{"annotation_id":"bde4a00c-adc0-442c-a11a-5eac111e20bf","file_hash":"27618f819461e1f37c8389605937932dd7e77d47f4cf9a65e33bf84d5926e181","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"f96cbac5-ee45-411e-ace8-67510a80c999","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"88ab02da-7e13-41ec-b36f-c3df55b9c40b","block_type":"box","text":"Supplement dated October 1, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"857547a6-fe6b-414b-96fe-225d30efe104","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":1,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"dc7a6890-c319-4d12-9995-089a87177722","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"b258c8ad-a4d9-4517-a75f-29d259d8c99b","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":1,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"d33aedac-7c05-46a7-8a3b-963391c37d48","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":1,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"626c7867-1c23-41ae-a834-720641f985a3","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":1,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"a4b55d74-06d0-4267-8cc0-dcd6fe8e8e8a","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":1,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"9cd5c253-39e0-461e-bd06-4453413a92eb","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":1,"box":{"x":116,"y":209,"width":677,"height":12}},{"id":"951d6af1-ea62-443c-96b8-ec573bd3ca76","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":1,"box":{"x":116,"y":224,"width":354,"height":13}},{"id":"7fc57588-15d6-4f12-a49f-6bd0f1914405","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":1,"box":{"x":183,"y":245,"width":631,"height":12}},{"id":"d1f46cb8-eef5-4504-bcdb-293c02773d54","block_type":"box","text":"iShares Large Cap 10% Target","page_number":1,"box":{"x":124,"y":266,"width":224,"height":12}},{"id":"3a739760-6fc2-4381-9a42-bb768aea6d4d","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":1,"box":{"x":162,"y":281,"width":165,"height":13}},{"id":"60d7a4b2-2ded-4270-b581-b91308990eee","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":266,"width":92,"height":11}},{"id":"b5b6aa2e-1274-412a-a74a-577c34707abf","block_type":"box","text":"to Sep. 30, 2027","page_number":1,"box":{"x":419,"y":282,"width":122,"height":12}},{"id":"32cb2d38-4577-40f5-baa1-3cb1bbcb347b","block_type":"box","text":"19.25% (gross of management fee)","page_number":1,"box":{"x":616,"y":266,"width":261,"height":12}},{"id":"0ca2d545-9163-47b0-b52b-a9b3547c5876","block_type":"box","text":"18.75% (net of management fee)","page_number":1,"box":{"x":624,"y":281,"width":245,"height":13}},{"id":"0e7ef33a-d3d5-472a-9059-f58ef533d4e4","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":304,"width":218,"height":13}},{"id":"5deb3d3e-7ed9-457e-8f1b-91fbcf4011c8","block_type":"box","text":"Sep ETF (SMAX)","page_number":1,"box":{"x":182,"y":320,"width":124,"height":12}},{"id":"c8ca79a6-8bac-44c4-be09-904cbdae996c","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":305,"width":92,"height":11}},{"id":"2a7869de-6bb6-4368-b329-acddb55667cc","block_type":"box","text":"to Sep. 30, 2027","page_number":1,"box":{"x":419,"y":320,"width":122,"height":12}},{"id":"6bf118fd-c859-46b4-9963-7f5ae5c4f137","block_type":"box","text":"9.77% (gross of management fee)","page_number":1,"box":{"x":619,"y":304,"width":254,"height":13}},{"id":"f98583ab-3e0f-49be-bca8-4101083e9510","block_type":"box","text":"9.27% (net of management fee)","page_number":1,"box":{"x":627,"y":320,"width":238,"height":12}},{"id":"79b02aa9-8e54-468b-a583-83438d1d6039","block_type":"box","text":"iShares Large Cap Accelerated","page_number":1,"box":{"x":124,"y":343,"width":224,"height":13}},{"id":"3fbdd504-ccd2-49cc-9b66-622d968183c0","block_type":"box","text":"Outcome ETF (TWOX)","page_number":1,"box":{"x":160,"y":359,"width":168,"height":12}},{"id":"6a861225-11fd-4efc-838b-a46c299d12e0","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":344,"width":92,"height":11}},{"id":"b6752466-ec1f-48e6-aa3d-dd4b6506df72","block_type":"box","text":"to Dec. 31, 2026","page_number":1,"box":{"x":418,"y":359,"width":124,"height":11}},{"id":"5fdf56de-69b9-4f1c-a629-db475d527298","block_type":"box","text":"6.90% (gross of management fee)","page_number":1,"box":{"x":619,"y":343,"width":254,"height":13}},{"id":"a6c3d476-526c-4d3b-b3b8-fd03aa1a5540","block_type":"box","text":"6.78% (net of management fee)","page_number":1,"box":{"x":627,"y":359,"width":238,"height":12}},{"id":"4492e39b-a4b9-43e3-8900-66bc0c271a20","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":1,"box":{"x":117,"y":390,"width":712,"height":12}},{"id":"a54ef189-e9eb-43db-a642-cfc3a5da5654","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":1,"box":{"x":116,"y":405,"width":655,"height":13}},{"id":"9c3d27df-a71a-4281-806b-8f9fa5a95d98","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":428,"width":521,"height":13}},{"id":"c616c99e-2965-4a04-9b3e-841f6f7e2eb7","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c59082c6-b6dd-4fd2-ba8e-cce73ba29873","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"f97a1946-2387-4bc1-b3c5-f85e39e6fe31","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"d49431f9-b9ea-432b-b879-7854321e9de2","block_type":"box","text":"IS-A-OC-Cap-1026","page_number":1,"box":{"x":773,"y":887,"width":110,"height":10}},{"id":"3412b19d-331c-4cac-8484-5e40605ba25a","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"ba7fdbb3-7d1a-48cb-8f05-0e576494283a","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"8918dd7d-def4-4baa-bd64-1716e7e099b8","block_type":"box","text":"iShares Trust","page_number":2,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"963b7907-142e-4628-b4a2-413b2a969589","block_type":"box","text":"Supplement dated September 22, 2026","page_number":2,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"9dfb6efa-c632-4798-83a0-de29e6cf2440","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":2,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"da297d80-66a8-4125-a8ae-523c86a4f406","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":2,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"e327c2ba-ee47-4523-a6b9-321c6f4466e7","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":2,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"7f705b22-ce58-4372-a066-7319a3add53a","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":2,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"e1952b4d-4ac8-4edb-aff0-a7ff66744c73","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":2,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"da0e13cb-45b5-428d-b638-6bf982dd58ac","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":2,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"14397e73-6a73-4653-8acc-14fa3509a501","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":2,"box":{"x":116,"y":209,"width":766,"height":12}},{"id":"a915fac7-7a9b-4514-9f59-81b61b882f4d","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":2,"box":{"x":117,"y":224,"width":743,"height":13}},{"id":"2eddf2b8-ffda-417c-a7d3-85e0a086a98e","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":2,"box":{"x":116,"y":240,"width":741,"height":12}},{"id":"4499d152-0de1-4ef2-b2b3-f43b0a0fed8a","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":2,"box":{"x":117,"y":255,"width":753,"height":13}},{"id":"a9060086-4ff6-489e-bdd0-57b7e7d89e3b","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":2,"box":{"x":116,"y":271,"width":706,"height":12}},{"id":"8c4836b8-e546-4589-bcb5-60e79ae51287","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":2,"box":{"x":117,"y":286,"width":735,"height":13}},{"id":"5dd765a9-58b0-46d2-8d86-b4327f4a3948","block_type":"box","text":"Outcome Period.","page_number":2,"box":{"x":116,"y":302,"width":127,"height":10}},{"id":"0c84f911-02da-4638-b520-7579e977014c","block_type":"box","text":"Fund (Ticker)","page_number":2,"box":{"x":186,"y":330,"width":106,"height":13}},{"id":"62b9cf1d-6b02-4d54-ae25-da53812f1008","block_type":"box","text":"Upcoming Outcome","page_number":2,"box":{"x":368,"y":328,"width":154,"height":12}},{"id":"06308eed-12c8-44dd-9075-36df159f53f7","block_type":"box","text":"Period","page_number":2,"box":{"x":419,"y":340,"width":52,"height":10}},{"id":"7514e228-ca3c-46e3-aed4-4f83aac927ce","block_type":"box","text":"Estimated Approximate Cap Range","page_number":2,"box":{"x":575,"y":330,"width":267,"height":13}},{"id":"4cbef523-c5f2-4c4f-aaec-a42694a1d932","block_type":"box","text":"iShares Large Cap 10% Target","page_number":2,"box":{"x":127,"y":368,"width":223,"height":12}},{"id":"892b6134-2750-4d62-9724-950633221daf","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":2,"box":{"x":165,"y":383,"width":164,"height":13}},{"id":"393f33b3-9e57-49e1-b1ac-3eb9c3f79614","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":368,"width":92,"height":11}},{"id":"867509dc-95d8-4d5f-a90b-58b4a45b6f55","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":384,"width":122,"height":12}},{"id":"42e42c24-183f-451b-ae7f-178f041d3ccf","block_type":"box","text":"18.20% - 20.26% (gross of management fee)","page_number":2,"box":{"x":543,"y":364,"width":332,"height":12}},{"id":"cfbd9b98-6ebc-4f63-ad09-995b5525d3c5","block_type":"box","text":"17.70% - 19.76% (net of management fee)","page_number":2,"box":{"x":551,"y":387,"width":316,"height":13}},{"id":"176bbc01-b11c-49d0-8639-781a9d82df48","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":2,"box":{"x":130,"y":414,"width":217,"height":13}},{"id":"be71d489-6fdd-447b-8a37-7387f428a0e2","block_type":"box","text":"Sep ETF (SMAX)","page_number":2,"box":{"x":185,"y":430,"width":124,"height":12}},{"id":"259332ac-11f2-4edd-9cba-253aa7373eee","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":415,"width":92,"height":11}},{"id":"6f08d43c-1b5b-4bd5-866c-5c1e52da5051","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":430,"width":122,"height":12}},{"id":"1a85c8f5-d0dd-45c4-8475-e30ff92b5102","block_type":"box","text":"8.88% - 9.95% (gross of management fee)","page_number":2,"box":{"x":551,"y":410,"width":315,"height":13}},{"id":"a3fca995-1b97-455a-ad1d-a1702b83dfbb","block_type":"box","text":"8.38% - 9.45% (net of management fee)","page_number":2,"box":{"x":559,"y":433,"width":299,"height":13}},{"id":"449fc295-067c-4652-b948-463d77f1ca8f","block_type":"box","text":"iShares Large Cap Accelerated","page_number":2,"box":{"x":127,"y":461,"width":224,"height":12}},{"id":"8f7d4a95-1293-42fe-815b-cd10aae1f247","block_type":"box","text":"Outcome ETF (TWOX)","page_number":2,"box":{"x":163,"y":476,"width":168,"height":13}},{"id":"5a49c2f2-5fe4-4a1d-8dc1-5d422acee1be","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":461,"width":92,"height":11}},{"id":"b25ec4ba-4be1-47c3-be83-7d37f53bb935","block_type":"box","text":"to Dec. 31, 2026","page_number":2,"box":{"x":383,"y":477,"width":124,"height":11}},{"id":"ddf74630-a972-46c5-9ce6-bee098fd59c6","block_type":"box","text":"6.25% - 8.17% (gross of management fee)","page_number":2,"box":{"x":551,"y":457,"width":315,"height":12}},{"id":"261d8a62-2393-48a4-a2b5-ccd0c0dddd8d","block_type":"box","text":"6.13% - 8.04% (net of management fee)","page_number":2,"box":{"x":559,"y":480,"width":299,"height":13}},{"id":"8751adc4-fa8f-4c9b-926b-28966251dea2","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":511,"width":521,"height":13}},{"id":"24fb62be-7585-426b-8721-541efeaa1928","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"276c5a37-9c0b-43c0-9fb2-db0d8ba2932f","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"ee1e3b63-44cd-4e60-8292-7b8e98f3018d","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"ece36db2-5bb5-4919-8bff-20af5793eb41","block_type":"box","text":"IS-A-iCap-0926","page_number":2,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"152df7d5-668c-4d16-94dc-5b57d04a0764","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"b48eb99b-33ff-477a-8124-906272f12fea","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"b2fad841-f16e-4227-be8f-14c786b22a45","block_type":"box","text":"NOVEMBER 28, 2025","page_number":3,"box":{"x":706,"y":60,"width":212,"height":14}},{"id":"265849b6-78b3-4705-b924-b90904b271d2","block_type":"box","text":"Summary Prospectus","page_number":3,"box":{"x":112,"y":175,"width":501,"height":33}},{"id":"630cba95-aaf5-412b-b8aa-531d184e8437","block_type":"box","text":"•","page_number":3,"box":{"x":81,"y":256,"width":6,"height":5}},{"id":"9a8f58db-235c-4684-9e93-49a7467767e4","block_type":"box","text":"iShares Large Cap Max Buffer Sep ETF","page_number":3,"box":{"x":102,"y":253,"width":304,"height":12}},{"id":"97b4188a-38e4-41e4-afa4-908f866aa3be","block_type":"box","text":"|","page_number":3,"box":{"x":416,"y":253,"width":1,"height":12}},{"id":"4b8219a8-7d63-4314-b011-701203944de3","block_type":"box","text":"SMAX","page_number":3,"box":{"x":428,"y":253,"width":47,"height":9}},{"id":"d98ec00b-e920-42ae-ad71-0cba24f666b3","block_type":"box","text":"|","page_number":3,"box":{"x":485,"y":253,"width":1,"height":12}},{"id":"dd3683ad-7978-423b-95fb-3e53028ed442","block_type":"box","text":"Cboe BZX","page_number":3,"box":{"x":497,"y":253,"width":76,"height":9}},{"id":"b5a1d1ea-53a9-4faa-bdf2-7f9437ad891d","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about","page_number":3,"box":{"x":81,"y":299,"width":812,"height":12}},{"id":"c692b525-d8ee-4f12-9ee0-e69c4ff6ddef","block_type":"box","text":"the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and","page_number":3,"box":{"x":81,"y":315,"width":815,"height":12}},{"id":"0672e31e-12c5-4dd9-b50b-f00c6de40e34","block_type":"box","text":"other information about the Fund, including the Fund’s statement of additional information and","page_number":3,"box":{"x":81,"y":330,"width":741,"height":12}},{"id":"a27f6b4d-3ac6-4b35-a6fe-e57a8aa09a4a","block_type":"box","text":"shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at","page_number":3,"box":{"x":81,"y":346,"width":823,"height":12}},{"id":"5dfd3675-5d11-4cfa-ab83-cb4fb20ff618","block_type":"box","text":"no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to","page_number":3,"box":{"x":81,"y":361,"width":673,"height":12}},{"id":"8d421744-7eed-451e-9cdc-4434942206b2","block_type":"box","text":"iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of","page_number":3,"box":{"x":81,"y":377,"width":818,"height":12}},{"id":"f7345e7c-2439-4952-b2aa-1febdfeaf8f1","block_type":"box","text":"additional information, both dated November 28, 2025, as amended and supplemented from time to time,","page_number":3,"box":{"x":81,"y":392,"width":819,"height":12}},{"id":"7058da76-85a8-4167-82a0-a561ee9c15e6","block_type":"box","text":"are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the","page_number":3,"box":{"x":81,"y":408,"width":803,"height":12}},{"id":"6418513b-acd7-44bd-88a0-c4a73ce42e26","block_type":"box","text":"Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":3,"box":{"x":81,"y":423,"width":768,"height":12}},{"id":"95b485f9-4790-454b-bffb-19afff339880","block_type":"box","text":"https://www.iShares.com.","page_number":3,"box":{"x":81,"y":439,"width":200,"height":11}},{"id":"ed01911e-f5fb-4b3a-962d-126dd858afcf","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":3,"box":{"x":81,"y":891,"width":836,"height":12}},{"id":"4e16b089-55bf-45d8-8f23-234eb308ca52","block_type":"box","text":"the adequacy of this prospectus. Any representation to the contrary is a criminal offense.","page_number":3,"box":{"x":81,"y":907,"width":696,"height":12}},{"id":"d32e6845-ab6f-4329-bb81-18dbe024839b","block_type":"box","text":"iSHARES","page_number":4,"box":{"x":191,"y":47,"width":119,"height":16}},{"id":"587c3dcf-a726-406a-a477-84edfaf81178","block_type":"box","text":"®","page_number":4,"box":{"x":313,"y":40,"width":11,"height":9}},{"id":"05007cd3-b172-482b-8c43-b2578f8805d4","block_type":"box","text":"LARGE CAP MAX BUFFER SEP ETF","page_number":4,"box":{"x":335,"y":47,"width":471,"height":16}},{"id":"c1485be9-c188-443a-8d32-29cb036fa700","block_type":"box","text":"Ticker: SMAX Stock Exchange: Cboe BZX","page_number":4,"box":{"x":254,"y":76,"width":488,"height":12}},{"id":"0ee7de76-d95a-499d-9c31-05ac9109e1c4","block_type":"box","text":"As described in this prospectus, the iShares Large Cap Max Buffer Sep ETF (the “Fund”) seeks to provide the following pre-determined","page_number":4,"box":{"x":52,"y":103,"width":860,"height":11}},{"id":"4c6a477a-9c3b-47b2-a743-2364e4d025c6","block_type":"box","text":"outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) exposure to the share price return of the","page_number":4,"box":{"x":53,"y":116,"width":846,"height":11}},{"id":"9eb49727-0386-43e4-a9b3-381db6a34280","block_type":"box","text":"Underlying Fund up to the Approximate Cap, and (2) downside protection against approximately 100% of Underlying Fund losses through","page_number":4,"box":{"x":53,"y":129,"width":872,"height":11}},{"id":"1de1a31b-0de6-4ad2-8f58-78786f3658cb","block_type":"box","text":"an Approximate Buffer. Please see below for the definitions of key terms.","page_number":4,"box":{"x":53,"y":142,"width":465,"height":11}},{"id":"f9fad8b5-d47f-47eb-b4c6-a7f4004fd9aa","block_type":"box","text":"Underlying Fund","page_number":4,"box":{"x":90,"y":159,"width":113,"height":10}},{"id":"927d84d6-1b52-4c73-8ffa-3aac29ce8812","block_type":"box","text":": iShares Core S&P 500 ETF","page_number":4,"box":{"x":205,"y":159,"width":176,"height":8}},{"id":"0e8908cb-6b00-4433-b1d1-ab0dd55c77f5","block_type":"box","text":"Underlying Fund’s Index","page_number":4,"box":{"x":90,"y":175,"width":167,"height":11}},{"id":"601e1d62-3912-4bc3-9e3f-064ba238134c","block_type":"box","text":": S&P 500 Index","page_number":4,"box":{"x":259,"y":175,"width":102,"height":9}},{"id":"14119992-74f9-4420-9ff5-db7440fa4f81","block_type":"box","text":"Outcome Period","page_number":4,"box":{"x":89,"y":192,"width":111,"height":9}},{"id":"12e8ed2e-eff9-424a-bb46-ea757cd23dd4","block_type":"box","text":": October 1 through September 30","page_number":4,"box":{"x":203,"y":192,"width":220,"height":11}},{"id":"a0e750eb-556d-4116-b35c-213b5e79dad3","block_type":"box","text":"Approximate Cap","page_number":4,"box":{"x":89,"y":209,"width":119,"height":11}},{"id":"2dba8df2-7f4a-4789-a338-3a84a348c6e4","block_type":"box","text":": The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which","page_number":4,"box":{"x":210,"y":209,"width":726,"height":11}},{"id":"8f51193c-5506-4bba-857a-05edcd2e1f41","block_type":"box","text":"will reset at the start of each Outcome Period","page_number":4,"box":{"x":89,"y":222,"width":290,"height":8}},{"id":"c1e3fffe-6fdf-4d7c-aaea-873b25296ebd","block_type":"box","text":"Approximate Buffer","page_number":4,"box":{"x":89,"y":238,"width":136,"height":11}},{"id":"7617fdd8-ab8c-470d-b728-74ea9d7b7d5e","block_type":"box","text":": The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund","page_number":4,"box":{"x":227,"y":238,"width":712,"height":11}},{"id":"b395be46-75b2-4b36-8995-ea37f52f4aca","block_type":"box","text":"is held for the entire Outcome Period","page_number":4,"box":{"x":90,"y":251,"width":235,"height":9}},{"id":"c6603f99-e9eb-488c-bd18-50cc9fa2476c","block_type":"box","text":"The Fund has characteristics unlike those of many investment products and may not be appropriate for all investors. The Outcomes sought","page_number":4,"box":{"x":52,"y":273,"width":889,"height":11}},{"id":"8e496f75-5782-4f29-921b-037ff3196867","block_type":"box","text":"by the Fund’s strategy are not guaranteed.","page_number":4,"box":{"x":53,"y":286,"width":270,"height":11}},{"id":"d8a21528-15af-4a01-b4ea-58a276d4c264","block_type":"box","text":"The Approximate Cap and the Approximate Buffer may not operate as anticipated, and investors may lose some or all their money.","page_number":4,"box":{"x":89,"y":303,"width":834,"height":11}},{"id":"cf63a6e8-bd5d-4cdf-9981-bfd0c5a675a9","block_type":"box","text":"The Outcomes apply only to shares that are held for an entire Outcome Period.","page_number":4,"box":{"x":89,"y":320,"width":503,"height":11}},{"id":"b5f7eb0c-6203-4bb5-86af-4b80758cfcf0","block_type":"box","text":"An investor who buys Fund shares after the start of an Outcome Period or sells Fund shares before the end of an Outcome Period","page_number":4,"box":{"x":89,"y":336,"width":827,"height":11}},{"id":"e5785a2e-2b39-4d80-8307-fb075a84c521","block_type":"box","text":"may not fully realize the Approximate Cap or the Approximate Buffer and may be exposed to greater risk of loss.","page_number":4,"box":{"x":90,"y":349,"width":716,"height":11}},{"id":"3294d6c4-3641-413f-9c9d-fc24499aa9e7","block_type":"box","text":"The Approximate Buffer is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction","page_number":4,"box":{"x":89,"y":366,"width":849,"height":11}},{"id":"3ab811f1-e0c9-43d8-8446-25e5f2f16f8d","block_type":"box","text":"fees. These fees and any expenses will reduce the Approximate Buffer amount for Fund shareholders for an Outcome Period.","page_number":4,"box":{"x":89,"y":379,"width":797,"height":11}},{"id":"08db900c-50fe-4b48-b05e-e4cebc23333c","block_type":"box","text":"The Approximate Cap will likely change for each Outcome Period and will be announced at the start of each Outcome Period.","page_number":4,"box":{"x":89,"y":396,"width":797,"height":11}},{"id":"4f9dfde1-56b0-47a7-948a-5043c001d21c","block_type":"box","text":"Visit the Fund’s page on www.iShares.com for information about the start date and end date of the current Outcome Period, the","page_number":4,"box":{"x":89,"y":412,"width":818,"height":11}},{"id":"5914108c-5f76-46bd-acc2-4a26995134dd","block_type":"box","text":"Approximate Cap for the current Outcome Period and the potential outcomes of an investment in the Fund, including the remaining","page_number":4,"box":{"x":89,"y":425,"width":840,"height":11}},{"id":"20ad7afe-9742-4d89-a5a7-e98a8011e908","block_type":"box","text":"Approximate Cap and remaining Approximate Buffer.","page_number":4,"box":{"x":89,"y":438,"width":337,"height":11}},{"id":"27bb4333-73a8-45b2-8e75-91422a5020e4","block_type":"box","text":"Investment Objective","page_number":4,"box":{"x":53,"y":471,"width":182,"height":13}},{"id":"26e88883-80d1-4bdf-9eee-476293af6a99","block_type":"box","text":"The iShares Large Cap Max Buffer Sep ETF (the “Fund”) seeks to track the share price return of the iShares Core S&P 500 ETF (the","page_number":4,"box":{"x":52,"y":496,"width":836,"height":11}},{"id":"0d8917c9-ee57-4b79-8e0c-83959581a21a","block_type":"box","text":"“Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the","page_number":4,"box":{"x":53,"y":510,"width":858,"height":11}},{"id":"27002849-ba48-4a7d-bc5f-833d4fb18519","block_type":"box","text":"Underlying Fund over an approximate 12-month period beginning at the end of each September.","page_number":4,"box":{"x":53,"y":525,"width":612,"height":11}},{"id":"3c3b0198-fd44-4f3f-a285-dca0ab8cd8cb","block_type":"box","text":"Fees and Expenses","page_number":4,"box":{"x":53,"y":554,"width":161,"height":13}},{"id":"20e77488-c1dc-44a9-9efa-5dca48631d77","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, your costs would be:","page_number":5,"box":{"x":53,"y":263,"width":694,"height":11}},{"id":"4c303fd4-b524-4df3-92c6-989a5bb6695d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":165,"y":293,"width":668,"height":8}},{"id":"fca34b84-7768-4ae3-9bb6-3bf9e2e065f2","block_type":"box","text":"$51 $160 $283 $652","page_number":5,"box":{"x":172,"y":313,"width":648,"height":9}},{"id":"40c9489f-3f32-4262-bf19-49cd243b3e70","block_type":"box","text":"Portfolio Turnover.","page_number":5,"box":{"x":53,"y":353,"width":128,"height":8}},{"id":"56586511-adbd-4f93-af23-8cc3ddf2bf6c","block_type":"box","text":"The Fund or the Underlying Fund may pay","page_number":5,"box":{"x":186,"y":353,"width":266,"height":11}},{"id":"59f0caa9-2f39-4e63-8dd7-fbca0c5009d7","block_type":"box","text":"transaction costs, such as commissions, when they buy and sell","page_number":5,"box":{"x":52,"y":367,"width":408,"height":11}},{"id":"4c68625d-ecac-4790-a1a3-46c469fa4609","block_type":"box","text":"securities (or “turn over” their portfolios). A higher portfolio","page_number":5,"box":{"x":53,"y":381,"width":379,"height":11}},{"id":"8fd3ea87-88e4-4447-9de0-e728b78c4606","block_type":"box","text":"turnover rate for the Fund or the Underlying Fund may indicate","page_number":5,"box":{"x":52,"y":395,"width":401,"height":11}},{"id":"d417a53c-451d-4d2f-ba73-b3f92010e91c","block_type":"box","text":"higher transaction costs and may cause the Fund or the","page_number":5,"box":{"x":53,"y":410,"width":355,"height":10}},{"id":"40a3bc91-5d62-4400-8b12-1c5be7202f79","block_type":"box","text":"Underlying Fund to incur increased expenses. These costs, which","page_number":5,"box":{"x":53,"y":424,"width":415,"height":11}},{"id":"755dfdbc-af6d-4259-8e16-ac63c67d828b","block_type":"box","text":"are not reflected in the Annual Fund Operating Expenses or in the","page_number":5,"box":{"x":53,"y":438,"width":418,"height":11}},{"id":"2dbcf933-0522-4b1e-bfba-f0b3e1a9e72c","block_type":"box","text":"Example (except costs to the Underlying Fund included as part of","page_number":5,"box":{"x":53,"y":452,"width":417,"height":11}},{"id":"c99f4146-540c-47c8-885c-c1be35ae112d","block_type":"box","text":"Acquired Fund Fees and Expenses), affect the Fund’s","page_number":5,"box":{"x":52,"y":466,"width":339,"height":11}},{"id":"fc6a77c5-bd1e-4452-9cdf-32e7bf08232a","block_type":"box","text":"performance. From inception (September 30, 2024) to the most","page_number":5,"box":{"x":53,"y":481,"width":410,"height":10}},{"id":"ce4b85ef-3f47-4b3d-8ef6-38cb121690e3","block_type":"box","text":"recent fiscal year end, the Fund’s portfolio turnover rate was 0% of","page_number":5,"box":{"x":53,"y":495,"width":425,"height":11}},{"id":"46b111ce-9b8d-4515-90d9-e90c4459884c","block_type":"box","text":"the average value of its portfolio.","page_number":5,"box":{"x":52,"y":509,"width":210,"height":11}},{"id":"4d95bbed-dd0d-449f-bfd3-13a5655fb81d","block_type":"box","text":"Principal Investment Strategies","page_number":5,"box":{"x":53,"y":538,"width":268,"height":13}},{"id":"301ea256-9f86-4a30-812f-abb34ccd832c","block_type":"box","text":"The Fund seeks to provide certain pre-determined Outcomes","page_number":5,"box":{"x":52,"y":563,"width":389,"height":11}},{"id":"080039c0-e7ad-4173-816b-da2e4efe4c97","block_type":"box","text":"based on the performance of the Underlying Fund for investors","page_number":5,"box":{"x":53,"y":577,"width":402,"height":11}},{"id":"b0021943-97f9-4247-901c-d8c4e4d45164","block_type":"box","text":"who hold Fund shares over a 12-month period (the “Outcome","page_number":5,"box":{"x":52,"y":591,"width":391,"height":11}},{"id":"68f5ecb9-2a04-4214-8c18-ba714ce80642","block_type":"box","text":"Period”). The Outcomes sought by the Fund are:","page_number":5,"box":{"x":53,"y":606,"width":306,"height":10}},{"id":"b7289e44-1a9b-4cfc-89e9-7d4aefb99fa4","block_type":"box","text":"The share price return of the Underlying Fund capped at an","page_number":5,"box":{"x":89,"y":624,"width":377,"height":10}},{"id":"c7b80079-11e3-4317-a509-dba90aa8711e","block_type":"box","text":"approximate upside limit (the “Approximate Cap”), and","page_number":5,"box":{"x":90,"y":638,"width":347,"height":11}},{"id":"72bae711-9516-4f64-90db-9c0238efd778","block_type":"box","text":"Protection against approximately 100% of the Underlying","page_number":5,"box":{"x":90,"y":656,"width":362,"height":11}},{"id":"149a3d0a-f7dc-4436-a13e-c8a4b5f10699","block_type":"box","text":"Fund’s losses (the “Approximate Buffer”) over each Outcome","page_number":5,"box":{"x":90,"y":670,"width":387,"height":11}},{"id":"32faed45-5866-4222-b894-6edf823ea310","block_type":"box","text":"Period.","page_number":5,"box":{"x":90,"y":684,"width":43,"height":9}},{"id":"9851c736-dffe-4034-92aa-5d8def701e71","block_type":"box","text":"The Outcomes are intended to be realized only by investors who","page_number":5,"box":{"x":52,"y":707,"width":409,"height":11}},{"id":"5ca17ea6-1148-4717-9962-85917a0f5909","block_type":"box","text":"hold Fund shares at the outset of the Outcome Period and","page_number":5,"box":{"x":53,"y":722,"width":370,"height":8}},{"id":"9a1724ce-aeaa-4a80-9c29-0a2bcb9435fe","block_type":"box","text":"continue to hold the shares through the end of the Outcome","page_number":5,"box":{"x":53,"y":736,"width":384,"height":11}},{"id":"14cfe776-05b2-4189-962c-6a2fc3a29b62","block_type":"box","text":"Period. Specifically, in order to hold Fund shares for the entirety","page_number":5,"box":{"x":53,"y":750,"width":408,"height":11}},{"id":"51af9721-a958-4ad8-9f49-0dcc6c76843e","block_type":"box","text":"of an Outcome Period, an investor must buy or continue holding","page_number":5,"box":{"x":53,"y":764,"width":407,"height":11}},{"id":"e1524ded-2ad5-42b4-9931-1a4498880b03","block_type":"box","text":"shares at the close on the last trading day of the prior Outcome","page_number":5,"box":{"x":53,"y":778,"width":405,"height":11}},{"id":"082d3d9f-7408-41c8-b27b-23eb60278e91","block_type":"box","text":"Period and sell or continue holding the shares at the close on the","page_number":5,"box":{"x":53,"y":793,"width":415,"height":10}},{"id":"bda1c5c1-c797-4e67-868d-ff3409148dc4","block_type":"box","text":"last trading day of the current Outcome Period. If investors buy","page_number":5,"box":{"x":53,"y":807,"width":402,"height":11}},{"id":"3286806e-51a7-49ad-afae-6358c38b7069","block_type":"box","text":"Fund shares after the start of the Outcome Period or sell Fund","page_number":5,"box":{"x":53,"y":821,"width":396,"height":8}},{"id":"fb9bbfbd-e28a-4eb1-beaf-dc1b4bb9893f","block_type":"box","text":"shares before the Outcome Period concludes, they may","page_number":5,"box":{"x":53,"y":835,"width":354,"height":11}},{"id":"f78f3a13-d128-4ba0-b32b-3752aced430e","block_type":"box","text":"experience returns that differ significantly from the Outcomes.","page_number":5,"box":{"x":53,"y":849,"width":399,"height":11}},{"id":"0d1d0f11-4507-46b1-b2a8-8aa8dd8e8186","block_type":"box","text":"These include experiencing little or no gains related to the","page_number":5,"box":{"x":52,"y":863,"width":371,"height":11}},{"id":"5dd266be-2acf-42c7-b2d3-5a3334211054","block_type":"box","text":"Underlying Fund and little or no protection against losses of the","page_number":5,"box":{"x":53,"y":878,"width":406,"height":10}},{"id":"041093b2-9efd-4715-bf20-d228a1080091","block_type":"box","text":"Underlying Fund. Investors may lose their entire investment, and","page_number":5,"box":{"x":53,"y":892,"width":412,"height":11}},{"id":"b1ec14f7-8695-485f-be51-af9c31112688","block_type":"box","text":"an investment in the Fund is appropriate only for investors willing","page_number":5,"box":{"x":519,"y":345,"width":417,"height":11}},{"id":"f031d9b9-06f0-492a-b9d6-b2682d7d56a0","block_type":"box","text":"to bear those losses. The Fund will be offered indefinitely and is","page_number":5,"box":{"x":518,"y":359,"width":406,"height":11}},{"id":"cf808a46-6b8a-4397-9cab-8a1070c4539b","block_type":"box","text":"not intended to terminate after one or more Outcome Periods.","page_number":5,"box":{"x":519,"y":374,"width":397,"height":8}},{"id":"0f669b96-8bbc-4982-8c80-7a24323a9732","block_type":"box","text":"The Current Outcome Period","page_number":5,"box":{"x":518,"y":397,"width":199,"height":8}},{"id":"448ff747-aa2c-4cab-babb-c858fda96b9e","block_type":"box","text":"The current Outcome Period started on October 1, 2025 and ends","page_number":5,"box":{"x":518,"y":420,"width":421,"height":10}},{"id":"d0b23b5a-11e4-42a5-ad00-1370c82cf2db","block_type":"box","text":"on September 30, 2026. For the current Outcome Period, the","page_number":5,"box":{"x":519,"y":434,"width":392,"height":11}},{"id":"87c90446-241d-4515-aff0-efc7f4f15dfc","block_type":"box","text":"Approximate Cap is 7.80% before taking into account any fees or","page_number":5,"box":{"x":518,"y":448,"width":414,"height":11}},{"id":"8b2e221a-818f-4136-90d1-4da5c203073d","block_type":"box","text":"expenses charged to, or transaction costs incurred by, the Fund","page_number":5,"box":{"x":519,"y":463,"width":408,"height":10}},{"id":"d905f449-bda8-42fb-9be2-5a83c52af8cf","block_type":"box","text":"or the Underlying Fund. When the Fund’s annualized management","page_number":5,"box":{"x":519,"y":477,"width":420,"height":11}},{"id":"718fb5f1-33b8-4916-898e-6fdd9cc92248","block_type":"box","text":"fee of 0.50% of its average daily net assets is taken into account,","page_number":5,"box":{"x":518,"y":491,"width":414,"height":11}},{"id":"787e0605-b469-4b22-a4be-5e7353768ae2","block_type":"box","text":"the Approximate Cap for the current Outcome Period is reduced","page_number":5,"box":{"x":518,"y":505,"width":410,"height":11}},{"id":"c0da6ba1-855a-4b1e-98a5-1aff8a61c363","block_type":"box","text":"to 7.30%. The returns that the Fund seeks to provide do not take","page_number":5,"box":{"x":518,"y":519,"width":410,"height":11}},{"id":"13606d5b-0107-498f-b71d-ba213b49092d","block_type":"box","text":"into account the costs associated with buying shares of the","page_number":5,"box":{"x":519,"y":533,"width":379,"height":11}},{"id":"7cf7750f-b2e0-4c13-a36e-893cc350b235","block_type":"box","text":"Underlying Fund and any other expenses incurred by the Fund.","page_number":5,"box":{"x":519,"y":548,"width":400,"height":10}},{"id":"2d1143d5-40b5-45c0-9d84-fd9b5de5455b","block_type":"box","text":"Please visit the Fund’s page on www.iShares.com for more","page_number":5,"box":{"x":519,"y":562,"width":374,"height":11}},{"id":"2dcbb457-d8f3-44a7-96f6-e8e770865a27","block_type":"box","text":"information about the potential outcomes of an investment in the","page_number":5,"box":{"x":519,"y":576,"width":417,"height":11}},{"id":"cde5d5f4-d1e8-459c-aa7b-a4582a88d2e6","block_type":"box","text":"Fund during the current Outcome Period, including the remaining","page_number":5,"box":{"x":519,"y":590,"width":415,"height":11}},{"id":"b0e20dfd-4164-4a09-ad97-356974fc5012","block_type":"box","text":"Approximate Cap.","page_number":5,"box":{"x":518,"y":604,"width":114,"height":11}},{"id":"c2e960b1-819d-4b7c-9580-5bf7b9e65c25","block_type":"box","text":"The Underlying Fund","page_number":5,"box":{"x":518,"y":628,"width":144,"height":10}},{"id":"a1e7b8db-0c86-4681-a911-341a4b60c2e7","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":5,"box":{"x":518,"y":651,"width":394,"height":11}},{"id":"17f66e92-8ea5-49fb-ab26-11c05edc5759","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":5,"box":{"x":519,"y":665,"width":417,"height":11}},{"id":"da0895fe-a9f0-41a3-8495-7f1be435ffbf","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":5,"box":{"x":519,"y":679,"width":411,"height":11}},{"id":"e435c4fa-bcf4-48ab-9426-d27a7beb71b7","block_type":"box","text":"Index”), which measures the performance of the large","page_number":5,"box":{"x":519,"y":693,"width":349,"height":11}},{"id":"11ef0e83-90db-4af0-bad5-741823fb2ae1","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":5,"box":{"x":519,"y":707,"width":411,"height":11}},{"id":"d8bdcf6a-9ca5-40ae-8a7e-5504c67379ed","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":5,"box":{"x":519,"y":722,"width":389,"height":10}},{"id":"5fd7b6c4-ce86-4611-9e6d-43b3dbc02486","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":5,"box":{"x":519,"y":736,"width":374,"height":11}},{"id":"5775e752-05ab-425e-9349-4dd370a19562","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":5,"box":{"x":518,"y":750,"width":376,"height":11}},{"id":"eea1e29e-7883-4eda-9683-e5ec5385eca3","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":5,"box":{"x":519,"y":764,"width":396,"height":11}},{"id":"985fbc0c-9596-48e8-8ccc-458be826b609","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":5,"box":{"x":519,"y":778,"width":423,"height":11}},{"id":"70446806-1cd1-4b2b-89dd-2ba217dbf9f1","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":5,"box":{"x":518,"y":793,"width":412,"height":10}},{"id":"0fc6591b-0cff-4958-8aec-a8e14b780664","block_type":"box","text":"Underlying Fund.","page_number":5,"box":{"x":519,"y":807,"width":107,"height":11}},{"id":"4dca8fc0-3c05-4843-b19d-5cd80b6162e6","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":5,"box":{"x":519,"y":830,"width":370,"height":11}},{"id":"063cbcd7-f0c8-4adf-8014-fcb0a48222eb","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":5,"box":{"x":519,"y":844,"width":353,"height":11}},{"id":"da525657-d732-46ea-97bb-c710a3d13d8c","block_type":"box","text":"representative sample of securities that collectively has an","page_number":5,"box":{"x":519,"y":858,"width":375,"height":11}},{"id":"4360c1a0-f831-4ba2-9c78-3c715d606fab","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":5,"box":{"x":519,"y":872,"width":384,"height":11}},{"id":"c9ca9725-78c3-4d2a-9190-d5a195415b4b","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":5,"box":{"x":519,"y":887,"width":371,"height":10}},{"id":"24908821-cc83-41c8-b69a-52efc0693d48","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":5,"box":{"x":519,"y":901,"width":409,"height":11}},{"id":"fc06b99b-2451-41a4-bed4-9c1ffa1b082b","block_type":"box","text":"S-2","page_number":5,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"d26f7211-f78b-4fa9-b03f-4b7df8444c60","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":6,"box":{"x":53,"y":46,"width":381,"height":11}},{"id":"520a560c-ae74-4316-88a4-4000d3fe29b3","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":6,"box":{"x":53,"y":61,"width":408,"height":10}},{"id":"0e992126-42ad-4dad-b99d-2c852948293a","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":6,"box":{"x":53,"y":75,"width":409,"height":11}},{"id":"7a709875-9a35-4701-836a-dbba0fc3c164","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":6,"box":{"x":53,"y":89,"width":404,"height":11}},{"id":"90a3ea02-df63-42f0-b6de-02cccfcaf5eb","block_type":"box","text":"Underlying Fund’s Index, which may cause the performance of the","page_number":6,"box":{"x":53,"y":103,"width":422,"height":11}},{"id":"a8b196d0-c55a-4f03-9046-3bcb0989929c","block_type":"box","text":"Underlying Fund to diverge from that of the Underlying Fund’s","page_number":6,"box":{"x":53,"y":117,"width":394,"height":11}},{"id":"1d5438c4-dbac-4985-a889-ccbf4358bc7a","block_type":"box","text":"Index and produce “tracking error”. Tracking error risk may be","page_number":6,"box":{"x":53,"y":131,"width":395,"height":11}},{"id":"23489571-a98a-48d0-ab27-623db8e36988","block_type":"box","text":"heightened during times of increased market volatility or other","page_number":6,"box":{"x":53,"y":146,"width":399,"height":10}},{"id":"dc76a8e6-677d-4b17-83a7-00ddb3abe49f","block_type":"box","text":"unusual market conditions.","page_number":6,"box":{"x":53,"y":160,"width":172,"height":8}},{"id":"7c399680-8ce4-4720-9330-c018babda6fa","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":6,"box":{"x":52,"y":183,"width":388,"height":11}},{"id":"5fdefea3-ce6e-4820-ae50-32a6b43fdcaf","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":6,"box":{"x":53,"y":197,"width":399,"height":11}},{"id":"d2bb5839-9db3-4c0c-ada1-7e4c465f5e1e","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":6,"box":{"x":53,"y":211,"width":290,"height":11}},{"id":"f70ca6a1-a301-4981-afeb-386e3a199f85","block_type":"box","text":"The Fund’s Use of Options","page_number":6,"box":{"x":52,"y":235,"width":183,"height":10}},{"id":"71f09b60-982d-4052-a5ba-d7defe3f9fe3","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":6,"box":{"x":52,"y":258,"width":384,"height":11}},{"id":"d552a397-8458-4891-9258-6c2e544e5807","block_type":"box","text":"customized put options thereon and sells call options that","page_number":6,"box":{"x":53,"y":272,"width":370,"height":11}},{"id":"9eae13ac-9b60-466b-900c-b03636405e4a","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":6,"box":{"x":53,"y":286,"width":392,"height":11}},{"id":"0eadc4ee-1130-4b7f-9474-87a41aff9d37","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":6,"box":{"x":52,"y":300,"width":387,"height":11}},{"id":"91fa0112-1685-463f-96e1-6de3b6595697","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":6,"box":{"x":53,"y":315,"width":414,"height":10}},{"id":"7fe78c67-614a-4479-bdfd-216433249242","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":6,"box":{"x":53,"y":329,"width":384,"height":11}},{"id":"a49620e1-a574-4600-af74-ed7e5f814922","block_type":"box","text":"traded options that reference the price performance of the","page_number":6,"box":{"x":52,"y":343,"width":376,"height":11}},{"id":"62e8d927-53e1-4efa-9110-64be8f377cd2","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index, or other ETFs that","page_number":6,"box":{"x":53,"y":357,"width":412,"height":11}},{"id":"72faa767-c53d-4353-9b3f-1639d4c08718","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":6,"box":{"x":52,"y":371,"width":218,"height":11}},{"id":"e4fedc16-0ba4-4a43-9101-77bc5129b2df","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":6,"box":{"x":52,"y":394,"width":410,"height":11}},{"id":"cd6af6ac-e2db-4501-9bf8-de93b29b4a81","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":6,"box":{"x":52,"y":409,"width":373,"height":10}},{"id":"503fa677-ecd8-4522-8802-8eb7258a36d8","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":6,"box":{"x":53,"y":423,"width":408,"height":11}},{"id":"6b5747f7-6c21-413c-b8d6-96a3f3b54894","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":6,"box":{"x":53,"y":437,"width":394,"height":11}},{"id":"c6837329-cb75-4d32-82cd-dbcf008ae308","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":6,"box":{"x":52,"y":451,"width":396,"height":11}},{"id":"ba3dcfbd-834a-46b0-82b9-ac364b36e52d","block_type":"box","text":"“strike price”. If the Fund buys a call option, it pays a premium","page_number":6,"box":{"x":53,"y":465,"width":396,"height":11}},{"id":"08827838-e81f-4169-ad03-fd8d6ef339ce","block_type":"box","text":"and receives the right, but not the obligation, to purchase shares","page_number":6,"box":{"x":53,"y":480,"width":413,"height":10}},{"id":"f30a022a-3412-49f1-b9be-74345f10c3fa","block_type":"box","text":"of the Underlying Fund or other reference asset at a strike price","page_number":6,"box":{"x":53,"y":494,"width":407,"height":11}},{"id":"f9dbd855-e450-4bde-8a88-8b333b71ff3e","block_type":"box","text":"by or on the expiration date. When the Fund buys a put option, it","page_number":6,"box":{"x":53,"y":508,"width":411,"height":11}},{"id":"0ac0d36a-a22d-4c5d-8739-9174a048293d","block_type":"box","text":"pays a premium and receives the right, but not the obligation, to","page_number":6,"box":{"x":53,"y":522,"width":409,"height":11}},{"id":"a1ad2a79-9f36-4686-9573-c06632065f9b","block_type":"box","text":"sell shares of the Underlying Fund or other reference asset at a","page_number":6,"box":{"x":53,"y":536,"width":403,"height":11}},{"id":"792f2de7-ba8c-458e-a10b-2ecc208b6612","block_type":"box","text":"strike price by or on the expiration date. When the Fund writes","page_number":6,"box":{"x":53,"y":550,"width":398,"height":11}},{"id":"7ed90e3d-3390-4606-8835-9b6380537c96","block_type":"box","text":"(sells) a call option, it receives a premium and gives the purchaser","page_number":6,"box":{"x":53,"y":565,"width":422,"height":10}},{"id":"5d35184a-93a2-4619-b415-7999099d61f1","block_type":"box","text":"of the option the right to purchase from the Fund shares of the","page_number":6,"box":{"x":53,"y":579,"width":400,"height":11}},{"id":"92f25b41-4d32-4123-beaa-f1e56de76608","block_type":"box","text":"Underlying Fund or other reference asset at a strike price by or on","page_number":6,"box":{"x":53,"y":593,"width":421,"height":11}},{"id":"938d740c-97fe-4223-adfc-c37917672eff","block_type":"box","text":"the expiration date. If the Fund writes (sells) a put option, it","page_number":6,"box":{"x":52,"y":607,"width":380,"height":11}},{"id":"d83d7aec-03ed-4847-8114-c71f16e5f638","block_type":"box","text":"receives a premium and gives the purchaser of the option the","page_number":6,"box":{"x":53,"y":621,"width":392,"height":11}},{"id":"c71fd303-ba43-46a1-87ae-921bb041902c","block_type":"box","text":"right to sell to the Fund shares of the Underlying Fund or other","page_number":6,"box":{"x":53,"y":636,"width":399,"height":10}},{"id":"87927dce-ea1e-43ab-bd47-41719ba4d670","block_type":"box","text":"reference asset at a strike price by or on expiration date.","page_number":6,"box":{"x":53,"y":650,"width":362,"height":11}},{"id":"2f0caf77-51aa-4b74-aea4-54430725b2b7","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":6,"box":{"x":53,"y":673,"width":418,"height":11}},{"id":"947aa0f1-af82-4aff-98b2-02ddb390c794","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":6,"box":{"x":52,"y":687,"width":413,"height":11}},{"id":"c769db83-b4c8-4f16-885d-f93be1c9dc57","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":6,"box":{"x":53,"y":701,"width":403,"height":11}},{"id":"0a86c9b2-54bf-4fdc-a86b-bbfb069a54b4","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":6,"box":{"x":53,"y":715,"width":394,"height":11}},{"id":"a667ffbb-5f20-4c31-acc2-ad0f1ebdc02f","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":6,"box":{"x":53,"y":730,"width":408,"height":10}},{"id":"ecbd063a-2b8b-4e45-9e24-ee46888fb3e2","block_type":"box","text":"each Outcome Period.","page_number":6,"box":{"x":53,"y":744,"width":140,"height":8}},{"id":"4ac6d688-3ea1-4468-8bff-6f2dd668a0b3","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":6,"box":{"x":52,"y":767,"width":377,"height":11}},{"id":"8dbe3c07-66be-4895-8a5e-61423c1ed3b3","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":6,"box":{"x":53,"y":781,"width":412,"height":11}},{"id":"1e2104e3-9aac-4d05-a022-a2983d6da90b","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":6,"box":{"x":52,"y":795,"width":366,"height":11}},{"id":"025d225c-2ed8-4805-be56-bb5dcb238c61","block_type":"box","text":"However, the value of the options may change because of factors","page_number":6,"box":{"x":53,"y":810,"width":418,"height":10}},{"id":"50a03583-9845-45d6-9874-2d6df144b877","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":6,"box":{"x":53,"y":824,"width":420,"height":11}},{"id":"1ca4254d-2f47-4ac3-9a31-71e164293f8e","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":6,"box":{"x":53,"y":838,"width":385,"height":11}},{"id":"4a41d3a9-f009-4cf7-96ea-09cf95fb7b0f","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":6,"box":{"x":53,"y":852,"width":382,"height":11}},{"id":"e1d6c94c-0b03-4802-ae5f-ae5163427cb7","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":6,"box":{"x":53,"y":866,"width":366,"height":11}},{"id":"63869a6e-8376-4d78-b969-a4145eee7485","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":6,"box":{"x":53,"y":880,"width":392,"height":11}},{"id":"805d3362-05d7-4df8-aecc-b131bd8227c8","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":6,"box":{"x":52,"y":895,"width":396,"height":10}},{"id":"2f4792dd-e7a5-4fc9-9e5e-17eba3ba290b","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":6,"box":{"x":519,"y":46,"width":423,"height":11}},{"id":"00e74cd8-44f9-4d59-a36c-f9b7516d83db","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":6,"box":{"x":519,"y":61,"width":392,"height":10}},{"id":"823f2817-da1a-4e3e-beda-ff7b7f0654b2","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":6,"box":{"x":519,"y":75,"width":408,"height":11}},{"id":"0188f73a-8187-447c-9729-8478e2e495ce","block_type":"box","text":"the Underlying Fund’s share price.","page_number":6,"box":{"x":518,"y":89,"width":218,"height":11}},{"id":"78024c94-64c9-4154-b00a-79acf47775e6","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":6,"box":{"x":519,"y":112,"width":397,"height":11}},{"id":"b267ff3b-51b4-4672-b4ba-beab3652790e","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":6,"box":{"x":518,"y":126,"width":421,"height":11}},{"id":"96b8a07a-9fdd-495b-9023-046f117ecbab","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":6,"box":{"x":519,"y":141,"width":384,"height":10}},{"id":"5f1c5d34-d76b-45a3-934b-d005b3358afa","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":6,"box":{"x":519,"y":155,"width":405,"height":11}},{"id":"2f655f43-aeb2-4411-9fac-1cd634b3891c","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":6,"box":{"x":518,"y":169,"width":420,"height":11}},{"id":"4c5bbf14-0ed9-47d2-95c4-9fce51adac13","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":6,"box":{"x":518,"y":183,"width":420,"height":11}},{"id":"3ac29f63-7300-4ea2-8067-9bce0f5dd9a5","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":6,"box":{"x":519,"y":197,"width":373,"height":11}},{"id":"4e7870bf-83af-47fd-8d4f-dc9859cb1d3f","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":6,"box":{"x":519,"y":211,"width":392,"height":11}},{"id":"0d903678-a6b6-4b03-9cc5-146f94a68a8c","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":6,"box":{"x":519,"y":226,"width":415,"height":10}},{"id":"3e55cbcb-125a-450d-bca6-36c238b6dd47","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":6,"box":{"x":519,"y":249,"width":222,"height":11}},{"id":"30df9da9-4ba7-4e10-8923-842f250f8c42","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":6,"box":{"x":519,"y":272,"width":421,"height":11}},{"id":"4105198b-8b3c-4eab-9277-a6aa51598433","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":6,"box":{"x":519,"y":286,"width":380,"height":11}},{"id":"867424cf-f48c-4929-96f0-f619f562463e","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":6,"box":{"x":519,"y":300,"width":422,"height":11}},{"id":"a52f9f3f-97bb-447d-bb92-e5a3f0586e54","block_type":"box","text":"of the Underlying Fund’s Index. The Approximate Buffer and","page_number":6,"box":{"x":519,"y":315,"width":380,"height":10}},{"id":"56d06e28-c2d4-4b04-838a-2af302056de7","block_type":"box","text":"Approximate Cap are typically created by trading a combination of","page_number":6,"box":{"x":518,"y":329,"width":425,"height":11}},{"id":"52dbb64d-6527-4e89-97d3-8bc0d2d08725","block_type":"box","text":"put and call options, as described below, at the close of the last","page_number":6,"box":{"x":519,"y":343,"width":407,"height":11}},{"id":"5db6275a-1fe6-4615-a47a-7ff92de64c55","block_type":"box","text":"trading day of the prior Outcome Period.","page_number":6,"box":{"x":518,"y":357,"width":257,"height":11}},{"id":"6172affc-e96e-4b0b-8d14-b4875ece4aab","block_type":"box","text":"Approximate Buffer","page_number":6,"box":{"x":517,"y":380,"width":124,"height":11}},{"id":"d9ec34d5-310a-4dc7-bdce-8703524e5720","block_type":"box","text":". The Fund creates the Approximate Buffer by","page_number":6,"box":{"x":641,"y":380,"width":289,"height":11}},{"id":"1ce347ff-0a8a-45ff-9612-4a44ba0a5217","block_type":"box","text":"buying a put option with a strike price that is approximately at","page_number":6,"box":{"x":519,"y":394,"width":400,"height":11}},{"id":"a590fd7d-515e-4c76-91c5-fa6b26069cce","block_type":"box","text":"the-money relative to the Underlying Fund’s share price. The","page_number":6,"box":{"x":518,"y":409,"width":387,"height":10}},{"id":"6e7bf3c0-46a6-4e42-a1e6-f58529de068b","block_type":"box","text":"Approximate Buffer is against approximately 100% of the","page_number":6,"box":{"x":518,"y":423,"width":362,"height":11}},{"id":"3f94971d-4f40-4298-8a7f-76545d8f1e28","block_type":"box","text":"Underlying Fund’s losses for the applicable Outcome Period;","page_number":6,"box":{"x":519,"y":437,"width":385,"height":11}},{"id":"819bb25b-3a75-420e-a625-e6a2d33a3634","block_type":"box","text":"however, there is no guarantee that the Approximate Buffer will","page_number":6,"box":{"x":519,"y":451,"width":404,"height":11}},{"id":"56d417aa-1fe1-4142-8993-908e6c0baefb","block_type":"box","text":"succeed in providing the intended protection. The Approximate","page_number":6,"box":{"x":519,"y":465,"width":402,"height":11}},{"id":"63c38d67-28c5-4903-b3a3-3f7c94ced123","block_type":"box","text":"Buffer is provided prior to taking into account any fees or","page_number":6,"box":{"x":519,"y":480,"width":365,"height":10}},{"id":"e9782091-7c6d-49a4-a8d4-fa10b128e867","block_type":"box","text":"expenses charged to the Fund. These fees and any expenses will","page_number":6,"box":{"x":519,"y":494,"width":411,"height":11}},{"id":"7960b5cd-3a57-43f6-b233-d7d6ae3ecbfd","block_type":"box","text":"reduce the Approximate Buffer amount for Fund shareholders for","page_number":6,"box":{"x":519,"y":508,"width":416,"height":11}},{"id":"0d7568b0-7ea6-4cb9-9694-bc2208460e2f","block_type":"box","text":"an Outcome Period. When the Fund’s annual management fee of","page_number":6,"box":{"x":519,"y":522,"width":412,"height":11}},{"id":"0fd481d7-5009-48d8-aaba-dc925eb12db3","block_type":"box","text":"0.50% of the Fund’s daily net assets is taken into account, the net","page_number":6,"box":{"x":519,"y":536,"width":420,"height":11}},{"id":"a9de6d04-9346-438f-bb4e-93ee4bd54734","block_type":"box","text":"Approximate Buffer for the Outcome Period is 99.5%.","page_number":6,"box":{"x":518,"y":550,"width":339,"height":11}},{"id":"fa3e3e0f-d6db-445d-bdfa-bbaad30dee3f","block_type":"box","text":"While the Fund seeks to maximize protection against Underlying","page_number":6,"box":{"x":518,"y":574,"width":411,"height":10}},{"id":"8b995f9a-14cf-40fa-8e77-5f3836ddbe2f","block_type":"box","text":"Fund losses for the applicable Outcome Period, the Fund will","page_number":6,"box":{"x":519,"y":588,"width":386,"height":11}},{"id":"97d75ce4-7fc3-4464-835a-27a7025a1e79","block_type":"box","text":"reduce the Approximate Buffer below 100% in order to provide an","page_number":6,"box":{"x":519,"y":602,"width":416,"height":11}},{"id":"cebc1b3f-8fc0-4a79-856e-b10c0181d2ce","block_type":"box","text":"Approximate Cap of at least 2%. For example, if interest rates are","page_number":6,"box":{"x":518,"y":616,"width":416,"height":11}},{"id":"eb0615da-9feb-4802-85dd-af01421f2d6d","block_type":"box","text":"low enough that providing protection against approximately 100%","page_number":6,"box":{"x":519,"y":630,"width":418,"height":11}},{"id":"fce802a8-b11e-4c96-b012-7d69fb6afe7a","block_type":"box","text":"of Underlying Fund losses would result in an Approximate Cap of","page_number":6,"box":{"x":519,"y":645,"width":413,"height":10}},{"id":"d19607db-e948-4e62-95a3-dd69fb807125","block_type":"box","text":"less than 2%, the Fund would decrease the protection such that","page_number":6,"box":{"x":519,"y":659,"width":405,"height":10}},{"id":"099443e4-ae8c-431d-8ccb-e4a977e2de5e","block_type":"box","text":"the Approximate Cap is at least 2%.","page_number":6,"box":{"x":518,"y":673,"width":226,"height":11}},{"id":"881d190d-3c3c-4fd9-b151-82d09493a9ce","block_type":"box","text":"Approximate Cap","page_number":6,"box":{"x":517,"y":696,"width":110,"height":11}},{"id":"d88ba8f1-12f4-4a72-9a24-634d86af9dcb","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":6,"box":{"x":628,"y":696,"width":276,"height":11}},{"id":"0d1c037c-51a2-403f-afda-29dd3fdd7179","block_type":"box","text":"selling a call option with a higher strike price relative to the","page_number":6,"box":{"x":519,"y":710,"width":377,"height":11}},{"id":"41cb2fec-f0d3-427e-8fb8-439a7ab5a332","block_type":"box","text":"Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":6,"box":{"x":519,"y":724,"width":371,"height":11}},{"id":"5f086a49-513f-4c73-ae84-14e65e6ac808","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":6,"box":{"x":519,"y":739,"width":408,"height":10}},{"id":"3b07aa30-aff7-405a-bdaf-6c289523f50c","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":6,"box":{"x":519,"y":753,"width":421,"height":11}},{"id":"a8277b6e-82a3-40aa-baa3-77b63c3f78ff","block_type":"box","text":"that strike price. The Approximate Cap for each Outcome Period is","page_number":6,"box":{"x":518,"y":767,"width":425,"height":11}},{"id":"db3b8c9a-087e-446a-96e5-cf2de4725a2c","block_type":"box","text":"based on the strike price of the Cap Option for that Outcome","page_number":6,"box":{"x":519,"y":781,"width":388,"height":11}},{"id":"d9d539d7-c9f0-46af-a61e-8d7060b729a0","block_type":"box","text":"Period. The strike price of the Cap Option depends on the market","page_number":6,"box":{"x":519,"y":795,"width":416,"height":11}},{"id":"3a042b09-4eba-4c46-bb33-d353e8d4a305","block_type":"box","text":"conditions when the option is sold and likely will be different for","page_number":6,"box":{"x":519,"y":810,"width":407,"height":10}},{"id":"015886f4-4a8f-4aab-aa44-f3f9e196eb8b","block_type":"box","text":"each Outcome Period, resulting in a different Approximate Cap for","page_number":6,"box":{"x":519,"y":824,"width":422,"height":11}},{"id":"6622c33e-3e3c-4af6-b805-ae52f5b72eef","block_type":"box","text":"each Outcome Period. The Fund uses the premium collected from","page_number":6,"box":{"x":519,"y":838,"width":418,"height":11}},{"id":"aa2fa87d-486d-4813-9973-96e0c8d10bbc","block_type":"box","text":"selling the Cap Option and the expected dividend distributions","page_number":6,"box":{"x":519,"y":852,"width":397,"height":11}},{"id":"1b0c887b-b80a-4f90-8c58-8995fba0f333","block_type":"box","text":"from the Underlying Fund to cover the premium that it pays to buy","page_number":6,"box":{"x":518,"y":866,"width":424,"height":11}},{"id":"f6c6cde9-c8a4-46dc-823c-378d391b7b49","block_type":"box","text":"the options that create the Approximate Buffer.","page_number":6,"box":{"x":518,"y":880,"width":302,"height":11}},{"id":"f8b4c64d-3183-4492-b28a-51c80b3a2d51","block_type":"box","text":"S-3","page_number":6,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"d06dc8e7-2c75-4433-b171-d0606e6b96d4","block_type":"box","text":"The Fund’s Approximate Buffer and Approximate Cap (net of the","page_number":7,"box":{"x":52,"y":46,"width":410,"height":11}},{"id":"de1012eb-8a35-446a-96ab-d2a130ae9b76","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":7,"box":{"x":53,"y":61,"width":414,"height":10}},{"id":"ac09fd9d-d1a1-4036-afc7-a23a5af19910","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":7,"box":{"x":53,"y":75,"width":397,"height":11}},{"id":"a1632381-1859-4929-9fca-c7f75b1ecb2d","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":7,"box":{"x":53,"y":89,"width":380,"height":11}},{"id":"45bde68b-96c2-4172-bf6e-ec79bfc567dd","block_type":"box","text":"Approximately one week prior to the end of each Outcome Period,","page_number":7,"box":{"x":52,"y":112,"width":422,"height":11}},{"id":"c0c465d2-ea17-4cd7-b4b9-e173c5a8a4e4","block_type":"box","text":"the Fund expects to file a prospectus supplement that discloses","page_number":7,"box":{"x":52,"y":126,"width":409,"height":11}},{"id":"f69d2510-09ee-443a-9e19-85cef4ba9134","block_type":"box","text":"an estimated range (as estimated by BFA) for the Approximate","page_number":7,"box":{"x":53,"y":140,"width":398,"height":11}},{"id":"9d5606c1-5273-4a8a-b575-1c9a0ea53d77","block_type":"box","text":"Cap for the Fund’s next Outcome Period. On the last trading day","page_number":7,"box":{"x":53,"y":155,"width":409,"height":11}},{"id":"172cc10f-c9d2-4f3a-993f-1aee1681db21","block_type":"box","text":"of each Outcome Period, the Fund will trade a new set of options","page_number":7,"box":{"x":53,"y":169,"width":413,"height":11}},{"id":"7df53181-facf-4529-9fa3-11001126e7f2","block_type":"box","text":"to create the Approximate Buffer and Approximate Cap for the","page_number":7,"box":{"x":52,"y":183,"width":399,"height":11}},{"id":"901ba68e-9355-444e-8534-fbcc7cd40fce","block_type":"box","text":"next Outcome Period. After the close of business on the last","page_number":7,"box":{"x":53,"y":197,"width":384,"height":9}},{"id":"312869d7-a4f2-4344-bc72-2c37414fc105","block_type":"box","text":"trading day of the Outcome Period, the Fund will file a prospectus","page_number":7,"box":{"x":52,"y":211,"width":419,"height":11}},{"id":"86108e2b-681f-46f6-a035-7506b47d8600","block_type":"box","text":"supplement that discloses the Fund’s Approximate Cap (gross and","page_number":7,"box":{"x":53,"y":226,"width":423,"height":10}},{"id":"f5c19b25-d73f-4882-8e94-b475aae37e68","block_type":"box","text":"net of its management fee) for the next Outcome Period.","page_number":7,"box":{"x":53,"y":240,"width":361,"height":11}},{"id":"dab61338-93e8-44c8-9a09-108693646e94","block_type":"box","text":"Outcome Period","page_number":7,"box":{"x":52,"y":263,"width":112,"height":8}},{"id":"4786bd2c-80c8-4276-bbb0-97c129b9167e","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":7,"box":{"x":52,"y":286,"width":408,"height":11}},{"id":"92ef908c-69e2-4d86-b1b4-6a6bef4e97f7","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":7,"box":{"x":52,"y":300,"width":397,"height":9}},{"id":"b34605ec-ba55-4317-b229-6044a195e853","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":7,"box":{"x":53,"y":315,"width":415,"height":10}},{"id":"bd3dcc0b-25d4-4632-aa2c-c3821158ab3b","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":7,"box":{"x":53,"y":329,"width":398,"height":8}},{"id":"1b9163b4-3ca7-473f-b167-b664fbf414e9","block_type":"box","text":"may not fully realize the Outcomes for the Outcome Period and","page_number":7,"box":{"x":53,"y":343,"width":402,"height":11}},{"id":"ded669e0-333a-4b49-9deb-50d4c719bb8a","block_type":"box","text":"may be exposed to greater risk of loss and less potential gain.","page_number":7,"box":{"x":53,"y":357,"width":395,"height":11}},{"id":"936f1315-98d1-47c1-8bcc-8186dcf61c17","block_type":"box","text":"This is because, while the Outcomes are fixed levels that are","page_number":7,"box":{"x":52,"y":371,"width":386,"height":10}},{"id":"aef7d3c3-b572-456c-9210-26be67cbe505","block_type":"box","text":"calculated in relation to the Underlying Fund’s price and the","page_number":7,"box":{"x":53,"y":385,"width":381,"height":11}},{"id":"642d5fe0-56b0-4199-a33e-ae9efaebc0eb","block_type":"box","text":"Fund’s NAV at the start of each Outcome Period and generally","page_number":7,"box":{"x":53,"y":400,"width":395,"height":10}},{"id":"1aab125d-072d-49d4-b25e-4ee5c28636e6","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":7,"box":{"x":53,"y":414,"width":419,"height":11}},{"id":"d0ec864e-b34e-4d30-a628-82b37105e859","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":7,"box":{"x":52,"y":428,"width":415,"height":11}},{"id":"5cdc1a13-6efc-4dc5-bb34-590422f848d0","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":7,"box":{"x":53,"y":442,"width":407,"height":11}},{"id":"fb54fef3-2a89-40d6-b646-29f2d0f6ee6a","block_type":"box","text":"the Outcome Period.","page_number":7,"box":{"x":52,"y":456,"width":131,"height":9}},{"id":"975a0bf4-ac7a-4924-9371-d7fe1eee2fe0","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":7,"box":{"x":53,"y":480,"width":383,"height":10}},{"id":"b811ca45-1bd9-41b8-9e57-5e9ecd7d58f2","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":7,"box":{"x":53,"y":494,"width":419,"height":11}},{"id":"f7039cd4-afb4-4b9d-ad12-3f67a3b1de6c","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":7,"box":{"x":53,"y":508,"width":388,"height":11}},{"id":"e992a28d-b756-4a5d-a5a6-4b677a6ca5bf","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":7,"box":{"x":53,"y":522,"width":358,"height":11}},{"id":"99f145fb-2b4b-483b-8621-7703cb98eb72","block_type":"box","text":"Approximate Cap and the investor may experience losses prior to","page_number":7,"box":{"x":52,"y":536,"width":418,"height":11}},{"id":"f7831f36-1745-4677-8e5a-e22c2c1b27d2","block_type":"box","text":"reaching the downside protection offered by the Approximate","page_number":7,"box":{"x":53,"y":550,"width":393,"height":11}},{"id":"9c48fdf8-f734-4f6e-9615-056a5f83db26","block_type":"box","text":"Buffer. Conversely, if an investor purchases Fund shares during an","page_number":7,"box":{"x":53,"y":565,"width":422,"height":10}},{"id":"1d20f042-0a3e-43b5-bd25-dcdde1eaf782","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":7,"box":{"x":53,"y":579,"width":419,"height":11}},{"id":"932cdbe2-7d03-4a41-b454-1e391c42ca36","block_type":"box","text":"has decreased from its price at the beginning of the Outcome","page_number":7,"box":{"x":53,"y":593,"width":392,"height":11}},{"id":"cb13dc01-e3e2-445b-83bd-f4c57768b990","block_type":"box","text":"Period, the Fund may require a larger increase in the Underlying","page_number":7,"box":{"x":53,"y":607,"width":407,"height":11}},{"id":"0ac23d92-4bb1-45d5-961c-1bf8293a26ea","block_type":"box","text":"Fund’s share price before it reaches the Approximate Cap.","page_number":7,"box":{"x":53,"y":621,"width":372,"height":11}},{"id":"d5699201-935a-46e7-bb1f-c6b4b8879467","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":7,"box":{"x":53,"y":644,"width":278,"height":11}},{"id":"44f4ad3c-6cf3-448b-837e-f2ef57eee8dd","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":7,"box":{"x":53,"y":668,"width":391,"height":11}},{"id":"0ab8c847-7da0-473b-93a6-393041f3c245","block_type":"box","text":"during an Outcome Period, the Fund will typically buy Underlying","page_number":7,"box":{"x":53,"y":682,"width":411,"height":11}},{"id":"ff08c9c9-0b9e-4977-9d49-29da5b6793aa","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and seek","page_number":7,"box":{"x":53,"y":696,"width":418,"height":11}},{"id":"9520db44-0b14-43df-ba8d-38faff18cf21","block_type":"box","text":"to enter into the combination of options transactions described","page_number":7,"box":{"x":52,"y":710,"width":405,"height":11}},{"id":"034116c5-95af-421d-ac90-9df6d4ad6a0f","block_type":"box","text":"above. This will occur even in circumstances where the Fund","page_number":7,"box":{"x":53,"y":725,"width":386,"height":8}},{"id":"83be8c76-91e8-448b-9948-5f52aaefa58f","block_type":"box","text":"would receive a negligible premium for selling an out-of-the","page_number":7,"box":{"x":52,"y":739,"width":385,"height":10}},{"id":"976fa62e-ecd1-4718-931d-3ec7bb8e4802","block_type":"box","text":"money call, which may give up more sizable returns to the extent","page_number":7,"box":{"x":53,"y":753,"width":414,"height":11}},{"id":"c7968b13-95e6-446a-aef5-57ccefdab817","block_type":"box","text":"that the option later becomes in the money.","page_number":7,"box":{"x":52,"y":767,"width":280,"height":11}},{"id":"df65291a-f0d3-44c6-b94c-472d6a82d0c9","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":7,"box":{"x":53,"y":790,"width":415,"height":11}},{"id":"24ed937f-b8b4-4580-8649-5d58eece9b23","block_type":"box","text":"purchase the downside protection, the Fund’s performance is","page_number":7,"box":{"x":53,"y":804,"width":393,"height":11}},{"id":"62b4efee-a1ad-4af5-96c7-8dc584044dfc","block_type":"box","text":"likely to be less than the Underlying Fund’s performance when (1)","page_number":7,"box":{"x":53,"y":819,"width":415,"height":10}},{"id":"d9604d7d-338d-430d-81db-d5353bc1a89c","block_type":"box","text":"distributions are considered and (2) the Underlying Fund’s","page_number":7,"box":{"x":53,"y":833,"width":370,"height":11}},{"id":"3a0f495d-fc1b-4696-bff1-37c96a2d0232","block_type":"box","text":"performance is positive. The Fund may also underperform the","page_number":7,"box":{"x":53,"y":847,"width":393,"height":11}},{"id":"204892aa-d41a-4039-9aa4-5717786ced20","block_type":"box","text":"Underlying Fund if the returns of the Underlying Fund exceed the","page_number":7,"box":{"x":53,"y":861,"width":414,"height":11}},{"id":"98a02962-dd7c-4d05-b4ea-660a6011704c","block_type":"box","text":"Approximate Cap net of the distributions.","page_number":7,"box":{"x":52,"y":875,"width":264,"height":11}},{"id":"e12a8652-a163-4e54-af29-b7c6b396f5d0","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":7,"box":{"x":518,"y":46,"width":387,"height":11}},{"id":"07bfc457-00ff-48d3-b37e-d2efdda268d9","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":7,"box":{"x":519,"y":61,"width":402,"height":10}},{"id":"8f71fa9e-48dd-4015-9f4f-2a86c16310e1","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":7,"box":{"x":519,"y":75,"width":414,"height":11}},{"id":"d13f6395-1d06-42ed-af6f-aa27d550e4c8","block_type":"box","text":"upside limit significantly below the Approximate Cap and to","page_number":7,"box":{"x":519,"y":89,"width":379,"height":11}},{"id":"284e7b45-abfb-4737-99d2-16e6e2717711","block_type":"box","text":"significantly less downside protection than the Approximate","page_number":7,"box":{"x":519,"y":103,"width":382,"height":11}},{"id":"cb47d5d0-ce43-43bb-abd7-4f9c65095809","block_type":"box","text":"Buffer. Investors may lose their entire investment, and an","page_number":7,"box":{"x":519,"y":117,"width":365,"height":11}},{"id":"7c56129c-3291-47ed-a56a-13c42715ac91","block_type":"box","text":"investment in the Fund is appropriate only for investors willing to","page_number":7,"box":{"x":519,"y":131,"width":414,"height":11}},{"id":"7866fc03-9e28-4c0d-813c-ac840c21ddc3","block_type":"box","text":"bear those losses.","page_number":7,"box":{"x":519,"y":146,"width":115,"height":8}},{"id":"fb8875c5-c70c-4434-9b12-64cfb5e50f0e","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":7,"box":{"x":519,"y":169,"width":408,"height":11}},{"id":"acc29840-7655-438a-bef6-1650acf2737a","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":7,"box":{"x":519,"y":183,"width":388,"height":11}},{"id":"87c797e2-7825-4f91-9468-d5ccac560a11","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":7,"box":{"x":519,"y":197,"width":396,"height":11}},{"id":"327da881-a97c-4a26-a3bc-9f4a41e4b0af","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":7,"box":{"x":519,"y":211,"width":387,"height":11}},{"id":"c18e00a7-f0f0-4c91-83b1-7ba8e73fc77e","block_type":"box","text":"purchase call options with a strike price that is very low","page_number":7,"box":{"x":556,"y":229,"width":355,"height":11}},{"id":"cc8bbc6c-f568-45a0-a0ac-f25fb497e8c5","block_type":"box","text":"(approximately 1% or less) relative to the Underlying Fund’s","page_number":7,"box":{"x":556,"y":244,"width":379,"height":10}},{"id":"b0b20ea6-cb5e-4277-ac2d-5a586a04f182","block_type":"box","text":"share price on the day of purchase (a “zero strike call”);","page_number":7,"box":{"x":556,"y":258,"width":354,"height":11}},{"id":"94e06d97-717a-4d25-8500-054ad300e786","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":7,"box":{"x":556,"y":276,"width":354,"height":11}},{"id":"b42d71cd-b3e3-4a2d-bb60-db469740b0ee","block_type":"box","text":"Underlying Fund’s Index;","page_number":7,"box":{"x":556,"y":290,"width":156,"height":11}},{"id":"82476146-a5aa-48a1-a6b4-1d03fa021480","block_type":"box","text":"purchase equity securities (e.g., component securities of the","page_number":7,"box":{"x":556,"y":308,"width":387,"height":11}},{"id":"16d3a6cc-a871-4cc6-9658-1e1c2a5e4435","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":7,"box":{"x":556,"y":322,"width":376,"height":11}},{"id":"e9e5ca7e-752c-4c64-af41-c10bca1e3357","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":7,"box":{"x":555,"y":336,"width":364,"height":11}},{"id":"a50e84d4-891b-475c-9264-89a681b815dc","block_type":"box","text":"invest in U.S. Treasuries, money market funds and/or other","page_number":7,"box":{"x":556,"y":354,"width":380,"height":11}},{"id":"9e259b90-4b5a-4c80-b6a1-142ae9fdb437","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":7,"box":{"x":556,"y":369,"width":376,"height":10}},{"id":"259b4062-dbcc-466b-9ec8-c9b70083d531","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":7,"box":{"x":556,"y":383,"width":342,"height":11}},{"id":"408dd713-76e4-49c0-986a-cf2a81a65577","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":7,"box":{"x":556,"y":397,"width":247,"height":11}},{"id":"90625131-4f9f-4204-abb6-0c694769ea76","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":7,"box":{"x":519,"y":420,"width":414,"height":11}},{"id":"1ddaa467-9199-431c-babd-bc61452f0d18","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":7,"box":{"x":519,"y":434,"width":410,"height":11}},{"id":"79b10fd8-88b3-4d6a-a64d-0a0b8a490631","block_type":"box","text":"common stocks of companies held by the Underlying Fund that","page_number":7,"box":{"x":519,"y":449,"width":403,"height":10}},{"id":"f997c92d-11ac-4c47-8f45-f037f1562349","block_type":"box","text":"BFA believes will provide a risk/return profile similar to that of the","page_number":7,"box":{"x":519,"y":463,"width":422,"height":11}},{"id":"015b8be0-afc1-4a6b-8679-7e41f08fd066","block_type":"box","text":"Underlying Fund.","page_number":7,"box":{"x":519,"y":477,"width":107,"height":11}},{"id":"3232b490-224e-48f1-b15e-939ae1adafa0","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":7,"box":{"x":519,"y":500,"width":418,"height":10}},{"id":"18b34a6e-77f4-4712-b5ed-c102239945d3","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":7,"box":{"x":519,"y":514,"width":401,"height":11}},{"id":"c762a6bc-95fe-4480-a0bd-e1f46543b1b1","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":7,"box":{"x":519,"y":529,"width":424,"height":10}},{"id":"e8da4dd4-7d6b-4292-9a04-e8a26aaf5b5e","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":7,"box":{"x":519,"y":543,"width":355,"height":11}},{"id":"42d1b3b3-d290-4a25-8030-336b2f58542b","block_type":"box","text":"Approximate Cap or the Approximate Buffer with respect to","page_number":7,"box":{"x":518,"y":557,"width":381,"height":11}},{"id":"194b7a38-737c-43a3-9785-30efa75dc685","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":7,"box":{"x":519,"y":571,"width":410,"height":11}},{"id":"4244ebcd-4260-4a5c-ad21-0fcd7a742597","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":7,"box":{"x":519,"y":585,"width":393,"height":11}},{"id":"6964f11f-3824-493a-82d4-666a6294c9ee","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":7,"box":{"x":518,"y":599,"width":411,"height":11}},{"id":"7b43b63f-6132-4357-b90f-d5ff82b36cb0","block_type":"box","text":"The Fund is classified as non-diversified under the Investment","page_number":7,"box":{"x":518,"y":623,"width":395,"height":8}},{"id":"f07a70ae-2142-45c6-9caf-4ea1352d0a92","block_type":"box","text":"Company Act of 1940, as amended (the “1940 Act”).","page_number":7,"box":{"x":519,"y":637,"width":334,"height":11}},{"id":"2ff88579-657b-4892-9ce5-b5407fe610c5","block_type":"box","text":"Summary of Principal Risks","page_number":7,"box":{"x":519,"y":666,"width":235,"height":13}},{"id":"3178e104-6daa-46ab-b64a-45d2aad67316","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":7,"box":{"x":518,"y":691,"width":389,"height":11}},{"id":"c56540c6-81dc-42dc-9520-db0680f9a8c8","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":7,"box":{"x":519,"y":705,"width":421,"height":11}},{"id":"d06aeb63-6c67-4c9a-9bd0-a07a1737dde3","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":7,"box":{"x":519,"y":719,"width":399,"height":11}},{"id":"ac2b672c-f5ac-4142-acde-54e3de30da50","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":7,"box":{"x":519,"y":733,"width":371,"height":11}},{"id":"0dbc2740-afaa-4a6f-af4d-08eef8b3a404","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":7,"box":{"x":519,"y":748,"width":398,"height":11}},{"id":"cf474bdb-2915-4a21-b53c-9c8a85d96077","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":7,"box":{"x":519,"y":762,"width":359,"height":11}},{"id":"a995cd41-fd6b-4f2e-bbc9-77f9a9e9af6a","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":7,"box":{"x":519,"y":776,"width":414,"height":11}},{"id":"5b2fb113-f0fe-4cd8-baf1-0f7eb5bf3dae","block_type":"box","text":"affect the Fund’s NAV , trading price, yield, total return and ability","page_number":7,"box":{"x":519,"y":790,"width":418,"height":11}},{"id":"95b7cab1-8f41-478d-bbb3-ca4bb7072501","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":7,"box":{"x":518,"y":804,"width":414,"height":11}},{"id":"42940516-7668-4cff-a106-4fdfe77747c5","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":7,"box":{"x":519,"y":819,"width":423,"height":10}},{"id":"fdd464d8-69fe-4c3b-98b9-436de24d397f","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":7,"box":{"x":519,"y":833,"width":418,"height":11}},{"id":"19864264-53f4-4d8c-881b-b419c6cb5e1b","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":7,"box":{"x":518,"y":847,"width":316,"height":11}},{"id":"6ec61e9d-aacd-4d2e-94fe-354cd3cce5ef","block_type":"box","text":"Approximate Buffer Risk.","page_number":7,"box":{"x":517,"y":870,"width":170,"height":11}},{"id":"2a551d96-9322-4998-a132-d22bed5f6c05","block_type":"box","text":"There can be no guarantee that the","page_number":7,"box":{"x":693,"y":870,"width":224,"height":11}},{"id":"4ffde2a0-36ce-42c0-a24b-c778af1874fa","block_type":"box","text":"Fund will be successful in its strategy to provide downside","page_number":7,"box":{"x":519,"y":884,"width":371,"height":11}},{"id":"7099b101-f44a-4d83-8d25-74d40bc82769","block_type":"box","text":"protection against Underlying Fund losses. The Fund does not","page_number":7,"box":{"x":519,"y":899,"width":394,"height":10}},{"id":"fc11fd23-680e-498c-8994-8fbc9804f9e2","block_type":"box","text":"S-4","page_number":7,"box":{"x":495,"y":944,"width":21,"height":8}},{"id":"ff53a427-68e9-4027-a4e9-bf899ea34cba","block_type":"box","text":"provide principal protection or non-principal protection, and,","page_number":8,"box":{"x":53,"y":46,"width":386,"height":11}},{"id":"1d0ed15e-0c68-4ea6-aca6-9b8bd2350b6e","block_type":"box","text":"despite the Approximate Buffer, an investor may experience","page_number":8,"box":{"x":53,"y":61,"width":383,"height":10}},{"id":"032d40ea-e087-47bb-8b52-264aae38985e","block_type":"box","text":"significant losses on their investment, including the loss of their","page_number":8,"box":{"x":53,"y":75,"width":407,"height":11}},{"id":"af1f9a0e-480e-4708-b413-e36e38bea907","block_type":"box","text":"entire investment. If an investor purchases Fund shares after an","page_number":8,"box":{"x":53,"y":89,"width":407,"height":11}},{"id":"01cc6fbd-94a6-4e93-91ee-646fd8d6eef7","block_type":"box","text":"Outcome Period begins or sells Fund shares prior to the end of an","page_number":8,"box":{"x":53,"y":103,"width":419,"height":11}},{"id":"3b90f69e-dcea-4ff9-b833-16a7925769e4","block_type":"box","text":"Outcome Period, the Approximate Buffer that the Fund seeks to","page_number":8,"box":{"x":53,"y":117,"width":406,"height":11}},{"id":"d022c95f-5344-453e-ae11-4e0f4df11658","block_type":"box","text":"provide may not be available. 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The Approximate Cap may rise or fall","page_number":8,"box":{"x":52,"y":240,"width":392,"height":11}},{"id":"50ac1468-22b9-4692-bec7-c1612d4d7de8","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":8,"box":{"x":52,"y":254,"width":415,"height":11}},{"id":"bbca6dca-fc6e-4e0b-ac92-f0d3b6d1f6fe","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":8,"box":{"x":53,"y":268,"width":368,"height":11}},{"id":"85f0bbf4-a1bc-432a-8d87-9a30172aa823","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":8,"box":{"x":53,"y":282,"width":392,"height":11}},{"id":"ed396cf6-6dd0-42fe-a620-d92c0e964ddb","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":8,"box":{"x":53,"y":296,"width":411,"height":11}},{"id":"5ecdaf11-322b-4502-ace5-1fbd181e039c","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":8,"box":{"x":52,"y":311,"width":415,"height":11}},{"id":"4df95a80-6dd5-4ad9-a459-44cb59936cb4","block_type":"box","text":"will underperform the Underlying Fund. 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In less liquid markets for the FLEX Options,","page_number":8,"box":{"x":53,"y":626,"width":417,"height":11}},{"id":"2eabcacf-bfe5-413e-b0e6-4ed1c5eb2f22","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":8,"box":{"x":52,"y":641,"width":416,"height":11}},{"id":"afda9b8e-ace6-4513-9078-656e2dc4c8e2","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":8,"box":{"x":53,"y":655,"width":380,"height":11}},{"id":"024a4478-6dcc-461e-924d-fce4585546e5","block_type":"box","text":"complete. 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Additionally, to the extent market participants are not","page_number":8,"box":{"x":53,"y":768,"width":400,"height":11}},{"id":"1dd1e05e-50d2-432f-85b9-5e946d748e38","block_type":"box","text":"willing or able to enter into FLEX Option transactions with the","page_number":8,"box":{"x":52,"y":782,"width":393,"height":11}},{"id":"5d65e7af-4c00-4c26-8f7d-b41fb7632965","block_type":"box","text":"Fund at prices that reflect the market price of Fund shares, the","page_number":8,"box":{"x":53,"y":797,"width":401,"height":10}},{"id":"753c3197-80e5-4102-b152-2a5417e486a8","block_type":"box","text":"Fund’s NAV and the share price of the Fund could be negatively","page_number":8,"box":{"x":53,"y":811,"width":404,"height":11}},{"id":"923b7094-182a-40ae-b42a-9dd924ddac89","block_type":"box","text":"impacted.","page_number":8,"box":{"x":53,"y":825,"width":62,"height":11}},{"id":"ea735de8-6716-4a5f-b624-d560bbb79173","block_type":"box","text":"Risk of Investing in the U.S","page_number":8,"box":{"x":52,"y":848,"width":183,"height":11}},{"id":"71063a6e-a167-4852-9ae8-f4daaea0594a","block_type":"box","text":".","page_number":8,"box":{"x":235,"y":855,"width":3,"height":2}},{"id":"48ad14cd-3d75-4892-bc6f-de9c2f1f638e","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":8,"box":{"x":244,"y":848,"width":210,"height":11}},{"id":"3dbf3ff0-8ef6-4270-a0a5-2de8cb1f3c33","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":8,"box":{"x":52,"y":862,"width":392,"height":11}},{"id":"6c472e05-39a5-40e5-9b71-d4c59868c8d2","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":8,"box":{"x":53,"y":877,"width":423,"height":10}},{"id":"3560176f-3ec3-4f54-9121-b70fcd121e79","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":8,"box":{"x":519,"y":46,"width":413,"height":11}},{"id":"dba771da-d4fb-4857-9c75-be2523fe5a36","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":8,"box":{"x":518,"y":61,"width":397,"height":10}},{"id":"44e21264-24d4-4fc7-a8f7-a5b911c74f2f","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":8,"box":{"x":518,"y":84,"width":253,"height":11}},{"id":"3f9f06c9-395f-4c12-b2c6-839809a2c315","block_type":"box","text":"Large-capitalization","page_number":8,"box":{"x":778,"y":84,"width":124,"height":11}},{"id":"94584560-f845-4e81-b408-97eac21826a1","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":8,"box":{"x":519,"y":98,"width":352,"height":11}},{"id":"e851a2f7-e10f-487a-9237-2b6fb174b1d7","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":8,"box":{"x":519,"y":112,"width":351,"height":11}},{"id":"7d12e357-fab3-4da6-a2c2-ad4e8ad1f8bf","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":8,"box":{"x":519,"y":126,"width":404,"height":11}},{"id":"86c406b6-3249-495e-8267-52d0b9c7781d","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":8,"box":{"x":519,"y":141,"width":371,"height":10}},{"id":"a3c9ebe1-5cbe-44cb-8f08-69745006d0e4","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":8,"box":{"x":519,"y":155,"width":339,"height":10}},{"id":"fa095fe6-57e8-4f3a-9abe-ac8ce1c5c21f","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":8,"box":{"x":519,"y":169,"width":389,"height":11}},{"id":"66a4a37e-7229-4b29-aaf7-17f27757c77c","block_type":"box","text":"overall performance of the broader securities markets.","page_number":8,"box":{"x":519,"y":183,"width":349,"height":11}},{"id":"218608d3-fac0-4bdd-9ea0-1d6568751f6e","block_type":"box","text":"Market Risk","page_number":8,"box":{"x":518,"y":206,"width":83,"height":9}},{"id":"fa4bd945-9dce-4fec-ac20-3f8c848e2c98","block_type":"box","text":".","page_number":8,"box":{"x":601,"y":213,"width":2,"height":2}},{"id":"d20d4fc6-42c9-4a66-a6f6-44763bb0efde","block_type":"box","text":"The Fund could lose money over short periods due","page_number":8,"box":{"x":608,"y":206,"width":323,"height":11}},{"id":"dd935beb-9f2b-40cd-8188-37cfcb58cc7d","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":8,"box":{"x":518,"y":220,"width":414,"height":11}},{"id":"14778223-51f2-4ef5-9bb6-38bc884038c8","block_type":"box","text":"more prolonged market downturns. 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In cleared derivatives positions, the Fund will","page_number":8,"box":{"x":519,"y":895,"width":409,"height":10}},{"id":"b6b1da34-148a-4c1d-a489-e06c4fc06e22","block_type":"box","text":"S-5","page_number":8,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"7a1021df-6969-4c20-b52c-fdd72f2a8bd1","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":9,"box":{"x":53,"y":46,"width":381,"height":11}},{"id":"d053f386-6e9e-4ff3-9b92-984c58659379","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":9,"box":{"x":53,"y":61,"width":370,"height":10}},{"id":"ee9cae4d-986f-4310-bf26-d4eadd367e8c","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":9,"box":{"x":53,"y":75,"width":420,"height":11}},{"id":"1a882017-5a9f-4729-b9c0-10a42cd2ee47","block_type":"box","text":"in connection with any options contracts are held in a","page_number":9,"box":{"x":53,"y":89,"width":341,"height":11}},{"id":"9ad88e1b-6557-44e2-a066-04a89f5c992f","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":9,"box":{"x":53,"y":103,"width":413,"height":11}},{"id":"32dcb363-37c3-4a23-9bd9-7c7f7ae787f3","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":9,"box":{"x":53,"y":117,"width":419,"height":11}},{"id":"763ef3c3-212c-4cc2-866d-187c251198ca","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":9,"box":{"x":53,"y":131,"width":399,"height":11}},{"id":"f72f8e67-8c2d-4361-bff2-1dfbc298d245","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":9,"box":{"x":53,"y":146,"width":422,"height":10}},{"id":"e3911289-f53f-498f-962e-f46e919e8486","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":9,"box":{"x":53,"y":160,"width":403,"height":11}},{"id":"52b2fc7e-95cc-49d6-9664-2e8eef31b914","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":9,"box":{"x":53,"y":174,"width":405,"height":11}},{"id":"158c95d3-0aaa-4064-ad54-a97af6d50a63","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":9,"box":{"x":52,"y":188,"width":419,"height":11}},{"id":"bdd40494-8226-4950-9b6f-f6f34b99eae6","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":9,"box":{"x":53,"y":202,"width":422,"height":11}},{"id":"1c90b938-c578-4393-90d3-cdba4e8c13b3","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":9,"box":{"x":52,"y":217,"width":413,"height":10}},{"id":"38908124-efcc-40e4-a124-f5f0b0053343","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":9,"box":{"x":53,"y":231,"width":419,"height":11}},{"id":"938dcc22-7474-4507-8082-f24376266eec","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":9,"box":{"x":53,"y":245,"width":421,"height":11}},{"id":"9f940557-e670-4276-925a-3b7e502655f8","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":9,"box":{"x":52,"y":259,"width":412,"height":11}},{"id":"c5e8549f-6625-4ddf-8ab1-1b5969804ba5","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":9,"box":{"x":52,"y":273,"width":381,"height":11}},{"id":"4ece1ef4-eb1c-4030-bf49-d27f1b664dc2","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":9,"box":{"x":53,"y":287,"width":394,"height":11}},{"id":"a233abb1-da04-4182-840e-fc3f412e2424","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":9,"box":{"x":52,"y":302,"width":400,"height":10}},{"id":"6782d140-19dd-4220-821e-ef4330135109","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":9,"box":{"x":53,"y":316,"width":410,"height":11}},{"id":"22a1dc39-c749-40d2-92b3-9f56dad8d3cc","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":9,"box":{"x":53,"y":330,"width":423,"height":11}},{"id":"e164c567-9968-4b3f-a09e-2fa99008a638","block_type":"box","text":"the clearing member. If the Fund cannot find a clearing member to","page_number":9,"box":{"x":52,"y":344,"width":425,"height":11}},{"id":"9c9b23b3-0cf8-4295-a336-3d41a8b6151c","block_type":"box","text":"transact with on the Fund’s behalf, the Fund may be unable to","page_number":9,"box":{"x":52,"y":358,"width":396,"height":11}},{"id":"18ca2ee3-d97d-4fe7-bd6e-bb631de63cc9","block_type":"box","text":"effectively implement its investment strategy.","page_number":9,"box":{"x":53,"y":373,"width":290,"height":10}},{"id":"0254c0a6-4217-4e3c-9cc3-997cdc30ae7e","block_type":"box","text":"Concentration Risk.","page_number":9,"box":{"x":53,"y":396,"width":132,"height":8}},{"id":"fceb3792-633e-4a40-9bcf-39d74e62e382","block_type":"box","text":"The Fund may be susceptible to an","page_number":9,"box":{"x":190,"y":396,"width":221,"height":11}},{"id":"706f2f44-0b9f-4082-aeb6-73588bc123df","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":9,"box":{"x":53,"y":410,"width":419,"height":11}},{"id":"03f9361a-1c2f-4c66-88b5-3d7f0854c657","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":9,"box":{"x":53,"y":424,"width":407,"height":10}},{"id":"0c493209-e0e1-4c34-8bb3-8593403025f9","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":9,"box":{"x":52,"y":438,"width":418,"height":9}},{"id":"fc4712c1-f6df-40ba-bd9e-eee004540d89","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":9,"box":{"x":53,"y":452,"width":395,"height":11}},{"id":"64e29754-c172-4689-8afb-e885b743188e","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":9,"box":{"x":53,"y":467,"width":388,"height":10}},{"id":"0fd2a864-e722-4a78-b336-a3a8246009ca","block_type":"box","text":"asset classes.","page_number":9,"box":{"x":53,"y":481,"width":88,"height":8}},{"id":"9d0d3c1f-f06e-4214-a6e8-50901403fe44","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":9,"box":{"x":53,"y":504,"width":324,"height":11}},{"id":"c1774e50-f439-49d5-a878-89c81c1b5c2f","block_type":"box","text":"Consumer","page_number":9,"box":{"x":384,"y":504,"width":65,"height":9}},{"id":"bca4e9a4-7f4e-473a-994f-ad5ffe71483f","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":9,"box":{"x":52,"y":518,"width":400,"height":11}},{"id":"9c5317c3-3965-42bc-a3c3-016d9d362c6e","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":9,"box":{"x":53,"y":532,"width":420,"height":11}},{"id":"5479f18f-a829-4d31-bbd2-7f370b0390fc","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":9,"box":{"x":52,"y":547,"width":424,"height":10}},{"id":"e4a102ba-1a63-4447-bf6e-944a657d90b6","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":9,"box":{"x":53,"y":561,"width":403,"height":11}},{"id":"9768651e-74f6-4b40-a9ec-543e4dd2036b","block_type":"box","text":"other things.","page_number":9,"box":{"x":53,"y":575,"width":79,"height":11}},{"id":"80586bb4-239c-4f5e-8619-a767d5eaa488","block_type":"box","text":"Counterparty Risk.","page_number":9,"box":{"x":53,"y":598,"width":125,"height":11}},{"id":"6532dac4-d33b-4dea-826e-b52262bc4fe8","block_type":"box","text":"Derivatives are subject to counterparty risk,","page_number":9,"box":{"x":185,"y":598,"width":279,"height":11}},{"id":"ba9e7a61-9bcc-4f4d-b364-020e11ed37b4","block_type":"box","text":"which is the risk that the other party in the transaction will be","page_number":9,"box":{"x":52,"y":612,"width":393,"height":11}},{"id":"cb93fea8-4eb7-45f0-86dc-bd21e971d899","block_type":"box","text":"unable or unwilling to fulfill its contractual obligation, and the","page_number":9,"box":{"x":53,"y":626,"width":390,"height":11}},{"id":"f8b38e08-5210-4368-9ded-cfa8eb6ef3d1","block_type":"box","text":"related risks of having concentrated exposure to such a","page_number":9,"box":{"x":53,"y":641,"width":354,"height":11}},{"id":"07bbb9f5-717d-4efd-8ebf-af81218aa17c","block_type":"box","text":"counterparty. The OCC acts as guarantor and central counterparty","page_number":9,"box":{"x":53,"y":655,"width":424,"height":11}},{"id":"d37a681e-ae6d-4eab-8f49-4b5a7edcc924","block_type":"box","text":"with respect to the FLEX Options. As a result, the ability of the","page_number":9,"box":{"x":52,"y":669,"width":398,"height":11}},{"id":"6806badb-53bc-4425-976d-c1b64410f029","block_type":"box","text":"Fund to meet its objective depends on the OCC being able to","page_number":9,"box":{"x":53,"y":683,"width":389,"height":11}},{"id":"90936267-2c92-477d-88ad-aaf0119c6e6f","block_type":"box","text":"meet its obligations. In the unlikely event that the OCC becomes","page_number":9,"box":{"x":53,"y":697,"width":411,"height":11}},{"id":"1fb39bed-429f-4ff5-89b5-1d80f5a78be0","block_type":"box","text":"insolvent or is otherwise unable to meet its settlement","page_number":9,"box":{"x":53,"y":712,"width":348,"height":8}},{"id":"a89d8683-6850-485c-bc0a-87b95ced67d0","block_type":"box","text":"obligations, the Fund could suffer significant losses.","page_number":9,"box":{"x":53,"y":726,"width":330,"height":11}},{"id":"5138e9d8-9e7e-4d5c-b01d-ca261bc9893c","block_type":"box","text":"Derivatives Risk.","page_number":9,"box":{"x":52,"y":749,"width":112,"height":8}},{"id":"76f53d28-ea07-4940-b997-12a192678cc3","block_type":"box","text":"The Fund’s use of derivatives (","page_number":9,"box":{"x":170,"y":749,"width":193,"height":11}},{"id":"fc84f47f-39d1-4fcc-9706-7ca1fdc8eaa0","block_type":"box","text":"e.g","page_number":9,"box":{"x":364,"y":751,"width":19,"height":9}},{"id":"cac9f4be-726e-4e6e-8546-b187a3615cd2","block_type":"box","text":"., futures,","page_number":9,"box":{"x":384,"y":749,"width":59,"height":10}},{"id":"1b6696d7-8d96-44de-a2e5-cfb09b810d01","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":9,"box":{"x":52,"y":763,"width":385,"height":11}},{"id":"9db9747b-8ede-4078-8670-d4939e6a0d76","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":9,"box":{"x":53,"y":777,"width":411,"height":11}},{"id":"5ecd9db3-cd05-4c79-a2ec-a392bbc503d8","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":9,"box":{"x":53,"y":791,"width":424,"height":11}},{"id":"18ed280b-4e88-4e6e-b21e-bac683f6b183","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":9,"box":{"x":53,"y":806,"width":365,"height":11}},{"id":"c7257e7a-20a5-459c-9904-99a1bbcd8b48","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":9,"box":{"x":52,"y":820,"width":390,"height":11}},{"id":"5ec77eab-850f-4434-8ea6-a6204ccc04f7","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":9,"box":{"x":53,"y":834,"width":397,"height":11}},{"id":"0cddb164-8307-4152-b2ce-cb069a343926","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":9,"box":{"x":52,"y":848,"width":406,"height":11}},{"id":"faf1f003-46ee-4ee2-9819-d22ce211a1c1","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":9,"box":{"x":53,"y":862,"width":363,"height":11}},{"id":"8bc854b3-affd-4324-8f95-50108fc95f03","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":9,"box":{"x":53,"y":877,"width":418,"height":10}},{"id":"b45bf060-08af-48d4-aeae-75ee6eb832c6","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":9,"box":{"x":53,"y":891,"width":399,"height":11}},{"id":"9439f2d8-55f7-4e96-b931-bc2d05263415","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":9,"box":{"x":519,"y":46,"width":381,"height":11}},{"id":"32f4e9d9-1a28-4b92-8f1c-fad1d792a164","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":9,"box":{"x":518,"y":61,"width":418,"height":10}},{"id":"225dfae9-114a-4370-af09-be3a2deb95a5","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":9,"box":{"x":518,"y":75,"width":402,"height":11}},{"id":"5c695e57-6f14-4556-bb8b-dc904e62a78a","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":9,"box":{"x":519,"y":89,"width":403,"height":11}},{"id":"1300ec60-ba78-4778-8b45-aa7d2a057645","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":9,"box":{"x":519,"y":103,"width":402,"height":11}},{"id":"a450a478-da37-4ea3-a011-6101422d3c6e","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":9,"box":{"x":519,"y":117,"width":371,"height":11}},{"id":"5b7ce6e3-d6e2-47bb-92a3-2e6bbf1506c1","block_type":"box","text":"Equity Securities Risk","page_number":9,"box":{"x":518,"y":140,"width":148,"height":11}},{"id":"a453b350-4925-4e50-ad79-3e41a88cbcfd","block_type":"box","text":".","page_number":9,"box":{"x":666,"y":147,"width":3,"height":2}},{"id":"dfa791b9-7977-4a27-8ae5-10d4079aac26","block_type":"box","text":"Equity securities are subject to changes","page_number":9,"box":{"x":675,"y":141,"width":254,"height":10}},{"id":"c41e5abe-aa7a-42fe-85d8-d94caf66d55d","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":9,"box":{"x":519,"y":155,"width":422,"height":10}},{"id":"7e381cf8-dcd8-4dc3-ae9e-88109e70e334","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":9,"box":{"x":519,"y":169,"width":419,"height":11}},{"id":"4c77eab4-fc78-4728-8847-8f7ec1a45fb5","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":9,"box":{"x":519,"y":183,"width":396,"height":11}},{"id":"91adc033-7435-4b17-8d00-eae5bfac1438","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":9,"box":{"x":518,"y":197,"width":360,"height":11}},{"id":"92f434ad-2f8a-40a6-a073-b559221f5a49","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":9,"box":{"x":519,"y":211,"width":390,"height":11}},{"id":"0b1c2564-f95b-45c3-a6f1-23e6ba5ef0af","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":9,"box":{"x":519,"y":226,"width":412,"height":10}},{"id":"bdbf62a3-c357-4f29-b5ec-5283c3fef2e1","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":9,"box":{"x":518,"y":240,"width":373,"height":11}},{"id":"6862d2db-b478-4ecb-97d7-06b3c7485869","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":9,"box":{"x":519,"y":254,"width":309,"height":11}},{"id":"9aedc85b-0a25-4907-bf0b-382843ca3198","block_type":"box","text":"Futures Contract Risk.","page_number":9,"box":{"x":518,"y":277,"width":151,"height":9}},{"id":"7f8cc8e4-773f-4f98-a141-3866da728519","block_type":"box","text":"Futures contracts may involve risks","page_number":9,"box":{"x":676,"y":277,"width":225,"height":11}},{"id":"085d70a7-eecb-4074-98d7-bf3717be393a","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":9,"box":{"x":519,"y":291,"width":424,"height":11}},{"id":"1b410548-b7ef-4096-b999-3ef8b14fcfb4","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":9,"box":{"x":519,"y":306,"width":369,"height":10}},{"id":"82880a9c-d76b-452e-a1f0-1f540f262e71","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":9,"box":{"x":519,"y":320,"width":411,"height":10}},{"id":"fc334565-2bfb-42f4-90f6-e2f29e8887b4","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":9,"box":{"x":519,"y":334,"width":407,"height":11}},{"id":"64da9f4b-8c0c-4e32-940f-37b99d397639","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":9,"box":{"x":519,"y":348,"width":423,"height":11}},{"id":"f19fe050-6c8c-44cd-a7ef-c724d5425b15","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":9,"box":{"x":519,"y":362,"width":418,"height":11}},{"id":"4534cc06-d5ec-415b-b683-8772b6d2a90a","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":9,"box":{"x":519,"y":376,"width":412,"height":11}},{"id":"c22ddfdf-174b-41e8-8b8d-24385d34f17c","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":9,"box":{"x":518,"y":391,"width":390,"height":10}},{"id":"6bb79ad1-643e-47b1-b692-7423f4076235","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":9,"box":{"x":519,"y":405,"width":393,"height":11}},{"id":"bedc2683-9b15-40ca-9658-d40188a23739","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":9,"box":{"x":519,"y":419,"width":410,"height":11}},{"id":"72e2036f-a3cc-49fe-96cc-47f909b2c546","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":9,"box":{"x":519,"y":433,"width":361,"height":11}},{"id":"db40828b-1d14-4e5e-86e2-396b77b0636b","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":9,"box":{"x":519,"y":447,"width":404,"height":11}},{"id":"f035735d-493d-4253-aadf-ebdb3ada3691","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":9,"box":{"x":518,"y":462,"width":378,"height":10}},{"id":"33103e0e-9dbe-4d6e-8bc9-77e71d0c005f","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":9,"box":{"x":519,"y":476,"width":406,"height":10}},{"id":"97fcb365-5b07-4a9a-837e-ba2a89e08986","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":9,"box":{"x":518,"y":490,"width":424,"height":11}},{"id":"a1b0c641-8227-4fb3-9884-bcce39679366","block_type":"box","text":"commodity to the Fund.","page_number":9,"box":{"x":519,"y":504,"width":151,"height":11}},{"id":"e405ae4e-9786-4e1d-8757-fa4e034f8b13","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":9,"box":{"x":518,"y":527,"width":399,"height":11}},{"id":"fb190d12-00f7-4d06-abec-22329a05cf1d","block_type":"box","text":"(","page_number":9,"box":{"x":519,"y":541,"width":3,"height":11}},{"id":"3505d69c-304f-4374-8bc2-c13f21c28e6b","block_type":"box","text":"i.e","page_number":9,"box":{"x":523,"y":541,"width":14,"height":9}},{"id":"49d39b4c-7ffb-4803-a348-069aaa4354ba","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":9,"box":{"x":539,"y":541,"width":356,"height":11}},{"id":"6915fb78-da9c-4cc3-8f0b-ae5ba4dfafd2","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":9,"box":{"x":519,"y":556,"width":373,"height":10}},{"id":"81eaa850-fae5-489c-a863-0bee74e866bd","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":9,"box":{"x":519,"y":570,"width":406,"height":11}},{"id":"f70d69c9-0655-4853-9999-d325bc203128","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":9,"box":{"x":519,"y":584,"width":424,"height":11}},{"id":"7285730b-b814-4c8c-9428-954867bdd003","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":9,"box":{"x":519,"y":598,"width":392,"height":11}},{"id":"3ef4c761-5486-4d8d-a256-7a46aeb542fc","block_type":"box","text":"contract.","page_number":9,"box":{"x":519,"y":613,"width":56,"height":8}},{"id":"b0194e6c-bd37-4ea0-aead-20db4ba7c07c","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":9,"box":{"x":518,"y":635,"width":245,"height":11}},{"id":"51ac07b8-1713-48ae-9df4-050846f2e503","block_type":"box","text":"The Fund invests in the","page_number":9,"box":{"x":769,"y":636,"width":147,"height":8}},{"id":"76e89a95-d9f6-48da-b788-8182cd0d2a6f","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":9,"box":{"x":519,"y":650,"width":420,"height":11}},{"id":"773c4e89-017c-4ce0-be3f-51e73b8d49ea","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":9,"box":{"x":519,"y":664,"width":403,"height":11}},{"id":"6f5b474a-eb94-4966-83ab-3e33b3c1fffe","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":9,"box":{"x":518,"y":678,"width":382,"height":11}},{"id":"b27681af-094e-4902-a9d4-3eeba52d99b8","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":9,"box":{"x":519,"y":692,"width":420,"height":11}},{"id":"36af427c-1357-4793-81c0-02566ba7c419","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":9,"box":{"x":519,"y":706,"width":419,"height":11}},{"id":"74a7f81b-f3c1-4062-896c-49c6cb85ca24","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":9,"box":{"x":519,"y":721,"width":407,"height":10}},{"id":"f35ca715-1854-4943-8330-7441b1f2e105","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":9,"box":{"x":518,"y":735,"width":419,"height":11}},{"id":"d9611c64-eec9-44b5-b158-4fc0c715a90a","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":9,"box":{"x":519,"y":749,"width":417,"height":11}},{"id":"de250593-3fa5-47be-83c7-52e0d0b5e9a1","block_type":"box","text":"the Underlying Fund.","page_number":9,"box":{"x":518,"y":763,"width":132,"height":11}},{"id":"80007258-4056-494e-b939-09f5f5f5e57d","block_type":"box","text":"Issuer Risk","page_number":9,"box":{"x":518,"y":786,"width":76,"height":9}},{"id":"026a2cf9-0f30-4b9e-bbc3-ddcedec9d774","block_type":"box","text":".","page_number":9,"box":{"x":594,"y":793,"width":2,"height":2}},{"id":"5d25a6fa-b488-4bbb-8550-ab86010d93af","block_type":"box","text":"The performance of the Fund depends on the","page_number":9,"box":{"x":601,"y":786,"width":289,"height":11}},{"id":"3f4fc69a-025e-4706-bb3f-aa94da8a3eb5","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":9,"box":{"x":519,"y":801,"width":412,"height":10}},{"id":"f222b82d-1ba5-471b-9465-14bfeb0cdb6f","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":9,"box":{"x":519,"y":815,"width":402,"height":11}},{"id":"834bdcb0-c869-4d64-a9c5-e50d1cd11af0","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":9,"box":{"x":519,"y":829,"width":418,"height":11}},{"id":"ae10521c-9ed9-48f4-b927-aadd9238ba8e","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":9,"box":{"x":519,"y":843,"width":414,"height":11}},{"id":"82a994a0-9843-4c8d-8588-4897a933c5a0","block_type":"box","text":"counterparty.","page_number":9,"box":{"x":519,"y":858,"width":84,"height":10}},{"id":"0e364c0f-d338-4204-aafc-f3e39f6c6d9a","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":9,"box":{"x":518,"y":880,"width":360,"height":11}},{"id":"38313494-7a8b-41d9-be28-990b9c2f80f0","block_type":"box","text":"Certain","page_number":9,"box":{"x":885,"y":880,"width":45,"height":9}},{"id":"1f172516-da7c-483c-8f2a-e499e403d5cc","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":9,"box":{"x":519,"y":895,"width":405,"height":10}},{"id":"83b2dc94-6047-43d5-bcce-7c12b55a84bd","block_type":"box","text":"S-6","page_number":9,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"12f8b7fc-fdc1-482d-9bfc-5a52cccf8491","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":10,"box":{"x":52,"y":46,"width":410,"height":11}},{"id":"b4af8ebb-2051-4a61-9d21-de9f7fc9bee0","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":10,"box":{"x":53,"y":61,"width":418,"height":10}},{"id":"79374337-4f46-411d-99f2-bf79340dc07f","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":10,"box":{"x":53,"y":75,"width":417,"height":11}},{"id":"17ae699a-46a9-4c25-81bc-74a752ea9b26","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":10,"box":{"x":52,"y":89,"width":424,"height":11}},{"id":"cd5f3150-98d2-485f-9c6d-3a4da9cc375b","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":10,"box":{"x":53,"y":103,"width":387,"height":11}},{"id":"f16dfeef-93bb-4104-b725-b2748deca585","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":10,"box":{"x":53,"y":117,"width":420,"height":11}},{"id":"b0d62007-f53e-49f6-bc93-2574c231ec96","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":10,"box":{"x":53,"y":131,"width":412,"height":11}},{"id":"82fce9be-26ca-4c4d-9298-e10c5ff359f7","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":10,"box":{"x":53,"y":146,"width":415,"height":10}},{"id":"bfae9737-2558-4b3b-bf60-a90d46154c2e","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":10,"box":{"x":52,"y":160,"width":412,"height":11}},{"id":"125761e0-cc0e-4c62-a7b4-fa01680f7d32","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":10,"box":{"x":52,"y":174,"width":415,"height":8}},{"id":"944c9a16-cedc-46df-b89a-d98594482ec1","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":10,"box":{"x":52,"y":188,"width":400,"height":10}},{"id":"281adec1-a621-4aff-a263-a8e3f284f2cf","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":10,"box":{"x":53,"y":202,"width":404,"height":11}},{"id":"6d5ea1c8-3ffb-4961-8eb2-be9465d3aa70","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":10,"box":{"x":53,"y":217,"width":414,"height":10}},{"id":"bf70e425-063e-4a43-9e73-60bbd30665d4","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":10,"box":{"x":52,"y":231,"width":412,"height":11}},{"id":"452fddc5-57d3-4b8a-8ab6-a2eb3404eb41","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":10,"box":{"x":53,"y":245,"width":352,"height":11}},{"id":"ad5e123c-1792-4528-ada2-8e1b3ab99a68","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":10,"box":{"x":53,"y":259,"width":414,"height":11}},{"id":"3c694b0b-b101-4551-8d41-b3d35d925b74","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":10,"box":{"x":52,"y":273,"width":416,"height":11}},{"id":"62f97145-4767-4c38-b1da-b42f65d1a528","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":10,"box":{"x":53,"y":287,"width":387,"height":11}},{"id":"d4260024-eaea-489f-8b0e-3e1741b74c13","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":10,"box":{"x":52,"y":302,"width":419,"height":10}},{"id":"7c282cb9-608c-47c7-8a0d-ccad8c5c41c1","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":10,"box":{"x":53,"y":316,"width":389,"height":11}},{"id":"70483a96-1bac-46e5-9744-46c12f80931f","block_type":"box","text":"price of Fund shares.","page_number":10,"box":{"x":53,"y":330,"width":133,"height":11}},{"id":"44916284-f44d-4467-8e79-2ff33616baad","block_type":"box","text":"Management Risk.","page_number":10,"box":{"x":52,"y":353,"width":125,"height":11}},{"id":"2883a458-0f55-4037-9fa5-90b2c790b8e3","block_type":"box","text":"The Fund is subject to management risk,","page_number":10,"box":{"x":183,"y":353,"width":259,"height":11}},{"id":"69ca2745-4983-4605-94d7-c830665045cc","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":10,"box":{"x":52,"y":367,"width":420,"height":11}},{"id":"729e68d5-315d-4c92-a1cf-2c473d0b4e1a","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":10,"box":{"x":53,"y":382,"width":411,"height":10}},{"id":"e28aec8b-626e-4028-aa03-c5c2a6ab2375","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":10,"box":{"x":53,"y":396,"width":416,"height":11}},{"id":"cc9b7786-bda5-429a-8600-b5ba544139d9","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":10,"box":{"x":53,"y":410,"width":374,"height":8}},{"id":"a803e860-cf6d-489c-8aee-9efa1fe6d761","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":10,"box":{"x":53,"y":424,"width":390,"height":11}},{"id":"fde6229b-4ab9-4ca2-bf29-2578b71e0dd4","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":10,"box":{"x":53,"y":438,"width":392,"height":11}},{"id":"625dcaf4-81ff-40d1-bc0c-cc1e0f941414","block_type":"box","text":"developments may affect the investment techniques available to","page_number":10,"box":{"x":53,"y":452,"width":412,"height":11}},{"id":"5a8c8090-3a63-4e9b-9166-681d5f8c01d2","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":10,"box":{"x":53,"y":467,"width":395,"height":10}},{"id":"a6933a88-598f-455d-a5a7-0739649aeeff","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":10,"box":{"x":53,"y":481,"width":409,"height":11}},{"id":"fae56d13-ff23-491b-866d-771ce29f8e6a","block_type":"box","text":"Market Trading Risk","page_number":10,"box":{"x":52,"y":504,"width":136,"height":11}},{"id":"5ded7ea4-acee-454d-808d-be27a8ea9088","block_type":"box","text":".","page_number":10,"box":{"x":189,"y":511,"width":2,"height":1}},{"id":"1282845d-af9d-4026-b685-c014f3a3e3e1","block_type":"box","text":"The Fund faces numerous market trading","page_number":10,"box":{"x":196,"y":504,"width":263,"height":11}},{"id":"12e671ee-ed74-4d5f-a979-47c7a779de0d","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":10,"box":{"x":53,"y":518,"width":394,"height":11}},{"id":"52ffdf80-f1c8-4b71-8692-04f524542431","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":10,"box":{"x":53,"y":532,"width":401,"height":11}},{"id":"dddf5767-dc23-4318-993f-455389a73081","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":10,"box":{"x":53,"y":547,"width":404,"height":10}},{"id":"36dede9b-154d-4840-811e-efaddf99bc0f","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":10,"box":{"x":52,"y":561,"width":417,"height":11}},{"id":"d7204d69-3b36-4be6-a4f7-de62cab2b094","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":10,"box":{"x":52,"y":575,"width":404,"height":11}},{"id":"48f31fff-0ee1-4c94-84e3-4629fda460cd","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":10,"box":{"x":52,"y":589,"width":412,"height":11}},{"id":"ee6fbb3e-2084-410e-991d-f5cb0af8fb2f","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":10,"box":{"x":53,"y":603,"width":397,"height":11}},{"id":"0c8879b3-07c3-4581-9580-da5ec5e02792","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":10,"box":{"x":53,"y":618,"width":418,"height":10}},{"id":"893dc27f-8971-40a0-8b04-dbee9b7823b2","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":10,"box":{"x":53,"y":632,"width":412,"height":10}},{"id":"74a294dd-71e9-4d65-b1d9-813552148d56","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":10,"box":{"x":52,"y":646,"width":398,"height":11}},{"id":"4a0b686b-a7fc-4459-b8c0-9b1a2d896ae9","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":10,"box":{"x":53,"y":660,"width":316,"height":11}},{"id":"e909f414-af1c-44d5-a2f2-cb65652682e4","block_type":"box","text":"Non-Diversification Risk","page_number":10,"box":{"x":52,"y":683,"width":165,"height":9}},{"id":"c4aa01f8-9e6f-4cfa-8c28-8f7daf5e2512","block_type":"box","text":".","page_number":10,"box":{"x":217,"y":690,"width":3,"height":2}},{"id":"90998e74-7e19-4785-bcc3-fca11bba4fc7","block_type":"box","text":"The Fund is classified as “non","page_number":10,"box":{"x":225,"y":683,"width":193,"height":9}},{"id":"3bd099f4-d197-4896-853d-e06c7a832e13","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":10,"box":{"x":53,"y":697,"width":377,"height":11}},{"id":"8ffa23f2-c37d-4437-9ee8-cf4d4f96a6b9","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":10,"box":{"x":53,"y":712,"width":358,"height":10}},{"id":"81dc198e-8087-48f6-8b3c-13a6231caa11","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":10,"box":{"x":53,"y":726,"width":369,"height":11}},{"id":"2bae205e-53fd-498f-b1d2-9107933b7fbe","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":10,"box":{"x":53,"y":740,"width":422,"height":11}},{"id":"a724e797-6455-4e2f-8b60-8378ee653a68","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":10,"box":{"x":53,"y":754,"width":378,"height":11}},{"id":"dc94a127-3682-4890-a49c-0c7afdeba7fe","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":10,"box":{"x":53,"y":768,"width":374,"height":11}},{"id":"c7f27175-8a77-452a-9009-664cbe69c547","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":10,"box":{"x":53,"y":782,"width":417,"height":11}},{"id":"4ba09d38-72eb-45ce-9c2e-48e95df5a58f","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":10,"box":{"x":53,"y":797,"width":418,"height":10}},{"id":"7cf7db6c-d459-4cd2-8779-ed912fda152f","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":10,"box":{"x":53,"y":811,"width":209,"height":11}},{"id":"7323b865-a66b-46e2-95ed-215bd0939a7c","block_type":"box","text":"Operational and Technology Risks","page_number":10,"box":{"x":53,"y":834,"width":229,"height":11}},{"id":"8262cc90-30ee-4531-b62b-58ae55b1b0cc","block_type":"box","text":".","page_number":10,"box":{"x":284,"y":841,"width":2,"height":1}},{"id":"fa987859-dfa8-4059-b74d-a3a26a5a0068","block_type":"box","text":"The Fund is directly and","page_number":10,"box":{"x":291,"y":834,"width":151,"height":11}},{"id":"c84a1286-527c-45f8-aaa6-4bc7718d96ba","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":10,"box":{"x":53,"y":848,"width":368,"height":11}},{"id":"f02c8ab9-575b-4189-815d-506d849ab50e","block_type":"box","text":"including those related to human errors, processing errors,","page_number":10,"box":{"x":53,"y":862,"width":376,"height":11}},{"id":"3e9d8f88-e6dd-490a-9179-129a56c860be","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":10,"box":{"x":53,"y":877,"width":412,"height":10}},{"id":"8eb25a0c-a699-4097-bef4-ac87c56d3be0","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":10,"box":{"x":53,"y":891,"width":404,"height":11}},{"id":"b395421f-ee02-4eac-bf78-ff71448af11d","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":10,"box":{"x":518,"y":46,"width":402,"height":11}},{"id":"665228df-4918-40e4-b102-ca4ebc94a564","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":10,"box":{"x":519,"y":61,"width":376,"height":10}},{"id":"a3a64d11-b9c2-4368-8a49-2df2fc593a89","block_type":"box","text":"providers are required to have appropriate operational,","page_number":10,"box":{"x":519,"y":75,"width":350,"height":10}},{"id":"d1e6a2c3-8367-437b-a5b5-5245bf912f0e","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":10,"box":{"x":519,"y":89,"width":414,"height":11}},{"id":"a1dda163-54d1-4c8d-aac6-5dbe0284c7ee","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":10,"box":{"x":519,"y":103,"width":397,"height":11}},{"id":"b0a9ca86-2a5f-4a9f-a84f-f6e65c22729a","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":10,"box":{"x":518,"y":117,"width":411,"height":11}},{"id":"cc351cda-4fdb-4a39-bb66-809c3a41cf0f","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":10,"box":{"x":519,"y":131,"width":391,"height":9}},{"id":"e5c9fa26-2cb2-4bde-b624-5284dc830255","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":10,"box":{"x":519,"y":146,"width":421,"height":10}},{"id":"fc81ff91-b4ea-476f-8dbc-7b4fda3e93d6","block_type":"box","text":"investments in such issuers to lose value.","page_number":10,"box":{"x":519,"y":160,"width":264,"height":8}},{"id":"9a439cb8-047d-4ae1-ad01-02bfb7d81522","block_type":"box","text":"Outcome Period Risk.","page_number":10,"box":{"x":519,"y":183,"width":144,"height":9}},{"id":"298e6ef2-5b44-4e8d-857d-9b7088d8219c","block_type":"box","text":"The Approximate Buffer and Approximate","page_number":10,"box":{"x":669,"y":183,"width":264,"height":11}},{"id":"0160f2e2-a037-4d8b-ac1e-06b16f564f2c","block_type":"box","text":"Cap for an Outcome Period apply to Fund shares held over the","page_number":10,"box":{"x":519,"y":197,"width":397,"height":11}},{"id":"e89ab7db-34e4-47da-b699-48b3c7a2fa0d","block_type":"box","text":"entire Outcome Period. If an investor purchases Fund shares after","page_number":10,"box":{"x":519,"y":211,"width":421,"height":11}},{"id":"4eec63d6-0b7d-4cec-b2e0-dd6af080f62e","block_type":"box","text":"an Outcome Period begins or sells Fund shares prior to the end of","page_number":10,"box":{"x":519,"y":226,"width":420,"height":10}},{"id":"f440cf75-3f39-4e60-b1f7-fe5166a69593","block_type":"box","text":"an Outcome Period, the returns realized by the investor will not","page_number":10,"box":{"x":519,"y":240,"width":403,"height":11}},{"id":"18fbb5e4-233d-4f6d-892f-472d8fd639f6","block_type":"box","text":"match those that the Fund seeks to provide.","page_number":10,"box":{"x":519,"y":254,"width":281,"height":11}},{"id":"0d64aa55-b841-474c-a4dd-5fd1a31972ba","block_type":"box","text":"Securities Lending Risk.","page_number":10,"box":{"x":518,"y":277,"width":162,"height":11}},{"id":"3089f1c9-fe12-4e75-a5e7-dcd544cf9c32","block_type":"box","text":"The Fund may engage in securities","page_number":10,"box":{"x":685,"y":277,"width":221,"height":11}},{"id":"79148774-4998-4e42-9436-924063a5844a","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":10,"box":{"x":519,"y":291,"width":396,"height":11}},{"id":"328a0b2f-4f76-425a-806f-7e6664c99499","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":10,"box":{"x":519,"y":305,"width":417,"height":11}},{"id":"4ff8b65f-eaa0-4dea-8ce5-fe9982ec2122","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":10,"box":{"x":519,"y":320,"width":408,"height":10}},{"id":"46c7e8c9-cad7-4d24-bbe9-ba4a33efd0d3","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":10,"box":{"x":519,"y":334,"width":416,"height":11}},{"id":"8b1476ff-404b-4752-baf3-7937baae3c9c","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":10,"box":{"x":519,"y":348,"width":389,"height":11}},{"id":"3a623ac8-5a17-43dc-8fd7-80352ba21512","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":10,"box":{"x":519,"y":362,"width":406,"height":9}},{"id":"4a638617-4af2-445f-93f9-608ee3ebabdb","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":10,"box":{"x":518,"y":376,"width":302,"height":11}},{"id":"9e97e8f5-e327-4d0f-b7d6-c3a5c937d476","block_type":"box","text":"Tax Risk.","page_number":10,"box":{"x":519,"y":400,"width":57,"height":8}},{"id":"cb96f5bf-3867-4c38-ae0d-857453795f8e","block_type":"box","text":"The Fund intends to elect and to qualify each year to be","page_number":10,"box":{"x":581,"y":400,"width":355,"height":10}},{"id":"686a2949-21f8-4abf-9dec-0a6b56eacc26","block_type":"box","text":"treated as a regulated investment company (“RIC”) under","page_number":10,"box":{"x":518,"y":414,"width":368,"height":11}},{"id":"3b3453e8-fcc1-406d-aca9-9e96047c80ac","block_type":"box","text":"Subchapter M of the U.S. Internal Revenue Code of 1986, as","page_number":10,"box":{"x":519,"y":428,"width":384,"height":11}},{"id":"3f2cc66f-e038-4925-9c81-b6e467a26bb8","block_type":"box","text":"amended (the “Internal Revenue Code”). As a RIC, the Fund will","page_number":10,"box":{"x":519,"y":442,"width":404,"height":11}},{"id":"167cbe52-ec97-48b3-8d81-c9e72c67fecf","block_type":"box","text":"not be subject to U.S. federal income tax on the portion of its net","page_number":10,"box":{"x":519,"y":456,"width":416,"height":11}},{"id":"50b73ca4-70ac-43cd-89d9-a247804491c2","block_type":"box","text":"investment income and net capital gains that it distributes to","page_number":10,"box":{"x":519,"y":471,"width":388,"height":10}},{"id":"584811bb-d43d-4f38-89b6-ee4e7cc886b1","block_type":"box","text":"shareholders, provided that it satisfies certain requirements of the","page_number":10,"box":{"x":519,"y":485,"width":424,"height":10}},{"id":"4bd77bde-bdcd-46c5-9439-a7c8a240405e","block_type":"box","text":"Internal Revenue Code. 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This includes the tax aspects of the Fund’s options","page_number":10,"box":{"x":519,"y":527,"width":413,"height":11}},{"id":"049bf5a5-64a0-4aea-a9c2-421517fb39ef","block_type":"box","text":"strategy, its hedging strategy, the application of the “straddle”","page_number":10,"box":{"x":519,"y":541,"width":397,"height":11}},{"id":"c406ebe0-7e81-4903-a26d-e23d5628b55b","block_type":"box","text":"rules, and various loss limitation provisions of the Internal","page_number":10,"box":{"x":519,"y":556,"width":368,"height":10}},{"id":"7e239283-d3c5-480d-a939-81d590bc4622","block_type":"box","text":"Revenue Code.","page_number":10,"box":{"x":519,"y":570,"width":95,"height":8}},{"id":"a6ca8155-2b54-4727-83ef-fb4b3c677758","block_type":"box","text":"To qualify and maintain its status as a RIC, the Fund must meet","page_number":10,"box":{"x":518,"y":593,"width":403,"height":11}},{"id":"add5a2f8-c966-4fbe-89fe-221c743a1ab6","block_type":"box","text":"certain income, diversification and distributions tests. For","page_number":10,"box":{"x":519,"y":607,"width":368,"height":10}},{"id":"6fd72b50-37c1-4375-85dc-46599762d65e","block_type":"box","text":"purposes of the diversification test, the identification of the issuer","page_number":10,"box":{"x":519,"y":621,"width":422,"height":11}},{"id":"4f4e5fc2-6d52-4aae-a657-67749c348771","block_type":"box","text":"(or, in some cases, issuers) of a particular Fund investment can","page_number":10,"box":{"x":519,"y":635,"width":404,"height":11}},{"id":"05df89d3-ad57-48fa-ba6f-5980f78bc1b7","block_type":"box","text":"depend on the terms and conditions of that investment. In","page_number":10,"box":{"x":519,"y":650,"width":371,"height":10}},{"id":"582d8968-fe5b-4e7c-984d-92eb1a664b08","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":10,"box":{"x":519,"y":664,"width":412,"height":11}},{"id":"b0ae9163-743e-4ae2-9fcf-bda492655adc","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":10,"box":{"x":518,"y":678,"width":415,"height":11}},{"id":"574bc505-2d0b-4e13-a1c6-069cd236ce49","block_type":"box","text":"derivatives that the Fund will enter into. Based upon the language","page_number":10,"box":{"x":519,"y":692,"width":418,"height":11}},{"id":"52c6c6cc-b058-4d9d-9b0f-75ae8ecbcc96","block_type":"box","text":"in the legislative history, the Fund intends to treat the reference","page_number":10,"box":{"x":519,"y":706,"width":408,"height":11}},{"id":"a88009bd-fbdc-4933-b322-6e8d3e74722d","block_type":"box","text":"asset","page_number":10,"box":{"x":519,"y":721,"width":33,"height":8}},{"id":"60ab5fd9-0422-4494-b557-6e10ddbd8cb1","block_type":"box","text":"(i.e","page_number":10,"box":{"x":557,"y":721,"width":19,"height":10}},{"id":"ac70a876-5e75-4fb5-ac40-653b2f9f19a4","block_type":"box","text":"., the Underlying Fund) as the issuer of the options.","page_number":10,"box":{"x":577,"y":721,"width":326,"height":10}},{"id":"400c9dfc-e6cb-4c68-bbf1-16af77cd4fd9","block_type":"box","text":"Assuming the reference asset qualifies as a RIC, the Fund could","page_number":10,"box":{"x":518,"y":735,"width":407,"height":11}},{"id":"98f8d6dc-ca70-4a31-b13d-81bf2ffc0f64","block_type":"box","text":"count the options as automatically diversified investments under","page_number":10,"box":{"x":519,"y":749,"width":414,"height":11}},{"id":"ac27c1ec-1be6-431d-bde6-b5aa490cbb44","block_type":"box","text":"the RIC diversification requirements. 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