"59f39c1d-60c6-44ac-b342-28208b212303","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":46,"box":{"x":52,"y":588,"width":869,"height":11}},{"id":"0094a690-aa03-4b0d-b695-2f73f8e22672","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":46,"box":{"x":52,"y":602,"width":889,"height":11}},{"id":"52eabfe5-3a1d-4412-a5e4-92c15b0b0e4a","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":46,"box":{"x":53,"y":616,"width":871,"height":11}},{"id":"617110da-2e5f-4658-b12b-4405ef891c59","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":46,"box":{"x":52,"y":630,"width":879,"height":11}},{"id":"9dd2c313-d087-4003-8c58-65a7e1c44b9d","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":46,"box":{"x":53,"y":645,"width":880,"height":10}},{"id":"cae7500b-28fc-477d-a0d9-f75404efa4b8","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":46,"box":{"x":53,"y":659,"width":816,"height":11}},{"id":"fbe72b3a-c4cd-4ca0-8dbc-ce9408562f02","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":46,"box":{"x":52,"y":673,"width":613,"height":11}},{"id":"5a704b91-c10c-4abd-9036-5fefc5f6d435","block_type":"box","text":"Performance Information","page_number":46,"box":{"x":54,"y":702,"width":228,"height":10}},{"id":"9dbadc69-9b83-479a-a750-4de77d1c32e9","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":46,"box":{"x":52,"y":727,"width":864,"height":11}},{"id":"c80516ee-19a3-4bc3-a84a-ac126209ef9c","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":46,"box":{"x":52,"y":741,"width":872,"height":11}},{"id":"9ffe39c2-c31f-4785-a76b-c09760e225ba","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":46,"box":{"x":53,"y":755,"width":868,"height":11}},{"id":"66db0b52-026e-463f-9f9b-9230becc6d47","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":46,"box":{"x":53,"y":770,"width":838,"height":10}},{"id":"0a31a9a1-d2f0-4e14-85bb-53a1920aa2b2","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":46,"box":{"x":53,"y":784,"width":868,"height":11}},{"id":"8491f0f4-cf21-42df-a617-134968da24e0","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":46,"box":{"x":53,"y":798,"width":832,"height":11}},{"id":"c9539e0e-bdb2-4dbd-b484-716df110c322","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":46,"box":{"x":53,"y":812,"width":842,"height":11}},{"id":"549f20fc-9028-405a-9101-6612d3971d6a","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":46,"box":{"x":52,"y":826,"width":531,"height":11}},{"id":"df6b541f-8724-45f3-adf3-d156acb31ce6","block_type":"box","text":"S-39","page_number":46,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5c3cba34-3714-40da-acea-172fca504135","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":47,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"68f8e2f6-6ed4-477c-8cac-2d76af99fb66","block_type":"box","text":"12.27","page_number":47,"box":{"x":87,"y":119,"width":25,"height":6}},{"id":"10104c7d-308b-4451-b244-720cb1661ef7","block_type":"box","text":"23.43","page_number":47,"box":{"x":123,"y":102,"width":26,"height":6}},{"id":"484956d7-24ec-4067-a568-15a988d0c22e","block_type":"box","text":"-15.97","page_number":47,"box":{"x":157,"y":178,"width":30,"height":6}},{"id":"dbbd2fec-34a5-412a-98c9-02ee2fd210a4","block_type":"box","text":"24.35","page_number":47,"box":{"x":197,"y":101,"width":26,"height":5}},{"id":"5b90ca11-3d26-4587-b506-ac5507bec7d7","block_type":"box","text":"-3.08","page_number":47,"box":{"x":235,"y":158,"width":23,"height":6}},{"id":"8f2a2620-adb0-4fdf-ac0b-af15ff1627a0","block_type":"box","text":"25.14","page_number":47,"box":{"x":271,"y":99,"width":26,"height":6}},{"id":"879379de-621c-4598-aa0a-5b8f045c9980","block_type":"box","text":"-8.82","page_number":47,"box":{"x":309,"y":167,"width":23,"height":6}},{"id":"d6f2279e-5422-49f2-a929-3f20da9d8616","block_type":"box","text":"14.93","page_number":47,"box":{"x":346,"y":115,"width":25,"height":6}},{"id":"b6fbcf56-92fb-4377-a74a-114f8ca34b4c","block_type":"box","text":"25.76","page_number":47,"box":{"x":382,"y":98,"width":26,"height":6}},{"id":"37781927-7bf0-41bf-bae8-e0936c392e43","block_type":"box","text":"28.46","page_number":47,"box":{"x":419,"y":94,"width":26,"height":6}},{"id":"4a8ab808-aae3-461b-9637-6ef23bf44de5","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":47,"box":{"x":87,"y":201,"width":356,"height":6}},{"id":"a2962788-3be0-49dc-ba22-ea9b987bc0d4","block_type":"box","text":"Return (%) Period Ended","page_number":47,"box":{"x":736,"y":61,"width":188,"height":9}},{"id":"d5d81b9b-8ef9-41a8-b201-51e04603fd15","block_type":"box","text":"Calendar Year-to-Date Return","page_number":47,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"ec27dd6c-76a1-447f-9b4c-2f542fd90163","block_type":"box","text":"4.62% June 30, 2026","page_number":47,"box":{"x":757,"y":80,"width":185,"height":8}},{"id":"40469e7c-a735-4807-88ba-a93f52d1d9ac","block_type":"box","text":"During the periods shown in the chart:","page_number":47,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"c2b72c52-c2f4-4f69-a57e-22fcc954894d","block_type":"box","text":"Best Quarter 24.23% December 31, 2020","page_number":47,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"25fb84d6-0fd4-4f37-be77-350e43ad0a53","block_type":"box","text":"Worst Quarter -31.23% March 31, 2020","page_number":47,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"248ad1e1-22c4-4f94-862e-8e574fe3bfed","block_type":"box","text":"Average Annual Total Returns (%)","page_number":47,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"4a38eb75-b9c8-471b-bd29-8eb517cf848b","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":47,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"21352ab1-59cc-4ed7-9358-7f6a02f3789c","block_type":"box","text":"One Year Five Years Ten Years","page_number":47,"box":{"x":670,"y":261,"width":268,"height":8}},{"id":"e4997dc6-0834-42ff-8383-08c80500c279","block_type":"box","text":"Fund Inception: 11/12/2001","page_number":47,"box":{"x":58,"y":277,"width":187,"height":9}},{"id":"21f7dea4-79de-434d-882f-b681904deedf","block_type":"box","text":"Return Before Taxes","page_number":47,"box":{"x":58,"y":288,"width":125,"height":8}},{"id":"e97af707-2225-40ab-ac75-bfad686ae9ee","block_type":"box","text":"28.46% 16.20% 11.51%","page_number":47,"box":{"x":682,"y":288,"width":257,"height":8}},{"id":"7e6f186a-d444-4a85-b5d9-904efd04d625","block_type":"box","text":"Return After Taxes on Distributions 27.80% 15.48% 10.90%","page_number":47,"box":{"x":58,"y":300,"width":881,"height":8}},{"id":"d5577cf6-08e3-4557-bacc-573a82887954","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 17.26% 12.91% 9.41%","page_number":47,"box":{"x":58,"y":312,"width":881,"height":7}},{"id":"1140403f-e680-4bd4-8b60-019e6c40beb5","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":47,"box":{"x":57,"y":323,"width":244,"height":9}},{"id":"e3a8ab4a-3855-4fb7-8bfb-0bc89b57ac5e","block_type":"box","text":"1","page_number":47,"box":{"x":302,"y":322,"width":5,"height":4}},{"id":"a8593feb-de00-4078-aeca-6176289016e1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":47,"box":{"x":312,"y":323,"width":330,"height":10}},{"id":"4de44bff-9fce-442b-a2b2-33a4736254e4","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":47,"box":{"x":71,"y":336,"width":868,"height":10}},{"id":"32e15e3a-6fe0-44f2-a7e7-50da2e37ec3d","block_type":"box","text":"S&P Global 1200 Financials (Sector) Capped Index (Spliced)","page_number":47,"box":{"x":57,"y":348,"width":392,"height":9}},{"id":"f1b86ff9-f3e1-4115-80af-08ef59aa2a6f","block_type":"box","text":"1,2","page_number":47,"box":{"x":450,"y":346,"width":14,"height":6}},{"id":"c6d67874-bcfe-4dab-81fa-bcdb33ef43cb","block_type":"box","text":"(Returns do not reflect","page_number":47,"box":{"x":468,"y":348,"width":141,"height":8}},{"id":"0a54502b-7952-47c9-9944-e194e2d3dcb6","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 28.48% 16.18% 11.54%","page_number":47,"box":{"x":71,"y":361,"width":868,"height":9}},{"id":"0c5ae6cb-41ff-47a6-99f7-b28446081c00","block_type":"box","text":"1","page_number":47,"box":{"x":80,"y":379,"width":5,"height":5}},{"id":"ed409c86-96a9-4006-aa14-b3c5c638e51d","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":47,"box":{"x":94,"y":381,"width":827,"height":9}},{"id":"62a6f17f-aeba-490a-9f3e-d504905c3821","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":47,"box":{"x":93,"y":391,"width":847,"height":10}},{"id":"e9778d0b-d5c1-4dd1-ac3d-5fcb7ea5eab0","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":47,"box":{"x":93,"y":401,"width":843,"height":10}},{"id":"5ec520ed-6ee0-4362-80bc-98e695327c37","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":47,"box":{"x":92,"y":412,"width":829,"height":9}},{"id":"7ae9ed4c-74bd-47ad-9acb-12297090952f","block_type":"box","text":"tax rates, if any.","page_number":47,"box":{"x":92,"y":422,"width":97,"height":9}},{"id":"22f16ad3-a4d4-43ad-aebd-fe2e622a52f9","block_type":"box","text":"2","page_number":47,"box":{"x":80,"y":431,"width":5,"height":4}},{"id":"351cd98e-f699-4898-b32b-0ea61b2ca44c","block_type":"box","text":"The S&P Global 1200 Financials (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Financials Index","page_number":47,"box":{"x":92,"y":432,"width":824,"height":9}},{"id":"0cedd5a0-25a7-4ff0-a3da-b3d6e03a5ef7","block_type":"box","text":"(Net) through March 22, 2026 and the S&P Global 1200 Financials (Sector) Capped Index (Net) thereafter, which reflect the times","page_number":47,"box":{"x":93,"y":442,"width":815,"height":10}},{"id":"4be37283-4e9f-4126-9d81-e85730508671","block_type":"box","text":"when each index was the Underlying Index of the Fund.","page_number":47,"box":{"x":92,"y":453,"width":347,"height":9}},{"id":"6507c3f9-06c7-4d67-ab3f-b820cb630a76","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":47,"box":{"x":52,"y":472,"width":857,"height":11}},{"id":"af72c31e-7124-410d-aa25-c1bb2966bfbd","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":47,"box":{"x":53,"y":487,"width":865,"height":10}},{"id":"64caa792-348a-4b92-bfa6-f7b3e41f8bcc","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":47,"box":{"x":53,"y":501,"width":847,"height":11}},{"id":"eced9934-1a6c-40c3-bf79-1da356f543bb","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":47,"box":{"x":52,"y":515,"width":857,"height":11}},{"id":"58e8cd3a-e436-4db4-a577-6bf66a69207f","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":47,"box":{"x":53,"y":529,"width":877,"height":11}},{"id":"4941f73f-0ddc-4f49-9aa1-738e10578228","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":47,"box":{"x":52,"y":543,"width":836,"height":11}},{"id":"3152d3ac-4aaf-46ca-98e3-ef44c55508b8","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":47,"box":{"x":53,"y":558,"width":886,"height":10}},{"id":"450b8922-f347-4e56-888b-abc07e80c34f","block_type":"box","text":"on distributions.","page_number":47,"box":{"x":53,"y":572,"width":114,"height":8}},{"id":"7d33a95f-a8ac-4b26-9383-68e50869a094","block_type":"box","text":"Management","page_number":47,"box":{"x":54,"y":601,"width":119,"height":13}},{"id":"b6de9b52-91f7-4d7b-a782-2c37e2a110f6","block_type":"box","text":"Investment Adviser.","page_number":47,"box":{"x":53,"y":626,"width":145,"height":8}},{"id":"3b977285-26b5-4c74-99fc-5ccb374571c1","block_type":"box","text":"BlackRock Fund Advisors.","page_number":47,"box":{"x":204,"y":626,"width":180,"height":8}},{"id":"5d8545ec-57b7-449a-b825-5aabdf66d04b","block_type":"box","text":"Portfolio Managers.","page_number":47,"box":{"x":53,"y":649,"width":146,"height":11}},{"id":"0fd00048-dc7e-463c-a045-8067ab49dd1d","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":47,"box":{"x":203,"y":649,"width":679,"height":11}},{"id":"f5c2d34c-1a8c-4dab-b256-8ff0cc5b5b95","block_type":"box","text":"management of the Fund:","page_number":47,"box":{"x":53,"y":663,"width":182,"height":11}},{"id":"f022aade-88c9-412f-a765-0689a3383d3c","block_type":"box","text":"Portfolio Manager","page_number":47,"box":{"x":58,"y":699,"width":119,"height":10}},{"id":"0934f520-7245-478a-9554-ac44680bdc49","block_type":"box","text":"Portfolio Manager of the","page_number":47,"box":{"x":411,"y":686,"width":160,"height":10}},{"id":"dad9d4d7-f5b2-4853-846c-ab2f2933fea9","block_type":"box","text":"Fund Since","page_number":47,"box":{"x":455,"y":699,"width":72,"height":8}},{"id":"2e1ea2e3-fca9-4c28-990e-6b6ddefb6447","block_type":"box","text":"Title with Investment","page_number":47,"box":{"x":804,"y":686,"width":140,"height":8}},{"id":"0a8b6578-77d4-4680-a86d-0c57f232beac","block_type":"box","text":"Adviser","page_number":47,"box":{"x":849,"y":699,"width":49,"height":8}},{"id":"a43c3364-abf4-4051-9739-c4937e279bd5","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":47,"box":{"x":57,"y":714,"width":876,"height":10}},{"id":"79a439b0-b962-4906-a55b-b6afeeb0a485","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":47,"box":{"x":58,"y":730,"width":875,"height":10}},{"id":"e9667000-ef9a-4f7c-8337-a62db5ecdd17","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":47,"box":{"x":58,"y":745,"width":875,"height":10}},{"id":"9a855b84-c810-46ae-aff9-d3f932573a40","block_type":"box","text":"Steven White 2025 Managing Director","page_number":47,"box":{"x":57,"y":761,"width":876,"height":10}},{"id":"49ccab74-ef52-4095-9464-2037d6e0fc55","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":47,"box":{"x":54,"y":796,"width":304,"height":10}},{"id":"fba3b524-2a68-4a6f-8384-f2dc3b0fd60e","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":47,"box":{"x":52,"y":821,"width":878,"height":11}},{"id":"d6d16c51-3ae5-4b20-a490-8a9be6855757","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":47,"box":{"x":53,"y":836,"width":855,"height":10}},{"id":"6cc9fce6-54a5-42bd-b723-0f29a0820203","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":47,"box":{"x":52,"y":849,"width":817,"height":11}},{"id":"f5233483-a1eb-428d-a9ff-be37ad38acfc","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":47,"box":{"x":53,"y":864,"width":878,"height":11}},{"id":"33e18d03-8937-4945-b587-3764887e5a52","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":47,"box":{"x":53,"y":878,"width":861,"height":11}},{"id":"7fe1653a-1ddd-453d-ae16-5336cc91d75e","block_type":"box","text":"(the “bid-ask spread”).","page_number":47,"box":{"x":53,"y":892,"width":156,"height":11}},{"id":"26963057-d058-48e9-b3e0-54880ccede0e","block_type":"box","text":"S-40","page_number":47,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"2927e934-237e-4c9a-b8e4-aa583ae9552c","block_type":"box","text":"Tax Information","page_number":48,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"7ca82593-98f7-4aa6-8da4-d6d02ab44e38","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":48,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"eda62efe-b651-47ce-bf22-459b35026e69","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":48,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"d3c7210a-24bd-4668-8a2e-ec6a119ed4f4","block_type":"box","text":"be taxed when withdrawn.","page_number":48,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"574c5aa2-d726-4ebd-990d-2040053e0828","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":48,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"3ccf89fe-eb70-4ce0-a23f-2108ebb94d0b","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":48,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"c987da94-2db9-4588-a90d-24871517eb95","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":48,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"351bde7d-1f68-4466-b664-3ea16b28c45d","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":48,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"10e7e388-6ce7-4553-aa2b-c3038fd2b732","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":48,"box":{"x":53,"y":196,"width":801,"height":11}},{"id":"dcfd9523-f934-4351-a6da-a8a6b8d87dc8","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":48,"box":{"x":53,"y":210,"width":841,"height":11}},{"id":"a0e789d9-ffe3-489a-8a80-b4f7373c99d0","block_type":"box","text":"financial intermediary’s website for more information.","page_number":48,"box":{"x":52,"y":224,"width":380,"height":11}},{"id":"4539f87a-06ce-469e-8b3b-7335ada32f8a","block_type":"box","text":"S-41","page_number":48,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"cda61d5f-c20a-4a90-9290-c60a5b999111","block_type":"box","text":"iShares Global Healthcare ETF","page_number":49,"box":{"x":53,"y":47,"width":424,"height":16}},{"id":"f8d3e334-7714-4757-84cc-81b3b2c7b0b4","block_type":"box","text":"IXJ | NYSE Arca","page_number":49,"box":{"x":54,"y":70,"width":215,"height":18}},{"id":"a302616b-9ae4-4e73-9ef1-ea133b293910","block_type":"box","text":"Investment Objective","page_number":49,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"fe44c10b-8fb1-4b30-a8bf-e9bc9d628502","block_type":"box","text":"The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities","page_number":49,"box":{"x":52,"y":134,"width":885,"height":11}},{"id":"b0e52d9e-04dd-42b1-b2e6-3b802c2cea42","block_type":"box","text":"in the healthcare sector.","page_number":49,"box":{"x":53,"y":148,"width":169,"height":9}},{"id":"43756dec-9da6-4aa5-a977-c34ab74eb722","block_type":"box","text":"Fees and Expenses","page_number":49,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"a3177e85-4f40-4a19-aaf4-c1798f708ffc","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","page_number":49,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"641c51ae-0442-41d8-81e1-430206306688","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":49,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"0f82b99b-f52f-4910-9f7d-8ad5d52f87a0","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":49,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"931bf916-8d01-4262-8d76-34b4f646eccc","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":49,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"67a13081-d774-4790-8d83-f8994371ac08","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":49,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"0833a498-53cf-4eac-b948-3c92f8af21bb","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":49,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"a2c14806-c7b1-48be-aa0f-1530d17c28e2","block_type":"box","text":"extraordinary expenses.","page_number":49,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"bd107625-8ea9-4e28-b994-0ca660e06158","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":49,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"a129554e-9e82-4567-a3d2-fc2a39fb1f18","block_type":"box","text":"reflected in the table and example below.","page_number":49,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"b90b399b-494c-43e5-8e3e-2b9085bae96c","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":49,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"2d522ae1-365f-42ac-b0e0-0493d5243cef","block_type":"box","text":"1","page_number":49,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"7272ac93-087c-4f83-ad31-375eb9b5945d","block_type":"box","text":"Management Fee","page_number":49,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"1ecb2728-2c25-47bc-94d8-7fcc90c620ea","block_type":"box","text":"0.38%","page_number":49,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"c450ab3f-0a6c-4db3-aa9b-1b8a11c2631c","block_type":"box","text":"Other Expenses","page_number":49,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"5af637a8-05cf-4993-9697-842e066e5879","block_type":"box","text":"0.00%","page_number":49,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"f2e0b407-2cce-44cd-b40c-c3839d29b478","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":49,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"1d9a4272-d9c4-4175-a375-7808445c5217","block_type":"box","text":"0.38%","page_number":49,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"0adcd35c-f294-4e82-bde0-2e24fe43bd75","block_type":"box","text":"1","page_number":49,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"87d3014b-668b-4bd7-b27f-11b7b07980c8","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":49,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"2172b17b-848b-442a-abab-a94c0a6d0d14","block_type":"box","text":"Example.","page_number":49,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"8ce4583c-5616-49ad-80bf-9ad6acce137e","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","page_number":49,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"52647625-a95d-49bb-9095-927b8227005a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":49,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"6a012921-fe3d-4b3c-b567-08817c5b1833","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":49,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"ad1adeb2-b775-42d5-92a3-fb87ef7d9a49","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":49,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"bc279c45-e1d2-4f5f-929c-3abbd7909538","block_type":"box","text":"your costs would be:","page_number":49,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"ac86a3e2-2eea-4651-beb8-bb9366433790","block_type":"box","text":"Expense Example","page_number":49,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"189cc71b-25b2-405d-81a7-8d0bdaf0081c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":49,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"9e1ab159-422a-49d7-8e68-9f37823e8842","block_type":"box","text":"Example Fund Costs","page_number":49,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"29f878a8-994a-45b3-b4de-7d9ae5e2e52a","block_type":"box","text":"$39 $122 $213 $480","page_number":49,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"e0ae69c2-b2a5-41d0-8a62-7f792bc8a275","block_type":"box","text":"Portfolio Turnover.","page_number":49,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"9d77e255-9bb5-4ddc-9213-80caf5db1cb1","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":49,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"83925830-84e3-4187-9026-fc31adf1ad15","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":49,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"5b2b4e62-46cf-4436-a561-3b20a58b2938","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":49,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"227bfe10-8184-4b99-a437-7624fbd98991","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 2% of","page_number":49,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"0cfd5ec4-f2d1-4161-97b6-4c142883160e","block_type":"box","text":"the average value of its portfolio.","page_number":49,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"2b5ff75e-0aca-4939-9a8e-8e152bf5e5e2","block_type":"box","text":"Principal Investment Strategies","page_number":49,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"b62dfb43-5d5c-481c-8d22-2217af895e09","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Health Care (Sector) Capped Index","page_number":49,"box":{"x":52,"y":683,"width":750,"height":10}},{"id":"51e8949a-1289-4269-bbd1-b76e4fe13f52","block_type":"box","text":"TM","page_number":49,"box":{"x":802,"y":681,"width":17,"height":5}},{"id":"692eb7dc-b0a8-4c4d-bd01-60d3aa4ce7bf","block_type":"box","text":"(the “Underlying","page_number":49,"box":{"x":824,"y":682,"width":115,"height":11}},{"id":"3b414ad5-4205-47a5-aacc-d385c0ba44b8","block_type":"box","text":"Index”), which measures the performance of companies that S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a","page_number":49,"box":{"x":53,"y":697,"width":875,"height":10}},{"id":"83be3bb0-c0a9-41ac-9597-a61bc65aece3","block_type":"box","text":"subsidiary of S&P Global, Inc., deems to be a part of the healthcare sector of the economy and that SPDJI believes are","page_number":49,"box":{"x":52,"y":711,"width":829,"height":11}},{"id":"beb80b55-169a-4c00-99ae-d9acb8ac13d8","block_type":"box","text":"important to global markets. The Underlying Index is a subset of the S&P Global 1200, which is designed to measure the","page_number":49,"box":{"x":53,"y":725,"width":849,"height":11}},{"id":"e4833a84-8e67-43c1-ae96-83f4f6e8238d","block_type":"box","text":"performance of large-capitalization stocks from major global markets, as determined by SPDJI. As of March 31, 2026, a","page_number":49,"box":{"x":53,"y":739,"width":842,"height":11}},{"id":"5add2b9f-a01f-48eb-87c1-2008ed90ce6b","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the healthcare industry or sector.","page_number":49,"box":{"x":52,"y":754,"width":869,"height":10}},{"id":"6adaa7af-57bf-4085-b3f4-1840cfa18968","block_type":"box","text":"The components of the Underlying Index are likely to change over time. As of March 31, 2026, the Underlying Index was","page_number":49,"box":{"x":52,"y":768,"width":844,"height":11}},{"id":"0bad0b64-1ae5-45df-b851-0127237c33c7","block_type":"box","text":"composed of securities of companies in the following countries: Australia, Belgium, Brazil, China, Denmark, France, Germany,","page_number":49,"box":{"x":53,"y":782,"width":884,"height":11}},{"id":"72e0cdc7-3774-4059-aa98-f0f1eee1e76c","block_type":"box","text":"Japan, the Netherlands, South Korea, Spain, Sweden, Switzerland, the United Kingdom (the “U.K.”) and the U.S.","page_number":49,"box":{"x":52,"y":796,"width":779,"height":11}},{"id":"623f6abc-5bbf-4e13-a58d-542fda749b88","block_type":"box","text":"The Underlying Index uses a capping methodology. The capping methodology limits the sum of the weights of the securities","page_number":49,"box":{"x":52,"y":818,"width":877,"height":11}},{"id":"f5570943-7901-4a41-bca2-9d094d7f1d9b","block_type":"box","text":"of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 25% of the","page_number":49,"box":{"x":53,"y":832,"width":859,"height":11}},{"id":"28e43e55-aa70-43f5-b5e2-afc546c147fa","block_type":"box","text":"weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index","page_number":49,"box":{"x":52,"y":846,"width":844,"height":11}},{"id":"8caafab2-aec9-475c-8fb0-eab49a082c15","block_type":"box","text":"rebalances quarterly to limit the aggregate weight of all issuers that individually exceed 4.50% of the Underlying Index weight","page_number":49,"box":{"x":53,"y":861,"width":890,"height":10}},{"id":"237b5784-973b-4836-a209-2c9bb0db2efa","block_type":"box","text":"to a maximum of 22.50%. Between scheduled quarterly reviews, the Underlying Index is rebalanced at the end of any day on","page_number":49,"box":{"x":52,"y":875,"width":878,"height":11}},{"id":"95237e78-e082-4f03-a53d-1ce88a9f390e","block_type":"box","text":"which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent more","page_number":49,"box":{"x":52,"y":889,"width":856,"height":11}},{"id":"6e4a68ff-dd8d-4c9f-9d04-ae37aebb4264","block_type":"box","text":"than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology SPDJI may","page_number":49,"box":{"x":52,"y":903,"width":852,"height":11}},{"id":"1916d5c8-2e4a-4c98-a75f-94faecbf58a9","block_type":"box","text":"consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control.","page_number":49,"box":{"x":53,"y":917,"width":853,"height":11}},{"id":"50bc4094-9364-41a1-8c6f-e450219c2708","block_type":"box","text":"S-42","page_number":49,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"0daae9ad-893d-4eea-bc66-15b06ab06bad","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":50,"box":{"x":52,"y":46,"width":853,"height":11}},{"id":"57560202-850f-4832-83be-20333ed39901","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":50,"box":{"x":53,"y":60,"width":839,"height":11}},{"id":"467b6cc5-3ebf-4bab-ba03-78d36aa0bdbf","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":50,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"16192a6c-813c-42e7-be73-6d31505037ac","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":50,"box":{"x":53,"y":89,"width":851,"height":11}},{"id":"8c0789b0-aefb-49bc-b175-0d3a03030ccc","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":50,"box":{"x":53,"y":103,"width":806,"height":11}},{"id":"94914a72-09f1-4483-9516-ec617c945385","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":50,"box":{"x":53,"y":117,"width":884,"height":11}},{"id":"1ecb147b-1562-42e6-8c23-9fc682475ddf","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":50,"box":{"x":52,"y":131,"width":884,"height":11}},{"id":"b4544fca-1765-45bc-a48b-41f812d9f292","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":50,"box":{"x":53,"y":146,"width":852,"height":11}},{"id":"3ae146a2-09aa-47e9-a965-b2e167fee3ba","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":50,"box":{"x":53,"y":160,"width":867,"height":11}},{"id":"b008f542-cb8a-422f-be1c-9d4c2cd45946","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":50,"box":{"x":52,"y":174,"width":869,"height":11}},{"id":"7250faa0-7551-4691-91a9-0969a2807e46","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":50,"box":{"x":52,"y":188,"width":863,"height":11}},{"id":"340d00f5-946d-4bae-9161-e5431fca0899","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":50,"box":{"x":53,"y":202,"width":826,"height":11}},{"id":"f9d563d3-fd9a-42d6-b437-69a5bcc6bde4","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":50,"box":{"x":53,"y":217,"width":405,"height":10}},{"id":"6194e779-ae41-47da-8971-32006e4304e9","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":50,"box":{"x":53,"y":240,"width":844,"height":11}},{"id":"2e212b23-ac47-4cec-a915-7dd9a4ef798b","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":50,"box":{"x":53,"y":254,"width":860,"height":11}},{"id":"8a80103c-0b48-42b0-9fc8-fb58d6c2bd61","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":50,"box":{"x":53,"y":268,"width":831,"height":11}},{"id":"d0d0eb27-67a4-4fdd-843c-b07d66516452","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":50,"box":{"x":53,"y":282,"width":817,"height":11}},{"id":"cbeca46b-d831-4b05-a806-fcea0166ef21","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":50,"box":{"x":53,"y":296,"width":818,"height":11}},{"id":"2fe99cf4-c1c3-4253-b07a-e915abadf00f","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":50,"box":{"x":53,"y":310,"width":835,"height":12}},{"id":"0a584f95-6cfd-450a-b575-f0d26b5d0b62","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":50,"box":{"x":52,"y":334,"width":873,"height":11}},{"id":"e0aea07f-357b-4fd6-8517-0b4bb4349434","block_type":"box","text":"collateral received).","page_number":50,"box":{"x":53,"y":348,"width":136,"height":9}},{"id":"a97ab44f-5a9e-4524-bda9-da3adfc49a0a","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":50,"box":{"x":52,"y":371,"width":861,"height":11}},{"id":"6eaa7bb6-e01e-4998-8784-b10e27fda364","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":50,"box":{"x":53,"y":385,"width":856,"height":11}},{"id":"e299e9e1-b783-4f10-b113-61988c759269","block_type":"box","text":"market value of the Underlying Index.","page_number":50,"box":{"x":53,"y":400,"width":263,"height":10}},{"id":"b9ec107a-1f3d-4930-8c3f-7c4369b0463d","block_type":"box","text":"Industry Concentration Policy.","page_number":50,"box":{"x":53,"y":423,"width":224,"height":11}},{"id":"86241ef6-3437-4361-bd8a-f05340befb23","block_type":"box","text":"The Fund will concentrate its investments (","page_number":50,"box":{"x":281,"y":423,"width":304,"height":9}},{"id":"d2881b78-88c0-43cc-b398-1d8e9af13041","block_type":"box","text":"i.e.","page_number":50,"box":{"x":587,"y":423,"width":17,"height":8}},{"id":"7e92d842-f664-4106-9940-41e0be4d9326","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":50,"box":{"x":606,"y":423,"width":292,"height":10}},{"id":"66874986-eacb-448e-a610-e732a9b49524","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":50,"box":{"x":53,"y":437,"width":858,"height":11}},{"id":"a9ac273c-7610-409b-bc25-2034a613e190","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":50,"box":{"x":53,"y":451,"width":868,"height":11}},{"id":"85e65fbc-446c-4aa2-8f91-5e8c94cdc578","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":50,"box":{"x":53,"y":465,"width":826,"height":11}},{"id":"69377afc-ebe0-4ef2-93fa-f4e17b8f9364","block_type":"box","text":"Summary of Principal Risks","page_number":50,"box":{"x":52,"y":494,"width":248,"height":14}},{"id":"104a9818-d799-4206-b162-4757a38984fc","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":50,"box":{"x":52,"y":520,"width":881,"height":10}},{"id":"e3f90d6a-7480-45c5-94e1-68862e28dbc4","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":50,"box":{"x":53,"y":534,"width":824,"height":11}},{"id":"d9080df1-bf97-4c5f-ab80-26b00ea22889","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":50,"box":{"x":53,"y":548,"width":807,"height":11}},{"id":"05a54c40-713f-4da7-994c-598cf244f249","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":50,"box":{"x":53,"y":562,"width":844,"height":11}},{"id":"2cbc973d-6ccc-475f-a8ab-97a70404928f","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":50,"box":{"x":52,"y":576,"width":815,"height":11}},{"id":"e18c265e-99e9-4961-aa67-c8f9dcf390c3","block_type":"box","text":"Healthcare Companies Risk.","page_number":50,"box":{"x":53,"y":599,"width":206,"height":11}},{"id":"1273641b-0503-46a3-afcf-e3edeab1a7d9","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":50,"box":{"x":264,"y":599,"width":661,"height":11}},{"id":"82563438-efc5-422a-a1b3-568549734507","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":50,"box":{"x":53,"y":614,"width":877,"height":10}},{"id":"8564aa8c-e423-411c-9d3a-a75703fc8d51","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":50,"box":{"x":53,"y":628,"width":852,"height":11}},{"id":"32f2c502-0ecf-434f-89ed-b075bd447985","block_type":"box","text":"product liability claims, among other factors.","page_number":50,"box":{"x":53,"y":642,"width":316,"height":11}},{"id":"8f29169e-8b51-4abf-975d-b9d39e366eb1","block_type":"box","text":"Equity Securities Risk.","page_number":50,"box":{"x":53,"y":665,"width":164,"height":11}},{"id":"ee876404-004d-45c0-83f1-43162ecb3e13","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":50,"box":{"x":223,"y":665,"width":709,"height":11}},{"id":"3e55f37f-d35a-4839-9407-bb40d9f38173","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":50,"box":{"x":53,"y":679,"width":889,"height":11}},{"id":"9a92d45a-8bd1-4178-832e-38018b7a5075","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":50,"box":{"x":53,"y":694,"width":880,"height":10}},{"id":"5d671c0c-0ab0-4f04-b584-59a5c08f8e4b","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":50,"box":{"x":53,"y":708,"width":867,"height":11}},{"id":"577740a7-59f7-470c-a840-b3f0526e6248","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":50,"box":{"x":53,"y":722,"width":339,"height":11}},{"id":"29ada412-22d7-4751-ba91-ea158ac973f6","block_type":"box","text":"Market Risk.","page_number":50,"box":{"x":53,"y":745,"width":91,"height":9}},{"id":"e32beea4-a958-4f43-8046-76fce7da9c1b","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":50,"box":{"x":148,"y":745,"width":768,"height":11}},{"id":"36a6628d-38d1-4e1c-8c12-737b9ff42532","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":50,"box":{"x":53,"y":759,"width":882,"height":11}},{"id":"864eee0c-80c4-41ab-90fd-7e228f37c994","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":50,"box":{"x":53,"y":773,"width":858,"height":11}},{"id":"784831a1-0e18-4b6a-a6ff-74723b5772cc","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":50,"box":{"x":53,"y":788,"width":875,"height":10}},{"id":"b6b2a7bc-a8be-463f-86cb-baf235c1081d","block_type":"box","text":"Fund’s NAV.","page_number":50,"box":{"x":53,"y":802,"width":82,"height":8}},{"id":"a580043d-3b84-4728-bf81-d34a7fb70a66","block_type":"box","text":"Index-Related Risk.","page_number":50,"box":{"x":53,"y":825,"width":143,"height":9}},{"id":"e62cf3f7-99e6-47fa-9445-8c39b9432d13","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":50,"box":{"x":201,"y":825,"width":742,"height":11}},{"id":"bd00f454-2cce-4200-8350-8d6d8f8f0a86","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":50,"box":{"x":53,"y":839,"width":856,"height":11}},{"id":"e1b232bc-51bc-4cff-a320-08ec40a93213","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":50,"box":{"x":53,"y":853,"width":852,"height":11}},{"id":"5c423c75-a4ce-47fe-8809-7db46550ceb2","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":50,"box":{"x":53,"y":868,"width":876,"height":10}},{"id":"b23507bd-937f-4e93-9148-bcc60eea5b03","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":50,"box":{"x":52,"y":882,"width":849,"height":11}},{"id":"bd2bfcc7-3940-4fef-8219-fb67eb0cc992","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":50,"box":{"x":53,"y":896,"width":849,"height":11}},{"id":"a991e47f-bc31-4d7f-abaf-361623c2d8c0","block_type":"box","text":"S-43","page_number":50,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"04baed79-f1ef-4063-a989-29f61ff171a2","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":51,"box":{"x":53,"y":46,"width":890,"height":11}},{"id":"eaeab60e-be48-4eee-82b1-6dbcf36630e5","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":51,"box":{"x":53,"y":61,"width":853,"height":10}},{"id":"1cfdc872-6e48-41a4-9cde-3426f262fd07","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":51,"box":{"x":53,"y":75,"width":539,"height":11}},{"id":"a6a2414f-8825-413f-8e7e-a60b8ab05127","block_type":"box","text":"Asset Class Risk.","page_number":51,"box":{"x":52,"y":98,"width":122,"height":8}},{"id":"d8248d43-f45f-450a-baf7-b7b6776bc141","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":51,"box":{"x":179,"y":98,"width":721,"height":11}},{"id":"426845b8-27f1-46d2-923e-026d999fd353","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":51,"box":{"x":53,"y":112,"width":774,"height":11}},{"id":"d5329d30-cc53-415f-9ba2-eb53259bb742","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":51,"box":{"x":52,"y":135,"width":318,"height":11}},{"id":"a796a8da-536a-4417-a653-5aea9e61aa0f","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":51,"box":{"x":374,"y":135,"width":531,"height":11}},{"id":"98dd16d0-2033-4513-878a-7867712790b0","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":51,"box":{"x":53,"y":150,"width":810,"height":10}},{"id":"4446f0e3-61d5-48b8-a437-3b0628f11c60","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":51,"box":{"x":52,"y":164,"width":816,"height":11}},{"id":"16cec08f-c4ff-4c1c-a03a-0c5e799c22f5","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":51,"box":{"x":52,"y":178,"width":884,"height":11}},{"id":"afec712f-6bb5-4b4f-a46c-cf2de710419f","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":51,"box":{"x":53,"y":192,"width":871,"height":11}},{"id":"4f15a64f-5338-42a1-b743-141b59e7aba1","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":51,"box":{"x":53,"y":206,"width":846,"height":11}},{"id":"fd2cb714-6a71-446f-9fa6-16f4db934c08","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":51,"box":{"x":52,"y":220,"width":881,"height":11}},{"id":"8646d7b5-2e07-4236-bb32-5030552a760a","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":51,"box":{"x":53,"y":235,"width":853,"height":10}},{"id":"4b6e3ded-f166-47eb-9fed-81039e3a188a","block_type":"box","text":"halts or delisting.","page_number":51,"box":{"x":53,"y":249,"width":121,"height":11}},{"id":"d91fb4ad-df91-4f32-b582-c09da71a1b74","block_type":"box","text":"Concentration Risk.","page_number":51,"box":{"x":53,"y":272,"width":145,"height":8}},{"id":"e6a8dc40-68e7-4fe7-b704-62acad758c3d","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":51,"box":{"x":202,"y":272,"width":711,"height":11}},{"id":"ceb7c1f9-33ce-4ebc-81a6-80fbff5700ee","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":51,"box":{"x":53,"y":286,"width":884,"height":10}},{"id":"f06ee58a-d032-40c7-8a48-f836fddcc2ed","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":51,"box":{"x":52,"y":300,"width":887,"height":11}},{"id":"cb0a5c35-4351-4afa-a7d2-f1059f4cadd6","block_type":"box","text":"asset classes.","page_number":51,"box":{"x":53,"y":315,"width":95,"height":8}},{"id":"9266632d-27e2-4bfd-b06b-da7d1eab70cc","block_type":"box","text":"Currency Risk.","page_number":51,"box":{"x":53,"y":338,"width":106,"height":11}},{"id":"94726483-e4de-4e8f-b739-b6d8ac8b8954","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":51,"box":{"x":164,"y":338,"width":751,"height":11}},{"id":"ffccefcd-c58e-4b46-8c9b-ef1bcf93bdbc","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":51,"box":{"x":53,"y":352,"width":842,"height":11}},{"id":"01d97b1a-ed11-4456-9db9-d879b3a7a954","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":51,"box":{"x":52,"y":366,"width":854,"height":11}},{"id":"b19dfe18-08f8-4f33-a998-6cc4d5bc66a5","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":51,"box":{"x":53,"y":380,"width":869,"height":11}},{"id":"5c2a90d4-dd52-4f9f-b254-e3f663b0ba89","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":51,"box":{"x":53,"y":394,"width":309,"height":11}},{"id":"76995329-e79e-4305-baeb-001bfa37b38d","block_type":"box","text":"Issuer Risk.","page_number":51,"box":{"x":53,"y":418,"width":83,"height":8}},{"id":"ebffea85-f378-4298-a177-cca29b2e081d","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":51,"box":{"x":140,"y":418,"width":780,"height":10}},{"id":"cbd24a63-b9f5-4720-840f-c3e4b2247459","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":51,"box":{"x":53,"y":432,"width":886,"height":11}},{"id":"32e67ecd-5c66-4ef9-a499-219ff89c93c2","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":51,"box":{"x":52,"y":446,"width":576,"height":11}},{"id":"91d35605-1f36-4dab-8ba3-9de4b52383d3","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":51,"box":{"x":53,"y":469,"width":278,"height":11}},{"id":"77b9f105-cab5-4ac8-9678-3e3080dea8cc","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":51,"box":{"x":337,"y":469,"width":540,"height":11}},{"id":"942f2bb7-0eac-4364-b420-ccaf5cddd57e","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":51,"box":{"x":53,"y":484,"width":890,"height":10}},{"id":"665ac66a-179d-4b41-987f-9a36709fc24c","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":51,"box":{"x":53,"y":498,"width":868,"height":10}},{"id":"758e72b3-7b96-4cb9-810c-0d93e4bfc244","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":51,"box":{"x":53,"y":512,"width":709,"height":11}},{"id":"95540eeb-3727-46bd-a3cf-bbe608725ab8","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":51,"box":{"x":53,"y":535,"width":395,"height":11}},{"id":"f4ab0240-e00f-42b1-940b-1c842a12e1f2","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":51,"box":{"x":453,"y":535,"width":410,"height":11}},{"id":"1db8194e-ec75-4fae-af51-5317a2bb6b18","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":51,"box":{"x":53,"y":549,"width":883,"height":11}},{"id":"a8270938-78d9-4848-b7df-a28a258db242","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":51,"box":{"x":52,"y":563,"width":884,"height":11}},{"id":"662169bb-cfd0-4471-bb3e-b9006a205e53","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":51,"box":{"x":53,"y":578,"width":872,"height":10}},{"id":"8cfd59d2-8f34-4b36-8f81-5714b533a916","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":51,"box":{"x":53,"y":592,"width":812,"height":11}},{"id":"bff36480-5924-4d7e-9879-3a4398010a00","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":51,"box":{"x":53,"y":606,"width":890,"height":11}},{"id":"e1f9c3ad-2492-45eb-8f6f-043943811f01","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":51,"box":{"x":52,"y":620,"width":891,"height":10}},{"id":"ac12c919-d7fa-445a-8a6a-d4aed1f95956","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":51,"box":{"x":53,"y":634,"width":836,"height":11}},{"id":"940f487d-b3a9-4f90-a2af-e1898a750024","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":51,"box":{"x":53,"y":648,"width":810,"height":11}},{"id":"d9e0585f-6175-4966-a58e-194e34f3d6be","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":51,"box":{"x":53,"y":663,"width":861,"height":10}},{"id":"b17e0b73-d60b-4b7a-87c7-2d2001e8d679","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":51,"box":{"x":53,"y":677,"width":875,"height":11}},{"id":"5f6aa1bb-9d17-459b-86a7-831542cd93a7","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":51,"box":{"x":52,"y":691,"width":654,"height":11}},{"id":"6cbf65c1-080d-4b98-a6ed-91cb3e7d5a67","block_type":"box","text":"Management Risk.","page_number":51,"box":{"x":53,"y":714,"width":137,"height":11}},{"id":"2e9a68f0-fc7a-4c2c-a7b2-4321d9e6cde2","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":51,"box":{"x":194,"y":714,"width":711,"height":11}},{"id":"755b47c5-e10a-41b3-a025-7547d64d074d","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":51,"box":{"x":53,"y":728,"width":877,"height":11}},{"id":"032f59bb-a4f9-4a8d-b0a3-80a4b8947ce8","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":51,"box":{"x":53,"y":742,"width":859,"height":11}},{"id":"0641732e-5e12-4a65-9285-c8e1c01d2682","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":51,"box":{"x":52,"y":757,"width":848,"height":11}},{"id":"9184af12-7cb0-44ab-8989-7a2da0bb3013","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":51,"box":{"x":53,"y":771,"width":756,"height":11}},{"id":"56509173-bae1-46d1-b947-6aa31f340926","block_type":"box","text":"Market Trading Risk.","page_number":51,"box":{"x":53,"y":794,"width":152,"height":11}},{"id":"9b400027-8e95-47de-8538-bf5acc129ebc","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":51,"box":{"x":209,"y":794,"width":694,"height":11}},{"id":"ff4d84db-c0ed-40ce-b9d1-284e18124386","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":51,"box":{"x":53,"y":808,"width":841,"height":11}},{"id":"ccda9d17-f75d-4e4a-b035-2cfd7c0fb6ce","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":51,"box":{"x":53,"y":822,"width":887,"height":11}},{"id":"aec64531-3b89-44ac-a721-631388a56e8f","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":51,"box":{"x":52,"y":837,"width":839,"height":10}},{"id":"e5c0d5fc-bcaf-4040-b65c-5a23c9d55c5a","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":51,"box":{"x":53,"y":851,"width":866,"height":11}},{"id":"e1406417-5e67-45dd-9cf0-bed9e8aa23da","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":51,"box":{"x":52,"y":865,"width":885,"height":11}},{"id":"80759fe4-474c-47e5-a311-8a168aaa5d64","block_type":"box","text":"of the Fund shares.","page_number":51,"box":{"x":53,"y":879,"width":134,"height":9}},{"id":"9651ba1a-1ec5-4b6d-98d4-5a84981fe515","block_type":"box","text":"S-44","page_number":51,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"55e938db-e045-4fd9-968b-a9c575397d6a","block_type":"box","text":"National Closed Market Trading Risk.","page_number":52,"box":{"x":53,"y":46,"width":273,"height":11}},{"id":"8dbbc049-2c67-4a46-bfdf-899f2ba77d30","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":52,"box":{"x":330,"y":46,"width":544,"height":11}},{"id":"ccb197b2-741a-4af5-85a6-915177653426","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":52,"box":{"x":53,"y":61,"width":874,"height":10}},{"id":"8c0f1f6f-7f44-4ecf-8f6a-d2501e750ac3","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":52,"box":{"x":52,"y":75,"width":651,"height":11}},{"id":"8085008d-b443-45df-8b9d-2d40d09b4649","block_type":"box","text":"i.e","page_number":52,"box":{"x":704,"y":75,"width":15,"height":8}},{"id":"1a8ea173-6db8-4e6d-bfb4-ec1f6fe49990","block_type":"box","text":"., the quote from the closed","page_number":52,"box":{"x":720,"y":75,"width":191,"height":10}},{"id":"73b6bac0-ba45-4e2f-8ee0-b4d7b57f4a49","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":52,"box":{"x":52,"y":89,"width":880,"height":11}},{"id":"7c8d7d52-66c1-49cc-b67b-4ccacc3a8bd4","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":52,"box":{"x":52,"y":103,"width":849,"height":11}},{"id":"d7e47d37-64ee-41d4-bfd1-f2e8d394aff5","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":52,"box":{"x":53,"y":117,"width":850,"height":11}},{"id":"6031c399-f032-49ee-bc95-f1378743feff","block_type":"box","text":"funds.","page_number":52,"box":{"x":52,"y":131,"width":44,"height":9}},{"id":"63c5edf1-6463-408d-a99a-e5ff8195e79d","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":52,"box":{"x":53,"y":155,"width":182,"height":8}},{"id":"00dee7b7-543c-4aa3-abe9-86a11425826c","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":52,"box":{"x":240,"y":155,"width":687,"height":11}},{"id":"70ba262a-2302-401a-bfac-358807257cbc","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":52,"box":{"x":53,"y":169,"width":853,"height":11}},{"id":"f9e3d5c7-81cd-4f9f-9dfd-0ab29dc4d1bd","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":52,"box":{"x":52,"y":183,"width":847,"height":11}},{"id":"10049f43-fe3f-4d22-82eb-6004d1c8d219","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":52,"box":{"x":53,"y":197,"width":889,"height":11}},{"id":"fa56a9f0-83f6-4b2c-a876-e8dd893faa48","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":52,"box":{"x":53,"y":211,"width":842,"height":11}},{"id":"88a0b610-8d69-41fd-bc91-45f87089853b","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":52,"box":{"x":53,"y":226,"width":831,"height":10}},{"id":"56b73cac-92c1-4b87-9c95-5948d1070c6a","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":52,"box":{"x":53,"y":240,"width":821,"height":11}},{"id":"e65e23e0-73c8-4cbb-a4e2-72e02ed7940c","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":52,"box":{"x":53,"y":254,"width":871,"height":11}},{"id":"36d40e21-4661-4f04-945d-1860e4c5487c","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":52,"box":{"x":53,"y":268,"width":289,"height":11}},{"id":"09ffb506-64ba-47ee-91bb-38376ef947c0","block_type":"box","text":"European Economic Risk.","page_number":52,"box":{"x":348,"y":268,"width":186,"height":11}},{"id":"826d0cb0-e3ee-4b8b-9147-012a5bcf50f7","block_type":"box","text":"Operational and Technology Risks.","page_number":52,"box":{"x":53,"y":291,"width":254,"height":11}},{"id":"f7913934-e7d6-485f-879c-17497d2e9f4c","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":52,"box":{"x":312,"y":292,"width":581,"height":10}},{"id":"10935b03-8ff4-46b2-b85d-7b2ac675763f","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":52,"box":{"x":53,"y":306,"width":876,"height":10}},{"id":"403f28a4-2a2e-4c58-8d97-215765dc1075","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":52,"box":{"x":53,"y":320,"width":879,"height":11}},{"id":"7a37f595-1239-4c96-9016-5982968cec93","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":52,"box":{"x":53,"y":334,"width":825,"height":11}},{"id":"f6f52e9f-6291-4efd-9eb6-00a27590465c","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":52,"box":{"x":53,"y":348,"width":862,"height":11}},{"id":"9d41178d-6b2a-477b-bfda-207ec8713378","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":52,"box":{"x":53,"y":362,"width":872,"height":11}},{"id":"2311a7c8-6c31-4325-b1c7-75e392412101","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":52,"box":{"x":53,"y":376,"width":824,"height":11}},{"id":"269fb72a-5e90-4d03-b0b1-6138a235f331","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":52,"box":{"x":53,"y":399,"width":302,"height":12}},{"id":"2463f08b-00b8-4001-8451-e87a5ea3a727","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":52,"box":{"x":359,"y":400,"width":581,"height":10}},{"id":"7a3ec467-7b1d-44c0-8db9-e9e357189786","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":52,"box":{"x":53,"y":414,"width":868,"height":11}},{"id":"39a468bd-dd3a-4842-9c16-d24568017053","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":52,"box":{"x":52,"y":428,"width":871,"height":11}},{"id":"22dd3de4-c0c2-4079-b36a-657e49c392d8","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":52,"box":{"x":52,"y":442,"width":875,"height":11}},{"id":"fb88a55b-4523-437f-8719-1ffad1812f4f","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":52,"box":{"x":52,"y":456,"width":877,"height":11}},{"id":"5279c05f-011e-4dc0-add2-d3da7c7581dc","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":52,"box":{"x":53,"y":470,"width":887,"height":11}},{"id":"a045374f-467f-47c3-8080-6b6e8014b0a7","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":52,"box":{"x":53,"y":485,"width":836,"height":11}},{"id":"50b8cc56-1ed8-408f-b1e8-ea5b262b5e0a","block_type":"box","text":"availability of certain commodities.","page_number":52,"box":{"x":53,"y":499,"width":246,"height":11}},{"id":"5d56f79f-7091-4414-9ec9-46306c177f6a","block_type":"box","text":"Risk of Investing in the U.S.","page_number":52,"box":{"x":53,"y":522,"width":200,"height":11}},{"id":"e842185b-3568-4b96-b0ff-85efe7353a67","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":52,"box":{"x":259,"y":522,"width":663,"height":11}},{"id":"8bb2a5e1-6c79-42e6-b78f-d43ea4dba360","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":52,"box":{"x":53,"y":536,"width":877,"height":11}},{"id":"2d1394aa-c2df-461a-9a5a-c0e4353a0daa","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":52,"box":{"x":53,"y":550,"width":470,"height":11}},{"id":"bd3c10e6-da52-4969-a82f-11ee10a17e60","block_type":"box","text":"Securities Lending Risk.","page_number":52,"box":{"x":52,"y":574,"width":178,"height":11}},{"id":"c4560548-e873-4e46-a514-5f84e43d6ffa","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":52,"box":{"x":234,"y":574,"width":692,"height":10}},{"id":"7a75b939-67cb-46aa-b884-75e8b8491e83","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":52,"box":{"x":53,"y":588,"width":870,"height":11}},{"id":"2bdbb91b-734a-4257-bc91-bda288bca0f4","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":52,"box":{"x":53,"y":602,"width":886,"height":11}},{"id":"cb4d950a-2a20-4033-8675-8b65fd3f1b71","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":52,"box":{"x":53,"y":616,"width":831,"height":11}},{"id":"654cd9f6-4548-493b-a806-a6bb81435858","block_type":"box","text":"Tracking Error Risk.","page_number":52,"box":{"x":52,"y":639,"width":145,"height":11}},{"id":"4a5b09b0-ab65-4bb7-bc43-a71c0cf56eb1","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":52,"box":{"x":201,"y":639,"width":741,"height":11}},{"id":"468837c5-e1ed-4118-bc06-7fb9aaa39b65","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":52,"box":{"x":53,"y":654,"width":861,"height":10}},{"id":"9006f07a-4588-4c74-bdab-c190d68ab52d","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":52,"box":{"x":53,"y":668,"width":832,"height":11}},{"id":"cd32a7f5-c7e6-4fb0-8be2-e0cbd239aec9","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":52,"box":{"x":53,"y":682,"width":880,"height":11}},{"id":"b52f4725-f5da-40ea-ac16-131542bf0dcd","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":52,"box":{"x":53,"y":696,"width":831,"height":11}},{"id":"1eb29ec7-7aa0-49ad-935f-f234a199d78d","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":52,"box":{"x":52,"y":710,"width":828,"height":11}},{"id":"8fd8cecb-2baf-4d8c-b201-d74ab76968c8","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":52,"box":{"x":53,"y":724,"width":873,"height":11}},{"id":"6fbdee6b-22ff-4509-a47b-cdec8723a4eb","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":52,"box":{"x":53,"y":739,"width":889,"height":11}},{"id":"14779e4b-663b-4290-bbd2-f558d90be30b","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":52,"box":{"x":53,"y":753,"width":852,"height":11}},{"id":"32a3bdc3-5f7b-4249-a4f9-900dcecefc1d","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":52,"box":{"x":53,"y":767,"width":886,"height":11}},{"id":"12434eb4-c0fe-4962-a5b6-399c1f27673b","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":52,"box":{"x":53,"y":781,"width":873,"height":11}},{"id":"14c40fc1-6efd-4771-88cb-f66c69abb3f7","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":52,"box":{"x":53,"y":795,"width":879,"height":11}},{"id":"fa9e7e49-3f2b-4958-84fd-f0ca5a22f189","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":52,"box":{"x":53,"y":810,"width":839,"height":10}},{"id":"bff63fab-f86e-4469-b4a5-b18de3dfec00","block_type":"box","text":"Valuation Risk.","page_number":52,"box":{"x":52,"y":833,"width":110,"height":8}},{"id":"531ab688-f3f9-407d-a8e9-a501d0227a5b","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":52,"box":{"x":166,"y":833,"width":740,"height":11}},{"id":"f7f8b6e2-8942-4600-bd10-0fac973bcba3","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":52,"box":{"x":53,"y":847,"width":840,"height":11}},{"id":"c8c28112-39b3-4937-8c8f-c421e7c3568f","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":52,"box":{"x":52,"y":861,"width":869,"height":11}},{"id":"7d79a88b-1581-43c1-803a-827f02dd7cc4","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":52,"box":{"x":52,"y":875,"width":889,"height":11}},{"id":"7492a25f-7833-4467-bd74-f4a035656ba4","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":52,"box":{"x":53,"y":890,"width":871,"height":10}},{"id":"6cbc203f-e46f-4e25-89cb-1966da706dc1","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":52,"box":{"x":52,"y":904,"width":879,"height":11}},{"id":"05a29882-d770-433b-8cf6-ee0fc00f15a1","block_type":"box","text":"S-45","page_number":52,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"694db89e-8487-493c-9da3-3c99f1d78f7f","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":53,"box":{"x":53,"y":47,"width":880,"height":10}},{"id":"43cf7184-6947-47d0-8200-3c0fbfed31de","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":53,"box":{"x":53,"y":61,"width":816,"height":10}},{"id":"e2782b8d-ab46-4eb4-b28d-b87a3f3ec1f6","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":53,"box":{"x":52,"y":75,"width":613,"height":11}},{"id":"bb4f1558-a1f8-4233-a22b-17454884ea1b","block_type":"box","text":"Performance Information","page_number":53,"box":{"x":54,"y":104,"width":228,"height":10}},{"id":"516d1198-e877-4472-9feb-7b8f90b0f259","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":53,"box":{"x":52,"y":129,"width":864,"height":10}},{"id":"6cd7d189-c39f-4985-b658-4602772b3ce1","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":53,"box":{"x":52,"y":143,"width":872,"height":11}},{"id":"ebabe1ac-b87d-4e41-86d5-b1f41af98602","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":53,"box":{"x":53,"y":157,"width":868,"height":11}},{"id":"85772ef4-c430-4981-ae43-aaeb6ffe516b","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":53,"box":{"x":53,"y":171,"width":838,"height":11}},{"id":"a7c1f882-bf36-4f50-9aeb-179bf05c4bcf","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":53,"box":{"x":53,"y":186,"width":868,"height":10}},{"id":"a851fa4a-ed44-4c12-813a-a90d29e8ead4","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":53,"box":{"x":53,"y":200,"width":832,"height":11}},{"id":"2efb846c-22af-4391-98c1-b4d1c87f7c36","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":53,"box":{"x":53,"y":214,"width":842,"height":11}},{"id":"7d0622a5-350c-45cc-9709-0ff0436e9cff","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":53,"box":{"x":52,"y":228,"width":531,"height":11}},{"id":"bed088d2-6a7e-4c11-93b4-32a4ebd12935","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":53,"box":{"x":135,"y":253,"width":260,"height":11}},{"id":"3494941e-56e7-4e99-b15d-568923b1b6c9","block_type":"box","text":"-6.19","page_number":53,"box":{"x":87,"y":381,"width":23,"height":6}},{"id":"8ce65db1-dd7c-4130-88b6-4b9a8dddbccb","block_type":"box","text":"20.34","page_number":53,"box":{"x":123,"y":318,"width":26,"height":6}},{"id":"584e8fc1-d039-41c0-b7eb-596383876a87","block_type":"box","text":"2.85","page_number":53,"box":{"x":163,"y":349,"width":20,"height":6}},{"id":"f0a566dd-a28a-41c6-89ee-086e97aa5747","block_type":"box","text":"23.36","page_number":53,"box":{"x":197,"y":313,"width":26,"height":6}},{"id":"f33c32f0-1d7a-4f5f-9359-27eafbc5fcbb","block_type":"box","text":"12.48","page_number":53,"box":{"x":235,"y":332,"width":25,"height":6}},{"id":"70f3d18f-75e5-4e12-aa8d-a875333df017","block_type":"box","text":"19.49","page_number":53,"box":{"x":272,"y":319,"width":25,"height":6}},{"id":"f6f6af9e-ddc2-475b-b5fb-22d456e574f8","block_type":"box","text":"-4.69","page_number":53,"box":{"x":309,"y":378,"width":23,"height":6}},{"id":"01fcfdc6-3ceb-463e-9e12-b1c1beb36da7","block_type":"box","text":"3.49","page_number":53,"box":{"x":348,"y":348,"width":20,"height":6}},{"id":"d7f9aaa9-bb36-47c0-ae7a-54d7f8987f15","block_type":"box","text":"0.60","page_number":53,"box":{"x":385,"y":353,"width":20,"height":6}},{"id":"e0995b65-991b-4e96-adeb-4a6ea693f2b0","block_type":"box","text":"14.85","page_number":53,"box":{"x":420,"y":328,"width":25,"height":6}},{"id":"51aac478-f8de-4ce5-b6d7-974d82fc3860","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":53,"box":{"x":87,"y":407,"width":356,"height":6}},{"id":"cdb7930b-69f7-416c-9275-51f7099b0338","block_type":"box","text":"Return (%) Period Ended","page_number":53,"box":{"x":736,"y":268,"width":188,"height":9}},{"id":"6872cfd2-c8e1-4a7e-a34f-a9a826eaf61a","block_type":"box","text":"Calendar Year-to-Date Return","page_number":53,"box":{"x":520,"y":286,"width":197,"height":7}},{"id":"c0eeb6c1-f5c4-48ea-abe5-b5ec4090033c","block_type":"box","text":"1.97% June 30, 2026","page_number":53,"box":{"x":758,"y":286,"width":184,"height":9}},{"id":"e7e11ba6-16aa-4453-bb01-dafc618c15e4","block_type":"box","text":"During the periods shown in the chart:","page_number":53,"box":{"x":520,"y":299,"width":250,"height":9}},{"id":"a3961997-1150-43b7-a7e0-ef66324585ce","block_type":"box","text":"Best Quarter 13.62% December 31, 2019","page_number":53,"box":{"x":534,"y":312,"width":408,"height":8}},{"id":"71d1e028-cbad-4be3-bd2e-835dcf79b148","block_type":"box","text":"Worst Quarter -11.76% December 31, 2024","page_number":53,"box":{"x":533,"y":325,"width":409,"height":8}},{"id":"16943515-0752-489e-819b-61ab0f180e63","block_type":"box","text":"Average Annual Total Returns (%)","page_number":53,"box":{"x":372,"y":437,"width":251,"height":11}},{"id":"cbc8db45-b431-4bd6-aec7-88e4952399f6","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":53,"box":{"x":340,"y":451,"width":315,"height":11}},{"id":"ad89f10b-712a-4826-8ff6-4c4411da1c8c","block_type":"box","text":"One Year Five Years Ten Years","page_number":53,"box":{"x":670,"y":468,"width":268,"height":7}},{"id":"849abf60-c1c5-48b9-aa10-d9fda14ddaf1","block_type":"box","text":"Fund Inception: 11/13/2001","page_number":53,"box":{"x":58,"y":483,"width":187,"height":9}},{"id":"aae70e77-46bf-4ee8-9389-22d095af0cf6","block_type":"box","text":"Return Before Taxes","page_number":53,"box":{"x":58,"y":495,"width":125,"height":7}},{"id":"8e946d1a-1d6f-4a05-bed5-a1ce2bc73909","block_type":"box","text":"14.85% 6.37% 8.17%","page_number":53,"box":{"x":682,"y":495,"width":257,"height":7}},{"id":"4cf88a2b-c915-4fbd-8117-8694e9bb7cf2","block_type":"box","text":"Return After Taxes on Distributions 14.45% 6.03% 7.79%","page_number":53,"box":{"x":58,"y":506,"width":881,"height":8}},{"id":"b013d672-f516-4131-8252-8aef88598b21","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.04% 4.95% 6.58%","page_number":53,"box":{"x":58,"y":518,"width":881,"height":7}},{"id":"8786b3b3-56d1-4313-ae59-7690c38ec568","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":53,"box":{"x":57,"y":529,"width":244,"height":9}},{"id":"c309d082-9a99-43bd-8a4a-fc369f55cf9c","block_type":"box","text":"1","page_number":53,"box":{"x":302,"y":528,"width":5,"height":5}},{"id":"48ac55d8-7c30-4a53-95d2-bfae5e92f32c","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":53,"box":{"x":312,"y":529,"width":330,"height":10}},{"id":"82c0b989-5a4c-4766-bb24-3c94e9aec46b","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":53,"box":{"x":71,"y":542,"width":868,"height":10}},{"id":"94bf6841-1ce2-43e7-80e3-ddfc48cc281f","block_type":"box","text":"S&P Global 1200 Health Care (Sector) Capped Index (Spliced)","page_number":53,"box":{"x":57,"y":554,"width":402,"height":9}},{"id":"3ab0b625-b2b5-4126-b9bc-d9c07029e774","block_type":"box","text":"1,2","page_number":53,"box":{"x":461,"y":553,"width":14,"height":5}},{"id":"0a786861-6d65-4b90-a380-cf863ff36a9e","block_type":"box","text":"(Returns do not reflect","page_number":53,"box":{"x":479,"y":554,"width":141,"height":8}},{"id":"343ab67e-d50c-4949-ba2d-2619b509ef66","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 14.66% 6.33% 8.18%","page_number":53,"box":{"x":71,"y":567,"width":868,"height":9}},{"id":"9aa1f603-1af1-4670-83df-06f49922dc62","block_type":"box","text":"1","page_number":53,"box":{"x":80,"y":586,"width":5,"height":4}},{"id":"3fe45646-59ad-42bc-b7b3-a8b2c9c2d889","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":53,"box":{"x":94,"y":587,"width":827,"height":9}},{"id":"d4594abf-13a9-4d10-9034-ed23c5c250bd","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":53,"box":{"x":93,"y":597,"width":847,"height":10}},{"id":"82240cce-1cbb-4d78-985a-fe3c948f48d1","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":53,"box":{"x":93,"y":607,"width":843,"height":10}},{"id":"5e41e59b-db43-4994-83cc-502912aac6fb","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":53,"box":{"x":92,"y":618,"width":829,"height":9}},{"id":"7adde418-41cd-4da2-9525-6744c7998ef2","block_type":"box","text":"tax rates, if any.","page_number":53,"box":{"x":92,"y":628,"width":97,"height":10}},{"id":"de8c1e5d-8dbc-4ca8-ac46-bb8a5101f456","block_type":"box","text":"2","page_number":53,"box":{"x":80,"y":637,"width":5,"height":5}},{"id":"b3151a2b-191e-4f72-9f14-53f0821d539c","block_type":"box","text":"The S&P Global 1200 Health Care (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Health Care Index","page_number":53,"box":{"x":92,"y":638,"width":843,"height":10}},{"id":"add41f5e-daad-4c72-bdcc-f8d2e07f1325","block_type":"box","text":"(Net) through March 22, 2026 and the S&P Global 1200 Health Care (Sector) Capped Index (Net) thereafter, which reflect the times","page_number":53,"box":{"x":93,"y":649,"width":825,"height":9}},{"id":"e197e31a-70c9-4597-bec7-8aa14b494ed3","block_type":"box","text":"when each index was the Underlying Index of the Fund.","page_number":53,"box":{"x":92,"y":659,"width":347,"height":10}},{"id":"6588c696-ee4e-4f2b-9bee-3162ab9f6fee","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":53,"box":{"x":52,"y":679,"width":857,"height":11}},{"id":"5f24950d-d858-4e76-8c16-2f4aeb9a8327","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":53,"box":{"x":53,"y":693,"width":865,"height":10}},{"id":"4279e2d8-f340-4304-92fd-7cd55b80d082","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":53,"box":{"x":53,"y":707,"width":847,"height":11}},{"id":"8078f10f-997e-4ad4-8e13-5b6d201549c8","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":53,"box":{"x":52,"y":721,"width":857,"height":11}},{"id":"3a702187-73af-4029-ad9f-c3594247418b","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":53,"box":{"x":53,"y":735,"width":877,"height":11}},{"id":"18eabdf7-146f-4284-8e2b-48e402d74d60","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Individual shares of the Fund may only be bought","page_number":54,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"9bedd9f6-c5cb-40d9-be9d-8101abfbc5fb","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":54,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"674969f3-95ef-49f5-ac55-6542d433642f","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":54,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"d02ac87c-e793-4bb0-b4a6-1032e4b3671b","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":54,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"24406191-c51d-4e78-9a97-333e73957786","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":54,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"a5b96a55-d4b8-4d92-8964-f03b76ba7cd1","block_type":"box","text":"(the “bid-ask spread”).","page_number":54,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"d15ba902-1d86-420a-b51c-71bff2c33171","block_type":"box","text":"Tax Information","page_number":54,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"8b02f97c-cbd5-4f66-9ca3-1870e7414736","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":54,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"c6d37736-5c49-4d03-bebd-cf785206d7ac","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":54,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"6c23b6de-ea20-4fc5-9aac-8acb29b8bfcb","block_type":"box","text":"be taxed when withdrawn.","page_number":54,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"20419455-6806-4c08-8b28-7285ec38d8e3","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":54,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"5e8dea96-3362-46e9-9f68-675e5ba22b3d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":54,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"e0f15b0a-24a6-45ab-9763-1fa4418f0166","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":54,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"1ac2dcb2-6fb2-4a71-b578-fa5014e3e06e","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":54,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"2254eb27-692b-40a4-83b0-7fc3e24abb98","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":54,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"4f9fd00e-11d9-4657-8794-ec0f624f7735","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":54,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"54d9d820-d873-447d-861d-8a7d4ad8246c","block_type":"box","text":"financial intermediary’s website for more information.","page_number":54,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"7649feaa-4ced-4bb6-861a-55b3a0be69b7","block_type":"box","text":"S-47","page_number":54,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"014b4cd9-7513-45ca-adb7-102f2d766d78","block_type":"box","text":"iShares Global Industrials ETF","page_number":55,"box":{"x":53,"y":47,"width":420,"height":16}},{"id":"98e27251-c96b-4b40-83e1-bf9b314ffbf1","block_type":"box","text":"EXI | NYSE Arca","page_number":55,"box":{"x":54,"y":70,"width":218,"height":18}},{"id":"70c38ac6-b013-46f9-b0fb-6b070bba514f","block_type":"box","text":"Investment Objective","page_number":55,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"edf3ff77-91f8-486a-bcae-045fe50d8288","block_type":"box","text":"The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities","page_number":55,"box":{"x":52,"y":134,"width":883,"height":11}},{"id":"d1a565d7-b99d-48ee-998b-e1dfb5793b54","block_type":"box","text":"in the industrials sector.","page_number":55,"box":{"x":53,"y":148,"width":168,"height":9}},{"id":"b7f6068b-306c-45fe-9dd3-3d6a57b1b217","block_type":"box","text":"Fees and Expenses","page_number":55,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"f7de5ff7-06cd-4e56-abb0-62ef1d156ee0","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","page_number":55,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"6bb76fdc-cc51-49a2-8230-7481152d9e98","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":55,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"d501ef1c-4c24-4049-9ae4-2211f9d6fe73","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":55,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"25eb4458-aaf4-4845-9d0e-4bc8ca5391bb","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":55,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"49af2ed8-8a45-4869-878f-51c83580bc30","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":55,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"c1fd07c9-7382-4107-8779-32033b2359b5","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":55,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"09bfb439-e8e1-4bcc-a652-62e0bf03bdd2","block_type":"box","text":"extraordinary expenses.","page_number":55,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"4e093f31-9e36-477b-8158-94b00cc49410","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":55,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"3401903c-a4e1-4668-b035-a0b02b8a68dc","block_type":"box","text":"reflected in the table and example below.","page_number":55,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"95afb06c-af87-4f3e-b309-98f8ec9bc742","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":55,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"4dadf576-92df-40e4-a461-b312e59c4641","block_type":"box","text":"1","page_number":55,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"8b6810c7-6d0d-440a-87c8-2736d12ac8b7","block_type":"box","text":"Management Fee","page_number":55,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"f3c35931-1601-4c32-a290-2a7f0e02a5d1","block_type":"box","text":"0.38%","page_number":55,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"a472ea90-23ce-49fb-8233-9c318178c292","block_type":"box","text":"Other Expenses","page_number":55,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"8eb4da6c-5ae7-4180-8d26-b883586aa18b","block_type":"box","text":"0.00%","page_number":55,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"0156de47-a96d-469b-a4a8-4f7d092cb259","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":55,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"17026a63-11ff-4fed-861d-2cc4e2a0d7f4","block_type":"box","text":"0.38%","page_number":55,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"8cd848cc-a6c7-4773-86b8-41df6d8e216b","block_type":"box","text":"1","page_number":55,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"1905cbee-92ed-4132-8b6f-48b9dc4daa07","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":55,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"253d4208-0514-4a5d-9301-2f0b2221d1ed","block_type":"box","text":"Example.","page_number":55,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"0de681f9-1b3e-4982-a6be-8a8290ba34b0","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","page_number":55,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"dce464cd-f216-4dad-aa99-949ea9966495","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":55,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"b3e88e3f-620b-4218-add7-86cff670f709","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":55,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"2b5e3a29-79b5-4432-a856-f8670daccd0e","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":55,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"237968ad-896d-4ca6-81d1-d76cfde318ab","block_type":"box","text":"your costs would be:","page_number":55,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"3fec1f72-bb89-424a-9036-8d8c05a3e64a","block_type":"box","text":"Expense Example","page_number":55,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"f3e91521-83db-461e-a2a5-24745347bf1c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":55,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"8e665a22-233c-4a10-8ba8-0898f88e28e8","block_type":"box","text":"Example Fund Costs","page_number":55,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"a60c439f-fe44-4bd1-9405-494212b7641f","block_type":"box","text":"$39 $122 $213 $480","page_number":55,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"18cc342a-b551-400d-a0bf-9aa436efa5f0","block_type":"box","text":"Portfolio Turnover.","page_number":55,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"f321f464-ea35-49d7-8066-ea02cd2afbae","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":55,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"61612d82-b3f4-4df5-bea1-784eafd7154c","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":55,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"0d0dd8e0-9813-437f-928d-7520c2fd579c","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":55,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"d3b062e2-ec93-4912-aa5c-99f59c34133c","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of","page_number":55,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"397421a6-26f8-46d1-a589-1d5806a68deb","block_type":"box","text":"the average value of its portfolio.","page_number":55,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"308995c5-c26c-4a75-a596-e84d4f88c935","block_type":"box","text":"Principal Investment Strategies","page_number":55,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"a7f2a2d2-4b27-401e-ade6-463f6c8c07dd","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Industrials (Sector) Capped Index","page_number":55,"box":{"x":52,"y":683,"width":742,"height":10}},{"id":"c577d70d-c8ae-4457-83ea-60a62f1da75c","block_type":"box","text":"TM","page_number":55,"box":{"x":794,"y":681,"width":16,"height":5}},{"id":"15dbe022-e667-4537-88ec-2e2db7094766","block_type":"box","text":"(the “Underlying","page_number":55,"box":{"x":816,"y":682,"width":114,"height":11}},{"id":"1f72a771-dc2a-4596-beb0-0e78dbda6ca0","block_type":"box","text":"Index”), which measures the performance of companies that S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a","page_number":55,"box":{"x":53,"y":697,"width":875,"height":10}},{"id":"455a5ac8-d523-4052-ae3b-8f8fc9645710","block_type":"box","text":"subsidiary of S&P Global, Inc., deems to be part of the industrials sector of the economy and that SPDJI believes are","page_number":55,"box":{"x":52,"y":711,"width":817,"height":11}},{"id":"21202ca5-bedb-45d9-b851-505e0f217784","block_type":"box","text":"important to global markets. The Underlying Index is a subset of the S&P Global 1200, which is designed to measure the","page_number":55,"box":{"x":53,"y":725,"width":849,"height":11}},{"id":"8d6d116c-2854-4ba1-954e-2603c7dd4191","block_type":"box","text":"performance of large-capitalization stocks from major global markets, as determined by SPDJI. As of March 31, 2026, a","page_number":55,"box":{"x":53,"y":739,"width":842,"height":11}},{"id":"9407aa28-47ba-47e6-99a7-d8bb58cd2b3e","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the industrials industry or sector.","page_number":55,"box":{"x":52,"y":754,"width":869,"height":10}},{"id":"bb912a9d-0970-4217-9244-953c536a5e94","block_type":"box","text":"The components of the Underlying Index are likely to change over time. As of March 31, 2026, the Underlying Index was","page_number":55,"box":{"x":52,"y":768,"width":844,"height":11}},{"id":"05936738-ade2-4e24-89c8-d54d40d11bd3","block_type":"box","text":"composed of securities of companies in the following countries or regions: Australia, Brazil, Canada, Chilé, Denmark, Finland,","page_number":55,"box":{"x":53,"y":782,"width":883,"height":11}},{"id":"b1ec8109-eaf8-46b2-b6eb-a323dd936cae","block_type":"box","text":"France, Germany, Hong Kong, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, South Korea, Spain, Sweden,","page_number":55,"box":{"x":53,"y":796,"width":801,"height":11}},{"id":"65276a3b-f013-425e-9142-3f46fb0e2804","block_type":"box","text":"Switzerland, the United Kingdom (the “U.K.”) and the U.S.","page_number":55,"box":{"x":52,"y":810,"width":400,"height":11}},{"id":"207fbc4e-c3a4-4498-bb9d-72c5bdd4c6f2","block_type":"box","text":"The Underlying Index uses a capping methodology. The capping methodology limits the sum of the weights of the securities","page_number":55,"box":{"x":52,"y":832,"width":877,"height":11}},{"id":"fd478a4d-d50c-47b3-9455-a41e699048f8","block_type":"box","text":"of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 25% of the","page_number":55,"box":{"x":53,"y":846,"width":859,"height":11}},{"id":"14831ab9-3bf6-4e06-8a00-780243cbe998","block_type":"box","text":"weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index","page_number":55,"box":{"x":52,"y":861,"width":844,"height":10}},{"id":"251c6094-3487-4c92-b41b-2378fefc1a4e","block_type":"box","text":"rebalances quarterly to limit the aggregate weight of all issuers that individually exceed 4.50% of the Underlying Index weight","page_number":55,"box":{"x":53,"y":875,"width":890,"height":11}},{"id":"3f02a3cf-5f19-40eb-94d0-76559527d930","block_type":"box","text":"to a maximum of 22.50%. Between scheduled quarterly reviews, the Underlying Index is rebalanced at the end of any day on","page_number":55,"box":{"x":52,"y":889,"width":878,"height":11}},{"id":"04692381-b009-47ff-a8df-86378b9e81a3","block_type":"box","text":"which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent more","page_number":55,"box":{"x":52,"y":903,"width":856,"height":11}},{"id":"943b7f12-518f-4834-ae62-06e62bfaaa20","block_type":"box","text":"S-48","page_number":55,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"8d2790c3-da71-42e9-9467-c169cf53a497","block_type":"box","text":"than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology SPDJI may","page_number":56,"box":{"x":52,"y":46,"width":852,"height":11}},{"id":"10f63b5f-8742-4e31-889b-d2d4f19c3a64","block_type":"box","text":"consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control.","page_number":56,"box":{"x":53,"y":61,"width":853,"height":10}},{"id":"065ce184-4fe4-4de9-9ef1-dba81611524c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":56,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"dbe8b306-c5f9-4531-9a98-64f1f243424f","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":56,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"6bb60cdf-c899-4ce3-85de-a0a4e8b3a17e","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":56,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"95995127-c267-4243-b1c5-701c5ebfd691","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":56,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"8a1ae4b8-25f8-4d5f-a8dc-1ed4c9c31c8e","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":56,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"847e7782-cb72-4500-b969-d299e8edb765","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":56,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"23e8ba6d-2f15-4c9b-9f5f-3868622e583c","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":56,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"e0d7f8d1-6bad-4565-836f-5cc87c7bc03d","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":56,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"e446bf49-d5dc-4149-b479-152d21a66276","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":56,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"9680bcf4-077b-4d17-ac41-2f441e60dbc9","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":56,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"14447488-45ea-462a-9660-5866d88157f9","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":56,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"e7b65382-c179-4a5c-84ac-1c99e9a3d80b","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":56,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"3b94f9ce-140a-448c-9a2c-1cf69299365a","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":56,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"30bfec3c-5bc8-421e-8ec7-c21b68bd6ea0","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":56,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"13073bf7-99ec-4df9-9f5d-1b56f158c05f","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":56,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"c1cd8563-a49d-4d7b-a427-37746dbf1141","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":56,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"f1250dab-eb33-4d9c-b487-28d1691a3236","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":56,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"2de62b5a-a3a1-45a2-908c-fa618eb17d1e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":56,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"7acdaf8e-5fb2-4382-827a-e557064de4c4","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":56,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"3f99dbc9-2158-414b-b372-9830bac7aa35","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":56,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"582b6638-4597-4177-84f7-34649990c0c2","block_type":"box","text":"collateral received).","page_number":56,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"48c33841-ba7a-4182-bfb6-812ae1a940eb","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":56,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"adf559d8-2c6b-4899-b90d-1905ba998a18","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":56,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"2a126ed5-56e2-4b6b-93af-540d3add2696","block_type":"box","text":"market value of the Underlying Index.","page_number":56,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"8b54a584-99dc-4fcc-acb0-7b6a23c3cb6f","block_type":"box","text":"Industry Concentration Policy.","page_number":56,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"77a1e084-0220-4104-88f2-462310d62207","block_type":"box","text":"The Fund will concentrate its investments (","page_number":56,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"8a3a5f0b-f7bc-4cd1-86c2-72a47a583d1e","block_type":"box","text":"i.e.","page_number":56,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"43cd9995-4b2d-47ae-89f1-71dfcd722ee6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":56,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"7baf55f7-c080-4dd5-a87a-94c71926f660","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":56,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"719b2485-6137-4600-a417-2b5ed68c7a97","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":56,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"9bd25806-eb76-445b-91f5-a9814e00f9b4","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":56,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"3c2ff28c-77d2-4e5d-b329-cdc1a2981843","block_type":"box","text":"Summary of Principal Risks","page_number":56,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"f2cf953f-6214-4441-888e-cfb003a4fd67","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":56,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"cef5a5e6-3205-4225-9e4e-3d1cb26f9cbe","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":56,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"831084ac-7722-415a-913a-f839a493f399","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":56,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"1958a0b0-5f3f-4d92-8ba8-02d386342900","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":56,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"05b63f80-094d-46dd-aa1d-6ef5aadde8b9","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":56,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"b5ecd367-4336-4ed5-989c-932f234815c2","block_type":"box","text":"Industrial Companies Risk.","page_number":56,"box":{"x":53,"y":637,"width":197,"height":10}},{"id":"ed644927-dea9-49ef-9e7b-bf1d1e4224f0","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":56,"box":{"x":255,"y":637,"width":685,"height":11}},{"id":"f977b106-29b1-4666-8a70-42912c2ed390","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":56,"box":{"x":53,"y":651,"width":881,"height":11}},{"id":"2edcfd6a-8e7d-43a0-b0fd-11df9cfd7a8b","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":56,"box":{"x":53,"y":665,"width":867,"height":11}},{"id":"98f48ad6-c934-4e12-bbb2-dc18c9f97692","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":56,"box":{"x":53,"y":679,"width":860,"height":11}},{"id":"0ed06959-eaa6-4f6f-9dee-54f0cf91880e","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":56,"box":{"x":53,"y":694,"width":862,"height":10}},{"id":"5ba9dd6f-9b62-44d0-9b0f-9d407d5242e1","block_type":"box","text":"Equity Securities Risk.","page_number":56,"box":{"x":53,"y":717,"width":164,"height":11}},{"id":"189ccce2-1ed4-4810-8bec-d25f999cb2d5","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":56,"box":{"x":223,"y":717,"width":709,"height":11}},{"id":"1d4008a1-6408-4e2e-8643-a218d9afef91","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":56,"box":{"x":53,"y":731,"width":889,"height":11}},{"id":"3ad1469b-389c-47d4-9525-a22e99d0390e","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":56,"box":{"x":53,"y":745,"width":880,"height":11}},{"id":"dfc3fb68-c834-454f-ade5-36a22314496c","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":56,"box":{"x":53,"y":759,"width":867,"height":11}},{"id":"fc059b01-68fc-4a4b-8897-f5c98c4342c0","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":56,"box":{"x":53,"y":773,"width":339,"height":11}},{"id":"c4797e2c-fe44-4a17-9185-345c35ee4bf8","block_type":"box","text":"Market Risk.","page_number":56,"box":{"x":53,"y":797,"width":91,"height":8}},{"id":"866c1c9c-3a85-46bc-9a3a-2e66aadf4fd9","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":56,"box":{"x":148,"y":797,"width":768,"height":11}},{"id":"618437de-8ac6-4fc7-8cbb-b6b9322fd9f1","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":56,"box":{"x":53,"y":810,"width":882,"height":10}},{"id":"911f0554-7b79-4c41-9789-ebe1332468fe","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":56,"box":{"x":53,"y":822,"width":858,"height":11}},{"id":"7a04c1d8-0a91-4579-b4e9-ab62e519d52b","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":56,"box":{"x":53,"y":835,"width":875,"height":11}},{"id":"9789ee3d-d3a9-420f-a4e0-ec70a6f193de","block_type":"box","text":"Fund’s NAV.","page_number":56,"box":{"x":53,"y":848,"width":82,"height":9}},{"id":"e708a124-59a7-493b-bb3d-dda1f8b1cba0","block_type":"box","text":"Index-Related Risk.","page_number":56,"box":{"x":53,"y":870,"width":143,"height":9}},{"id":"78e0d828-cf8b-4848-a697-d22ff70f00c8","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":56,"box":{"x":201,"y":870,"width":742,"height":11}},{"id":"ed764e90-5472-46cb-bd86-f42f18260a5c","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":56,"box":{"x":53,"y":883,"width":856,"height":11}},{"id":"9d26b2bc-2263-453a-aaa5-7b8d777223a0","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":56,"box":{"x":53,"y":896,"width":852,"height":11}},{"id":"c17b0860-66cd-427c-9845-03bb70487d6b","block_type":"box","text":"S-49","page_number":56,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b73166b1-d0c8-4fd8-837c-65641a1bc559","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":57,"box":{"x":53,"y":47,"width":876,"height":10}},{"id":"1674ef4a-d09d-4a23-96c0-4791d1cab927","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":57,"box":{"x":52,"y":59,"width":849,"height":11}},{"id":"5c615a7a-bcfd-4bea-a68d-ee9970799ad8","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":57,"box":{"x":53,"y":72,"width":849,"height":11}},{"id":"e9ca7d28-e4ac-437b-a8a3-e5a61c458ca3","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":57,"box":{"x":53,"y":85,"width":890,"height":11}},{"id":"cafb99d1-b2eb-44ce-8496-34248ae30255","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":57,"box":{"x":53,"y":98,"width":853,"height":11}},{"id":"311c1ff1-c0f2-4dec-ba81-57a229ae3236","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":57,"box":{"x":53,"y":111,"width":539,"height":11}},{"id":"974de99c-6cb6-4b0b-a44f-3cf731532ab3","block_type":"box","text":"Asset Class Risk.","page_number":57,"box":{"x":52,"y":133,"width":122,"height":8}},{"id":"c03ca5a2-45e7-4ff9-8279-44149724fce5","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":57,"box":{"x":179,"y":133,"width":721,"height":11}},{"id":"34da1ecb-8806-4605-a594-54ce3481a904","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":57,"box":{"x":53,"y":146,"width":774,"height":11}},{"id":"746b639f-52c5-481e-a2c2-8162d3c07bd4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":57,"box":{"x":52,"y":168,"width":318,"height":10}},{"id":"c6d25dd4-90a9-48bd-91bb-c5a2df09d4b1","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":57,"box":{"x":374,"y":167,"width":531,"height":11}},{"id":"2245edd0-c514-45c0-8ba9-2f7363e807e5","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":57,"box":{"x":53,"y":180,"width":810,"height":11}},{"id":"3bba983d-4fa8-481d-933a-b8e26aeeacd2","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":57,"box":{"x":52,"y":193,"width":816,"height":11}},{"id":"8ad51408-f7c4-46c9-9cb8-980098b8999e","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":57,"box":{"x":52,"y":206,"width":884,"height":11}},{"id":"03e59ada-fb09-4172-b832-c0e7cf16572b","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":57,"box":{"x":53,"y":219,"width":871,"height":11}},{"id":"1ef98d1c-f2f7-48f9-9942-ab03a6bfa304","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":57,"box":{"x":53,"y":232,"width":846,"height":11}},{"id":"f403482e-4c29-4afe-b052-ca688a401864","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":57,"box":{"x":52,"y":245,"width":881,"height":10}},{"id":"6284c3f6-6b99-4a86-a779-c510ff7ba651","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":57,"box":{"x":53,"y":258,"width":853,"height":11}},{"id":"fb9a3d6c-e173-4e44-8146-242e53361c59","block_type":"box","text":"halts or delisting.","page_number":57,"box":{"x":53,"y":271,"width":121,"height":11}},{"id":"40cbc3f5-7acc-40c6-a440-2caa67e200eb","block_type":"box","text":"Concentration Risk.","page_number":57,"box":{"x":53,"y":293,"width":145,"height":8}},{"id":"707c5f32-c3a9-4b39-944e-27e5b8576140","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":57,"box":{"x":202,"y":293,"width":711,"height":10}},{"id":"40bd3bda-9b86-464e-b50d-a7681bba4eb4","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":57,"box":{"x":53,"y":305,"width":884,"height":10}},{"id":"811c21ed-6caa-4494-91c4-93228aced960","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":57,"box":{"x":52,"y":318,"width":887,"height":11}},{"id":"8a98f7df-1994-424d-a35e-5f1d75fefd2e","block_type":"box","text":"asset classes.","page_number":57,"box":{"x":53,"y":332,"width":95,"height":8}},{"id":"a460ccc1-a09f-40af-a235-79753f37c96e","block_type":"box","text":"Currency Risk.","page_number":57,"box":{"x":53,"y":353,"width":106,"height":11}},{"id":"e7e59832-9218-40d5-accf-a331f814cb63","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":57,"box":{"x":164,"y":353,"width":751,"height":11}},{"id":"c257bbfc-e045-4a35-8224-17c22fae1d67","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":57,"box":{"x":53,"y":366,"width":842,"height":11}},{"id":"628bb86c-ddca-468b-a598-c097af22579e","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":57,"box":{"x":52,"y":379,"width":854,"height":11}},{"id":"348c9618-7de1-4092-85c9-9e4ab239403c","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":57,"box":{"x":53,"y":392,"width":869,"height":11}},{"id":"d616aac3-0386-466f-8b71-aaefe4f3f70f","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":57,"box":{"x":53,"y":405,"width":309,"height":11}},{"id":"9e7e632f-6049-4f13-910b-505193e3626d","block_type":"box","text":"Issuer Risk.","page_number":57,"box":{"x":53,"y":427,"width":83,"height":8}},{"id":"ccfc61eb-2876-4cec-aeb6-4fecaf059849","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":57,"box":{"x":140,"y":427,"width":780,"height":10}},{"id":"8eec6236-9c74-4b6e-824e-daec10d1cc47","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":57,"box":{"x":53,"y":440,"width":886,"height":10}},{"id":"c466cab9-5239-4cfd-98c6-4efce757244e","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":57,"box":{"x":52,"y":452,"width":576,"height":11}},{"id":"e658d5c3-fcb4-45f0-946b-e19a3b115325","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":57,"box":{"x":53,"y":474,"width":278,"height":11}},{"id":"7019560e-0759-4951-921b-c0ad6ebef5bc","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":57,"box":{"x":337,"y":475,"width":540,"height":10}},{"id":"d6c6b9a7-8fe6-49b4-a7ff-67b1b6ffee15","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":57,"box":{"x":53,"y":488,"width":890,"height":10}},{"id":"cd17c203-4202-4fea-a173-e949cc135e4b","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":57,"box":{"x":53,"y":500,"width":868,"height":11}},{"id":"ec379b0f-4677-4aaf-b95c-f6597166e884","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":57,"box":{"x":53,"y":513,"width":709,"height":11}},{"id":"c61b5c56-f6e1-49c9-a3ec-4ccb9a52eb1d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":57,"box":{"x":53,"y":535,"width":395,"height":11}},{"id":"b427019f-e3ab-4cce-9bec-a878686c2f6c","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":57,"box":{"x":453,"y":535,"width":410,"height":11}},{"id":"c141e3e3-7f1c-4598-906c-5eb5369f8ced","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":57,"box":{"x":53,"y":548,"width":883,"height":11}},{"id":"24073b00-f8af-404f-a043-0f35822dfde2","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":57,"box":{"x":52,"y":561,"width":884,"height":11}},{"id":"c275cc5c-3455-4c34-8854-3ebed8d0c18a","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":57,"box":{"x":53,"y":574,"width":872,"height":10}},{"id":"a8894e61-d20e-499e-8285-4bd291809835","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":57,"box":{"x":53,"y":587,"width":812,"height":10}},{"id":"4d373393-b6b1-42ca-b765-c3d53517e676","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":57,"box":{"x":53,"y":599,"width":890,"height":11}},{"id":"a31a7dcf-5f9b-4752-88a6-d2850c606adc","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":57,"box":{"x":52,"y":613,"width":891,"height":9}},{"id":"8085d096-6b42-4874-a1d4-2f9c95640ce1","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":57,"box":{"x":53,"y":625,"width":836,"height":11}},{"id":"3874d155-67aa-4020-9148-38c6f97a21e8","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":57,"box":{"x":53,"y":638,"width":810,"height":11}},{"id":"21e55277-6922-4433-9846-6f1392bf6357","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":57,"box":{"x":53,"y":651,"width":861,"height":11}},{"id":"c2b30c59-03fd-4b2e-8983-7cdb758c2a44","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":57,"box":{"x":53,"y":664,"width":875,"height":11}},{"id":"3123df39-13e5-4bf4-b4f0-7dca4a798684","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":57,"box":{"x":52,"y":677,"width":654,"height":11}},{"id":"38fd6980-a86a-4810-aeee-35f63953fd81","block_type":"box","text":"Management Risk.","page_number":57,"box":{"x":53,"y":699,"width":137,"height":11}},{"id":"0aa56b3f-8594-4e6e-b491-c55c6e06623d","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":57,"box":{"x":194,"y":699,"width":711,"height":11}},{"id":"aca6dea0-3c19-43c6-9316-d6b9ee2c5007","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":57,"box":{"x":53,"y":712,"width":877,"height":10}},{"id":"dab31cc5-3a83-4f01-af88-2f02160da021","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":57,"box":{"x":53,"y":724,"width":859,"height":11}},{"id":"20c87af6-d3be-4835-8804-4ceab21abf2b","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":57,"box":{"x":52,"y":737,"width":848,"height":11}},{"id":"b16f4be1-b66d-4d65-8d03-23baf361f7d5","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":57,"box":{"x":53,"y":750,"width":756,"height":11}},{"id":"d07e38d6-4592-4068-a08d-fdea518b28e0","block_type":"box","text":"Market Trading Risk.","page_number":57,"box":{"x":53,"y":772,"width":152,"height":11}},{"id":"e6134435-0c40-4684-9855-509cf49a5cc3","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":57,"box":{"x":209,"y":772,"width":694,"height":11}},{"id":"30e54cc1-0de4-455c-95a9-1e5d5d2a4359","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":57,"box":{"x":53,"y":785,"width":841,"height":11}},{"id":"a0fab0a6-3032-40f7-89aa-c3f4a1034efe","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":57,"box":{"x":53,"y":798,"width":887,"height":11}},{"id":"57dff6ba-5686-4544-bf98-28af038d7412","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":57,"box":{"x":52,"y":811,"width":839,"height":11}},{"id":"30f3b2a1-76bb-4641-90d1-4fc31685ebd0","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":57,"box":{"x":53,"y":824,"width":866,"height":11}},{"id":"db984e3f-235f-4a89-9001-af335adab297","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":57,"box":{"x":52,"y":837,"width":885,"height":10}},{"id":"e4b497c4-5e8b-418d-90a9-ea22b2c7a09b","block_type":"box","text":"of the Fund shares.","page_number":57,"box":{"x":53,"y":850,"width":134,"height":8}},{"id":"ec1e82d8-87e8-493d-9813-1fc1f0416a33","block_type":"box","text":"National Closed Market Trading Risk.","page_number":57,"box":{"x":53,"y":871,"width":273,"height":11}},{"id":"cb86dd8f-a8c8-4254-8e15-c8c8922c4bca","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":57,"box":{"x":330,"y":871,"width":544,"height":11}},{"id":"90273951-21c6-457e-84f8-603703ad4940","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":57,"box":{"x":53,"y":884,"width":874,"height":11}},{"id":"8f49047f-f804-4f5b-8690-5f0ae9e6aa7b","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":57,"box":{"x":52,"y":897,"width":651,"height":11}},{"id":"16560c52-8d7b-4c42-85be-8688ef7625e8","block_type":"box","text":"i.e","page_number":57,"box":{"x":704,"y":898,"width":15,"height":8}},{"id":"5f5ed5e2-bd9c-4f4a-9cd0-65bda6242cb6","block_type":"box","text":"., the quote from the closed","page_number":57,"box":{"x":720,"y":897,"width":191,"height":11}},{"id":"9a5812df-fde0-422e-b672-c172ad739744","block_type":"box","text":"S-50","page_number":57,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"919e7ec6-af1f-450e-8178-aa1fed66bada","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":58,"box":{"x":52,"y":46,"width":880,"height":11}},{"id":"4b37c214-7ebb-41ff-a1df-78ff2bab89e2","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":58,"box":{"x":52,"y":59,"width":849,"height":11}},{"id":"8ad760e7-f555-4ad9-b594-84b889509a27","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":58,"box":{"x":53,"y":72,"width":850,"height":11}},{"id":"9d000140-7b8a-420f-9e38-33cf03c6e74a","block_type":"box","text":"funds.","page_number":58,"box":{"x":52,"y":85,"width":44,"height":9}},{"id":"319fcb54-9810-47c4-a459-9db867e1b291","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":58,"box":{"x":53,"y":107,"width":182,"height":8}},{"id":"87d30e39-2515-472d-98c5-94efdd0231df","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":58,"box":{"x":240,"y":107,"width":687,"height":11}},{"id":"14e8f4b1-c68e-4b3a-9b01-814c5e80acd1","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":58,"box":{"x":53,"y":120,"width":853,"height":11}},{"id":"ba9d2794-0788-47b2-ba9e-fda778b9b939","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":58,"box":{"x":52,"y":133,"width":847,"height":11}},{"id":"6266aa44-a918-4c4b-bf29-258718ffae7f","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":58,"box":{"x":53,"y":146,"width":889,"height":11}},{"id":"bb198d3e-4764-402a-a40e-a74484014e88","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":58,"box":{"x":53,"y":159,"width":842,"height":10}},{"id":"145af6de-4982-49ea-af24-90b853fc21ae","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":58,"box":{"x":53,"y":171,"width":831,"height":11}},{"id":"dd1bb04f-4170-4747-99a2-775840d346c3","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":58,"box":{"x":53,"y":184,"width":821,"height":11}},{"id":"e0522eb9-e0ea-4d43-bebd-ebc7bff6e3bf","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":58,"box":{"x":53,"y":197,"width":871,"height":11}},{"id":"7515d7cf-3a65-4e2e-b47a-e8ff97c0335a","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":58,"box":{"x":53,"y":210,"width":289,"height":11}},{"id":"d1b84831-5ebe-4038-be8f-ebb96dfef394","block_type":"box","text":"European Economic Risk.","page_number":58,"box":{"x":348,"y":210,"width":186,"height":11}},{"id":"78fb5411-88c2-4def-bdfc-356339f837cd","block_type":"box","text":"Operational and Technology Risks.","page_number":58,"box":{"x":53,"y":232,"width":254,"height":11}},{"id":"54be362d-5751-405e-a9ba-abd500cb3d10","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":58,"box":{"x":312,"y":232,"width":581,"height":11}},{"id":"f2d3e199-90f4-44e6-ba59-de18f62bbbec","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":58,"box":{"x":53,"y":245,"width":876,"height":11}},{"id":"015c5c3d-3cfa-42ec-9c99-5a119fb3a4c9","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":58,"box":{"x":53,"y":258,"width":879,"height":11}},{"id":"38bdc961-82d8-4415-83fc-fa9665552e8e","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":58,"box":{"x":53,"y":271,"width":825,"height":11}},{"id":"52cb970e-8b2d-4d6b-b52a-8db4055a46aa","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":58,"box":{"x":53,"y":284,"width":862,"height":10}},{"id":"a9b7c257-2caf-46f2-b2a3-b41a2395818d","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":58,"box":{"x":53,"y":297,"width":872,"height":10}},{"id":"a7d24727-d683-41f2-b999-d77a0c11531e","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":58,"box":{"x":53,"y":309,"width":824,"height":11}},{"id":"4d3733d8-3839-475b-874a-4c93ddb48911","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":58,"box":{"x":53,"y":331,"width":302,"height":11}},{"id":"1e9b628b-853f-4776-82da-08f705f6220e","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":58,"box":{"x":359,"y":331,"width":581,"height":11}},{"id":"0efa0a8e-a98d-4f58-9e04-feac32b7aef4","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":58,"box":{"x":53,"y":344,"width":868,"height":11}},{"id":"d49c7480-75e0-4f8e-be56-32203bee28d7","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":58,"box":{"x":52,"y":357,"width":871,"height":11}},{"id":"38d8deb7-6728-49c5-864a-48a4a4a47c11","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":58,"box":{"x":52,"y":370,"width":875,"height":11}},{"id":"81bfe8c8-7ce4-4fdc-a5d5-93ead08ed0fc","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":58,"box":{"x":52,"y":383,"width":877,"height":11}},{"id":"4dd7eb50-c2c7-4b54-ae5b-2c29c65db0e0","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":58,"box":{"x":53,"y":396,"width":887,"height":11}},{"id":"15c7642d-adc6-4369-8f1e-b29af019c03e","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":58,"box":{"x":53,"y":409,"width":836,"height":10}},{"id":"27dbdcea-ce5d-4d6d-a0bb-46aca5cb5cca","block_type":"box","text":"availability of certain commodities.","page_number":58,"box":{"x":53,"y":422,"width":246,"height":10}},{"id":"aa0c8e5b-1dbe-4004-a44e-bd979f1462c4","block_type":"box","text":"Risk of Investing in the U.S.","page_number":58,"box":{"x":53,"y":443,"width":200,"height":11}},{"id":"c6f7ba2a-975c-443f-9d82-7b57e8e1e6f8","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":58,"box":{"x":259,"y":444,"width":663,"height":10}},{"id":"bc209f7e-a0d0-4dca-85b1-fdb02f2a0908","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":58,"box":{"x":53,"y":456,"width":877,"height":11}},{"id":"8b3af3fd-b6e5-4c51-9725-6b95578ff9a2","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":58,"box":{"x":53,"y":469,"width":470,"height":11}},{"id":"7256f7ac-ae84-449d-898f-84282a5bb519","block_type":"box","text":"Securities Lending Risk.","page_number":58,"box":{"x":52,"y":491,"width":178,"height":11}},{"id":"39826ce5-af43-48bd-95d0-d77c5e72affb","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":58,"box":{"x":234,"y":491,"width":692,"height":11}},{"id":"ff68b153-6c00-4eb1-b89a-c76a09e4db15","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":58,"box":{"x":53,"y":504,"width":870,"height":11}},{"id":"62a3adca-6c94-4df4-a074-177a08dd358b","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":58,"box":{"x":53,"y":517,"width":886,"height":11}},{"id":"e5df160c-c6e7-4a76-9fc7-5c3cdc4ad5df","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":58,"box":{"x":53,"y":530,"width":831,"height":11}},{"id":"319ddf68-3a47-4807-9b49-0b540efbf62d","block_type":"box","text":"Tracking Error Risk.","page_number":58,"box":{"x":52,"y":552,"width":145,"height":11}},{"id":"688bf32b-288b-41ff-afa1-3c0af3dcbdad","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":58,"box":{"x":201,"y":552,"width":741,"height":11}},{"id":"4b878120-b5a1-4526-b9b8-c3599ab76c86","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":58,"box":{"x":53,"y":565,"width":861,"height":10}},{"id":"65ff8e07-24d6-4832-894e-8564e28d9d1b","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":58,"box":{"x":53,"y":577,"width":832,"height":11}},{"id":"9c2789c9-86ca-4bf1-9c51-fa37922eda9d","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":58,"box":{"x":53,"y":591,"width":880,"height":10}},{"id":"f25ac6c9-fd22-4900-a0af-268096da6686","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":58,"box":{"x":53,"y":603,"width":831,"height":11}},{"id":"94fa7ba5-101d-4106-af83-cdee67adbac4","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":58,"box":{"x":52,"y":616,"width":828,"height":11}},{"id":"2662241f-98e1-4937-a80d-e27413b768f3","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":58,"box":{"x":53,"y":629,"width":873,"height":11}},{"id":"6ed14822-e065-4e2f-a5d2-845abe5cd09e","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":58,"box":{"x":53,"y":642,"width":889,"height":11}},{"id":"573171c3-257f-475a-b96a-b82aedd3e07c","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":58,"box":{"x":53,"y":655,"width":852,"height":11}},{"id":"94a82912-0244-4885-a8f2-a0f40336e893","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":58,"box":{"x":53,"y":668,"width":886,"height":11}},{"id":"c803a3bd-befe-4f9b-85eb-d45e90b8915c","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":58,"box":{"x":53,"y":681,"width":873,"height":10}},{"id":"839637b8-bd92-4082-b5d6-8e4cc39aed80","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":58,"box":{"x":53,"y":694,"width":879,"height":10}},{"id":"0e1db633-e150-4169-a12e-fea67c84ff64","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":58,"box":{"x":53,"y":707,"width":839,"height":10}},{"id":"027d271b-2c60-48a6-ad7e-50c329f4f424","block_type":"box","text":"Valuation Risk.","page_number":58,"box":{"x":52,"y":728,"width":110,"height":9}},{"id":"679e3927-3cb5-431c-a266-26ad064446cd","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":58,"box":{"x":166,"y":728,"width":740,"height":11}},{"id":"0d774c59-8188-4500-be8f-69ea39e8f4a7","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":58,"box":{"x":53,"y":741,"width":840,"height":11}},{"id":"ca9a0cfe-88cb-470b-a4af-d048493ec5cd","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":58,"box":{"x":52,"y":754,"width":869,"height":11}},{"id":"694c88f2-3331-4661-8fed-71b4c4abb6e2","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":58,"box":{"x":52,"y":767,"width":889,"height":11}},{"id":"07fef914-c565-4a55-a412-b9c10f73c6aa","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":58,"box":{"x":53,"y":780,"width":871,"height":11}},{"id":"41f7a2af-19cf-4556-8302-a9083dde857c","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":58,"box":{"x":52,"y":793,"width":879,"height":11}},{"id":"d239114a-d750-49fc-9491-667f169ffecc","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":58,"box":{"x":53,"y":806,"width":880,"height":11}},{"id":"1273e3aa-671b-4e87-ac23-74fb87cfd67f","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":58,"box":{"x":53,"y":819,"width":816,"height":10}},{"id":"44223612-859d-4e8c-b515-12cec3576bc1","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":58,"box":{"x":52,"y":832,"width":613,"height":10}},{"id":"4ae00e68-fb65-4d87-98ed-1a7ff215887c","block_type":"box","text":"Performance Information","page_number":58,"box":{"x":54,"y":859,"width":228,"height":11}},{"id":"ac641fea-fb7f-41e9-ae68-3f2c66dc7eda","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":58,"box":{"x":52,"y":884,"width":864,"height":11}},{"id":"5d471031-e920-4108-82af-424c83d6ed71","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":58,"box":{"x":52,"y":897,"width":872,"height":11}},{"id":"ea300afa-9a3d-4d01-a1ac-795837fda4f0","block_type":"box","text":"S-51","page_number":58,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"d9b37ffd-2ab3-485e-9597-42908088d403","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":59,"box":{"x":53,"y":46,"width":868,"height":11}},{"id":"73fc92ca-a2ed-4c2d-827d-f57968b5a5a2","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":59,"box":{"x":53,"y":59,"width":838,"height":11}},{"id":"665b9ded-fd60-4aca-9925-73bb14bf791b","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":59,"box":{"x":53,"y":72,"width":868,"height":11}},{"id":"39d9ed8b-df6d-4d2a-9168-96000764f553","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":59,"box":{"x":53,"y":85,"width":832,"height":11}},{"id":"ae3141e8-7783-46ce-ad14-5d4112220e57","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":59,"box":{"x":53,"y":98,"width":842,"height":11}},{"id":"9042f441-740a-4ff0-8c6a-a0229c087fc0","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":59,"box":{"x":52,"y":111,"width":531,"height":11}},{"id":"9243868f-2b03-4b87-9cd8-2c87b4941efa","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":59,"box":{"x":135,"y":135,"width":260,"height":11}},{"id":"12bf5466-a6e5-444e-9723-9702ac2fa346","block_type":"box","text":"13.00","page_number":59,"box":{"x":87,"y":207,"width":25,"height":6}},{"id":"e81a59e5-d6b3-4217-97e0-5cd93cffa2e4","block_type":"box","text":"24.89","page_number":59,"box":{"x":123,"y":189,"width":26,"height":6}},{"id":"efc7f617-d80f-4114-9d15-5253dcf32835","block_type":"box","text":"-14.32","page_number":59,"box":{"x":157,"y":264,"width":30,"height":6}},{"id":"d0c8e168-ce5a-4224-9cd0-223df6fde690","block_type":"box","text":"27.54","page_number":59,"box":{"x":197,"y":185,"width":26,"height":6}},{"id":"46078deb-3f7c-451f-ae76-0dfa45871d55","block_type":"box","text":"10.87","page_number":59,"box":{"x":235,"y":210,"width":25,"height":6}},{"id":"bea64c3b-46df-4d35-93bc-4cbdca21a769","block_type":"box","text":"17.51","page_number":59,"box":{"x":272,"y":200,"width":24,"height":6}},{"id":"9d756a21-fbd7-44ed-8d33-872a93af84d0","block_type":"box","text":"-12.25","page_number":59,"box":{"x":306,"y":261,"width":29,"height":6}},{"id":"542c71fc-5270-49fd-b839-04f898674df8","block_type":"box","text":"21.67","page_number":59,"box":{"x":345,"y":194,"width":26,"height":6}},{"id":"b0fbc2d2-a936-4998-86c7-446cfeb0e331","block_type":"box","text":"12.57","page_number":59,"box":{"x":383,"y":208,"width":25,"height":5}},{"id":"29a48a2f-aeea-4ca3-88de-05289549a6cb","block_type":"box","text":"25.56","page_number":59,"box":{"x":419,"y":188,"width":26,"height":6}},{"id":"c4b69e6e-fa31-4ce9-bedb-f9819e775dcb","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":59,"box":{"x":87,"y":290,"width":356,"height":6}},{"id":"1b2e926c-2a84-4232-95fd-baf3f904aea4","block_type":"box","text":"Return (%) Period Ended","page_number":59,"box":{"x":736,"y":150,"width":188,"height":9}},{"id":"a5078a12-63e0-4f28-a3a5-f30b71642be2","block_type":"box","text":"Calendar Year-to-Date Return","page_number":59,"box":{"x":520,"y":169,"width":197,"height":7}},{"id":"c00caf80-45bf-4458-ac66-9b3d3b9ca8e9","block_type":"box","text":"15.57% June 30, 2026","page_number":59,"box":{"x":750,"y":169,"width":192,"height":8}},{"id":"33f1d547-db0a-4e3f-982d-fdddf68501f4","block_type":"box","text":"During the periods shown in the chart:","page_number":59,"box":{"x":520,"y":181,"width":250,"height":10}},{"id":"a795d91a-c409-4e21-9837-bac10c07286f","block_type":"box","text":"Best Quarter 18.96% December 31, 2022","page_number":59,"box":{"x":534,"y":194,"width":408,"height":9}},{"id":"9948fcd1-ae5c-4374-abb4-7c0dc3bf783c","block_type":"box","text":"Worst Quarter -26.73% March 31, 2020","page_number":59,"box":{"x":533,"y":207,"width":409,"height":9}},{"id":"2f0a2fe1-d55d-4903-8944-cbe7c03e1214","block_type":"box","text":"Average Annual Total Returns (%)","page_number":59,"box":{"x":372,"y":320,"width":251,"height":11}},{"id":"29520fec-22f0-46de-b46d-be228373c56a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":59,"box":{"x":340,"y":334,"width":315,"height":10}},{"id":"6b39930c-a192-4364-a00b-97d27242d336","block_type":"box","text":"One Year Five Years Ten Years","page_number":59,"box":{"x":670,"y":350,"width":268,"height":8}},{"id":"1c13df9a-3905-4669-b11b-d5dcd672d6d6","block_type":"box","text":"Fund Inception: 9/12/2006","page_number":59,"box":{"x":58,"y":366,"width":179,"height":9}},{"id":"1bcd3673-6ba4-41d9-917c-9050ee453a39","block_type":"box","text":"Return Before Taxes","page_number":59,"box":{"x":58,"y":377,"width":125,"height":8}},{"id":"ec69a665-00e7-41c8-bf0c-11be93bd3ec7","block_type":"box","text":"25.56% 12.14% 11.73%","page_number":59,"box":{"x":682,"y":377,"width":257,"height":8}},{"id":"a971f15e-949f-4e74-aa20-e8fc966110ba","block_type":"box","text":"Return After Taxes on Distributions 25.15% 11.73% 11.31%","page_number":59,"box":{"x":58,"y":389,"width":881,"height":7}},{"id":"f11f2b0b-c103-44e2-b0c2-e196de4c2fa0","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.40% 9.62% 9.65%","page_number":59,"box":{"x":58,"y":401,"width":881,"height":7}},{"id":"72c1222d-f487-42b5-a753-09c1955e6f03","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":59,"box":{"x":57,"y":412,"width":244,"height":9}},{"id":"7a20d1e9-f718-4024-ae14-b6926eafd5ad","block_type":"box","text":"1","page_number":59,"box":{"x":302,"y":411,"width":5,"height":4}},{"id":"2ba7f762-a46f-407d-a322-082dfb9e65d7","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":59,"box":{"x":312,"y":412,"width":330,"height":9}},{"id":"097c6c20-ef91-4c4d-a870-f7fc5ce4011b","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":59,"box":{"x":71,"y":425,"width":868,"height":10}},{"id":"f09a7bcd-ced3-417b-b9f8-cd9c6fb49fa8","block_type":"box","text":"S&P Global 1200 Industrials (Sector) Capped Index (Spliced)","page_number":59,"box":{"x":57,"y":437,"width":395,"height":9}},{"id":"76f86c07-063d-4594-9164-9b711556cc1c","block_type":"box","text":"1,2","page_number":59,"box":{"x":453,"y":435,"width":14,"height":6}},{"id":"e06408da-71f9-411e-9a22-5d7bfc4961a6","block_type":"box","text":"(Returns do not reflect","page_number":59,"box":{"x":471,"y":437,"width":141,"height":8}},{"id":"0da9e519-a35b-43ee-8af4-e096ab714343","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 25.53% 12.22% 11.78%","page_number":59,"box":{"x":71,"y":449,"width":868,"height":10}},{"id":"321bace4-b822-45d1-9622-57b2ca959c20","block_type":"box","text":"1","page_number":59,"box":{"x":80,"y":468,"width":5,"height":5}},{"id":"9667c71b-a215-4ab5-a642-99fc64268b29","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":59,"box":{"x":94,"y":470,"width":827,"height":9}},{"id":"6ff189fb-825a-491a-905c-d439e70d0460","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":59,"box":{"x":93,"y":480,"width":847,"height":9}},{"id":"2f8fb795-b8e8-4745-9156-81cb0a939032","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":59,"box":{"x":93,"y":490,"width":843,"height":10}},{"id":"2812d71a-5da6-4e13-b081-cd5a545e17e5","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":59,"box":{"x":92,"y":500,"width":829,"height":10}},{"id":"0645bb79-63cf-4cf2-b186-9763a7a3bbf2","block_type":"box","text":"tax rates, if any.","page_number":59,"box":{"x":92,"y":511,"width":97,"height":9}},{"id":"98081d08-926d-43d3-a1e7-863170eb0432","block_type":"box","text":"2","page_number":59,"box":{"x":80,"y":520,"width":5,"height":4}},{"id":"43dc2e60-4ccc-412f-ad54-3385fc4b8de8","block_type":"box","text":"The S&P Global 1200 Industrials (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Industrials Index","page_number":59,"box":{"x":92,"y":521,"width":828,"height":9}},{"id":"0a354c12-8cb2-4f3f-bab6-06ad2afedcda","block_type":"box","text":"(Net) through March 22, 2026 and the S&P Global 1200 Industrials (Sector) Capped Index (Net) thereafter, which reflect the times","page_number":59,"box":{"x":93,"y":531,"width":818,"height":10}},{"id":"52770892-d47f-4085-a40d-771da4df13a9","block_type":"box","text":"when each index was the Underlying Index of the Fund.","page_number":59,"box":{"x":92,"y":542,"width":347,"height":9}},{"id":"f8e917fb-f234-46b1-8d9e-1a5f2049df06","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":59,"box":{"x":52,"y":561,"width":857,"height":11}},{"id":"5c32dafd-415a-4647-99d0-969339a612c5","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":59,"box":{"x":53,"y":574,"width":865,"height":11}},{"id":"d7857cb9-8d5e-4c15-811a-3d10156ff6b6","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":59,"box":{"x":53,"y":587,"width":847,"height":11}},{"id":"5b5614bf-97e9-4601-b803-cf252ae46e86","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":59,"box":{"x":52,"y":600,"width":857,"height":11}},{"id":"11672ca7-f4f0-44ef-92c9-7ad935776441","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":59,"box":{"x":53,"y":613,"width":877,"height":11}},{"id":"88c867ca-5966-490a-9343-a3a11ffba667","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":59,"box":{"x":52,"y":626,"width":836,"height":11}},{"id":"749d8459-a49f-424d-a9fb-427f30ddef93","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":59,"box":{"x":53,"y":639,"width":886,"height":11}},{"id":"29fb4ba1-fd06-4252-b2cf-c440621fd8c5","block_type":"box","text":"on distributions.","page_number":59,"box":{"x":53,"y":652,"width":114,"height":8}},{"id":"f1cdb878-0b84-4622-bb36-c1cdb43335cd","block_type":"box","text":"Management","page_number":59,"box":{"x":54,"y":680,"width":119,"height":13}},{"id":"b5ca5507-bfc7-4589-bc46-6a0c01d30fdb","block_type":"box","text":"Investment Adviser.","page_number":59,"box":{"x":53,"y":704,"width":145,"height":9}},{"id":"eb089f0e-e2fa-4575-8ee8-57cb81a23535","block_type":"box","text":"BlackRock Fund Advisors.","page_number":59,"box":{"x":204,"y":705,"width":180,"height":8}},{"id":"c3596297-aa43-4fec-9d7e-e03ae590d6a5","block_type":"box","text":"Portfolio Managers.","page_number":59,"box":{"x":53,"y":726,"width":146,"height":11}},{"id":"a5802efd-7786-4cb4-9ed5-d2cc232927f0","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":59,"box":{"x":203,"y":726,"width":679,"height":11}},{"id":"25c7ed1a-05e3-4a96-b39e-b042e3a134e0","block_type":"box","text":"management of the Fund:","page_number":59,"box":{"x":53,"y":739,"width":182,"height":11}},{"id":"29007e39-5536-40f8-8367-9c4c444d6ae2","block_type":"box","text":"Portfolio Manager","page_number":59,"box":{"x":58,"y":774,"width":119,"height":9}},{"id":"e4f69c0a-e73f-415a-9f58-1765e6b53ddb","block_type":"box","text":"Portfolio Manager of the","page_number":59,"box":{"x":411,"y":761,"width":160,"height":10}},{"id":"d04436ad-8b2a-4b76-9dd8-b9b82dde3c62","block_type":"box","text":"Fund Since","page_number":59,"box":{"x":455,"y":774,"width":72,"height":7}},{"id":"26975d60-411c-4472-9b16-4a6519bf4c86","block_type":"box","text":"Title with Investment","page_number":59,"box":{"x":804,"y":761,"width":140,"height":7}},{"id":"6994edee-8929-4bfb-83c8-f3b3290907f5","block_type":"box","text":"Adviser","page_number":59,"box":{"x":849,"y":774,"width":49,"height":7}},{"id":"55595e59-3985-4c63-9f37-e192f07ff6d3","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":59,"box":{"x":57,"y":789,"width":876,"height":10}},{"id":"82eee628-856a-4a5b-a41d-7c22da288afb","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":59,"box":{"x":58,"y":805,"width":875,"height":9}},{"id":"808ff439-9ca8-4af0-a88f-e99cde3d4bde","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":59,"box":{"x":58,"y":820,"width":875,"height":10}},{"id":"6f70609a-c816-45b6-8ce9-6b067945334b","block_type":"box","text":"Steven White 2025 Managing Director","page_number":59,"box":{"x":57,"y":836,"width":876,"height":9}},{"id":"69025785-ff9a-4028-b928-11faa79c25df","block_type":"box","text":"S-52","page_number":59,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6ef79403-fe9e-42a4-a0ab-b76ca7b86f2c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":60,"box":{"x":54,"y":53,"width":304,"height":11}},{"id":"a4fca309-0336-4a49-8181-b86c6c565bbf","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":60,"box":{"x":52,"y":78,"width":878,"height":11}},{"id":"8d2fa160-1b0f-408c-9f4d-08beba78840e","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":60,"box":{"x":53,"y":92,"width":855,"height":10}},{"id":"d27d3239-5853-43d7-a7ce-26f6f04f8cf6","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":60,"box":{"x":52,"y":104,"width":817,"height":11}},{"id":"89cc0822-e4d7-4289-b90b-1fb7ba4a8d20","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":60,"box":{"x":53,"y":117,"width":878,"height":11}},{"id":"8fab18e1-c841-4fb2-8202-fdd2ca230adc","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":60,"box":{"x":53,"y":130,"width":861,"height":11}},{"id":"88a9c9a2-bc5b-4ca5-b363-272b46afa93b","block_type":"box","text":"(the “bid-ask spread”).","page_number":60,"box":{"x":53,"y":143,"width":156,"height":11}},{"id":"9f31b813-89d0-4c2b-8e22-cc31c4a2e2fb","block_type":"box","text":"Tax Information","page_number":60,"box":{"x":52,"y":171,"width":144,"height":10}},{"id":"1434ea71-df70-4749-b2a3-b48a63606381","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":60,"box":{"x":52,"y":196,"width":831,"height":11}},{"id":"fb3479dd-5c70-4963-9cb3-6b9cfe00aa06","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":60,"box":{"x":53,"y":209,"width":883,"height":11}},{"id":"a7f1eb9a-23a5-44c1-9aca-1d1b0d74e4ae","block_type":"box","text":"be taxed when withdrawn.","page_number":60,"box":{"x":53,"y":222,"width":182,"height":8}},{"id":"98612a2a-ef9c-435b-bba8-aee50b94d2b7","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":60,"box":{"x":54,"y":249,"width":575,"height":14}},{"id":"750ae168-584f-4ed1-a7e5-7df9961865a9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":60,"box":{"x":53,"y":275,"width":855,"height":10}},{"id":"85c59efd-b7c2-4237-b26c-a810c2b49dc9","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":60,"box":{"x":53,"y":287,"width":843,"height":11}},{"id":"b9ed7e7e-4472-414d-8bbd-a23746d821ef","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":60,"box":{"x":53,"y":300,"width":820,"height":11}},{"id":"71a29b87-4679-423d-b97d-ac023836913d","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":60,"box":{"x":53,"y":313,"width":801,"height":11}},{"id":"2d6c6a17-a49d-43d2-ab2f-eec6b07eb134","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":60,"box":{"x":53,"y":326,"width":841,"height":11}},{"id":"04bea3ae-9a49-4145-a26f-b5722915d675","block_type":"box","text":"financial intermediary’s website for more information.","page_number":60,"box":{"x":52,"y":339,"width":380,"height":11}},{"id":"b99d527a-ce0a-4784-b94e-3550900f025c","block_type":"box","text":"S-53","page_number":60,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"12cd2571-85b0-4f13-96e4-7d8077f4a7c4","block_type":"box","text":"iShares Global Infrastructure ETF","page_number":61,"box":{"x":53,"y":46,"width":467,"height":17}},{"id":"820fa604-b642-4c13-8527-3d96006b944c","block_type":"box","text":"IGF | Nasdaq","page_number":61,"box":{"x":54,"y":70,"width":175,"height":21}},{"id":"fbca8ad6-1f51-4c28-af8e-bb468cdafd0f","block_type":"box","text":"Investment Objective","page_number":61,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"4985a792-ce0e-4e8d-b56f-e81ac45b80a9","block_type":"box","text":"The iShares Global Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of developed","page_number":61,"box":{"x":52,"y":134,"width":873,"height":11}},{"id":"3c14d8ab-93d1-4371-8064-d53b5710d616","block_type":"box","text":"market equities in the infrastructure industry.","page_number":61,"box":{"x":53,"y":148,"width":321,"height":11}},{"id":"949eca56-dcf1-4bc3-ae67-bbbee41f443a","block_type":"box","text":"Fees and Expenses","page_number":61,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"7f7b408f-c301-4057-b695-40278533022f","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","page_number":61,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"0a89e5ce-8dad-4246-9a9f-9c360086bc71","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":61,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"7751ca05-f0db-4af9-b7d3-642a9c80588b","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":61,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"890a431a-1146-4ee1-86ef-526ec57decab","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":61,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"2b97e351-5796-485a-8a35-6a5a8c7b141f","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":61,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"045805c8-61bc-4e09-bd4f-6af5c0f9d271","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":61,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"2231c4b6-21fd-436d-a9a4-c53475d25901","block_type":"box","text":"extraordinary expenses.","page_number":61,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"001a8516-1a2e-48b3-9e2e-99aabf38cd54","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":61,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"287c9b66-ec83-467f-9284-cbade2efccda","block_type":"box","text":"reflected in the table and example below.","page_number":61,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"7981b325-e1dc-48e7-b4a9-3a9e2974279f","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":61,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"948d740f-8474-4eab-9c9b-3ae0203f660e","block_type":"box","text":"1","page_number":61,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"8851f597-3e34-43a1-a95f-841809f254d0","block_type":"box","text":"Management Fee","page_number":61,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"38c0390d-79c8-40ac-ad81-5c5b4a2f9ea8","block_type":"box","text":"0.37%","page_number":61,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"e77417fd-9efc-4f98-9985-4dc3bf0cc323","block_type":"box","text":"Other Expenses","page_number":61,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"f9da3438-3d2f-4566-ac33-e12c82532dd9","block_type":"box","text":"0.00%","page_number":61,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"449cebc5-12a5-4950-88ee-4e88084e3fcd","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":61,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"f939317e-bd99-4eb3-a5c1-5a92054335a8","block_type":"box","text":"0.37%","page_number":61,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"1b380a79-aa7a-4455-b6bd-d24af71a8806","block_type":"box","text":"1","page_number":61,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"adaf3817-e5be-4a06-85e1-072f03238562","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":61,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"4f09dcdd-b892-4613-9957-546a116bba61","block_type":"box","text":"Example.","page_number":61,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"15780953-3ef4-45a8-9862-4e776a7907fe","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","page_number":61,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"2b505eae-d19b-4f4f-bf7f-f8de62a79f6c","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":61,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"bcdd8ae1-d35c-43ea-83d1-631ce090aaa4","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":61,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"1dddf80f-838c-4ee1-b1ec-6d5e9a5f4ec5","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":61,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"f8b8c6c2-75b0-4989-894d-fd9c6b487bb9","block_type":"box","text":"your costs would be:","page_number":61,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"ed685744-09cb-46ad-8f85-b4cdfab7b5dd","block_type":"box","text":"Expense Example","page_number":61,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"3c6edab9-5694-4520-a57a-0b5bb021f843","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":61,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"1feedf1a-db49-4958-b5b2-e29ed0fdfc91","block_type":"box","text":"Example Fund Costs","page_number":61,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"751a579b-2592-4cd8-aad7-3b49e3bf0408","block_type":"box","text":"$38 $119 $208 $468","page_number":61,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"78d14977-b381-47ac-b720-ba65216aa49e","block_type":"box","text":"Portfolio Turnover.","page_number":61,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"2e7c7e57-54d5-4a97-b775-72c1fc11be2e","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":61,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"827a46c3-4c09-42b4-9150-37edf13700be","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":61,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"ffeffc2d-384a-43fc-abd1-c55a46ef65df","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":61,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"47feb862-4d33-4bf5-9bfb-af3943238828","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of","page_number":61,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"d147cea3-7065-418a-9e7b-4895bdd390ef","block_type":"box","text":"the average value of its portfolio.","page_number":61,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"38f779ee-bc94-4889-809a-3ceba85eb5f5","block_type":"box","text":"Principal Investment Strategies","page_number":61,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"d0ea521b-93a3-4947-bcb1-60de90c02287","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global Infrastructure Index","page_number":61,"box":{"x":52,"y":683,"width":604,"height":8}},{"id":"f6c7ca4b-1fc1-40d3-bd2f-9708b7b76674","block_type":"box","text":"TM","page_number":61,"box":{"x":656,"y":681,"width":17,"height":5}},{"id":"c10b5ccf-56b4-4e41-a35d-5e227a32db0f","block_type":"box","text":"(the “Underlying Index”), which is","page_number":61,"box":{"x":678,"y":682,"width":234,"height":11}},{"id":"33952542-10db-4a55-b726-3b38cc05a4aa","block_type":"box","text":"designed to track performance of the stocks of large infrastructure companies in developed or emerging markets (only","page_number":61,"box":{"x":53,"y":697,"width":838,"height":11}},{"id":"d820f7f2-8734-4597-9454-4a54e80cece5","block_type":"box","text":"developed market listings are eligible for stocks of issuers domiciled in emerging markets). The Underlying Index includes","page_number":61,"box":{"x":53,"y":711,"width":859,"height":11}},{"id":"88a7e46e-75d7-4f98-9486-ed686389f7a5","block_type":"box","text":"companies involved in utilities, energy and transportation infrastructure, such as the management or ownership of oil and","page_number":61,"box":{"x":53,"y":725,"width":862,"height":11}},{"id":"c11300e1-f130-45fd-9e84-69cece10c289","block_type":"box","text":"gas storage and transportation; airport services; highways and rail tracks; marine ports and services; and electric, gas and","page_number":61,"box":{"x":53,"y":740,"width":859,"height":10}},{"id":"d8e95ee2-3cf8-4c01-bc60-bfe8742e3a37","block_type":"box","text":"water utilities. As of March 31, 2026, the Underlying Index was comprised of securities of companies in the following","page_number":61,"box":{"x":52,"y":754,"width":822,"height":10}},{"id":"ee7a4e2b-262c-42c6-a35a-851f8523e762","block_type":"box","text":"countries: Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Luxembourg, Mexico, New Zealand, Singapore,","page_number":61,"box":{"x":53,"y":768,"width":850,"height":11}},{"id":"6e62f681-5c0a-4b89-be48-f01237c04bbf","block_type":"box","text":"Spain, Switzerland, the United Kingdom (the “U.K.”) and the U.S. As of March 31, 2026, a significant portion of the Underlying","page_number":61,"box":{"x":52,"y":782,"width":881,"height":11}},{"id":"6df59e0f-20e4-4f15-ba61-5846a8c7a705","block_type":"box","text":"Index was represented by securities of companies in the energy, industrials, infrastructure and utilities industries or sectors.","page_number":61,"box":{"x":53,"y":796,"width":875,"height":11}},{"id":"fe5e2c17-9367-4125-80bf-a8744357a37b","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":61,"box":{"x":52,"y":810,"width":502,"height":11}},{"id":"01e41ca5-bdd4-44d3-b09f-76ea71401e00","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":61,"box":{"x":52,"y":833,"width":853,"height":11}},{"id":"96bf7d7d-3e9f-4ecf-94f5-fa5e21340740","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":61,"box":{"x":53,"y":847,"width":839,"height":11}},{"id":"32ad4140-1334-4b52-9cb5-6c828fc418f3","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":61,"box":{"x":53,"y":862,"width":868,"height":11}},{"id":"71f37ff6-b046-4bf7-a07b-2a0ea3218bff","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":61,"box":{"x":53,"y":876,"width":851,"height":11}},{"id":"a0c3eadb-3213-49dc-8422-01face281d50","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":61,"box":{"x":53,"y":890,"width":806,"height":11}},{"id":"817af992-4add-4f33-b66f-8d9772cf90c4","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":61,"box":{"x":53,"y":904,"width":884,"height":11}},{"id":"70432332-e3e7-4b19-8dbd-da8a0241d19e","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":61,"box":{"x":52,"y":919,"width":884,"height":10}},{"id":"f69cffd4-8b6d-414c-b601-d0c8f2982352","block_type":"box","text":"S-54","page_number":61,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"01cc6ac6-ac5c-4e96-b36d-67e0d91d9643","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":62,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"d276bc6c-308c-47a3-b8ec-8007b323a6b1","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":62,"box":{"x":53,"y":61,"width":867,"height":10}},{"id":"9a0c6245-ab98-425e-b62a-71f1547aba1f","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":62,"box":{"x":52,"y":75,"width":869,"height":11}},{"id":"1649c84a-1342-4b13-9a20-8aa61bdd2220","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":62,"box":{"x":52,"y":89,"width":863,"height":11}},{"id":"1a591775-7815-4dc1-82cc-7c802f6aa250","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":62,"box":{"x":53,"y":103,"width":826,"height":11}},{"id":"6c5082b0-8b13-4a7c-8e14-375d1d4a90c1","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":62,"box":{"x":53,"y":118,"width":405,"height":10}},{"id":"d7e03c25-0ca7-45b6-b732-91f8d9d98de1","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":62,"box":{"x":53,"y":140,"width":844,"height":11}},{"id":"70f71a51-3198-4bde-8ccc-5d32a2223d1d","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":62,"box":{"x":53,"y":155,"width":860,"height":11}},{"id":"4cb7e2e7-6137-492f-80ff-a9c8ad98debb","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":62,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"2d2bab31-f11e-4550-9041-a8be2e36af2d","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":62,"box":{"x":53,"y":183,"width":817,"height":11}},{"id":"d45ab863-526b-4de7-9f4c-d4224d03d835","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":62,"box":{"x":53,"y":197,"width":818,"height":11}},{"id":"76d83217-9c98-495e-99e7-f52bfa0183e8","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":62,"box":{"x":53,"y":211,"width":835,"height":11}},{"id":"76b6b288-4db5-484d-86a7-feb57945ecce","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":62,"box":{"x":52,"y":235,"width":873,"height":10}},{"id":"fbfe8d7e-a8dc-4223-a400-1128382b7352","block_type":"box","text":"collateral received).","page_number":62,"box":{"x":53,"y":249,"width":136,"height":9}},{"id":"8c667d6f-acab-4a31-b952-7d1157f71d3b","block_type":"box","text":"The Underlying Index is a product of S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which is independent of","page_number":62,"box":{"x":52,"y":272,"width":867,"height":11}},{"id":"aa7b550c-69e4-4b4b-af49-06f645ecfa9c","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":62,"box":{"x":52,"y":286,"width":821,"height":11}},{"id":"e33102b5-f673-4c0f-a03c-7bdafe13e9f9","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":62,"box":{"x":53,"y":300,"width":681,"height":11}},{"id":"3f5c2a7f-6c00-4f4b-8336-52cca1d31eb7","block_type":"box","text":"Industry Concentration Policy.","page_number":62,"box":{"x":53,"y":323,"width":224,"height":11}},{"id":"5998ed1a-8bbd-4ed8-990c-604eff35a72e","block_type":"box","text":"The Fund will concentrate its investments (","page_number":62,"box":{"x":281,"y":323,"width":304,"height":10}},{"id":"2c01d1d6-aaa8-46cd-a72e-d85c5703dfd7","block_type":"box","text":"i.e.","page_number":62,"box":{"x":587,"y":324,"width":17,"height":8}},{"id":"6c6d5094-f44a-441f-80e7-b497cfd34980","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":62,"box":{"x":606,"y":323,"width":292,"height":10}},{"id":"9e93b719-450b-468a-ba02-caf7207929de","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":62,"box":{"x":53,"y":338,"width":858,"height":11}},{"id":"bc66a1fe-a711-4e7d-994f-cf9f4f40db9e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":62,"box":{"x":53,"y":352,"width":868,"height":11}},{"id":"adeb94fc-13de-48c5-9945-81c0f84cf435","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":62,"box":{"x":53,"y":366,"width":826,"height":11}},{"id":"e72782a1-b651-4965-bffc-40ffac0aec11","block_type":"box","text":"Summary of Principal Risks","page_number":62,"box":{"x":52,"y":395,"width":248,"height":13}},{"id":"53403dca-e8eb-47f9-a55a-2d49972a2ea6","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":62,"box":{"x":52,"y":420,"width":881,"height":11}},{"id":"4838ee7d-8ff6-4835-a957-09994b8f051f","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":62,"box":{"x":53,"y":434,"width":824,"height":11}},{"id":"dc4dfec0-8d3f-4a9b-bf7a-2ac87635155a","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":62,"box":{"x":53,"y":448,"width":807,"height":11}},{"id":"666015a2-b652-46b1-b48f-66cc90a80148","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":62,"box":{"x":53,"y":463,"width":844,"height":11}},{"id":"433cde09-c0ad-439c-9d47-8b95009b2c2b","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":62,"box":{"x":52,"y":477,"width":815,"height":11}},{"id":"b27c376f-d599-448e-9f03-25866172a97b","block_type":"box","text":"Infrastructure Companies Risk.","page_number":62,"box":{"x":53,"y":500,"width":229,"height":11}},{"id":"fe8e6fff-bbfb-492e-b28c-9d0e0ad86e5b","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related industries may be adversely","page_number":62,"box":{"x":287,"y":500,"width":641,"height":11}},{"id":"32d4c362-110a-4e03-af35-515fb8a92efa","block_type":"box","text":"affected by supply chain and distribution disruptions, business interruptions, third-party vendor risks, shifts in public and","page_number":62,"box":{"x":53,"y":514,"width":859,"height":11}},{"id":"ef7af72b-3e3a-4d45-acdf-0b309f7b470f","block_type":"box","text":"private capital spending levels, regulations, cyber or other attacks, volatility in commodity prices and currencies, trade","page_number":62,"box":{"x":53,"y":529,"width":833,"height":10}},{"id":"a0d942e6-0231-4393-97fa-13ed87348fef","block_type":"box","text":"disputes, scarcity of materials or parts, excess capacity, and liability claims, among other things. The performance of such","page_number":62,"box":{"x":53,"y":543,"width":860,"height":11}},{"id":"ebae5482-ba74-49d0-a96f-182401e0ab86","block_type":"box","text":"companies also may be affected by technological developments, extreme weather or other catastrophic events, labor","page_number":62,"box":{"x":53,"y":557,"width":824,"height":11}},{"id":"4167f1d1-cfc1-4fdc-86d5-c02a3c751f87","block_type":"box","text":"relations, government spending policies, and changes in domestic and international economies.","page_number":62,"box":{"x":53,"y":571,"width":680,"height":11}},{"id":"a247940c-cadc-4953-9d72-d7f49b677dbc","block_type":"box","text":"Equity Securities Risk.","page_number":62,"box":{"x":53,"y":594,"width":164,"height":11}},{"id":"407144e3-0c0d-4f08-aab1-c7c5db48b3c9","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":62,"box":{"x":223,"y":594,"width":709,"height":11}},{"id":"b57bb14e-65fd-4d55-9250-a974028b1e3b","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":62,"box":{"x":53,"y":608,"width":889,"height":11}},{"id":"1dee4ea3-bd95-4fe2-b594-aded4a47bbc1","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":62,"box":{"x":53,"y":623,"width":880,"height":10}},{"id":"731107e2-657e-4d3a-90dc-1bf5176f4118","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":62,"box":{"x":53,"y":637,"width":867,"height":11}},{"id":"460d19ce-932e-455f-b11e-5e9e11594085","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":62,"box":{"x":53,"y":651,"width":339,"height":11}},{"id":"bc980c0b-2756-4b77-a846-e15059a29aab","block_type":"box","text":"Market Risk.","page_number":62,"box":{"x":53,"y":674,"width":91,"height":9}},{"id":"c0efb349-05fe-45e3-abf3-fa6182765edf","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":62,"box":{"x":148,"y":674,"width":768,"height":11}},{"id":"e1376859-4b49-4bb7-89ef-b47894557911","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":62,"box":{"x":53,"y":688,"width":882,"height":11}},{"id":"f355d41f-2363-4d3f-b8f8-2234c7bddacc","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":62,"box":{"x":53,"y":703,"width":858,"height":10}},{"id":"5bdee482-29af-4c03-b5cb-c4eecae29151","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":62,"box":{"x":53,"y":717,"width":875,"height":11}},{"id":"195d763e-257e-49dc-8da0-7e59f17eb7d5","block_type":"box","text":"Fund’s NAV.","page_number":62,"box":{"x":53,"y":731,"width":82,"height":8}},{"id":"2464b66c-73ec-4e4c-951a-3bf5d2bc166d","block_type":"box","text":"Index-Related Risk.","page_number":62,"box":{"x":53,"y":754,"width":143,"height":9}},{"id":"1656a20c-59f1-442b-b8c3-f3274d924018","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":62,"box":{"x":201,"y":754,"width":742,"height":11}},{"id":"1e385860-002c-49d0-8b01-253d95c19d75","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":62,"box":{"x":53,"y":768,"width":856,"height":11}},{"id":"002fb210-c833-4552-8637-50501254ba45","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":62,"box":{"x":53,"y":782,"width":852,"height":11}},{"id":"a8d2b955-25f6-41d2-b723-35700a298bcb","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":62,"box":{"x":53,"y":797,"width":876,"height":11}},{"id":"10439293-6550-4a35-a301-8aed993282f7","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":62,"box":{"x":52,"y":811,"width":849,"height":11}},{"id":"15b54bea-57ff-47b5-9b8e-0fa418f2dcde","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":62,"box":{"x":53,"y":825,"width":849,"height":11}},{"id":"fa04c1e6-a371-4186-b966-0b60b1ccbdf9","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":62,"box":{"x":53,"y":839,"width":890,"height":11}},{"id":"ecb15610-aa1d-430b-bc7a-83a155386905","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":62,"box":{"x":53,"y":854,"width":853,"height":10}},{"id":"65665499-074f-4d1b-a400-5e378a1bf2b5","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":62,"box":{"x":53,"y":868,"width":539,"height":10}},{"id":"651defdb-a717-495e-a6d8-980d3876e8f3","block_type":"box","text":"S-55","page_number":62,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"d14b9540-68cd-4407-b1f2-e59db45de326","block_type":"box","text":"Asset Class Risk.","page_number":63,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"22a0c2f8-ff20-46fd-8e72-4db82adfd995","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":63,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"269e8fd4-d9bc-4ae8-a3f7-520f1690c659","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":63,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"3a269e02-a211-45d4-b632-687d85d94b8f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":63,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"db944819-d0ed-40be-9640-d3e0a0545201","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":63,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"6644eeaf-bcc0-4285-b2d9-a309f20741ee","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":63,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"84c2bf04-926d-40ce-adf7-d2ca25f47bab","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":63,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"25fbdeef-938a-46c6-824e-a76955f58a6d","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":63,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"fec5b71d-04c1-4187-97d4-2aad2947e024","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":63,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"7b3ef6eb-f42c-4e99-9e69-cd69730916d7","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":63,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"47755300-0263-4b35-85f4-f4e1b60f37a7","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":63,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"f788f532-deb8-4b6c-b380-47bb09874d37","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":63,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"33ef2431-3435-431b-a9f3-d9deafc33692","block_type":"box","text":"halts or delisting.","page_number":63,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"3aafd31c-7b55-47f2-b7d0-3c162860f3a0","block_type":"box","text":"Concentration Risk.","page_number":63,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"377e458e-fb3b-4a0a-95dd-0b40794a130d","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":63,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"8855515a-7d81-447d-b501-9d3b00ff34c8","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":63,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"dee3c222-bd2d-4b7a-a3c0-1b234c515e06","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":63,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"73d8106a-30bc-4a9c-9ecf-2434eb5c2522","block_type":"box","text":"asset classes.","page_number":63,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"879137bc-52e6-4b5c-8155-5b1967b97241","block_type":"box","text":"Currency Risk.","page_number":63,"box":{"x":53,"y":286,"width":106,"height":11}},{"id":"3c8a790e-62d8-4d22-9c0b-cc914c14e4b7","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":63,"box":{"x":164,"y":286,"width":751,"height":11}},{"id":"0813add3-9a97-42f1-a65d-c0172a778f6a","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":63,"box":{"x":53,"y":300,"width":842,"height":11}},{"id":"a6067d1e-7593-479a-a7fe-919cebd81593","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":63,"box":{"x":52,"y":315,"width":854,"height":10}},{"id":"3f1f6d6e-cfd8-4371-b76b-5533d710f1ed","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":63,"box":{"x":53,"y":329,"width":869,"height":11}},{"id":"52841a4a-2ac7-4465-8300-9a900bd53bb0","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":63,"box":{"x":53,"y":343,"width":309,"height":11}},{"id":"a73924b8-fce3-4572-a916-e82da3890089","block_type":"box","text":"Energy Companies Risk.","page_number":63,"box":{"x":53,"y":366,"width":177,"height":11}},{"id":"7442fe97-236c-48f1-b7f6-272cb06ce8e3","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":63,"box":{"x":236,"y":366,"width":681,"height":11}},{"id":"39887a25-ddfe-43ad-8f95-60476b49f66e","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":63,"box":{"x":53,"y":380,"width":856,"height":11}},{"id":"d725d20b-c0ae-47d9-966e-8bf6982e601c","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":63,"box":{"x":53,"y":394,"width":887,"height":11}},{"id":"16df6d3b-a027-4050-879e-52cf07c1e371","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":63,"box":{"x":53,"y":409,"width":870,"height":10}},{"id":"7b1cdd93-0143-445d-91b4-7df9cca4b4e7","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":63,"box":{"x":53,"y":423,"width":833,"height":11}},{"id":"dd10b385-f499-4afc-a95d-295368f41bde","block_type":"box","text":"damage claims and other litigation.","page_number":63,"box":{"x":53,"y":437,"width":250,"height":11}},{"id":"871876b2-acb3-4fe7-94fc-301403d0145e","block_type":"box","text":"Industrial Companies Risk.","page_number":63,"box":{"x":53,"y":460,"width":197,"height":11}},{"id":"124720e8-4883-4470-99df-b70d0a4208be","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":63,"box":{"x":255,"y":460,"width":685,"height":11}},{"id":"18e4d3fc-7877-411a-b633-aa4fd7c22432","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":63,"box":{"x":53,"y":475,"width":881,"height":10}},{"id":"7b62b64c-91b9-4562-a26c-d042cc2cdb0e","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":63,"box":{"x":53,"y":489,"width":867,"height":10}},{"id":"4fa9c949-fb94-45d4-86a0-1f61e3c54d6a","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":63,"box":{"x":53,"y":503,"width":860,"height":11}},{"id":"30ce15fa-b58b-4dfc-a6ec-4e8f64e35584","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":63,"box":{"x":53,"y":517,"width":862,"height":11}},{"id":"6bb516f7-e223-458b-854a-4cfc36602625","block_type":"box","text":"Issuer Risk.","page_number":63,"box":{"x":53,"y":540,"width":83,"height":9}},{"id":"9a1ddfb2-0fa6-4d2a-ac53-53c3b6450be9","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":63,"box":{"x":140,"y":540,"width":780,"height":11}},{"id":"7cfe542f-bc1a-4efd-98c2-14cd0648e7e0","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":63,"box":{"x":53,"y":554,"width":886,"height":11}},{"id":"3f2d0987-745c-4a34-bfc0-392c1fc9bec4","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":63,"box":{"x":52,"y":569,"width":576,"height":10}},{"id":"7270547e-cd5b-4a44-847e-1c2e84a562b3","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":63,"box":{"x":53,"y":592,"width":278,"height":11}},{"id":"7f9874fc-05a4-4094-9c82-0119da62258a","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":63,"box":{"x":337,"y":592,"width":540,"height":11}},{"id":"d454efe2-0cc4-4b39-a6ca-423a06c2a92c","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":63,"box":{"x":53,"y":606,"width":890,"height":11}},{"id":"29243bcb-1bd8-46bf-9482-6a36f8707803","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":63,"box":{"x":53,"y":620,"width":868,"height":11}},{"id":"308984e4-e34c-408a-ac11-30bbb0da4b65","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":63,"box":{"x":53,"y":634,"width":709,"height":11}},{"id":"eeb7e775-545c-465b-aa21-b9abfc492101","block_type":"box","text":"Management Risk.","page_number":63,"box":{"x":53,"y":657,"width":137,"height":11}},{"id":"d906784a-dd35-4853-a5ee-0c04bf667f58","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":63,"box":{"x":194,"y":657,"width":711,"height":11}},{"id":"70fd5348-1b12-4d79-9e21-8f3f8269ffb2","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":63,"box":{"x":53,"y":672,"width":877,"height":10}},{"id":"69ad34ca-fedf-4e8d-a342-53abc036f7bd","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":63,"box":{"x":53,"y":686,"width":859,"height":11}},{"id":"cfe51435-b0bf-44a4-97c1-da96389781ef","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":63,"box":{"x":52,"y":700,"width":848,"height":11}},{"id":"76d97dc3-c95c-42e1-b66f-24436b3b6f62","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":63,"box":{"x":53,"y":714,"width":756,"height":11}},{"id":"04697813-a59e-4ea2-9e07-aa2767c032ea","block_type":"box","text":"Market Trading Risk.","page_number":63,"box":{"x":53,"y":737,"width":152,"height":11}},{"id":"2f47c75a-1b4b-4ec3-9480-f8af7c87a3e0","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":63,"box":{"x":209,"y":737,"width":694,"height":11}},{"id":"601b354e-3ba9-4384-83c1-54376e40686d","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":63,"box":{"x":53,"y":751,"width":841,"height":11}},{"id":"97ac9f0e-e387-4881-909d-0a0a5f7a08b3","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":63,"box":{"x":53,"y":766,"width":887,"height":11}},{"id":"b76e46e4-aba3-497b-88d7-5033c4a076ba","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":63,"box":{"x":52,"y":780,"width":839,"height":11}},{"id":"f7d0d27e-3666-4bd2-9e96-9eebda2998f4","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":63,"box":{"x":53,"y":794,"width":866,"height":11}},{"id":"11ad44b8-7297-4584-ba6f-db6a61f0b622","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":63,"box":{"x":52,"y":808,"width":885,"height":11}},{"id":"cc89754d-2834-4536-9d36-36a247e0c43e","block_type":"box","text":"of the Fund shares.","page_number":63,"box":{"x":53,"y":822,"width":134,"height":9}},{"id":"faa47fe8-7c1b-432e-b3a6-941167df16c0","block_type":"box","text":"National Closed Market Trading Risk.","page_number":63,"box":{"x":53,"y":846,"width":273,"height":11}},{"id":"a5bbb620-7873-4bba-bf26-6d04af291d58","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":63,"box":{"x":330,"y":846,"width":544,"height":11}},{"id":"dee7381c-d139-4b54-8842-96fc7d2f3d30","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":63,"box":{"x":53,"y":860,"width":874,"height":11}},{"id":"d2492723-9855-4ac8-9334-8e0868d1c992","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":63,"box":{"x":52,"y":874,"width":651,"height":11}},{"id":"4232dee7-12e7-4dbb-acec-14f8a2f900d1","block_type":"box","text":"i.e","page_number":63,"box":{"x":704,"y":874,"width":15,"height":8}},{"id":"68974bdc-0064-4a00-9881-b14a79a670bd","block_type":"box","text":"., the quote from the closed","page_number":63,"box":{"x":720,"y":874,"width":191,"height":11}},{"id":"ec2e3f73-43b6-40f8-9e9a-a720b4faa533","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":63,"box":{"x":52,"y":888,"width":880,"height":11}},{"id":"beee5863-d284-4aa0-9816-89044753f7a7","block_type":"box","text":"S-56","page_number":63,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"838b6526-c03f-4c8f-ac5a-7569403f6f78","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":64,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"f1ed798f-d13c-4a26-9d54-c2d7930056a4","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":64,"box":{"x":53,"y":61,"width":850,"height":10}},{"id":"de36a054-1598-4cc9-8a08-232f09aa018b","block_type":"box","text":"funds.","page_number":64,"box":{"x":52,"y":75,"width":44,"height":8}},{"id":"fbbd64a8-e21b-40dc-8311-6edcf9c34966","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":64,"box":{"x":53,"y":98,"width":182,"height":8}},{"id":"fecd0a62-6b52-46d4-9f52-399647c54b33","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":64,"box":{"x":240,"y":98,"width":687,"height":11}},{"id":"a65b47ac-293a-4140-b7b4-a14a53bdba65","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":64,"box":{"x":53,"y":112,"width":853,"height":11}},{"id":"e111a684-9e55-43c9-9ef0-423d3b6f2c05","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":64,"box":{"x":52,"y":126,"width":847,"height":11}},{"id":"e4115aa9-6909-40ab-ad8e-4d3ebf616eba","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":64,"box":{"x":53,"y":141,"width":889,"height":10}},{"id":"5944a3e0-d3b9-4eb2-8bea-2e1ebbcd63ac","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":64,"box":{"x":53,"y":155,"width":842,"height":11}},{"id":"36e6a9ce-e42f-400b-8bd0-30192a2b6e4c","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":64,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"0bd496d0-8071-4ba0-a068-7d20f73bd347","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":64,"box":{"x":53,"y":183,"width":821,"height":11}},{"id":"0b073826-f13e-4409-b8ce-387478b14457","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":64,"box":{"x":53,"y":197,"width":871,"height":11}},{"id":"488d8354-721e-4feb-9805-5e3b1c5edfea","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":64,"box":{"x":53,"y":211,"width":289,"height":11}},{"id":"37eabe98-7246-4719-992c-b40c309e299f","block_type":"box","text":"European Economic Risk","page_number":64,"box":{"x":348,"y":211,"width":183,"height":11}},{"id":"484e4a95-c5a9-4901-a43d-6b8f34f0c30e","block_type":"box","text":".","page_number":64,"box":{"x":532,"y":218,"width":1,"height":2}},{"id":"a25fdc69-879f-4a68-a6f9-f9708a26c0bb","block_type":"box","text":"Operational and Technology Risks.","page_number":64,"box":{"x":53,"y":235,"width":254,"height":11}},{"id":"31470825-ef42-4bde-ac3d-199aa5b5be53","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":64,"box":{"x":312,"y":235,"width":581,"height":10}},{"id":"fbc40589-12b0-48e2-99c1-add04c436267","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":64,"box":{"x":53,"y":249,"width":876,"height":11}},{"id":"d6ba277e-184a-4bc9-93ad-806b9f575663","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":64,"box":{"x":53,"y":263,"width":879,"height":11}},{"id":"c2fa5b0d-62f5-423b-b8bc-1783fb6394b5","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":64,"box":{"x":53,"y":277,"width":825,"height":11}},{"id":"eaa62cac-9a04-44eb-9542-ece8db008640","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":64,"box":{"x":53,"y":291,"width":862,"height":11}},{"id":"77d39793-a190-4e39-9b50-5420acb0fbd9","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":64,"box":{"x":53,"y":306,"width":872,"height":10}},{"id":"e64c187f-8b7b-4360-8238-01236008e892","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":64,"box":{"x":53,"y":320,"width":824,"height":11}},{"id":"b967f45c-b0a5-45e1-90e5-f1a715f7ebc6","block_type":"box","text":"Risk of Investing in China.","page_number":64,"box":{"x":53,"y":343,"width":191,"height":11}},{"id":"117af3af-bc1a-4d02-bd0d-e934d766dda4","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":64,"box":{"x":250,"y":343,"width":678,"height":11}},{"id":"f5ae305e-a003-4a3d-bd93-91dae5c3a36b","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":64,"box":{"x":53,"y":357,"width":819,"height":11}},{"id":"a8079554-9a9f-4d99-b099-f2ccc15d624d","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":64,"box":{"x":53,"y":371,"width":866,"height":11}},{"id":"187fb996-47b6-4ebf-af35-ec1acef8807e","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":64,"box":{"x":53,"y":385,"width":866,"height":11}},{"id":"39cba837-9f1c-4b74-85b7-6d336a9f9084","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":64,"box":{"x":52,"y":400,"width":841,"height":10}},{"id":"2a20f5c0-4d77-4a00-9072-5e27697da63b","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":64,"box":{"x":53,"y":414,"width":864,"height":11}},{"id":"afdaa59d-323e-4ab8-88d7-0e2b28ba40f7","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":64,"box":{"x":52,"y":428,"width":861,"height":11}},{"id":"d4ec3923-ff96-4104-8cb7-f8b0365fc86f","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":64,"box":{"x":53,"y":442,"width":869,"height":11}},{"id":"10b4aab1-a27e-438e-b89b-706c28e5978a","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":64,"box":{"x":53,"y":456,"width":783,"height":11}},{"id":"d3f2e8ff-cc27-48c3-9b99-d9828fd0c45f","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":64,"box":{"x":53,"y":480,"width":887,"height":10}},{"id":"6ff489d8-98d3-4ebf-bed0-9350ebf87f0e","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":64,"box":{"x":52,"y":494,"width":834,"height":11}},{"id":"4c3e7f5d-04a9-429f-9f72-c484d92c40e8","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":64,"box":{"x":52,"y":508,"width":845,"height":11}},{"id":"5b5ed241-dc96-4b33-9751-51ba45564bcc","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":64,"box":{"x":53,"y":522,"width":876,"height":11}},{"id":"cdd205c6-c65b-43bb-939f-9cdbcbd11cd1","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":64,"box":{"x":53,"y":536,"width":834,"height":11}},{"id":"70f5122f-770c-4cdb-bc0c-288068210d28","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":64,"box":{"x":53,"y":550,"width":421,"height":11}},{"id":"b8a96ef5-3b39-4eec-a016-e6e82d586143","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":64,"box":{"x":52,"y":574,"width":849,"height":10}},{"id":"d0a0f1b4-1ccc-4023-97bd-faaa2bdfb3ac","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":64,"box":{"x":53,"y":588,"width":886,"height":11}},{"id":"d6aed847-f83c-460d-9308-3a7ccd4ebc80","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":64,"box":{"x":53,"y":602,"width":878,"height":11}},{"id":"78c3cb46-998e-4534-9140-5bfa72ceb52e","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":64,"box":{"x":53,"y":616,"width":874,"height":11}},{"id":"8b0ddb12-c732-4509-8334-e622f10f76c2","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":64,"box":{"x":53,"y":630,"width":878,"height":11}},{"id":"25cb9875-45ec-4f2e-b461-cbdca33f5e45","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":64,"box":{"x":53,"y":645,"width":807,"height":10}},{"id":"b41adbd8-a025-4382-8849-1ef2adcfeb07","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":64,"box":{"x":53,"y":659,"width":890,"height":11}},{"id":"e938afac-7535-4e1e-bb19-1c706055cc31","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":64,"box":{"x":52,"y":673,"width":471,"height":11}},{"id":"78cd5bd1-f271-4917-af61-e32f98d7833e","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":64,"box":{"x":53,"y":696,"width":883,"height":11}},{"id":"b15b3277-7a19-49db-baf9-68df5852e760","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":64,"box":{"x":53,"y":710,"width":850,"height":11}},{"id":"44cffe45-aff8-4ce2-9197-bc9360c5a6c9","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":64,"box":{"x":53,"y":725,"width":861,"height":10}},{"id":"2d3daa3e-1a85-4d18-a68d-cdd9f4573283","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":64,"box":{"x":53,"y":739,"width":850,"height":11}},{"id":"b3fe0736-1be7-4cb7-9994-0bc07da0118d","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":64,"box":{"x":53,"y":753,"width":883,"height":11}},{"id":"5dd46789-2c7a-430a-bee9-6283cb92e93a","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":64,"box":{"x":52,"y":767,"width":860,"height":11}},{"id":"22138ed7-0a48-4d50-b8e5-5b227f93cf0d","block_type":"box","text":"have limited legal remedies.","page_number":64,"box":{"x":53,"y":781,"width":196,"height":11}},{"id":"a5710647-4218-48ae-8ecb-f0982e9c4d31","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","page_number":64,"box":{"x":53,"y":804,"width":845,"height":11}},{"id":"483f80e8-677c-4488-b91e-4ddbc96120cc","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":64,"box":{"x":52,"y":819,"width":836,"height":10}},{"id":"e6b8b474-d87f-4b51-be8a-928965350825","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":64,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"ede44de9-b7ae-4a65-be45-a7eb4998d5fc","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":64,"box":{"x":52,"y":847,"width":779,"height":10}},{"id":"bec0b73b-0830-4d7d-b514-5ccad59a5618","block_type":"box","text":"considerations.","page_number":64,"box":{"x":53,"y":861,"width":107,"height":9}},{"id":"f5c7742f-22c2-4e01-9736-407dfdff6747","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":64,"box":{"x":53,"y":884,"width":302,"height":11}},{"id":"e1141c58-3c29-408d-86e0-b260b159b777","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":64,"box":{"x":359,"y":884,"width":581,"height":11}},{"id":"ff066baa-3245-462a-aca3-11b493c06f90","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":64,"box":{"x":53,"y":899,"width":868,"height":10}},{"id":"bcec48ff-fb5f-4815-b385-22312a7d3d60","block_type":"box","text":"S-57","page_number":64,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3ecd6366-176c-4524-9ee5-8111b88f06e1","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":65,"box":{"x":52,"y":46,"width":871,"height":11}},{"id":"e1ef0b01-879d-494a-8c4f-c9cc40db2dff","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":65,"box":{"x":52,"y":61,"width":875,"height":10}},{"id":"a3221da7-f8d8-4f3a-9fc4-b21310c57046","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":65,"box":{"x":52,"y":75,"width":877,"height":11}},{"id":"ebb6ad29-75d2-489a-976c-f101985d0fbc","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":65,"box":{"x":53,"y":89,"width":887,"height":11}},{"id":"337857b9-876c-4dc5-8deb-94b9e0eb6e9d","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":65,"box":{"x":53,"y":103,"width":836,"height":11}},{"id":"7ce52fc4-6404-4d95-9026-e9e323bd6d47","block_type":"box","text":"availability of certain commodities.","page_number":65,"box":{"x":53,"y":117,"width":246,"height":11}},{"id":"370d19af-3ea7-46f0-a203-c9d621454410","block_type":"box","text":"Risk of Investing in the U.S.","page_number":65,"box":{"x":53,"y":140,"width":200,"height":11}},{"id":"e8359ca6-d510-4a33-8965-b289e009be5d","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":65,"box":{"x":259,"y":141,"width":663,"height":10}},{"id":"f9f31bd5-e57e-4175-a91e-2161a30ec9a6","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":65,"box":{"x":53,"y":155,"width":877,"height":11}},{"id":"a3295e03-2745-452d-b72c-dafb2a65e67e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":65,"box":{"x":53,"y":169,"width":470,"height":11}},{"id":"e8885aa4-3fb1-4ef2-92f5-7f184e5426d2","block_type":"box","text":"Securities Lending Risk.","page_number":65,"box":{"x":52,"y":192,"width":178,"height":11}},{"id":"93d48c4d-20fa-4957-b4a3-fb26b02a23b1","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":65,"box":{"x":234,"y":192,"width":692,"height":11}},{"id":"0dbe2f64-0875-4cdc-8b25-2092e490c0c4","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":65,"box":{"x":53,"y":206,"width":870,"height":11}},{"id":"42e7ae37-3994-44d7-905a-1b0f24847c28","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":65,"box":{"x":53,"y":220,"width":886,"height":11}},{"id":"86d08b00-9902-403a-bb5a-31e2cf891c7b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":65,"box":{"x":53,"y":235,"width":831,"height":10}},{"id":"73f392d7-a41d-478a-b165-db147aa6fb37","block_type":"box","text":"Tracking Error Risk.","page_number":65,"box":{"x":52,"y":258,"width":145,"height":11}},{"id":"479466c7-4bff-40c5-9232-7fbe995a0611","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":65,"box":{"x":201,"y":258,"width":741,"height":11}},{"id":"84a7a7ea-3153-4a42-a211-b72064c2ea11","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":65,"box":{"x":53,"y":272,"width":861,"height":11}},{"id":"19ae23b7-4565-4e47-aea3-90c9143da475","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":65,"box":{"x":53,"y":286,"width":832,"height":11}},{"id":"b54e7dad-618e-4b27-876e-be5544dc05b1","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":65,"box":{"x":53,"y":301,"width":880,"height":10}},{"id":"8302eda2-4010-4c83-a9bd-7736f2743427","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":65,"box":{"x":53,"y":314,"width":831,"height":11}},{"id":"7a6c3508-9c52-49df-a7be-1a65af8b8084","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":65,"box":{"x":52,"y":329,"width":828,"height":11}},{"id":"a6de8aaa-49a1-4364-9e6e-9c3ac691d2cf","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":65,"box":{"x":53,"y":343,"width":873,"height":11}},{"id":"3404e77f-bd21-4456-8a1d-b8f215203877","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":65,"box":{"x":53,"y":357,"width":889,"height":11}},{"id":"0b79ccf4-27b9-46d5-be68-d43acf1239cb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":65,"box":{"x":53,"y":371,"width":852,"height":11}},{"id":"c9b9750a-16a0-46f7-80fa-855f5457e75b","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":65,"box":{"x":53,"y":385,"width":886,"height":11}},{"id":"e45ce920-7ba7-40d8-9b55-4b5d1b7dadbd","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":65,"box":{"x":53,"y":400,"width":873,"height":10}},{"id":"9ac35b17-51f0-4d38-88a9-2f84d7f427c4","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":65,"box":{"x":53,"y":414,"width":879,"height":11}},{"id":"d003373a-3707-44bd-9e40-def3682f4de9","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":65,"box":{"x":53,"y":428,"width":839,"height":11}},{"id":"a4d5f2da-75db-4cc2-9418-de9d3902ccb0","block_type":"box","text":"Utility Companies Risk.","page_number":65,"box":{"x":53,"y":451,"width":170,"height":11}},{"id":"19b9f15f-8f3b-4f2e-b488-0bed726e8975","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":65,"box":{"x":228,"y":451,"width":710,"height":11}},{"id":"2efe6042-a9ff-418e-bacf-b7dae1ecd641","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among","page_number":65,"box":{"x":53,"y":465,"width":873,"height":11}},{"id":"c1e6403d-1ea9-4651-9cb2-67bc46970785","block_type":"box","text":"other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased","page_number":65,"box":{"x":53,"y":480,"width":804,"height":10}},{"id":"3e338cfc-6d41-4b8b-a4a4-6ca80c4f28f6","block_type":"box","text":"competition.","page_number":65,"box":{"x":53,"y":494,"width":88,"height":10}},{"id":"077a4862-f27d-4d04-8252-dfa46d3be9a9","block_type":"box","text":"Valuation Risk.","page_number":65,"box":{"x":52,"y":517,"width":110,"height":8}},{"id":"092d22de-6886-494e-a161-ff7964720f18","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":65,"box":{"x":166,"y":517,"width":740,"height":11}},{"id":"3c0f1ded-2544-4e29-b5b2-827cd21232c7","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":65,"box":{"x":53,"y":531,"width":840,"height":11}},{"id":"4200f0f0-7131-48bc-9874-5317e389b497","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":65,"box":{"x":52,"y":545,"width":869,"height":11}},{"id":"204c1457-f38a-4a1c-b2d6-6ae1c8a50128","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":65,"box":{"x":52,"y":559,"width":889,"height":11}},{"id":"cb8faa25-2f2f-4125-a3c4-7673d64c27e5","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":65,"box":{"x":53,"y":574,"width":871,"height":10}},{"id":"7e2f5543-9eea-460a-93f9-6cf49baacf03","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":65,"box":{"x":52,"y":588,"width":879,"height":11}},{"id":"0aea2db0-7976-4c5f-80da-1e08679e5b9c","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":65,"box":{"x":53,"y":602,"width":880,"height":11}},{"id":"530ef5eb-45ef-40d2-b257-3bd64f07fe76","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":65,"box":{"x":53,"y":616,"width":816,"height":11}},{"id":"6a42e159-c647-408f-8e27-ad7e9ffb1fcf","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":65,"box":{"x":52,"y":631,"width":613,"height":10}},{"id":"ff6c148f-56e6-495d-8b6b-0cd48d32040a","block_type":"box","text":"Performance Information","page_number":65,"box":{"x":54,"y":659,"width":228,"height":11}},{"id":"6b194251-4ac7-450d-9c76-01b7fe669d20","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":65,"box":{"x":52,"y":684,"width":864,"height":11}},{"id":"b6abe9dd-1b9d-4a0b-b771-ade5e600046d","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":65,"box":{"x":52,"y":699,"width":872,"height":11}},{"id":"0ad80400-79a7-44b8-87bb-6dc455ad0f9f","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":65,"box":{"x":53,"y":713,"width":868,"height":11}},{"id":"61d6895a-74be-43f6-98cc-041e6c830da9","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":65,"box":{"x":53,"y":727,"width":838,"height":11}},{"id":"919c35ab-5949-458a-832b-6856f4bd9c81","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":65,"box":{"x":53,"y":741,"width":868,"height":11}},{"id":"73d8ee87-38f3-4858-bcc0-25f751996adc","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":65,"box":{"x":53,"y":755,"width":832,"height":11}},{"id":"bbfb2046-c2e7-4041-a967-c418ad1cf955","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":65,"box":{"x":53,"y":770,"width":842,"height":10}},{"id":"352d323f-24d4-41da-8dfd-ddee529c4b11","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":65,"box":{"x":52,"y":784,"width":531,"height":11}},{"id":"2bab884c-692e-4127-9279-10cc26b723c2","block_type":"box","text":"S-58","page_number":65,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"e0f44060-1ed1-493e-9925-304577cd89a6","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":66,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"0e611c24-d0c0-4055-b190-a2cd9b287d88","block_type":"box","text":"11.55","page_number":66,"box":{"x":87,"y":127,"width":25,"height":6}},{"id":"e0bc0cb2-7e76-4d8c-aa01-aed628755f45","block_type":"box","text":"19.25","page_number":66,"box":{"x":124,"y":114,"width":25,"height":6}},{"id":"068a139f-133b-4768-9582-2dd61265399c","block_type":"box","text":"-10.20","page_number":66,"box":{"x":157,"y":182,"width":30,"height":5}},{"id":"a8c5d674-ecca-4e9b-8105-7f2d1a317c02","block_type":"box","text":"26.01","page_number":66,"box":{"x":197,"y":102,"width":24,"height":6}},{"id":"66964acb-4935-40ae-b1dd-a48b37838aba","block_type":"box","text":"-6.28","page_number":66,"box":{"x":235,"y":174,"width":23,"height":6}},{"id":"53e1f22a-1bb9-4b38-99ab-bc6794c5722d","block_type":"box","text":"11.21","page_number":66,"box":{"x":272,"y":128,"width":24,"height":6}},{"id":"d7067c57-a05e-4b37-8a8f-86ede69fae60","block_type":"box","text":"-0.95","page_number":66,"box":{"x":309,"y":165,"width":23,"height":6}},{"id":"3c66b0b3-a6a6-4024-8702-e77107bd25f6","block_type":"box","text":"6.16","page_number":66,"box":{"x":348,"y":137,"width":20,"height":6}},{"id":"f4faa693-ce00-47a7-846f-341074770c84","block_type":"box","text":"14.34","page_number":66,"box":{"x":383,"y":122,"width":25,"height":6}},{"id":"beef7417-f2c3-45fe-9cbe-f432294ce3a8","block_type":"box","text":"21.86","page_number":66,"box":{"x":419,"y":109,"width":26,"height":6}},{"id":"9ee34f3b-7bca-45ae-b296-df97e4a4fb54","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":66,"box":{"x":87,"y":201,"width":356,"height":6}},{"id":"6948e491-4bee-4b25-ae55-8c6338cc872b","block_type":"box","text":"Return (%) Period Ended","page_number":66,"box":{"x":736,"y":61,"width":188,"height":9}},{"id":"52fdfea4-f269-4d0f-8c31-47a8fe881ac7","block_type":"box","text":"Calendar Year-to-Date Return","page_number":66,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"0a82be1e-8d16-42e7-8381-c83fef89f81c","block_type":"box","text":"9.73% June 30, 2026","page_number":66,"box":{"x":758,"y":80,"width":184,"height":8}},{"id":"a545f2b2-8984-4790-90cb-2a1fe3e0d93a","block_type":"box","text":"During the periods shown in the chart:","page_number":66,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"baef5377-ff35-4d61-ac67-142c5432a6f3","block_type":"box","text":"Best Quarter 14.88% December 31, 2020","page_number":66,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"ff72ad85-22f6-4465-a9c2-71e536098326","block_type":"box","text":"Worst Quarter -29.25% March 31, 2020","page_number":66,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"926e9877-15c9-4a16-bc42-4f4d4808a18d","block_type":"box","text":"Average Annual Total Returns (%)","page_number":66,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"2965ed4d-7c57-448a-b691-d8fff5a190a1","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":66,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"3c0b4804-c7d9-4f7d-9d86-d366f545b3dd","block_type":"box","text":"One Year Five Years Ten Years","page_number":66,"box":{"x":670,"y":261,"width":268,"height":8}},{"id":"dc824467-b6d1-4e7b-9fa3-8c447b438aec","block_type":"box","text":"Fund Inception: 12/10/2007","page_number":66,"box":{"x":58,"y":277,"width":187,"height":9}},{"id":"9a476730-5d4a-49a7-8e01-46788221b19f","block_type":"box","text":"Return Before Taxes","page_number":66,"box":{"x":58,"y":288,"width":125,"height":8}},{"id":"f3dd224e-160e-4131-88c0-3e600d5966c2","block_type":"box","text":"21.86% 10.26% 8.68%","page_number":66,"box":{"x":682,"y":288,"width":257,"height":8}},{"id":"3ca5a226-1121-4f50-a3e1-aefa215c781f","block_type":"box","text":"Return After Taxes on Distributions 21.00% 9.60% 8.05%","page_number":66,"box":{"x":58,"y":300,"width":881,"height":8}},{"id":"37113730-2033-4729-99d9-19e610c850a0","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 13.65% 8.12% 7.04%","page_number":66,"box":{"x":58,"y":312,"width":881,"height":7}},{"id":"fe962729-9a0c-4bdd-bf7b-766433f70b53","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":66,"box":{"x":57,"y":323,"width":244,"height":9}},{"id":"3ae9f110-c66f-41cb-a72f-0232c281cc5e","block_type":"box","text":"1","page_number":66,"box":{"x":302,"y":322,"width":5,"height":4}},{"id":"769274f3-0dca-4e9c-92ce-3101caff4c05","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":66,"box":{"x":312,"y":323,"width":330,"height":10}},{"id":"84e28a84-0b94-499c-b516-f20544fa3a5a","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":66,"box":{"x":71,"y":336,"width":868,"height":10}},{"id":"a74be793-3feb-46f4-9596-07c66901588d","block_type":"box","text":"S&P Global Infrastructure Index (Net)","page_number":66,"box":{"x":57,"y":348,"width":247,"height":9}},{"id":"e6692597-14ce-4eb4-9f66-e171be11300b","block_type":"box","text":"1","page_number":66,"box":{"x":305,"y":346,"width":5,"height":5}},{"id":"dea58b6b-02ab-4d67-88b9-3f418894eefa","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":66,"box":{"x":315,"y":348,"width":330,"height":9}},{"id":"2ae3ab01-a6d3-4821-8105-5141612f8825","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.54% 10.02% 8.47%","page_number":66,"box":{"x":71,"y":361,"width":868,"height":9}},{"id":"3ca364d5-0fb6-4252-9c1f-c7c55cbf21c2","block_type":"box","text":"1","page_number":66,"box":{"x":80,"y":379,"width":5,"height":5}},{"id":"85a9a311-d9a2-436d-8369-5148ceef83e8","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":66,"box":{"x":94,"y":381,"width":827,"height":9}},{"id":"311fdf59-09cf-4c50-b2aa-abb47940c8d1","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":66,"box":{"x":93,"y":391,"width":847,"height":10}},{"id":"ffaf18fc-a18a-4aa7-8ea2-ea882d33dff4","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":66,"box":{"x":93,"y":401,"width":843,"height":10}},{"id":"88d29848-16ba-432b-95f4-5cddd397cf05","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":66,"box":{"x":92,"y":412,"width":829,"height":9}},{"id":"9eb4c70c-682f-47e5-a87c-60d7798fdb90","block_type":"box","text":"tax rates, if any.","page_number":66,"box":{"x":92,"y":422,"width":97,"height":9}},{"id":"a2c5198e-1e04-4938-9274-8c1c57d2e25a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":66,"box":{"x":52,"y":442,"width":857,"height":10}},{"id":"824ece20-574e-49a9-aeca-e0bae3b98790","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":66,"box":{"x":53,"y":456,"width":865,"height":10}},{"id":"3896128a-5175-4928-8313-c892705c0aef","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":66,"box":{"x":53,"y":470,"width":847,"height":11}},{"id":"5ecc7f13-4778-4643-b4c3-07418405bc88","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":66,"box":{"x":52,"y":484,"width":857,"height":11}},{"id":"b73e5b25-7fc5-499b-bb2c-6bbdead74482","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":66,"box":{"x":53,"y":498,"width":877,"height":11}},{"id":"e481fb15-c73b-46fa-8a69-37c153927e42","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":66,"box":{"x":52,"y":512,"width":836,"height":11}},{"id":"f5ac6d46-90bf-4a86-9c1b-a300b6167eb7","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":66,"box":{"x":53,"y":527,"width":886,"height":10}},{"id":"bef370b6-3bc6-41c5-a252-b90334dcefca","block_type":"box","text":"on distributions.","page_number":66,"box":{"x":53,"y":541,"width":114,"height":8}},{"id":"3ecde7a5-4c97-4987-84d8-96a021e54eb5","block_type":"box","text":"Management","page_number":66,"box":{"x":54,"y":570,"width":119,"height":13}},{"id":"285fc604-b581-40a5-ab7f-6fcc82e9affe","block_type":"box","text":"Investment Adviser.","page_number":66,"box":{"x":53,"y":595,"width":145,"height":8}},{"id":"b63fa20f-1904-4f4b-a936-b2949e9f6add","block_type":"box","text":"BlackRock Fund Advisors.","page_number":66,"box":{"x":204,"y":595,"width":180,"height":8}},{"id":"e70b6458-86f8-44e4-b7a9-ab1628ba045f","block_type":"box","text":"Portfolio Managers.","page_number":66,"box":{"x":53,"y":618,"width":146,"height":11}},{"id":"2df4dc0a-89ba-4e52-a6d1-7daf6bc08b87","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":66,"box":{"x":203,"y":618,"width":679,"height":11}},{"id":"8509fd5a-6567-4e5b-9f9a-4ac04df4729f","block_type":"box","text":"management of the Fund:","page_number":66,"box":{"x":53,"y":632,"width":182,"height":11}},{"id":"193d1a94-5b9c-4331-a200-1bbc2e4374ec","block_type":"box","text":"Portfolio Manager","page_number":66,"box":{"x":58,"y":668,"width":119,"height":10}},{"id":"8e5c8ad5-aaf5-440f-a551-64f4c2ff8dee","block_type":"box","text":"Portfolio Manager of the","page_number":66,"box":{"x":411,"y":655,"width":160,"height":10}},{"id":"138f953c-c0e3-4ef7-ac6e-319e8e3c1579","block_type":"box","text":"Fund Since","page_number":66,"box":{"x":455,"y":668,"width":72,"height":8}},{"id":"7bdca965-983c-4ccd-bfbf-fb5399e87cc7","block_type":"box","text":"Title with Investment","page_number":66,"box":{"x":804,"y":655,"width":140,"height":8}},{"id":"495f21c4-8486-4448-b6bc-da2d1978784e","block_type":"box","text":"Adviser","page_number":66,"box":{"x":849,"y":668,"width":49,"height":8}},{"id":"44c00fa0-04a3-42be-91f8-9e8fd5a8c850","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":66,"box":{"x":57,"y":684,"width":876,"height":9}},{"id":"b2348659-845f-45ee-9866-adb943a99a31","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":66,"box":{"x":58,"y":699,"width":875,"height":10}},{"id":"222021c8-6221-4f64-87f8-196a88868189","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":66,"box":{"x":58,"y":715,"width":875,"height":9}},{"id":"1a5fa891-9fc4-4562-b366-10a2a1dd35c3","block_type":"box","text":"Steven White 2025 Managing Director","page_number":66,"box":{"x":57,"y":730,"width":876,"height":10}},{"id":"21104a53-edde-40e8-8579-88a9d1628ce6","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":66,"box":{"x":54,"y":765,"width":304,"height":11}},{"id":"b86ea27e-e06b-43f0-9942-e1811afe4dce","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":66,"box":{"x":52,"y":790,"width":878,"height":11}},{"id":"b65e6bcb-7958-48f0-884a-88f9b9ca54f8","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":66,"box":{"x":53,"y":805,"width":855,"height":10}},{"id":"77aa8501-278d-490e-ba8f-d85966f02956","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":66,"box":{"x":52,"y":819,"width":817,"height":10}},{"id":"5e53552c-cac8-42a5-9549-9fc34c1fb171","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":66,"box":{"x":53,"y":833,"width":878,"height":11}},{"id":"51a4da5a-6590-4b11-8f29-bb6c236ffb46","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":66,"box":{"x":53,"y":847,"width":861,"height":11}},{"id":"766704ab-66cc-4614-a332-8718ca47ebee","block_type":"box","text":"(the “bid-ask spread”).","page_number":66,"box":{"x":53,"y":861,"width":156,"height":11}},{"id":"4f4f2cca-09d3-489e-bfdc-6a4a69b08d4f","block_type":"box","text":"S-59","page_number":66,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"880f3340-3976-4862-a955-7ae96764eb4f","block_type":"box","text":"Tax Information","page_number":67,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"57638b14-d0bf-41d1-9900-09de3c89e192","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":67,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"3a5dbcb5-93c9-474e-9f6f-e654e143b305","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":67,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"d2353b7b-83dd-46c4-9714-48c3838703c1","block_type":"box","text":"be taxed when withdrawn.","page_number":67,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"31b13dcd-7a3c-4f74-95de-9e05c97768af","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":67,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"d4f79cc9-c986-4ff9-bd16-d206f5d685d9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":67,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"1b76b81b-3ec1-422e-a0ec-c475ab884806","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":67,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"a716d83d-81c6-4116-bb5a-1b837e4e9ad2","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":67,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"4ff2b3e5-c67e-44c3-9633-0588363ee695","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":67,"box":{"x":53,"y":196,"width":801,"height":11}},{"id":"7b6b3eff-1fa4-4342-8089-6ffe54b24b65","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":67,"box":{"x":53,"y":210,"width":841,"height":11}},{"id":"06f232d7-8e45-41cb-8994-212e96acddd7","block_type":"box","text":"financial intermediary’s website for more information.","page_number":67,"box":{"x":52,"y":224,"width":380,"height":11}},{"id":"90efccbd-c35b-4626-ac4f-db54e5233aa7","block_type":"box","text":"S-60","page_number":67,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"12aa222b-4d63-489e-8f7b-17cb1c5a386d","block_type":"box","text":"iShares Global Materials ETF","page_number":68,"box":{"x":53,"y":47,"width":402,"height":16}},{"id":"806f36d7-ae70-4c62-9da0-218acd47e2d8","block_type":"box","text":"MXI | NYSE Arca","page_number":68,"box":{"x":54,"y":70,"width":227,"height":18}},{"id":"be190526-ce70-43e8-8890-edde55036a67","block_type":"box","text":"Investment Objective","page_number":68,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"46a9ddf9-d28c-4144-85ff-e547a56e4b6f","block_type":"box","text":"The iShares Global Materials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in","page_number":68,"box":{"x":52,"y":134,"width":890,"height":11}},{"id":"2dd315eb-29c8-49db-8c5d-b42e52882b4e","block_type":"box","text":"the materials sector.","page_number":68,"box":{"x":52,"y":148,"width":143,"height":9}},{"id":"a1baf2bc-93d8-45c5-b262-0b6c0ec1c16b","block_type":"box","text":"Fees and Expenses","page_number":68,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"c15cfb05-133e-4fe0-aa49-78231b2504c0","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","page_number":68,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"2a666c54-05fa-4142-93c9-c15c4d877cd4","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":68,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"17fd9b1b-f2d5-45d8-86db-b0d0ee59bd3f","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":68,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"00cd4a6f-3acf-4410-b127-0d25ae8ebaba","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":68,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"1db621aa-10fe-4086-bbfe-e0bf40eb4564","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":68,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"c5106273-18f7-4a0b-bc64-c15e5f10a3ae","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":68,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"e648228c-7017-431f-9150-1ef527af6c2c","block_type":"box","text":"extraordinary expenses.","page_number":68,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"a4c9b1f7-9b7d-42c8-8519-f6bc2449300f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":68,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"ebd563b6-9f02-4f88-8c62-3b00ae666a59","block_type":"box","text":"reflected in the table and example below.","page_number":68,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"fbe2edb1-a8bd-44ca-8997-7e97a8f47ec1","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":68,"box":{"x":57,"y":348,"width":760,"height":9}},{"id":"66090efb-0801-4130-9635-b0be149d4e1d","block_type":"box","text":"1, 2","page_number":68,"box":{"x":818,"y":346,"width":17,"height":6}},{"id":"eebc96ed-deb3-4efb-acd3-7b1d23e98c1d","block_type":"box","text":"Management Fee","page_number":68,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"0d4cb0c2-9eea-4399-bb86-d56aaca1580d","block_type":"box","text":"0.37%","page_number":68,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"deebbee1-6a67-4e4f-9cd1-9fc8b09b126f","block_type":"box","text":"Other Expenses","page_number":68,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"514147c5-4bf1-448e-a9a0-32c6e5c09ad8","block_type":"box","text":"0.00%","page_number":68,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"d5746223-f4b9-4c3d-a4e0-46147a5c0da7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":68,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"3692c838-3c39-4729-a84d-d572e3570039","block_type":"box","text":"0.37%","page_number":68,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"5cd21c70-444c-4179-9f5b-717a1886dca7","block_type":"box","text":"1","page_number":68,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"57d9bf50-52bf-4e04-b5d7-a85eb2388dce","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":68,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"d7a2a45a-2a04-4435-8132-a5f5402360d3","block_type":"box","text":"2","page_number":68,"box":{"x":80,"y":437,"width":5,"height":4}},{"id":"3288eab0-90da-4999-b7dd-bbdabd22363c","block_type":"box","text":"Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect","page_number":68,"box":{"x":94,"y":438,"width":808,"height":10}},{"id":"169e0d05-5298-453c-926f-2648d84b9c48","block_type":"box","text":"expected fees in the current year.","page_number":68,"box":{"x":93,"y":448,"width":206,"height":10}},{"id":"bcdc75e0-19ca-4952-903f-f1787805e261","block_type":"box","text":"Example.","page_number":68,"box":{"x":53,"y":468,"width":67,"height":10}},{"id":"427b9e9c-3dca-4959-9107-d60ecbb60870","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","page_number":68,"box":{"x":124,"y":468,"width":795,"height":11}},{"id":"486356f0-dc58-48b9-8b7e-216459116610","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":68,"box":{"x":53,"y":482,"width":885,"height":11}},{"id":"e3de21e3-8b07-4d48-92f6-f60e910690c9","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":68,"box":{"x":52,"y":496,"width":871,"height":11}},{"id":"2da8b252-c6cd-4b7e-a2ee-d255842d482a","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":68,"box":{"x":53,"y":510,"width":887,"height":11}},{"id":"7b71ad4c-675a-4bd1-8cb5-91768098639a","block_type":"box","text":"your costs would be:","page_number":68,"box":{"x":52,"y":525,"width":143,"height":11}},{"id":"620b942e-5b85-4f1f-ac1e-2d368f4cac6f","block_type":"box","text":"Expense Example","page_number":68,"box":{"x":58,"y":548,"width":115,"height":9}},{"id":"58583461-9cfd-495d-b674-4e99b0d7821d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":68,"box":{"x":663,"y":548,"width":280,"height":7}},{"id":"c599aa8a-ea83-4adc-8464-be63aa43da0e","block_type":"box","text":"Example Fund Costs","page_number":68,"box":{"x":58,"y":563,"width":128,"height":9}},{"id":"657c4052-360b-4587-b9ba-a74a26e8f3d2","block_type":"box","text":"$38 $119 $208 $468","page_number":68,"box":{"x":671,"y":563,"width":261,"height":8}},{"id":"c5335080-b518-4eb1-9fe7-92d4a485d539","block_type":"box","text":"Portfolio Turnover.","page_number":68,"box":{"x":57,"y":592,"width":136,"height":9}},{"id":"691e3c96-daf0-4366-8375-8e22cabcafb9","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":68,"box":{"x":198,"y":592,"width":721,"height":11}},{"id":"847b2ac4-129a-4fb9-9c85-b3d451651bb4","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":68,"box":{"x":53,"y":606,"width":883,"height":11}},{"id":"3596192d-0f4a-4cbc-b0aa-348abddba9e7","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":68,"box":{"x":53,"y":621,"width":876,"height":11}},{"id":"6247cfcb-25cb-4ce9-875a-fa371484f6d4","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of","page_number":68,"box":{"x":52,"y":635,"width":886,"height":11}},{"id":"c894c202-3179-4c93-a038-a0e3f9ae5dbe","block_type":"box","text":"the average value of its portfolio.","page_number":68,"box":{"x":52,"y":649,"width":231,"height":11}},{"id":"e1d702c2-4b86-42b2-92e1-aa9fc79ce9d4","block_type":"box","text":"Principal Investment Strategies","page_number":68,"box":{"x":54,"y":678,"width":284,"height":13}},{"id":"5546795b-f93a-43d7-98db-1c3a07d8ac06","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Materials (Sector) Capped Index","page_number":68,"box":{"x":52,"y":703,"width":732,"height":11}},{"id":"40a5c3b6-4dc7-46c5-ba70-44e78f3ea52d","block_type":"box","text":"TM","page_number":68,"box":{"x":784,"y":702,"width":17,"height":5}},{"id":"dc909f7a-028e-405c-9ea7-bb46553ffa3c","block_type":"box","text":"(the “Underlying","page_number":68,"box":{"x":806,"y":703,"width":115,"height":11}},{"id":"b91453dd-8469-44f6-b1f4-5e2d1a71eec0","block_type":"box","text":"Index”), which measures the performance of companies that S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a","page_number":68,"box":{"x":53,"y":717,"width":875,"height":11}},{"id":"075d94d6-e402-4e9a-9117-3620db07567a","block_type":"box","text":"subsidiary of S&P Global, Inc., deems to be part of the materials sector of the economy and that SPDJI believes are important","page_number":68,"box":{"x":52,"y":732,"width":883,"height":10}},{"id":"6480f25e-424c-4095-b643-2848406333bc","block_type":"box","text":"to global markets. The Underlying Index is a subset of the S&P Global 1200, which is designed to measure the performance of","page_number":68,"box":{"x":52,"y":746,"width":889,"height":11}},{"id":"51ec3888-77d5-4c27-92ee-1e6af0c850fe","block_type":"box","text":"large-capitalization stocks from major global markets, as determined by SPDJI. As of March 31, 2026, a significant portion of","page_number":68,"box":{"x":53,"y":760,"width":883,"height":11}},{"id":"f9b94c2e-d58d-4cd0-ac9b-8de971834787","block_type":"box","text":"the Underlying Index was represented by securities of companies in the materials industry or sector. The components of the","page_number":68,"box":{"x":52,"y":774,"width":874,"height":11}},{"id":"34d7d052-e2b6-4126-9300-28e604f1f7b9","block_type":"box","text":"Underlying Index are likely to change over time. As of March 31, 2026, the Underlying Index was composed of securities of","page_number":68,"box":{"x":53,"y":788,"width":863,"height":11}},{"id":"3d66a49e-ebe1-4592-8659-f97ebdd4613e","block_type":"box","text":"companies in the following countries: Australia, Belgium, Brazil, Canada, Chilé, Denmark, Finland, France, Germany, Japan,","page_number":68,"box":{"x":53,"y":802,"width":867,"height":11}},{"id":"7e214230-c490-456d-a983-50e36a08fdb6","block_type":"box","text":"Luxembourg, Mexico, the Netherlands, Norway, Peru, Sweden, Switzerland, the United Kingdom (the “U.K.”) and the U.S.","page_number":68,"box":{"x":53,"y":816,"width":842,"height":12}},{"id":"d6326d87-07ae-45cf-8059-15a02f2be3c6","block_type":"box","text":"The Underlying Index uses a capping methodology. The capping methodology limits the sum of the weights of the securities","page_number":68,"box":{"x":52,"y":839,"width":877,"height":10}},{"id":"ebb74ada-b014-40f4-b61f-e34f7c157414","block_type":"box","text":"of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 25% of the","page_number":68,"box":{"x":53,"y":853,"width":859,"height":11}},{"id":"209286d4-203d-4c9f-8c31-91a7f559dbfa","block_type":"box","text":"weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index","page_number":68,"box":{"x":52,"y":867,"width":844,"height":11}},{"id":"137aee63-f1d8-426b-835d-84bf0c303f7b","block_type":"box","text":"rebalances quarterly to limit the aggregate weight of all issuers that individually exceed 4.50% of the Underlying Index weight","page_number":68,"box":{"x":53,"y":881,"width":890,"height":11}},{"id":"b20b44d3-6d26-464c-80fa-ee4e37db6d9a","block_type":"box","text":"to a maximum of 22.50%. Between scheduled quarterly reviews, the Underlying Index is rebalanced at the end of any day on","page_number":68,"box":{"x":52,"y":895,"width":878,"height":11}},{"id":"87562833-3eee-446f-8b66-55ab2e5cad62","block_type":"box","text":"which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent more","page_number":68,"box":{"x":52,"y":909,"width":856,"height":11}},{"id":"e7b78fa2-22ce-4c96-8d0d-c24358ab269e","block_type":"box","text":"S-61","page_number":68,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"b1504aae-93b7-46e8-bfb8-e302486a61cc","block_type":"box","text":"than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology SPDJI may","page_number":69,"box":{"x":52,"y":46,"width":852,"height":11}},{"id":"83e3821e-3478-4626-b91c-945377b26401","block_type":"box","text":"consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control.","page_number":69,"box":{"x":53,"y":61,"width":853,"height":10}},{"id":"458b596c-0395-4227-8de4-57459a3b0d8c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":69,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"1cabe249-0ad5-4498-a921-8e610293f1bc","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":69,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"79d56368-d608-4db6-9606-c82147559b3f","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":69,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"ddc3017c-952d-40f9-922a-10a7eba758be","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":69,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"7b0fe901-89cd-4348-84d7-c699acf05dc7","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":69,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"33d82ea4-f51c-4428-91c9-d461fcc8712b","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":69,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"26d9e70a-9f87-48e9-b91b-feeb24468cdf","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":69,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"4f1600d0-970c-47c1-a94e-632c6daae53a","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":69,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"b7453606-7ded-441a-be51-3fac705fa08f","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":69,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"3716ed02-c30a-4998-84e9-066e56093474","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":69,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"ad2cebac-c659-450c-95f7-3e60ff571e0b","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":69,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"7fd4a6e8-d8ff-4d0a-bb09-57949ef59ae1","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":69,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"e6c9d49c-eb1f-40c7-8409-7d2918c2af75","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":69,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"508f2e3f-37d6-4934-90f5-1d4967c30c2b","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":69,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"37204cfb-1027-42da-a916-3f9619358a91","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":69,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"d8bdfb21-b4d7-4f56-8456-36bbab4ad23d","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":69,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"7aa58d54-8aa9-4368-afb0-d349fe56890a","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":69,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"e5d4abdf-aed6-4487-8304-bb2dce7106f5","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":69,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"9d4020fd-a859-46ce-ba19-ea639e6012fc","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":69,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"beba9911-6e19-481e-8d21-532a001fd1f7","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":69,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"6aa031e8-07cd-40c9-8868-375190b78635","block_type":"box","text":"collateral received).","page_number":69,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"3700a5bc-535a-4205-b64c-91c4c2d63dbc","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":69,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"1161d66c-77bb-4ada-b9fd-778573a3bdb3","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":69,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"a03364d5-60dd-4c4f-9ca3-43a1cd86bfa6","block_type":"box","text":"market value of the Underlying Index.","page_number":69,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"6b2b7b7c-3d99-4073-9cf4-7eb7fe05163d","block_type":"box","text":"Industry Concentration Policy.","page_number":69,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"ffbbc9b3-15b4-4e2a-a4c9-f8795074572a","block_type":"box","text":"The Fund will concentrate its investments (","page_number":69,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"4558c206-43c7-4589-9d75-d0fa0b37d95d","block_type":"box","text":"i.e.","page_number":69,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"a25b5393-d679-4cef-8715-ff69877e1411","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":69,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"1dcae7b7-d84c-4d2a-a6e5-c874a298329a","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":69,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"ebc67b99-6b90-43c1-bd75-867ec754695a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":69,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"fb78039c-c4f1-4025-8871-7030716bb05f","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":69,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"af8759cd-6e9a-4503-b8fa-1dbcd14a1475","block_type":"box","text":"Summary of Principal Risks","page_number":69,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"a976fedc-4e91-442e-bc56-7f05ec8446ae","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":69,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"6807cee2-4200-4178-8d56-b82e05a52a3d","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":69,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"d22d2453-a432-4965-b7a0-140413cecdad","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":69,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"5504130b-d8f1-454a-b1f5-abcb088adae4","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":69,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"ec2cd3c5-62ec-43ab-9e97-2dc87b729e26","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":69,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"beadfff8-4a31-4870-89e6-5d9e7a309dd7","block_type":"box","text":"Materials Companies Risk.","page_number":69,"box":{"x":53,"y":637,"width":195,"height":10}},{"id":"200c78dc-2e48-47e7-988b-776afa71df93","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":69,"box":{"x":253,"y":637,"width":653,"height":11}},{"id":"6262ac6a-44a9-4750-8fb3-d897e2a96eef","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":69,"box":{"x":53,"y":651,"width":819,"height":11}},{"id":"da5fb39c-2476-43ea-9ef7-b549e273b451","block_type":"box","text":"government regulations, among other factors.","page_number":69,"box":{"x":53,"y":665,"width":325,"height":11}},{"id":"f737b595-c3e0-4d3f-b086-c9869c654e2e","block_type":"box","text":"Equity Securities Risk.","page_number":69,"box":{"x":53,"y":688,"width":164,"height":11}},{"id":"5adae56a-5e60-4f87-81f8-d07f9eca1c8d","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":69,"box":{"x":223,"y":688,"width":709,"height":11}},{"id":"0944eb4c-9348-45d4-b3e7-a3bf3920fde8","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":69,"box":{"x":53,"y":703,"width":889,"height":10}},{"id":"a4e65d98-8425-4636-a946-5ef4fff57d3c","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":69,"box":{"x":53,"y":717,"width":880,"height":11}},{"id":"2857c980-2f4a-4392-a868-07e3c379f240","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":69,"box":{"x":53,"y":731,"width":867,"height":11}},{"id":"6799cc98-dafc-43a7-8ede-eef6ebde3dc4","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":69,"box":{"x":53,"y":745,"width":339,"height":11}},{"id":"294595c1-3dda-478b-96d0-9069236b8ca4","block_type":"box","text":"Market Risk.","page_number":69,"box":{"x":53,"y":768,"width":91,"height":9}},{"id":"2e01de6a-337c-40ea-879a-db55fe3ac372","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":69,"box":{"x":148,"y":769,"width":768,"height":10}},{"id":"c0559ff8-e8e6-45c0-b7ec-e1f5b03f50ef","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":69,"box":{"x":53,"y":783,"width":882,"height":10}},{"id":"c273ac5f-05bf-4dca-a0b1-613e73266a8b","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":69,"box":{"x":53,"y":797,"width":858,"height":11}},{"id":"9af53bdd-b5c9-49a4-88f4-891cf6a9613f","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":69,"box":{"x":53,"y":811,"width":875,"height":11}},{"id":"a2922bb1-8a7f-45fb-9c25-2f30c5d34fc7","block_type":"box","text":"Fund’s NAV.","page_number":69,"box":{"x":53,"y":825,"width":82,"height":9}},{"id":"7c207856-9d24-493c-9e4a-7227c624d57f","block_type":"box","text":"Index-Related Risk.","page_number":69,"box":{"x":53,"y":848,"width":143,"height":9}},{"id":"7e848fa4-7770-4b61-a6fd-3a206e757b0f","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":69,"box":{"x":201,"y":848,"width":742,"height":11}},{"id":"0b362d6c-7e13-476f-b476-0015a2aec178","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":69,"box":{"x":53,"y":862,"width":856,"height":11}},{"id":"31d5a509-9e89-453d-8163-78955e789b65","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":69,"box":{"x":53,"y":877,"width":852,"height":10}},{"id":"ce2d1cfd-816e-467f-b0bf-ba7cd53f0413","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":69,"box":{"x":53,"y":891,"width":876,"height":11}},{"id":"fadb8965-10bb-41d4-9aff-7bf68f13f360","block_type":"box","text":"S-62","page_number":69,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"4f9b217a-73aa-419d-8fa0-b10b5a02687d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":70,"box":{"x":52,"y":46,"width":849,"height":11}},{"id":"2365a6dc-93e9-464b-a7e7-c01873bebcec","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":70,"box":{"x":53,"y":61,"width":849,"height":10}},{"id":"cd59dc6a-bb56-48be-9bb9-109114e36299","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":70,"box":{"x":53,"y":75,"width":890,"height":11}},{"id":"e0b92ba1-1544-4dca-9a21-76d82329fb36","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":70,"box":{"x":53,"y":89,"width":853,"height":11}},{"id":"4604757a-722e-4e3a-b672-56a542708839","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":70,"box":{"x":53,"y":103,"width":539,"height":11}},{"id":"83f7d0d9-4c6d-462b-9a4e-27a3a399223e","block_type":"box","text":"Asset Class Risk.","page_number":70,"box":{"x":52,"y":126,"width":122,"height":9}},{"id":"a85842d6-5e91-411f-a6be-f8edadff2466","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":70,"box":{"x":179,"y":126,"width":721,"height":11}},{"id":"6b02565f-26aa-45fa-8daf-d5453ab1d351","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":70,"box":{"x":53,"y":141,"width":774,"height":10}},{"id":"de453839-6721-43ab-a462-09716e201168","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":70,"box":{"x":52,"y":164,"width":318,"height":10}},{"id":"99f2343a-4d25-44f6-a66d-92524d995c95","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":70,"box":{"x":374,"y":164,"width":531,"height":11}},{"id":"b3d97dd1-fb87-4d19-93d3-8daea4ba2134","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":70,"box":{"x":53,"y":178,"width":810,"height":11}},{"id":"e13a2711-048d-44b3-a56c-2c9d5a65322e","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":70,"box":{"x":52,"y":192,"width":816,"height":11}},{"id":"5268202b-ad24-4722-9dc1-8630f98ee03b","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":70,"box":{"x":52,"y":206,"width":884,"height":11}},{"id":"523003a7-f56d-403e-99f6-ad23247e7f03","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":70,"box":{"x":53,"y":220,"width":871,"height":11}},{"id":"6cf1f746-c6ef-4841-84f0-03d239617ab9","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":70,"box":{"x":53,"y":235,"width":846,"height":10}},{"id":"b56fa9d1-6ec8-48d7-9efc-16c4246522a0","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":70,"box":{"x":52,"y":249,"width":881,"height":10}},{"id":"bcb77aeb-677e-412a-92fc-d902db08e2b1","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":70,"box":{"x":53,"y":263,"width":853,"height":11}},{"id":"7f2ae0c6-97d3-42b8-8e99-340ea91df42d","block_type":"box","text":"halts or delisting.","page_number":70,"box":{"x":53,"y":277,"width":121,"height":11}},{"id":"6d28e356-e23f-4538-ab51-9e0b5c7d42e0","block_type":"box","text":"Concentration Risk.","page_number":70,"box":{"x":53,"y":300,"width":145,"height":9}},{"id":"d799aa5c-543e-400e-a871-b9298bfe0dc6","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":70,"box":{"x":202,"y":300,"width":711,"height":11}},{"id":"085e3bb0-c28e-4941-ba10-21440cab9f79","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":70,"box":{"x":53,"y":314,"width":884,"height":10}},{"id":"ee5e13dc-9da7-482e-96a9-a2cd55eae92f","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":70,"box":{"x":52,"y":329,"width":887,"height":11}},{"id":"064ebae3-567d-4453-9902-8eb6089cb7fa","block_type":"box","text":"asset classes.","page_number":70,"box":{"x":53,"y":343,"width":95,"height":8}},{"id":"a1a3e14d-eb0b-4bc4-8fa7-e8151835722d","block_type":"box","text":"Currency Risk.","page_number":70,"box":{"x":53,"y":366,"width":106,"height":11}},{"id":"f7984bdf-2ec5-44ee-9aac-2e140aa49e7f","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":70,"box":{"x":164,"y":366,"width":751,"height":11}},{"id":"e1e28ada-2da4-40e3-9e23-e5c398691654","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":70,"box":{"x":53,"y":380,"width":842,"height":11}},{"id":"6e6b89b3-189b-4f90-8b67-103fff1dd031","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":70,"box":{"x":52,"y":394,"width":854,"height":11}},{"id":"2c905f6c-38db-40d1-ba03-ba5b04bae192","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":70,"box":{"x":53,"y":409,"width":869,"height":10}},{"id":"b4061b28-4490-4496-ad94-4240315c38bf","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":70,"box":{"x":53,"y":423,"width":309,"height":11}},{"id":"a7b281dc-497e-4e8a-a888-abaefa430b75","block_type":"box","text":"Issuer Risk.","page_number":70,"box":{"x":53,"y":446,"width":83,"height":9}},{"id":"9e4ac79a-9c40-43e7-bcf0-8f8c28092e33","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":70,"box":{"x":140,"y":446,"width":780,"height":11}},{"id":"813c4aa8-8623-4d10-9007-2da8b8a90ba7","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":70,"box":{"x":53,"y":460,"width":886,"height":11}},{"id":"2331a954-8a98-499a-b37c-8af494a6caaf","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":70,"box":{"x":52,"y":474,"width":576,"height":11}},{"id":"ce70a879-3467-4501-b4dd-55cfe95659d2","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":70,"box":{"x":53,"y":498,"width":278,"height":10}},{"id":"825b49dd-4d70-4e3e-b441-6b889df13e1f","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":70,"box":{"x":337,"y":498,"width":540,"height":10}},{"id":"d60e560b-15bb-4068-9ea6-f6d7c2723dcb","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":70,"box":{"x":53,"y":512,"width":890,"height":11}},{"id":"06e8b7cc-9f41-41fc-909b-75cb80631cec","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":70,"box":{"x":53,"y":526,"width":868,"height":11}},{"id":"d1f709ab-5957-4585-884f-fa6256caf158","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":70,"box":{"x":53,"y":540,"width":709,"height":11}},{"id":"98d0e5c1-3fff-4fd4-84e8-cd75d07e6179","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":70,"box":{"x":53,"y":563,"width":395,"height":11}},{"id":"84ceed5b-6a5a-4906-9b1f-b5e8976082ce","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":70,"box":{"x":453,"y":563,"width":410,"height":11}},{"id":"fbcded4c-9902-4eca-9b8d-767dede442c0","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":70,"box":{"x":53,"y":577,"width":883,"height":11}},{"id":"bea23eb6-d4c1-42fd-b5f2-b1ecbec8e098","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":70,"box":{"x":52,"y":592,"width":884,"height":11}},{"id":"2b125311-0e3c-40c3-b7a6-3e7759e47b51","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":70,"box":{"x":53,"y":606,"width":872,"height":11}},{"id":"beb20127-209e-41fd-ba72-aaf84adb1f29","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":70,"box":{"x":53,"y":620,"width":812,"height":11}},{"id":"99cf45b0-1122-48ce-8bde-affbbc6c5e9e","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":70,"box":{"x":53,"y":634,"width":890,"height":11}},{"id":"50462039-32f1-41e3-b128-181f9ed7e32a","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":70,"box":{"x":52,"y":649,"width":891,"height":9}},{"id":"18d2bff1-67b7-4f2a-8f43-e72987d9ed5e","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":70,"box":{"x":53,"y":663,"width":836,"height":10}},{"id":"2fa00da1-44f3-453e-93f9-1dc48dceb66d","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":70,"box":{"x":53,"y":677,"width":810,"height":11}},{"id":"9b375009-6705-4748-bdcf-89e81ef2dd26","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":70,"box":{"x":53,"y":691,"width":861,"height":11}},{"id":"d344358d-4766-45dc-96cd-b273350837fb","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":70,"box":{"x":53,"y":705,"width":875,"height":11}},{"id":"01c083eb-d0a7-499a-8796-d780e3a52db4","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":70,"box":{"x":52,"y":719,"width":654,"height":11}},{"id":"dcf71611-f1bf-4858-9273-88d0d80b78c3","block_type":"box","text":"Management Risk.","page_number":70,"box":{"x":53,"y":742,"width":137,"height":11}},{"id":"c2a546be-f272-4e2b-a1c4-8fcec53620c9","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":70,"box":{"x":194,"y":742,"width":711,"height":11}},{"id":"c41ca143-c91b-401e-a144-7d936aaa9dfd","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":70,"box":{"x":53,"y":757,"width":877,"height":11}},{"id":"a4b0b042-3819-46e8-84bb-1d2ec19d18e1","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":70,"box":{"x":53,"y":771,"width":859,"height":11}},{"id":"6a0e9a24-b31c-4a8e-bd00-5970012737d6","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":70,"box":{"x":52,"y":785,"width":848,"height":11}},{"id":"1a3ff217-e7ff-4c48-aa3e-201b73843a46","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":70,"box":{"x":53,"y":799,"width":756,"height":11}},{"id":"3df354e9-7463-4615-846a-7d8155a6099f","block_type":"box","text":"Market Trading Risk.","page_number":70,"box":{"x":53,"y":822,"width":152,"height":11}},{"id":"b4186bac-1ee2-4ce6-a815-58fceb93f9f5","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":70,"box":{"x":209,"y":822,"width":694,"height":11}},{"id":"e7c24dfc-b802-4008-9ab5-e6c48e89c6a1","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":70,"box":{"x":53,"y":837,"width":841,"height":10}},{"id":"58dcf19d-0153-4a7e-a6a5-8e4328f030bd","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":70,"box":{"x":53,"y":851,"width":887,"height":11}},{"id":"6c9d6246-e81b-4d45-86d0-c7f1d0c3d4e1","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":70,"box":{"x":52,"y":865,"width":839,"height":11}},{"id":"d64885c4-ced0-436f-8b77-920d3a58318b","block_type":"box","text":"S-63","page_number":70,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"d250336b-d96f-477f-9d09-26f62bf51931","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":71,"box":{"x":53,"y":46,"width":866,"height":11}},{"id":"55504d5c-51f5-4015-bba5-1b87ddf795d5","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":71,"box":{"x":52,"y":61,"width":885,"height":10}},{"id":"81210dde-8567-4526-9497-6d0e86cee9e5","block_type":"box","text":"of the Fund shares.","page_number":71,"box":{"x":53,"y":75,"width":134,"height":8}},{"id":"51354e7d-0653-4124-a00f-1a1c89927dcd","block_type":"box","text":"National Closed Market Trading Risk.","page_number":71,"box":{"x":53,"y":98,"width":273,"height":11}},{"id":"33b4ba12-7a44-49bd-adb3-96208a4fdad3","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":71,"box":{"x":330,"y":98,"width":544,"height":11}},{"id":"6d0694cb-0abc-461c-8916-a12a78fba5ad","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":71,"box":{"x":53,"y":112,"width":874,"height":11}},{"id":"79e87fcb-578f-4ff1-a0cd-32eb4a6d43cc","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":71,"box":{"x":52,"y":126,"width":651,"height":11}},{"id":"6a834044-d5c7-4087-a192-e22d15cfcaff","block_type":"box","text":"i.e","page_number":71,"box":{"x":704,"y":127,"width":15,"height":8}},{"id":"d306af46-d2d4-4432-8ca1-7ceb2ce2725d","block_type":"box","text":"., the quote from the closed","page_number":71,"box":{"x":720,"y":126,"width":191,"height":11}},{"id":"270c75c3-2aa1-4647-9872-e2c97a8a214b","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":71,"box":{"x":52,"y":140,"width":880,"height":11}},{"id":"0b890098-86a5-4700-9beb-e44f55d3ea40","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":71,"box":{"x":52,"y":155,"width":849,"height":11}},{"id":"d85b96dc-9e0c-4a09-9236-7c59a8e94f6b","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":71,"box":{"x":53,"y":169,"width":850,"height":11}},{"id":"d23106ed-44f7-4bb2-9997-34a491318e84","block_type":"box","text":"funds.","page_number":71,"box":{"x":52,"y":183,"width":44,"height":9}},{"id":"c933b587-80fe-416d-9a23-328518909f7d","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":71,"box":{"x":53,"y":206,"width":182,"height":9}},{"id":"d8c9f229-c0ef-40f6-8d8d-76793db4e683","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":71,"box":{"x":240,"y":206,"width":687,"height":11}},{"id":"4f50301f-c8fa-4f0c-b0ec-68e791d95a35","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":71,"box":{"x":53,"y":221,"width":853,"height":10}},{"id":"94345119-81aa-4ae5-a79c-cd6541da29dd","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":71,"box":{"x":52,"y":235,"width":847,"height":10}},{"id":"ef4cf0ba-a62f-46e9-afd6-7858bf494444","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":71,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"7e33a407-d930-412d-a024-c94cb000df7b","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":71,"box":{"x":53,"y":263,"width":842,"height":11}},{"id":"3469640f-b840-4829-89a0-a2930ea43d6a","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":71,"box":{"x":53,"y":277,"width":831,"height":11}},{"id":"7044f8cd-52bf-4a94-9f17-aa18a2492ed0","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":71,"box":{"x":53,"y":291,"width":821,"height":11}},{"id":"9a709031-097a-4cc7-9a1d-a03ce873f877","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":71,"box":{"x":53,"y":306,"width":871,"height":10}},{"id":"13e46a49-d6b7-4523-a35b-58dbbf766190","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":71,"box":{"x":53,"y":320,"width":289,"height":11}},{"id":"81e59db3-a075-4bd8-8624-ccf6d1b2a1ad","block_type":"box","text":"European Economic Risk.","page_number":71,"box":{"x":348,"y":320,"width":186,"height":10}},{"id":"4d6414c6-09c0-4959-8572-0fbf6599676e","block_type":"box","text":"Operational and Technology Risks.","page_number":71,"box":{"x":53,"y":343,"width":254,"height":11}},{"id":"9be953ea-597b-4d18-9729-c6bb38737803","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":71,"box":{"x":312,"y":343,"width":581,"height":11}},{"id":"1bd8b522-a186-45ea-83c8-f31778009332","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":71,"box":{"x":53,"y":357,"width":876,"height":11}},{"id":"19e452d4-488d-4ace-b33b-ab4f55b295a9","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":71,"box":{"x":53,"y":371,"width":879,"height":11}},{"id":"f9aec52e-27cf-4550-a900-300f435deb62","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":71,"box":{"x":53,"y":385,"width":825,"height":11}},{"id":"9e76c124-802b-4fc9-8110-a4cc6a4ef9e5","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":71,"box":{"x":53,"y":400,"width":862,"height":10}},{"id":"6c8d17ae-3429-4764-a675-7d91ea666b2a","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":71,"box":{"x":53,"y":414,"width":872,"height":11}},{"id":"bcadf864-1090-4c70-835e-b3ab09ed0420","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":71,"box":{"x":53,"y":428,"width":824,"height":11}},{"id":"4391cb1c-83b5-4ab4-b698-e77eaeaaeec7","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":71,"box":{"x":53,"y":451,"width":302,"height":11}},{"id":"f9b876e4-9df1-46c4-8aab-57189d08e832","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":71,"box":{"x":359,"y":451,"width":581,"height":11}},{"id":"9f0a5024-6a6c-4110-b2cf-3f413c3f679f","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":71,"box":{"x":53,"y":466,"width":868,"height":10}},{"id":"e16beaec-122b-4295-a1cc-22c9ef651380","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":71,"box":{"x":52,"y":480,"width":871,"height":10}},{"id":"5bc215f4-d31f-4c7a-ba8b-444b758f1032","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":71,"box":{"x":52,"y":494,"width":875,"height":11}},{"id":"a79619d4-a7a7-4ca3-a6a9-529e114368c0","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":71,"box":{"x":52,"y":508,"width":877,"height":11}},{"id":"3f6e937e-e72c-459b-8890-b4d2742cff9e","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":71,"box":{"x":53,"y":522,"width":887,"height":11}},{"id":"bcfedb57-a379-4e5a-8be8-272a56357fc8","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":71,"box":{"x":53,"y":536,"width":836,"height":11}},{"id":"718ccc78-72ea-4c00-81ab-314560c736f0","block_type":"box","text":"availability of certain commodities.","page_number":71,"box":{"x":53,"y":550,"width":246,"height":11}},{"id":"9f6ead04-57a0-4be8-beb4-182ae1a6b644","block_type":"box","text":"Risk of Investing in the U.S.","page_number":71,"box":{"x":53,"y":574,"width":200,"height":11}},{"id":"32d72013-8485-4081-9dc3-23abd1807643","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":71,"box":{"x":259,"y":574,"width":663,"height":10}},{"id":"f87da747-fec5-4dd9-b2e0-d9d6a99eb613","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":71,"box":{"x":53,"y":588,"width":877,"height":11}},{"id":"57aa3c6e-5322-4d85-ae1a-d77ddf9104f0","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":71,"box":{"x":53,"y":602,"width":470,"height":11}},{"id":"60a48d44-7bcd-4d31-a09c-def3188b9328","block_type":"box","text":"Securities Lending Risk.","page_number":71,"box":{"x":52,"y":625,"width":178,"height":11}},{"id":"3a55bd7f-8dc2-47a4-af37-3d1a0a887a7c","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":71,"box":{"x":234,"y":625,"width":692,"height":11}},{"id":"25e0787f-dc23-4b72-a6c6-a1e54bcf772f","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":71,"box":{"x":53,"y":639,"width":870,"height":11}},{"id":"9e317e70-0b3d-476c-9713-258558992d91","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":71,"box":{"x":53,"y":654,"width":886,"height":10}},{"id":"9486a061-6cb1-45e1-b264-6b4b4dc07e5b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":71,"box":{"x":53,"y":668,"width":831,"height":11}},{"id":"4c8f7547-ea32-4ffc-bc1f-55c9ee11e8b9","block_type":"box","text":"Tracking Error Risk.","page_number":71,"box":{"x":52,"y":691,"width":145,"height":11}},{"id":"e895a208-fef9-4f41-813c-e19c74813761","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":71,"box":{"x":201,"y":691,"width":741,"height":11}},{"id":"98a55e2f-b7e4-41fd-8a48-a19f68845775","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":71,"box":{"x":53,"y":705,"width":861,"height":11}},{"id":"97ee1965-edc8-4e6d-8b69-39b1442770b2","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":71,"box":{"x":53,"y":719,"width":832,"height":11}},{"id":"c679b01d-498c-45d9-bc14-7f74663a3782","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":71,"box":{"x":53,"y":734,"width":880,"height":10}},{"id":"124b31fd-fd83-4a1f-af44-36015939fcc1","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":71,"box":{"x":53,"y":748,"width":831,"height":11}},{"id":"15622910-67e5-4975-9607-38a22866772f","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":71,"box":{"x":52,"y":762,"width":828,"height":11}},{"id":"1ba2e4eb-0ef1-44b7-8afb-011a8a0d03d6","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":71,"box":{"x":53,"y":776,"width":873,"height":11}},{"id":"b0d92106-1e0a-47d5-a934-3696800781ef","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":71,"box":{"x":53,"y":790,"width":889,"height":11}},{"id":"34b0dad0-9ac8-4411-b097-d188430f85b0","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":71,"box":{"x":53,"y":804,"width":852,"height":11}},{"id":"3dd100fc-c73d-4398-b859-2f89d0ddfbdc","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":71,"box":{"x":53,"y":819,"width":886,"height":10}},{"id":"82aa7fed-9cda-4816-a73e-cf31d28bd8ac","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":71,"box":{"x":53,"y":833,"width":873,"height":11}},{"id":"2f2870b4-efd7-417d-a13b-e09a5e70d063","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":71,"box":{"x":53,"y":847,"width":879,"height":11}},{"id":"c4fe9e94-6aaf-4b64-939c-15bc77aa58ac","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":71,"box":{"x":53,"y":861,"width":839,"height":11}},{"id":"dacd0417-65a0-49b3-990b-f6a8d14766b7","block_type":"box","text":"Valuation Risk.","page_number":71,"box":{"x":52,"y":884,"width":110,"height":9}},{"id":"a9c2d2c5-b18f-445a-8fae-54e4e8e44f26","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":71,"box":{"x":166,"y":884,"width":740,"height":11}},{"id":"a84b5196-7e08-46e1-a473-5be0bd1d640c","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":71,"box":{"x":53,"y":898,"width":840,"height":11}},{"id":"8d8f27df-5317-4b57-9d71-a82eca5297a3","block_type":"box","text":"S-64","page_number":71,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"fb6ac754-05c7-41f9-b907-1c168fade46a","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":72,"box":{"x":52,"y":46,"width":869,"height":11}},{"id":"c904397f-8ff1-4f9d-b7e7-0ba2e586ab2d","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":72,"box":{"x":52,"y":61,"width":889,"height":10}},{"id":"d65415d3-188f-45d4-967c-1b454061c165","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":72,"box":{"x":53,"y":75,"width":871,"height":11}},{"id":"00b046bd-2016-4e0c-8b51-93788d6474de","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":72,"box":{"x":52,"y":89,"width":879,"height":11}},{"id":"5d4a318d-d8a5-4086-a258-6a39558ed91e","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":72,"box":{"x":53,"y":103,"width":880,"height":11}},{"id":"60d83fe4-1a87-4994-a7e3-ccf9711d8ad0","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":72,"box":{"x":53,"y":117,"width":816,"height":11}},{"id":"773825c2-14d5-40f0-a8e1-5f88fd7f175e","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":72,"box":{"x":52,"y":132,"width":613,"height":10}},{"id":"fec7afda-d4a5-4b9e-af5f-d2e8985f0d76","block_type":"box","text":"Performance Information","page_number":72,"box":{"x":54,"y":160,"width":228,"height":11}},{"id":"e44295cf-a27d-4809-bc15-b44910b762dc","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":72,"box":{"x":52,"y":186,"width":864,"height":10}},{"id":"2ee6b5f6-596f-4815-87cc-1bd2008d2444","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":72,"box":{"x":52,"y":200,"width":872,"height":11}},{"id":"dfc9752b-88d6-4835-80c4-ff775ff29f84","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":72,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"f006da91-554b-4dfc-a95f-f5c569cb1eed","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":72,"box":{"x":53,"y":228,"width":838,"height":11}},{"id":"83c2f656-9dac-468e-b263-32a17b0c00bd","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":72,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"1b252676-dd7b-47d1-a9fc-794ae2aa5973","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":72,"box":{"x":53,"y":256,"width":832,"height":11}},{"id":"3edaec9b-3fea-458e-9062-8ddc99158be4","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":72,"box":{"x":53,"y":271,"width":842,"height":11}},{"id":"2e7ef47e-395c-4480-b160-3e85fba8f8e6","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":72,"box":{"x":52,"y":285,"width":531,"height":11}},{"id":"41d57396-14d8-4eb6-bc99-ecf3ccc07187","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":72,"box":{"x":135,"y":309,"width":260,"height":11}},{"id":"595ab5af-cd86-4eb7-8e88-6e832da1956a","block_type":"box","text":"23.52","page_number":72,"box":{"x":85,"y":365,"width":27,"height":6}},{"id":"06c68469-e977-4fe1-8a07-d510e2a35775","block_type":"box","text":"29.55","page_number":72,"box":{"x":123,"y":356,"width":26,"height":6}},{"id":"2e1cdcee-06b8-4ec6-b097-c20a2696720a","block_type":"box","text":"-15.80","page_number":72,"box":{"x":157,"y":440,"width":30,"height":6}},{"id":"f85ff89d-7262-496b-9abd-311876077a43","block_type":"box","text":"22.06","page_number":72,"box":{"x":197,"y":367,"width":26,"height":6}},{"id":"38452707-f6ce-4142-9c17-780692e8893c","block_type":"box","text":"22.15","page_number":72,"box":{"x":234,"y":367,"width":26,"height":6}},{"id":"a640e762-37ae-4376-9c5a-471d67fba90e","block_type":"box","text":"15.36","page_number":72,"box":{"x":272,"y":377,"width":25,"height":6}},{"id":"2b6058f6-548b-4bfb-b77b-01becd5298d9","block_type":"box","text":"-9.16","page_number":72,"box":{"x":309,"y":430,"width":23,"height":6}},{"id":"6f49bf6e-0573-45c1-ae6a-1de3002bdd16","block_type":"box","text":"14.49","page_number":72,"box":{"x":346,"y":379,"width":25,"height":6}},{"id":"aa2c59a7-2b51-4b70-90c2-3902717ec213","block_type":"box","text":"-8.25","page_number":72,"box":{"x":383,"y":429,"width":23,"height":6}},{"id":"2c1f3ced-bf44-4da3-8a85-bb0f17d5bfd6","block_type":"box","text":"26.97","page_number":72,"box":{"x":419,"y":359,"width":26,"height":7}},{"id":"7e9b318b-5d72-4c9d-a1f6-00a04dd7409d","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":72,"box":{"x":87,"y":464,"width":356,"height":6}},{"id":"8c8d390b-e9ef-4278-8f82-098727e54e8b","block_type":"box","text":"Return (%) Period Ended","page_number":72,"box":{"x":760,"y":324,"width":176,"height":9}},{"id":"943efcca-6011-4875-b7a8-bd74421023f0","block_type":"box","text":"Calendar Year-to-Date Return","page_number":72,"box":{"x":520,"y":343,"width":197,"height":7}},{"id":"59e04523-8480-491d-a732-09ffe2412e97","block_type":"box","text":"10.84% June 30, 2026","page_number":72,"box":{"x":774,"y":343,"width":168,"height":8}},{"id":"ea11cfca-f61e-446a-a6b9-908fd1d32f21","block_type":"box","text":"During the periods shown in the chart:","page_number":72,"box":{"x":520,"y":355,"width":250,"height":10}},{"id":"6d0fc7c9-42a4-4ab3-b846-1fbf7c28f4a5","block_type":"box","text":"Best Quarter 26.39% June 30, 2020","page_number":72,"box":{"x":534,"y":368,"width":408,"height":9}},{"id":"279a6bba-83bd-456b-a243-076a1411acff","block_type":"box","text":"Worst Quarter -26.51% March 31, 2020","page_number":72,"box":{"x":533,"y":381,"width":409,"height":9}},{"id":"223e9bec-7c50-4693-aec4-7b8adee38f3d","block_type":"box","text":"Average Annual Total Returns (%)","page_number":72,"box":{"x":372,"y":494,"width":251,"height":11}},{"id":"270dc10b-1834-45f3-8fec-931ff6582d06","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":72,"box":{"x":340,"y":508,"width":315,"height":10}},{"id":"efd83826-1071-4e05-923b-fa3dd5fee1b8","block_type":"box","text":"One Year Five Years Ten Years","page_number":72,"box":{"x":670,"y":524,"width":268,"height":8}},{"id":"db3a9d53-b7b5-409a-bb99-1d83df2b8969","block_type":"box","text":"Fund Inception: 9/12/2006","page_number":72,"box":{"x":58,"y":540,"width":179,"height":9}},{"id":"8a39aa5f-13fb-4744-a299-7e7ac264c8e0","block_type":"box","text":"Return Before Taxes","page_number":72,"box":{"x":58,"y":551,"width":125,"height":8}},{"id":"aad116bd-0330-4a18-b7dc-ecded04a9688","block_type":"box","text":"26.97% 6.92% 10.87%","page_number":72,"box":{"x":682,"y":551,"width":257,"height":8}},{"id":"fc62f260-0688-4475-97ea-2947961d0863","block_type":"box","text":"Return After Taxes on Distributions 26.39% 6.23% 10.29%","page_number":72,"box":{"x":58,"y":563,"width":881,"height":8}},{"id":"5daf1292-398c-4e41-ac7b-5c8b4f7de18e","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 16.43% 5.44% 9.00%","page_number":72,"box":{"x":58,"y":575,"width":881,"height":7}},{"id":"1bd93e65-86cd-4edf-ba7a-75a40a9348c4","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":72,"box":{"x":57,"y":586,"width":244,"height":9}},{"id":"c23a2fef-16d7-47a5-89ad-c9fe8bb20e38","block_type":"box","text":"1","page_number":72,"box":{"x":302,"y":585,"width":5,"height":4}},{"id":"26735f34-58da-440a-9631-7774fe02096f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":72,"box":{"x":312,"y":586,"width":330,"height":10}},{"id":"dbbc2feb-9cb4-4f72-a820-0b64b3f92ef2","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":72,"box":{"x":71,"y":599,"width":868,"height":10}},{"id":"74f5974a-4778-4b77-ab39-d5fb1d3b9744","block_type":"box","text":"S&P Global 1200 Materials (Sector) Capped Index (Spliced)","page_number":72,"box":{"x":57,"y":611,"width":386,"height":9}},{"id":"559e751e-a58c-4dab-9782-142cc99fac53","block_type":"box","text":"1,2","page_number":72,"box":{"x":445,"y":609,"width":14,"height":6}},{"id":"54c88fa4-8844-437a-a117-7bf0ae3c599a","block_type":"box","text":"(Returns do not reflect","page_number":72,"box":{"x":463,"y":611,"width":141,"height":8}},{"id":"82fab1c3-d9d9-4692-b598-0399cbe1a8d7","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 26.95% 6.97% 10.97%","page_number":72,"box":{"x":71,"y":624,"width":868,"height":9}},{"id":"f47f9dae-ff01-4f57-944e-ba9c0a1f1179","block_type":"box","text":"1","page_number":72,"box":{"x":80,"y":642,"width":5,"height":5}},{"id":"bf015f63-a6cd-43e3-a41f-349116ae8d06","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":72,"box":{"x":94,"y":644,"width":827,"height":9}},{"id":"22854d1f-7500-4ace-ba55-3bb7d02aaae2","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":72,"box":{"x":93,"y":654,"width":847,"height":10}},{"id":"0b473e54-c426-4d20-845c-560798dd6228","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":72,"box":{"x":93,"y":664,"width":843,"height":10}},{"id":"a229c7b0-33be-471a-b264-6a95c741d039","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":72,"box":{"x":92,"y":675,"width":829,"height":9}},{"id":"b62b0920-0383-4a40-a0af-0bc415032663","block_type":"box","text":"tax rates, if any.","page_number":72,"box":{"x":92,"y":685,"width":97,"height":9}},{"id":"356f4cec-0e43-4c48-bac1-056b757f982b","block_type":"box","text":"2","page_number":72,"box":{"x":80,"y":694,"width":5,"height":4}},{"id":"4d207035-618f-43df-8b8f-0fdf2753d96f","block_type":"box","text":"The S&P Global 1200 Materials (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Materials Index (Net)","page_number":72,"box":{"x":92,"y":695,"width":847,"height":9}},{"id":"c355db83-2a0c-4c74-a00c-42be0b9d6f18","block_type":"box","text":"through March 22, 2026 and the S&P Global 1200 Materials (Sector) Capped Index (Net) thereafter, which reflect the times when each","page_number":72,"box":{"x":92,"y":705,"width":845,"height":10}},{"id":"5ce5fc78-f092-4b11-a067-392febb08ef3","block_type":"box","text":"index was the Underlying Index of the Fund.","page_number":72,"box":{"x":93,"y":716,"width":275,"height":9}},{"id":"e039a171-dd4e-4bd1-aecb-03cd4ec04493","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":72,"box":{"x":52,"y":735,"width":857,"height":11}},{"id":"522217c6-0da8-43db-92e3-f9c39d87ed27","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":72,"box":{"x":53,"y":750,"width":865,"height":10}},{"id":"f1cc868c-2955-4c8f-b4b8-5ec9d51d0f74","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":72,"box":{"x":53,"y":764,"width":847,"height":11}},{"id":"1178e818-7378-491e-ad40-4e52bc2f2ab6","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":72,"box":{"x":52,"y":778,"width":857,"height":11}},{"id":"32b5f467-2294-44ce-afdc-03bd984167fc","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":72,"box":{"x":53,"y":792,"width":877,"height":11}},{"id":"d8f88234-3fdf-49a1-8eaf-d848477627d1","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":72,"box":{"x":52,"y":806,"width":836,"height":11}},{"id":"2be5d879-e465-40ca-975f-7536ec11cc0b","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":72,"box":{"x":53,"y":821,"width":886,"height":10}},{"id":"da140ca0-970d-464b-a7ce-66cfc011145d","block_type":"box","text":"on distributions.","page_number":72,"box":{"x":53,"y":835,"width":114,"height":8}},{"id":"6054b83d-063d-490d-a68e-2fcb151e5b16","block_type":"box","text":"Management","page_number":72,"box":{"x":54,"y":864,"width":119,"height":13}},{"id":"7c520387-0d47-4f29-b3ee-5d891ffdeaa9","block_type":"box","text":"Investment Adviser.","page_number":72,"box":{"x":53,"y":889,"width":145,"height":8}},{"id":"34b09601-1ac7-4b2b-99bf-268c50224bd1","block_type":"box","text":"BlackRock Fund Advisors.","page_number":72,"box":{"x":204,"y":889,"width":180,"height":8}},{"id":"b403b1ca-23b2-4130-bae2-6e79a51d3d72","block_type":"box","text":"S-65","page_number":72,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"0dea73b3-226a-4d28-aab8-71f8f97be37d","block_type":"box","text":"Portfolio Managers.","page_number":73,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"ea801b93-e182-401b-ac2d-f1866a2e47de","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":73,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"a32d68f1-7fc2-4b9d-973f-47ef0a05ff01","block_type":"box","text":"management of the Fund:","page_number":73,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"cb5e246a-9b4f-4cfc-91bb-56e0bf537188","block_type":"box","text":"Portfolio Manager","page_number":73,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"4d47fbca-ddf3-4dc9-8a5c-8d59ecf78a15","block_type":"box","text":"Portfolio Manager of the","page_number":73,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"d9d250d3-3748-4943-ac8a-7c85ed349f02","block_type":"box","text":"Fund Since","page_number":73,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"a2666508-ef79-49f5-bf5b-7ec4a96a8ff4","block_type":"box","text":"Title with Investment","page_number":73,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"3e990752-0e23-4289-9786-d23e945fd4a9","block_type":"box","text":"Adviser","page_number":73,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"961ae64b-aba5-4b42-b462-dc0048bbcbc0","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":73,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"b2512fb6-e758-43f5-a5f7-30420e9206c0","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":73,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"cc9e2efd-4332-4968-8eda-50642b04055f","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":73,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"8b400783-019a-460c-b1b1-bd8c63bb2c6b","block_type":"box","text":"Steven White 2025 Managing Director","page_number":73,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"bc7f9b08-a4fe-4b3b-ae4c-54146a4eb8fb","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":73,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"f96a80fe-59ba-4a55-935d-87e21c55e31c","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":73,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"03a5d9e9-f106-47fb-be68-e9c7f8c90c8f","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":73,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"b44788c5-980a-4fa5-b069-6cdb97105077","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":73,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"fdd7ec4c-1dfb-4295-8855-e3055ffb3897","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":73,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"8edba0b2-b4d4-4ea1-ac1c-03c81aa3a1b8","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":73,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"c95d4b89-f0b0-45f1-991d-31f2056e12ce","block_type":"box","text":"(the “bid-ask spread”).","page_number":73,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"65c86df7-975d-41a9-829c-44eb5614f66a","block_type":"box","text":"Tax Information","page_number":73,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"891181dd-dc70-4f70-98e5-582406f988f4","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":73,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"aedce422-cdf5-4bbd-b4ff-5a85fb2123e2","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":73,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"ca606cd8-489d-428a-9a5a-9bd30b8d86e0","block_type":"box","text":"be taxed when withdrawn.","page_number":73,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"9b03b96f-3813-4f24-961f-84b7415fe733","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":73,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"53a20638-7d76-477d-af9d-5756d1183f6b","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":73,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"7a5e076b-4171-41de-a8b7-8ac9a0d29209","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":73,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"9b7bc714-72b8-40cf-996b-a074fdd38413","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":73,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"227ef104-f744-4298-92dd-25968e40b885","block_type":"box","text":"promotion of the Fund. 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Ask your salesperson or visit your","page_number":73,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"447f90ba-fce8-436c-bbf5-3b082bfce6c3","block_type":"box","text":"financial intermediary’s website for more information.","page_number":73,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"a732ef09-b42c-4cb7-a6cd-e9cd0f3e683f","block_type":"box","text":"S-66","page_number":73,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"9b91d498-730c-4dc9-a0cd-4b068bd62814","block_type":"box","text":"iShares Global Tech ETF","page_number":74,"box":{"x":53,"y":47,"width":335,"height":16}},{"id":"45436811-407b-43f5-9a00-58e68a52f368","block_type":"box","text":"IXN | NYSE Arca","page_number":74,"box":{"x":54,"y":70,"width":222,"height":18}},{"id":"69062345-83e0-492d-8a17-9a3899530b77","block_type":"box","text":"Investment Objective","page_number":74,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"034fde37-a51a-46c9-a84c-d20dd0519256","block_type":"box","text":"The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the","page_number":74,"box":{"x":52,"y":134,"width":884,"height":11}},{"id":"06539f78-c405-461a-90c1-24b08ca69fba","block_type":"box","text":"technology sector.","page_number":74,"box":{"x":52,"y":148,"width":129,"height":11}},{"id":"1c3fc893-50ba-4489-a5c0-fa6baf959b2b","block_type":"box","text":"Fees and Expenses","page_number":74,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"88599803-ada0-4bfc-aa9b-bfbcca61c2ee","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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Although your actual costs may be higher or lower, based on these assumptions,","page_number":74,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"0abeeca6-0a76-4b4b-a674-7d7b979235ac","block_type":"box","text":"your costs would be:","page_number":74,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"a6dba7a4-72e0-477f-af3d-8e4de2d5ba6d","block_type":"box","text":"Expense Example","page_number":74,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"bf1a7d46-02d0-4f8a-a293-9096cb9f81e3","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":74,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"9512a3f6-0392-4707-b64c-0daa4f39eb74","block_type":"box","text":"Example Fund Costs","page_number":74,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"a055ee5d-bbd3-45b6-aae3-789ab790ea83","block_type":"box","text":"$38 $119 $208 $468","page_number":74,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"0e7fb813-4d43-4477-b683-4ef59127fbd1","block_type":"box","text":"Portfolio Turnover.","page_number":74,"box":{"x":57,"y":572,"width":136,"height":8}},{"id":"d9085404-232c-4b63-872e-9f8ade3305cb","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":74,"box":{"x":198,"y":572,"width":721,"height":11}},{"id":"7d547096-e0be-4406-b1cc-c029cbb9a25d","block_type":"box","text":"over” its portfolio). 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BFA uses a","page_number":75,"box":{"x":52,"y":84,"width":853,"height":11}},{"id":"1154b420-7c1f-4669-8210-d211aeabbd75","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":75,"box":{"x":53,"y":98,"width":839,"height":11}},{"id":"ce076688-a2f6-4ecf-8ee1-20e65a40b205","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":75,"box":{"x":53,"y":112,"width":868,"height":11}},{"id":"f0e4082a-26d7-4c20-b108-0d5da0eb2575","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":75,"box":{"x":53,"y":126,"width":851,"height":11}},{"id":"cb210976-d706-428e-a152-e350b8e801ba","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":75,"box":{"x":53,"y":140,"width":806,"height":11}},{"id":"d93e5217-46ee-467e-8c35-741032f71a72","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":75,"box":{"x":53,"y":155,"width":884,"height":11}},{"id":"105cfebd-ba60-4923-9ffd-fe7223e48087","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":75,"box":{"x":52,"y":169,"width":884,"height":11}},{"id":"f249eb56-155e-4549-bf85-71dc4d7b76a3","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":75,"box":{"x":53,"y":183,"width":852,"height":11}},{"id":"b10150aa-57ee-4d1e-abc0-a113b5910517","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":75,"box":{"x":53,"y":197,"width":867,"height":11}},{"id":"3bb42fbf-9a68-493a-908a-3d2ad03b55f7","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":75,"box":{"x":52,"y":211,"width":869,"height":11}},{"id":"966d948a-ab05-4d83-9f5c-77fa53d47986","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":75,"box":{"x":52,"y":226,"width":863,"height":10}},{"id":"4663c9f1-ca35-498e-9a92-d6651bd0ddbe","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":75,"box":{"x":53,"y":240,"width":826,"height":11}},{"id":"a06b4087-8e32-4aee-9833-c931617cc626","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":75,"box":{"x":53,"y":254,"width":405,"height":11}},{"id":"7359ec50-9253-41a4-9e3b-ae4ee4de7b6a","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":75,"box":{"x":53,"y":277,"width":844,"height":11}},{"id":"2ad5b51a-cec4-4d46-bcd8-fd45fbca5dd1","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":75,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"64a7091e-09a2-47d7-b059-7e0ed0a1ab53","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":75,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"63cea658-ebcd-4f7e-b772-36b8c549869d","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":75,"box":{"x":53,"y":320,"width":817,"height":11}},{"id":"23898703-243c-4775-9661-23680f58029e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":75,"box":{"x":53,"y":334,"width":818,"height":11}},{"id":"82390265-604d-4e26-a71f-45d2a8fd2e09","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":75,"box":{"x":53,"y":348,"width":835,"height":11}},{"id":"dd5b3a79-7a1e-4bd2-b4c0-164551cea939","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":75,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"d54fb91d-fdee-427b-b3d7-66e41c426df3","block_type":"box","text":"collateral received).","page_number":75,"box":{"x":53,"y":385,"width":136,"height":10}},{"id":"0c67025c-ca91-48c2-a965-c537c1f060a4","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":75,"box":{"x":52,"y":409,"width":861,"height":10}},{"id":"0af5c4c1-f93a-49ad-9d34-58daf103433a","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":75,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"83b6fe16-0cb9-4261-a121-ff30d0f60e98","block_type":"box","text":"market value of the Underlying Index.","page_number":75,"box":{"x":53,"y":437,"width":263,"height":11}},{"id":"c5c7cfea-50bf-47af-a09e-0cd311b656d5","block_type":"box","text":"Industry Concentration Policy.","page_number":75,"box":{"x":53,"y":460,"width":224,"height":11}},{"id":"d0ff9bc1-5b00-4f0b-8f6a-29c54dba86d5","block_type":"box","text":"The Fund will concentrate its investments (","page_number":75,"box":{"x":281,"y":460,"width":304,"height":9}},{"id":"ea7eceec-e0f1-4b6c-a06c-2efc58dbc9af","block_type":"box","text":"i.e.","page_number":75,"box":{"x":587,"y":461,"width":17,"height":8}},{"id":"dc695da7-92db-45ab-aea1-3c62172474ce","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":75,"box":{"x":606,"y":460,"width":292,"height":10}},{"id":"0db20e1e-1032-45b6-a614-bae854290995","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":75,"box":{"x":53,"y":474,"width":858,"height":11}},{"id":"5458522b-f4f0-49b8-b467-d1d46816be97","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":75,"box":{"x":53,"y":489,"width":868,"height":10}},{"id":"22895f96-792d-4954-9285-5890d3e873d4","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":75,"box":{"x":53,"y":503,"width":826,"height":11}},{"id":"5fa90786-2d45-4132-afea-61f25133cb9c","block_type":"box","text":"Summary of Principal Risks","page_number":75,"box":{"x":52,"y":532,"width":248,"height":13}},{"id":"5c7c43cc-3be8-4c9b-9d7c-a411ce722cf1","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":75,"box":{"x":52,"y":557,"width":881,"height":11}},{"id":"ee8579eb-acfd-4961-931a-900e11e284f1","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":75,"box":{"x":53,"y":571,"width":824,"height":11}},{"id":"bcef598d-91e2-4460-8c7f-d37875266640","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":75,"box":{"x":53,"y":585,"width":807,"height":11}},{"id":"00ff9a3c-440b-4cf0-a8c1-35135ea7dfbf","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":75,"box":{"x":53,"y":599,"width":844,"height":11}},{"id":"b4f43804-69e1-43fd-b81a-2f66247244a2","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":75,"box":{"x":52,"y":614,"width":815,"height":10}},{"id":"6c42793a-2e4e-49a8-b96d-103dc5b493ad","block_type":"box","text":"Technology Companies Risk.","page_number":75,"box":{"x":52,"y":637,"width":211,"height":11}},{"id":"c673c658-1c30-4c26-a32f-0bc19cecd0f9","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":75,"box":{"x":267,"y":637,"width":657,"height":11}},{"id":"001de938-5840-40e8-81b4-34a233cba0d5","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":75,"box":{"x":53,"y":651,"width":849,"height":11}},{"id":"8f5cc683-9b77-4673-8627-0415c53881a4","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":75,"box":{"x":53,"y":665,"width":887,"height":11}},{"id":"7ac06cdf-3890-4e7e-bb6f-7a12f72f6e95","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":75,"box":{"x":53,"y":679,"width":883,"height":11}},{"id":"bf2005c7-828c-4bc6-931a-d3a1b34a7e7d","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":75,"box":{"x":52,"y":694,"width":839,"height":10}},{"id":"237a42ea-65e8-4514-aa71-3438b5b247a1","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":75,"box":{"x":53,"y":708,"width":870,"height":11}},{"id":"97fd6687-9d92-4b57-af83-6dfe4d65e847","block_type":"box","text":"government or legal action.","page_number":75,"box":{"x":53,"y":722,"width":192,"height":11}},{"id":"4856f60a-a739-4858-80f3-dcd05dbb1bb5","block_type":"box","text":"Equity Securities Risk.","page_number":75,"box":{"x":53,"y":745,"width":164,"height":11}},{"id":"d40ec426-fd49-4050-9758-8bbd1aacf215","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":75,"box":{"x":223,"y":745,"width":709,"height":11}},{"id":"dbc282fe-eb42-460d-b165-8701eab36d79","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":75,"box":{"x":53,"y":759,"width":889,"height":11}},{"id":"dc7b5bf4-db1c-450c-8801-96448407c8fd","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":75,"box":{"x":53,"y":773,"width":880,"height":11}},{"id":"cc7a130d-420a-4cd5-9e42-5ea76e44eadf","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":75,"box":{"x":53,"y":788,"width":867,"height":10}},{"id":"29e5a196-0715-4d8d-a1f6-325fd80e8d0b","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":75,"box":{"x":53,"y":802,"width":339,"height":11}},{"id":"386c6e5e-41b7-48d3-ac41-254a553f62b8","block_type":"box","text":"Market Risk.","page_number":75,"box":{"x":53,"y":825,"width":91,"height":9}},{"id":"bd1e4e21-9fa4-4fd5-8ecf-37614c0f4526","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":75,"box":{"x":148,"y":825,"width":768,"height":11}},{"id":"8c9fa339-d771-4756-985a-01cf2db3e4a2","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":75,"box":{"x":53,"y":839,"width":882,"height":11}},{"id":"40817496-b579-40da-a7da-bcba24ec39c2","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":75,"box":{"x":53,"y":853,"width":858,"height":11}},{"id":"5d0ec6c4-ba23-4bbf-8fe3-73771e5fc604","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":75,"box":{"x":53,"y":868,"width":875,"height":10}},{"id":"700c07fc-b8e0-47e2-81ee-1f5c8205e598","block_type":"box","text":"Fund’s NAV.","page_number":75,"box":{"x":53,"y":882,"width":82,"height":8}},{"id":"2c741fc4-882f-44d2-92a7-4fececc39231","block_type":"box","text":"S-68","page_number":75,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"2c6aaaa5-955c-402f-bf7d-04f05626d9dc","block_type":"box","text":"Index-Related Risk.","page_number":76,"box":{"x":53,"y":46,"width":143,"height":9}},{"id":"f4f27e77-8e56-402b-92c5-436300b48c64","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":76,"box":{"x":201,"y":46,"width":742,"height":11}},{"id":"55815452-2e5b-44e8-a5e2-68ca42b70566","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":76,"box":{"x":53,"y":61,"width":856,"height":10}},{"id":"add9cd29-99d7-4fe4-9afe-456bedb9bf14","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":76,"box":{"x":53,"y":75,"width":852,"height":11}},{"id":"ae3a4037-8c4e-47f5-b0d2-0b1636393d42","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":76,"box":{"x":53,"y":89,"width":876,"height":11}},{"id":"4a41a828-e965-413e-b221-dbb6be496030","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":76,"box":{"x":52,"y":103,"width":849,"height":11}},{"id":"b408ca07-e9dc-430b-a003-a0c288facc3f","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":76,"box":{"x":53,"y":117,"width":849,"height":11}},{"id":"e30b5b54-e327-4c33-acd0-dd6dc2fd92e4","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":76,"box":{"x":53,"y":131,"width":890,"height":11}},{"id":"2b2b2cf5-028e-4e41-8988-42691a3b712a","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":76,"box":{"x":53,"y":146,"width":853,"height":11}},{"id":"64158c52-e966-491d-a996-24f7e1eb2b96","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":76,"box":{"x":53,"y":160,"width":539,"height":11}},{"id":"0bfc88a5-943f-4676-ab17-948c0087a6ae","block_type":"box","text":"Asset Class Risk.","page_number":76,"box":{"x":52,"y":183,"width":122,"height":9}},{"id":"aadc027e-295c-438e-9865-20ded43399c7","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":76,"box":{"x":179,"y":183,"width":721,"height":11}},{"id":"47ec5d6a-d2f6-428e-abb5-7a53c515c896","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":76,"box":{"x":53,"y":197,"width":774,"height":11}},{"id":"ada5cd44-0e67-43d1-8cd9-4a6a53677fa5","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":76,"box":{"x":52,"y":220,"width":318,"height":11}},{"id":"ac9bb5ba-5821-4b16-bac6-ea335bb9b082","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":76,"box":{"x":374,"y":220,"width":531,"height":11}},{"id":"c08b85b2-eb0e-44be-9d7a-da8722af7872","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":76,"box":{"x":53,"y":235,"width":810,"height":10}},{"id":"d01e800a-ee0a-4c4b-8307-0407ae343ef2","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":76,"box":{"x":52,"y":249,"width":816,"height":11}},{"id":"7c86ac24-2925-4997-8e3e-1cb259dc11cf","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":76,"box":{"x":52,"y":263,"width":884,"height":11}},{"id":"5ceee19c-7755-447f-b947-57bbfe635640","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":76,"box":{"x":53,"y":277,"width":871,"height":11}},{"id":"c0c48487-e541-47d2-8b85-b00dd0ae438e","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":76,"box":{"x":53,"y":292,"width":846,"height":10}},{"id":"0185e615-6f15-48cf-8c7c-e2911e67dd79","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":76,"box":{"x":52,"y":306,"width":881,"height":10}},{"id":"8818b51d-152b-4065-801b-6bef9e69621f","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":76,"box":{"x":53,"y":320,"width":853,"height":11}},{"id":"ef51da70-7a95-4611-82d9-bdd54cd5186c","block_type":"box","text":"halts or delisting.","page_number":76,"box":{"x":53,"y":334,"width":121,"height":11}},{"id":"4a478cfe-2293-4437-8097-5f460d9b9725","block_type":"box","text":"Concentration Risk.","page_number":76,"box":{"x":53,"y":357,"width":145,"height":9}},{"id":"12c79a92-219c-4e8b-b9b1-105cc5663fc5","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":76,"box":{"x":202,"y":357,"width":711,"height":11}},{"id":"4955b9d1-dbaf-4776-9152-4081d2ea0f0b","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":76,"box":{"x":53,"y":371,"width":884,"height":10}},{"id":"d1a5b9f3-a617-4a2e-9036-059f967bdf62","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":76,"box":{"x":52,"y":385,"width":887,"height":11}},{"id":"69e1a3fb-efd2-4a7a-94f2-62dca76bcb34","block_type":"box","text":"asset classes.","page_number":76,"box":{"x":53,"y":400,"width":95,"height":8}},{"id":"5f4f3a0d-40d8-4bd1-9737-4eaa7786a4f1","block_type":"box","text":"Issuer Risk.","page_number":76,"box":{"x":53,"y":423,"width":83,"height":8}},{"id":"b7ff6a80-65e6-4fb5-82ac-6aa6fc0eb841","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":76,"box":{"x":140,"y":423,"width":780,"height":10}},{"id":"6a7f5a3f-3ee9-4600-82b3-7076712e7bc9","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":76,"box":{"x":53,"y":437,"width":886,"height":11}},{"id":"f5fa2fa5-f659-499d-a96a-7780502d6745","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":76,"box":{"x":52,"y":451,"width":576,"height":11}},{"id":"b3cec88f-0590-46c8-b032-57db0ab64705","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":76,"box":{"x":53,"y":474,"width":278,"height":11}},{"id":"47339122-6fad-43c6-8220-c17c350b9032","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":76,"box":{"x":337,"y":475,"width":540,"height":10}},{"id":"daa7deb2-8067-401e-b013-2b571be9bc8b","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":76,"box":{"x":53,"y":489,"width":890,"height":10}},{"id":"b35bb44f-4bdb-4d80-82bf-c80ba15e4f46","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":76,"box":{"x":53,"y":503,"width":868,"height":11}},{"id":"569f5598-2f28-4285-993d-045e3dc96318","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":76,"box":{"x":53,"y":517,"width":709,"height":11}},{"id":"9294671f-9c12-4225-bf86-4f7f91b99833","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":76,"box":{"x":53,"y":540,"width":395,"height":11}},{"id":"97aec912-ce14-4f5a-8e7b-02e0827a96c6","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":76,"box":{"x":453,"y":540,"width":410,"height":11}},{"id":"36bf0bcc-7309-43d9-bab9-86dfd4422e77","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":76,"box":{"x":53,"y":554,"width":883,"height":11}},{"id":"be1c1b92-58e7-4ea5-9d17-1cce9dd16a1a","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":76,"box":{"x":52,"y":569,"width":884,"height":10}},{"id":"efbe79cf-3e4c-48a6-8a55-57a8a7833484","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":76,"box":{"x":53,"y":583,"width":872,"height":11}},{"id":"c709030d-0339-4e3b-b619-89a4e6e0c108","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":76,"box":{"x":53,"y":597,"width":812,"height":11}},{"id":"c9a1de63-bdbd-4cbf-a8d3-1f6e99bef8d7","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":76,"box":{"x":53,"y":611,"width":890,"height":11}},{"id":"b23803b0-79ef-4b56-a41f-de1405ac867b","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":76,"box":{"x":52,"y":625,"width":891,"height":10}},{"id":"93118cb5-3167-4641-97fd-225c50a1b41f","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":76,"box":{"x":53,"y":640,"width":836,"height":10}},{"id":"58f39ab9-ee69-4258-82b7-28d5411abab5","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":76,"box":{"x":53,"y":654,"width":810,"height":10}},{"id":"3bb6c52e-da98-42a6-9c68-ecd8bc64d234","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":76,"box":{"x":53,"y":668,"width":861,"height":11}},{"id":"deb37942-5b4d-4ff8-b7a7-d2e3e76b208c","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":76,"box":{"x":53,"y":682,"width":875,"height":11}},{"id":"0dfa9aec-9c57-47f0-8cc5-8bc43e173ff5","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":76,"box":{"x":52,"y":696,"width":654,"height":11}},{"id":"0d9a22b9-f258-4454-bbf0-35b9cafceb9b","block_type":"box","text":"Management Risk.","page_number":76,"box":{"x":53,"y":719,"width":137,"height":11}},{"id":"f05c9ae8-e95d-40eb-bd3b-2237a8eed61c","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":76,"box":{"x":194,"y":719,"width":711,"height":11}},{"id":"abb1daed-c464-49a9-9730-cdb4e0a11cf0","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":76,"box":{"x":53,"y":734,"width":877,"height":10}},{"id":"d9027250-3415-450d-8183-54b8278e8ced","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":76,"box":{"x":53,"y":748,"width":859,"height":11}},{"id":"1bbc3847-81f9-4f4e-b15a-4c5a622d179a","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":76,"box":{"x":52,"y":762,"width":848,"height":11}},{"id":"43bad417-dcfd-4a72-9bc5-52eecae624fe","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":76,"box":{"x":53,"y":776,"width":756,"height":11}},{"id":"d17700cf-9e85-464d-84fb-a8239be1d8a3","block_type":"box","text":"Market Trading Risk.","page_number":76,"box":{"x":53,"y":799,"width":152,"height":11}},{"id":"656c71fc-9f71-44c7-b3dd-25ef2b3b6579","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":76,"box":{"x":209,"y":799,"width":694,"height":11}},{"id":"0c9769bf-5f08-4c0e-8ec1-11dd709e7770","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":76,"box":{"x":53,"y":813,"width":841,"height":11}},{"id":"810940e6-9673-45b2-a0ce-d63837f07141","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":76,"box":{"x":53,"y":828,"width":887,"height":10}},{"id":"509508a6-3c42-4430-8a0b-f1e50e0f8f08","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":76,"box":{"x":52,"y":842,"width":839,"height":11}},{"id":"98532a83-1dc0-4cb2-9ff8-bbb1f49f9f3c","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":76,"box":{"x":53,"y":856,"width":866,"height":11}},{"id":"1dfd5624-4ff9-4549-b0bb-af2fb3349efe","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":76,"box":{"x":52,"y":870,"width":885,"height":11}},{"id":"3992e133-ebef-4928-81b2-a9e60bc6c4fe","block_type":"box","text":"of the Fund shares.","page_number":76,"box":{"x":53,"y":884,"width":134,"height":9}},{"id":"54b660e7-eacc-4820-8d0b-80fc218736b7","block_type":"box","text":"S-69","page_number":76,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b8828744-5b0a-436a-af3a-4e569675cd6e","block_type":"box","text":"National Closed Market Trading Risk.","page_number":77,"box":{"x":53,"y":46,"width":273,"height":11}},{"id":"1663ec57-078c-4f3e-8efd-47a071806bab","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":77,"box":{"x":330,"y":46,"width":544,"height":11}},{"id":"cbff2fdc-6be4-4877-954b-a12fedc42555","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":77,"box":{"x":53,"y":61,"width":874,"height":10}},{"id":"e8aab803-2505-46e0-8aa7-f714e6d3be5f","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":77,"box":{"x":52,"y":75,"width":651,"height":11}},{"id":"4fdba78d-4f51-47f5-9f93-757b91685714","block_type":"box","text":"i.e","page_number":77,"box":{"x":704,"y":75,"width":15,"height":8}},{"id":"b0c1be53-2707-428f-9aad-d8f559530997","block_type":"box","text":"., the quote from the closed","page_number":77,"box":{"x":720,"y":75,"width":191,"height":10}},{"id":"7bf9b554-8eb7-4d21-9cbf-e1965e78a205","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":77,"box":{"x":52,"y":89,"width":880,"height":11}},{"id":"ef82344d-89aa-472a-b687-606a15cd7edc","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":77,"box":{"x":52,"y":103,"width":849,"height":11}},{"id":"8b106e62-31a6-4c46-bd23-1318ce051319","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":77,"box":{"x":53,"y":117,"width":850,"height":11}},{"id":"77ac23c7-1d30-4cd4-b3fd-1b2b2837e832","block_type":"box","text":"funds.","page_number":77,"box":{"x":52,"y":131,"width":44,"height":9}},{"id":"45e57ebe-81fd-42bf-8dfb-78f9936a51eb","block_type":"box","text":"Non-Diversification Risk.","page_number":77,"box":{"x":53,"y":155,"width":184,"height":8}},{"id":"78b6dbff-4781-45e4-8937-096099d9c13a","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":77,"box":{"x":242,"y":155,"width":633,"height":10}},{"id":"90fec4f9-f28e-455a-b3db-cb7bf39b11ff","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":77,"box":{"x":53,"y":169,"width":802,"height":11}},{"id":"3a66bb8d-87dc-4de9-ac4d-026e5d54c610","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":77,"box":{"x":53,"y":183,"width":888,"height":11}},{"id":"5ae3b14f-a459-4d8f-ad5d-38eb83b580e1","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":77,"box":{"x":53,"y":197,"width":876,"height":11}},{"id":"f82f88dc-48b7-4e87-a73b-74c3ed775810","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":77,"box":{"x":53,"y":211,"width":696,"height":11}},{"id":"52f35bef-8466-47a7-8c16-22c6081d805b","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":77,"box":{"x":53,"y":235,"width":182,"height":8}},{"id":"30b59a78-747b-456e-baf0-132bf85f490e","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":77,"box":{"x":240,"y":235,"width":687,"height":10}},{"id":"6bcc983d-d617-4f00-86c4-f3435ef5c195","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":77,"box":{"x":53,"y":249,"width":853,"height":11}},{"id":"49238831-3412-4c83-8822-f8bf46842adb","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":77,"box":{"x":52,"y":263,"width":847,"height":11}},{"id":"e4424cc4-32ee-4f60-b55e-8ae8cf8d9042","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":77,"box":{"x":53,"y":277,"width":889,"height":11}},{"id":"63a234d4-3280-49f4-99bd-f5b438f9da72","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":77,"box":{"x":53,"y":291,"width":842,"height":11}},{"id":"f42be570-8a1e-47b4-bfe8-41b64f8f46a0","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":77,"box":{"x":53,"y":306,"width":831,"height":10}},{"id":"ba0826a4-698c-4657-86df-87c98c186e74","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":77,"box":{"x":53,"y":320,"width":821,"height":11}},{"id":"09f025a6-4814-4d01-b533-a1cfe5c28833","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":77,"box":{"x":53,"y":334,"width":871,"height":11}},{"id":"ba1d2bca-d24c-4919-961a-40ba99e2dda1","block_type":"box","text":"Fund.","page_number":77,"box":{"x":53,"y":348,"width":39,"height":9}},{"id":"a8598d75-b22d-466c-84ae-aa9b1ff24e15","block_type":"box","text":"Operational and Technology Risks.","page_number":77,"box":{"x":53,"y":371,"width":254,"height":11}},{"id":"f7e944d1-308d-4cab-b7f0-e4f043d395a6","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":77,"box":{"x":312,"y":371,"width":581,"height":11}},{"id":"65abf83c-783d-40ef-9ef3-3a3353c9a1c5","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":77,"box":{"x":53,"y":385,"width":876,"height":11}},{"id":"e4b99ed9-cf80-45bc-8772-7a8e48bb08fa","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":77,"box":{"x":53,"y":399,"width":879,"height":11}},{"id":"5d04f968-ca1e-4a4c-858e-5c1935c7ac7f","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":77,"box":{"x":53,"y":414,"width":825,"height":11}},{"id":"5a077040-51d0-4638-93f1-a98d7b32dd96","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":77,"box":{"x":53,"y":428,"width":862,"height":11}},{"id":"d8283000-a34d-40cd-ab41-a26015219325","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":77,"box":{"x":53,"y":442,"width":872,"height":11}},{"id":"415f598c-617e-4acc-9145-30c4ae3f10ff","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":77,"box":{"x":53,"y":456,"width":824,"height":11}},{"id":"65c141ac-8e63-4a2d-80ff-10b457670e0b","block_type":"box","text":"Risk of Investing in China.","page_number":77,"box":{"x":53,"y":479,"width":191,"height":11}},{"id":"4f95415a-15ff-42fe-b67b-1f3d66aa0e7b","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":77,"box":{"x":250,"y":480,"width":678,"height":10}},{"id":"0e8ddaf6-7d9f-4336-80dc-57fc2168b70f","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":77,"box":{"x":53,"y":494,"width":819,"height":11}},{"id":"9c55f360-df43-46e3-a11f-2444f8d53a5f","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":77,"box":{"x":53,"y":508,"width":866,"height":11}},{"id":"51b75479-3b35-40ad-92e9-120176493dec","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":77,"box":{"x":53,"y":522,"width":866,"height":11}},{"id":"f0614ed4-6f6b-46b9-8bd5-0ac237b77181","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":77,"box":{"x":52,"y":536,"width":841,"height":11}},{"id":"b0f1d745-860d-4d71-a68c-d9f27fd827fc","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":77,"box":{"x":53,"y":550,"width":864,"height":11}},{"id":"3582bb74-220c-4a5f-b74e-3597159dc65d","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":77,"box":{"x":52,"y":565,"width":861,"height":10}},{"id":"10971108-611a-45cd-b3c4-9d7616a4300c","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":77,"box":{"x":53,"y":579,"width":869,"height":11}},{"id":"212e92c2-261e-459a-94e5-ea6229d6aeb7","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":77,"box":{"x":53,"y":593,"width":783,"height":11}},{"id":"6c1cdbab-ee4b-4a04-974f-04ec80230c06","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":77,"box":{"x":53,"y":616,"width":887,"height":11}},{"id":"19b56138-5d7e-43e0-83b5-e178fd863e15","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":77,"box":{"x":52,"y":630,"width":834,"height":11}},{"id":"8df73bfc-a375-4205-9f36-0a819561888b","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":77,"box":{"x":52,"y":645,"width":845,"height":10}},{"id":"b54fd63f-c804-4c24-8095-8b9304584df8","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":77,"box":{"x":53,"y":659,"width":876,"height":11}},{"id":"567c3412-3076-4532-959f-d71fc8450522","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":77,"box":{"x":53,"y":673,"width":834,"height":11}},{"id":"40525623-6c7f-4482-9ff7-16da55674fd7","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":77,"box":{"x":53,"y":687,"width":421,"height":11}},{"id":"5f3dce01-d717-436b-b981-4c102b077015","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":77,"box":{"x":52,"y":710,"width":849,"height":11}},{"id":"5313e09c-ae96-46e8-8ea7-6ebfbd2df668","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":77,"box":{"x":53,"y":724,"width":886,"height":11}},{"id":"36b0c0c2-f2cf-4851-9a7f-78c3b469a012","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":77,"box":{"x":53,"y":739,"width":878,"height":11}},{"id":"55e75438-9855-4663-9a5d-01d29edb9433","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":77,"box":{"x":53,"y":753,"width":874,"height":11}},{"id":"7648f373-f862-415f-9eed-0d0b57446220","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":77,"box":{"x":53,"y":767,"width":878,"height":11}},{"id":"976911c3-20c4-4477-989d-96d3f03f76ee","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":77,"box":{"x":53,"y":781,"width":807,"height":11}},{"id":"7b2622a1-b181-4eaf-996d-3384e9184fd2","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":77,"box":{"x":53,"y":796,"width":890,"height":10}},{"id":"36daa85b-197b-4f41-9a8c-fb0e4b8f5a8e","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":77,"box":{"x":52,"y":810,"width":471,"height":10}},{"id":"967d1b19-a1af-4a53-9064-1647f659e580","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":77,"box":{"x":53,"y":833,"width":883,"height":11}},{"id":"057568da-c375-42cc-83d5-8c12ef5302ce","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":77,"box":{"x":53,"y":847,"width":850,"height":11}},{"id":"2d8a2b92-fbb9-440d-9dfe-d6276333d8ad","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":77,"box":{"x":53,"y":861,"width":861,"height":11}},{"id":"bad3eb1a-beb6-4402-9f07-5e8603774007","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":77,"box":{"x":53,"y":875,"width":850,"height":11}},{"id":"5292ec58-3692-4b54-a792-31198cae8e86","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":77,"box":{"x":53,"y":890,"width":883,"height":10}},{"id":"fd5b8d48-0f5c-4cae-aa3d-35fd54ae0bfb","block_type":"box","text":"S-70","page_number":77,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"fc220b1c-220e-4068-a54d-970d0e55465b","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":78,"box":{"x":52,"y":46,"width":860,"height":11}},{"id":"a472cd87-221e-4b55-8962-3b95a2cb3fb6","block_type":"box","text":"have limited legal remedies.","page_number":78,"box":{"x":53,"y":61,"width":196,"height":10}},{"id":"c6daf2da-04df-414a-a00a-a8eac740fd0c","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","page_number":78,"box":{"x":53,"y":84,"width":845,"height":11}},{"id":"37a623aa-ee54-4c80-b83d-c904d4886926","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":78,"box":{"x":52,"y":98,"width":836,"height":11}},{"id":"deac6f87-887a-41c4-b4d5-a8c5cb53a5d1","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":78,"box":{"x":53,"y":112,"width":851,"height":11}},{"id":"98dc3afc-dc78-4619-b4f0-bed7ff45561b","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":78,"box":{"x":52,"y":126,"width":779,"height":11}},{"id":"cdb45e4d-2bf9-4390-91eb-5144137e77da","block_type":"box","text":"considerations.","page_number":78,"box":{"x":53,"y":141,"width":107,"height":8}},{"id":"d2a1560a-3413-4649-ac6e-95505ce6edb6","block_type":"box","text":"Risk of Investing in the U.S.","page_number":78,"box":{"x":53,"y":164,"width":200,"height":11}},{"id":"3dfddf1a-05ac-4398-a830-6911f28c6efb","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":78,"box":{"x":259,"y":164,"width":663,"height":11}},{"id":"76ba243d-5a9f-405b-9811-e69fa1443cb0","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":78,"box":{"x":53,"y":178,"width":877,"height":11}},{"id":"f27b4cc4-d9e9-4d75-96ba-bcbd1f17a6a4","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":78,"box":{"x":53,"y":192,"width":470,"height":11}},{"id":"1fb4ff92-73e7-47e8-9fb6-91e8cdebef30","block_type":"box","text":"Securities Lending Risk.","page_number":78,"box":{"x":52,"y":215,"width":178,"height":11}},{"id":"41cb1dc9-b6bc-4ec1-9d2d-993f371afce8","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":78,"box":{"x":234,"y":215,"width":692,"height":11}},{"id":"ea44b4fa-4c82-42fe-ba43-0761ed442a75","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":78,"box":{"x":53,"y":229,"width":870,"height":11}},{"id":"ac810096-ae02-45ce-84bd-e3ba3720b1d9","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":78,"box":{"x":53,"y":244,"width":886,"height":10}},{"id":"28fa1cc9-8c9d-4009-a514-ddf65b880e3a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":78,"box":{"x":53,"y":258,"width":831,"height":11}},{"id":"a540f559-2056-4147-8126-1b1d86f14191","block_type":"box","text":"Tracking Error Risk.","page_number":78,"box":{"x":52,"y":281,"width":145,"height":11}},{"id":"484ec24f-4b8d-4718-a94d-a91e1b201b31","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":78,"box":{"x":201,"y":281,"width":741,"height":11}},{"id":"83284d60-c57e-47df-be89-b1ab60b65803","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":78,"box":{"x":53,"y":295,"width":861,"height":11}},{"id":"a66cfe3e-7236-4b6c-b555-18cf8f540954","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":78,"box":{"x":53,"y":309,"width":832,"height":11}},{"id":"4e8a1c80-072e-4291-abeb-76d4eb0f96b2","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":78,"box":{"x":53,"y":324,"width":880,"height":10}},{"id":"7835a968-c30d-4126-8913-cbb6dbbc1084","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":78,"box":{"x":53,"y":338,"width":831,"height":11}},{"id":"3dbd2cb2-b0c5-4f81-bf95-75c3c4bd949a","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":78,"box":{"x":52,"y":352,"width":828,"height":11}},{"id":"ef43c88e-6755-407c-b20a-4e90ada0ecfe","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":78,"box":{"x":53,"y":366,"width":873,"height":11}},{"id":"ee812c16-e329-4e42-8f78-75e5bfc67b06","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":78,"box":{"x":53,"y":380,"width":889,"height":11}},{"id":"f5376266-b9bc-4970-85f9-f3f9fc7832bc","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":78,"box":{"x":53,"y":394,"width":852,"height":11}},{"id":"0f7337ba-af30-4302-bc9d-39881cb5f68d","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":78,"box":{"x":53,"y":409,"width":886,"height":10}},{"id":"549e0345-8373-43f4-b967-06e066cb40b6","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":78,"box":{"x":53,"y":423,"width":873,"height":11}},{"id":"76433f8a-5417-48a6-b32f-0bfef8ff29b6","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":78,"box":{"x":53,"y":437,"width":879,"height":11}},{"id":"c3ebff0d-5f0b-470a-8ade-78c3b7090770","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":78,"box":{"x":53,"y":451,"width":839,"height":11}},{"id":"2e2c4c8b-4861-4fad-ae74-b776b729e425","block_type":"box","text":"Valuation Risk.","page_number":78,"box":{"x":52,"y":474,"width":110,"height":9}},{"id":"bd784c2e-61da-4608-9dd2-45be7c19b753","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":78,"box":{"x":166,"y":474,"width":740,"height":11}},{"id":"7dfabf38-ccb1-4e27-8e44-c3b153f5287a","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":78,"box":{"x":53,"y":489,"width":840,"height":10}},{"id":"fe3c3855-eb68-4ee6-a427-05a265ddba46","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":78,"box":{"x":52,"y":503,"width":869,"height":11}},{"id":"1cb36561-ae16-449b-9aaf-abcbea09e214","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":78,"box":{"x":52,"y":517,"width":889,"height":11}},{"id":"feab0150-7cc8-4811-84af-4bc90efd9dbc","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":78,"box":{"x":53,"y":531,"width":871,"height":11}},{"id":"3b35f853-0e6b-4cf0-a1da-cc6b5f0d5cda","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":78,"box":{"x":52,"y":545,"width":879,"height":11}},{"id":"9df60f0e-6f8b-4268-967a-37c7ef63db2f","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":78,"box":{"x":53,"y":560,"width":880,"height":10}},{"id":"7a4666d7-1182-492b-be66-5482751e53ff","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":78,"box":{"x":53,"y":574,"width":816,"height":10}},{"id":"e2702e55-764c-4d30-b7ef-1d7adace45ad","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":78,"box":{"x":52,"y":588,"width":613,"height":11}},{"id":"955f8f0c-8c1c-4c3e-8091-149d2f6b6533","block_type":"box","text":"Performance Information","page_number":78,"box":{"x":54,"y":617,"width":228,"height":10}},{"id":"445f193c-e67e-4b7f-98aa-a8f800901e2a","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":78,"box":{"x":52,"y":642,"width":864,"height":10}},{"id":"db64d465-ca50-4908-a833-0e99a6f4694d","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":78,"box":{"x":52,"y":656,"width":872,"height":11}},{"id":"de65d2ad-a243-450e-8a58-520ab6859489","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":78,"box":{"x":53,"y":670,"width":868,"height":11}},{"id":"6f03c5da-ea34-4b2a-8df2-db9818997728","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":78,"box":{"x":53,"y":685,"width":838,"height":10}},{"id":"23d9793d-b0de-4e3a-b5c1-51ac10165862","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":78,"box":{"x":53,"y":699,"width":868,"height":11}},{"id":"3cdadd24-2e11-4b1f-b61a-480ca165dfaa","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":78,"box":{"x":53,"y":713,"width":832,"height":11}},{"id":"cfa42b22-1d8d-4ce0-8cd2-ac31bdb577a9","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":78,"box":{"x":53,"y":727,"width":842,"height":11}},{"id":"ca1368a5-f487-46a7-9af6-31e1f61daa7f","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":78,"box":{"x":52,"y":741,"width":531,"height":11}},{"id":"77086dc0-35ef-4ab0-9aec-5302f2f1cfff","block_type":"box","text":"S-71","page_number":78,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"2b43e32d-f9bc-4cde-8a00-eaa747a92d46","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":79,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"16ed16d4-a428-4e26-86c9-c385cdbeee35","block_type":"box","text":"13.70","page_number":79,"box":{"x":87,"y":127,"width":25,"height":6}},{"id":"d13e0164-8f18-46b0-815c-d4fa0f2e2368","block_type":"box","text":"40.77","page_number":79,"box":{"x":122,"y":107,"width":27,"height":6}},{"id":"d02bb284-2af3-4332-aaa4-dc29a4d40aa5","block_type":"box","text":"-5.13","page_number":79,"box":{"x":161,"y":157,"width":23,"height":6}},{"id":"a0f9ea88-1081-46eb-bb04-a101253e8d34","block_type":"box","text":"47.62","page_number":79,"box":{"x":196,"y":101,"width":27,"height":6}},{"id":"eff42873-3323-4d53-89e1-60fb874116b6","block_type":"box","text":"43.77","page_number":79,"box":{"x":233,"y":104,"width":27,"height":6}},{"id":"91782c5e-5760-4a01-a158-006a5a014190","block_type":"box","text":"29.45","page_number":79,"box":{"x":271,"y":115,"width":26,"height":6}},{"id":"c9a80a97-a226-4396-abdd-62df7f9699cf","block_type":"box","text":"-29.79","page_number":79,"box":{"x":306,"y":176,"width":29,"height":6}},{"id":"1633b276-d8a7-444f-b373-fc79eeb864bd","block_type":"box","text":"52.78","page_number":79,"box":{"x":345,"y":97,"width":26,"height":6}},{"id":"558096d5-6495-4576-a415-f6e5add19b12","block_type":"box","text":"25.00","page_number":79,"box":{"x":382,"y":119,"width":26,"height":6}},{"id":"51f6af3d-fcd3-4fec-9c05-c48091845931","block_type":"box","text":"25.36","page_number":79,"box":{"x":419,"y":118,"width":26,"height":6}},{"id":"9b5faef7-3e9c-4314-a47f-9fc7879d6a5b","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":79,"box":{"x":87,"y":201,"width":356,"height":6}},{"id":"09f1a930-0000-4911-96b9-be8adbe77a66","block_type":"box","text":"Return (%) Period Ended","page_number":79,"box":{"x":770,"y":61,"width":171,"height":9}},{"id":"ae153e5c-4f50-4e85-863b-339341c22f89","block_type":"box","text":"Calendar Year-to-Date Return","page_number":79,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"b47f8912-0885-457b-8239-655c309a280f","block_type":"box","text":"37.45% June 30, 2026","page_number":79,"box":{"x":783,"y":80,"width":159,"height":8}},{"id":"91b13f59-a908-446d-81b7-11d42c4e31a9","block_type":"box","text":"During the periods shown in the chart:","page_number":79,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"a6a21937-838a-41d5-848b-087cbf5f8a1c","block_type":"box","text":"Best Quarter 29.13% June 30, 2020","page_number":79,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"500e1e66-fa7d-45ee-ac2e-5dac3dd7577d","block_type":"box","text":"Worst Quarter -20.76% June 30, 2022","page_number":79,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"ba8c6d7b-63fd-4d03-83e4-690963dbd09f","block_type":"box","text":"Average Annual Total Returns (%)","page_number":79,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"eb02436f-2414-4719-b181-33bf9fec1138","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":79,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"c4997e34-ee73-4201-894c-f87dffe85d88","block_type":"box","text":"One Year Five Years Ten Years","page_number":79,"box":{"x":670,"y":261,"width":268,"height":8}},{"id":"30db533c-b651-464f-84df-98e9c004d596","block_type":"box","text":"Fund Inception: 11/12/2001","page_number":79,"box":{"x":58,"y":277,"width":187,"height":9}},{"id":"e9d2167d-f9d5-4e55-b40d-eec00a17bc73","block_type":"box","text":"Return Before Taxes","page_number":79,"box":{"x":58,"y":288,"width":125,"height":8}},{"id":"055672c1-c7cd-4ef3-b17c-1d906daa0071","block_type":"box","text":"25.36% 16.82% 21.50%","page_number":79,"box":{"x":682,"y":288,"width":257,"height":8}},{"id":"7176fbda-4d34-4b1d-b78a-bab7edf8e533","block_type":"box","text":"Return After Taxes on Distributions 25.03% 16.63% 21.26%","page_number":79,"box":{"x":58,"y":300,"width":881,"height":8}},{"id":"40c1a4cf-4956-4211-84ce-02bb4db2160f","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.22% 13.60% 18.63%","page_number":79,"box":{"x":58,"y":312,"width":881,"height":7}},{"id":"01a9d1d1-69f5-4a27-9eb9-8dd839b8c14a","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":79,"box":{"x":57,"y":323,"width":244,"height":9}},{"id":"15911120-adff-476f-af70-e3c11bbd8d7c","block_type":"box","text":"1","page_number":79,"box":{"x":302,"y":322,"width":5,"height":4}},{"id":"34a77801-7f97-4c86-b590-278d46ed25c4","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":79,"box":{"x":312,"y":323,"width":330,"height":10}},{"id":"4e82b386-3345-4c5f-b8ef-099d73db24d1","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":79,"box":{"x":71,"y":336,"width":868,"height":10}},{"id":"7364a552-77bc-426c-aa03-11e397ffcffe","block_type":"box","text":"S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index (Spliced)","page_number":79,"box":{"x":57,"y":348,"width":511,"height":9}},{"id":"9281f096-533f-4ac9-8f32-1cd81f5063ea","block_type":"box","text":"1,2","page_number":79,"box":{"x":569,"y":346,"width":14,"height":6}},{"id":"948dbb1a-a007-4869-8b18-3ee6401291ca","block_type":"box","text":"(Returns","page_number":79,"box":{"x":587,"y":348,"width":53,"height":8}},{"id":"ad237426-0961-4ef1-84d8-aa66834e0e32","block_type":"box","text":"do not reflect deductions for fees, expenses or taxes except for withholding taxes on","page_number":79,"box":{"x":71,"y":361,"width":526,"height":9}},{"id":"748d5c27-a332-40aa-bafe-4af123288121","block_type":"box","text":"reinvested dividends)","page_number":79,"box":{"x":72,"y":373,"width":133,"height":9}},{"id":"31ee68de-8632-4b21-92ed-05fde78c4e43","block_type":"box","text":"25.58% 17.05% 21.69%","page_number":79,"box":{"x":682,"y":374,"width":257,"height":7}},{"id":"c01b068f-d74a-44c1-95c1-2d3928fbff32","block_type":"box","text":"1","page_number":79,"box":{"x":80,"y":392,"width":5,"height":5}},{"id":"c18a8a17-eb73-4935-858f-8ff420256b68","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":79,"box":{"x":94,"y":393,"width":827,"height":10}},{"id":"b8444bd3-d55f-4b58-b2a7-2e8ebcb02fb1","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":79,"box":{"x":93,"y":404,"width":847,"height":9}},{"id":"681a934a-3428-4c9b-8d49-e9576d22a544","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":79,"box":{"x":93,"y":414,"width":843,"height":10}},{"id":"93a8802f-455c-467b-b3cf-7564bce7f663","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":79,"box":{"x":92,"y":424,"width":829,"height":10}},{"id":"42820ca0-b1d7-4382-b4f5-eb19bad07d72","block_type":"box","text":"tax rates, if any.","page_number":79,"box":{"x":92,"y":435,"width":97,"height":9}},{"id":"753600bf-802b-4768-adc8-aa8eb0d7c277","block_type":"box","text":"2","page_number":79,"box":{"x":80,"y":444,"width":5,"height":4}},{"id":"b79b0671-8a27-47eb-9fa8-1a5ff3f6deb0","block_type":"box","text":"The S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index (Spliced) reflects the performance of the S&P Global 1200","page_number":79,"box":{"x":92,"y":445,"width":831,"height":10}},{"id":"9eb92a7d-0340-4f21-963c-eeac88b47301","block_type":"box","text":"Information Technology Index (Net) through April 19, 2023 and the S&P Global 1200 Information Technology 4.5/22.5/45 Capped","page_number":79,"box":{"x":94,"y":455,"width":820,"height":10}},{"id":"c5e850cc-5fba-4100-b1da-b27c52c2a5f3","block_type":"box","text":"Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":79,"box":{"x":94,"y":466,"width":633,"height":9}},{"id":"d79458ed-fae8-4f2c-a69e-e14daf0c86e9","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":79,"box":{"x":52,"y":485,"width":857,"height":11}},{"id":"64337eda-4c79-4f53-aae5-f4012e77e1b8","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":79,"box":{"x":53,"y":499,"width":865,"height":11}},{"id":"f4afeea9-df6a-4fa9-af0d-724e0f969585","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":79,"box":{"x":53,"y":514,"width":847,"height":11}},{"id":"4e317c12-8af7-410a-850e-9b4266399d1b","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":79,"box":{"x":52,"y":528,"width":857,"height":11}},{"id":"02638484-59ec-4d6a-b422-fe8789ce3985","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":79,"box":{"x":53,"y":542,"width":877,"height":11}},{"id":"2aa6fb3f-d01b-49ad-a8bc-c10609ed5b1a","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":79,"box":{"x":52,"y":556,"width":836,"height":11}},{"id":"8d325451-83a2-4964-9a01-08a745e480da","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":79,"box":{"x":53,"y":570,"width":886,"height":11}},{"id":"13f31ac9-bf04-4b91-bd8d-516b174a766f","block_type":"box","text":"on distributions.","page_number":79,"box":{"x":53,"y":585,"width":114,"height":8}},{"id":"68bcfa35-ca55-4f46-9b87-f46a094775c4","block_type":"box","text":"Management","page_number":79,"box":{"x":54,"y":614,"width":119,"height":13}},{"id":"b0f0df05-321a-481d-859d-aac9d652682a","block_type":"box","text":"Investment Adviser.","page_number":79,"box":{"x":53,"y":639,"width":145,"height":8}},{"id":"b7057a6a-4fdb-47fa-818d-f9e1977ccf5d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":79,"box":{"x":204,"y":639,"width":180,"height":8}},{"id":"2fb5e4a7-6e45-42a2-b034-410b12b59bdf","block_type":"box","text":"Portfolio Managers.","page_number":79,"box":{"x":53,"y":662,"width":146,"height":11}},{"id":"f7a4b228-ec4b-4fa0-ba1a-35736793cecd","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":79,"box":{"x":203,"y":662,"width":679,"height":11}},{"id":"f5bc923d-aa32-4420-a2e4-dd6500d00e9f","block_type":"box","text":"management of the Fund:","page_number":79,"box":{"x":53,"y":676,"width":182,"height":11}},{"id":"a9a60413-2518-45dd-91ba-683aa54e099e","block_type":"box","text":"Portfolio Manager","page_number":79,"box":{"x":58,"y":712,"width":119,"height":10}},{"id":"c0a22d04-fee2-4609-bdfd-b69a757508ce","block_type":"box","text":"Portfolio Manager of the","page_number":79,"box":{"x":411,"y":699,"width":160,"height":10}},{"id":"39c2c932-9a53-4109-b4bc-ab7a25f9558b","block_type":"box","text":"Fund Since","page_number":79,"box":{"x":455,"y":712,"width":72,"height":7}},{"id":"4c2c8467-3ea8-4c63-8015-bca8aeaf8c0d","block_type":"box","text":"Title with Investment","page_number":79,"box":{"x":804,"y":699,"width":140,"height":8}},{"id":"5866d6ad-47eb-41bc-aecd-fd7c3406fd35","block_type":"box","text":"Adviser","page_number":79,"box":{"x":849,"y":712,"width":49,"height":7}},{"id":"89d3c1e3-5d6e-4118-a903-766f68266351","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":79,"box":{"x":57,"y":727,"width":876,"height":10}},{"id":"55f2a71d-ead3-462c-8f54-47c2495c99f8","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":79,"box":{"x":58,"y":743,"width":875,"height":9}},{"id":"37d73b1a-d60c-4d50-b384-c898ae9c8ae0","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":79,"box":{"x":58,"y":758,"width":875,"height":10}},{"id":"60276e16-6759-4155-99c7-d369725d1e38","block_type":"box","text":"Steven White 2025 Managing Director","page_number":79,"box":{"x":57,"y":774,"width":876,"height":9}},{"id":"38f55450-d9a8-4be9-ac0d-21bd3d525d51","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":79,"box":{"x":54,"y":809,"width":304,"height":10}},{"id":"3c280abc-3059-4c38-8dca-8af34484511c","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":79,"box":{"x":52,"y":834,"width":878,"height":11}},{"id":"22988d52-6deb-42fa-8959-92f39e7871bd","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":79,"box":{"x":53,"y":848,"width":855,"height":11}},{"id":"6bf85530-9f49-447e-9498-c4f74e8be996","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":79,"box":{"x":52,"y":862,"width":817,"height":11}},{"id":"e5223ec0-dee8-4268-ad6c-1c29ecc7a86e","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":79,"box":{"x":53,"y":877,"width":878,"height":10}},{"id":"f4559e58-76ed-475a-97d0-3ea48742269c","block_type":"box","text":"S-72","page_number":79,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"fac0278c-2ffa-4cb7-8e37-d105360cec6a","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":80,"box":{"x":53,"y":46,"width":861,"height":11}},{"id":"9453f655-98db-42c3-9303-e15be738d82c","block_type":"box","text":"(the “bid-ask spread”).","page_number":80,"box":{"x":53,"y":60,"width":156,"height":11}},{"id":"7369c337-2884-4f53-bfb3-f6fa03f80d6c","block_type":"box","text":"Tax Information","page_number":80,"box":{"x":52,"y":90,"width":144,"height":10}},{"id":"4ac97034-1371-4f1e-94a8-ca279942eac3","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":80,"box":{"x":52,"y":115,"width":831,"height":11}},{"id":"e3443121-538c-4b38-9abf-2a789e63b528","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":80,"box":{"x":53,"y":129,"width":883,"height":11}},{"id":"0c8c435e-ca02-43c5-8991-ff350c5acc0a","block_type":"box","text":"be taxed when withdrawn.","page_number":80,"box":{"x":53,"y":143,"width":182,"height":9}},{"id":"51ddc248-1cbc-41f7-9622-02a6619b517d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":80,"box":{"x":54,"y":172,"width":575,"height":13}},{"id":"21bd13a3-435d-407f-926a-4b129e2320ca","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":80,"box":{"x":53,"y":197,"width":855,"height":11}},{"id":"1d4d8868-6632-4a65-b085-96fe0297f92d","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":80,"box":{"x":53,"y":211,"width":843,"height":11}},{"id":"127eeb20-c18b-4247-b9eb-f94668cb9cb6","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":80,"box":{"x":53,"y":226,"width":820,"height":10}},{"id":"891e32ed-df79-45f9-9e8d-7a1f3cb23da1","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":80,"box":{"x":53,"y":240,"width":801,"height":11}},{"id":"727a391b-1590-4106-8a15-1c6148c7a727","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":80,"box":{"x":53,"y":254,"width":841,"height":11}},{"id":"9ffe789d-5b66-43b5-b316-0054bd13883d","block_type":"box","text":"financial intermediary’s website for more information.","page_number":80,"box":{"x":52,"y":268,"width":380,"height":11}},{"id":"5461a529-71c7-407a-b014-f49ab3c194a1","block_type":"box","text":"S-73","page_number":80,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3b898a2a-6bae-406b-ab0c-105febf95611","block_type":"box","text":"iShares Global Timber & Forestry ETF","page_number":81,"box":{"x":53,"y":47,"width":520,"height":20}},{"id":"460b9913-bcbc-45ab-b2c2-37903d0d4a55","block_type":"box","text":"WOOD | Nasdaq","page_number":81,"box":{"x":52,"y":70,"width":222,"height":21}},{"id":"6dab9408-7ebc-46bf-83ae-0217d023987b","block_type":"box","text":"Investment Objective","page_number":81,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"21bbbc51-e14b-40ad-885d-b94b553d4154","block_type":"box","text":"The iShares Global Timber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global","page_number":81,"box":{"x":52,"y":134,"width":872,"height":11}},{"id":"52be6392-3ea7-48e5-80dd-1ba959f326f2","block_type":"box","text":"equities in or related to the timber and forestry industry.","page_number":81,"box":{"x":53,"y":148,"width":394,"height":11}},{"id":"bea96b19-0c4b-4c86-a8ce-0bd3974c8979","block_type":"box","text":"Fees and Expenses","page_number":81,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"e3359f95-338e-46bb-89cb-ba0f70838a76","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","page_number":81,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"b6cb9102-9569-432d-91bd-3746fac63c96","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":81,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"ad0106db-b141-4899-abed-28b30a10dd68","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":81,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"13374792-5862-4c3f-9961-567d96b6ab15","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":81,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"fa2b842e-9703-4650-b68a-809610ee0185","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":81,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"31260a44-a56f-4c94-a832-827c59c745ab","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":81,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"c7c070bf-33b0-48f2-85bd-61b309062ff9","block_type":"box","text":"extraordinary expenses.","page_number":81,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"941b4fcc-524d-446a-8c20-572f04db7285","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":81,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"e222664d-b7a2-4293-88be-f6c6e3676f00","block_type":"box","text":"reflected in the table and example below.","page_number":81,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"6f5f7fca-c08c-4147-8cc7-7d579f6cc677","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":81,"box":{"x":57,"y":348,"width":760,"height":9}},{"id":"cd05027d-36a2-4502-b236-b65ebacfacdd","block_type":"box","text":"1, 2","page_number":81,"box":{"x":818,"y":346,"width":17,"height":6}},{"id":"762b61d1-f83b-46dd-981c-f96b29e74294","block_type":"box","text":"Management Fee","page_number":81,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"0bbf065c-eebf-4bc9-b894-84b0df665548","block_type":"box","text":"0.38%","page_number":81,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"5aa8ea76-389e-4cda-aac8-36b5e9622657","block_type":"box","text":"Other Expenses","page_number":81,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"a81f5f55-f0f1-4d2c-9169-030b20dd66f5","block_type":"box","text":"0.01%","page_number":81,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"f164e032-3727-47b8-a019-130799cd8e12","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":81,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"372543dc-fe5e-45df-b84b-30e0ed5d0b42","block_type":"box","text":"0.39%","page_number":81,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"80241efc-03e6-4b4b-bf11-fd069496f1b9","block_type":"box","text":"1","page_number":81,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"467786dd-7f57-462e-9982-11f136eaf5b9","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":81,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"e2bb453c-636c-4dea-8c21-7359bdcfc23e","block_type":"box","text":"2","page_number":81,"box":{"x":80,"y":437,"width":5,"height":4}},{"id":"e31edfaf-1cee-48af-9d25-95f9b2233f8e","block_type":"box","text":"Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect","page_number":81,"box":{"x":94,"y":438,"width":808,"height":10}},{"id":"21f89460-cc9f-4ee3-9da1-dd60f9b29f13","block_type":"box","text":"expected fees in the current year.","page_number":81,"box":{"x":93,"y":448,"width":206,"height":10}},{"id":"605fd362-d8f4-4d39-a5fa-96c950ae39b0","block_type":"box","text":"Example.","page_number":81,"box":{"x":53,"y":468,"width":67,"height":10}},{"id":"85db2e54-9dc7-451f-aee5-6f6e4e9d0213","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","page_number":81,"box":{"x":124,"y":468,"width":795,"height":11}},{"id":"a973c321-67d7-46ab-a628-44775ab98415","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":81,"box":{"x":53,"y":482,"width":885,"height":11}},{"id":"cec892cf-9598-4c40-9ad1-b961a04b6b5a","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":81,"box":{"x":52,"y":496,"width":871,"height":11}},{"id":"94cb289a-1376-4585-92e0-f056d76199f3","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":81,"box":{"x":53,"y":510,"width":887,"height":11}},{"id":"720a28c2-c4c0-4780-8f34-42242194900b","block_type":"box","text":"your costs would be:","page_number":81,"box":{"x":52,"y":525,"width":143,"height":11}},{"id":"d9b499d5-d2b9-43d8-9a4f-c448388ea951","block_type":"box","text":"Expense Example","page_number":81,"box":{"x":58,"y":548,"width":115,"height":9}},{"id":"ceadd704-c110-401a-9e81-4b21c5008970","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":81,"box":{"x":663,"y":548,"width":280,"height":7}},{"id":"91d7da6e-c529-43e7-9536-c26d4b5d92cb","block_type":"box","text":"Example Fund Costs","page_number":81,"box":{"x":58,"y":563,"width":128,"height":9}},{"id":"9e64efa4-b4e2-4c78-a3d3-cfa0e6809d3c","block_type":"box","text":"$40 $125 $219 $493","page_number":81,"box":{"x":671,"y":563,"width":261,"height":8}},{"id":"a8124525-3b6c-4897-aa33-320e265a5d9f","block_type":"box","text":"Portfolio Turnover.","page_number":81,"box":{"x":57,"y":592,"width":136,"height":9}},{"id":"df2079de-1cc0-4ddb-867f-2cb691a0ded8","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":81,"box":{"x":198,"y":592,"width":721,"height":11}},{"id":"22de1518-725f-42f6-ba32-038a7b83676f","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":81,"box":{"x":53,"y":606,"width":883,"height":11}},{"id":"b50d98ad-df08-4863-a91a-48927b7f35f0","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":81,"box":{"x":53,"y":621,"width":876,"height":11}},{"id":"fcd8830b-472b-450d-827d-6cda9d8afa37","block_type":"box","text":"the Example, affect the Fund’s performance. 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These include forest products companies, timber real estate","page_number":81,"box":{"x":52,"y":732,"width":833,"height":10}},{"id":"3ca4ffc3-42f3-40eb-a44c-a72852ee9c4c","block_type":"box","text":"investment trusts (“REITs”), paper products companies, paper packaging companies and agricultural products companies.","page_number":81,"box":{"x":53,"y":746,"width":866,"height":11}},{"id":"6d7d79f6-5bcb-4560-9f39-761481deb7af","block_type":"box","text":"Because many securities included in the Underlying Index may be issued by specialized REITs and forest products","page_number":81,"box":{"x":53,"y":760,"width":805,"height":11}},{"id":"95ac5dad-0008-4206-8dc8-2a5c07b617eb","block_type":"box","text":"companies, the Fund is concentrated in the specialized REITs and forest products industries. 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If the total number of companies is less than 100,","page_number":82,"box":{"x":52,"y":119,"width":875,"height":10}},{"id":"fb7affca-d2ff-421f-8252-111dc7ff8402","block_type":"box","text":"the Index Provider next adds additional constituents in order of revenue exposure to Timber and Forestry-related businesses","page_number":82,"box":{"x":52,"y":133,"width":881,"height":11}},{"id":"38dfdac7-43a4-4672-ad0a-c5c724180a4f","block_type":"box","text":"(the “Exposure Score”) and FMC until the constituent count reaches 100 or until all constituents with an Exposure Score of","page_number":82,"box":{"x":53,"y":147,"width":869,"height":10}},{"id":"2b44d731-c87a-4f29-a50f-79d33eb7e534","block_type":"box","text":"0.5 or above are selected. The Underlying Index is weighted based on the product of each constituent's Exposure Score and","page_number":82,"box":{"x":52,"y":161,"width":870,"height":11}},{"id":"a9242a23-758e-4cc3-8b8a-399831ca150e","block_type":"box","text":"FMC, subject to certain constraints.","page_number":82,"box":{"x":53,"y":175,"width":251,"height":11}},{"id":"ca60c4c0-0e8b-49e8-a638-cc995b247007","block_type":"box","text":"In addition, the Index Provider uses company exclusion criteria related to business activity (","page_number":82,"box":{"x":53,"y":197,"width":645,"height":11}},{"id":"2a61ebfc-13c6-44da-b1f3-267b87a2a3c6","block_type":"box","text":"e.g.","page_number":82,"box":{"x":700,"y":200,"width":22,"height":8}},{"id":"a9ec8b4a-1ee5-4cbd-be18-98a9cafc9eb2","block_type":"box","text":", controversial weapons,","page_number":82,"box":{"x":724,"y":197,"width":168,"height":11}},{"id":"d8eefcd8-c222-4c1e-b59a-eb3774031ff5","block_type":"box","text":"tobacco, thermal coal, etc.) and other exclusion guidelines based on a company’s compliance with the United Nations Global","page_number":82,"box":{"x":52,"y":211,"width":881,"height":11}},{"id":"13d7b552-ce8b-4f98-a26d-43fef20de549","block_type":"box","text":"Compact (“UNGC”) provided by Sustainalytics. Effective with the index review in September 2024, the Index Provider will","page_number":82,"box":{"x":53,"y":225,"width":849,"height":11}},{"id":"d33f59d0-d157-45ea-a5fa-b7029db53ee3","block_type":"box","text":"utilize measurements from S&P Global Business Involvement Screens when monitoring the company exclusion criteria","page_number":82,"box":{"x":53,"y":240,"width":840,"height":11}},{"id":"70696d37-e0e3-47ee-9fde-70c7d6830302","block_type":"box","text":"related to business activity (e.g., controversial weapons, tobacco, thermal coal, etc.). 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The","page_number":82,"box":{"x":52,"y":397,"width":859,"height":11}},{"id":"1608c486-b915-4092-b5a3-7b9fe95febe6","block_type":"box","text":"reference date for the reconstitutions is after the close of the last business day of February and August, respectively. In","page_number":82,"box":{"x":53,"y":411,"width":836,"height":11}},{"id":"9afcb7c2-a71f-4e81-8038-6b75b204d355","block_type":"box","text":"addition, the Underlying Index is reweighted quarterly after the close on the last business day of March, June, September, and","page_number":82,"box":{"x":53,"y":425,"width":886,"height":11}},{"id":"86de737b-d90d-4117-8902-891a17f418c1","block_type":"box","text":"December. The pricing reference date used for re-weighting purposes is seven business days prior to the effective date.","page_number":82,"box":{"x":53,"y":440,"width":840,"height":10}},{"id":"e997df22-1056-4372-832e-e1746056edca","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":82,"box":{"x":52,"y":463,"width":853,"height":11}},{"id":"dd8db9bd-eda3-4817-880d-029847250179","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":82,"box":{"x":53,"y":477,"width":839,"height":11}},{"id":"02a3470b-97ae-49a3-9018-dbebd9043363","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":82,"box":{"x":53,"y":491,"width":868,"height":11}},{"id":"47284ef2-ab14-46f0-99e6-a13cc333884a","block_type":"box","text":"profile similar to that of an applicable underlying index. 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Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":82,"box":{"x":53,"y":576,"width":867,"height":11}},{"id":"9d414591-6f4d-4014-9965-313ffe235214","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":82,"box":{"x":52,"y":590,"width":869,"height":11}},{"id":"5352c524-13a6-436a-8d7a-1fa6056000af","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":82,"box":{"x":52,"y":605,"width":863,"height":10}},{"id":"912656fd-bf87-42c0-b0af-f5b6048475c6","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":82,"box":{"x":53,"y":619,"width":826,"height":11}},{"id":"c439c5e3-db6b-483f-94b5-ee8fc50dd88c","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":82,"box":{"x":53,"y":633,"width":405,"height":11}},{"id":"47bcdb55-6cf4-45d8-aa12-54856b9e0709","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":82,"box":{"x":53,"y":656,"width":844,"height":11}},{"id":"bfd9a01c-c173-4d51-97cf-ee83fd29f4b5","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":82,"box":{"x":53,"y":670,"width":860,"height":11}},{"id":"fa231f23-e475-4a6c-85d3-e237fb305b35","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":82,"box":{"x":53,"y":685,"width":831,"height":10}},{"id":"0eaadee3-dae5-428f-b32b-8c9a1041bab6","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":82,"box":{"x":53,"y":699,"width":817,"height":11}},{"id":"4bba6ad3-9e05-4538-a6b1-cedc48a50aba","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":82,"box":{"x":53,"y":713,"width":818,"height":11}},{"id":"a10a5f18-2ab2-4887-a498-6704dba8251b","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":82,"box":{"x":53,"y":727,"width":835,"height":11}},{"id":"b4a26aaf-c01a-4a57-8420-b969d4e6f978","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":82,"box":{"x":52,"y":750,"width":873,"height":11}},{"id":"f562dfed-e9e8-4b38-9932-effd0f066ab6","block_type":"box","text":"collateral received).","page_number":82,"box":{"x":53,"y":764,"width":136,"height":10}},{"id":"9d13123e-9ccf-4ead-80d8-f51bb38a3ee7","block_type":"box","text":"The Underlying Index is a product of S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which is independent of","page_number":82,"box":{"x":52,"y":787,"width":867,"height":11}},{"id":"c97a1f57-0898-40f3-8005-71beaf2f3c30","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":82,"box":{"x":52,"y":802,"width":821,"height":11}},{"id":"7f26686f-8bf0-4dda-8e86-3812fd2364b2","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":82,"box":{"x":53,"y":816,"width":681,"height":11}},{"id":"a3e198f3-cc20-45bc-95df-48c75e2e527a","block_type":"box","text":"Industry Concentration Policy.","page_number":82,"box":{"x":53,"y":839,"width":224,"height":11}},{"id":"70a67532-a245-4637-bb4b-c8704ffaf213","block_type":"box","text":"The Fund will concentrate its investments (","page_number":82,"box":{"x":281,"y":839,"width":304,"height":9}},{"id":"ca85af21-02fb-4e1e-b663-8ed146ae18da","block_type":"box","text":"i.e.","page_number":82,"box":{"x":587,"y":840,"width":17,"height":8}},{"id":"c2822ef1-18b7-4387-8034-6eca64fb8978","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":82,"box":{"x":606,"y":839,"width":292,"height":10}},{"id":"64215364-d1fa-4291-b0ec-e2a2c4038a85","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":82,"box":{"x":53,"y":853,"width":858,"height":11}},{"id":"73b7938c-336b-439f-a01c-289b6d238686","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":82,"box":{"x":53,"y":868,"width":868,"height":10}},{"id":"a8e27ddb-0214-478e-be2c-d2b752f6a4b0","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":82,"box":{"x":53,"y":882,"width":826,"height":11}},{"id":"39b629c8-c1ea-4526-b906-8798c755e9c0","block_type":"box","text":"S-75","page_number":82,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"bbe0d050-e391-473b-8003-0612f9b41af3","block_type":"box","text":"Summary of Principal Risks","page_number":83,"box":{"x":52,"y":46,"width":248,"height":13}},{"id":"df2752a0-2eec-4993-9412-4ed85a24c01d","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":83,"box":{"x":52,"y":71,"width":881,"height":11}},{"id":"1b1ec6c8-756d-4833-83b0-63ea2d268f43","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":83,"box":{"x":53,"y":85,"width":824,"height":11}},{"id":"332da275-f6b0-4cc7-95d6-ff3b921d6c92","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":83,"box":{"x":53,"y":99,"width":807,"height":11}},{"id":"d136e5e1-9d76-4da3-8e26-1b65385d9e04","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":83,"box":{"x":53,"y":113,"width":844,"height":11}},{"id":"a331ae3b-fc49-4dc5-b386-f161b32bfbc8","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":83,"box":{"x":52,"y":128,"width":815,"height":10}},{"id":"3ddc469f-7cfd-4ba3-b5e4-8c96cfb93bbf","block_type":"box","text":"Timber and Forestry Industry Risk.","page_number":83,"box":{"x":52,"y":151,"width":256,"height":11}},{"id":"449c375d-3a0f-41e4-ae81-8748db57023e","block_type":"box","text":"The timber and forestry industry is affected by changes in international economic","page_number":83,"box":{"x":312,"y":151,"width":578,"height":11}},{"id":"58f06274-89f7-4533-9c93-06750d84a7d1","block_type":"box","text":"conditions, interest rates, weather cycles, changing demographics, environmental conditions and government regulations,","page_number":83,"box":{"x":53,"y":165,"width":867,"height":11}},{"id":"c4e56c4b-cc25-4b9e-ace6-1194263bc9ca","block_type":"box","text":"among other factors.","page_number":83,"box":{"x":53,"y":179,"width":147,"height":11}},{"id":"f53421e4-baad-442f-8777-e2b93a62a84c","block_type":"box","text":"Equity Securities Risk.","page_number":83,"box":{"x":53,"y":202,"width":164,"height":11}},{"id":"c0d6db35-781e-477c-94b6-220b0d5e7042","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":83,"box":{"x":223,"y":202,"width":709,"height":11}},{"id":"cabc6d9d-9b2e-40e6-b88b-d70a64f40b3f","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":83,"box":{"x":53,"y":217,"width":889,"height":10}},{"id":"5636d2e6-b55f-4717-9d38-e5c262a54244","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":83,"box":{"x":53,"y":231,"width":880,"height":11}},{"id":"6edced43-880d-4c0d-b324-5070bd75ebb9","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":83,"box":{"x":53,"y":245,"width":867,"height":11}},{"id":"490d8464-2ead-4abd-85e5-c4ec74444fe3","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":83,"box":{"x":53,"y":259,"width":339,"height":11}},{"id":"03210dd4-72d6-442b-b5e4-569da9e6c753","block_type":"box","text":"Market Risk.","page_number":83,"box":{"x":53,"y":282,"width":91,"height":9}},{"id":"797036b5-6c48-4700-88b6-83f932b755b5","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":83,"box":{"x":148,"y":283,"width":768,"height":10}},{"id":"c50ec29e-3d4c-4fd8-9be7-9cfa4c2f05da","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":83,"box":{"x":53,"y":297,"width":882,"height":10}},{"id":"2ac3d948-2df7-4216-b0ce-c934b2ba16d6","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":83,"box":{"x":53,"y":311,"width":858,"height":11}},{"id":"b4ba6b96-5577-495c-9aed-e1513d4f4a72","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":83,"box":{"x":53,"y":325,"width":875,"height":11}},{"id":"40e48710-f2da-41ee-b382-95b4988e56dc","block_type":"box","text":"Fund’s NAV.","page_number":83,"box":{"x":53,"y":339,"width":82,"height":9}},{"id":"56773693-973f-4dbf-8083-0dca250011d8","block_type":"box","text":"Index-Related Risk.","page_number":83,"box":{"x":53,"y":362,"width":143,"height":9}},{"id":"551bf9af-1359-4b9a-af28-06ad84c5ead8","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":83,"box":{"x":201,"y":362,"width":742,"height":11}},{"id":"3cff0e92-e4b8-434d-8c10-4043dc62e3f1","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":83,"box":{"x":53,"y":376,"width":856,"height":11}},{"id":"20c93f8e-d815-4991-a991-7bfbae6fbc5e","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":83,"box":{"x":53,"y":391,"width":852,"height":10}},{"id":"3882ce88-ffa7-4481-93de-57e3d4d87308","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":83,"box":{"x":53,"y":405,"width":876,"height":11}},{"id":"6c9a37ac-7d6e-4c11-a38d-2a91e7026f86","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":83,"box":{"x":52,"y":419,"width":849,"height":11}},{"id":"ba72ccf1-8724-4ddb-bc54-9dbe84864baf","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":83,"box":{"x":53,"y":433,"width":849,"height":11}},{"id":"65296aee-a4e4-47f9-88a1-e96139429c0f","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":83,"box":{"x":53,"y":447,"width":890,"height":11}},{"id":"f77a7452-811d-48b4-8b94-b34f045d1fe2","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":83,"box":{"x":53,"y":462,"width":853,"height":10}},{"id":"c53b9671-0788-45e7-9922-099bc9604785","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":83,"box":{"x":53,"y":476,"width":539,"height":11}},{"id":"1147d70a-809a-486e-b512-b5939773c8be","block_type":"box","text":"Asset Class Risk.","page_number":83,"box":{"x":52,"y":499,"width":122,"height":8}},{"id":"0a0eb9c8-50f3-4078-a31f-47e6ca0f82cf","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":83,"box":{"x":179,"y":499,"width":721,"height":11}},{"id":"e39181fb-6637-4f6f-a50a-32305fb1cf71","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":83,"box":{"x":53,"y":513,"width":774,"height":11}},{"id":"71e36473-bca3-4c68-9759-2a5a4525731a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":83,"box":{"x":52,"y":536,"width":318,"height":11}},{"id":"45662ec1-b572-4dcd-b22f-513366f90e4a","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":83,"box":{"x":374,"y":536,"width":531,"height":11}},{"id":"ca033fa1-035b-4698-8c1c-2711853c19d5","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":83,"box":{"x":53,"y":550,"width":810,"height":11}},{"id":"77087df3-3a94-476c-a046-9c688b042181","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":83,"box":{"x":52,"y":564,"width":816,"height":11}},{"id":"3e26ff32-88f6-47ee-9adf-0443028174f4","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":83,"box":{"x":52,"y":579,"width":884,"height":11}},{"id":"4bcf625a-6eef-40ce-8121-02be65aefd99","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":83,"box":{"x":53,"y":593,"width":871,"height":11}},{"id":"2be6b054-aa1e-4d54-abb6-b9d768cb4296","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":83,"box":{"x":53,"y":607,"width":846,"height":11}},{"id":"5175c571-f0fe-494d-ac86-51df09bee435","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":83,"box":{"x":52,"y":621,"width":881,"height":11}},{"id":"caa3164a-5e41-40d3-b829-30b03a9c4c0a","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":83,"box":{"x":53,"y":636,"width":853,"height":10}},{"id":"23de8a61-18b6-4053-99f9-311acb69c965","block_type":"box","text":"halts or delisting.","page_number":83,"box":{"x":53,"y":650,"width":121,"height":11}},{"id":"94343feb-d31f-4533-b4a2-788ac2b788f1","block_type":"box","text":"Concentration Risk.","page_number":83,"box":{"x":53,"y":673,"width":145,"height":8}},{"id":"f874bdad-a68f-470c-a9b3-1f3f87ba146e","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":83,"box":{"x":202,"y":673,"width":711,"height":11}},{"id":"2154478a-d767-44f8-8f5a-bf05dd206949","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":83,"box":{"x":53,"y":687,"width":884,"height":10}},{"id":"ce2fc549-8c20-48ac-9651-befd21271e01","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":83,"box":{"x":52,"y":701,"width":887,"height":11}},{"id":"3842e58e-47b5-4ad0-9d04-76588b6f49d9","block_type":"box","text":"asset classes.","page_number":83,"box":{"x":53,"y":716,"width":95,"height":8}},{"id":"78a00227-124d-41c5-9b6c-5e22b1dc583e","block_type":"box","text":"Currency Risk.","page_number":83,"box":{"x":53,"y":739,"width":106,"height":11}},{"id":"51197ed9-7e53-44d4-9b1c-15dfd1fbedc0","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":83,"box":{"x":164,"y":739,"width":751,"height":11}},{"id":"96455fe5-971c-4c4a-a9e9-85303a4539a8","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":83,"box":{"x":53,"y":753,"width":842,"height":11}},{"id":"b645efd4-27f7-48f4-8fb1-1e15b1acfcbc","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":83,"box":{"x":52,"y":767,"width":854,"height":11}},{"id":"39dc44e8-4f38-4fa7-b508-ab983f6ce8a5","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":83,"box":{"x":53,"y":781,"width":869,"height":11}},{"id":"b7cbaea8-f747-4fc9-ac01-dceab7811f33","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":83,"box":{"x":53,"y":795,"width":309,"height":11}},{"id":"e5e68d39-6842-4d11-98b4-e8ecba07bd12","block_type":"box","text":"Custody Risk.","page_number":83,"box":{"x":53,"y":819,"width":99,"height":10}},{"id":"72ddaa57-d59a-444e-80bd-c3e39aebd568","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":83,"box":{"x":158,"y":819,"width":769,"height":10}},{"id":"3661e6ab-921a-42d9-864a-02dede844a39","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":83,"box":{"x":52,"y":833,"width":890,"height":11}},{"id":"a0b8ecde-5af0-47f9-b28e-d96ea91eebec","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":83,"box":{"x":53,"y":847,"width":804,"height":11}},{"id":"3ee29b6d-e81a-40b6-82b7-b582581b9c15","block_type":"box","text":"ESG Risk.","page_number":83,"box":{"x":53,"y":870,"width":69,"height":9}},{"id":"9b06a962-82f6-4cb8-844e-027665da3e19","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":83,"box":{"x":126,"y":870,"width":809,"height":11}},{"id":"4f5a5d31-16b1-4b7e-aa6f-ed65a61f6916","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":83,"box":{"x":52,"y":884,"width":888,"height":11}},{"id":"92467723-c5e9-477a-8ecf-540f12543e00","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":83,"box":{"x":52,"y":898,"width":886,"height":11}},{"id":"1a738886-9be0-4ab2-9d6c-810b23620385","block_type":"box","text":"S-76","page_number":83,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b466d18d-a392-4170-9639-7994a1d84728","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":84,"box":{"x":53,"y":46,"width":851,"height":11}},{"id":"89fe3315-e5c5-4f0f-8161-ae30f15c597c","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":84,"box":{"x":53,"y":61,"width":841,"height":10}},{"id":"ae88c85f-8e26-424a-8ebd-4499ff466377","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":84,"box":{"x":53,"y":75,"width":858,"height":11}},{"id":"17afc8cb-6565-47bc-b0a8-f440b1ea4843","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":84,"box":{"x":53,"y":89,"width":864,"height":11}},{"id":"188762fd-ce4f-482a-920d-51f40d053e9f","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":84,"box":{"x":53,"y":103,"width":857,"height":11}},{"id":"d0aba840-9e54-4fab-ba4a-1d4c3f064464","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":84,"box":{"x":53,"y":118,"width":845,"height":10}},{"id":"113b4c6c-a5c8-4064-8dc8-1f0759f6f7ae","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":84,"box":{"x":52,"y":132,"width":810,"height":10}},{"id":"6ee372e6-0fc3-4a94-a2ee-029e4d1fe3e6","block_type":"box","text":"constraints at all times.","page_number":84,"box":{"x":53,"y":146,"width":164,"height":8}},{"id":"69c07f20-3a4b-4657-9956-22029dc8cb87","block_type":"box","text":"Issuer Risk.","page_number":84,"box":{"x":53,"y":169,"width":83,"height":8}},{"id":"7bc692d2-9565-4e44-b762-c9ddaa86c85f","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":84,"box":{"x":140,"y":169,"width":780,"height":10}},{"id":"2bf122c3-ad1e-4168-a288-c05ca295d4ab","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":84,"box":{"x":53,"y":183,"width":886,"height":11}},{"id":"d5b25cb6-22c3-421f-9156-c564780de56d","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":84,"box":{"x":52,"y":197,"width":576,"height":11}},{"id":"2a7cfa14-893d-483c-a3c3-c39528b04851","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":84,"box":{"x":53,"y":220,"width":395,"height":11}},{"id":"aaa8bbf8-4985-4bc7-b6bd-319020537e3f","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":84,"box":{"x":453,"y":220,"width":410,"height":11}},{"id":"a9f7fe97-4796-4933-be4d-d84ba6945582","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":84,"box":{"x":53,"y":235,"width":883,"height":10}},{"id":"655b7542-dd73-4243-a4e8-e30d847d62d7","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":84,"box":{"x":52,"y":249,"width":884,"height":11}},{"id":"dca48a00-7be9-4f17-8450-f7cc235930b0","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":84,"box":{"x":53,"y":263,"width":872,"height":11}},{"id":"d4b5c459-dd97-4a36-9293-26232f5d6268","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":84,"box":{"x":53,"y":277,"width":812,"height":11}},{"id":"8a02b075-e897-4f06-a3e0-1000c095c5e3","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":84,"box":{"x":53,"y":291,"width":890,"height":11}},{"id":"8fa466e9-a506-4814-8d2c-8c0e0853f106","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":84,"box":{"x":52,"y":306,"width":891,"height":9}},{"id":"16fcd50f-1b8c-4c1d-87ee-745bf85105a8","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":84,"box":{"x":53,"y":320,"width":836,"height":11}},{"id":"c7102ed9-697c-4965-b506-b93ad608a125","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":84,"box":{"x":53,"y":334,"width":810,"height":11}},{"id":"2c023fde-8793-4876-bc40-f1513b06d9bf","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":84,"box":{"x":53,"y":348,"width":861,"height":11}},{"id":"65a7be28-09e9-4847-bcd6-f481435b6008","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":84,"box":{"x":53,"y":362,"width":875,"height":11}},{"id":"80f09400-2c0d-4815-bc43-b77b29feddef","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":84,"box":{"x":52,"y":376,"width":654,"height":11}},{"id":"0191728c-269d-4890-9a82-2147815152ec","block_type":"box","text":"Management Risk.","page_number":84,"box":{"x":53,"y":400,"width":137,"height":11}},{"id":"d3e9bb19-75d5-4b0a-ab65-b603bda877e6","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":84,"box":{"x":194,"y":399,"width":711,"height":11}},{"id":"75af0538-811e-43e0-affe-4fbba39ad48a","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":84,"box":{"x":53,"y":414,"width":877,"height":11}},{"id":"a8db26fc-aef3-456f-8121-d4f774811763","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":84,"box":{"x":53,"y":428,"width":859,"height":11}},{"id":"531f1825-e4fd-4aee-a0c8-ef449c723c26","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":84,"box":{"x":52,"y":442,"width":848,"height":11}},{"id":"e75efccc-1e36-4c79-9161-add38b6152bd","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":84,"box":{"x":53,"y":456,"width":756,"height":11}},{"id":"36fdff4c-9e5e-4210-a499-e4ef586be32b","block_type":"box","text":"Market Trading Risk.","page_number":84,"box":{"x":53,"y":479,"width":152,"height":11}},{"id":"bf0e4596-165f-4647-92f8-a90c22572d89","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":84,"box":{"x":209,"y":480,"width":694,"height":10}},{"id":"983793e9-60b3-440d-a40c-42e9596292a9","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":84,"box":{"x":53,"y":494,"width":841,"height":11}},{"id":"548a898c-b7aa-4f6e-8178-5d49bd02c1b8","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":84,"box":{"x":53,"y":508,"width":887,"height":11}},{"id":"cea3f872-b425-45f8-80b7-fe9c837d5858","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":84,"box":{"x":52,"y":522,"width":839,"height":11}},{"id":"72d47e25-aed2-46c1-b10b-15278c5edfd9","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":84,"box":{"x":53,"y":536,"width":866,"height":11}},{"id":"924172fd-1e58-43b5-9650-3a3ae04af827","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":84,"box":{"x":52,"y":550,"width":885,"height":11}},{"id":"c45bc73d-3be0-4070-91f3-73e7daa0856d","block_type":"box","text":"of the Fund shares.","page_number":84,"box":{"x":53,"y":565,"width":134,"height":8}},{"id":"30cce4b4-55d1-47cc-b532-236a3afc49cc","block_type":"box","text":"Materials Companies Risk.","page_number":84,"box":{"x":53,"y":588,"width":195,"height":10}},{"id":"55fa6a99-58b4-4256-b91e-36e11792d2ef","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":84,"box":{"x":253,"y":588,"width":653,"height":11}},{"id":"ef32c43d-0ac5-48ce-933f-58e23398526d","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":84,"box":{"x":53,"y":602,"width":819,"height":11}},{"id":"92c83a24-7814-45f6-a4ac-97b40a19f05e","block_type":"box","text":"government regulations, among other factors.","page_number":84,"box":{"x":53,"y":616,"width":325,"height":11}},{"id":"f83756b5-8b8d-419a-bc3b-16692f05c777","block_type":"box","text":"National Closed Market Trading Risk.","page_number":84,"box":{"x":53,"y":639,"width":273,"height":11}},{"id":"64152402-4562-4a44-887c-2d036772ae97","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":84,"box":{"x":330,"y":639,"width":544,"height":11}},{"id":"38a52762-a2fc-472c-9cc5-ef0344298327","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":84,"box":{"x":53,"y":654,"width":874,"height":10}},{"id":"c3dfc083-db28-4f91-9ce4-7a2496897a18","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":84,"box":{"x":52,"y":668,"width":651,"height":11}},{"id":"a8340200-6a16-429d-85de-582f3f3d77a6","block_type":"box","text":"i.e","page_number":84,"box":{"x":704,"y":668,"width":15,"height":8}},{"id":"07fd6fe5-1677-4ee8-a95c-ec4369819cf5","block_type":"box","text":"., the quote from the closed","page_number":84,"box":{"x":720,"y":668,"width":191,"height":10}},{"id":"3639921b-952e-4073-9caa-80a461682c2d","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":84,"box":{"x":52,"y":682,"width":880,"height":11}},{"id":"d92a2625-6166-40b6-9c3c-3045414108bd","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":84,"box":{"x":52,"y":696,"width":849,"height":11}},{"id":"06e2bcca-a1aa-44e3-9821-75f93d94a495","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":84,"box":{"x":53,"y":710,"width":850,"height":11}},{"id":"2da10721-e2b8-439f-8828-d7d4dd5d1eb4","block_type":"box","text":"funds.","page_number":84,"box":{"x":52,"y":724,"width":44,"height":9}},{"id":"3a382b3d-1265-47d6-903b-b307233bd909","block_type":"box","text":"Natural Resources Industry Risk.","page_number":84,"box":{"x":53,"y":748,"width":241,"height":11}},{"id":"683cf4d8-11d0-4850-9fee-0250c4cb877e","block_type":"box","text":"The value of securities issued by companies in the natural resources industry may decline","page_number":84,"box":{"x":299,"y":748,"width":634,"height":11}},{"id":"827f6116-3293-453d-a2d9-c2d6f4297bbc","block_type":"box","text":"for many reasons, including changes in commodity prices or government regulation, environmental damage claims, changes","page_number":84,"box":{"x":52,"y":762,"width":886,"height":11}},{"id":"3769e32e-4527-44d8-ac98-5728c97e16a2","block_type":"box","text":"in exchange rates or depletion of natural resources.","page_number":84,"box":{"x":53,"y":776,"width":363,"height":11}},{"id":"f1d4e301-2a1b-4d69-a9a6-0d6382145794","block_type":"box","text":"Non-Diversification Risk.","page_number":84,"box":{"x":53,"y":799,"width":184,"height":9}},{"id":"a4cbb9cb-8a15-47b5-a65c-91921a880b65","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":84,"box":{"x":242,"y":799,"width":633,"height":11}},{"id":"faeddd82-bf7b-4de8-a9a5-1da127b0dc87","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":84,"box":{"x":53,"y":813,"width":802,"height":11}},{"id":"72cf16ec-2bab-48c3-b61d-d98fce7dcdcf","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":84,"box":{"x":53,"y":828,"width":888,"height":10}},{"id":"36f3c842-34b5-4c5d-83b4-28fc03232b74","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":84,"box":{"x":53,"y":842,"width":876,"height":11}},{"id":"8e904023-6265-4688-be8f-7cf9b009f9ba","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":84,"box":{"x":53,"y":856,"width":696,"height":11}},{"id":"f54ecf6a-f609-4288-adaa-9dc6687b1202","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":84,"box":{"x":53,"y":879,"width":182,"height":9}},{"id":"b94afc80-3d56-4a97-b59c-917fee1dfd64","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":84,"box":{"x":240,"y":879,"width":687,"height":11}},{"id":"ea02a3bb-d32e-45d6-95b8-fc9726d97868","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":84,"box":{"x":53,"y":893,"width":853,"height":11}},{"id":"e5474d35-e780-46f6-b82f-e24ead65a107","block_type":"box","text":"S-77","page_number":84,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"48c63635-02b5-4cad-8bc1-61c3aec6a7ca","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":85,"box":{"x":52,"y":46,"width":847,"height":11}},{"id":"1e941645-f239-457a-8616-aa50306c527c","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":85,"box":{"x":53,"y":61,"width":889,"height":10}},{"id":"c376ffdd-84e4-48b0-89d5-3879e5a426e8","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":85,"box":{"x":53,"y":75,"width":842,"height":11}},{"id":"d06c1923-3a4a-4185-a7a0-b7b967d3d7e4","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":85,"box":{"x":53,"y":89,"width":831,"height":11}},{"id":"edb5f8e4-ffe0-40e1-9e2b-194bb2d05d09","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":85,"box":{"x":53,"y":103,"width":821,"height":11}},{"id":"f3465f96-ef06-43f1-b376-f424d502d68f","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":85,"box":{"x":53,"y":117,"width":871,"height":11}},{"id":"4457254c-1321-41dd-a037-1c793a74023c","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":85,"box":{"x":53,"y":131,"width":289,"height":11}},{"id":"c52a2841-01f0-4ecf-8826-b264722151c3","block_type":"box","text":"European Economic Risk.","page_number":85,"box":{"x":348,"y":131,"width":186,"height":11}},{"id":"02a5df1c-eb66-401d-9503-daf34391ea2b","block_type":"box","text":"Operational and Technology Risks.","page_number":85,"box":{"x":53,"y":155,"width":254,"height":11}},{"id":"2cfc875f-7e2a-41e6-bed3-1a36f97fd9c8","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":85,"box":{"x":312,"y":155,"width":581,"height":11}},{"id":"efaf3739-e67f-4a27-8846-6c3df812655f","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":85,"box":{"x":53,"y":169,"width":876,"height":11}},{"id":"08109ca1-5c31-4f5d-acfd-e6efc7add772","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":85,"box":{"x":53,"y":183,"width":879,"height":11}},{"id":"a139cf7f-4fe7-4f0d-8f3a-6209d32bb441","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":85,"box":{"x":53,"y":197,"width":825,"height":11}},{"id":"d6d4a1af-72dc-4db3-85f1-e35aa7e91301","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":85,"box":{"x":53,"y":211,"width":862,"height":11}},{"id":"e4c28694-da90-4c57-af98-99761b828a13","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":85,"box":{"x":53,"y":226,"width":872,"height":10}},{"id":"ab648d5c-6dcf-4909-a761-83ccd0ee808c","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":85,"box":{"x":53,"y":240,"width":824,"height":11}},{"id":"513665cb-aeb7-4754-b0cd-69fba26bd385","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":85,"box":{"x":53,"y":263,"width":253,"height":11}},{"id":"c7d8b6bd-d8c6-49c8-b004-ffbf5cd18fa1","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":85,"box":{"x":310,"y":263,"width":614,"height":11}},{"id":"b7b0bb93-86f8-4895-b881-b16721cebf2f","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":85,"box":{"x":52,"y":277,"width":871,"height":11}},{"id":"55dd3a3e-d9ae-402b-be97-0a989eac72b0","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":85,"box":{"x":53,"y":291,"width":527,"height":11}},{"id":"85b37978-1a87-41d4-b419-1c37e27d8f78","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":85,"box":{"x":584,"y":291,"width":346,"height":11}},{"id":"b139cdbc-fb9b-4b92-8ea0-22fd0417aee8","block_type":"box","text":"and","page_number":85,"box":{"x":53,"y":306,"width":25,"height":8}},{"id":"e953f63f-ff35-45d5-a182-67221deeb56f","block_type":"box","text":"North American Economic Risk.","page_number":85,"box":{"x":84,"y":305,"width":233,"height":9}},{"id":"88a237f9-cf71-485a-a226-ce5b5e521817","block_type":"box","text":"Risk of Investing in China.","page_number":85,"box":{"x":53,"y":329,"width":191,"height":11}},{"id":"96d74fe6-ad45-4857-a530-e5a13c26e859","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":85,"box":{"x":250,"y":329,"width":678,"height":11}},{"id":"4d56bf6b-c6c9-478c-9b6b-2c0d0cdaf363","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":85,"box":{"x":53,"y":343,"width":819,"height":11}},{"id":"d0718b0f-295b-4ba3-815e-89cf0ce9573c","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":85,"box":{"x":53,"y":357,"width":866,"height":11}},{"id":"8de2b425-5e67-4e57-9c3b-ceb652814768","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":85,"box":{"x":53,"y":371,"width":866,"height":11}},{"id":"f9f21964-a0e4-40ce-89ea-91c0bbcd48ec","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":85,"box":{"x":52,"y":386,"width":841,"height":10}},{"id":"02715533-2b1b-41e6-a76b-b9f83bfb7e0d","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":85,"box":{"x":53,"y":400,"width":864,"height":10}},{"id":"5aaa5395-5eb2-4cc1-9087-6b16b328e72f","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":85,"box":{"x":52,"y":414,"width":861,"height":11}},{"id":"25c6cbc2-7e1b-43ef-9e68-90c5ca83bc68","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":85,"box":{"x":53,"y":428,"width":869,"height":11}},{"id":"877ba7b6-fc8c-4846-a122-578e95444dba","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":85,"box":{"x":53,"y":442,"width":783,"height":11}},{"id":"984a1f28-a174-42bf-ac1c-cf7a79e62bea","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":85,"box":{"x":53,"y":465,"width":887,"height":11}},{"id":"f820e7f6-57d1-4e36-af37-b78e1dc27e57","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":85,"box":{"x":52,"y":480,"width":834,"height":10}},{"id":"2f286f86-cf67-4c4f-883c-1d2b5030cb99","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":85,"box":{"x":52,"y":494,"width":845,"height":11}},{"id":"73336804-0930-4a1e-9f32-59e1dbfc37c1","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":85,"box":{"x":53,"y":508,"width":876,"height":11}},{"id":"27d60d6d-f093-4631-8a79-6cca0b45494d","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":85,"box":{"x":53,"y":522,"width":834,"height":11}},{"id":"ecfdf0c3-cd5d-405a-88b8-e9b0102fc181","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":85,"box":{"x":53,"y":536,"width":421,"height":11}},{"id":"b954e497-1ba0-425c-933b-a397e48185b7","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":85,"box":{"x":52,"y":560,"width":849,"height":10}},{"id":"1aa832e8-f77f-4be6-8efa-06bb202ffe50","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":85,"box":{"x":53,"y":574,"width":886,"height":10}},{"id":"3ea47f4c-5532-49ce-854b-ed2e3b13391b","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":85,"box":{"x":53,"y":588,"width":878,"height":11}},{"id":"4dd6c5f2-ad66-4f5c-8d66-f1d3418bf58a","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":85,"box":{"x":53,"y":602,"width":874,"height":11}},{"id":"470ced65-f34a-4ef0-8e42-8f89ced8f8d2","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":85,"box":{"x":53,"y":616,"width":878,"height":11}},{"id":"3300c89f-c768-48a5-b660-422ea67d786c","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":85,"box":{"x":53,"y":630,"width":807,"height":11}},{"id":"cfda8890-c8a6-46a5-b8b2-3d770c5872d4","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":85,"box":{"x":53,"y":645,"width":890,"height":10}},{"id":"a8488f87-2f2b-455c-a0b2-331853b2a63f","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":85,"box":{"x":52,"y":659,"width":471,"height":11}},{"id":"76e73e22-eafc-4e65-b50d-1e9f3acda804","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":85,"box":{"x":53,"y":682,"width":883,"height":11}},{"id":"6859c3aa-185d-4af1-a73f-505da44e7524","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":85,"box":{"x":53,"y":696,"width":850,"height":11}},{"id":"ac618ba7-de63-48db-a7a0-667710a2166c","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":85,"box":{"x":53,"y":710,"width":861,"height":11}},{"id":"7bab065e-65be-4791-9c82-0a28ea545ebe","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":85,"box":{"x":53,"y":724,"width":850,"height":11}},{"id":"b376653b-02d5-4782-a03e-305559593cca","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":85,"box":{"x":53,"y":739,"width":883,"height":11}},{"id":"7cd058c4-dd57-4508-a048-5ffb660736d7","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":85,"box":{"x":52,"y":753,"width":860,"height":11}},{"id":"3cf9bf36-e66f-4ff2-ba61-427706d66425","block_type":"box","text":"have limited legal remedies.","page_number":85,"box":{"x":53,"y":767,"width":196,"height":11}},{"id":"3b81f792-78d2-40f1-b55c-43bed9ee2093","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","page_number":85,"box":{"x":53,"y":790,"width":845,"height":11}},{"id":"0e97bfd9-2402-423d-9a45-e6be67ea8c2c","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":85,"box":{"x":52,"y":804,"width":836,"height":11}},{"id":"0465c913-6f2b-4480-a27c-f444a83f713c","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":85,"box":{"x":53,"y":819,"width":851,"height":10}},{"id":"3a9e3f58-ebd0-4e33-850d-2c8b0a776172","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":85,"box":{"x":52,"y":833,"width":779,"height":10}},{"id":"54c7ab69-6fd8-40bb-a591-83320905b7df","block_type":"box","text":"considerations.","page_number":85,"box":{"x":53,"y":847,"width":107,"height":8}},{"id":"1bed7ad3-f3cc-46fc-b5a8-5ca2802a6991","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":85,"box":{"x":53,"y":870,"width":302,"height":11}},{"id":"d46d6ec6-8463-44ff-a9c1-af34f066044d","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":85,"box":{"x":359,"y":870,"width":581,"height":11}},{"id":"96674a54-3623-4939-976c-7cf23a891e52","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":85,"box":{"x":53,"y":885,"width":868,"height":10}},{"id":"f85be86b-25e1-4d3c-af39-3459cd0e2b5f","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":85,"box":{"x":52,"y":899,"width":871,"height":10}},{"id":"e724dd73-b36c-4df3-b6c4-52d009939649","block_type":"box","text":"S-78","page_number":85,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"ba10fbea-cb39-4224-afe3-54719e3b392f","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":86,"box":{"x":52,"y":46,"width":875,"height":11}},{"id":"ab785ff6-94d8-4690-af4c-600b244b68d5","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":86,"box":{"x":52,"y":61,"width":877,"height":10}},{"id":"30608181-e862-433a-9c26-a273ca978b63","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":86,"box":{"x":53,"y":75,"width":887,"height":11}},{"id":"d4334de1-0871-477f-b5be-9dc66951f6c4","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":86,"box":{"x":53,"y":89,"width":836,"height":11}},{"id":"48b56ec5-31a4-420f-a810-4055b0f1df32","block_type":"box","text":"availability of certain commodities.","page_number":86,"box":{"x":53,"y":103,"width":246,"height":11}},{"id":"ec1ba156-7bd7-42cd-a9d6-98cd8d63e27c","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":86,"box":{"x":53,"y":126,"width":285,"height":11}},{"id":"5940d331-4f30-4ee6-afe5-f1adcdb38c33","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":86,"box":{"x":344,"y":126,"width":547,"height":11}},{"id":"72209310-d05a-4ef5-9fea-6537ef3b5441","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":86,"box":{"x":53,"y":141,"width":880,"height":10}},{"id":"a5518d5a-695b-419a-a90e-8266232b22cc","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":86,"box":{"x":53,"y":155,"width":822,"height":11}},{"id":"64718488-0bc1-4083-8dd3-9d113da11812","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":86,"box":{"x":52,"y":169,"width":891,"height":11}},{"id":"08929541-82e2-49c5-b929-bb45656eb146","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":86,"box":{"x":53,"y":183,"width":834,"height":11}},{"id":"9069b5c5-f80e-4d7a-a2a2-60665b5bd74f","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":86,"box":{"x":53,"y":197,"width":845,"height":11}},{"id":"cefe6201-1dce-421b-a60f-b1ece6bd383f","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":86,"box":{"x":53,"y":212,"width":841,"height":10}},{"id":"58a1114b-112a-46d9-9958-e8de52e05bd0","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":86,"box":{"x":53,"y":226,"width":884,"height":10}},{"id":"482ad22b-c9e6-4eb5-8dda-7bce99cb6272","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":86,"box":{"x":53,"y":240,"width":475,"height":10}},{"id":"c4ab026b-efb3-4f15-af2c-1c5c9399fb3f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":86,"box":{"x":53,"y":263,"width":200,"height":11}},{"id":"6767938f-7f45-44aa-a2a4-525ef2a7e95b","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":86,"box":{"x":259,"y":263,"width":663,"height":11}},{"id":"02103ba9-1e25-4d8a-aec4-e89f6cb25b43","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":86,"box":{"x":53,"y":277,"width":877,"height":11}},{"id":"f7677a81-5dba-43e8-aac7-dfec0d9592cf","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":86,"box":{"x":53,"y":291,"width":470,"height":11}},{"id":"a6a771e7-d9e0-485b-8dd6-c53effc2160a","block_type":"box","text":"Securities Lending Risk.","page_number":86,"box":{"x":52,"y":314,"width":178,"height":11}},{"id":"989d4631-fa24-413e-b4e6-7b9a52f36d4a","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":86,"box":{"x":234,"y":315,"width":692,"height":10}},{"id":"53b5f655-6443-431e-8f42-c7cf1864823e","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":86,"box":{"x":53,"y":329,"width":870,"height":11}},{"id":"2077b115-9a50-4056-b676-af7a0524a2c4","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":86,"box":{"x":53,"y":343,"width":886,"height":11}},{"id":"09a35c4a-8219-4034-8ba1-80ae5b15951c","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":86,"box":{"x":53,"y":357,"width":831,"height":11}},{"id":"f4a9b55f-993e-45f5-9228-bfe8fcd4d799","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":86,"box":{"x":52,"y":380,"width":278,"height":11}},{"id":"1faa6456-cdae-44a7-9e4e-8c6eabe442bf","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":86,"box":{"x":336,"y":380,"width":532,"height":11}},{"id":"538dd21e-5b0f-453d-8f34-aff66e1a99bb","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":86,"box":{"x":53,"y":394,"width":817,"height":11}},{"id":"a36b64d4-99ff-4d7c-b4be-3b326033d701","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":86,"box":{"x":53,"y":409,"width":887,"height":10}},{"id":"aab7b45c-bbfd-421e-9ce7-9ab4f9b3ce14","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":86,"box":{"x":52,"y":423,"width":818,"height":11}},{"id":"6e8d50e0-d5ba-47a7-8f96-6dee44c77cdb","block_type":"box","text":"Tracking Error Risk.","page_number":86,"box":{"x":52,"y":446,"width":145,"height":11}},{"id":"978c9311-f4d7-43d3-9342-346c44519183","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":86,"box":{"x":201,"y":446,"width":741,"height":11}},{"id":"22706e2c-32b5-466d-b16a-c95a9a329ddc","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":86,"box":{"x":53,"y":460,"width":861,"height":11}},{"id":"222b8e1f-c121-45e6-94ec-323b6c7cab2f","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":86,"box":{"x":53,"y":474,"width":832,"height":11}},{"id":"b7ad314e-fcb7-4321-ae30-6dce14f780b1","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":86,"box":{"x":53,"y":489,"width":880,"height":10}},{"id":"c5ccfe2c-2f0b-4fb5-abf7-a9db579f3cca","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":86,"box":{"x":53,"y":503,"width":831,"height":11}},{"id":"8ec2c2f6-99aa-452b-9638-433d9ab48e8c","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":86,"box":{"x":52,"y":517,"width":828,"height":11}},{"id":"085244bd-6f07-4167-8c00-cab8b46b5639","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":86,"box":{"x":53,"y":531,"width":873,"height":11}},{"id":"157d5915-0868-4de4-8823-9039b27d3323","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":86,"box":{"x":53,"y":545,"width":889,"height":11}},{"id":"655e5b88-0328-4412-90b0-9874a8dca508","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":86,"box":{"x":53,"y":559,"width":852,"height":11}},{"id":"d149018a-1b1b-4da0-9f65-d32ba1446ec9","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":86,"box":{"x":53,"y":574,"width":886,"height":10}},{"id":"7698bacb-2b46-4d6d-8e48-7663b49ecb85","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":86,"box":{"x":53,"y":588,"width":873,"height":11}},{"id":"44ee1236-f223-4a02-92ad-d3d57c131611","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":86,"box":{"x":53,"y":602,"width":879,"height":11}},{"id":"109381ef-404f-498f-9a4a-2a782f568338","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":86,"box":{"x":53,"y":616,"width":839,"height":11}},{"id":"3fd9e225-2651-4c80-8929-8b43eab4f796","block_type":"box","text":"Valuation Risk.","page_number":86,"box":{"x":52,"y":639,"width":110,"height":9}},{"id":"63ef6667-f4c6-4d2f-924a-f686f556c135","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":86,"box":{"x":166,"y":639,"width":740,"height":11}},{"id":"9b10fa6e-e33e-4802-95de-9d7245785ed4","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":86,"box":{"x":53,"y":654,"width":840,"height":10}},{"id":"1388ed59-8cbd-46f4-a221-71953db87956","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":86,"box":{"x":52,"y":668,"width":869,"height":11}},{"id":"f1de3246-7c59-4df4-bcdf-61f14331469c","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":86,"box":{"x":52,"y":682,"width":889,"height":11}},{"id":"4170f674-b4f4-45c9-8f5d-0e760190e2d7","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":86,"box":{"x":53,"y":696,"width":871,"height":11}},{"id":"daf39d56-bcdc-49d1-a1b7-11b9a594926d","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":86,"box":{"x":52,"y":710,"width":879,"height":11}},{"id":"eab750be-8b17-479d-97b8-11e8cf64f95e","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":86,"box":{"x":53,"y":725,"width":880,"height":10}},{"id":"8d9faa0c-919f-4548-8d1f-d0669eec71f9","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":86,"box":{"x":53,"y":739,"width":816,"height":11}},{"id":"7bb0deee-ca19-4ddf-b772-d104b5c73e2c","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":86,"box":{"x":52,"y":753,"width":613,"height":11}},{"id":"456d4c3f-3aa9-485b-8dd7-67b1237312ab","block_type":"box","text":"Performance Information","page_number":86,"box":{"x":54,"y":782,"width":228,"height":10}},{"id":"ed43bf7b-e233-4a4b-8752-f1d1a0bf50f1","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":86,"box":{"x":52,"y":807,"width":864,"height":10}},{"id":"8d772ef5-3b8f-4ed4-9861-0175ba335096","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":86,"box":{"x":52,"y":821,"width":872,"height":11}},{"id":"01c4a499-9546-4894-ac2b-3e754515f397","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":86,"box":{"x":53,"y":835,"width":868,"height":11}},{"id":"78e153da-dc70-4b0c-8cc6-86d4ede2aff0","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":86,"box":{"x":53,"y":850,"width":838,"height":10}},{"id":"8eb673c1-8bf8-4ad1-953d-ea6ccbb47364","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":86,"box":{"x":53,"y":864,"width":868,"height":11}},{"id":"c4afb77b-5cd2-4957-8f46-4d0b2fa4a71c","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":86,"box":{"x":53,"y":878,"width":832,"height":11}},{"id":"087cf4c0-c659-4a67-9796-8d4947329edf","block_type":"box","text":"S-79","page_number":86,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6efcba2b-6801-4016-88c1-5fb2837f3afa","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":87,"box":{"x":53,"y":46,"width":842,"height":11}},{"id":"04ba9708-c423-46fc-9728-df85c9408f58","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":87,"box":{"x":52,"y":61,"width":531,"height":10}},{"id":"296df163-e6cb-4a93-88c7-97a23361e9d8","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":87,"box":{"x":135,"y":85,"width":260,"height":11}},{"id":"8db5cf71-8be9-4ec4-8d65-60567c781ca4","block_type":"box","text":"13.34","page_number":87,"box":{"x":87,"y":164,"width":25,"height":6}},{"id":"663b2fe1-48c2-4e24-b969-152aaf01fb4c","block_type":"box","text":"34.28","page_number":87,"box":{"x":122,"y":136,"width":27,"height":6}},{"id":"29c4c25f-75df-4bb1-8d2b-a860cfde1c6c","block_type":"box","text":"-17.57","page_number":87,"box":{"x":157,"y":221,"width":30,"height":6}},{"id":"fddc934d-c902-49ed-8936-e0bb65c8a594","block_type":"box","text":"19.58","page_number":87,"box":{"x":198,"y":156,"width":25,"height":6}},{"id":"41e5017d-619d-498c-a26b-b36140dd6d9c","block_type":"box","text":"20.52","page_number":87,"box":{"x":234,"y":155,"width":26,"height":6}},{"id":"e88b443c-c956-493f-89dc-ad1cde74ce18","block_type":"box","text":"16.73","page_number":87,"box":{"x":272,"y":160,"width":25,"height":6}},{"id":"a7dcf655-8ca5-4866-bfb8-a77c1425e0b8","block_type":"box","text":"-19.14","page_number":87,"box":{"x":306,"y":223,"width":30,"height":6}},{"id":"e59a908c-64a9-4b0b-a368-1ba96f240bd8","block_type":"box","text":"13.83","page_number":87,"box":{"x":346,"y":164,"width":25,"height":6}},{"id":"26b9a2a9-869f-4501-ac23-ce80081a2981","block_type":"box","text":"-3.96","page_number":87,"box":{"x":383,"y":203,"width":23,"height":6}},{"id":"9e305ab9-a3ee-422b-a7c6-a3229226fb85","block_type":"box","text":"-3.66","page_number":87,"box":{"x":420,"y":202,"width":23,"height":6}},{"id":"ffd9feb1-1d10-4280-94ba-5cb49c5c0ec4","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":87,"box":{"x":87,"y":239,"width":356,"height":6}},{"id":"fe547de1-8126-4bca-9ad3-8184876f3073","block_type":"box","text":"Return (%) Period Ended","page_number":87,"box":{"x":736,"y":100,"width":188,"height":9}},{"id":"29a9b8fb-3865-4a24-a279-936ea2bf8838","block_type":"box","text":"Calendar Year-to-Date Return","page_number":87,"box":{"x":520,"y":118,"width":197,"height":8}},{"id":"7c3e4d73-c707-4640-b6bb-469489f05f6d","block_type":"box","text":"-7.05% June 30, 2026","page_number":87,"box":{"x":752,"y":118,"width":190,"height":9}},{"id":"e4a5eb58-1ae3-4fc1-8b6e-c19f15e0fd9e","block_type":"box","text":"During the periods shown in the chart:","page_number":87,"box":{"x":520,"y":131,"width":250,"height":10}},{"id":"ba3f7c12-a001-4ef1-9443-72b4451d2fd0","block_type":"box","text":"Best Quarter 23.93% December 31, 2020","page_number":87,"box":{"x":534,"y":144,"width":408,"height":9}},{"id":"2cc1c728-6036-4b3b-906e-211ed9a57def","block_type":"box","text":"Worst Quarter -28.22% March 31, 2020","page_number":87,"box":{"x":533,"y":157,"width":409,"height":9}},{"id":"9cbade69-bf96-4795-9763-9fb12edfd706","block_type":"box","text":"Average Annual Total Returns (%)","page_number":87,"box":{"x":372,"y":269,"width":251,"height":11}},{"id":"6d1b9aff-802e-4c10-b908-4c145615384a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":87,"box":{"x":340,"y":283,"width":315,"height":11}},{"id":"dbeb097a-241e-4022-9acb-41debdab3a88","block_type":"box","text":"One Year Five Years Ten Years","page_number":87,"box":{"x":670,"y":300,"width":268,"height":8}},{"id":"2cdb4553-6c5d-4a28-85d5-59f2fe2f662e","block_type":"box","text":"Fund Inception: 6/24/2008","page_number":87,"box":{"x":58,"y":315,"width":179,"height":10}},{"id":"d2c77d2d-9cf1-4c91-83d0-4bb4e3893f6c","block_type":"box","text":"Return Before Taxes","page_number":87,"box":{"x":58,"y":327,"width":125,"height":8}},{"id":"a688dda4-0660-4bb8-baeb-49cd352d9184","block_type":"box","text":"-3.66% -0.12% 6.04%","page_number":87,"box":{"x":684,"y":327,"width":255,"height":8}},{"id":"76359c47-2d68-4e13-80f9-c0ff17c4a351","block_type":"box","text":"Return After Taxes on Distributions -4.30% -0.60% 5.52%","page_number":87,"box":{"x":58,"y":339,"width":881,"height":7}},{"id":"d8f0f29d-31ff-472b-94e8-48ada92acf7f","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -1.84% -0.11% 4.76%","page_number":87,"box":{"x":58,"y":350,"width":881,"height":8}},{"id":"7a65f661-1660-4122-b0a0-dea1180de6a8","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":87,"box":{"x":57,"y":362,"width":244,"height":9}},{"id":"7cfe60ec-690f-405d-89f9-6ca27e90835e","block_type":"box","text":"1","page_number":87,"box":{"x":302,"y":361,"width":5,"height":4}},{"id":"ba420f9a-5ec7-4b04-a32a-57913bbe709b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":87,"box":{"x":312,"y":362,"width":330,"height":9}},{"id":"26465fde-e306-4d81-8c7a-7a653172f9d8","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":87,"box":{"x":71,"y":375,"width":868,"height":9}},{"id":"b14557b4-aba2-4baa-9142-31fdeaa63ce2","block_type":"box","text":"S&P Global Timber & Forestry Index (Net)","page_number":87,"box":{"x":57,"y":386,"width":272,"height":10}},{"id":"ce4faa72-f415-4bc9-84ee-82def37eaf5b","block_type":"box","text":"1","page_number":87,"box":{"x":330,"y":385,"width":5,"height":5}},{"id":"c9f3b845-6531-4680-89d1-f27f76ffb31e","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":87,"box":{"x":340,"y":386,"width":268,"height":9}},{"id":"a990f1d6-b9f8-4add-afee-fb84b968fd49","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) -3.83% -0.28% 5.87%","page_number":87,"box":{"x":71,"y":399,"width":868,"height":10}},{"id":"977a9b9c-4e0a-40f3-9033-8c16a93f5c83","block_type":"box","text":"1","page_number":87,"box":{"x":80,"y":418,"width":5,"height":4}},{"id":"a6006ce9-afeb-4ec1-8001-de587554d3b7","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":87,"box":{"x":94,"y":419,"width":827,"height":10}},{"id":"a9da84a4-59d4-48d4-9bdc-28893f9e0c7f","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":87,"box":{"x":93,"y":430,"width":847,"height":9}},{"id":"a1593074-c434-4879-afb7-248bc036f59d","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":87,"box":{"x":93,"y":440,"width":843,"height":10}},{"id":"3ef9cb1d-7c25-426c-b8bc-5f78e0364d9f","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":87,"box":{"x":92,"y":450,"width":829,"height":10}},{"id":"56c0e930-dfde-4b0b-9d6b-ae04440bd339","block_type":"box","text":"tax rates, if any.","page_number":87,"box":{"x":92,"y":461,"width":97,"height":9}},{"id":"680ee3c9-0e89-4363-81a4-5d6b1e35a283","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":87,"box":{"x":52,"y":480,"width":857,"height":11}},{"id":"1148c99d-25d0-4939-84e1-4bc79f5882b4","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":87,"box":{"x":53,"y":494,"width":865,"height":11}},{"id":"d1578407-5b61-46df-b7af-dc7517f6f86e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":87,"box":{"x":53,"y":509,"width":847,"height":10}},{"id":"67e79748-0429-407a-b47f-3e9b10d25df8","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":87,"box":{"x":52,"y":523,"width":857,"height":11}},{"id":"c73b941e-cac2-47cb-932e-93b8f7888757","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":87,"box":{"x":53,"y":537,"width":877,"height":11}},{"id":"8d0113a4-a216-48b4-93e7-bb8f84faab84","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":87,"box":{"x":52,"y":551,"width":836,"height":11}},{"id":"ae9078e1-6da7-4b68-87a4-dc71ad9ae731","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":87,"box":{"x":53,"y":565,"width":886,"height":11}},{"id":"7b6e69c7-af98-4476-a48e-20fbe1cd8c76","block_type":"box","text":"on distributions.","page_number":87,"box":{"x":53,"y":580,"width":114,"height":8}},{"id":"990385cc-26b3-446b-9382-eb792f43f9df","block_type":"box","text":"Management","page_number":87,"box":{"x":54,"y":609,"width":119,"height":13}},{"id":"935f7700-7d6e-4ff2-93ad-450d52eebc01","block_type":"box","text":"Investment Adviser.","page_number":87,"box":{"x":53,"y":634,"width":145,"height":8}},{"id":"a7d635a7-45ad-4cea-b62b-40cf98288e09","block_type":"box","text":"BlackRock Fund Advisors.","page_number":87,"box":{"x":204,"y":634,"width":180,"height":8}},{"id":"57afedc3-299e-4f07-9ac5-9165faeb3544","block_type":"box","text":"Portfolio Managers.","page_number":87,"box":{"x":53,"y":657,"width":146,"height":11}},{"id":"47837d68-7c6c-4363-a0ef-9d9226b01e8d","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":87,"box":{"x":203,"y":657,"width":679,"height":11}},{"id":"5d08bcde-7c07-4dd0-99b2-5a53a02bf2d3","block_type":"box","text":"management of the Fund:","page_number":87,"box":{"x":53,"y":671,"width":182,"height":11}},{"id":"7389e6fa-8fee-4b76-a7e2-7ec2f91cb919","block_type":"box","text":"Portfolio Manager","page_number":87,"box":{"x":58,"y":707,"width":119,"height":9}},{"id":"e1eab5ac-f362-4aea-91b7-cf5494f4e7b0","block_type":"box","text":"Portfolio Manager of the","page_number":87,"box":{"x":411,"y":694,"width":160,"height":10}},{"id":"4d205713-a918-4b00-8d49-b291e53cf67a","block_type":"box","text":"Fund Since","page_number":87,"box":{"x":455,"y":707,"width":72,"height":7}},{"id":"b0f8b598-c2c0-4667-af70-fa113012af6c","block_type":"box","text":"Title with Investment","page_number":87,"box":{"x":804,"y":694,"width":140,"height":7}},{"id":"f0149b41-e146-47e2-b796-3a6b7893c5dd","block_type":"box","text":"Adviser","page_number":87,"box":{"x":849,"y":707,"width":49,"height":7}},{"id":"8a29cdc9-24fb-4c61-b5e0-bcfb213318a3","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":87,"box":{"x":57,"y":722,"width":876,"height":10}},{"id":"ea88d36b-6021-411f-98ce-74fbcece9c3d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":87,"box":{"x":58,"y":738,"width":875,"height":9}},{"id":"d0b5e111-bbea-4862-b4f2-fe7c42d5e096","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":87,"box":{"x":58,"y":753,"width":875,"height":10}},{"id":"fceee7da-f77b-46de-aa53-53a4dfb87f7c","block_type":"box","text":"Steven White 2025 Managing Director","page_number":87,"box":{"x":57,"y":769,"width":876,"height":9}},{"id":"edfd6121-f9b9-40c4-b560-f2da4141cb94","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":87,"box":{"x":54,"y":804,"width":304,"height":10}},{"id":"7c92738b-1269-4773-b331-217f96a0c62d","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":87,"box":{"x":52,"y":829,"width":878,"height":11}},{"id":"fb96abe6-cd06-49a1-a07c-2cc21077a17b","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":87,"box":{"x":53,"y":843,"width":855,"height":11}},{"id":"0c8fe88c-3210-42c2-b6c3-489e0ea50f47","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":87,"box":{"x":52,"y":857,"width":817,"height":11}},{"id":"ae17206e-7ce0-4e64-8f44-87b6f8dc2281","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":87,"box":{"x":53,"y":871,"width":878,"height":11}},{"id":"f66eb8f5-2911-41db-9666-3f8951b2f019","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":87,"box":{"x":53,"y":886,"width":861,"height":10}},{"id":"9b01ad35-61fc-4007-adc8-0e90db776c90","block_type":"box","text":"(the “bid-ask spread”).","page_number":87,"box":{"x":53,"y":900,"width":156,"height":10}},{"id":"f14081c5-55f3-444f-9d28-98d27050b657","block_type":"box","text":"S-80","page_number":87,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"c582affd-2fbd-4930-8c5e-4ad972539a3d","block_type":"box","text":"Tax Information","page_number":88,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"6752c45d-2cb8-4eda-a07c-d219e2db2bd6","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":88,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"e2abcb9b-ec3d-4453-bd6c-75538c3b2eb4","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":88,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"412ceb16-e0b4-4b76-b17c-df81245ae3e7","block_type":"box","text":"be taxed when withdrawn.","page_number":88,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"722a6c7e-09a7-4396-a598-305447b71d0a","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":88,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"8ae69e99-0eab-4d31-bde7-19d70e53eee1","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":88,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"1cfbc3ae-3e4b-46be-84ab-7d8d1029d707","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":88,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"4231ce2e-af0a-4108-97ff-bd05e888b596","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":88,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"cc4120d0-98dc-4bcb-abe8-c8593bd0fb7d","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":88,"box":{"x":53,"y":196,"width":801,"height":11}},{"id":"b7f44175-988c-4281-b6fc-038a40f60f9a","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":88,"box":{"x":53,"y":210,"width":841,"height":11}},{"id":"3f1e702d-7782-472f-8320-561e49ee3f81","block_type":"box","text":"financial intermediary’s website for more information.","page_number":88,"box":{"x":52,"y":224,"width":380,"height":11}},{"id":"a6adf9c9-f96c-479f-881b-399b0a904d63","block_type":"box","text":"S-81","page_number":88,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"432b44c3-e6fc-4b63-b57a-2734e86ced16","block_type":"box","text":"iShares Global Utilities ETF","page_number":89,"box":{"x":53,"y":47,"width":379,"height":16}},{"id":"0d7c0859-ed33-4c8f-a02d-e90872b3a293","block_type":"box","text":"JXI | NYSE Arca","page_number":89,"box":{"x":52,"y":70,"width":216,"height":18}},{"id":"69eaa42e-29e2-4203-b169-3a5619f26b15","block_type":"box","text":"Investment Objective","page_number":89,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"5db7f183-9bc1-4164-80f5-e87183ad88d8","block_type":"box","text":"The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in","page_number":89,"box":{"x":52,"y":134,"width":878,"height":11}},{"id":"363e036f-04ce-44a6-b427-21fcf82f420e","block_type":"box","text":"the utilities sector.","page_number":89,"box":{"x":52,"y":148,"width":129,"height":9}},{"id":"14dfb1a6-355b-4e1d-a331-6dda75558b3e","block_type":"box","text":"Fees and Expenses","page_number":89,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"e5962fb6-4064-4068-8bf7-1b7bb0d399d4","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","page_number":89,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"b35630d6-ce77-4640-937e-984b0912301f","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":89,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"590d129e-2843-44ba-a038-16fbeae3486d","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":89,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"955a74d5-0fed-40ff-8c9a-0d32f84f84d5","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":89,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"43f81070-c610-413b-9378-79cd475baf80","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":89,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"fd8ed159-d362-4934-b9ac-d1dca80e3f1f","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":89,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"4c446b88-40d5-4898-9222-e4d8cb1d0b4c","block_type":"box","text":"extraordinary expenses.","page_number":89,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"90f8e9bf-8003-46d2-938d-6395a59d2789","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":89,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"d4a1dea3-5afd-43b8-85a5-5e0ceb93fd77","block_type":"box","text":"reflected in the table and example below.","page_number":89,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"4c04f059-3cb2-4e1e-8d82-31637241ba3f","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":89,"box":{"x":57,"y":348,"width":760,"height":9}},{"id":"b1cd3346-dc37-4822-b31b-720ba3ab7094","block_type":"box","text":"1, 2","page_number":89,"box":{"x":818,"y":346,"width":17,"height":6}},{"id":"37e06109-265d-4e23-85f2-4e1236970a5c","block_type":"box","text":"Management Fee","page_number":89,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"2cd50419-1efe-46c2-9e2b-cfa461c29018","block_type":"box","text":"0.37%","page_number":89,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"b0096376-933a-4bb3-80e8-80ef806ed769","block_type":"box","text":"Other Expenses","page_number":89,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"e650d34d-be6c-48cf-90d4-a1ebaaed5aa3","block_type":"box","text":"0.00%","page_number":89,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"d18e163b-ff34-476b-a68b-486e4a52942e","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":89,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"0964d94a-a7e9-4388-a8b7-b37c756cf52b","block_type":"box","text":"0.37%","page_number":89,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"9b4f8587-18cb-4a42-9dc9-b7a61769480a","block_type":"box","text":"1","page_number":89,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"3ced182f-043d-499f-a091-51046d62a2cd","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":89,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"3db2238b-2a8d-4da8-84c5-4960b4dda04c","block_type":"box","text":"2","page_number":89,"box":{"x":80,"y":437,"width":5,"height":4}},{"id":"b110f3be-49fe-4dc2-8e39-2f1bedbd3eec","block_type":"box","text":"Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect","page_number":89,"box":{"x":94,"y":438,"width":808,"height":10}},{"id":"62f313f6-1904-4196-bcfc-502c6f0d2867","block_type":"box","text":"expected fees in the current year.","page_number":89,"box":{"x":93,"y":448,"width":206,"height":10}},{"id":"3db96152-1958-4506-923f-40c5a1de17d8","block_type":"box","text":"Example.","page_number":89,"box":{"x":53,"y":468,"width":67,"height":10}},{"id":"828a7cc5-905d-4870-a05e-228f4c30b43d","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","page_number":89,"box":{"x":124,"y":468,"width":795,"height":11}},{"id":"eac1cd74-1a27-4d2f-8d8f-97c48b7ec0a6","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":89,"box":{"x":53,"y":482,"width":885,"height":11}},{"id":"ac15d5ef-3d21-48e4-8136-489d29785df2","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":89,"box":{"x":52,"y":496,"width":871,"height":11}},{"id":"b0d80ff9-8134-4749-81d4-320c46438be1","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":89,"box":{"x":53,"y":510,"width":887,"height":11}},{"id":"cf549797-8d96-4b13-8b8b-1c002775b957","block_type":"box","text":"your costs would be:","page_number":89,"box":{"x":52,"y":525,"width":143,"height":11}},{"id":"8ef4f107-6e78-426e-b7ba-7c35fa9b4f07","block_type":"box","text":"Expense Example","page_number":89,"box":{"x":58,"y":548,"width":115,"height":9}},{"id":"65df2d29-2641-4ce6-b7fd-74fe4dd946f1","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":89,"box":{"x":663,"y":548,"width":280,"height":7}},{"id":"e5f2dd97-8dd9-469a-9ee1-c1f00bf256d1","block_type":"box","text":"Example Fund Costs","page_number":89,"box":{"x":58,"y":563,"width":128,"height":9}},{"id":"fb1e376b-fcbe-4a2a-95ce-64e020593625","block_type":"box","text":"$38 $119 $208 $468","page_number":89,"box":{"x":671,"y":563,"width":261,"height":8}},{"id":"17261ffd-dddf-4556-8e2c-b2bc7a53605b","block_type":"box","text":"Portfolio Turnover.","page_number":89,"box":{"x":57,"y":592,"width":136,"height":9}},{"id":"9600a685-798e-4ca2-bf6c-a31cc5ee8bd9","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":89,"box":{"x":198,"y":592,"width":721,"height":11}},{"id":"2dea1692-167a-4c14-8ec7-8d5c5702a946","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":89,"box":{"x":53,"y":606,"width":883,"height":11}},{"id":"46f46670-410e-49ae-9781-41718a65d039","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":89,"box":{"x":53,"y":621,"width":876,"height":11}},{"id":"cc5e40e6-3553-4596-91f5-ebb3411c7d2c","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of","page_number":89,"box":{"x":52,"y":635,"width":877,"height":11}},{"id":"b71e73a9-1ca6-4747-9405-17e14e1c53af","block_type":"box","text":"the average value of its portfolio.","page_number":89,"box":{"x":52,"y":649,"width":231,"height":11}},{"id":"96bcb2c3-66c7-4d23-9951-d266de14ef77","block_type":"box","text":"Principal Investment Strategies","page_number":89,"box":{"x":54,"y":678,"width":284,"height":13}},{"id":"179978ad-1e80-4bf1-93a7-d9387023a79f","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global 1200 Utilities (Sector) Capped Index","page_number":89,"box":{"x":52,"y":703,"width":720,"height":11}},{"id":"7078090f-87a0-40d8-b908-b299572fbcd4","block_type":"box","text":"TM","page_number":89,"box":{"x":772,"y":702,"width":17,"height":5}},{"id":"e828b9e9-e8ea-4908-a99e-0d8d4f985546","block_type":"box","text":"(the “Underlying","page_number":89,"box":{"x":794,"y":703,"width":115,"height":11}},{"id":"f76ee578-b6e4-4b31-94c8-da79f456ac8e","block_type":"box","text":"Index”), which measures the performance of companies that S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a","page_number":89,"box":{"x":53,"y":717,"width":875,"height":11}},{"id":"de80dd2f-e471-443f-87ee-5b491cf74c41","block_type":"box","text":"subsidiary of S&P Global, Inc., deems to be part of the utilities sector of the economy. The Underlying Index is a subset of the","page_number":89,"box":{"x":52,"y":732,"width":878,"height":10}},{"id":"9bcc1755-0dde-48a7-963a-5cc78ccb2b53","block_type":"box","text":"S&P Global 1200, which is designed to measure the performance of large-capitalization stocks from major global markets, as","page_number":89,"box":{"x":52,"y":746,"width":886,"height":11}},{"id":"bdbf7b31-3003-4752-8c30-ec9b4dbed1df","block_type":"box","text":"determined by SPDJI. The Underlying Index uses a capping methodology. The capping methodology limits the sum of the","page_number":89,"box":{"x":53,"y":760,"width":856,"height":11}},{"id":"dc7baf82-9724-4dbe-b02a-f6862f54b37b","block_type":"box","text":"weights of the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a","page_number":89,"box":{"x":52,"y":774,"width":860,"height":11}},{"id":"22095e65-52c5-4589-b564-8b6ab3507e05","block_type":"box","text":"maximum of 25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology,","page_number":89,"box":{"x":53,"y":788,"width":866,"height":11}},{"id":"d1bdc928-4836-4a40-b831-552997e9cb2b","block_type":"box","text":"the Underlying Index constrains at quarterly rebalance the aggregate weight of all issuers that individually exceed 4.5% of","page_number":89,"box":{"x":52,"y":802,"width":865,"height":11}},{"id":"471fdbc0-e3eb-442c-a07e-f669d92e5c24","block_type":"box","text":"the index weight to a maximum of 22.5%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at","page_number":89,"box":{"x":52,"y":817,"width":877,"height":11}},{"id":"f41f6bbd-e496-401f-b0db-9e8ea556b117","block_type":"box","text":"the end of any day on which all issuers that individually constitute more than 5% of the weight of the Underlying Index","page_number":89,"box":{"x":52,"y":831,"width":838,"height":11}},{"id":"271e6c0e-242e-42f8-b45d-735199f88c92","block_type":"box","text":"collectively represent more than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping","page_number":89,"box":{"x":53,"y":845,"width":867,"height":11}},{"id":"a47c6e49-afaa-457c-b9c6-d741b52dfa9f","block_type":"box","text":"methodology, SPDJI considers two or more companies as belonging to the same issuer where more than 20% of all voting","page_number":89,"box":{"x":53,"y":859,"width":861,"height":11}},{"id":"3bdf9b62-9ae9-4e46-8fff-a58aa98bed14","block_type":"box","text":"shares in a subsidiary are controlled by the same issuer control group.","page_number":89,"box":{"x":52,"y":874,"width":496,"height":10}},{"id":"0d258567-cb73-42dc-9279-44393c7c5ce1","block_type":"box","text":"As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the utilities","page_number":89,"box":{"x":52,"y":895,"width":886,"height":11}},{"id":"e7366f79-414e-4860-ad26-6b234ef740f0","block_type":"box","text":"industry or sector. The components of the Underlying Index are likely to change over time. As of March 31, 2026, the","page_number":89,"box":{"x":53,"y":909,"width":818,"height":11}},{"id":"81387394-9ae5-4e78-8166-40cb057475c3","block_type":"box","text":"S-82","page_number":89,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5ff52150-7613-4826-933d-4bb69f9afcd2","block_type":"box","text":"Underlying Index was composed of securities of companies in the following countries or regions: Australia, Austria, Brazil,","page_number":90,"box":{"x":53,"y":46,"width":857,"height":11}},{"id":"f9b07a8a-8823-4d1a-9331-261b9d882cc4","block_type":"box","text":"Canada, Chile, Colombia, Denmark, Finland, France, Germany, Italy, Japan, Portugal, Spain, the United Kingdom (the “U.K.”)","page_number":90,"box":{"x":53,"y":60,"width":868,"height":11}},{"id":"59e7f6d1-05c2-41b3-bd1a-a16278fd7e0a","block_type":"box","text":"and the U.S.","page_number":90,"box":{"x":53,"y":75,"width":83,"height":8}},{"id":"4130dc89-5534-4d2f-935d-a1c9e9abf646","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":90,"box":{"x":52,"y":98,"width":853,"height":11}},{"id":"f8b1e9e0-e0a9-48b9-8c17-0914843df915","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":90,"box":{"x":53,"y":112,"width":839,"height":11}},{"id":"62456884-eca5-432c-8657-b62292f86b10","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":90,"box":{"x":53,"y":126,"width":868,"height":11}},{"id":"a172a78e-b205-4609-ab0d-a0d1c914f9a2","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":90,"box":{"x":53,"y":141,"width":851,"height":10}},{"id":"0ec0a32e-db1e-4c9a-a9cb-2b9cebfbfcd1","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":90,"box":{"x":53,"y":155,"width":806,"height":11}},{"id":"12eff26e-bd5f-4503-a060-07eac715a60d","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":90,"box":{"x":53,"y":169,"width":884,"height":11}},{"id":"a3f2bf5f-eb0b-48c9-86a5-38670974efbd","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":90,"box":{"x":52,"y":183,"width":884,"height":11}},{"id":"076d3ce7-c995-4a45-9d27-b3729401a496","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":90,"box":{"x":53,"y":197,"width":852,"height":11}},{"id":"fe941c61-c839-4f89-ba61-aea4d4ac2b24","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":90,"box":{"x":53,"y":211,"width":867,"height":11}},{"id":"c86acca4-6477-457d-92b4-220ea40d67be","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":90,"box":{"x":52,"y":226,"width":869,"height":10}},{"id":"f310c948-81bf-4e04-8bc5-a64e2cd4b721","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":90,"box":{"x":52,"y":240,"width":863,"height":11}},{"id":"5e3fde4a-0c64-444b-a762-f369f52765eb","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":90,"box":{"x":53,"y":254,"width":826,"height":11}},{"id":"a7766269-cdea-4cc3-a63c-94d942c1d5c7","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":90,"box":{"x":53,"y":268,"width":405,"height":11}},{"id":"cd1f8aca-1613-41ce-8c46-1f2beb33d0f8","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":90,"box":{"x":53,"y":291,"width":844,"height":11}},{"id":"df0b9cea-8c34-4563-b72f-9cc5dd127a16","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":90,"box":{"x":53,"y":306,"width":860,"height":10}},{"id":"da7f9d3a-08f5-4add-8e2c-e787aa452eaa","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":90,"box":{"x":53,"y":320,"width":831,"height":11}},{"id":"16c25348-e5cc-48a4-8845-660b95437cd6","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":90,"box":{"x":53,"y":334,"width":817,"height":11}},{"id":"981e875a-d44c-42c7-83cf-ebe6cb35625a","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":90,"box":{"x":53,"y":348,"width":818,"height":11}},{"id":"ecb29fad-1f4e-46ad-be49-dd4ef7c03ab1","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":90,"box":{"x":53,"y":362,"width":835,"height":11}},{"id":"e39bf2b4-66b8-48c1-9981-5fe3065be380","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":90,"box":{"x":52,"y":385,"width":873,"height":11}},{"id":"eca659d5-703d-4612-9761-851b5bcf800e","block_type":"box","text":"collateral received).","page_number":90,"box":{"x":53,"y":400,"width":136,"height":9}},{"id":"42840afd-f594-4f37-834a-d232f94193ba","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":90,"box":{"x":52,"y":423,"width":861,"height":11}},{"id":"589dfe81-5c8d-472c-8c44-6df26abedd48","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":90,"box":{"x":53,"y":437,"width":856,"height":11}},{"id":"da78d526-a762-45f6-bdf6-6b77801f0e3b","block_type":"box","text":"market value of the Underlying Index.","page_number":90,"box":{"x":53,"y":451,"width":263,"height":11}},{"id":"41b695f5-0a83-4254-99a6-792d3bbbffae","block_type":"box","text":"Industry Concentration Policy.","page_number":90,"box":{"x":53,"y":474,"width":224,"height":11}},{"id":"e944d135-7968-4afa-80d4-0110ff818871","block_type":"box","text":"The Fund will concentrate its investments (","page_number":90,"box":{"x":281,"y":474,"width":304,"height":10}},{"id":"6e6098c9-95ab-4a41-a63c-6197bc3b4552","block_type":"box","text":"i.e.","page_number":90,"box":{"x":587,"y":475,"width":17,"height":8}},{"id":"bd004365-fe69-42a9-996d-2dd8b3572b45","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":90,"box":{"x":606,"y":474,"width":292,"height":10}},{"id":"6dadd50d-84b7-4c6b-8ff0-6cca612f68ad","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":90,"box":{"x":53,"y":489,"width":858,"height":10}},{"id":"975dd0a6-0d0c-4296-be8a-d4148350a249","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":90,"box":{"x":53,"y":503,"width":868,"height":11}},{"id":"bff0518d-57c7-4c17-adf6-7705a1ecb753","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":90,"box":{"x":53,"y":517,"width":826,"height":11}},{"id":"e38a02f6-4622-4dc2-8a54-360367c6547c","block_type":"box","text":"Summary of Principal Risks","page_number":90,"box":{"x":52,"y":546,"width":248,"height":13}},{"id":"63528d94-86c2-41ce-9f9b-231eb48c7dff","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":90,"box":{"x":52,"y":571,"width":881,"height":11}},{"id":"c3bf2058-2f2d-461a-a697-639088eddac3","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":90,"box":{"x":53,"y":585,"width":824,"height":11}},{"id":"82573829-99b6-431e-bead-c3cc089fef82","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":90,"box":{"x":53,"y":599,"width":807,"height":11}},{"id":"2b52c642-ec8e-4c1d-9dfe-e0a018a38e5a","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":90,"box":{"x":53,"y":614,"width":844,"height":10}},{"id":"01df4096-3bfb-40c3-87be-11417dc34d57","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":90,"box":{"x":52,"y":628,"width":815,"height":11}},{"id":"9e1d649f-f7d0-4971-8ff5-8ddaa8b2ccf4","block_type":"box","text":"Utility Companies Risk.","page_number":90,"box":{"x":53,"y":651,"width":170,"height":11}},{"id":"6be74f1b-ab23-4a55-bbcb-730924de8196","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":90,"box":{"x":228,"y":651,"width":710,"height":11}},{"id":"870b801e-d3ae-4c38-a84c-50b5b9276a19","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among","page_number":90,"box":{"x":53,"y":665,"width":873,"height":11}},{"id":"bf4ab7b0-e013-442a-8de3-d4ba7faaef0c","block_type":"box","text":"other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased","page_number":90,"box":{"x":53,"y":679,"width":804,"height":11}},{"id":"e157363f-eb51-45b1-9239-3ea91fd613b4","block_type":"box","text":"competition.","page_number":90,"box":{"x":53,"y":694,"width":88,"height":10}},{"id":"d4bfc33a-e930-4df0-a5a5-d5b80a0fcb1b","block_type":"box","text":"Equity Securities Risk.","page_number":90,"box":{"x":53,"y":717,"width":164,"height":11}},{"id":"a7dd76f6-7568-4020-9157-f87672339bf9","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":90,"box":{"x":223,"y":717,"width":709,"height":11}},{"id":"c789b06f-8389-429e-90d2-4afa0bd88a16","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":90,"box":{"x":53,"y":731,"width":889,"height":11}},{"id":"6e4adc0b-64f9-4e61-95d7-f9b3b954c9a9","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":90,"box":{"x":53,"y":745,"width":880,"height":11}},{"id":"3d46c71f-f03b-421b-9d37-5eb2caf9503e","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":90,"box":{"x":53,"y":759,"width":867,"height":11}},{"id":"04ba6ef4-63ed-4d53-839b-955cbbb34a24","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":90,"box":{"x":53,"y":773,"width":339,"height":11}},{"id":"df2d37c8-fdb1-4cc8-9c2a-70b51795d1c1","block_type":"box","text":"Market Risk.","page_number":90,"box":{"x":53,"y":797,"width":91,"height":8}},{"id":"d85522e4-59fb-4922-953e-a978e5ed5fff","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":90,"box":{"x":148,"y":797,"width":768,"height":11}},{"id":"737c9339-82a4-4a4a-9882-3f533367e430","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":90,"box":{"x":53,"y":811,"width":882,"height":11}},{"id":"6ec21338-e6dd-4460-8a72-49f9b9438644","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":90,"box":{"x":53,"y":825,"width":858,"height":11}},{"id":"423f3f0e-68fe-434a-a810-1056ac8627a0","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":90,"box":{"x":53,"y":839,"width":875,"height":11}},{"id":"5d15836f-0279-4aa3-92db-b3d91e2536b8","block_type":"box","text":"Fund’s NAV.","page_number":90,"box":{"x":53,"y":853,"width":82,"height":9}},{"id":"60cac584-1091-4af9-ac44-d4b60e682c81","block_type":"box","text":"Index-Related Risk.","page_number":90,"box":{"x":53,"y":877,"width":143,"height":8}},{"id":"2e77702d-b786-4ba3-ac6b-fa9bb2d47e03","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":90,"box":{"x":201,"y":877,"width":742,"height":10}},{"id":"ebe5636a-701c-4c8e-b0d8-7abb14c70b07","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":90,"box":{"x":53,"y":891,"width":856,"height":11}},{"id":"9c6e5209-e41b-416a-8e72-c8c0b759348d","block_type":"box","text":"S-83","page_number":90,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"66cdaf27-5a08-4db5-bdb9-3fbdb357f1f7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":91,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"2628f6ca-0ed0-4416-8f93-476b665b9a09","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":91,"box":{"x":53,"y":61,"width":876,"height":10}},{"id":"8de79e2d-afb1-49b7-843f-9f3506a2eb8b","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":91,"box":{"x":52,"y":75,"width":849,"height":11}},{"id":"d0099148-84a3-4a49-9f4a-78758dfd52df","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":91,"box":{"x":53,"y":89,"width":849,"height":11}},{"id":"087d9041-ed39-4132-afc3-4eed3b7a425f","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":91,"box":{"x":53,"y":103,"width":890,"height":11}},{"id":"690398d7-bd5d-48de-bd5f-1f88d7169106","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":91,"box":{"x":53,"y":118,"width":853,"height":10}},{"id":"a2bfc185-8da0-4341-8d4d-7a7d1cf63903","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":91,"box":{"x":53,"y":131,"width":539,"height":11}},{"id":"ae6fc941-a11a-47f6-8678-672adb7c14df","block_type":"box","text":"Asset Class Risk.","page_number":91,"box":{"x":52,"y":155,"width":122,"height":8}},{"id":"1a4871ad-ff12-47e1-9e4a-1e783b2bac6a","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":91,"box":{"x":179,"y":155,"width":721,"height":11}},{"id":"d58e4e21-3e45-4653-a222-85de1ae8135f","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":91,"box":{"x":53,"y":169,"width":774,"height":11}},{"id":"564864c6-1229-471c-809f-47df9e5c652c","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":91,"box":{"x":52,"y":192,"width":318,"height":11}},{"id":"020119c5-3166-4093-9676-0bc426576e4c","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":91,"box":{"x":374,"y":192,"width":531,"height":11}},{"id":"73622eb2-5805-41a8-83a4-f59839a45a71","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":91,"box":{"x":53,"y":206,"width":810,"height":11}},{"id":"460630ef-8412-47ef-b1a9-a5a3ad22b464","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":91,"box":{"x":52,"y":220,"width":816,"height":11}},{"id":"be4bf111-6198-4676-b467-67b434a987d1","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":91,"box":{"x":52,"y":235,"width":884,"height":10}},{"id":"8a3b381a-94df-4d5b-bc8d-fe05e3b8fc54","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":91,"box":{"x":53,"y":249,"width":871,"height":11}},{"id":"58fa772e-9f30-4094-a571-348038071962","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":91,"box":{"x":53,"y":263,"width":846,"height":11}},{"id":"3821858a-36d3-47b4-be78-f1b058cdce68","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":91,"box":{"x":52,"y":277,"width":881,"height":11}},{"id":"ad9ef973-5979-4c2b-8058-e81eb0748e7c","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":91,"box":{"x":53,"y":291,"width":853,"height":11}},{"id":"a84f63b7-c9e1-459d-b8e8-158cb3911283","block_type":"box","text":"halts or delisting.","page_number":91,"box":{"x":53,"y":306,"width":121,"height":10}},{"id":"86a53aef-813b-4d37-ae06-77a544934bdf","block_type":"box","text":"Concentration Risk.","page_number":91,"box":{"x":53,"y":329,"width":145,"height":8}},{"id":"acf21171-79c0-42cf-97bc-e52e10a44072","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":91,"box":{"x":202,"y":329,"width":711,"height":11}},{"id":"8103001c-d7b5-44ed-8b6a-31c838d086ec","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":91,"box":{"x":53,"y":343,"width":884,"height":10}},{"id":"8a670f4e-0dae-4308-8073-85b1cc7e20f1","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":91,"box":{"x":52,"y":357,"width":887,"height":11}},{"id":"770d4860-ee95-4f48-896d-b045f591868d","block_type":"box","text":"asset classes.","page_number":91,"box":{"x":53,"y":371,"width":95,"height":9}},{"id":"74412eb3-19ce-4f35-8f67-4d2b69e4c5ba","block_type":"box","text":"Currency Risk.","page_number":91,"box":{"x":53,"y":394,"width":106,"height":11}},{"id":"243acafc-798a-48b1-90ec-865c98d0759e","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":91,"box":{"x":164,"y":394,"width":751,"height":11}},{"id":"52ac377a-fb2e-41a3-8715-591e65eef857","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":91,"box":{"x":53,"y":409,"width":842,"height":10}},{"id":"356844cd-ef97-4bc0-b388-4b4de0a43857","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":91,"box":{"x":52,"y":423,"width":854,"height":11}},{"id":"f17903b5-56f6-4ab4-9035-997ae2cc93de","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":91,"box":{"x":53,"y":437,"width":869,"height":11}},{"id":"522ae1c4-11e0-4fcb-9572-448709dd11f6","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":91,"box":{"x":53,"y":451,"width":309,"height":11}},{"id":"d20a813f-144d-47fe-b297-f4187d32ac5e","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":91,"box":{"x":53,"y":474,"width":208,"height":11}},{"id":"ed8e6e0b-8bfd-4774-ae93-77e74355d592","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":91,"box":{"x":267,"y":474,"width":666,"height":11}},{"id":"d640036c-7bfb-4f3b-aa95-827cec92f9ec","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":91,"box":{"x":53,"y":489,"width":863,"height":10}},{"id":"9f848ea7-282a-4b2b-8630-1a728e5a256b","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":91,"box":{"x":53,"y":503,"width":877,"height":11}},{"id":"32bb61f7-36a2-411f-8fff-4faa26731ee9","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":91,"box":{"x":53,"y":517,"width":858,"height":11}},{"id":"8b2a0ac9-ad8f-494c-8356-1206d6b65296","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":91,"box":{"x":53,"y":531,"width":744,"height":11}},{"id":"2ff943d8-a13b-47ea-8652-7312a927eb28","block_type":"box","text":"Issuer Risk.","page_number":91,"box":{"x":53,"y":554,"width":83,"height":9}},{"id":"51747129-b606-4d0d-ae77-38c04dafbca6","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":91,"box":{"x":140,"y":554,"width":780,"height":11}},{"id":"a1ffc305-b3ff-4e3b-a3cd-5b252f486171","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":91,"box":{"x":53,"y":569,"width":886,"height":10}},{"id":"703d32df-7407-49ef-b9e1-18be290dd29e","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":91,"box":{"x":52,"y":583,"width":576,"height":11}},{"id":"434d8a8c-8089-4476-a181-a375989f1a55","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":91,"box":{"x":53,"y":606,"width":278,"height":11}},{"id":"8078f6a6-d5d7-4940-b0d2-d3e5af0d9851","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":91,"box":{"x":337,"y":606,"width":540,"height":11}},{"id":"54aa4512-ed6f-475b-9cdc-f92e3d1c8699","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":91,"box":{"x":53,"y":620,"width":890,"height":11}},{"id":"01c58be5-1e22-4c7b-8c45-7f5d4cb3cd68","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":91,"box":{"x":53,"y":634,"width":868,"height":11}},{"id":"8f9a54c1-d390-493c-b9f5-21d5f2a18466","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":91,"box":{"x":53,"y":648,"width":709,"height":11}},{"id":"351c819f-5a34-48c4-bdf5-5624177671ae","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":91,"box":{"x":53,"y":672,"width":395,"height":11}},{"id":"273e8af0-85f2-436b-a958-cf3c6b360b0a","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":91,"box":{"x":453,"y":672,"width":410,"height":10}},{"id":"7352d0a6-fdce-466e-bc32-035c03a8507a","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":91,"box":{"x":53,"y":686,"width":883,"height":11}},{"id":"f854d72f-e3b1-4351-bb20-27b8bb977778","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":91,"box":{"x":52,"y":700,"width":884,"height":11}},{"id":"b8f2f8fd-5582-4f98-aa81-be53cb3d2313","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":91,"box":{"x":53,"y":714,"width":872,"height":11}},{"id":"ad250628-f606-4fd7-9174-6d8feb09ff47","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":91,"box":{"x":53,"y":728,"width":812,"height":11}},{"id":"8979fb2a-1187-4916-a1b9-f7828510a152","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":91,"box":{"x":53,"y":743,"width":890,"height":10}},{"id":"d51dea95-1b33-4bd3-9fc7-e8658c4123e7","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":91,"box":{"x":52,"y":757,"width":891,"height":10}},{"id":"ddc91254-7cce-4d1a-a82d-240c5cd0433f","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":91,"box":{"x":53,"y":771,"width":836,"height":11}},{"id":"6b10e3eb-29b6-4559-bca3-e558103c5c65","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":91,"box":{"x":53,"y":785,"width":810,"height":11}},{"id":"0aaeae44-b4b5-4971-8576-103bb84a3111","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":91,"box":{"x":53,"y":799,"width":861,"height":11}},{"id":"1d390e61-a679-4717-bfde-dea7bb26def1","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":91,"box":{"x":53,"y":813,"width":875,"height":11}},{"id":"18fb9597-2d87-4a76-a518-b3598f56eec5","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":91,"box":{"x":52,"y":828,"width":654,"height":10}},{"id":"af373490-7ca8-455b-bb6a-cd574cb2d2da","block_type":"box","text":"Management Risk.","page_number":91,"box":{"x":53,"y":851,"width":137,"height":11}},{"id":"d3f7146b-ef95-47e6-97fa-0d3276d22b3d","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":91,"box":{"x":194,"y":851,"width":711,"height":11}},{"id":"c3208f8f-d157-4066-9db8-9771edab8fa5","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":91,"box":{"x":53,"y":865,"width":877,"height":11}},{"id":"2ece241c-a793-42fb-b9e8-76223d642cb6","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":91,"box":{"x":53,"y":879,"width":859,"height":11}},{"id":"547ef311-a455-46d0-b446-52e419905467","block_type":"box","text":"S-84","page_number":91,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"53a3e37a-1e63-43f7-916e-70ccc4a709e4","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":92,"box":{"x":52,"y":46,"width":848,"height":11}},{"id":"5a1cf78e-4d57-47e7-97fc-e82caed43468","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":92,"box":{"x":53,"y":61,"width":756,"height":10}},{"id":"3d596945-16eb-4651-9091-c9bb73b12984","block_type":"box","text":"Market Trading Risk.","page_number":92,"box":{"x":53,"y":84,"width":152,"height":11}},{"id":"0e49318d-3203-4d19-902d-f8b5a6b3b312","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":92,"box":{"x":209,"y":84,"width":694,"height":11}},{"id":"6cc01b0b-a0ab-4def-9289-a705fd7ae53f","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":92,"box":{"x":53,"y":98,"width":841,"height":11}},{"id":"b69c0a2a-cae9-46af-9db9-f1c2d737ef79","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":92,"box":{"x":53,"y":112,"width":887,"height":11}},{"id":"280189ff-20c8-48d4-949d-4ab57ead30f9","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":92,"box":{"x":52,"y":126,"width":839,"height":11}},{"id":"05cba9f0-5228-4fa1-8af5-4552b88cfce7","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":92,"box":{"x":53,"y":141,"width":866,"height":10}},{"id":"790eae87-4fca-4e4b-a035-5c9ccedc58b5","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":92,"box":{"x":52,"y":155,"width":885,"height":11}},{"id":"60e22603-1ffd-4aa9-b84f-7cb90ec7e78b","block_type":"box","text":"of the Fund shares.","page_number":92,"box":{"x":53,"y":169,"width":134,"height":8}},{"id":"12d85830-c012-4a2b-81cc-3bf8842c0625","block_type":"box","text":"National Closed Market Trading Risk.","page_number":92,"box":{"x":53,"y":192,"width":273,"height":11}},{"id":"d41bcaa2-2529-4243-9781-420bb8c424a4","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":92,"box":{"x":330,"y":192,"width":544,"height":11}},{"id":"bbaf0bbc-0fb5-4bc8-8410-337792d96dec","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":92,"box":{"x":53,"y":206,"width":874,"height":11}},{"id":"e8df07a4-e353-46e5-8201-edb9529f6ab8","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":92,"box":{"x":52,"y":220,"width":651,"height":11}},{"id":"cd7d379d-acef-4b3b-bb1e-d9bc993d5942","block_type":"box","text":"i.e","page_number":92,"box":{"x":704,"y":221,"width":15,"height":8}},{"id":"e6e53023-cc82-42dd-9f4e-fd5c61fd1538","block_type":"box","text":"., the quote from the closed","page_number":92,"box":{"x":720,"y":220,"width":191,"height":11}},{"id":"c4c97359-38ea-474e-a8eb-dec41222b806","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":92,"box":{"x":52,"y":235,"width":880,"height":10}},{"id":"cb6759e1-aeb9-42a2-a99c-db1465c76b55","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":92,"box":{"x":52,"y":249,"width":849,"height":11}},{"id":"c8bf5e54-fba1-42df-aeb3-6bdab5df736c","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":92,"box":{"x":53,"y":263,"width":850,"height":11}},{"id":"7e2e65db-86e6-4f46-94a6-3456f34327b5","block_type":"box","text":"funds.","page_number":92,"box":{"x":52,"y":277,"width":44,"height":9}},{"id":"924db9c5-effc-4c01-aec0-8a1c8edc30a2","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":92,"box":{"x":53,"y":300,"width":182,"height":9}},{"id":"b17d2114-80d6-4816-9141-ec2fd6650fd6","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":92,"box":{"x":240,"y":300,"width":687,"height":11}},{"id":"8a5cd84f-60f3-41e0-a5c0-755a7c1c7414","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":92,"box":{"x":53,"y":315,"width":853,"height":10}},{"id":"db3ae3f2-8f13-4f60-bf9e-b1c6167d00cf","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":92,"box":{"x":52,"y":329,"width":847,"height":11}},{"id":"58db6efb-f613-4766-bcc8-c0b079142624","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":92,"box":{"x":53,"y":343,"width":889,"height":11}},{"id":"07739788-5732-4285-b184-f150092a2eef","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":92,"box":{"x":53,"y":357,"width":842,"height":11}},{"id":"8445e2d4-0bd5-4ec0-a1a1-0f0d0cc5b5a0","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":92,"box":{"x":53,"y":371,"width":831,"height":11}},{"id":"cc85f1d0-8980-4bf7-885b-c427f5e6ed22","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":92,"box":{"x":53,"y":385,"width":821,"height":11}},{"id":"35945a3b-d983-4ff6-a602-e7abe0b7f605","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":92,"box":{"x":53,"y":400,"width":871,"height":10}},{"id":"d92eaa30-4f64-4419-8035-6be0670bd629","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":92,"box":{"x":53,"y":414,"width":289,"height":11}},{"id":"a0491610-d9ce-45dd-84c3-186db3da7aee","block_type":"box","text":"European Economic Risk.","page_number":92,"box":{"x":348,"y":414,"width":186,"height":10}},{"id":"b4eed12e-a7d8-46d6-b0f3-f3bc7a3470ac","block_type":"box","text":"Operational and Technology Risks.","page_number":92,"box":{"x":53,"y":437,"width":254,"height":11}},{"id":"389265cb-a3d2-4b52-b979-865df145b504","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":92,"box":{"x":312,"y":437,"width":581,"height":11}},{"id":"296f037e-d0a4-4b36-859f-ad2ac0ee147b","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":92,"box":{"x":53,"y":451,"width":876,"height":11}},{"id":"c8eb9486-8f93-42cd-a8d3-562c0446db53","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":92,"box":{"x":53,"y":465,"width":879,"height":11}},{"id":"f6dfce75-eef2-4c7c-8a89-9c071d382777","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":92,"box":{"x":53,"y":480,"width":825,"height":10}},{"id":"22ed9ec4-d457-4401-a9a6-f3f2700532a6","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":92,"box":{"x":53,"y":494,"width":862,"height":11}},{"id":"9f50cdbc-b26c-420c-9b8c-94eadfdde32e","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":92,"box":{"x":53,"y":508,"width":872,"height":11}},{"id":"cd1f9a33-a2e9-4578-9005-b5cc6a300d61","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":92,"box":{"x":53,"y":522,"width":824,"height":11}},{"id":"501fcda6-2dba-419f-a232-7a52f4191e28","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":92,"box":{"x":53,"y":545,"width":302,"height":11}},{"id":"b8a83ffc-40b0-43f6-9129-128a883c69e6","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":92,"box":{"x":359,"y":545,"width":581,"height":11}},{"id":"589a4511-01be-4e6c-b551-0355bfefcd24","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":92,"box":{"x":53,"y":560,"width":868,"height":10}},{"id":"42566738-6536-4670-a6c9-a5b3744be602","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":92,"box":{"x":52,"y":574,"width":871,"height":10}},{"id":"5d89b7f5-4abb-443a-ba80-2b570193091e","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":92,"box":{"x":52,"y":588,"width":875,"height":11}},{"id":"a9342761-0fdd-4f2d-bdb3-447fc95ef37e","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":92,"box":{"x":52,"y":602,"width":877,"height":11}},{"id":"8b232aee-e64c-4375-b35e-02b0552097e2","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":92,"box":{"x":53,"y":616,"width":887,"height":11}},{"id":"f7d81226-ab7a-4822-be7d-5870a73911ea","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":92,"box":{"x":53,"y":630,"width":836,"height":11}},{"id":"9d02d2dc-a9be-4a20-a140-2472fa3e3dde","block_type":"box","text":"availability of certain commodities.","page_number":92,"box":{"x":53,"y":645,"width":246,"height":10}},{"id":"08a11d60-3c14-4212-9b6d-8d5075640382","block_type":"box","text":"Risk of Investing in the U.S.","page_number":92,"box":{"x":53,"y":668,"width":200,"height":11}},{"id":"295be7b9-b193-4e95-8fc8-89b42a0b7331","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":92,"box":{"x":259,"y":668,"width":663,"height":11}},{"id":"859e410d-6a94-42f3-b041-88f2fd4532e5","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":92,"box":{"x":53,"y":682,"width":877,"height":11}},{"id":"c920d5de-c5b8-48cb-918d-8e3ba76a3d36","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":92,"box":{"x":53,"y":696,"width":470,"height":11}},{"id":"9605bac5-8ece-4564-a0a7-db71328d8442","block_type":"box","text":"Securities Lending Risk.","page_number":92,"box":{"x":52,"y":719,"width":178,"height":11}},{"id":"6c86e304-532c-4e94-a6d0-7eb3379fe2ac","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":92,"box":{"x":234,"y":719,"width":692,"height":11}},{"id":"c70a5897-380f-4831-a950-73e3faeff75d","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":92,"box":{"x":53,"y":734,"width":870,"height":10}},{"id":"ffd7e2a8-2135-414b-8d2f-704163d82161","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":92,"box":{"x":53,"y":748,"width":886,"height":11}},{"id":"18ced521-f9d8-4ff5-aaa7-4c4cb46c01b9","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":92,"box":{"x":53,"y":762,"width":831,"height":11}},{"id":"6a6be528-469a-479b-912c-3d2f6146fa93","block_type":"box","text":"Tracking Error Risk.","page_number":92,"box":{"x":52,"y":785,"width":145,"height":11}},{"id":"11c48d15-e0f3-494c-b752-4d6860264a1c","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":92,"box":{"x":201,"y":785,"width":741,"height":11}},{"id":"ec4a1af5-6dbc-4f71-ab97-021131445b36","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":92,"box":{"x":53,"y":799,"width":861,"height":11}},{"id":"ca7d2dbc-4d4f-49ca-a41c-10a890b7c57a","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":92,"box":{"x":53,"y":813,"width":832,"height":11}},{"id":"798b6bed-585d-4661-83de-176a3a1e1dc8","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":92,"box":{"x":53,"y":828,"width":880,"height":10}},{"id":"833005a6-c8b3-442c-b73c-c84f121702c1","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":92,"box":{"x":53,"y":842,"width":831,"height":11}},{"id":"3f92adb7-7fa5-41d5-9934-322319f22d97","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":92,"box":{"x":52,"y":856,"width":828,"height":11}},{"id":"6ae98c93-4951-4717-8ccd-658c4131c5d0","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":92,"box":{"x":53,"y":870,"width":873,"height":11}},{"id":"264b02e3-b7c0-41f6-aceb-672f2d3f5ee1","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":92,"box":{"x":53,"y":884,"width":889,"height":11}},{"id":"783b5c82-6a84-436a-91c7-622c76cb3ffb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":92,"box":{"x":53,"y":899,"width":852,"height":10}},{"id":"ca819b15-3ab0-41bb-897c-04306f04c41d","block_type":"box","text":"S-85","page_number":92,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"61c2afe5-3212-4e00-af7f-cd12f9c49422","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":93,"box":{"x":53,"y":46,"width":886,"height":11}},{"id":"346990d8-bdb9-4cd4-a828-57fe1478cda1","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":93,"box":{"x":53,"y":61,"width":873,"height":10}},{"id":"1166b8f9-f078-413f-95cd-ff0acec4dde1","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":93,"box":{"x":53,"y":75,"width":879,"height":11}},{"id":"49c9b8a2-1041-41f2-99ca-70081b2d0c89","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":93,"box":{"x":53,"y":89,"width":839,"height":11}},{"id":"04181dde-d7d1-4ddd-a0d9-8e3ed16f4bce","block_type":"box","text":"Valuation Risk.","page_number":93,"box":{"x":52,"y":112,"width":110,"height":9}},{"id":"cd9c5f45-e1e2-45e6-b1d6-af2e0f02c6f9","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":93,"box":{"x":166,"y":112,"width":740,"height":11}},{"id":"789b3bc4-f25e-4851-a33d-0052b56f95df","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":93,"box":{"x":53,"y":126,"width":840,"height":11}},{"id":"2e3d3056-eed4-46a9-80b0-bc1087484e37","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":93,"box":{"x":52,"y":141,"width":869,"height":10}},{"id":"a6d7c59d-f852-40a9-b8a8-21b1bac173d0","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":93,"box":{"x":52,"y":155,"width":889,"height":11}},{"id":"69f89b81-41fe-4741-948f-1020fe5f536c","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":93,"box":{"x":53,"y":169,"width":871,"height":11}},{"id":"8864bc38-1a90-44e0-98bd-b32d84c1d0a7","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":93,"box":{"x":52,"y":183,"width":879,"height":11}},{"id":"51d8f531-170c-4b2b-b236-b7f4dcf90237","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":93,"box":{"x":53,"y":197,"width":880,"height":11}},{"id":"3497389a-bca4-4208-9b56-85bd17eb177d","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":93,"box":{"x":53,"y":211,"width":816,"height":11}},{"id":"ead0a40c-35da-4c68-a754-5daf9213ddf4","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":93,"box":{"x":52,"y":226,"width":613,"height":10}},{"id":"b68c5e9a-545d-4f12-862b-dfcb74af3557","block_type":"box","text":"Performance Information","page_number":93,"box":{"x":54,"y":255,"width":228,"height":10}},{"id":"33d1a749-914d-4d55-ab6e-9ff24cf551de","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":93,"box":{"x":52,"y":280,"width":864,"height":10}},{"id":"76014ead-2078-467f-a725-da9833ff3c27","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":93,"box":{"x":52,"y":294,"width":872,"height":11}},{"id":"289fbdb0-8e17-4f54-950e-a56056fa3015","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":93,"box":{"x":53,"y":308,"width":868,"height":11}},{"id":"81ba329a-f0cb-49aa-9128-ad57af57c39a","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":93,"box":{"x":53,"y":322,"width":838,"height":11}},{"id":"b5435c9b-9dd6-490c-81ae-8e52f1ca31c2","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":93,"box":{"x":53,"y":336,"width":868,"height":11}},{"id":"10ea0cc5-d4a8-4c70-8f6e-0586d9981f2e","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":93,"box":{"x":53,"y":351,"width":832,"height":10}},{"id":"7ae45cf9-7ca3-45ca-9c85-b153f5afec28","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":93,"box":{"x":53,"y":365,"width":842,"height":11}},{"id":"32faec56-c8fd-4e4c-a330-48524c7a58fe","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":93,"box":{"x":52,"y":379,"width":531,"height":11}},{"id":"87bebcb7-df3e-47b8-8545-e60bcaaa84f0","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":93,"box":{"x":135,"y":403,"width":260,"height":11}},{"id":"77f52d16-a4c9-4284-b3e5-0c85f773892d","block_type":"box","text":"6.07","page_number":93,"box":{"x":89,"y":506,"width":20,"height":6}},{"id":"c9e227a9-e139-44b6-85da-4c9d8f4350d9","block_type":"box","text":"14.74","page_number":93,"box":{"x":124,"y":488,"width":25,"height":6}},{"id":"d82ce95f-838a-4858-be80-895cb4fcdd3a","block_type":"box","text":"2.02","page_number":93,"box":{"x":163,"y":515,"width":20,"height":6}},{"id":"aec97fa8-7e2b-4793-a7e4-0d61b4391392","block_type":"box","text":"24.02","page_number":93,"box":{"x":197,"y":468,"width":26,"height":6}},{"id":"718c98bc-8672-4887-8f96-0d36e24ecf15","block_type":"box","text":"5.07","page_number":93,"box":{"x":237,"y":509,"width":20,"height":6}},{"id":"29203326-7ba0-4231-a032-97f4f4b5a5de","block_type":"box","text":"10.82","page_number":93,"box":{"x":272,"y":496,"width":25,"height":6}},{"id":"76a8d693-6bb6-4823-96bd-0638a7b42287","block_type":"box","text":"-4.10","page_number":93,"box":{"x":309,"y":543,"width":23,"height":6}},{"id":"c6ae1cbd-0e92-4175-a237-6488e3b5c566","block_type":"box","text":"0.84","page_number":93,"box":{"x":348,"y":518,"width":20,"height":6}},{"id":"5e033fcc-ebec-4435-a354-f17f2bbb2e8b","block_type":"box","text":"12.95","page_number":93,"box":{"x":383,"y":492,"width":25,"height":6}},{"id":"35edbd56-4b16-44af-a2c3-b053417ef8f5","block_type":"box","text":"25.86","page_number":93,"box":{"x":419,"y":464,"width":26,"height":6}},{"id":"261b5d3b-74ad-482a-9b8a-8a249a65ffcd","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":93,"box":{"x":87,"y":558,"width":356,"height":6}},{"id":"63426958-f8f2-412e-aa1f-cb4021037b61","block_type":"box","text":"Return (%) Period Ended","page_number":93,"box":{"x":731,"y":419,"width":190,"height":8}},{"id":"e4e3e277-3088-4225-8828-9a7d0757ded8","block_type":"box","text":"Calendar Year-to-Date Return","page_number":93,"box":{"x":520,"y":437,"width":197,"height":7}},{"id":"3d14eeef-31d5-47c2-a396-3540967d5ba5","block_type":"box","text":"9.64% June 30, 2026","page_number":93,"box":{"x":753,"y":437,"width":189,"height":8}},{"id":"a5ff2dc5-dce3-4e4f-b5ae-ed15701d3ae7","block_type":"box","text":"During the periods shown in the chart:","page_number":93,"box":{"x":520,"y":449,"width":250,"height":10}},{"id":"40078fda-0ec9-47d9-89ef-b2cb552eb11a","block_type":"box","text":"Best Quarter 17.92% September 30, 2024","page_number":93,"box":{"x":534,"y":463,"width":408,"height":9}},{"id":"4ea79d39-f8e8-48e2-a71d-d9f0ce76dd97","block_type":"box","text":"Worst Quarter -13.66% March 31, 2020","page_number":93,"box":{"x":533,"y":475,"width":409,"height":9}},{"id":"9abe59c7-daea-4839-a057-136b1994de77","block_type":"box","text":"Average Annual Total Returns (%)","page_number":93,"box":{"x":372,"y":588,"width":251,"height":11}},{"id":"d7240f54-f07f-48fb-b0af-0ca3aa330f67","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":93,"box":{"x":340,"y":602,"width":315,"height":11}},{"id":"85ed48f7-360b-4ebe-b4d2-479295139e01","block_type":"box","text":"One Year Five Years Ten Years","page_number":93,"box":{"x":670,"y":618,"width":268,"height":8}},{"id":"53565faa-3460-4af7-9db1-4ed5df8303a6","block_type":"box","text":"Fund Inception: 9/12/2006","page_number":93,"box":{"x":58,"y":634,"width":179,"height":9}},{"id":"02f413bc-f1c8-4ef0-8fea-39c23e712ee0","block_type":"box","text":"Return Before Taxes","page_number":93,"box":{"x":58,"y":646,"width":125,"height":7}},{"id":"2daaa1b4-37c9-4a70-82f1-6223fbe80397","block_type":"box","text":"25.86% 8.79% 9.44%","page_number":93,"box":{"x":682,"y":646,"width":257,"height":7}},{"id":"5318dae2-5774-4c59-9800-159f9bb9fbbb","block_type":"box","text":"Return After Taxes on Distributions 25.06% 8.01% 8.60%","page_number":93,"box":{"x":58,"y":657,"width":881,"height":8}},{"id":"ef702de1-0c96-443b-8aac-01e8d07e4880","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.82% 6.79% 7.51%","page_number":93,"box":{"x":58,"y":669,"width":881,"height":7}},{"id":"b779cbd1-ff27-4756-a3e6-8d92690251ac","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":93,"box":{"x":57,"y":680,"width":244,"height":9}},{"id":"63a282c2-8e55-4a18-ac1d-c944043ef9d7","block_type":"box","text":"1","page_number":93,"box":{"x":302,"y":679,"width":5,"height":5}},{"id":"aeb1c8a7-64cd-4aed-80b7-e3595b44c1c2","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":93,"box":{"x":312,"y":680,"width":330,"height":10}},{"id":"6ee2c648-3738-4e8f-bde8-52cde796acbe","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":93,"box":{"x":71,"y":693,"width":868,"height":10}},{"id":"285d12c7-ad5e-4cf9-b2a1-1f9f1eb41ca8","block_type":"box","text":"S&P Global 1200 Utilities (Sector) Capped Index (Spliced)","page_number":93,"box":{"x":57,"y":705,"width":376,"height":9}},{"id":"49d578c4-794b-4666-b44b-7870d0907e48","block_type":"box","text":"1,2","page_number":93,"box":{"x":434,"y":703,"width":14,"height":6}},{"id":"458e5fbb-a068-43ff-a9af-a3b6ea627e9d","block_type":"box","text":"(Returns do not reflect","page_number":93,"box":{"x":452,"y":705,"width":141,"height":8}},{"id":"bd40f990-7ff6-426b-b5fc-bc3255cbdea4","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 25.36% 8.25% 9.01%","page_number":93,"box":{"x":71,"y":718,"width":868,"height":9}},{"id":"85a95a9f-19b5-4684-b2a8-bbcb878dd41c","block_type":"box","text":"1","page_number":93,"box":{"x":80,"y":736,"width":5,"height":5}},{"id":"3780d9a4-3b2d-44bb-a5b0-c03dff338c67","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":93,"box":{"x":94,"y":738,"width":827,"height":9}},{"id":"896ea385-6d70-463f-a2c7-1290852980cd","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":93,"box":{"x":93,"y":748,"width":847,"height":10}},{"id":"805a42b7-4cda-42b0-b038-86c8ac45c448","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":93,"box":{"x":93,"y":758,"width":843,"height":10}},{"id":"ffe90a92-f107-450d-9a72-66cee34dc808","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":93,"box":{"x":92,"y":769,"width":829,"height":9}},{"id":"62a3e519-1fc1-4023-b820-63d9a76a055b","block_type":"box","text":"tax rates, if any.","page_number":93,"box":{"x":92,"y":779,"width":97,"height":10}},{"id":"7f379361-1cbc-4d6f-9e41-8d1687d2cca7","block_type":"box","text":"2","page_number":93,"box":{"x":80,"y":788,"width":5,"height":4}},{"id":"30d05583-e7fe-4975-bc38-ffe42bc95deb","block_type":"box","text":"The S&P Global 1200 Utilities (Sector) Capped Index (Spliced) reflects the performance of the S&P Global 1200 Utilities Index (Net)","page_number":93,"box":{"x":92,"y":789,"width":825,"height":10}},{"id":"bd4d005a-cd51-41e6-9da1-9dcccca7051e","block_type":"box","text":"through May 2, 2021 and the S&P Global 1200 Utilities (Sector) Capped Index (Net) thereafter, which reflect the times when each index","page_number":93,"box":{"x":92,"y":799,"width":851,"height":10}},{"id":"c0044bce-4602-4dd8-9cad-dc7f034601de","block_type":"box","text":"was the Underlying Index of the Fund.","page_number":93,"box":{"x":92,"y":810,"width":238,"height":9}},{"id":"02c417f1-3047-4a7a-a2cb-074be3066220","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":93,"box":{"x":52,"y":830,"width":857,"height":10}},{"id":"fc77796e-12e0-47ff-b093-8b8ab961fa14","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. 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China has a","page_number":101,"box":{"x":47,"y":800,"width":865,"height":10}},{"id":"cf43d5b5-99e6-47b3-855f-e0d06ce9d20c","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":101,"box":{"x":46,"y":814,"width":875,"height":11}},{"id":"0a4c5e3f-e276-49ad-a022-af996865a31a","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":101,"box":{"x":46,"y":828,"width":905,"height":11}},{"id":"799136d7-7e0b-4572-8fe8-abf44ae939a4","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":101,"box":{"x":46,"y":842,"width":833,"height":11}},{"id":"9bb9c252-9708-4a69-8c23-b85e2027ac03","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":101,"box":{"x":46,"y":856,"width":856,"height":11}},{"id":"c5c30632-f675-4d43-94a3-b95b39e12efc","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":101,"box":{"x":46,"y":870,"width":879,"height":11}},{"id":"993202c7-bc05-439c-a229-936ea0979f58","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":101,"box":{"x":46,"y":885,"width":888,"height":10}},{"id":"3c216d03-ac7a-40e0-b9d4-150d76974781","block_type":"box","text":"exposure to Asia.","page_number":101,"box":{"x":46,"y":899,"width":109,"height":11}},{"id":"f3d5ef36-3c59-4729-a0e1-ebe05150825e","block_type":"box","text":"7","page_number":101,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"98adc4ce-76bb-4ce9-a076-caae293ff171","block_type":"box","text":"Asset Class Risk.","page_number":102,"box":{"x":45,"y":46,"width":118,"height":9}},{"id":"65279c46-12df-4802-8a23-5ce300ddd836","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":102,"box":{"x":168,"y":46,"width":706,"height":11}},{"id":"cc886456-b6ad-46b5-90cf-76c1ae20aa47","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":102,"box":{"x":46,"y":61,"width":878,"height":10}},{"id":"9f811794-e21f-4739-a9f0-5fed07f4f12a","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":102,"box":{"x":46,"y":75,"width":868,"height":11}},{"id":"ea4913db-f53a-48d4-83fd-98addc123eb2","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":102,"box":{"x":46,"y":89,"width":857,"height":11}},{"id":"c6372cd5-d436-42cb-8e08-897c87e02b82","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":102,"box":{"x":46,"y":103,"width":900,"height":11}},{"id":"4bcdcf80-aa66-4d25-aa4c-5ca3a198b8cf","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":102,"box":{"x":46,"y":117,"width":512,"height":11}},{"id":"6d13fefd-ba20-4084-9e72-f7d316d871c8","block_type":"box","text":"Australasian Economic Risk.","page_number":102,"box":{"x":45,"y":140,"width":197,"height":9}},{"id":"b0645a12-ca8e-4a59-a07c-5e4baaa41714","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":102,"box":{"x":247,"y":140,"width":695,"height":11}},{"id":"92ad23ed-2025-4193-914b-5bb3b6f78888","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":102,"box":{"x":46,"y":155,"width":903,"height":11}},{"id":"a24b8b51-ff3a-4a49-8d81-b04fe14d8659","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":102,"box":{"x":46,"y":169,"width":857,"height":11}},{"id":"1acc8d79-5240-4c98-aa04-971d03f5ca3d","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":102,"box":{"x":46,"y":183,"width":834,"height":11}},{"id":"bad304fd-06d3-4f54-989d-4b8176087506","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":102,"box":{"x":45,"y":197,"width":858,"height":11}},{"id":"fa6d6e1a-9b45-4631-b7ee-c49903d5446c","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":102,"box":{"x":45,"y":211,"width":813,"height":11}},{"id":"01511d28-9dfa-4511-a5d6-257c4ddd4b05","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":102,"box":{"x":46,"y":235,"width":897,"height":10}},{"id":"c80d6232-87d5-41e9-a1f8-7e0708512411","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":102,"box":{"x":46,"y":249,"width":847,"height":11}},{"id":"9776a969-ae96-49fd-beef-3650ce283524","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":102,"box":{"x":45,"y":263,"width":841,"height":11}},{"id":"5cf3b9ca-53d0-44d2-b6c4-089c95b09dc4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":102,"box":{"x":45,"y":286,"width":297,"height":11}},{"id":"bf7b4016-0a59-4622-aa90-fc210a9be6af","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":102,"box":{"x":347,"y":286,"width":579,"height":11}},{"id":"60399df4-0305-4bc4-957d-8b71413625fd","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":102,"box":{"x":45,"y":300,"width":895,"height":11}},{"id":"e96b9828-2b24-4ca5-930c-c4f01d1999c6","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":102,"box":{"x":46,"y":315,"width":882,"height":10}},{"id":"2b4005d2-659b-4acf-b17b-00ff6e7d5a1d","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":102,"box":{"x":46,"y":329,"width":888,"height":10}},{"id":"2486db89-69ae-46ba-ae4d-702f5f5f3ed8","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":102,"box":{"x":46,"y":343,"width":889,"height":11}},{"id":"49619b34-bc38-4778-80bf-7ffae5fdbe4d","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":102,"box":{"x":46,"y":357,"width":885,"height":11}},{"id":"9acfd9eb-9da0-4fe3-bc4b-0ee1dc3e46d8","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":102,"box":{"x":46,"y":371,"width":893,"height":11}},{"id":"833974d0-836c-45cc-ab66-a0f58ac24080","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":102,"box":{"x":45,"y":385,"width":522,"height":11}},{"id":"3eed618a-8536-4569-9ce9-45543b3fcdee","block_type":"box","text":"Borrowing Risk.","page_number":102,"box":{"x":46,"y":409,"width":108,"height":10}},{"id":"4d7a40ba-8167-4d9b-b835-a2f3474962df","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":102,"box":{"x":160,"y":409,"width":740,"height":10}},{"id":"5e4eb24e-fc62-4849-9706-a82618d2f391","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":102,"box":{"x":46,"y":423,"width":890,"height":11}},{"id":"262cafce-95fb-49c5-9370-b22984669c4b","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":102,"box":{"x":46,"y":437,"width":348,"height":11}},{"id":"89322162-016b-4e82-b6c3-e679ad0b64d6","block_type":"box","text":"Central and South American Economic Risk.","page_number":102,"box":{"x":46,"y":460,"width":304,"height":9}},{"id":"db573ef4-85bc-4940-a875-4734f7fdbc21","block_type":"box","text":"Certain Central and South American countries have experienced high interest rates,","page_number":102,"box":{"x":356,"y":460,"width":537,"height":11}},{"id":"17f04e33-b2af-4ee9-acf7-b2e6eeb0dddf","block_type":"box","text":"economic volatility, high levels of inflation, currency devaluations, regime changes, government defaults and high unemployment rates.","page_number":102,"box":{"x":46,"y":474,"width":863,"height":11}},{"id":"c8c06792-99fc-4335-a962-2629b39bc984","block_type":"box","text":"Additionally, commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, and the","page_number":102,"box":{"x":45,"y":489,"width":856,"height":10}},{"id":"8c38d893-0873-482f-8b57-d28dde90cee9","block_type":"box","text":"economies of countries in the region are particularly sensitive to fluctuations in commodity prices as a result. Central and South American","page_number":102,"box":{"x":46,"y":503,"width":883,"height":11}},{"id":"3a2cd197-4c61-459a-9aa5-f00d21288bad","block_type":"box","text":"countries depend on the economies of their key trading partners, which include China, the U.S., other countries in the region and certain","page_number":102,"box":{"x":46,"y":517,"width":873,"height":11}},{"id":"16d3e200-f8f0-40e5-8c47-a09f8c2b14f9","block_type":"box","text":"European countries. Reduced spending by any of these trading partners on products and services, or negative changes in any of these","page_number":102,"box":{"x":46,"y":531,"width":857,"height":11}},{"id":"5cf686d2-afb3-4e52-9399-50610d02751c","block_type":"box","text":"economies, may have an adverse impact on some or all of the economies in the region. The impact of any of the foregoing events in one","page_number":102,"box":{"x":46,"y":545,"width":869,"height":11}},{"id":"ead10461-0928-409a-9102-889afffc3fc3","block_type":"box","text":"country could have a significant effect on the entire region.","page_number":102,"box":{"x":46,"y":559,"width":377,"height":11}},{"id":"a47963ff-28d3-4eb1-a14c-65367a99f021","block_type":"box","text":"Other risks to Central and South American countries include natural disasters that may occur in the region (e.g., floods, hurricanes,","page_number":102,"box":{"x":46,"y":583,"width":839,"height":11}},{"id":"84a6744f-8f8c-4485-a999-2b866e1c642f","block_type":"box","text":"earthquakes) and national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely","page_number":102,"box":{"x":46,"y":597,"width":898,"height":11}},{"id":"1ab4ed9b-d19e-4c09-8c87-49e82a18bd4c","block_type":"box","text":"affect Central and South American economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s","page_number":102,"box":{"x":46,"y":611,"width":896,"height":11}},{"id":"482a66fd-0f4f-4c79-8ea2-e5dde7b9b69a","block_type":"box","text":"investments.","page_number":102,"box":{"x":46,"y":625,"width":81,"height":9}},{"id":"bb3bf40c-4df7-40cd-b4e6-b29da7c027c3","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":102,"box":{"x":46,"y":648,"width":335,"height":9}},{"id":"6dab2b1f-4bf2-4441-94c5-d5716ebf858e","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":102,"box":{"x":387,"y":648,"width":563,"height":11}},{"id":"82d26d49-cbc3-41f3-93e4-d1678ac7d689","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":102,"box":{"x":46,"y":663,"width":880,"height":10}},{"id":"5c2c33cb-60b7-4378-9913-ed2d4ba1e17e","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":102,"box":{"x":46,"y":677,"width":881,"height":11}},{"id":"e31d8f5b-2dd9-4976-a625-6c64e31b16c3","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":102,"box":{"x":46,"y":691,"width":896,"height":11}},{"id":"74ffaae9-b0f0-4b9e-84ce-53d8d7a09824","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":102,"box":{"x":46,"y":705,"width":889,"height":11}},{"id":"54453312-9039-4044-9bd7-a34349dfe2ba","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":102,"box":{"x":45,"y":719,"width":904,"height":11}},{"id":"27a7d953-2d2b-4d70-9c91-173896d48994","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":102,"box":{"x":46,"y":734,"width":230,"height":8}},{"id":"b43c9e53-6c70-45ef-88f4-5f28f1da7f19","block_type":"box","text":"Commercial and Professional Services Industry Risk.","page_number":102,"box":{"x":46,"y":757,"width":367,"height":11}},{"id":"7c59c7f6-d974-444d-910c-a7ac0a6b18b2","block_type":"box","text":"The success of commercial and professional service providers is tied closely to the","page_number":102,"box":{"x":419,"y":757,"width":531,"height":11}},{"id":"f03fcba2-71eb-44c2-98bb-d8aaf4d20e6f","block_type":"box","text":"performance of domestic and international economies, interest rates, exchange rates, competition, availability of qualified personnel and","page_number":102,"box":{"x":46,"y":771,"width":876,"height":11}},{"id":"38f8c7fb-6aef-4e00-ae43-e5ad866e95ef","block_type":"box","text":"corporate demand. The commercial and professional services industry depends heavily on corporate spending. Companies in the commercial","page_number":102,"box":{"x":46,"y":785,"width":904,"height":11}},{"id":"a43ac465-90dc-4243-b3d0-f752d3b11bd7","block_type":"box","text":"and professional services industry may be subject to severe competition, which may also have an adverse impact on their profitability.","page_number":102,"box":{"x":46,"y":799,"width":858,"height":11}},{"id":"83d5ae34-bb3e-4cd3-b39a-5f054961adaa","block_type":"box","text":"Commodity Risk.","page_number":102,"box":{"x":46,"y":822,"width":117,"height":11}},{"id":"4ccd3233-a29c-461e-8873-4e114ea7d349","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":102,"box":{"x":168,"y":822,"width":722,"height":11}},{"id":"324b4b2f-058b-4500-b8ea-226e369e9b94","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":102,"box":{"x":45,"y":837,"width":874,"height":10}},{"id":"d92ec00a-2ddc-49ec-9a00-a2b107422959","block_type":"box","text":"ts,","page_number":102,"box":{"x":920,"y":837,"width":15,"height":10}},{"id":"e049ab2d-5af3-42ab-8b82-1a7e79beb558","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":102,"box":{"x":46,"y":851,"width":895,"height":11}},{"id":"8206c18a-ed9d-4baf-9f60-541daa42d75a","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":102,"box":{"x":46,"y":865,"width":890,"height":11}},{"id":"d3ecbfeb-6383-49e7-949e-91e68c2c1794","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":102,"box":{"x":46,"y":879,"width":349,"height":11}},{"id":"342e659e-5f91-4dbc-86f9-c59a3d7eee92","block_type":"box","text":"8","page_number":102,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"5e92e727-9f58-460b-9e25-140a7bd1b196","block_type":"box","text":"Communications Companies Risk.","page_number":103,"box":{"x":46,"y":46,"width":236,"height":11}},{"id":"c3568fa5-48d1-48d3-943b-db1905ef35a6","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":103,"box":{"x":287,"y":46,"width":632,"height":11}},{"id":"d97802a7-d165-48d1-9cd2-1de9257689d7","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":103,"box":{"x":46,"y":61,"width":863,"height":10}},{"id":"98c35e4e-df7e-4e59-86e5-a79525f2d656","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":103,"box":{"x":46,"y":75,"width":896,"height":11}},{"id":"c3698240-a58d-4ab0-a7db-5bb6e95fa2a3","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":103,"box":{"x":46,"y":89,"width":867,"height":11}},{"id":"5fe5b077-ebed-4c48-94f9-f966fd38e1fd","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":103,"box":{"x":46,"y":103,"width":881,"height":11}},{"id":"16fed670-c7f9-4ed2-a085-2fce4252c487","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":103,"box":{"x":46,"y":117,"width":694,"height":11}},{"id":"913d172a-fd79-4873-b590-c1b825aa3815","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":103,"box":{"x":46,"y":140,"width":880,"height":11}},{"id":"554c06c2-691b-43cd-baef-56b122896a35","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":103,"box":{"x":46,"y":155,"width":897,"height":11}},{"id":"77d4e022-3457-4d5e-85e2-c20011ffa7ac","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":103,"box":{"x":46,"y":169,"width":898,"height":11}},{"id":"cf4deae6-3dcc-4201-8d33-989aa9302aa7","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":103,"box":{"x":46,"y":183,"width":805,"height":11}},{"id":"2a26409f-d757-456b-91b0-56c86411995a","block_type":"box","text":"Concentration Risk.","page_number":103,"box":{"x":46,"y":206,"width":135,"height":9}},{"id":"5dbaea51-2da5-419f-9b10-8fd9fda1a22e","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":103,"box":{"x":186,"y":206,"width":744,"height":11}},{"id":"0d975c2f-2aca-4835-a48f-e4a298cbcaf4","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":103,"box":{"x":46,"y":220,"width":903,"height":11}},{"id":"ebba567e-cc5b-4eea-8b3e-c2ea07927cb8","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":103,"box":{"x":46,"y":235,"width":853,"height":10}},{"id":"557c74b8-734c-4809-9755-98f3d3bb6bb2","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":103,"box":{"x":46,"y":249,"width":897,"height":11}},{"id":"af91aa6c-d9fd-4262-80a9-0e66ee9e7877","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":103,"box":{"x":46,"y":263,"width":905,"height":11}},{"id":"32378ed0-3595-4c2f-9156-68b4483a3f90","block_type":"box","text":"its investments.","page_number":103,"box":{"x":46,"y":277,"width":100,"height":9}},{"id":"df24e6f4-aef9-4b4e-bee9-7604f03fab6d","block_type":"box","text":"Consumer Goods and Services Com","page_number":103,"box":{"x":46,"y":300,"width":247,"height":9}},{"id":"e46866f9-8628-4328-9589-a1f1d9b6b45b","block_type":"box","text":"panies Risk.","page_number":103,"box":{"x":295,"y":300,"width":82,"height":11}},{"id":"78298545-68f5-4297-9cac-76eb1c3b6184","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":103,"box":{"x":384,"y":300,"width":561,"height":11}},{"id":"46cd26c3-e43d-4f2c-b39a-66bcd06076d0","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":103,"box":{"x":46,"y":315,"width":896,"height":10}},{"id":"ea49687a-d63c-4762-8a64-9b6840482dbc","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":103,"box":{"x":46,"y":329,"width":860,"height":11}},{"id":"84d7cd09-cc21-4562-a512-1ab68a38620d","block_type":"box","text":"adverse impact on consumer companies.","page_number":103,"box":{"x":46,"y":343,"width":262,"height":11}},{"id":"35b5c3af-6efd-47e9-af22-7984dc1374cf","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":103,"box":{"x":46,"y":366,"width":849,"height":11}},{"id":"603b5153-4c8a-4872-b57d-150e4d34c9ca","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":103,"box":{"x":46,"y":380,"width":882,"height":11}},{"id":"b0520c56-1509-4d34-9e03-d76af249f02c","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":103,"box":{"x":46,"y":394,"width":855,"height":11}},{"id":"396d0cae-62a8-4d7b-96f6-e9721387a568","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":103,"box":{"x":46,"y":409,"width":560,"height":10}},{"id":"4ba77e2b-9d91-4a98-a9aa-923c69f217f3","block_type":"box","text":"Currency Risk.","page_number":103,"box":{"x":46,"y":432,"width":100,"height":11}},{"id":"959471a6-7d0e-451f-850c-8919afb2880b","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","page_number":103,"box":{"x":152,"y":432,"width":748,"height":11}},{"id":"e1f4053f-527b-4cd2-830f-a37f4096809c","block_type":"box","text":"non-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":103,"box":{"x":46,"y":446,"width":901,"height":11}},{"id":"e8cdc2ee-5509-45e3-881a-7f20d353576b","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":103,"box":{"x":46,"y":460,"width":866,"height":11}},{"id":"4281d506-bfbf-4e09-87cd-e61acb6a040d","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":103,"box":{"x":46,"y":474,"width":891,"height":11}},{"id":"f323fc15-d54c-4c0a-afbe-e0942050bbac","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":103,"box":{"x":46,"y":489,"width":470,"height":10}},{"id":"94abcbcc-a5d5-41fc-abe9-123e0b53b543","block_type":"box","text":"Custody Risk.","page_number":103,"box":{"x":46,"y":512,"width":94,"height":11}},{"id":"0fc3ca56-16c4-49d6-bacd-d9dd11e6477b","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":103,"box":{"x":145,"y":512,"width":780,"height":11}},{"id":"95e30461-a176-453e-b9ab-eac5170888d1","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":103,"box":{"x":46,"y":526,"width":852,"height":11}},{"id":"f6f69c87-2925-4ffe-869c-b5a3d06351cf","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":103,"box":{"x":46,"y":540,"width":892,"height":11}},{"id":"49d60e86-eac9-4099-9acf-f8fbb371dd50","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":103,"box":{"x":46,"y":554,"width":822,"height":11}},{"id":"efe0fb33-ba93-431f-9efd-ba5cb02ec71f","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":103,"box":{"x":46,"y":569,"width":905,"height":10}},{"id":"fb76d8eb-9af8-4606-a09c-7ce365f2a874","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":103,"box":{"x":46,"y":583,"width":849,"height":11}},{"id":"c67580b0-f886-4a5b-8184-4b3392dfebda","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":103,"box":{"x":46,"y":597,"width":453,"height":11}},{"id":"3a8162ce-087f-49e4-925f-37be60638f84","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":103,"box":{"x":46,"y":620,"width":192,"height":11}},{"id":"0b021e16-1653-4931-9dc7-534615294201","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and","page_number":103,"box":{"x":244,"y":620,"width":693,"height":11}},{"id":"2c91dd68-e6a2-4a5d-a76c-1f03d264c2e6","block_type":"box","text":"underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are not required to pay or continue","page_number":103,"box":{"x":46,"y":634,"width":896,"height":11}},{"id":"f1411e32-b331-4ece-b50e-e2dbb91cdd20","block_type":"box","text":"paying dividends on such stocks. It is possible that issuers of dividend-paying stocks will not declare dividends in the future or will reduce or","page_number":103,"box":{"x":46,"y":648,"width":896,"height":11}},{"id":"6ab1061f-8b42-475e-91ee-a3c22a5d3952","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":103,"box":{"x":46,"y":663,"width":879,"height":10}},{"id":"97a8a740-3e1f-4240-afb6-84ee0fdab570","block_type":"box","text":"which may adversely affect a Fund with such holdings. In addition, the value of dividend-paying stocks can decline when interest rates rise,","page_number":103,"box":{"x":45,"y":677,"width":888,"height":11}},{"id":"c0acf84a-ba3a-4a30-9734-dd92b0dc1f3e","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":103,"box":{"x":46,"y":691,"width":423,"height":8}},{"id":"7b629822-a4dc-4144-9c4d-8f8d4ab723f3","block_type":"box","text":"Energy Companies Risk.","page_number":103,"box":{"x":46,"y":714,"width":166,"height":11}},{"id":"04e26388-304f-4968-bb35-4850fb8f7e1d","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":103,"box":{"x":217,"y":714,"width":644,"height":11}},{"id":"0d638a72-261c-438b-b2f7-fd1f1fb557de","block_type":"box","text":"supply-demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations,","page_number":103,"box":{"x":46,"y":728,"width":905,"height":11}},{"id":"902e9621-3d97-4864-96bd-a2b6689f1568","block_type":"box","text":"war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector","page_number":103,"box":{"x":45,"y":743,"width":875,"height":10}},{"id":"585ae0cf-bb76-442c-b6de-744c97ae10b0","block_type":"box","text":"generally is subject to substantial government regulation, and companies may incur significant costs in complying with environmental and","page_number":103,"box":{"x":46,"y":757,"width":882,"height":11}},{"id":"760c065d-b5c6-4a4f-b6a3-cffe2ce5eb96","block_type":"box","text":"other laws. Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the","page_number":103,"box":{"x":46,"y":771,"width":838,"height":11}},{"id":"16719cda-f77a-46ed-814d-7f7a8029102f","block_type":"box","text":"performance of energy companies.","page_number":103,"box":{"x":46,"y":785,"width":222,"height":11}},{"id":"269f1284-2ee7-424f-9a0b-92c4be8d72d1","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":103,"box":{"x":46,"y":808,"width":892,"height":11}},{"id":"6ce84137-e6fd-4126-b4b1-5cb1d0c968bd","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":103,"box":{"x":46,"y":822,"width":877,"height":11}},{"id":"f4176a23-b6ea-4a0e-8a17-b21e76f50b1b","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":103,"box":{"x":46,"y":837,"width":885,"height":10}},{"id":"55e5d931-afc2-4bbf-bbf5-63d51f93b9dc","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":103,"box":{"x":46,"y":851,"width":866,"height":11}},{"id":"4ac1aa39-c432-4ffa-a297-d9c21320664b","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":103,"box":{"x":46,"y":865,"width":883,"height":11}},{"id":"5d934d85-71c2-4409-b4cc-fe5e4a5cc258","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":103,"box":{"x":46,"y":879,"width":799,"height":11}},{"id":"7d805ad2-afd2-42b8-aba9-3bb1b76517de","block_type":"box","text":"9","page_number":103,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"591dac97-fae8-4b4f-97ea-9996b02d2967","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":104,"box":{"x":45,"y":46,"width":837,"height":11}},{"id":"e13a99fa-dbcf-4feb-b658-095dd6fd1f98","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":104,"box":{"x":46,"y":61,"width":882,"height":10}},{"id":"b3e079be-e1c1-415d-bbd0-e9b975a5b62e","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":104,"box":{"x":46,"y":75,"width":899,"height":11}},{"id":"1590a867-d813-472a-b279-b3609a13c38e","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":104,"box":{"x":46,"y":89,"width":859,"height":11}},{"id":"8f266886-45ff-430e-83c3-f93baa6fcd31","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":104,"box":{"x":46,"y":103,"width":868,"height":11}},{"id":"3ed259f9-7632-4a80-9ff4-7da74f86b40a","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":104,"box":{"x":46,"y":117,"width":867,"height":11}},{"id":"0e7b37f2-63b9-400b-9547-c93b8a78e849","block_type":"box","text":"Equity Securities Risk.","page_number":104,"box":{"x":46,"y":140,"width":155,"height":11}},{"id":"05dc2b89-f69f-446e-9c18-f939176b858e","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":104,"box":{"x":207,"y":141,"width":732,"height":10}},{"id":"2d53759d-1039-402d-bb2c-f6a129ce414c","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":104,"box":{"x":46,"y":155,"width":876,"height":11}},{"id":"24a0123d-7919-4d4d-b090-41f418e5bf22","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":104,"box":{"x":45,"y":169,"width":905,"height":11}},{"id":"583ffcc8-1f2d-4d44-9b9c-f900e38100f2","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":104,"box":{"x":46,"y":183,"width":875,"height":11}},{"id":"12b3f23c-d34f-40e6-9901-369664e67049","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":104,"box":{"x":46,"y":197,"width":812,"height":11}},{"id":"f1a1960c-e293-442a-b7f9-0f1b4e260237","block_type":"box","text":"ESG Risk.","page_number":104,"box":{"x":46,"y":220,"width":65,"height":9}},{"id":"6ebb6277-cf1e-4e2b-90e2-2bbaa32ccac3","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":104,"box":{"x":116,"y":220,"width":835,"height":11}},{"id":"89f77f9c-ca26-4641-9f6a-a7e25a824d22","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":104,"box":{"x":46,"y":235,"width":888,"height":10}},{"id":"0b7f68b6-e623-49db-a900-db4956ef43a8","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":104,"box":{"x":46,"y":249,"width":846,"height":11}},{"id":"566c272f-5001-4feb-ac12-31d9c714356b","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":104,"box":{"x":46,"y":263,"width":901,"height":11}},{"id":"cb11f0a2-18c6-4009-84d1-018b420b6e1a","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":104,"box":{"x":46,"y":277,"width":869,"height":11}},{"id":"940c1409-b2cf-491a-886c-a02ea1253175","block_type":"box","text":"Index.","page_number":104,"box":{"x":46,"y":291,"width":37,"height":9}},{"id":"63df57fe-d758-48cd-94e7-121f7db657a8","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":104,"box":{"x":45,"y":315,"width":904,"height":10}},{"id":"4884e4fe-b22c-4184-af3f-68e7cb64b695","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":104,"box":{"x":46,"y":329,"width":868,"height":10}},{"id":"5bf409a8-9092-4fd5-971e-74328d689b42","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":104,"box":{"x":45,"y":343,"width":858,"height":11}},{"id":"044d6cdf-395c-4f0f-a559-c336488627e8","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":104,"box":{"x":46,"y":357,"width":868,"height":11}},{"id":"8e379639-b725-4f0a-896e-fdf93ca3c5a4","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":104,"box":{"x":46,"y":371,"width":898,"height":11}},{"id":"ac1f0a06-7a4c-4eb6-82d8-3c1019a0a13c","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":104,"box":{"x":46,"y":385,"width":875,"height":11}},{"id":"b01b4346-bdfa-4859-a4c5-b50da40d7b6f","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":104,"box":{"x":46,"y":400,"width":872,"height":10}},{"id":"0e5c5624-36c1-4c65-8525-914a7ffa9b8a","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":104,"box":{"x":46,"y":414,"width":902,"height":11}},{"id":"66e38a8b-60d5-4a26-a07d-bb7827bdc2c9","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":104,"box":{"x":46,"y":428,"width":872,"height":11}},{"id":"9b3b8fec-35f8-438d-8ae4-49aa7985da82","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":104,"box":{"x":46,"y":442,"width":867,"height":11}},{"id":"c25d614c-52a8-4b6a-980a-fc8c1c684e9c","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":104,"box":{"x":46,"y":456,"width":900,"height":11}},{"id":"12ce2527-f6f7-4c0c-97a5-33b8da49cf9f","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":104,"box":{"x":46,"y":471,"width":286,"height":8}},{"id":"c0ca9834-a7f1-46dd-9978-ddf9cffc5845","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":104,"box":{"x":45,"y":494,"width":845,"height":11}},{"id":"984ee4b0-4fdd-4f39-af87-2dd31a6d78b3","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":104,"box":{"x":46,"y":508,"width":894,"height":11}},{"id":"2b3722c0-26ab-464d-959f-50a5b367eb78","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":104,"box":{"x":46,"y":522,"width":447,"height":11}},{"id":"9e83cfab-df1e-4c53-a420-09a21239e8b2","block_type":"box","text":"European Economic Risk.","page_number":104,"box":{"x":46,"y":545,"width":174,"height":11}},{"id":"64189677-bc9d-4ef9-8646-bd41320565b4","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":104,"box":{"x":225,"y":545,"width":705,"height":11}},{"id":"f47aa648-da8c-4e0d-ac60-3e4b84eedacc","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":104,"box":{"x":46,"y":559,"width":893,"height":11}},{"id":"ef00f76f-b5ff-4229-8677-e46ee4e8fcd0","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":104,"box":{"x":46,"y":574,"width":899,"height":10}},{"id":"7f689591-8a67-4667-a6cc-824c0434ac68","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":104,"box":{"x":46,"y":588,"width":889,"height":11}},{"id":"5f2f2e83-92e8-4933-86b9-ac15b9f95f3c","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":104,"box":{"x":46,"y":602,"width":880,"height":11}},{"id":"3edff86b-02f9-4382-872c-2cd19db1fd87","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":104,"box":{"x":46,"y":616,"width":887,"height":11}},{"id":"469537b4-253b-4d2a-ab61-7550c0481a6f","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":104,"box":{"x":46,"y":630,"width":874,"height":11}},{"id":"aad59d4d-dcb7-46ce-b91e-3bf069a48add","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":104,"box":{"x":46,"y":645,"width":889,"height":10}},{"id":"83026e0f-ada9-4bfb-a57e-f78f62419cc3","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":104,"box":{"x":46,"y":659,"width":898,"height":11}},{"id":"4dee4f07-cec5-4859-8218-8a820f13c4cd","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":104,"box":{"x":46,"y":673,"width":904,"height":11}},{"id":"07c19dcc-3a44-4496-90f4-6113ed71396e","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":104,"box":{"x":45,"y":687,"width":858,"height":11}},{"id":"586f8c7a-6693-4210-921d-c7899ad0f9c6","block_type":"box","text":"countries.","page_number":104,"box":{"x":46,"y":701,"width":62,"height":9}},{"id":"b6114edd-70fd-42ca-aca4-3c935f9ffcba","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":104,"box":{"x":46,"y":724,"width":879,"height":11}},{"id":"f44344b5-6620-470b-9925-b3a3027b2d37","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":104,"box":{"x":46,"y":739,"width":858,"height":10}},{"id":"bdeb567b-efc5-42a0-a325-b9af20411d25","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":104,"box":{"x":46,"y":753,"width":881,"height":11}},{"id":"3386f817-7a37-4ed8-80d0-3263aa99a7ee","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":104,"box":{"x":46,"y":767,"width":858,"height":11}},{"id":"f2acf201-0724-4d5e-b173-13ac4c9d5bce","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":104,"box":{"x":45,"y":781,"width":867,"height":11}},{"id":"a0a6fd94-09d2-483d-b17e-47a72d38e14f","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":104,"box":{"x":46,"y":795,"width":894,"height":11}},{"id":"0fd37376-80ad-4759-a2f0-84bc3dc61e72","block_type":"box","text":"l","page_number":104,"box":{"x":942,"y":795,"width":2,"height":9}},{"id":"6bd9c22d-331a-42d9-b339-29545861705c","block_type":"box","text":"markets.","page_number":104,"box":{"x":46,"y":810,"width":55,"height":8}},{"id":"023cf33a-d4f0-4310-9499-9da3fcc3f9ad","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":104,"box":{"x":45,"y":833,"width":881,"height":11}},{"id":"722fcb6d-bf2c-4906-9643-15e0f67b91e3","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":104,"box":{"x":46,"y":847,"width":895,"height":11}},{"id":"48ce8979-3494-48be-8394-d2bb1d6201fc","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":104,"box":{"x":46,"y":861,"width":844,"height":11}},{"id":"f02899fe-b934-45c1-b547-a0a3023d2145","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":104,"box":{"x":46,"y":875,"width":871,"height":11}},{"id":"78a4a740-baca-427f-8157-53c0f5a463a8","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":104,"box":{"x":46,"y":889,"width":872,"height":11}},{"id":"c41240d4-6803-4d6f-9c7f-41180a55bfe5","block_type":"box","text":"investments.","page_number":104,"box":{"x":46,"y":904,"width":81,"height":8}},{"id":"ce8c5bfa-dad7-4a58-9cad-5ae5b6dec77b","block_type":"box","text":"10","page_number":104,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"cd8b66f8-5d20-478f-9b0e-9f26886c724b","block_type":"box","text":"Russian Invasion of Ukraine","page_number":105,"box":{"x":46,"y":46,"width":172,"height":9}},{"id":"a1cf7b3d-8bf7-4536-abdb-ede0d579e1cc","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":105,"box":{"x":219,"y":46,"width":721,"height":11}},{"id":"1c54ea13-0996-44db-995f-2683d488cc8f","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":105,"box":{"x":46,"y":61,"width":892,"height":10}},{"id":"ea984766-40c0-4a40-b6b1-81ab03badca2","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":105,"box":{"x":46,"y":75,"width":887,"height":11}},{"id":"c1957823-0b23-40a0-b796-5c7d63c430e2","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":105,"box":{"x":46,"y":89,"width":886,"height":11}},{"id":"11f5e95a-f6b8-4477-a179-55979cacdbc6","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":105,"box":{"x":46,"y":103,"width":894,"height":11}},{"id":"781cc908-abb6-413e-a1f1-a571204bfbeb","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":105,"box":{"x":46,"y":117,"width":891,"height":11}},{"id":"e5fc7648-9de9-4bab-b716-d05ac4860e50","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":105,"box":{"x":45,"y":131,"width":885,"height":11}},{"id":"4114d529-5e12-4e1c-b4a9-6b612ccb0ad9","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":105,"box":{"x":46,"y":146,"width":891,"height":10}},{"id":"614fb13e-efe8-4483-9b25-decf56fb0589","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":105,"box":{"x":46,"y":160,"width":431,"height":11}},{"id":"effd3474-79c9-4afe-82c7-98924f5e5c3e","block_type":"box","text":"Financial Companies Risk.","page_number":105,"box":{"x":46,"y":183,"width":180,"height":11}},{"id":"dad15140-072a-4985-9fa5-8ad3d5ed850e","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":105,"box":{"x":232,"y":183,"width":690,"height":11}},{"id":"e5aedc5d-597d-47c4-b59c-775a899bc7d2","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":105,"box":{"x":46,"y":197,"width":892,"height":11}},{"id":"7c874403-0b28-4cfa-9b52-c1b4e025535e","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":105,"box":{"x":46,"y":211,"width":891,"height":11}},{"id":"eda0773a-9173-44c2-8faa-692b34821580","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":105,"box":{"x":46,"y":226,"width":887,"height":10}},{"id":"fb5e1fef-a353-4ca4-9c96-1e3643e8fe1e","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":105,"box":{"x":46,"y":240,"width":871,"height":11}},{"id":"20c75ab2-6102-4156-b2ce-35dae2b5cd61","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":105,"box":{"x":46,"y":254,"width":767,"height":11}},{"id":"69206477-ae77-42cf-a8c0-6e3154fc8d0a","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":105,"box":{"x":46,"y":277,"width":891,"height":11}},{"id":"dfda2631-9418-443a-b4f9-26c00895a84e","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":105,"box":{"x":46,"y":291,"width":848,"height":11}},{"id":"74f19f97-4f44-4918-8763-14b65daeac3d","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":105,"box":{"x":46,"y":305,"width":884,"height":11}},{"id":"a298c585-161b-4ebe-853f-7947faa2bb0e","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":105,"box":{"x":45,"y":320,"width":889,"height":11}},{"id":"29426d51-1369-4bb6-9295-841ecc07ada7","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":105,"box":{"x":46,"y":334,"width":856,"height":11}},{"id":"e71b4516-3355-489a-a0cf-f2bb07cf6e46","block_type":"box","text":"financial sector generally.","page_number":105,"box":{"x":45,"y":348,"width":163,"height":11}},{"id":"f8900c60-2c35-4be3-b2e8-bad280b76d97","block_type":"box","text":"Geographic and Security Risks.","page_number":105,"box":{"x":46,"y":371,"width":215,"height":11}},{"id":"9c6174ae-6bdf-46c5-8eb2-8014d27a7045","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":105,"box":{"x":267,"y":371,"width":668,"height":11}},{"id":"43a96aea-5865-4129-a9e9-b54ae9261b98","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":105,"box":{"x":46,"y":385,"width":884,"height":11}},{"id":"07369171-6697-48cb-8434-6ecf50a946cd","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":105,"box":{"x":46,"y":400,"width":840,"height":10}},{"id":"00b7902b-09e1-4af5-b626-81b9645d6a28","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":105,"box":{"x":46,"y":414,"width":845,"height":11}},{"id":"ece7440b-8b50-4665-bf48-d2c679d1240e","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":105,"box":{"x":46,"y":428,"width":570,"height":11}},{"id":"9fe69c0b-f552-411c-a42e-c840c2b33fcf","block_type":"box","text":"Healthcare Companies Risk.","page_number":105,"box":{"x":46,"y":451,"width":194,"height":11}},{"id":"8a8cb0e4-1751-4180-9c8e-a0467a1e07af","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":105,"box":{"x":245,"y":451,"width":689,"height":11}},{"id":"e21308e6-6cca-4934-8db2-3e94e94d241f","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":105,"box":{"x":46,"y":465,"width":879,"height":11}},{"id":"c2a9b1f7-b0fb-44d8-aa5e-e382a38580d1","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":105,"box":{"x":46,"y":480,"width":899,"height":10}},{"id":"93b7a06a-9bb5-4419-8253-a1f45ff017dd","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":105,"box":{"x":46,"y":494,"width":888,"height":11}},{"id":"5a3f62c9-7cd3-47f5-9245-cf6042caeff1","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":105,"box":{"x":46,"y":508,"width":891,"height":11}},{"id":"8445c9a9-d24a-41ea-84ac-22df7c327793","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":105,"box":{"x":46,"y":522,"width":881,"height":11}},{"id":"d477244d-563f-483a-aa71-cfa7e3b966dc","block_type":"box","text":"product liability and similar claims.","page_number":105,"box":{"x":46,"y":536,"width":221,"height":11}},{"id":"3e92654d-31ee-482b-ba30-edb958330a7e","block_type":"box","text":"Illiquid Investments Risk.","page_number":105,"box":{"x":46,"y":559,"width":175,"height":11}},{"id":"e38947d7-ab16-4c8c-b0e9-97731fc8a163","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":105,"box":{"x":226,"y":559,"width":719,"height":11}},{"id":"0b876c74-0a86-4b1e-ba3f-d4dac222405c","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":105,"box":{"x":46,"y":574,"width":883,"height":10}},{"id":"a83ca308-b85b-4585-a2e2-d90b2789567f","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":105,"box":{"x":46,"y":588,"width":885,"height":11}},{"id":"e64dd818-4547-4bfd-9a6c-5e4f02791541","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":105,"box":{"x":46,"y":602,"width":902,"height":11}},{"id":"08068571-8e1a-438f-93bc-d9ead8e6268e","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":105,"box":{"x":46,"y":616,"width":890,"height":11}},{"id":"37e6ba04-1ac8-41c6-aaef-9221202c6813","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":105,"box":{"x":46,"y":630,"width":752,"height":11}},{"id":"92147b83-9bff-4f34-9d12-8a6e65a57d63","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":105,"box":{"x":47,"y":654,"width":884,"height":10}},{"id":"7444e7a1-1cfe-400c-bcd9-df89bb5d8673","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":105,"box":{"x":46,"y":668,"width":900,"height":11}},{"id":"5089cbea-0427-41be-a406-5e19ea8940e4","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":105,"box":{"x":46,"y":682,"width":866,"height":11}},{"id":"c4b6a115-5774-4e78-837e-3e8e7ab988c1","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":105,"box":{"x":46,"y":705,"width":901,"height":11}},{"id":"41005cad-46ba-4a6f-9792-194a60840298","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":105,"box":{"x":46,"y":719,"width":889,"height":11}},{"id":"fb50cbec-272e-45d4-954d-ee1ad43ff1d8","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":105,"box":{"x":46,"y":733,"width":828,"height":11}},{"id":"4bb819db-2b55-40a0-97ad-f5fc05f2eee7","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":105,"box":{"x":46,"y":748,"width":874,"height":11}},{"id":"b3bb98fa-7b1c-41b6-8687-01f0d8ad1e51","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":105,"box":{"x":46,"y":762,"width":888,"height":11}},{"id":"cb282b0e-0f4c-484b-b51b-c5c5865fd5ef","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":105,"box":{"x":46,"y":776,"width":897,"height":11}},{"id":"0dd2c4d0-9ba6-4ea2-8319-e0ba58c4964d","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":105,"box":{"x":46,"y":790,"width":869,"height":11}},{"id":"6cb70d92-e9cc-45db-9187-4874f3df3b91","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":105,"box":{"x":46,"y":804,"width":887,"height":11}},{"id":"35781ca4-c4ff-43db-acc9-c88612a3cc20","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":105,"box":{"x":46,"y":819,"width":858,"height":10}},{"id":"2517e760-97f8-4815-9030-f7b6576375d0","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":105,"box":{"x":46,"y":833,"width":253,"height":11}},{"id":"c1c3dc80-ec49-44b1-a6b5-6438e9934bc8","block_type":"box","text":"Index-Related Risk.","page_number":105,"box":{"x":46,"y":856,"width":133,"height":8}},{"id":"8d0dd774-4ab4-4cb6-811f-df6460857819","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":105,"box":{"x":184,"y":856,"width":727,"height":11}},{"id":"1ea17752-f4b3-4126-b3a3-90e7482a9eb5","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":105,"box":{"x":46,"y":870,"width":869,"height":11}},{"id":"d34377ab-ad9e-4436-b381-9cf183a5cf71","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":105,"box":{"x":46,"y":884,"width":873,"height":11}},{"id":"eb5a4785-e8aa-4645-9aa8-b64fc060475e","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":105,"box":{"x":46,"y":899,"width":863,"height":10}},{"id":"bd051ae5-4d83-4c06-a780-3027936124d7","block_type":"box","text":"11","page_number":105,"box":{"x":494,"y":944,"width":10,"height":8}},{"id":"be62156e-810e-4942-8efe-c17b9686eb0f","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":106,"box":{"x":46,"y":46,"width":897,"height":11}},{"id":"1511cd80-6ba3-47df-9a7b-68ed49637fce","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":106,"box":{"x":46,"y":61,"width":881,"height":10}},{"id":"ccec4586-4919-4157-b5ef-aff72e61fb29","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":106,"box":{"x":45,"y":84,"width":852,"height":11}},{"id":"04252cf4-49ba-4ec1-8cb9-f8f3878710e0","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":106,"box":{"x":46,"y":98,"width":849,"height":11}},{"id":"8d5ea3e0-ee6a-4cfd-871c-c5c18fd791cf","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":106,"box":{"x":46,"y":112,"width":877,"height":11}},{"id":"b91920c3-0660-4ede-8904-1f8c245a99c6","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":106,"box":{"x":46,"y":126,"width":906,"height":11}},{"id":"5fa4ed9d-2ff5-415a-a066-1af2825205e9","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":106,"box":{"x":46,"y":140,"width":903,"height":11}},{"id":"aa805a92-536d-4ce0-bbee-5ed0e66acdea","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":106,"box":{"x":46,"y":155,"width":894,"height":11}},{"id":"0795949f-bfa2-401c-8354-db745b2b93c4","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":106,"box":{"x":46,"y":169,"width":877,"height":11}},{"id":"747aeb7f-1744-46bf-93be-f8d67764b6c8","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":106,"box":{"x":46,"y":183,"width":881,"height":11}},{"id":"06c7f245-b9a9-418b-9be2-49ed5b0cf660","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":106,"box":{"x":45,"y":197,"width":845,"height":11}},{"id":"9e0fa54b-ba49-4962-ba8b-e1a46f2fbade","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":106,"box":{"x":46,"y":211,"width":879,"height":11}},{"id":"345872a1-c6ed-4353-b144-04329399045a","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":106,"box":{"x":46,"y":226,"width":340,"height":10}},{"id":"7a5ccc51-9eea-4d7a-bf55-91dd9166317a","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":106,"box":{"x":46,"y":249,"width":858,"height":11}},{"id":"5d799859-a477-4530-b5ac-c13a8b7461f1","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":106,"box":{"x":46,"y":263,"width":880,"height":11}},{"id":"f03d2909-2597-45b3-b528-a0b6e88e29cb","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":106,"box":{"x":46,"y":277,"width":901,"height":11}},{"id":"d2ea877d-3068-44da-b271-a518d665d075","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":106,"box":{"x":46,"y":291,"width":905,"height":11}},{"id":"094aa9d0-e47a-42d8-89b1-26182426369a","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":106,"box":{"x":46,"y":305,"width":889,"height":11}},{"id":"0b0181b1-1f13-4d13-a487-1e006d95f658","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":106,"box":{"x":46,"y":320,"width":890,"height":11}},{"id":"8292fbb7-3891-4ecf-8986-ffee3ea4fc88","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":106,"box":{"x":46,"y":334,"width":722,"height":11}},{"id":"4556f3e3-ae89-465e-8d0b-8da623bbbb83","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":106,"box":{"x":46,"y":357,"width":899,"height":11}},{"id":"8710e290-f8b4-4a52-ada1-9cf48a203ad1","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":106,"box":{"x":46,"y":371,"width":876,"height":11}},{"id":"1aef8c68-9d8e-4e71-810b-4df18f6d0032","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":106,"box":{"x":46,"y":385,"width":865,"height":11}},{"id":"db178f60-8552-48fe-8fce-92f8054c8639","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":106,"box":{"x":46,"y":400,"width":896,"height":10}},{"id":"c83ca96b-211c-4ed0-8c9d-a0573342fe08","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":106,"box":{"x":46,"y":414,"width":213,"height":11}},{"id":"6eb3effd-11e0-4640-bf53-954ccf4bbaaa","block_type":"box","text":"Industrial Companies Risk.","page_number":106,"box":{"x":46,"y":437,"width":185,"height":11}},{"id":"f6aa0fea-c878-4593-8f0d-2bb2d8024735","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":106,"box":{"x":237,"y":437,"width":673,"height":11}},{"id":"60b26260-b5de-4309-84e3-7aa0ff5a1ecc","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":106,"box":{"x":46,"y":451,"width":889,"height":11}},{"id":"f47f6697-6551-4ef8-a0bc-ffdfc4e80ea5","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":106,"box":{"x":46,"y":465,"width":878,"height":11}},{"id":"4f599e15-c5b3-4bd8-9fdf-e2b7cbcaa56f","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":106,"box":{"x":46,"y":480,"width":872,"height":10}},{"id":"332310bd-f4a9-4220-921c-997528bb8e2a","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":106,"box":{"x":46,"y":494,"width":902,"height":11}},{"id":"1f5714fc-fb45-400f-8e05-6d24c1917775","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":106,"box":{"x":46,"y":508,"width":871,"height":11}},{"id":"da455e7b-35f7-4bc4-a253-b7e16587abca","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":106,"box":{"x":46,"y":522,"width":881,"height":11}},{"id":"dc25ec69-4e2f-40cc-b427-0cb8cfc92c9e","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":106,"box":{"x":46,"y":536,"width":892,"height":11}},{"id":"d46bfbb0-a6da-4759-be07-4603d1914fc8","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":106,"box":{"x":46,"y":550,"width":322,"height":11}},{"id":"45e77ccb-f2b8-40ba-a8e8-83d300d38591","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":106,"box":{"x":46,"y":574,"width":900,"height":10}},{"id":"929f51d2-a6d1-423f-9936-de06dc186044","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":106,"box":{"x":46,"y":588,"width":864,"height":11}},{"id":"0bff49dd-fb1e-466f-ae69-0d0978df4c6e","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":106,"box":{"x":46,"y":602,"width":403,"height":11}},{"id":"50032a59-3ac3-4572-a67e-cf471dc74425","block_type":"box","text":"Infrastructure Companies Risk.","page_number":106,"box":{"x":46,"y":625,"width":216,"height":11}},{"id":"0fc63566-1847-47e3-889d-b0055e1ee203","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related activities face a number of risks, including","page_number":106,"box":{"x":267,"y":625,"width":668,"height":11}},{"id":"dd847d83-011d-4e43-a726-4918bb0c9c63","block_type":"box","text":"supply chain and distribution disruptions, business interruptions, third-party vendor risks, cyber or other attacks, trade disputes, scarcity of","page_number":106,"box":{"x":46,"y":639,"width":891,"height":11}},{"id":"a239331a-fa59-45bc-ac0c-3844457cc2fe","block_type":"box","text":"materials or parts, excess capacity, and volatility in commodity prices and currencies. Changes in trade restrictions and tariffs as well as","page_number":106,"box":{"x":46,"y":654,"width":872,"height":10}},{"id":"b3f17378-b343-48cd-beb2-0a30af9ad4e1","block_type":"box","text":"broader geopolitical developments could adversely affect infrastructure companies. These companies also may be significantly affected by","page_number":106,"box":{"x":46,"y":668,"width":887,"height":11}},{"id":"e1fb9737-c955-488d-b6fb-372ede4db049","block_type":"box","text":"domestic and international economic conditions, legislative and regulatory changes, labor relations, technological developments, extreme","page_number":106,"box":{"x":46,"y":682,"width":882,"height":11}},{"id":"8f551cb0-7cb3-425c-876a-8bccfd761535","block_type":"box","text":"weather or other catastrophic events. Some infrastructure companies may rely heavily on government contracts or other forms of public","page_number":106,"box":{"x":45,"y":696,"width":874,"height":11}},{"id":"28282728-b538-401a-929f-cd140b846335","block_type":"box","text":"sector financing and thus are subject to heightened political risks, including reduced government spending or changes in policy priorities.","page_number":106,"box":{"x":46,"y":710,"width":878,"height":11}},{"id":"a1e911ab-90a2-4389-88ba-79d65d5df1b6","block_type":"box","text":"Certain companies are subject to extensive government regulation and may incur significant compliance costs. They also may face the risk of","page_number":106,"box":{"x":46,"y":724,"width":905,"height":11}},{"id":"694364cd-600c-4dfb-8fa6-09edb1a3224a","block_type":"box","text":"liability for environmental damage or infrastructure failures.","page_number":106,"box":{"x":46,"y":739,"width":380,"height":10}},{"id":"3271e29a-8cab-4b35-bc69-c34747175225","block_type":"box","text":"Issuer Risk.","page_number":106,"box":{"x":46,"y":762,"width":80,"height":8}},{"id":"fe83aeae-0899-4f0e-9e03-524f74418e21","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":106,"box":{"x":131,"y":762,"width":755,"height":11}},{"id":"9b150c79-0755-412d-bc1c-3d86a2574fea","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":106,"box":{"x":46,"y":776,"width":861,"height":11}},{"id":"2d8a2643-8f8a-4b49-b587-3e22d2408f8f","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":106,"box":{"x":45,"y":790,"width":406,"height":11}},{"id":"a25a984f-73b0-4ebe-adf1-15938d3589ba","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":106,"box":{"x":46,"y":813,"width":257,"height":11}},{"id":"fdf4b728-1fa8-4d79-ac61-e2f25dbb77fd","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":106,"box":{"x":309,"y":813,"width":631,"height":11}},{"id":"f0a401e3-f6df-46af-8003-f160e923a679","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":106,"box":{"x":46,"y":828,"width":881,"height":10}},{"id":"7d085c6e-bae9-48f9-9d54-dbd1b89ad6f4","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":106,"box":{"x":46,"y":842,"width":890,"height":11}},{"id":"7cddaf4f-2248-4e3f-80e5-8690de41f021","block_type":"box","text":"performance of the broader securities markets.","page_number":106,"box":{"x":46,"y":856,"width":302,"height":11}},{"id":"a49545de-7c58-494a-8857-55d65b2269f8","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":106,"box":{"x":46,"y":879,"width":369,"height":11}},{"id":"d41a7bde-9542-4c22-99d7-0a3ac5e5f089","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":106,"box":{"x":420,"y":879,"width":517,"height":11}},{"id":"6073d6d6-f1cf-4743-aa7a-0fd6fd778e18","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":106,"box":{"x":46,"y":893,"width":875,"height":11}},{"id":"3dea4cf6-8601-4389-b85a-f626ce930e38","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":106,"box":{"x":46,"y":908,"width":899,"height":10}},{"id":"161fa484-1e87-4ae8-8bd9-cfca5321db5f","block_type":"box","text":"12","page_number":106,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"1b50e923-a5d4-4c54-a623-ea38847e6632","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":107,"box":{"x":46,"y":46,"width":900,"height":11}},{"id":"2e400965-169a-413d-860e-1de7b60f8c16","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":107,"box":{"x":46,"y":61,"width":887,"height":10}},{"id":"9604d921-1490-4ada-99b5-27de3abe0fb5","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":107,"box":{"x":46,"y":75,"width":882,"height":11}},{"id":"2ac98691-1d72-4ef3-a31f-de80ca4c1f0f","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":107,"box":{"x":46,"y":89,"width":888,"height":11}},{"id":"894dae70-6b60-4332-bcaf-2c96cfa72f3c","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":107,"box":{"x":46,"y":103,"width":905,"height":11}},{"id":"324854e9-7c34-44be-a8a7-0f7e1fbbda81","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":107,"box":{"x":46,"y":117,"width":903,"height":11}},{"id":"4cda0e66-82d5-4f37-9050-1a6590636899","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":107,"box":{"x":46,"y":132,"width":854,"height":10}},{"id":"0cb43470-30f8-494f-bb32-0a214ca9cd3b","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":107,"box":{"x":46,"y":146,"width":892,"height":10}},{"id":"a5628b64-c741-4865-9c91-8bc066afdac9","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":107,"box":{"x":46,"y":160,"width":902,"height":11}},{"id":"7e56e78f-cdf2-4747-8dc7-d444e5e5684c","block_type":"box","text":"to price.","page_number":107,"box":{"x":46,"y":174,"width":51,"height":11}},{"id":"de80d892-585d-4814-bb52-fdf053eb16a2","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":107,"box":{"x":45,"y":197,"width":841,"height":11}},{"id":"95c01eb1-c31b-4e0a-b6fa-40118d2ffb63","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":107,"box":{"x":46,"y":211,"width":898,"height":11}},{"id":"50160761-24e8-46b1-ad12-5a3daddb6c75","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":107,"box":{"x":46,"y":226,"width":878,"height":10}},{"id":"b1aa0916-d22b-4016-9c10-b4ba37984fb9","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":107,"box":{"x":46,"y":240,"width":792,"height":11}},{"id":"dc6227a3-3472-4b6f-a63a-7e6737900d77","block_type":"box","text":"Management Risk.","page_number":107,"box":{"x":46,"y":263,"width":127,"height":11}},{"id":"f2651803-0721-4b64-bb3a-35dd9651f113","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":107,"box":{"x":178,"y":263,"width":757,"height":11}},{"id":"b5377694-a9fc-4078-a110-09eb6bf45761","block_type":"box","text":"their investment merits. A Fund does not try to “beat” the Underlying Index it tracks. A Fund may be affected by a general decline in market","page_number":107,"box":{"x":46,"y":277,"width":892,"height":11}},{"id":"084e5758-c1ac-44f5-85b5-8d4b43ac5a1f","block_type":"box","text":"segments related to its Underlying Index and does not attempt to take defensive positions under any market conditions, including declining","page_number":107,"box":{"x":46,"y":291,"width":891,"height":11}},{"id":"cca7dc49-fba2-4ed3-8533-179aeee52249","block_type":"box","text":"markets. Market disruptions and regulatory restrictions, among other factors, could have an adverse effect on a Fund’s ability to adjust its","page_number":107,"box":{"x":46,"y":305,"width":883,"height":11}},{"id":"e1c97d6d-b44f-4f52-a1c0-d48b7f1f43ff","block_type":"box","text":"exposure to the levels required to closely track its Underlying Index. Because BFA uses a representative sampling indexing strategy to","page_number":107,"box":{"x":46,"y":320,"width":855,"height":11}},{"id":"01132dcc-c274-4494-9cd7-9927082893fe","block_type":"box","text":"manage index Funds, a Fund will not fully replicate its Underlying Index and may purchase and hold instruments not included in the","page_number":107,"box":{"x":46,"y":334,"width":837,"height":11}},{"id":"370b1ba3-929f-4bcd-a01d-72a8b52aea4d","block_type":"box","text":"Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time. As a","page_number":107,"box":{"x":46,"y":348,"width":890,"height":11}},{"id":"156a09df-d32c-4405-827d-50eb862871d4","block_type":"box","text":"result, a Fund is subject to the risk that BFA’s investment strategy, whose implementation is subject to a number of constraints, may not","page_number":107,"box":{"x":46,"y":362,"width":872,"height":11}},{"id":"e00ad95c-a0ee-4d41-82c9-e63c56e7b3ac","block_type":"box","text":"produce the intended results. There is no guarantee that a Fund’s investment results will have a high degree of correlation to those of its","page_number":107,"box":{"x":46,"y":376,"width":872,"height":11}},{"id":"cad3be41-7c96-484b-8d75-c81033ade918","block_type":"box","text":"Underlying Index or that a Fund will achieve its investment objective.","page_number":107,"box":{"x":46,"y":391,"width":439,"height":10}},{"id":"a0f2e3f9-cb99-4a35-ad45-2f35875a1751","block_type":"box","text":"Market Risk.","page_number":107,"box":{"x":46,"y":414,"width":86,"height":8}},{"id":"a697b364-f1ce-4e77-9d7c-d47f42739694","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":107,"box":{"x":137,"y":414,"width":763,"height":11}},{"id":"4cc5ee57-55fd-4109-a529-a2e1ece748f4","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":107,"box":{"x":46,"y":428,"width":879,"height":11}},{"id":"2b8b1439-f1fd-434f-abe5-14b60af86d12","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":107,"box":{"x":46,"y":442,"width":884,"height":11}},{"id":"d0d187c4-da10-4788-8e74-3fa2d58957e7","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":107,"box":{"x":46,"y":456,"width":904,"height":11}},{"id":"e33abed5-33c5-4f3d-a5b3-4ae09237dc9a","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":107,"box":{"x":45,"y":471,"width":858,"height":10}},{"id":"ccd2ed6a-3a81-4930-b45b-768eb456c644","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":107,"box":{"x":45,"y":485,"width":869,"height":11}},{"id":"50080d32-7b86-48a9-9f1e-b3c4ba094759","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":107,"box":{"x":46,"y":499,"width":885,"height":11}},{"id":"8980e8c1-33d6-498a-9ba1-35b9cb4931ea","block_type":"box","text":"and assets.","page_number":107,"box":{"x":46,"y":513,"width":71,"height":9}},{"id":"25bac208-d0e1-4314-b501-d0311a74ff29","block_type":"box","text":"Market Trading Risk.","page_number":107,"box":{"x":46,"y":536,"width":141,"height":11}},{"id":"4162114c-1677-4ccc-b4ef-ee58ffc82f1e","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":107,"box":{"x":192,"y":536,"width":753,"height":11}},{"id":"1f3f8ce6-f52d-43fa-8a5d-b14f93ecdbbe","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":107,"box":{"x":46,"y":550,"width":896,"height":11}},{"id":"07191357-764b-460c-a94e-a013194daabb","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":107,"box":{"x":46,"y":565,"width":877,"height":10}},{"id":"c9985ab5-45dc-4bdd-9eee-fcd3494ab213","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":107,"box":{"x":46,"y":579,"width":447,"height":11}},{"id":"fea3de19-c1b1-426d-89ed-5a1d7d264b6a","block_type":"box","text":"Absence of an Active Primary Market.","page_number":107,"box":{"x":45,"y":602,"width":235,"height":11}},{"id":"0d84176c-9238-42f5-b67d-bcec7d5a5364","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":107,"box":{"x":286,"y":602,"width":664,"height":11}},{"id":"0c39f342-9a49-4020-9b3a-8d25d36c0868","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":107,"box":{"x":46,"y":616,"width":826,"height":11}},{"id":"2cc0be26-0c4b-417d-abb7-31f815cd7476","block_type":"box","text":"Secondary Listing Risks.","page_number":107,"box":{"x":46,"y":639,"width":151,"height":11}},{"id":"4ebef53b-277a-4249-8b27-23b626473efa","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":107,"box":{"x":203,"y":639,"width":732,"height":11}},{"id":"54ffb184-3376-440e-8703-1d7442fff8e0","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":107,"box":{"x":45,"y":654,"width":842,"height":10}},{"id":"ac79d7d5-fdbe-4a28-acd4-524d91a4afd1","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":107,"box":{"x":46,"y":668,"width":889,"height":11}},{"id":"1cddf325-d6a9-4eaa-a7b0-e978f66df440","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":107,"box":{"x":46,"y":682,"width":879,"height":11}},{"id":"ee307f6f-ea77-4103-917e-a80cfcc1bdfd","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":107,"box":{"x":46,"y":696,"width":872,"height":11}},{"id":"138d9a83-6c64-4bec-bab6-7a8e3f8f85ec","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":107,"box":{"x":46,"y":710,"width":897,"height":11}},{"id":"d255e1af-e65e-4b86-997d-086a2fd48dcf","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":107,"box":{"x":45,"y":724,"width":863,"height":11}},{"id":"7ddd766a-d01c-4f38-b9d0-7370c8817959","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":107,"box":{"x":46,"y":739,"width":579,"height":10}},{"id":"3dcb9ad2-a84c-4a17-9a14-c12a1074a241","block_type":"box","text":"Secondary Market Trading Risk.","page_number":107,"box":{"x":46,"y":762,"width":196,"height":11}},{"id":"0dce8ae8-1b35-4e6a-877f-a1f7088b1018","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":107,"box":{"x":248,"y":762,"width":703,"height":11}},{"id":"380cc297-7396-4b7f-ad07-154b69eae508","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":107,"box":{"x":46,"y":776,"width":896,"height":11}},{"id":"eb314ed2-ee84-49d3-b92d-af0f29e5add4","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":107,"box":{"x":46,"y":790,"width":880,"height":11}},{"id":"e3ae6305-05f7-4720-a0a3-eeb469d4c51a","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":107,"box":{"x":46,"y":804,"width":900,"height":11}},{"id":"caa2d05d-0696-4c3f-b6d4-4d4575b622f2","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":107,"box":{"x":46,"y":819,"width":893,"height":10}},{"id":"440ced4d-5d73-4bcc-a16e-34b2697be62b","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":107,"box":{"x":46,"y":833,"width":581,"height":11}},{"id":"31ed04b1-4778-405f-a7c6-f162db4ec3de","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":107,"box":{"x":46,"y":856,"width":901,"height":11}},{"id":"033ee0d3-50c6-48c1-b210-3ea7ab50d440","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":107,"box":{"x":46,"y":870,"width":547,"height":11}},{"id":"b26e8b69-bf28-4600-9209-2773fc22d3e2","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":107,"box":{"x":46,"y":893,"width":894,"height":11}},{"id":"f00ac91a-c650-4ff7-8f8e-4bec3ce2dc4b","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":107,"box":{"x":46,"y":908,"width":904,"height":10}},{"id":"cfd71a18-4f0a-4988-9241-a213e0f284d1","block_type":"box","text":"13","page_number":107,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"f7a1857b-f3b5-4f9f-8640-e7b63e9bdf65","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":108,"box":{"x":46,"y":46,"width":875,"height":11}},{"id":"fa8d1c7d-caa2-4ffa-8507-c5c29bd93879","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":108,"box":{"x":46,"y":61,"width":889,"height":10}},{"id":"c374c3b6-8576-4d0a-8ec4-bc46da67e41b","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":108,"box":{"x":46,"y":75,"width":856,"height":11}},{"id":"6d4d1c69-4dd8-4c4a-be14-f6471127159f","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":108,"box":{"x":46,"y":89,"width":891,"height":11}},{"id":"4053a803-b4a7-47e7-b229-9617cafddec0","block_type":"box","text":"substantial trading losses.","page_number":108,"box":{"x":46,"y":103,"width":166,"height":11}},{"id":"f97a2fd3-eed8-453a-bfcd-be0ea1bb43fa","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":108,"box":{"x":46,"y":126,"width":873,"height":11}},{"id":"59aa996f-797a-40e3-930f-04c3f78dc721","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":108,"box":{"x":46,"y":141,"width":893,"height":10}},{"id":"0c6d031f-6b11-473b-acb1-bab99500b740","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":108,"box":{"x":46,"y":155,"width":657,"height":11}},{"id":"c480dd17-5465-4105-bf11-c9adbcb07400","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":108,"box":{"x":46,"y":178,"width":309,"height":11}},{"id":"74d29619-6d80-4e5d-bce6-babce9718d2f","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":108,"box":{"x":355,"y":178,"width":571,"height":11}},{"id":"5806b9c1-bed1-488d-a5c1-511fe96e4666","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":108,"box":{"x":46,"y":192,"width":853,"height":11}},{"id":"dc0380e5-35e0-41e3-b6fa-4a40f1dc9566","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":108,"box":{"x":46,"y":206,"width":891,"height":11}},{"id":"80a6bf26-ab7e-4fb1-89e2-4b14c8918d0c","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":108,"box":{"x":46,"y":220,"width":886,"height":11}},{"id":"6486bd14-e0ce-43c8-9cf4-fb8811b29c17","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":108,"box":{"x":46,"y":235,"width":795,"height":10}},{"id":"fc02e47b-698f-4e33-8c0c-e24d2c15b629","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":108,"box":{"x":46,"y":258,"width":887,"height":11}},{"id":"2a85983a-7506-470e-aa4d-8777510be62a","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":108,"box":{"x":46,"y":272,"width":892,"height":11}},{"id":"38e24a25-1d03-472c-8c79-f9b8c57e1146","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":108,"box":{"x":46,"y":286,"width":899,"height":11}},{"id":"72769e6d-4318-428d-afbf-387b620c3132","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":108,"box":{"x":46,"y":300,"width":899,"height":11}},{"id":"17617433-f64a-40c1-9912-3e1f9f9990f0","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":108,"box":{"x":46,"y":315,"width":878,"height":10}},{"id":"b088c969-9cdd-40e5-8548-141d183cde96","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":108,"box":{"x":46,"y":329,"width":902,"height":11}},{"id":"4ebd3649-cf04-457e-a4f1-c7165878cea5","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":108,"box":{"x":46,"y":343,"width":890,"height":11}},{"id":"fd731048-5bca-4e51-86e1-8249645ea6a8","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":108,"box":{"x":46,"y":357,"width":848,"height":11}},{"id":"8694dd0a-24ba-40c4-8ee8-fe9c143a3683","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":108,"box":{"x":46,"y":371,"width":622,"height":11}},{"id":"1a40cfd6-ce9c-4fac-a1fe-d9232fd4d659","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":108,"box":{"x":46,"y":394,"width":245,"height":11}},{"id":"a9eb816f-0dfc-4eb2-ba0b-a13d6cac75d9","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":108,"box":{"x":298,"y":394,"width":636,"height":11}},{"id":"4fd5285f-c560-4555-9b04-5d5e44e4103d","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":108,"box":{"x":46,"y":409,"width":853,"height":10}},{"id":"f7ff4761-80b5-4b25-ba5c-b417ba7dc21e","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":108,"box":{"x":46,"y":423,"width":895,"height":11}},{"id":"843b652c-de90-4b03-bc8b-0a7dbc0d1a1c","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":108,"box":{"x":46,"y":437,"width":865,"height":11}},{"id":"333c8e4e-52ff-4dff-850a-8c4b064dab96","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":108,"box":{"x":46,"y":451,"width":885,"height":11}},{"id":"fbba3978-9144-4b83-87d1-20c26d45d23f","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":108,"box":{"x":46,"y":465,"width":892,"height":11}},{"id":"1b416aeb-be44-4a6b-8dea-2590621ac37b","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":108,"box":{"x":46,"y":480,"width":900,"height":10}},{"id":"efc4cf70-88d8-4225-aad8-07f582d5936d","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":108,"box":{"x":46,"y":494,"width":858,"height":11}},{"id":"db0d104e-479c-40fc-aff2-aa42925f2f33","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":108,"box":{"x":46,"y":508,"width":418,"height":11}},{"id":"be16def0-8196-4529-a0e0-3bd1d8dba781","block_type":"box","text":"Materials Companies Risk.","page_number":108,"box":{"x":46,"y":531,"width":183,"height":11}},{"id":"4f48013b-0ae5-4b89-8131-8b1357f5d2d6","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":108,"box":{"x":234,"y":531,"width":660,"height":11}},{"id":"1b3c657e-dcc3-4ee3-8235-e95d6c6c7e07","block_type":"box","text":"supply-demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social","page_number":108,"box":{"x":46,"y":545,"width":886,"height":11}},{"id":"aca24a18-50f2-4a1c-8659-55d2a36e98a4","block_type":"box","text":"and political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical","page_number":108,"box":{"x":46,"y":559,"width":856,"height":11}},{"id":"572f9576-3423-4004-a794-09a63e5fc706","block_type":"box","text":"advances, labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for","page_number":108,"box":{"x":46,"y":574,"width":842,"height":10}},{"id":"02121ab1-03a5-44d5-bd5c-e382af72034d","block_type":"box","text":"environmental damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":108,"box":{"x":46,"y":588,"width":772,"height":11}},{"id":"23830411-3c23-4a49-9ff7-277036c123a1","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":108,"box":{"x":46,"y":611,"width":244,"height":11}},{"id":"60842530-40ff-4a34-b573-7861c10f9f54","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":108,"box":{"x":296,"y":611,"width":607,"height":11}},{"id":"a1f273d0-14f6-42f9-ba9c-7948fc059c08","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":108,"box":{"x":46,"y":625,"width":875,"height":11}},{"id":"26390dc7-8f6a-4e05-850b-348ef9955941","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":108,"box":{"x":46,"y":639,"width":846,"height":11}},{"id":"4e23d886-31a1-4626-8357-5dabad0507ba","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":108,"box":{"x":45,"y":654,"width":890,"height":10}},{"id":"3c5b5935-ce89-418b-b27a-46f13765b09a","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":108,"box":{"x":46,"y":668,"width":881,"height":11}},{"id":"4c094422-0fe3-4319-902d-ad6990bc0ca9","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":108,"box":{"x":45,"y":682,"width":474,"height":11}},{"id":"f5744172-1e6d-47ed-81c6-858422881e23","block_type":"box","text":"National Closed Market Trading Risk.","page_number":108,"box":{"x":46,"y":705,"width":255,"height":11}},{"id":"fa99559d-bd5a-4647-8a57-3cb4bd25c993","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":108,"box":{"x":306,"y":705,"width":637,"height":11}},{"id":"4280493a-a5dd-4ed8-93ab-9d42f04a08d8","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":108,"box":{"x":46,"y":719,"width":905,"height":11}},{"id":"b883e656-77a0-4939-bef9-ead863a8191e","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":108,"box":{"x":46,"y":734,"width":331,"height":10}},{"id":"8ddff18a-facf-4c70-a56e-760bcc3688d1","block_type":"box","text":"i.e","page_number":108,"box":{"x":378,"y":734,"width":15,"height":8}},{"id":"f2bc1d28-5299-4dad-b51b-0a56906ec2f5","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":108,"box":{"x":394,"y":733,"width":509,"height":11}},{"id":"0342e935-1de1-4766-bee7-906bb6310db7","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":108,"box":{"x":45,"y":748,"width":863,"height":11}},{"id":"87ae7681-e37b-417f-ad11-badecddac5dd","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":108,"box":{"x":45,"y":762,"width":862,"height":11}},{"id":"cebc2d29-747f-4c35-a9b2-1853a5ddb274","block_type":"box","text":"greater than those experienced by other funds.","page_number":108,"box":{"x":46,"y":776,"width":300,"height":11}},{"id":"73b16c36-2f04-4a7c-a525-80dc4017061e","block_type":"box","text":"Natural Resources Industry Risk.","page_number":108,"box":{"x":46,"y":799,"width":229,"height":11}},{"id":"3457816b-7e44-47b9-8241-3c7491eaf853","block_type":"box","text":"The profitability of companies in the natural resources industry can be affected by worldwide energy","page_number":108,"box":{"x":280,"y":799,"width":642,"height":11}},{"id":"ceb9e803-abf5-4355-85cd-25ace8cb9a0a","block_type":"box","text":"prices, limits on exploration, and production spending. Companies in the natural resources industry are affected by government regulation,","page_number":108,"box":{"x":46,"y":813,"width":888,"height":11}},{"id":"97b50cf8-e6b6-4cb5-a126-e1ba7ba553c1","block_type":"box","text":"world events and economic conditions. Companies in the natural resources industry are at risk for environmental damage claims. Companies","page_number":108,"box":{"x":45,"y":828,"width":905,"height":10}},{"id":"7b3b5a57-c53e-4e63-9cc9-f87a82eda349","block_type":"box","text":"in the natural resources industry could be adversely affected by commodity price volatility, changes in exchange rates, imposition of import","page_number":108,"box":{"x":46,"y":842,"width":892,"height":11}},{"id":"25d9970c-574b-423f-a4b2-e33ce8e218d8","block_type":"box","text":"controls and increased competition. Companies in the natural resources industry may be adversely affected by depletion of natural","page_number":108,"box":{"x":46,"y":856,"width":838,"height":11}},{"id":"8d2ef18e-ac76-4c6f-82bf-c1e162993fc1","block_type":"box","text":"resources, technological developments, and labor relations.","page_number":108,"box":{"x":46,"y":870,"width":381,"height":11}},{"id":"6b823dbb-f1c8-495e-8698-95285ae8ae07","block_type":"box","text":"Non-Diversification Risk.","page_number":108,"box":{"x":46,"y":893,"width":171,"height":9}},{"id":"e3748624-1765-4842-a036-5f54bbf3732e","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":108,"box":{"x":222,"y":893,"width":711,"height":11}},{"id":"01bbcbc3-6609-454d-8963-b1fa3cabdf37","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":108,"box":{"x":46,"y":908,"width":822,"height":10}},{"id":"b3df8477-b047-4e3c-8780-e736fe68722e","block_type":"box","text":"14","page_number":108,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"67cc507a-b121-41d2-a50d-607899587237","block_type":"box","text":"non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and","page_number":109,"box":{"x":46,"y":46,"width":871,"height":11}},{"id":"aed3a9a4-5fae-4ab7-afad-b389353f0949","block_type":"box","text":"losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a","page_number":109,"box":{"x":46,"y":61,"width":853,"height":10}},{"id":"c9833ab5-42c7-4b32-840b-aa1fd770683a","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":109,"box":{"x":46,"y":75,"width":461,"height":11}},{"id":"c744273d-d8d2-4942-95a7-ad49aef181dd","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":109,"box":{"x":46,"y":98,"width":172,"height":8}},{"id":"ea55d4bb-a210-413f-a1ba-b62007a00c1c","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":109,"box":{"x":223,"y":98,"width":698,"height":11}},{"id":"40991003-1256-4e37-a666-bd37737800c6","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":109,"box":{"x":46,"y":112,"width":889,"height":11}},{"id":"22273bea-3f82-487a-b0f7-61be4afe2fd9","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":109,"box":{"x":46,"y":126,"width":879,"height":11}},{"id":"a004c80f-1ae0-418a-ad87-261729dd8f55","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":109,"box":{"x":45,"y":140,"width":403,"height":11}},{"id":"3fd392f7-ee70-4360-8d79-d7c5816ff31a","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":109,"box":{"x":83,"y":159,"width":446,"height":10}},{"id":"5c4430dd-ec5a-4b35-b644-0958cf324895","block_type":"box","text":"Greater market volatility;","page_number":109,"box":{"x":83,"y":177,"width":158,"height":10}},{"id":"adaa32e1-6cf1-4aa3-a70c-240814a75657","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":109,"box":{"x":83,"y":195,"width":383,"height":10}},{"id":"189c51b3-5a64-400a-9753-39d4a9686007","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":109,"box":{"x":83,"y":213,"width":347,"height":10}},{"id":"022ced34-4a1c-42d2-8a98-fa92233d788f","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":109,"box":{"x":83,"y":231,"width":317,"height":11}},{"id":"6c9d9e58-0219-4b8f-85f2-6dbe7283066e","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":109,"box":{"x":83,"y":249,"width":320,"height":11}},{"id":"7256bd26-2cb0-4a40-8ba0-cad2b3c5e289","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":109,"box":{"x":83,"y":267,"width":258,"height":11}},{"id":"d64057a2-55f9-4647-a7b6-f0cd12a6f5ae","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":109,"box":{"x":83,"y":285,"width":266,"height":11}},{"id":"ca8dbdc4-794f-4a8a-ba37-c592f0c198d9","block_type":"box","text":"Higher transaction and custody costs;","page_number":109,"box":{"x":83,"y":303,"width":242,"height":11}},{"id":"0564ffda-3bb2-47db-acdb-95acda09ed18","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":109,"box":{"x":83,"y":321,"width":853,"height":11}},{"id":"aa818c85-b126-4f31-8d2f-f81af20a011e","block_type":"box","text":"engage in portfolio transactions;","page_number":109,"box":{"x":83,"y":335,"width":206,"height":11}},{"id":"257b498c-16ab-4326-9c92-151ec86f4145","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":109,"box":{"x":83,"y":353,"width":387,"height":11}},{"id":"82396d87-9e02-45db-a18b-18502eafc2fb","block_type":"box","text":"Less availability of public information about issuers;","page_number":109,"box":{"x":83,"y":371,"width":330,"height":11}},{"id":"4ae836ea-d586-473a-9c7a-52ef415722b4","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":109,"box":{"x":82,"y":389,"width":804,"height":11}},{"id":"b1dfa7d7-67e7-42ce-95c2-77fbced40e8b","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":109,"box":{"x":83,"y":407,"width":329,"height":11}},{"id":"deb4e3ed-dc1c-4040-83ca-9e6f22d241aa","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":109,"box":{"x":83,"y":425,"width":853,"height":11}},{"id":"54cdd80b-4aff-4d3e-9c4e-6c20b960fb62","block_type":"box","text":"than those that apply in the U.S.","page_number":109,"box":{"x":83,"y":440,"width":205,"height":10}},{"id":"a601a511-6e31-40fe-8ae1-e5e24a143b72","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":109,"box":{"x":47,"y":463,"width":187,"height":11}},{"id":"d3c2f434-20c9-4eb2-b67e-f65ab13adb29","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":109,"box":{"x":235,"y":463,"width":674,"height":11}},{"id":"63e71471-1bca-41da-84fc-dfe301661b5c","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":109,"box":{"x":46,"y":477,"width":905,"height":11}},{"id":"65c4133a-d3d8-4eb4-92a4-c5b949c6eef3","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":109,"box":{"x":46,"y":491,"width":898,"height":11}},{"id":"f9cef1fb-491a-4de7-a93c-1863aa2fd252","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":109,"box":{"x":46,"y":505,"width":892,"height":11}},{"id":"cd6556d2-5099-4bef-9ea5-ba8410f6d5c3","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":109,"box":{"x":46,"y":519,"width":839,"height":11}},{"id":"209d7d65-ebe7-422a-8a68-5bf1d881bfed","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":109,"box":{"x":46,"y":534,"width":900,"height":11}},{"id":"a19145cf-e942-4a78-9539-e1e144b5177e","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":109,"box":{"x":46,"y":548,"width":897,"height":11}},{"id":"e508df7a-19c0-45ea-8e28-ff828a564252","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":109,"box":{"x":46,"y":562,"width":883,"height":11}},{"id":"53681279-1bf5-473b-83af-5a9f5dcad7af","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":109,"box":{"x":46,"y":576,"width":905,"height":11}},{"id":"13dea613-f785-47c0-a965-c6fac8cc054d","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":109,"box":{"x":47,"y":590,"width":635,"height":11}},{"id":"d391eb09-eed0-4ea2-adc1-ef71aab128e4","block_type":"box","text":"North American Economic Risk","page_number":109,"box":{"x":46,"y":614,"width":215,"height":8}},{"id":"59f17c50-2ab4-41f7-b385-82570a9ef902","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":109,"box":{"x":262,"y":614,"width":658,"height":10}},{"id":"e000381d-40c5-4ebb-b8a2-fe6b980d29d6","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":109,"box":{"x":45,"y":628,"width":867,"height":11}},{"id":"0f7b9d59-e1e9-4d1c-b90f-2b17d351eb60","block_type":"box","text":"countries in which a Fund invests.","page_number":109,"box":{"x":46,"y":642,"width":215,"height":8}},{"id":"72fd2d16-9d1b-47b6-9589-aafb9a8c7d87","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":109,"box":{"x":45,"y":665,"width":904,"height":11}},{"id":"87f64835-093d-430d-8427-3aafe10246de","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":109,"box":{"x":46,"y":679,"width":852,"height":11}},{"id":"d3c68c9b-bc39-466a-a2f1-e3c604fdfc28","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":109,"box":{"x":46,"y":694,"width":891,"height":10}},{"id":"09b8346a-8de0-44ba-bee9-1cfb9383e13d","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":109,"box":{"x":46,"y":708,"width":846,"height":11}},{"id":"281c7178-ed1c-4dfe-99c4-ef76dc7d60fe","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":109,"box":{"x":46,"y":722,"width":883,"height":11}},{"id":"4b195b09-6342-46f9-a136-0126a98a759f","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":109,"box":{"x":46,"y":736,"width":887,"height":11}},{"id":"460ea1f4-cfd8-4ce0-a7c9-07933c921bee","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":109,"box":{"x":46,"y":750,"width":375,"height":11}},{"id":"f8e98c89-7325-4655-b6bd-9fd144b02ba7","block_type":"box","text":"Operational and Technology Risks.","page_number":109,"box":{"x":46,"y":773,"width":239,"height":11}},{"id":"23aa8aac-cdc8-4bb1-85ab-5b2da1114cdf","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":109,"box":{"x":290,"y":774,"width":648,"height":10}},{"id":"98a76ed3-6273-404f-8a0a-d4158e3dcc09","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":109,"box":{"x":46,"y":788,"width":841,"height":10}},{"id":"c69c942f-ef3f-4d85-b4cf-74f47ae2d192","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":109,"box":{"x":46,"y":802,"width":876,"height":11}},{"id":"b52e13d5-4c30-4c61-beae-69d5f08efea4","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":109,"box":{"x":46,"y":816,"width":844,"height":11}},{"id":"1bd6370d-2dcc-48ea-a73f-6188aa8f54fe","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":109,"box":{"x":46,"y":830,"width":866,"height":11}},{"id":"6f493c6b-a1a0-4f92-a49e-f1a2e7f8bcc3","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":109,"box":{"x":46,"y":844,"width":892,"height":11}},{"id":"7496b588-2154-456e-a82b-a2a0bea41fd9","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":109,"box":{"x":46,"y":859,"width":889,"height":10}},{"id":"accfc528-d32f-49ea-b79c-0ba9eec36d49","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":109,"box":{"x":46,"y":873,"width":869,"height":11}},{"id":"c8e9e8bf-e027-4e5d-96b1-6292f2d3985d","block_type":"box","text":"risks.","page_number":109,"box":{"x":46,"y":887,"width":32,"height":8}},{"id":"12db16aa-df67-44e6-a69a-1a02deba7e41","block_type":"box","text":"15","page_number":109,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"1cb98069-b41b-4399-85ba-188a3c5318eb","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":110,"box":{"x":46,"y":46,"width":895,"height":11}},{"id":"068f29de-c658-448a-9bb7-02bf6169119f","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":110,"box":{"x":46,"y":61,"width":878,"height":10}},{"id":"a3f68087-c1a3-40a0-b165-6d2b3fa3a6e8","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":110,"box":{"x":46,"y":75,"width":905,"height":11}},{"id":"d1887ccd-335c-4d57-8739-72e49a6b8a3c","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":110,"box":{"x":46,"y":89,"width":884,"height":11}},{"id":"1375172f-6b01-4422-8de9-0ad9cec34294","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":110,"box":{"x":46,"y":103,"width":828,"height":11}},{"id":"6e562cf6-7eee-493a-a8d6-1a42e533d017","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":110,"box":{"x":46,"y":117,"width":898,"height":11}},{"id":"df002820-9068-429d-921b-dcc1f2473305","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":110,"box":{"x":46,"y":131,"width":884,"height":11}},{"id":"69ad3def-b675-4e41-b876-e7727531a226","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":110,"box":{"x":46,"y":146,"width":881,"height":10}},{"id":"29f0063b-2dfe-4c60-bd74-5fac656e8c5b","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":110,"box":{"x":46,"y":160,"width":898,"height":11}},{"id":"b9c8ad41-fe03-4963-8e56-72c2f54a564a","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":110,"box":{"x":46,"y":174,"width":866,"height":11}},{"id":"5fb1db76-208b-4f2b-8ee4-55e21121d7fe","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":110,"box":{"x":46,"y":188,"width":906,"height":11}},{"id":"11c1c56f-1f35-4ecd-ac2a-240abf6433d6","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":110,"box":{"x":46,"y":202,"width":904,"height":11}},{"id":"0f17dc72-f0ba-44e4-b78b-d06ad1b93156","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":110,"box":{"x":46,"y":217,"width":884,"height":10}},{"id":"dfaf67fe-ec2e-4c08-83f4-e7cfa7d4f9ac","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":110,"box":{"x":46,"y":231,"width":873,"height":11}},{"id":"9f07df24-1d7e-4af0-9833-b0ee35e1f4c2","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":110,"box":{"x":46,"y":245,"width":855,"height":11}},{"id":"f809092a-9914-47ba-b4bf-3737c1d89c46","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":110,"box":{"x":46,"y":259,"width":856,"height":11}},{"id":"fd3c9072-b988-44c5-9201-c286a4b238ae","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":110,"box":{"x":46,"y":273,"width":896,"height":11}},{"id":"6085429e-c074-4dfc-b1cb-71d07bf8fa83","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":110,"box":{"x":46,"y":287,"width":886,"height":11}},{"id":"1de647be-177f-48ba-8249-a9c75f5fb410","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":110,"box":{"x":46,"y":302,"width":875,"height":10}},{"id":"05936615-65a2-4abc-9b2a-697cc38dddf6","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":110,"box":{"x":46,"y":316,"width":584,"height":11}},{"id":"b9f87242-3b2c-4ecf-84b6-d4d711489328","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":110,"box":{"x":45,"y":339,"width":864,"height":11}},{"id":"00958eed-168f-401e-aca6-c5c1e0d98445","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":110,"box":{"x":46,"y":353,"width":888,"height":11}},{"id":"08696d6b-3f27-4751-ad32-682ccac6de97","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":110,"box":{"x":46,"y":367,"width":840,"height":11}},{"id":"ea0eab07-8d8a-46a8-b9bb-1902a00ba804","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":110,"box":{"x":46,"y":382,"width":862,"height":10}},{"id":"a4b4a1ae-eebf-47d7-850e-6ac87730df7b","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":110,"box":{"x":46,"y":396,"width":863,"height":11}},{"id":"0f7e2ed2-59a4-45d3-ab13-619ed97fc44b","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":110,"box":{"x":46,"y":410,"width":871,"height":11}},{"id":"062d7598-bdf3-4482-85d8-556e2fa27ad4","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":110,"box":{"x":46,"y":424,"width":894,"height":11}},{"id":"c864d7ca-a32a-4b1f-89ed-82c65746b958","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":110,"box":{"x":46,"y":438,"width":882,"height":11}},{"id":"0006745d-fd41-47ea-8de9-6d01b542e7a6","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":110,"box":{"x":46,"y":452,"width":659,"height":11}},{"id":"f31bdb2b-dd6b-4a55-b149-d79fa6d6cc63","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":110,"box":{"x":47,"y":476,"width":829,"height":11}},{"id":"c94d11d6-2dc6-4963-b73b-39cbe44dd91a","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":110,"box":{"x":45,"y":490,"width":905,"height":11}},{"id":"3e1afcfa-23ee-4348-b046-e00534be6bf9","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":110,"box":{"x":46,"y":504,"width":757,"height":11}},{"id":"73711d4a-cdaf-47dc-b831-9db121e2da1c","block_type":"box","text":"Ownership Limitations Risk.","page_number":110,"box":{"x":46,"y":527,"width":195,"height":11}},{"id":"9ea037f8-14c1-4e83-a853-dd6426118c11","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":110,"box":{"x":247,"y":527,"width":697,"height":11}},{"id":"3b05a9c0-fff2-4af9-b2b5-8704d533b932","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":110,"box":{"x":47,"y":541,"width":900,"height":11}},{"id":"befed779-7200-4dd5-87d7-1be82cd72fbc","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":110,"box":{"x":46,"y":556,"width":850,"height":10}},{"id":"1afa0c10-ff21-4541-ab86-fd59cfd88d3a","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":110,"box":{"x":46,"y":570,"width":866,"height":11}},{"id":"67e56e46-5dea-406b-b20f-7b68a5354d86","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":110,"box":{"x":46,"y":584,"width":903,"height":11}},{"id":"a3a25e82-c118-4bbe-b8da-f2a820203811","block_type":"box","text":"holdings.","page_number":110,"box":{"x":46,"y":598,"width":56,"height":11}},{"id":"44ee1aa2-2783-4358-b152-f9d37f3f83b1","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":110,"box":{"x":46,"y":621,"width":852,"height":11}},{"id":"850a5e1c-a270-4480-b189-635bdcf684d4","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":110,"box":{"x":46,"y":636,"width":890,"height":10}},{"id":"fe2bce3e-4a3f-4e78-8eee-c043e36fb927","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":110,"box":{"x":46,"y":650,"width":870,"height":11}},{"id":"d6460027-3a63-4109-bd3f-cd3f0efa9f03","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":110,"box":{"x":45,"y":664,"width":884,"height":11}},{"id":"9b9a399c-d13c-4db0-ba9a-2c9d2fb95e56","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":110,"box":{"x":46,"y":678,"width":905,"height":11}},{"id":"f7d1c5a9-980a-4050-9d7f-b83be942f6d8","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":110,"box":{"x":46,"y":692,"width":886,"height":11}},{"id":"54947849-f300-4e36-ab4f-9b763206d6e5","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":110,"box":{"x":46,"y":706,"width":896,"height":11}},{"id":"592b997e-ad35-4623-84e3-11f146a639b1","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":110,"box":{"x":46,"y":730,"width":885,"height":10}},{"id":"c8cc7296-18d7-47ea-a173-71d2146e0244","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or","page_number":110,"box":{"x":46,"y":744,"width":821,"height":11}},{"id":"ca3aa214-4e6e-4128-a7cd-302c870ead35","block_type":"box","text":"non-disapproval that was obtained.","page_number":110,"box":{"x":46,"y":758,"width":224,"height":11}},{"id":"e466e631-f418-4c39-bbf6-621dc6f08b76","block_type":"box","text":"Real Estate Companies Risk.","page_number":110,"box":{"x":46,"y":781,"width":197,"height":11}},{"id":"f5ca420a-a4d0-4c3d-830d-a3cdde072a3e","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":110,"box":{"x":249,"y":781,"width":648,"height":11}},{"id":"e349ab13-575a-42cc-ba95-ec7dbf2b8275","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":110,"box":{"x":46,"y":795,"width":903,"height":11}},{"id":"fa6ded64-8380-495d-9fb8-81da6a9afe37","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":110,"box":{"x":46,"y":810,"width":883,"height":10}},{"id":"d1baf373-bd82-460c-aaeb-454ee979f38a","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":110,"box":{"x":46,"y":824,"width":897,"height":11}},{"id":"7338006e-6a8f-40ea-a374-5c7fb4968b74","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":110,"box":{"x":46,"y":838,"width":330,"height":10}},{"id":"a66b369a-37ad-4b1d-93c3-24c0c27825a9","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":110,"box":{"x":46,"y":861,"width":898,"height":11}},{"id":"3f496084-7ff0-412a-84b7-98b1a9e79383","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":110,"box":{"x":46,"y":875,"width":900,"height":11}},{"id":"38a3103d-88c4-4b0b-8b6a-067ab445a9e2","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":110,"box":{"x":46,"y":890,"width":409,"height":10}},{"id":"f13662fc-fd3f-46fd-ac2c-f28cd1b9f576","block_type":"box","text":"e.g.","page_number":110,"box":{"x":456,"y":892,"width":21,"height":8}},{"id":"9a60d92c-de32-4e50-8554-8607f0c2cc13","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":110,"box":{"x":479,"y":889,"width":446,"height":11}},{"id":"d515a471-00fd-4a8a-a936-a4c0c3ce3d80","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":110,"box":{"x":46,"y":904,"width":891,"height":10}},{"id":"d4060a5e-eaae-42e5-8864-076080735aa4","block_type":"box","text":"16","page_number":110,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"b76688d0-880c-48e3-8a15-b0b0ec4ad612","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":111,"box":{"x":46,"y":46,"width":882,"height":11}},{"id":"2f8eb2a0-61cb-4ead-abd2-8c4943618fe2","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":111,"box":{"x":46,"y":61,"width":858,"height":10}},{"id":"b7f96db2-eecc-4b5d-b534-89f11313ade8","block_type":"box","text":"response to economic conditions or other events.","page_number":111,"box":{"x":46,"y":75,"width":317,"height":11}},{"id":"077d80a6-bed6-4ce2-bafd-eb9e5e6b8b28","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":111,"box":{"x":46,"y":98,"width":901,"height":11}},{"id":"f789eb57-e8e5-4f4c-87a4-1642d1856b56","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":111,"box":{"x":46,"y":112,"width":882,"height":11}},{"id":"e40ec55f-f10e-4dc8-8607-b2f786696509","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":111,"box":{"x":46,"y":126,"width":867,"height":11}},{"id":"8ad74691-346f-4a53-acc2-5523092d78ca","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":111,"box":{"x":46,"y":140,"width":343,"height":11}},{"id":"332af8ef-948c-4b8d-a1a3-3341eb653ddb","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":111,"box":{"x":46,"y":164,"width":874,"height":11}},{"id":"0f8039ab-345a-45a6-9f98-ce21ea4ba5f3","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":111,"box":{"x":46,"y":178,"width":492,"height":11}},{"id":"e85a0da3-1269-4bb1-93f3-4b8f83c161b0","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":111,"box":{"x":46,"y":201,"width":236,"height":11}},{"id":"1ad5c6a0-0ead-4fa2-86b7-6167531a21d9","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":111,"box":{"x":287,"y":201,"width":636,"height":11}},{"id":"c911886b-c8aa-43ff-a84a-8abc6454e8b5","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":111,"box":{"x":46,"y":215,"width":874,"height":11}},{"id":"68f671dd-d806-425b-a2b6-92af63818c69","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":111,"box":{"x":46,"y":229,"width":892,"height":11}},{"id":"89401114-158a-43f1-a81f-50e9b0823174","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":111,"box":{"x":46,"y":244,"width":682,"height":10}},{"id":"02e53602-aa56-45a1-9a71-c223d0195372","block_type":"box","text":"Risk of Investing in China.","page_number":111,"box":{"x":46,"y":267,"width":179,"height":11}},{"id":"3a358bbd-4d63-4748-97bf-36a9368af5c4","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":111,"box":{"x":231,"y":267,"width":710,"height":11}},{"id":"7027dad8-3cce-4419-9f06-67c8543bbe79","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":111,"box":{"x":46,"y":281,"width":708,"height":11}},{"id":"f30bbd24-5aa6-4cfc-a5fb-f82b21d102fe","block_type":"box","text":"Political and Social Risk.","page_number":111,"box":{"x":46,"y":304,"width":150,"height":9}},{"id":"09532c4f-87f6-4de1-8ea8-6b7084b03502","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":111,"box":{"x":202,"y":304,"width":714,"height":11}},{"id":"3fcf0671-5405-4f04-9046-ff21696b3195","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":111,"box":{"x":45,"y":318,"width":840,"height":11}},{"id":"17eb3e17-36e2-4a10-abce-5624364f5d91","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":111,"box":{"x":46,"y":333,"width":888,"height":10}},{"id":"b6c73fd5-3aa9-4562-8148-0c427c197c2c","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":111,"box":{"x":46,"y":347,"width":891,"height":11}},{"id":"043b7d2a-088b-4b73-bdc6-697c686881b8","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":111,"box":{"x":46,"y":361,"width":873,"height":11}},{"id":"f5a9ae12-a6b9-4a3f-bbe2-c8abe0a737dd","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":111,"box":{"x":46,"y":375,"width":889,"height":11}},{"id":"7a46545d-da0a-4ba4-87bc-b801b0cf1b27","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":111,"box":{"x":46,"y":389,"width":345,"height":11}},{"id":"7327e9ba-6552-49b8-848b-5c7523ae716b","block_type":"box","text":"Government Control and Regulations.","page_number":111,"box":{"x":46,"y":413,"width":234,"height":10}},{"id":"29e41b40-8b23-40d2-81bd-16d8e30908d0","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":111,"box":{"x":287,"y":412,"width":659,"height":11}},{"id":"5ef82843-5570-4970-a937-d04dfa10f2e0","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":111,"box":{"x":46,"y":427,"width":889,"height":11}},{"id":"ce695ce6-65b9-4825-be74-16ab46f1141a","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":111,"box":{"x":46,"y":441,"width":898,"height":11}},{"id":"c9ae6cfd-ab00-42fd-9fd4-ef16164fe5a5","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":111,"box":{"x":46,"y":455,"width":893,"height":11}},{"id":"ea2a81ce-3aff-42d2-9720-49efd79a7d5e","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":111,"box":{"x":46,"y":469,"width":855,"height":11}},{"id":"f63b7b8f-f06f-4317-b1f6-2ada813c1a03","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":111,"box":{"x":46,"y":483,"width":880,"height":11}},{"id":"8ef7bd2f-5589-47d1-855e-4848b14fcff6","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":111,"box":{"x":46,"y":498,"width":850,"height":10}},{"id":"76afdcfe-3e81-44db-b5ea-82a627f7c915","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":111,"box":{"x":46,"y":512,"width":892,"height":11}},{"id":"7900c21c-ef52-4d53-bfe7-b9f9fc00e457","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":111,"box":{"x":46,"y":526,"width":905,"height":11}},{"id":"5537188c-90ac-4c82-86a7-49ad598e9729","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":111,"box":{"x":46,"y":540,"width":778,"height":11}},{"id":"15fd6a35-a5d5-4489-8de9-13f2dd7b7f0a","block_type":"box","text":"Economic Risk.","page_number":111,"box":{"x":46,"y":563,"width":93,"height":9}},{"id":"e73eb5fe-763c-4e3e-9bc6-e8cff96b7df0","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":111,"box":{"x":145,"y":563,"width":767,"height":11}},{"id":"7e1af897-411f-41e8-b5d0-2587aae86e40","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":111,"box":{"x":46,"y":578,"width":887,"height":10}},{"id":"226ed7fa-6f04-48f7-9648-d9ea56db35ba","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":111,"box":{"x":46,"y":592,"width":869,"height":11}},{"id":"3531d443-9460-4c36-9684-2315de151f76","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":111,"box":{"x":46,"y":606,"width":892,"height":11}},{"id":"91719fad-2cf1-449f-b98d-bb9ccfc5624a","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":111,"box":{"x":46,"y":620,"width":871,"height":11}},{"id":"3d21e28a-3971-4234-867e-c566c508b1e0","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":111,"box":{"x":46,"y":634,"width":880,"height":11}},{"id":"cb2c538b-f054-4d25-bb56-15f45ac21555","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":111,"box":{"x":46,"y":648,"width":875,"height":11}},{"id":"7167105c-be0b-4748-bb70-5bbb08a71bd0","block_type":"box","text":"may occur.","page_number":111,"box":{"x":46,"y":665,"width":68,"height":8}},{"id":"f2adbad4-f1a7-43fb-b3f6-c4335dee3d1a","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":111,"box":{"x":46,"y":686,"width":841,"height":11}},{"id":"bb92abd5-beb8-439e-8d44-a453bb825ff8","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":111,"box":{"x":46,"y":700,"width":873,"height":11}},{"id":"c865e9e1-4834-41a9-a8cd-800ad6881ce7","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":111,"box":{"x":46,"y":714,"width":848,"height":11}},{"id":"7f2752c7-abb8-4d11-bef8-065a84ee4570","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":111,"box":{"x":46,"y":728,"width":893,"height":11}},{"id":"b2dbd07f-761c-4d65-8ddd-9b05bff9d216","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":111,"box":{"x":45,"y":743,"width":898,"height":10}},{"id":"c257a90d-9ad0-4a97-a08f-b650cedf9524","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":111,"box":{"x":46,"y":757,"width":863,"height":11}},{"id":"b6640112-bb31-4628-bd45-06a35448ca5a","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":111,"box":{"x":46,"y":771,"width":897,"height":11}},{"id":"fa1eec43-4984-4b00-99cd-7c33f7c164d5","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":111,"box":{"x":46,"y":785,"width":884,"height":11}},{"id":"28355573-e0da-4405-9c12-45f5afa14543","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":111,"box":{"x":46,"y":799,"width":905,"height":11}},{"id":"c0271d61-d5d9-4c9e-a30a-6b5f72da8ba5","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":111,"box":{"x":46,"y":813,"width":892,"height":11}},{"id":"0bb02168-02b7-4167-bff4-006eedfc3e8e","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":111,"box":{"x":46,"y":828,"width":577,"height":10}},{"id":"188086fc-b99f-4736-84be-bf8cf950a009","block_type":"box","text":"Expropriation Risk.","page_number":111,"box":{"x":46,"y":851,"width":116,"height":11}},{"id":"843b3920-6a74-40c0-93c5-163dc3a349ea","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":111,"box":{"x":167,"y":851,"width":782,"height":11}},{"id":"fe54fe90-a699-4c02-9150-f3e59027e66b","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":111,"box":{"x":46,"y":865,"width":841,"height":11}},{"id":"bf8f07af-0937-45f4-987d-dcc400681ae9","block_type":"box","text":"repatriation of capital invested.","page_number":111,"box":{"x":46,"y":879,"width":198,"height":11}},{"id":"7cb5c08d-cf3e-4d44-bc06-072fb959b418","block_type":"box","text":"17","page_number":111,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"9749c12c-a6c5-47a8-9091-99b0fe09d824","block_type":"box","text":"Security Risk.","page_number":112,"box":{"x":46,"y":46,"width":83,"height":11}},{"id":"a34d2126-de88-41f0-a086-d68cce49f6e5","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":112,"box":{"x":136,"y":46,"width":770,"height":11}},{"id":"f481f866-0ff7-420d-8884-fb4b01faee0f","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":112,"box":{"x":46,"y":61,"width":848,"height":10}},{"id":"2fb7244b-b73b-416d-9097-221f98ddeef8","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":112,"box":{"x":46,"y":75,"width":898,"height":11}},{"id":"74725613-576f-4fd3-a74e-a4a91b0a9d0f","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":112,"box":{"x":46,"y":89,"width":886,"height":11}},{"id":"1e36a146-1428-43d1-ae5a-1841ff84f5d6","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":112,"box":{"x":46,"y":103,"width":878,"height":11}},{"id":"a0b35c4d-c9a1-467a-a048-3f2a7d0d67c8","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":112,"box":{"x":46,"y":117,"width":887,"height":11}},{"id":"8b601992-ad3e-4397-b8b1-4bc2bff76143","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":112,"box":{"x":46,"y":131,"width":883,"height":11}},{"id":"be6b71b4-1397-4530-ac9a-7ccae60c8d67","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":112,"box":{"x":46,"y":146,"width":353,"height":10}},{"id":"546955ed-a0e4-4729-8017-d975d4f6ef93","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":112,"box":{"x":45,"y":169,"width":867,"height":11}},{"id":"d7d1dea9-b8d0-48fb-a5aa-2cfb6b14cbf8","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":112,"box":{"x":45,"y":183,"width":877,"height":11}},{"id":"996a2883-6d6f-447d-b421-5d706abf5bc1","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":112,"box":{"x":46,"y":197,"width":871,"height":11}},{"id":"2a5ce354-31f6-48c1-85aa-a584d40c1a2c","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":112,"box":{"x":45,"y":211,"width":892,"height":11}},{"id":"cac2e35e-8483-42f7-952b-15acb147a0ba","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":112,"box":{"x":46,"y":226,"width":862,"height":10}},{"id":"6e5b5966-80c3-4305-9e7c-1bf3a3b9c2e5","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":112,"box":{"x":46,"y":240,"width":854,"height":11}},{"id":"12242de2-fa84-4e3e-80e1-d12c271386db","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":112,"box":{"x":46,"y":254,"width":893,"height":11}},{"id":"f6ca455d-d63d-4e42-a48d-92092eafd495","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":112,"box":{"x":46,"y":268,"width":880,"height":11}},{"id":"e8988310-6356-4ec2-93f4-35c6df40f903","block_type":"box","text":"Chinese Equity Markets.","page_number":112,"box":{"x":46,"y":291,"width":150,"height":11}},{"id":"71e3d10e-d3d8-454b-be0e-96a2c43669af","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or","page_number":112,"box":{"x":202,"y":291,"width":710,"height":11}},{"id":"d447e096-cdd9-4774-b088-ca369c7b1b3b","block_type":"box","text":"P-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","page_number":112,"box":{"x":46,"y":305,"width":885,"height":11}},{"id":"25ef5b92-d6e0-43ac-b0c4-dd5e5a3807a1","block_type":"box","text":"P-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":112,"box":{"x":46,"y":320,"width":900,"height":11}},{"id":"dd673bd6-6846-4f6f-8bb4-935e3a27cb65","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":112,"box":{"x":46,"y":334,"width":834,"height":11}},{"id":"9a6eeb32-3e8b-402b-9ab0-889f2132a50a","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":112,"box":{"x":46,"y":348,"width":880,"height":11}},{"id":"1f1041d5-1215-45be-ad2f-a47a16637c76","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":112,"box":{"x":46,"y":362,"width":906,"height":11}},{"id":"2c7b2fda-d83a-4565-a434-ca9a1da71166","block_type":"box","text":"volume and price volatility.","page_number":112,"box":{"x":45,"y":376,"width":170,"height":11}},{"id":"866d1987-86d7-4b78-85b5-24eff30501b0","block_type":"box","text":"Hong Kong Political Risk.","page_number":112,"box":{"x":46,"y":400,"width":154,"height":10}},{"id":"bcafad60-b450-4eb1-863a-32a4eb095da3","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":112,"box":{"x":207,"y":400,"width":692,"height":10}},{"id":"b4e6abbc-3726-40bf-ae40-e26d648cba43","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":112,"box":{"x":46,"y":414,"width":888,"height":11}},{"id":"b97251cb-57fb-41f6-9e58-756626ec06a0","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":112,"box":{"x":46,"y":428,"width":861,"height":11}},{"id":"20a0016f-3972-484b-8df8-04b561c26593","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":112,"box":{"x":46,"y":442,"width":895,"height":11}},{"id":"e5bb8061-b0d2-418d-869d-2979a7afad5a","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":112,"box":{"x":46,"y":456,"width":880,"height":11}},{"id":"4e7ac0ad-d0a1-46fb-8cbc-ae38cbe31404","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":112,"box":{"x":46,"y":471,"width":823,"height":10}},{"id":"82429227-638b-4ac9-b3a7-8490b0daa1de","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":112,"box":{"x":46,"y":485,"width":853,"height":11}},{"id":"c7c14809-9e0a-431c-be55-6a155df19c8f","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":112,"box":{"x":46,"y":499,"width":888,"height":11}},{"id":"9b1bf637-26e8-4cbf-852b-017f4a0bb196","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":112,"box":{"x":46,"y":513,"width":838,"height":11}},{"id":"522b3859-d543-456f-b02f-d1dc46e0e195","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":112,"box":{"x":46,"y":527,"width":869,"height":11}},{"id":"962df35c-98e3-4c55-b68b-548822efb364","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":112,"box":{"x":46,"y":541,"width":385,"height":9}},{"id":"7809dc05-d534-46bd-9a65-99addd684b3a","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":112,"box":{"x":46,"y":565,"width":376,"height":10}},{"id":"1bfe61d3-8796-426c-b92f-c140ba9cdff5","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":112,"box":{"x":428,"y":565,"width":462,"height":10}},{"id":"254fac08-ab6f-4a56-b2ef-40f8014067d2","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":112,"box":{"x":46,"y":579,"width":896,"height":11}},{"id":"242a06b3-f16c-4fe1-9541-0a6a214d5688","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":112,"box":{"x":46,"y":593,"width":855,"height":11}},{"id":"8db8219a-2ac8-412c-868f-f07d6ef912f2","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":112,"box":{"x":46,"y":607,"width":864,"height":11}},{"id":"a92b557e-81d8-4298-a827-a3aabeadac65","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":112,"box":{"x":46,"y":621,"width":859,"height":11}},{"id":"035b7d02-e66a-457f-a160-30de2b091ae4","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":112,"box":{"x":46,"y":636,"width":876,"height":10}},{"id":"ffbc2bf5-eaee-48a0-8cc5-cc7696974d4d","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":112,"box":{"x":46,"y":650,"width":738,"height":11}},{"id":"58dd71e4-7382-4ebc-a291-7ce24b56beb4","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":112,"box":{"x":46,"y":673,"width":889,"height":11}},{"id":"f82eb5cc-a7b9-43dd-ae82-44b1c4b6c6c7","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":112,"box":{"x":46,"y":687,"width":869,"height":11}},{"id":"9c8b09b2-498e-4d2a-8bea-1ff230be6719","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":112,"box":{"x":46,"y":701,"width":887,"height":11}},{"id":"6c042dcb-c827-46a2-b45a-34903a68ccbc","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":112,"box":{"x":46,"y":715,"width":858,"height":11}},{"id":"60c6f020-4d81-487a-a59d-163da49a50a7","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":112,"box":{"x":46,"y":730,"width":852,"height":10}},{"id":"76d6f587-bcbc-4c7e-aab9-25ea01288f57","block_type":"box","text":"represent equity ownership in the operating company.","page_number":112,"box":{"x":46,"y":744,"width":344,"height":11}},{"id":"11195491-f77e-4069-8e57-ce5263d89f2e","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":112,"box":{"x":45,"y":767,"width":888,"height":11}},{"id":"ff8632ac-d978-453f-8f2c-9cf723cfd6b5","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":112,"box":{"x":46,"y":781,"width":905,"height":11}},{"id":"0aceddeb-7356-425a-ae49-fa88b5da449d","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":112,"box":{"x":46,"y":795,"width":848,"height":11}},{"id":"fe164b75-500c-466d-b489-5a1f1414f0cd","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":112,"box":{"x":46,"y":810,"width":890,"height":10}},{"id":"c34bb6e3-342f-430e-a068-9cd773e9bbb7","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":112,"box":{"x":46,"y":824,"width":855,"height":11}},{"id":"b7ed0957-5568-4180-8a80-204980596577","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":112,"box":{"x":46,"y":838,"width":898,"height":11}},{"id":"f2201063-94af-45a0-806f-52a3b364c3c5","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":112,"box":{"x":46,"y":852,"width":892,"height":11}},{"id":"ce791a32-adea-4712-8d60-7c0370ab67f1","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":112,"box":{"x":46,"y":866,"width":880,"height":11}},{"id":"eccd557e-0b76-4d0d-b340-2959f7dddd80","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":112,"box":{"x":46,"y":880,"width":904,"height":11}},{"id":"b9bf4800-a2f6-430d-bbc8-53e087ad610a","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":112,"box":{"x":46,"y":895,"width":894,"height":10}},{"id":"695ba921-44cb-40c8-a106-baeef42e0272","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":112,"box":{"x":46,"y":909,"width":324,"height":11}},{"id":"e14cfa61-6db9-438d-98d0-e81c7afb08b6","block_type":"box","text":"18","page_number":112,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"a08fc43f-be8f-4370-a205-3d2972f5ef4b","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":113,"box":{"x":46,"y":46,"width":285,"height":11}},{"id":"7fd8a711-c39e-4076-b4b0-490ef58647b6","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":113,"box":{"x":337,"y":46,"width":569,"height":11}},{"id":"1b28719c-839f-415a-8bae-255216f40373","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":113,"box":{"x":46,"y":61,"width":878,"height":10}},{"id":"b158ca47-929f-4ca4-8d58-9ac40798fdb1","block_type":"box","text":"sectors (","page_number":113,"box":{"x":46,"y":75,"width":55,"height":11}},{"id":"ffcfe426-e218-4534-873e-875a924ff6eb","block_type":"box","text":"e.g.,","page_number":113,"box":{"x":102,"y":77,"width":25,"height":9}},{"id":"1a8574a5-a525-4ebc-818a-7969b422667b","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":113,"box":{"x":133,"y":75,"width":817,"height":11}},{"id":"04d709de-f284-445e-930c-f9f6dfbc81ba","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":113,"box":{"x":46,"y":89,"width":886,"height":11}},{"id":"8c50f7a2-dc75-4e8d-8c8b-29177d2129ea","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":113,"box":{"x":46,"y":103,"width":883,"height":11}},{"id":"d8078417-7f58-4d15-85c8-fd3327f4ecb4","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":113,"box":{"x":46,"y":117,"width":874,"height":11}},{"id":"f7475b5c-08f0-48c1-94dd-dd1c3a9a64de","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":113,"box":{"x":46,"y":131,"width":867,"height":11}},{"id":"15561a6b-3610-46e2-b15e-0ea49e0ac4dc","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":113,"box":{"x":46,"y":146,"width":897,"height":10}},{"id":"fa61c5c8-e7c6-474f-80cc-c325606ae70c","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":113,"box":{"x":46,"y":160,"width":900,"height":11}},{"id":"97e6d873-d2b5-4d66-a70b-cac7c9fcf09f","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":113,"box":{"x":46,"y":174,"width":860,"height":11}},{"id":"a8b7d1b4-075e-454c-9f26-1f1c09ceaf07","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":113,"box":{"x":46,"y":188,"width":876,"height":11}},{"id":"30eb4c7a-6ac7-496d-98df-c19e281fd6e9","block_type":"box","text":"country economies.","page_number":113,"box":{"x":46,"y":202,"width":125,"height":11}},{"id":"866b71bc-a834-4061-8cd9-fe8842e35300","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":113,"box":{"x":46,"y":225,"width":267,"height":11}},{"id":"23102158-6e92-42f1-b7f8-71bae9164160","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":113,"box":{"x":319,"y":226,"width":625,"height":10}},{"id":"8c73c563-41c9-4231-b247-be093ac8a07b","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":113,"box":{"x":46,"y":240,"width":869,"height":11}},{"id":"9e8c2610-38c6-42ca-a09a-04ccd40baca0","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":113,"box":{"x":46,"y":254,"width":836,"height":11}},{"id":"b158b856-eb84-45fe-b74f-4c0612020a38","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":113,"box":{"x":46,"y":268,"width":838,"height":11}},{"id":"42d414a0-8c9b-4ebf-8b61-9ed4a81f056b","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":113,"box":{"x":46,"y":291,"width":876,"height":11}},{"id":"46c2d647-d5a9-485d-a360-4afee993fb16","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":113,"box":{"x":46,"y":305,"width":855,"height":11}},{"id":"4a37e711-b3f6-4141-9470-4233c28d41c7","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":113,"box":{"x":46,"y":320,"width":878,"height":11}},{"id":"eadfe269-53df-4cd7-b422-cb8b385bf336","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":113,"box":{"x":46,"y":334,"width":533,"height":11}},{"id":"0bdd0639-55e4-49e5-8d9f-efe40282070d","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":113,"box":{"x":46,"y":357,"width":853,"height":11}},{"id":"980db54c-2b0a-49ee-81bc-acd8b973b98b","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":113,"box":{"x":46,"y":371,"width":854,"height":11}},{"id":"a20e5f9f-5670-40fc-9c98-649652b7552c","block_type":"box","text":"significant investment losses.","page_number":113,"box":{"x":46,"y":385,"width":188,"height":11}},{"id":"371126b3-b5d4-4b33-ad12-feb35193cf4c","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":113,"box":{"x":46,"y":409,"width":863,"height":10}},{"id":"5c91b976-269a-4600-b199-ab6de4331ade","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":113,"box":{"x":46,"y":423,"width":884,"height":11}},{"id":"b417e3ed-b68e-4647-944e-0d4d2a7c31e3","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":113,"box":{"x":46,"y":437,"width":903,"height":11}},{"id":"7646b75c-bd38-4de2-ba51-071b66a331fa","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":113,"box":{"x":46,"y":451,"width":854,"height":11}},{"id":"f730cf18-46e2-4d72-94b5-7c4d0dc1604a","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":113,"box":{"x":46,"y":465,"width":879,"height":11}},{"id":"6e3c6813-3c98-44c5-930e-a610c07893d2","block_type":"box","text":"protection considerations.","page_number":113,"box":{"x":46,"y":480,"width":167,"height":10}},{"id":"173098d2-0911-4117-baf4-3ccfe6059d77","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":113,"box":{"x":46,"y":503,"width":852,"height":11}},{"id":"3a754435-2f32-43e7-9e35-97e84bcc2346","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":113,"box":{"x":46,"y":517,"width":891,"height":11}},{"id":"1fa1a173-d8e0-424c-b82f-28414b042d3e","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":113,"box":{"x":46,"y":531,"width":765,"height":11}},{"id":"91fa199e-fc70-4b2d-9623-13ee93e8a4da","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":113,"box":{"x":47,"y":554,"width":885,"height":11}},{"id":"bde43032-800a-4a7a-9f82-69e5b01f0b4b","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":113,"box":{"x":46,"y":568,"width":857,"height":11}},{"id":"857a1ef5-d1ff-4e7b-8fc4-7debfee27244","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":113,"box":{"x":46,"y":583,"width":874,"height":11}},{"id":"7bbf048d-d612-4c80-afed-b4b6adecd9eb","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":113,"box":{"x":46,"y":597,"width":870,"height":11}},{"id":"38d98595-1640-4382-b071-fe83d073e7c8","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":113,"box":{"x":46,"y":611,"width":867,"height":11}},{"id":"2fecb4e8-3591-4d1a-ba8e-ad4d319bec27","block_type":"box","text":"objective.","page_number":113,"box":{"x":46,"y":625,"width":61,"height":11}},{"id":"decfc7de-6a27-49cf-8534-1d4322ac36f5","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":113,"box":{"x":45,"y":648,"width":859,"height":11}},{"id":"3f222911-ead4-440d-abc6-c9b36b13bc6e","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":113,"box":{"x":46,"y":663,"width":863,"height":10}},{"id":"67691f4c-897d-46a7-be52-1831064def66","block_type":"box","text":"generally less available or transparent in these markets.","page_number":113,"box":{"x":46,"y":677,"width":357,"height":11}},{"id":"6cd79a78-5a1c-4cf0-95da-a70d2fe481d0","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":113,"box":{"x":46,"y":700,"width":905,"height":11}},{"id":"74673a86-6b1a-41ff-abc2-d158d22bc09d","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":113,"box":{"x":46,"y":714,"width":699,"height":11}},{"id":"0e5b1673-0211-403c-b0c2-c66142495684","block_type":"box","text":"Risk of Investing in the U.S.","page_number":113,"box":{"x":46,"y":737,"width":190,"height":11}},{"id":"361eaa01-712a-4d15-b495-be48a028b165","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":113,"box":{"x":242,"y":737,"width":684,"height":11}},{"id":"db43a235-35ae-4f26-843b-11ca024af5af","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":113,"box":{"x":46,"y":752,"width":897,"height":10}},{"id":"2b55f0b9-b8df-4377-a62f-1a46e4607463","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":113,"box":{"x":46,"y":766,"width":902,"height":11}},{"id":"23e20254-dbb7-4dd2-a0e7-15b798f442a4","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":113,"box":{"x":46,"y":780,"width":886,"height":11}},{"id":"2610428d-45f2-42b3-91ce-5ef187748492","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":113,"box":{"x":46,"y":794,"width":893,"height":11}},{"id":"6f21eda8-aa57-4bf1-bbf1-0e31b2f69e64","block_type":"box","text":"financial markets or issuers.","page_number":113,"box":{"x":45,"y":808,"width":180,"height":9}},{"id":"19138560-7581-4f84-9e00-76fff2585354","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":113,"box":{"x":46,"y":831,"width":867,"height":11}},{"id":"c77a6b51-9f9e-4de1-8a61-31ad032098fa","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":113,"box":{"x":46,"y":846,"width":868,"height":10}},{"id":"0f9a5ea0-4cd6-4afb-8874-f0f2520f17ca","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":113,"box":{"x":46,"y":860,"width":867,"height":11}},{"id":"395f6123-5690-4e7b-8b9f-473c0e3f589f","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":113,"box":{"x":46,"y":874,"width":899,"height":11}},{"id":"f66a0d78-062a-4254-b54d-e94488eca3a3","block_type":"box","text":"system.","page_number":113,"box":{"x":46,"y":889,"width":48,"height":10}},{"id":"421bede6-2538-423c-9f96-6c67dd37d380","block_type":"box","text":"19","page_number":113,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"2abf7694-c828-40c7-a7f5-476736ae980f","block_type":"box","text":"Securities Lending Risk.","page_number":114,"box":{"x":46,"y":46,"width":166,"height":11}},{"id":"e970cefd-8844-4c87-b28e-df9b55efdb76","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":114,"box":{"x":217,"y":46,"width":730,"height":11}},{"id":"89716167-9017-403b-9dc1-f9fdb589f68c","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":114,"box":{"x":46,"y":61,"width":897,"height":10}},{"id":"fd7f1f1e-3b26-4d46-87ff-cfe8fb3943f9","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":114,"box":{"x":46,"y":75,"width":892,"height":11}},{"id":"347fa5ee-5b78-4890-ac6e-a925a33d18e2","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":114,"box":{"x":46,"y":89,"width":403,"height":11}},{"id":"23b0e648-4cb4-4818-b17e-369d39ebc811","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":114,"box":{"x":46,"y":112,"width":257,"height":11}},{"id":"6e0f5bf9-78b7-44d9-a87f-34dc71fc1785","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":114,"box":{"x":309,"y":112,"width":617,"height":11}},{"id":"a973580e-98fe-467a-bb44-8fd8eae83e3a","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":114,"box":{"x":46,"y":126,"width":862,"height":11}},{"id":"6e3b46e2-ebdb-409e-be23-061d9d623baf","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":114,"box":{"x":46,"y":140,"width":868,"height":11}},{"id":"2d2898ab-df3e-475b-ba52-5a96d59488f5","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":114,"box":{"x":46,"y":155,"width":895,"height":11}},{"id":"f5089b6e-3136-4c5e-89be-3e34c8e7cf95","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":114,"box":{"x":46,"y":169,"width":899,"height":11}},{"id":"e8f721b0-e5cf-4d76-a97c-3d149a3fec86","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":114,"box":{"x":45,"y":183,"width":901,"height":11}},{"id":"7f59f714-8e9e-412c-adea-8489399a8c8e","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":114,"box":{"x":46,"y":197,"width":886,"height":11}},{"id":"88aa1b0e-b3b6-4093-90f4-3a4fd0127025","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":114,"box":{"x":45,"y":211,"width":355,"height":11}},{"id":"eda89168-2d5f-4752-92a1-93696febcf59","block_type":"box","text":"Sustainability Risk.","page_number":114,"box":{"x":46,"y":235,"width":132,"height":10}},{"id":"dd917b87-3414-480c-9a62-b8dec296658f","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":114,"box":{"x":183,"y":235,"width":762,"height":10}},{"id":"6e421728-9db7-49c2-b62a-8702442bc4e5","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":114,"box":{"x":46,"y":249,"width":732,"height":11}},{"id":"a065d1ba-543e-4dd0-acfc-f7ff497bcc5d","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":114,"box":{"x":46,"y":272,"width":874,"height":11}},{"id":"0ebb5dca-89a4-414a-b9e9-f6a22278329f","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":114,"box":{"x":46,"y":286,"width":875,"height":11}},{"id":"de87429a-f498-45a0-baea-dfba1c5249f9","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":114,"box":{"x":46,"y":300,"width":901,"height":11}},{"id":"8c1be215-7ddd-47c6-85f4-824185f2a4a0","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":114,"box":{"x":46,"y":315,"width":883,"height":10}},{"id":"53f96147-c5f4-4d6e-941b-818dadde9ce8","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":114,"box":{"x":46,"y":329,"width":862,"height":11}},{"id":"5abff459-3375-4f93-aac7-edfa9dd919b5","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":114,"box":{"x":46,"y":343,"width":864,"height":11}},{"id":"ba10755f-f0f3-4908-96d0-41c8fccb64fd","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":114,"box":{"x":46,"y":357,"width":885,"height":11}},{"id":"84a849ae-746f-4d96-8672-983d73404a37","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":114,"box":{"x":45,"y":380,"width":906,"height":11}},{"id":"e1769fa8-c11c-4f61-9f1c-9553de6c7b80","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":114,"box":{"x":45,"y":394,"width":852,"height":11}},{"id":"dc58388e-2dd9-431b-a723-164611b8879a","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":114,"box":{"x":46,"y":418,"width":875,"height":10}},{"id":"7e3d9ec9-7dc3-47f9-8b6d-0393ed245c2f","block_type":"box","text":"edit","page_number":114,"box":{"x":922,"y":418,"width":23,"height":8}},{"id":"47bd037b-0f99-4ab0-9901-7acf6e8cfa19","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":114,"box":{"x":46,"y":432,"width":890,"height":11}},{"id":"36573aa2-2460-458f-969b-a98f71ddd535","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":114,"box":{"x":46,"y":446,"width":343,"height":11}},{"id":"1dda8309-3057-4df8-842c-14fa70616cdc","block_type":"box","text":"e.g","page_number":114,"box":{"x":390,"y":448,"width":19,"height":9}},{"id":"c287926e-86b5-40f8-8d34-7b5ca55a64c8","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":114,"box":{"x":409,"y":446,"width":535,"height":11}},{"id":"3f1e95db-e69c-49ba-b0f9-dd4700c570a1","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":114,"box":{"x":46,"y":460,"width":467,"height":11}},{"id":"6d0aabcc-4583-48eb-8d83-02b5ffb54dfd","block_type":"box","text":"e.g","page_number":114,"box":{"x":515,"y":463,"width":19,"height":8}},{"id":"b91d5541-0665-4cda-ae3e-d98484641ba8","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":114,"box":{"x":534,"y":460,"width":411,"height":11}},{"id":"9bfd66ef-d91c-4b1f-a2e0-42f73439e458","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":114,"box":{"x":46,"y":474,"width":845,"height":11}},{"id":"f5c2fb31-78eb-4954-b753-56dc3b6a0900","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":114,"box":{"x":46,"y":489,"width":776,"height":10}},{"id":"8989b198-036e-414a-826f-0c863b573567","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":114,"box":{"x":45,"y":512,"width":903,"height":11}},{"id":"c1ec6d8c-23d5-4b13-84d7-f5ee5feb03de","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":114,"box":{"x":46,"y":526,"width":840,"height":11}},{"id":"a65a744f-1a08-46a8-ad99-9c8bff412c6e","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":114,"box":{"x":46,"y":540,"width":898,"height":11}},{"id":"47f99147-b0d9-477d-a7ce-5ecf14334d42","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":114,"box":{"x":46,"y":554,"width":873,"height":11}},{"id":"544a07a3-afc1-48df-8a93-4d052caca454","block_type":"box","text":"transition risks.","page_number":114,"box":{"x":46,"y":569,"width":97,"height":8}},{"id":"1e25b315-5ba9-406f-a524-b043ba22d11d","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":114,"box":{"x":45,"y":592,"width":870,"height":11}},{"id":"8c5393ac-0209-4b3d-a541-e8082fbdd02d","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":114,"box":{"x":46,"y":606,"width":442,"height":11}},{"id":"b9227335-93b8-44c1-91bb-cfbea19e38d8","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":114,"box":{"x":45,"y":629,"width":851,"height":11}},{"id":"6daf2925-2a82-4979-bbab-456c789642ac","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":114,"box":{"x":46,"y":643,"width":889,"height":11}},{"id":"d7f5c3e6-8693-4c14-a175-fbe9cc44428a","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":114,"box":{"x":46,"y":657,"width":903,"height":11}},{"id":"603878b3-7f04-4b7a-ac46-a2f87af95207","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":114,"box":{"x":46,"y":672,"width":251,"height":10}},{"id":"c806bca8-5ba8-46ec-8090-3768ac0282b8","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":114,"box":{"x":45,"y":695,"width":830,"height":11}},{"id":"33a38d9c-55c1-4dcb-9e9c-deebc6b77166","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":114,"box":{"x":46,"y":709,"width":476,"height":11}},{"id":"2aaf025e-3183-4e7e-9fcc-3bd90dfc70da","block_type":"box","text":"Technology Companies Risk.","page_number":114,"box":{"x":45,"y":732,"width":198,"height":11}},{"id":"d9066542-90de-4335-9199-98be8e45eaca","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":114,"box":{"x":248,"y":732,"width":693,"height":11}},{"id":"8bda4639-57ec-4ecc-9af7-1b8581d5a039","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":114,"box":{"x":46,"y":746,"width":883,"height":11}},{"id":"719d63cd-8e73-4578-8346-6ef191c612c8","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":114,"box":{"x":46,"y":761,"width":887,"height":10}},{"id":"2f8294e3-fabb-49c1-8084-f2922cf92a27","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":114,"box":{"x":46,"y":775,"width":905,"height":11}},{"id":"46c9de01-937d-4ad6-bf63-68869c1213d7","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":114,"box":{"x":46,"y":789,"width":891,"height":11}},{"id":"508dc6d5-37b9-47b9-9b86-733a668b5414","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":114,"box":{"x":46,"y":803,"width":868,"height":11}},{"id":"dd09f6b5-d300-43fb-83c5-010c133481e6","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":114,"box":{"x":45,"y":817,"width":899,"height":11}},{"id":"3d52a139-ac69-4f5d-bebf-a783888e0a1c","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":114,"box":{"x":46,"y":831,"width":737,"height":11}},{"id":"dd152d47-12a0-4b48-82fc-5de4afee3a90","block_type":"box","text":"Thematic Investing Risk.","page_number":114,"box":{"x":45,"y":855,"width":170,"height":10}},{"id":"836eeaf4-e8a8-4893-b674-bab5cf0fb87e","block_type":"box","text":"A Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub-themes for","page_number":114,"box":{"x":220,"y":855,"width":695,"height":10}},{"id":"d019a2f2-ff92-4a65-800e-b8b45a7c2f9a","block_type":"box","text":"inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme","page_number":114,"box":{"x":46,"y":869,"width":897,"height":11}},{"id":"d35c6114-7f7d-4dfa-8b75-74545ef25c83","block_type":"box","text":"exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an","page_number":114,"box":{"x":46,"y":883,"width":843,"height":11}},{"id":"304370ed-52d6-4858-aa1e-f3de8b6f4171","block_type":"box","text":"unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. A Fund’s","page_number":114,"box":{"x":46,"y":897,"width":842,"height":11}},{"id":"d8a371cd-e023-4cc0-9901-2172dc9f791e","block_type":"box","text":"performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.","page_number":114,"box":{"x":46,"y":911,"width":846,"height":11}},{"id":"56870754-21c2-455e-bf30-3fdbff74141f","block_type":"box","text":"20","page_number":114,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"ef11a6f6-a8ff-4213-a7a4-5b5af9c39b3f","block_type":"box","text":"Timber and Forestry Industry Risk.","page_number":115,"box":{"x":45,"y":46,"width":241,"height":11}},{"id":"1fd1122d-7ead-4f44-be78-b21b157c0959","block_type":"box","text":"The timber and forestry industry is highly cyclical and the market value of companies engaged in the","page_number":115,"box":{"x":291,"y":46,"width":643,"height":11}},{"id":"476a45b1-0686-4778-b13c-1e4d2b011153","block_type":"box","text":"ownership, management or upstream supply chain of forests and timberlands is strongly affected by changes in international economic","page_number":115,"box":{"x":46,"y":61,"width":865,"height":10}},{"id":"f5811cf7-305b-4b5c-bf55-c1cd5f17737f","block_type":"box","text":"conditions, interest rates, weather cycles, changing demographics, environmental conditions and government regulations, among other","page_number":115,"box":{"x":46,"y":75,"width":867,"height":11}},{"id":"9bf77093-5700-4b3e-998f-99f3d25ffeac","block_type":"box","text":"factors. For example, the volume and value of timber that can be harvested from timberlands is limited by natural disasters, fire, volcanic","page_number":115,"box":{"x":45,"y":89,"width":877,"height":11}},{"id":"59cacb53-6ae9-41c0-956e-04e73cc9f5c7","block_type":"box","text":"eruptions, insect infestation, disease, ice storms, wind storms, flooding and other events. Climate conditions could intensify the effects of","page_number":115,"box":{"x":46,"y":103,"width":882,"height":11}},{"id":"dcfaa994-597b-4b5a-a7dd-3c1696fc89bf","block_type":"box","text":"any of these factors. Many companies in the timber and forestry industry do not insure against damages to their timberlands. Companies in","page_number":115,"box":{"x":46,"y":117,"width":892,"height":11}},{"id":"a1e655eb-3906-496c-ba9e-6e673d011278","block_type":"box","text":"this industry are also subject to stringent federal, state and local environmental, health and safety laws and regulations.","page_number":115,"box":{"x":46,"y":131,"width":765,"height":11}},{"id":"3f9afd16-6408-4046-bd28-28c827222974","block_type":"box","text":"Tracking Error Risk.","page_number":115,"box":{"x":45,"y":155,"width":135,"height":10}},{"id":"d0f00d16-711c-437a-bf13-08f5069e2e67","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":115,"box":{"x":185,"y":155,"width":749,"height":11}},{"id":"c067f447-c3ba-4f39-bb43-f5221734c164","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":115,"box":{"x":45,"y":169,"width":872,"height":11}},{"id":"90645486-3ce6-4a0c-adb4-ae5c251ce7b0","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":115,"box":{"x":46,"y":183,"width":897,"height":11}},{"id":"7ab36112-224d-4121-9a32-d819fcec3797","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":115,"box":{"x":46,"y":197,"width":867,"height":11}},{"id":"960a9756-e4fe-41fb-b5e6-f8c4de48ce0a","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":115,"box":{"x":46,"y":211,"width":824,"height":11}},{"id":"dc7a09da-c9e2-4d97-adcd-b386aaad6bfd","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":115,"box":{"x":46,"y":226,"width":904,"height":10}},{"id":"18f11f13-6155-4b9d-9a38-a597bfc2bfbc","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","page_number":115,"box":{"x":46,"y":240,"width":862,"height":11}},{"id":"1fafce1b-da76-48a7-beca-f45cc54f4193","block_type":"box","text":"pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":115,"box":{"x":46,"y":254,"width":903,"height":11}},{"id":"d2dc3e3d-4cc2-4775-8cfa-026118e5dbe6","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution, including the ability and timing of a Fund to","page_number":115,"box":{"x":46,"y":268,"width":901,"height":11}},{"id":"0a2263ca-9e1b-4945-8d24-2db3afcbe159","block_type":"box","text":"adjust its portfolio to reflect changes in the Underlying Index; and impacts to a Fund of complying with certain regulatory requirements or","page_number":115,"box":{"x":46,"y":282,"width":880,"height":11}},{"id":"cc4673c1-b551-4bbb-85dd-44f2d9904b68","block_type":"box","text":"limits. A Fund that tracks an index composed of a large number of components may experience greater tracking error than a Fund that tracks","page_number":115,"box":{"x":46,"y":296,"width":904,"height":11}},{"id":"0b570458-a937-4ea6-a0d9-c8f487d7169d","block_type":"box","text":"a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":115,"box":{"x":46,"y":311,"width":887,"height":11}},{"id":"1ab75645-9613-4a84-b19e-f0b218e313b0","block_type":"box","text":"Transportation Companies Risk.","page_number":115,"box":{"x":45,"y":334,"width":221,"height":11}},{"id":"0fabd816-a993-429e-b2e9-31082b293fe5","block_type":"box","text":"Transportation companies may be adversely affected by changes in the economy, volatility in energy","page_number":115,"box":{"x":271,"y":334,"width":642,"height":11}},{"id":"6995f15b-1dc1-4ec2-b7c0-2f1ec13eda24","block_type":"box","text":"prices, labor relations, business interruptions, supply chain disruptions, trade disputes, technology developments, exchange rates, insurance","page_number":115,"box":{"x":46,"y":348,"width":900,"height":11}},{"id":"9b4afc8a-93d0-4dc7-8854-98b132ca623b","block_type":"box","text":"costs and government regulation. Transportation companies are also affected by natural disasters, environmental incidents, terrorism, war","page_number":115,"box":{"x":46,"y":362,"width":887,"height":11}},{"id":"7f36649a-a843-4ccd-b1d4-9ba26aca5210","block_type":"box","text":"and other events that target or damage transportation infrastructure. As a result of such events, insurance premiums and other operating","page_number":115,"box":{"x":46,"y":376,"width":880,"height":11}},{"id":"4e0d2275-e742-4de0-9921-fef0ac1458cd","block_type":"box","text":"costs may increase significantly, and insurance coverage may become unavailable. Securities of transportation companies are generally","page_number":115,"box":{"x":46,"y":391,"width":870,"height":10}},{"id":"f43122f8-c791-4e7f-8aed-0b638902dc40","block_type":"box","text":"cyclical and may be subject to sharp price movements.","page_number":115,"box":{"x":46,"y":405,"width":351,"height":11}},{"id":"5c330503-44a5-4583-985c-b96f9ae4aa16","block_type":"box","text":"Utility Companies Risk.","page_number":115,"box":{"x":46,"y":428,"width":160,"height":11}},{"id":"b7df442f-f49f-4852-bfb9-5be61362cace","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":115,"box":{"x":212,"y":428,"width":718,"height":11}},{"id":"aac92ab1-7ca3-4589-9dca-90924826ae00","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":115,"box":{"x":46,"y":442,"width":877,"height":11}},{"id":"3d2b3a1b-502a-40da-ae2e-86e8ba0b1d7d","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":115,"box":{"x":46,"y":456,"width":856,"height":11}},{"id":"23d0c163-4824-4e68-acf0-515c0431a940","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":115,"box":{"x":46,"y":471,"width":852,"height":10}},{"id":"70848340-ec76-4b56-8962-ccfc20330c50","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":115,"box":{"x":45,"y":485,"width":313,"height":11}},{"id":"7520ad96-a153-4b95-82a2-fc68adb2372f","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":115,"box":{"x":46,"y":508,"width":887,"height":11}},{"id":"d2808556-fa9b-47e7-aad7-ce18c7756cd5","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":115,"box":{"x":46,"y":522,"width":842,"height":11}},{"id":"a125e236-e341-4bc5-902c-66f9858d7c6f","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":115,"box":{"x":46,"y":536,"width":899,"height":11}},{"id":"86317662-3237-469f-82ba-4c35e1d69a6c","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":115,"box":{"x":46,"y":550,"width":894,"height":11}},{"id":"7d6e1e70-d3fa-4787-aed6-aac5d63ead7a","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":115,"box":{"x":46,"y":565,"width":872,"height":10}},{"id":"a90c32a2-c8a6-444e-9687-e912d7632d03","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":115,"box":{"x":46,"y":579,"width":891,"height":11}},{"id":"c706a5e0-7a2c-4712-94ac-9924db43c047","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":115,"box":{"x":46,"y":593,"width":892,"height":11}},{"id":"386fa23d-4bff-4730-b149-9cb549ac26d4","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":115,"box":{"x":46,"y":607,"width":421,"height":11}},{"id":"a4baf4d3-8a4a-4f6d-b477-25bea02ef6bd","block_type":"box","text":"Valuation Risk.","page_number":115,"box":{"x":45,"y":630,"width":103,"height":9}},{"id":"d04bed89-185b-405c-987e-02d9bcad91ad","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":115,"box":{"x":153,"y":630,"width":756,"height":11}},{"id":"27dba410-c191-4dc1-bcc7-7806a41b2370","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":115,"box":{"x":46,"y":645,"width":890,"height":10}},{"id":"67ec97fb-2c46-4b60-946f-2152ff10f2e9","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":115,"box":{"x":46,"y":659,"width":857,"height":11}},{"id":"30edbbd8-7e39-426d-9eb2-d810dca2b66f","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":115,"box":{"x":46,"y":673,"width":897,"height":11}},{"id":"488b0684-9b27-4375-9e51-cbabe09bab24","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":115,"box":{"x":45,"y":687,"width":850,"height":11}},{"id":"2e8b7d1e-61a3-4b41-a7c5-ea8aeee039c9","block_type":"box","text":"purchase or sell Fund shares.","page_number":115,"box":{"x":46,"y":701,"width":186,"height":11}},{"id":"13cc4430-a3af-4f96-9ca1-626c8ef9606c","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":115,"box":{"x":46,"y":724,"width":886,"height":11}},{"id":"43dc6672-252a-4074-b013-76a40e08ae15","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":115,"box":{"x":46,"y":739,"width":890,"height":10}},{"id":"f9e564cf-9133-4ef8-bd25-471b7156e08b","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":115,"box":{"x":46,"y":753,"width":846,"height":11}},{"id":"148c40c3-f87f-4800-9104-2619eab118b0","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":115,"box":{"x":46,"y":767,"width":895,"height":11}},{"id":"57296111-4d83-49f4-a39f-d85140f161eb","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":115,"box":{"x":46,"y":781,"width":892,"height":11}},{"id":"097b87b6-8a83-4614-bc44-c673ca693f74","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":115,"box":{"x":46,"y":795,"width":858,"height":11}},{"id":"4e3eecaa-89e6-4123-a02c-70a2d10fc9bf","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":115,"box":{"x":46,"y":810,"width":771,"height":10}},{"id":"b680091e-1d32-423d-8b96-eaf264c568fe","block_type":"box","text":"Portfolio Holdings Information","page_number":115,"box":{"x":47,"y":838,"width":297,"height":17}},{"id":"87d499f5-3cc4-4d55-8a44-d6573dbba01f","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":115,"box":{"x":45,"y":868,"width":896,"height":10}},{"id":"1ac7f59a-7534-4dc8-97d3-ba7e161280cd","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":115,"box":{"x":46,"y":882,"width":905,"height":11}},{"id":"a7c5067d-dfe8-424d-bfdb-557a009a8fcf","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":115,"box":{"x":46,"y":896,"width":893,"height":11}},{"id":"5d4a8464-be36-439a-bc71-b0020a12373d","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":115,"box":{"x":46,"y":910,"width":256,"height":11}},{"id":"c8134715-4640-416a-bacf-d5bb470a426f","block_type":"box","text":"21","page_number":115,"box":{"x":492,"y":944,"width":12,"height":8}},{"id":"61e906d0-9029-436e-b6e2-876fdff9baa3","block_type":"box","text":"Management of the Funds","page_number":116,"box":{"x":47,"y":46,"width":258,"height":16}},{"id":"14c0880f-b836-43f5-9652-559bed05373f","block_type":"box","text":"Investment Adviser","page_number":116,"box":{"x":46,"y":75,"width":135,"height":8}},{"id":"4e941e8f-b2b1-4a61-a70d-85c38c955da7","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":116,"box":{"x":45,"y":98,"width":840,"height":11}},{"id":"efcd920b-1261-47dc-9333-185bcfa880c3","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":116,"box":{"x":46,"y":112,"width":899,"height":11}},{"id":"94c9959c-3b26-4de8-8c43-679b34c06e70","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":116,"box":{"x":46,"y":126,"width":886,"height":11}},{"id":"11d262c3-7c96-4dc3-82f0-93fd68d20936","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":116,"box":{"x":46,"y":140,"width":853,"height":11}},{"id":"0967279f-0633-4eac-bd33-a0f08fca0085","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":117,"box":{"x":46,"y":800,"width":861,"height":11}},{"id":"c49f42e2-8ff4-4624-8ce6-596f202b9bbd","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":117,"box":{"x":46,"y":814,"width":411,"height":11}},{"id":"3da00303-7316-4f07-a52e-f7f47a79fe41","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":117,"box":{"x":45,"y":837,"width":892,"height":11}},{"id":"f52f4a4e-cdf6-444c-85e6-f60a2d0a6913","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":117,"box":{"x":46,"y":851,"width":863,"height":11}},{"id":"fbca8300-7877-4663-b899-025ab4fb393d","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":117,"box":{"x":46,"y":866,"width":845,"height":10}},{"id":"1704b37b-68b3-41d5-8196-9174706cb152","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":117,"box":{"x":46,"y":880,"width":695,"height":11}},{"id":"6363eb67-77a1-4b4d-beb2-503fa9b3be48","block_type":"box","text":"23","page_number":117,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"d10479dc-e7ef-48f9-83d3-24819ff0171f","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":118,"box":{"x":45,"y":46,"width":872,"height":11}},{"id":"f831dbb8-ed08-4655-9497-e61fe325eb19","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":118,"box":{"x":46,"y":61,"width":348,"height":10}},{"id":"66632f7c-8539-476e-b16e-b6598c0d7544","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":118,"box":{"x":47,"y":84,"width":891,"height":11}},{"id":"f318c807-d92a-4b96-bad5-24f306417e56","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":118,"box":{"x":45,"y":98,"width":874,"height":11}},{"id":"abb0ee22-bcc5-44b2-aead-8a7857845cfd","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":118,"box":{"x":46,"y":112,"width":903,"height":11}},{"id":"7cc71c11-15b6-4ac6-990e-f7ced7a23fa9","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":118,"box":{"x":45,"y":126,"width":898,"height":11}},{"id":"a7a975a2-147b-44c5-b73d-e96bb9d04349","block_type":"box","text":"possible.","page_number":118,"box":{"x":46,"y":141,"width":55,"height":10}},{"id":"cb47b996-2854-4756-a54e-cb378e57e194","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":118,"box":{"x":46,"y":164,"width":889,"height":11}},{"id":"16cce330-df0f-4c33-97f6-2316fd1b0aa5","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":118,"box":{"x":46,"y":178,"width":857,"height":11}},{"id":"36aba0ec-0542-41b7-982c-1ef01f0dc5f4","block_type":"box","text":"employees or clients.","page_number":118,"box":{"x":46,"y":192,"width":135,"height":11}},{"id":"31c89a97-7228-4f9e-8f69-c18dad99895d","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":118,"box":{"x":46,"y":215,"width":877,"height":11}},{"id":"cd7da0cf-bdc9-4616-a435-f550f6a7330c","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":118,"box":{"x":46,"y":229,"width":851,"height":11}},{"id":"9c156bcf-2888-44f2-8cd3-32cff2ae6ab4","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":118,"box":{"x":46,"y":244,"width":440,"height":10}},{"id":"a77dc187-6d23-40ec-ac96-61c05c2b7d8a","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":118,"box":{"x":45,"y":267,"width":902,"height":11}},{"id":"91d0a10f-5a90-4ee4-82d8-df6808a6341f","block_type":"box","text":"such restrictions.","page_number":118,"box":{"x":46,"y":281,"width":109,"height":8}},{"id":"07042731-80e8-4f53-87ca-009e7def2eb1","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":118,"box":{"x":46,"y":304,"width":863,"height":11}},{"id":"1160d0f9-35f4-4a33-95e7-67d118fff63d","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":118,"box":{"x":46,"y":318,"width":855,"height":11}},{"id":"182ba031-0560-4fd5-a6e6-aa59cba3e873","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":118,"box":{"x":46,"y":333,"width":863,"height":10}},{"id":"074192d3-c48b-4f73-8607-b7bd7b893d72","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":118,"box":{"x":46,"y":347,"width":877,"height":11}},{"id":"4c1bc2a7-22ec-451e-81d7-38d9f6f62322","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":118,"box":{"x":46,"y":361,"width":363,"height":11}},{"id":"791be324-4198-437d-ae9e-bea4d06ff4b4","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":118,"box":{"x":46,"y":384,"width":895,"height":11}},{"id":"6c7412af-2f36-4ba0-b62b-59b69a034587","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":118,"box":{"x":46,"y":398,"width":859,"height":11}},{"id":"d1c31210-0668-46ed-a8a4-734fb56ff3aa","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":118,"box":{"x":46,"y":412,"width":855,"height":11}},{"id":"6262b06e-be62-4dab-865f-195d11dc4eb9","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":118,"box":{"x":46,"y":427,"width":894,"height":10}},{"id":"41c1b698-8098-4327-96fa-defe39ebe2af","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":118,"box":{"x":45,"y":441,"width":872,"height":11}},{"id":"1aede07d-dcc5-4872-b1af-51cbbb0e9a56","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":118,"box":{"x":46,"y":455,"width":848,"height":11}},{"id":"37d4ef54-917f-461d-a2e3-4efa7c4d1c09","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":118,"box":{"x":47,"y":469,"width":342,"height":11}},{"id":"764a1637-64f3-453c-a57e-23939b892607","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":118,"box":{"x":47,"y":492,"width":893,"height":11}},{"id":"34cac42e-6fe2-4414-b660-adb9d056432a","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":118,"box":{"x":46,"y":507,"width":885,"height":10}},{"id":"b55b9d3a-fb66-4ee6-b6fb-efb46925a97c","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":118,"box":{"x":46,"y":521,"width":896,"height":11}},{"id":"49288998-6296-470d-a864-2bbfc8e99009","block_type":"box","text":"licensees.","page_number":118,"box":{"x":46,"y":535,"width":62,"height":8}},{"id":"9c6b6ae6-4ffc-48c3-b1cf-18101230d74d","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":118,"box":{"x":45,"y":558,"width":876,"height":11}},{"id":"713a5f4f-462f-476b-bf97-b243278ed86d","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":118,"box":{"x":46,"y":572,"width":886,"height":11}},{"id":"29add25b-ab43-4740-8fc5-2fdaa8c669ff","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":118,"box":{"x":46,"y":587,"width":326,"height":8}},{"id":"002e11f9-c4c4-4cb7-ac60-53a89bb493e4","block_type":"box","text":"Shareholder Information","page_number":118,"box":{"x":46,"y":615,"width":241,"height":14}},{"id":"232e9257-e0e3-4fbf-99dc-09ebdd1ad51a","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":118,"box":{"x":45,"y":645,"width":820,"height":10}},{"id":"ef1d6d75-74a8-4694-b6a7-6efa2b23239a","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":118,"box":{"x":48,"y":659,"width":383,"height":11}},{"id":"2955d1a8-7146-4231-82e5-c6963ca8fe5e","block_type":"box","text":"Buying and Selling Shares","page_number":118,"box":{"x":46,"y":682,"width":181,"height":11}},{"id":"68178fc1-68e8-4c0e-a260-33c2e86f6a2a","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":118,"box":{"x":45,"y":705,"width":840,"height":11}},{"id":"99e89ba8-992b-46b3-971a-920f104dd5ee","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":118,"box":{"x":46,"y":719,"width":584,"height":11}},{"id":"7ab8d307-61af-4647-b77d-3ba398057b3a","block_type":"box","text":"i.e","page_number":118,"box":{"x":631,"y":719,"width":14,"height":9}},{"id":"6766eefa-df04-4d26-af7f-7fa7b8323499","block_type":"box","text":"., financial institutions that are authorized to","page_number":118,"box":{"x":647,"y":719,"width":282,"height":10}},{"id":"8780ddf7-8bab-4651-84ed-9d03333b19d5","block_type":"box","text":"participate in such transactions), as described in the","page_number":118,"box":{"x":46,"y":734,"width":335,"height":10}},{"id":"d6156dbd-e8c1-4e31-a568-53bb1d2af30d","block_type":"box","text":"Creations and Redemptions","page_number":118,"box":{"x":386,"y":734,"width":174,"height":10}},{"id":"b987b19d-d4b9-4817-8f9c-f1f557c6e507","block_type":"box","text":"section below.","page_number":118,"box":{"x":565,"y":734,"width":90,"height":8}},{"id":"a47b6df1-6fd3-465d-bc62-3d6af6dde9cd","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":118,"box":{"x":46,"y":757,"width":904,"height":11}},{"id":"5600e678-ff7e-4397-ab1a-b1c11339eefe","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":118,"box":{"x":46,"y":771,"width":861,"height":11}},{"id":"0069c8cb-c785-4470-ad8d-a5d3f574c8b5","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":118,"box":{"x":46,"y":785,"width":856,"height":11}},{"id":"7b6dd195-ff4c-4c2a-babe-0eedc0025317","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":118,"box":{"x":46,"y":799,"width":597,"height":11}},{"id":"9b8d4afa-b088-4b02-8f58-5b475f0b20b0","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":118,"box":{"x":47,"y":822,"width":899,"height":11}},{"id":"bcae5a56-b289-4cfe-9727-f3da6e47c049","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":118,"box":{"x":46,"y":837,"width":868,"height":10}},{"id":"2b4f8a4f-6a69-40a6-b830-b98fa568b2f3","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":118,"box":{"x":46,"y":851,"width":888,"height":11}},{"id":"560b6f21-c8b8-4a67-9476-8b94f9f9ee25","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":118,"box":{"x":46,"y":865,"width":884,"height":11}},{"id":"1fc251ee-ff70-44e2-be41-eff99d9a3785","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":118,"box":{"x":45,"y":879,"width":905,"height":11}},{"id":"b26d9ff0-e5c3-487d-8e99-79fe982a2428","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":118,"box":{"x":46,"y":893,"width":897,"height":11}},{"id":"b758c2b4-6d11-4391-9b5d-aa69860cd50f","block_type":"box","text":"24","page_number":118,"box":{"x":491,"y":944,"width":16,"height":8}},{"id":"4a194f93-b0da-473a-b13e-81da0c96c654","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":119,"box":{"x":45,"y":46,"width":888,"height":11}},{"id":"054e8a6b-b453-4dca-ac84-eed128bb8fda","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":119,"box":{"x":46,"y":61,"width":713,"height":10}},{"id":"c623b3d1-211a-4ec7-a846-24b8ce52e626","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":119,"box":{"x":45,"y":84,"width":903,"height":11}},{"id":"fb0d127d-7348-4b50-92a7-344f3330f363","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":119,"box":{"x":45,"y":98,"width":856,"height":11}},{"id":"08d5f15e-4c18-408a-bdf7-7782e0291e5e","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":119,"box":{"x":46,"y":112,"width":613,"height":11}},{"id":"201bb095-d5e1-440a-8519-7eb925710f1e","block_type":"box","text":"Investments in Investment Companies","page_number":119,"box":{"x":46,"y":135,"width":269,"height":11}},{"id":"d456c620-5dd2-4976-bb49-c88ff57387b8","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":119,"box":{"x":46,"y":159,"width":873,"height":10}},{"id":"563e79ef-ad8d-4232-83c1-3644178b0fee","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":119,"box":{"x":46,"y":173,"width":888,"height":11}},{"id":"23bb7c66-5d59-4800-a66c-5f30e7666ecb","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":119,"box":{"x":46,"y":187,"width":847,"height":11}},{"id":"18266a9f-fe8f-48c1-b869-27856e8e1b0c","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":119,"box":{"x":46,"y":201,"width":897,"height":11}},{"id":"c9983991-0cf1-42f5-a874-1caade011f8d","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":119,"box":{"x":46,"y":215,"width":890,"height":11}},{"id":"c0c085c3-820b-447c-bf7d-7119b961f404","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":119,"box":{"x":46,"y":229,"width":904,"height":11}},{"id":"39c1b71f-3abb-48ba-a38e-ec202d29b4f1","block_type":"box","text":"investment companies and companies controlled by them.","page_number":119,"box":{"x":46,"y":244,"width":373,"height":10}},{"id":"ddd82071-046b-4461-bb00-38095c438cc5","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in","page_number":119,"box":{"x":47,"y":267,"width":815,"height":11}},{"id":"eaf95eb7-c839-4087-b398-ca6a541ca36b","block_type":"box","text":"Section 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","page_number":119,"box":{"x":46,"y":281,"width":864,"height":11}},{"id":"343d621b-8a37-44b0-8798-251c4429515f","block_type":"box","text":"Acquired Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund","page_number":119,"box":{"x":45,"y":295,"width":869,"height":11}},{"id":"f68d2521-0034-43ac-b5c4-d305caee86c5","block_type":"box","text":"invests significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on","page_number":119,"box":{"x":46,"y":309,"width":890,"height":11}},{"id":"f2b51169-5032-4050-9779-96af37d5407f","block_type":"box","text":"Rule 12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund","page_number":119,"box":{"x":46,"y":324,"width":877,"height":10}},{"id":"75334e7a-f8f0-4b85-9bbe-74859d663644","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":119,"box":{"x":46,"y":338,"width":418,"height":11}},{"id":"34f68152-433e-4b57-aa6c-6681c052662a","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":119,"box":{"x":46,"y":361,"width":884,"height":11}},{"id":"44576a80-04f0-4fa6-806d-e1dd51ab4512","block_type":"box","text":"SEC no-action relief.","page_number":119,"box":{"x":46,"y":375,"width":130,"height":9}},{"id":"0af3d6bf-8dc5-4cf5-8f77-55e10b34b47d","block_type":"box","text":"Book Entry","page_number":119,"box":{"x":46,"y":398,"width":76,"height":11}},{"id":"6c66ecff-b791-4292-a0fa-2a37c77af3e4","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":119,"box":{"x":46,"y":422,"width":891,"height":10}},{"id":"4dbbd6e5-ec48-4923-b48e-f3abe1d85edb","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":119,"box":{"x":45,"y":436,"width":832,"height":11}},{"id":"f8e8dfb6-25fa-4066-ad0e-384bfee37755","block_type":"box","text":"outstanding shares of the Funds.","page_number":119,"box":{"x":46,"y":450,"width":209,"height":11}},{"id":"83411cd8-67af-4612-af3d-75439f735a45","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":119,"box":{"x":46,"y":473,"width":886,"height":11}},{"id":"6ba2f7e6-119e-4554-bdae-509608b8aa0f","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":119,"box":{"x":46,"y":487,"width":863,"height":11}},{"id":"4c9ae573-d897-4cdc-8e17-921f3a31b79d","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":119,"box":{"x":46,"y":501,"width":888,"height":11}},{"id":"40d89b61-e7f9-40b4-80d3-41c6e4cf519f","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":119,"box":{"x":46,"y":516,"width":873,"height":10}},{"id":"ce3249c1-fd6d-4e1a-af89-80f9cfafcd8e","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":119,"box":{"x":46,"y":530,"width":900,"height":11}},{"id":"c7e6a2cf-c2f8-470a-b0c9-455f08132ef1","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":119,"box":{"x":46,"y":544,"width":329,"height":11}},{"id":"15e53b66-267b-420f-9a73-52ad29495fd5","block_type":"box","text":"Share Prices","page_number":119,"box":{"x":46,"y":567,"width":87,"height":9}},{"id":"6686de2c-ce54-4beb-95eb-ce0c9cd5c304","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":119,"box":{"x":45,"y":590,"width":895,"height":11}},{"id":"e9b2616e-8fe3-48a6-9705-c2b579183846","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":119,"box":{"x":46,"y":605,"width":876,"height":10}},{"id":"2deb24df-b7de-443c-9039-d74c03e4b9a2","block_type":"box","text":"conditions.","page_number":119,"box":{"x":46,"y":619,"width":69,"height":8}},{"id":"565ecd0e-762a-4fd4-b6fa-21c1debfdef4","block_type":"box","text":"Determination of Net Asset Value","page_number":119,"box":{"x":46,"y":642,"width":233,"height":8}},{"id":"12c3c929-29b6-45eb-bccc-13522bfa2833","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":119,"box":{"x":45,"y":665,"width":873,"height":11}},{"id":"df705a48-2880-49d0-8738-70104a63515a","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":119,"box":{"x":46,"y":679,"width":904,"height":11}},{"id":"b93d7ba8-0b60-4654-92ee-9bb678383723","block_type":"box","text":"on prices at the time of closing.","page_number":119,"box":{"x":46,"y":694,"width":200,"height":10}},{"id":"8e2f5a88-0ba1-4964-8823-377cacb7514b","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":119,"box":{"x":45,"y":717,"width":884,"height":11}},{"id":"3a3a1c41-ec4e-4b4a-9cd1-8482c0101285","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":119,"box":{"x":46,"y":731,"width":554,"height":11}},{"id":"60e0c872-73a2-4e1d-b790-3aafa9f8d777","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":119,"box":{"x":45,"y":754,"width":501,"height":11}},{"id":"a4d738c4-9e32-44b1-bbde-b2cfc0f4728d","block_type":"box","text":"i.e","page_number":119,"box":{"x":547,"y":754,"width":15,"height":9}},{"id":"698fcde3-c4e6-461a-ba1b-0fd7d67bbf6f","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":119,"box":{"x":563,"y":754,"width":354,"height":11}},{"id":"7cf36724-62dc-4eb1-b345-9f4d3369c16b","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":119,"box":{"x":46,"y":768,"width":858,"height":11}},{"id":"19ab5207-e6eb-4867-828c-75078c8341e6","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":119,"box":{"x":46,"y":782,"width":884,"height":11}},{"id":"a5f3d743-432c-43a4-846c-97c0e28a39c1","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":119,"box":{"x":47,"y":797,"width":880,"height":11}},{"id":"03b7673e-5779-4666-9676-2499b2fbeb72","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":119,"box":{"x":46,"y":820,"width":868,"height":11}},{"id":"56ca5ecc-fc50-4aca-894b-df49cca8cc0c","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":119,"box":{"x":46,"y":834,"width":896,"height":11}},{"id":"c00895e6-03e6-448e-8b52-ff173d5e18ab","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":119,"box":{"x":46,"y":848,"width":903,"height":11}},{"id":"9799c3c1-2eb8-4f19-8e4f-4453e99659e9","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":119,"box":{"x":46,"y":862,"width":897,"height":11}},{"id":"921ffa6a-4fce-4656-8b33-295a23200cf4","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":119,"box":{"x":46,"y":877,"width":887,"height":10}},{"id":"8333dc84-308c-43d0-8e21-a1f9d8a7e4cc","block_type":"box","text":"price.","page_number":119,"box":{"x":46,"y":891,"width":34,"height":11}},{"id":"31cdc9c7-0e71-49e5-a4d1-b540a90d5df8","block_type":"box","text":"25","page_number":119,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"5f275874-f495-43a4-9b2c-8784b6a9ea1a","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":120,"box":{"x":46,"y":46,"width":905,"height":11}},{"id":"ed029dc7-2040-4bcd-a8c9-5bd5c891a344","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":120,"box":{"x":46,"y":61,"width":891,"height":10}},{"id":"c5124049-6124-432f-bd47-f39a43137ea1","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":120,"box":{"x":45,"y":75,"width":862,"height":11}},{"id":"f557cc9e-f15e-4637-87a8-76fad660beb9","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":120,"box":{"x":46,"y":89,"width":901,"height":11}},{"id":"0572edc1-4515-4e70-bac2-17b4f1a9c833","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":120,"box":{"x":46,"y":103,"width":905,"height":11}},{"id":"720af3e6-b01d-445a-b978-194bc10a6b54","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":120,"box":{"x":46,"y":117,"width":899,"height":11}},{"id":"816416bd-0767-4047-ac6d-c7c78b98ea4d","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":120,"box":{"x":46,"y":131,"width":903,"height":11}},{"id":"9c000342-ff9f-4990-bdd0-9e44ffcab2e5","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":120,"box":{"x":47,"y":146,"width":491,"height":10}},{"id":"7403b2cc-d662-4056-8a7f-a6d2a27eeedd","block_type":"box","text":"Generally, trading in certain instruments (","page_number":120,"box":{"x":46,"y":169,"width":265,"height":11}},{"id":"e7fb95ca-5dcf-421b-ae6c-2f5be8d36b9e","block_type":"box","text":"e.g","page_number":120,"box":{"x":312,"y":171,"width":19,"height":9}},{"id":"93f37c92-93da-47c4-827b-49784cbbe0e8","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":120,"box":{"x":332,"y":169,"width":599,"height":11}},{"id":"9b55ec9a-badb-4b5a-87ca-dd7696e3c951","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":120,"box":{"x":45,"y":183,"width":870,"height":11}},{"id":"3342cbcb-79f1-4fe8-b7eb-eea4e2458795","block_type":"box","text":"determined as of such times.","page_number":120,"box":{"x":46,"y":197,"width":184,"height":9}},{"id":"f2e391f5-5468-494e-bd65-b7b89c1a260d","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":120,"box":{"x":46,"y":220,"width":886,"height":11}},{"id":"c45293f6-d543-414f-b652-5aa100715bd8","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":120,"box":{"x":46,"y":235,"width":901,"height":10}},{"id":"7e0bb41f-2f18-41c8-8f6b-ec0b312813c5","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":120,"box":{"x":46,"y":249,"width":904,"height":11}},{"id":"e0d345a0-33d7-46b9-b641-228065cc5768","block_type":"box","text":"a Fund’s pricing time.","page_number":120,"box":{"x":46,"y":263,"width":136,"height":11}},{"id":"84d8a561-ae5e-4fec-846d-e960cd4df252","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":120,"box":{"x":46,"y":286,"width":877,"height":11}},{"id":"11351b67-7667-4bb8-aa38-b58e75c45be1","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":120,"box":{"x":46,"y":300,"width":392,"height":11}},{"id":"3650324b-27e0-4642-96bf-22c0782acf43","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":120,"box":{"x":45,"y":324,"width":838,"height":10}},{"id":"510812a5-1797-45c9-ac0b-d91d96f66e05","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":120,"box":{"x":46,"y":338,"width":874,"height":11}},{"id":"f65ff7f6-9390-4531-a9b3-7ce30a030b50","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","page_number":120,"box":{"x":46,"y":352,"width":834,"height":11}},{"id":"f21dc804-f761-4cda-99f7-fca4a27f7a73","block_type":"box","text":"arm’s-length transaction.","page_number":120,"box":{"x":46,"y":366,"width":160,"height":11}},{"id":"4da04026-b14a-4549-ac85-0937ee9ec790","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":120,"box":{"x":47,"y":389,"width":531,"height":11}},{"id":"a8d07efd-92ee-440d-b7e2-9e4586190949","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":120,"box":{"x":82,"y":407,"width":583,"height":11}},{"id":"12efda06-6e7e-4cc5-b810-32e8b24a59f1","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":120,"box":{"x":82,"y":425,"width":768,"height":11}},{"id":"dd5cc945-9bb0-41f0-ae61-650461fdc0ad","block_type":"box","text":"An asset or liability is thinly traded;","page_number":120,"box":{"x":82,"y":443,"width":224,"height":11}},{"id":"2d3109ee-31f5-43c9-9f37-7b78644f648f","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":120,"box":{"x":82,"y":461,"width":508,"height":11}},{"id":"08d805ec-9350-4c98-8310-6663f7e2dd18","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":120,"box":{"x":82,"y":480,"width":854,"height":10}},{"id":"a6c63aee-b5e8-47d2-bed8-5d9cfb040142","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":120,"box":{"x":45,"y":503,"width":875,"height":11}},{"id":"2a120cad-dd81-4d6e-8f55-affd1995d4ec","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":120,"box":{"x":46,"y":517,"width":875,"height":11}},{"id":"8550f774-36c8-456b-81d5-784d20eb213d","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":120,"box":{"x":46,"y":531,"width":246,"height":9}},{"id":"2aa21096-a90f-4b9e-826b-a12fabcd833b","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":120,"box":{"x":45,"y":554,"width":890,"height":11}},{"id":"833c5d08-733b-434e-8c80-804925a958a1","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":120,"box":{"x":46,"y":568,"width":888,"height":11}},{"id":"de30e7d2-63dc-4d7b-81b1-978a3b5f7946","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":120,"box":{"x":46,"y":583,"width":896,"height":10}},{"id":"9bf5fa50-5629-4075-88c5-88048e9dd5dc","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":120,"box":{"x":46,"y":597,"width":871,"height":11}},{"id":"ba480f19-ad0a-484f-9827-0487242e745a","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":120,"box":{"x":46,"y":611,"width":414,"height":11}},{"id":"ef7eb533-4433-4fd4-bfe8-b8efc054ffa0","block_type":"box","text":"Dividends and Distributions","page_number":120,"box":{"x":46,"y":634,"width":193,"height":9}},{"id":"e4c1dec8-3618-4c83-bb36-fb4a8dfdf8f3","block_type":"box","text":"General Policies.","page_number":120,"box":{"x":46,"y":657,"width":103,"height":9}},{"id":"78a0b7a0-2cc2-4f05-80b8-244dda00deff","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":120,"box":{"x":155,"y":657,"width":781,"height":11}},{"id":"ed9583d7-14be-404b-b822-2ed979d47928","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":120,"box":{"x":46,"y":672,"width":888,"height":10}},{"id":"b1f484a8-ac43-4e35-aa8e-06755cfa65ee","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":120,"box":{"x":45,"y":686,"width":905,"height":11}},{"id":"8f448b2a-e3e7-4c82-a0c0-49c717a2991a","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":120,"box":{"x":46,"y":700,"width":893,"height":11}},{"id":"a8e47061-3611-4748-bcb4-dc056ef12638","block_type":"box","text":"or realized gains.","page_number":120,"box":{"x":46,"y":714,"width":107,"height":11}},{"id":"379a602f-6564-409e-9cda-373098b70c97","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":120,"box":{"x":46,"y":737,"width":885,"height":11}},{"id":"3b10ee9e-7f39-4116-b532-e384d09bf20c","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":120,"box":{"x":46,"y":752,"width":855,"height":10}},{"id":"c8805109-fd1b-4e46-aba6-1c3ccc5d578f","block_type":"box","text":"received from the Funds.","page_number":120,"box":{"x":46,"y":766,"width":158,"height":8}},{"id":"ecd52486-b071-4dd5-a42d-fff56474c38e","block_type":"box","text":"Dividend Reinvestment Service.","page_number":120,"box":{"x":46,"y":789,"width":196,"height":8}},{"id":"3363e886-9324-419c-967e-e72f003ef1b7","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":120,"box":{"x":249,"y":789,"width":667,"height":11}},{"id":"e8ed0af3-f1d7-4401-aa42-97550618a461","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":120,"box":{"x":46,"y":803,"width":900,"height":11}},{"id":"7eab8d5e-aa60-449a-b94c-1468aebaa9f5","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":120,"box":{"x":46,"y":817,"width":869,"height":11}},{"id":"75e1da39-58e1-4824-9be9-7e11547cbe7e","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":120,"box":{"x":46,"y":831,"width":895,"height":11}},{"id":"e45e2946-c198-45f3-a593-249777eeacc7","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":120,"box":{"x":46,"y":846,"width":616,"height":10}},{"id":"9a17432e-46dc-4b2d-80ee-731bb49d4440","block_type":"box","text":"Note on Tax Information.","page_number":120,"box":{"x":46,"y":869,"width":166,"height":8}},{"id":"41ffe024-2d4b-4eb9-b53b-78ed26eab493","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":120,"box":{"x":219,"y":869,"width":723,"height":11}},{"id":"96ff2885-733e-450b-aba7-1540d95b452d","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":120,"box":{"x":45,"y":883,"width":906,"height":11}},{"id":"5143b34a-a5d4-4e5d-a8fc-780e5e91ae4b","block_type":"box","text":"26","page_number":120,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"ff614c1d-48b5-4610-82bd-7b9bd55b72ba","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":121,"box":{"x":45,"y":46,"width":894,"height":11}},{"id":"645aa226-d340-4fc4-92f9-9d9eb070125a","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":121,"box":{"x":45,"y":61,"width":894,"height":10}},{"id":"23c382db-7d1c-43c2-8024-a1b8715151b8","block_type":"box","text":"laws.","page_number":121,"box":{"x":45,"y":75,"width":30,"height":8}},{"id":"843028c8-19dd-4062-88c0-3ca73719fad9","block_type":"box","text":"Taxes","page_number":121,"box":{"x":45,"y":98,"width":38,"height":8}},{"id":"952159c8-9fed-4eb7-b1e2-9ef33ffa03be","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":121,"box":{"x":45,"y":121,"width":874,"height":11}},{"id":"19dbcac5-54b3-4801-af40-095a71c2fec7","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":121,"box":{"x":45,"y":135,"width":877,"height":11}},{"id":"14631889-1021-4b25-88c0-f101edbe180a","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":121,"box":{"x":46,"y":150,"width":895,"height":10}},{"id":"6f7de434-5184-4d01-afc9-6ab1bf0a7928","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":121,"box":{"x":46,"y":164,"width":594,"height":11}},{"id":"4a375862-14b4-460a-bf92-3c1eee7544df","block_type":"box","text":"Taxes on Fund Distributions","page_number":121,"box":{"x":45,"y":187,"width":195,"height":8}},{"id":"aa5eaa80-ef1f-41bb-9d1b-c6cdcb95379e","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":121,"box":{"x":46,"y":210,"width":863,"height":11}},{"id":"14f55a79-c870-40bb-88a2-3b3e0710ca6d","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":121,"box":{"x":46,"y":224,"width":873,"height":11}},{"id":"f563f82b-f7e9-4262-918f-b1a5a2a6ab02","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":121,"box":{"x":46,"y":238,"width":713,"height":11}},{"id":"68cded75-960c-4f25-b529-e274893d3780","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":121,"box":{"x":46,"y":262,"width":903,"height":11}},{"id":"1608ecc3-82da-4c2e-96c1-db5fec449d74","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":121,"box":{"x":46,"y":276,"width":365,"height":11}},{"id":"207a8601-cac8-41c3-8add-c84a34480d07","block_type":"box","text":"Capital Gains.","page_number":121,"box":{"x":46,"y":299,"width":85,"height":11}},{"id":"8600d160-2996-42a9-90c6-68c32cf3f2ff","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":121,"box":{"x":138,"y":299,"width":786,"height":11}},{"id":"fb6ef954-2af9-46da-ab6a-803bb83e8419","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":121,"box":{"x":46,"y":313,"width":856,"height":11}},{"id":"ee4eb98b-ae15-4a2c-86f3-0750b919635c","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":121,"box":{"x":46,"y":327,"width":878,"height":11}},{"id":"24d27697-421d-4dc7-bf19-d9f0712f82f6","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":121,"box":{"x":46,"y":342,"width":872,"height":10}},{"id":"b48a1f7f-0ac3-407d-b5cb-468f36a7ff85","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":121,"box":{"x":46,"y":356,"width":892,"height":11}},{"id":"41d4bcea-005e-4f15-a87b-237817ed5743","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":121,"box":{"x":46,"y":370,"width":878,"height":11}},{"id":"d82b81de-5768-432a-a98b-d83ea5369a58","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":121,"box":{"x":46,"y":384,"width":290,"height":11}},{"id":"ec3d9dfd-d6d9-450e-91a9-3e44a5bdb98f","block_type":"box","text":"Return of Capital.","page_number":121,"box":{"x":46,"y":407,"width":108,"height":11}},{"id":"44fe9012-babd-4c34-9591-d33f2a850b5e","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":121,"box":{"x":161,"y":407,"width":775,"height":11}},{"id":"f8275bb9-5ddf-4e83-bef8-f0ca0ccfdccf","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":121,"box":{"x":46,"y":422,"width":904,"height":10}},{"id":"fab06fee-81cd-44e6-8b97-d7cbb9a818c4","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":121,"box":{"x":45,"y":436,"width":888,"height":11}},{"id":"670dfaf4-4a11-4e0d-9715-0468c4857cc5","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":121,"box":{"x":45,"y":450,"width":843,"height":11}},{"id":"72a6e9c0-bf63-47f1-950b-a632f2e1a4f6","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":121,"box":{"x":46,"y":464,"width":874,"height":11}},{"id":"e4f5f67a-2f90-4612-8fae-52af334ac1af","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":121,"box":{"x":46,"y":478,"width":803,"height":11}},{"id":"6d2c813f-bc53-4695-8589-2e273b2ce60e","block_type":"box","text":"Qualified Dividend Income.","page_number":121,"box":{"x":46,"y":501,"width":166,"height":9}},{"id":"e5258ff7-e59a-4c52-81dd-5b06e3c984e1","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":121,"box":{"x":219,"y":501,"width":702,"height":11}},{"id":"60ed7e04-73a6-4cbf-97fd-38819d34d61b","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":121,"box":{"x":46,"y":516,"width":848,"height":10}},{"id":"4540f600-e138-4ab0-a4f7-3624155f4a5a","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":121,"box":{"x":46,"y":530,"width":846,"height":11}},{"id":"0579fec0-b958-45ea-8cea-19b15e5fc70f","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":121,"box":{"x":46,"y":544,"width":872,"height":11}},{"id":"d2232acf-3e9a-49a2-b442-648fb4edcf66","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":121,"box":{"x":45,"y":558,"width":892,"height":11}},{"id":"6fc9b5fd-73ef-44f7-a01c-7faadbb57223","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":121,"box":{"x":46,"y":572,"width":886,"height":11}},{"id":"af7f3ce0-c4eb-49f0-bba2-7c623f27b5de","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":121,"box":{"x":46,"y":587,"width":853,"height":10}},{"id":"67af4391-c8bd-4717-b778-1eb62aad6e8b","block_type":"box","text":"company.","page_number":121,"box":{"x":46,"y":603,"width":60,"height":9}},{"id":"29b33908-6ca1-4e3b-a00d-eddd5f40404a","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":121,"box":{"x":46,"y":624,"width":905,"height":11}},{"id":"901d798e-d604-4e63-900a-ff983d3f2fdb","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":121,"box":{"x":46,"y":638,"width":901,"height":11}},{"id":"65a5dfb7-e585-40cb-8cfc-c8b4f3aac718","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":121,"box":{"x":46,"y":652,"width":864,"height":11}},{"id":"e0be5969-37b4-4a0e-823b-b6b5865bec53","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":121,"box":{"x":46,"y":666,"width":895,"height":11}},{"id":"040f9031-6d2c-4515-b01d-caf40766acd0","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":121,"box":{"x":45,"y":681,"width":428,"height":10}},{"id":"8e64db35-388a-493c-a2a0-56edcb4c11b6","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":121,"box":{"x":46,"y":704,"width":891,"height":11}},{"id":"e4792019-5680-473c-8479-40055a8638e5","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":121,"box":{"x":46,"y":718,"width":862,"height":11}},{"id":"68d201a4-b76e-4761-8f3a-923f9046fa9d","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":121,"box":{"x":46,"y":732,"width":883,"height":11}},{"id":"10fa7846-8c1e-473b-952f-e3d22d782c78","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":121,"box":{"x":46,"y":746,"width":682,"height":11}},{"id":"4911e069-86c5-4c83-835f-6f44556e44f1","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":121,"box":{"x":46,"y":770,"width":873,"height":10}},{"id":"f071916c-e1ba-4dd5-ac7d-00cb0b7c9005","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":121,"box":{"x":46,"y":784,"width":604,"height":11}},{"id":"85811102-7fa4-40f1-a5bb-1e4291fc4df3","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":121,"box":{"x":46,"y":807,"width":876,"height":11}},{"id":"88c8a7e2-e849-473f-91f5-a1bb8846fa1b","block_type":"box","text":"Medicare Tax.","page_number":121,"box":{"x":46,"y":830,"width":85,"height":9}},{"id":"1ff7dc93-e534-468d-bae0-b7e0af3af9eb","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":121,"box":{"x":136,"y":830,"width":791,"height":11}},{"id":"decec8c0-ead1-4403-a40a-0c2f73fdd8d5","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":121,"box":{"x":46,"y":844,"width":875,"height":11}},{"id":"63b6a39c-a01a-42a1-837b-51d4f944c721","block_type":"box","text":"trusts.","page_number":121,"box":{"x":46,"y":859,"width":39,"height":8}},{"id":"ffc6b297-6d69-4958-a66f-4e3fb628ef8b","block_type":"box","text":"Alternative Minimum Tax.","page_number":121,"box":{"x":45,"y":882,"width":157,"height":8}},{"id":"8703d322-c015-464c-8c47-a2563b9b7126","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":121,"box":{"x":208,"y":882,"width":738,"height":11}},{"id":"91277f72-5d16-4385-b5b9-ab58c9a2f395","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":121,"box":{"x":46,"y":896,"width":833,"height":11}},{"id":"0b3ff614-3450-4cfc-a399-5e8d96450847","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":121,"box":{"x":46,"y":910,"width":877,"height":11}},{"id":"f90c9548-cded-4914-965e-4be91adca340","block_type":"box","text":"27","page_number":121,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"a9e24115-6a28-4f27-bfb4-919e1053c741","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":122,"box":{"x":46,"y":46,"width":903,"height":11}},{"id":"a2c78ed2-99a1-460f-9619-20cb6da56bfe","block_type":"box","text":"liability and the regular income tax liability.","page_number":122,"box":{"x":46,"y":61,"width":272,"height":10}},{"id":"60b81ec9-f08a-4483-9fd2-d90aa6fbc853","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":122,"box":{"x":46,"y":84,"width":406,"height":11}},{"id":"73f9de10-d974-4492-92e8-407b8ce60b7d","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":122,"box":{"x":45,"y":107,"width":893,"height":11}},{"id":"ee4709bf-a4ea-433d-8128-17be901c7baa","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":122,"box":{"x":46,"y":121,"width":874,"height":11}},{"id":"edc1342f-c3fb-48ed-9da2-ff2138fd28c8","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":122,"box":{"x":46,"y":135,"width":864,"height":11}},{"id":"1f1fa4e9-6406-4b40-b49f-1feea1641123","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":122,"box":{"x":46,"y":150,"width":894,"height":10}},{"id":"3db2940f-8842-44f6-9eac-99cc98c72a0f","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":122,"box":{"x":46,"y":164,"width":897,"height":11}},{"id":"0e2dfd9b-37fc-42bf-8760-e4a3e8e0f4fe","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":122,"box":{"x":46,"y":178,"width":904,"height":11}},{"id":"8a9c6d19-5161-4e06-81bf-34d51c19724c","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":122,"box":{"x":46,"y":192,"width":706,"height":11}},{"id":"4791f918-2435-4ed8-ac7d-113d1c7c91e5","block_type":"box","text":"Market Discount Bonds","page_number":122,"box":{"x":46,"y":215,"width":162,"height":9}},{"id":"f01e49f5-5b7e-44df-903d-80bef14a35fd","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":122,"box":{"x":45,"y":239,"width":898,"height":10}},{"id":"d2cb19e5-1909-4021-81a5-9daa7eafb5e8","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":122,"box":{"x":46,"y":253,"width":903,"height":10}},{"id":"790726e8-0b9d-414d-b79c-e2fbbf66df8d","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":122,"box":{"x":46,"y":267,"width":898,"height":11}},{"id":"926d80cb-bed2-4e4a-814a-bb2f2d2c82ca","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":122,"box":{"x":46,"y":281,"width":626,"height":11}},{"id":"97484220-35ab-4245-b249-a24de04da64d","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":122,"box":{"x":46,"y":304,"width":307,"height":11}},{"id":"142a33fb-5ac4-40af-ae52-28e36ac9987d","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":122,"box":{"x":45,"y":327,"width":875,"height":11}},{"id":"a4880143-cd20-40a4-bd82-88c3a484fea4","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":122,"box":{"x":45,"y":342,"width":861,"height":10}},{"id":"913ef5ef-f4b1-4457-be72-e95aa8306766","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":122,"box":{"x":46,"y":356,"width":853,"height":11}},{"id":"5f9f809f-48b1-4f8b-9d8e-d5b88594a618","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":122,"box":{"x":46,"y":370,"width":863,"height":11}},{"id":"16b2588d-5a21-458a-9d67-53f49db39326","block_type":"box","text":"Non-U.S. Income Taxes","page_number":122,"box":{"x":46,"y":393,"width":159,"height":9}},{"id":"0a162669-8707-4b46-a8b3-58a9f3f42011","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":122,"box":{"x":46,"y":416,"width":837,"height":11}},{"id":"6ae5adc0-73f2-4006-b162-3db5b7f1b28c","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":122,"box":{"x":45,"y":431,"width":864,"height":10}},{"id":"3180c763-2919-4eb1-be21-7386b4c53b4c","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":122,"box":{"x":46,"y":445,"width":866,"height":11}},{"id":"a55cd76a-bb2a-4c72-ad39-656be9b5c4d5","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":122,"box":{"x":46,"y":459,"width":876,"height":11}},{"id":"ec1f9bdd-37d1-4c56-b42d-627cd080b5ae","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":122,"box":{"x":46,"y":473,"width":896,"height":11}},{"id":"c1793d95-9e32-4d53-949f-4a358f21512e","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":122,"box":{"x":46,"y":487,"width":887,"height":11}},{"id":"00c23147-3e95-4a7e-891d-90a1c0ce2ba8","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":122,"box":{"x":46,"y":501,"width":874,"height":11}},{"id":"0a79ae02-f21f-4580-a767-9af146e4e597","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":122,"box":{"x":46,"y":516,"width":896,"height":10}},{"id":"80d58aae-4229-4a39-b53d-43bc0324b55c","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":122,"box":{"x":46,"y":530,"width":635,"height":11}},{"id":"06f8ee48-f183-4e97-a7d8-bd511878e4c8","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":122,"box":{"x":46,"y":553,"width":896,"height":11}},{"id":"9a6b1990-2705-4bd9-93c2-63e14310ad62","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":122,"box":{"x":46,"y":567,"width":902,"height":11}},{"id":"caafab98-43d6-4615-9dfe-5dc85bfeb610","block_type":"box","text":"could be reduced.","page_number":122,"box":{"x":46,"y":581,"width":113,"height":9}},{"id":"6be50767-8432-4269-952e-3bb9a96e37dc","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":122,"box":{"x":46,"y":605,"width":853,"height":10}},{"id":"fed858c6-c3f2-4317-b797-b9846011673f","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":122,"box":{"x":46,"y":619,"width":899,"height":11}},{"id":"6a714cd4-4fcb-4c57-8095-1233782a1e63","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":122,"box":{"x":46,"y":633,"width":876,"height":11}},{"id":"bd0ce78e-3084-47c5-82ac-db076d3a9552","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":122,"box":{"x":46,"y":647,"width":509,"height":11}},{"id":"48d4a901-0962-4044-b348-9406353c48e5","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":122,"box":{"x":46,"y":670,"width":880,"height":11}},{"id":"087c40e3-d634-4d70-ac9f-451c51c261f6","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":122,"box":{"x":46,"y":685,"width":406,"height":10}},{"id":"e9440168-475b-4267-b05a-ea33ebfc9556","block_type":"box","text":"Non-U.S. Shareholders","page_number":122,"box":{"x":46,"y":708,"width":157,"height":8}},{"id":"42dc880a-1ab1-4cd0-854f-bdbc79aee1e0","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":122,"box":{"x":46,"y":731,"width":889,"height":11}},{"id":"00b8d72b-24de-4d5d-884d-0f9933bf3c28","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":122,"box":{"x":46,"y":745,"width":904,"height":11}},{"id":"41d74bd0-1e50-4492-8306-36a64e854558","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":122,"box":{"x":46,"y":759,"width":868,"height":11}},{"id":"10f1ed97-dc8f-48b7-a992-074cf1b26c97","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":122,"box":{"x":46,"y":773,"width":903,"height":11}},{"id":"aa49321f-e2ac-4b9c-9484-871432a151ff","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":122,"box":{"x":46,"y":788,"width":468,"height":10}},{"id":"906b4725-f67d-4a80-8d31-a7696cc9ae33","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":122,"box":{"x":46,"y":811,"width":896,"height":11}},{"id":"b43421ee-95d6-4ecf-bcfb-e46de653dcdb","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":122,"box":{"x":46,"y":825,"width":894,"height":11}},{"id":"83b7a9a7-5eb0-48d0-99b9-3ed29df15c4e","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":122,"box":{"x":46,"y":839,"width":263,"height":11}},{"id":"1ae7160f-61b6-4ab6-8f96-280f58b45ff6","block_type":"box","text":"Backup Withholding","page_number":122,"box":{"x":46,"y":862,"width":139,"height":11}},{"id":"ac2d88dd-b08b-4e13-b179-ee9896c43f26","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":122,"box":{"x":46,"y":886,"width":890,"height":10}},{"id":"96158801-eaa5-4ee0-8d5b-1f53f913d945","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":122,"box":{"x":46,"y":900,"width":789,"height":11}},{"id":"43519203-7366-4cb8-ab12-ddafb74d67d2","block_type":"box","text":"28","page_number":122,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"3c090367-ba4e-488c-bd24-f19480d87937","block_type":"box","text":"Securities Lending","page_number":123,"box":{"x":46,"y":46,"width":129,"height":11}},{"id":"69764b30-f93b-493e-923e-6baaacda10f8","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":123,"box":{"x":46,"y":70,"width":902,"height":10}},{"id":"46633523-75fe-4d4c-a715-4988580f1afe","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":123,"box":{"x":46,"y":84,"width":892,"height":11}},{"id":"b8913c72-a1b4-4f0b-ba7c-2b8ed3b931cd","block_type":"box","text":"through by the Fund.","page_number":123,"box":{"x":46,"y":98,"width":131,"height":11}},{"id":"924a2699-4bde-4d8b-825b-c2f75703548a","block_type":"box","text":"Fund of Funds","page_number":123,"box":{"x":46,"y":121,"width":98,"height":9}},{"id":"c0bbc708-6781-4e46-abc7-cdb5104199cc","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":123,"box":{"x":46,"y":144,"width":844,"height":11}},{"id":"5e9e3be6-7324-4e10-aeb3-e80eb655ec20","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":123,"box":{"x":46,"y":159,"width":869,"height":10}},{"id":"a1b9442b-e6cc-4f1b-a9d5-e0f395e2534a","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":123,"box":{"x":46,"y":173,"width":865,"height":11}},{"id":"ac018217-be3d-49e2-a822-d8b640685c5b","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":123,"box":{"x":46,"y":187,"width":642,"height":11}},{"id":"8b98f1d1-3e8e-4816-803f-fec3fb3cac7a","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":123,"box":{"x":45,"y":210,"width":351,"height":11}},{"id":"2362df78-1056-4469-9912-47ede082036b","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":123,"box":{"x":45,"y":233,"width":877,"height":11}},{"id":"1e66d9a1-c960-43e8-beea-bcac8a6ff0e9","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":123,"box":{"x":46,"y":247,"width":896,"height":11}},{"id":"408ee7d4-ce1e-4ef5-9baf-5e24d5ca8c5b","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":123,"box":{"x":46,"y":262,"width":870,"height":11}},{"id":"8c586514-86f5-434b-8593-3ee23b3b51d7","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":123,"box":{"x":46,"y":276,"width":892,"height":11}},{"id":"a951b87b-a006-4661-b0b7-e9d32b51adf8","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":123,"box":{"x":46,"y":290,"width":891,"height":11}},{"id":"3abb6df5-e2ab-473e-baeb-5fcd473658bb","block_type":"box","text":"contribution tax mentioned above.","page_number":123,"box":{"x":46,"y":304,"width":219,"height":9}},{"id":"b051d680-c9fb-484e-b999-cef6605028c1","block_type":"box","text":"Creations and Redemptions","page_number":123,"box":{"x":46,"y":327,"width":192,"height":11}},{"id":"917e02a9-9bb5-45ef-a126-5c3168e51b0b","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":123,"box":{"x":46,"y":351,"width":694,"height":10}},{"id":"d8ac2d82-2e3d-4dfd-a6b1-d5ade634dadb","block_type":"box","text":"i.e.","page_number":123,"box":{"x":741,"y":351,"width":17,"height":8}},{"id":"0bdf5ae4-b711-4993-8fb1-b5a3ac901eb2","block_type":"box","text":", market makers, large","page_number":123,"box":{"x":760,"y":351,"width":143,"height":10}},{"id":"76e35338-6ab9-4c55-a67d-70a4ab7bf73d","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":123,"box":{"x":46,"y":365,"width":865,"height":11}},{"id":"313035fe-8f31-4969-8ed3-29a1aa852deb","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":123,"box":{"x":46,"y":379,"width":650,"height":11}},{"id":"753d2f59-3152-40d0-9ee1-d954758841e3","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":123,"box":{"x":46,"y":402,"width":833,"height":11}},{"id":"53c4c2e9-05ee-4e6b-b7f9-3b2a21ea596f","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":123,"box":{"x":46,"y":416,"width":891,"height":11}},{"id":"f435b537-a0f6-4f6a-91da-00bd9eb503f1","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":123,"box":{"x":46,"y":431,"width":874,"height":10}},{"id":"8225298e-2b30-4ea6-9651-3c45c2a55945","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":123,"box":{"x":46,"y":445,"width":903,"height":11}},{"id":"92e41b12-09e7-4cea-bb34-b740dea7d62b","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":123,"box":{"x":46,"y":468,"width":875,"height":11}},{"id":"80bf0fe4-7282-43aa-a93e-986d9cd4a2df","block_type":"box","text":"cash.","page_number":123,"box":{"x":46,"y":482,"width":32,"height":9}},{"id":"8357ef68-85ba-49df-8c43-1496c81d0c5b","block_type":"box","text":"In-Kind","page_number":123,"box":{"x":46,"y":505,"width":45,"height":9}},{"id":"f78f8f7c-fd29-47a0-a43b-4bf0019b61b3","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":123,"box":{"x":91,"y":505,"width":861,"height":11}},{"id":"bf6d8bb7-6aee-428a-ae0c-4095770e68ea","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":123,"box":{"x":46,"y":519,"width":897,"height":11}},{"id":"162f1e37-bda6-44d6-88f9-26a355e5db2b","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":123,"box":{"x":46,"y":534,"width":852,"height":10}},{"id":"96532f3e-723c-4ed1-ae3e-f3ec8fbbddd7","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":123,"box":{"x":46,"y":548,"width":685,"height":11}},{"id":"1a4dbc16-0245-4582-a548-aa08eaf847f6","block_type":"box","text":"Partial Cash","page_number":123,"box":{"x":46,"y":571,"width":74,"height":9}},{"id":"25bfa230-e0cc-4643-b7a0-362c16ced1b3","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":123,"box":{"x":122,"y":571,"width":806,"height":11}},{"id":"f7736e50-703d-4c7e-8466-3b5587d706a1","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":123,"box":{"x":46,"y":585,"width":870,"height":11}},{"id":"b3871d4f-94a0-41b5-a866-2720c4e6963a","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":123,"box":{"x":46,"y":599,"width":871,"height":11}},{"id":"bd8d4bd7-9fd8-484c-a480-9c035f139fc4","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":123,"box":{"x":46,"y":614,"width":381,"height":10}},{"id":"017c509f-57d1-4dc4-9de1-73712300583d","block_type":"box","text":"All Cash","page_number":123,"box":{"x":45,"y":637,"width":51,"height":8}},{"id":"f865056d-fe3a-4741-aab9-c65addf435b4","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":123,"box":{"x":98,"y":637,"width":832,"height":11}},{"id":"3f6a5cc1-4f81-437e-9a0c-fe42dda1d2b5","block_type":"box","text":"Creation Units. 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