{"annotation_id":"1df2f43c-fcbd-4ec7-9733-66add4db2113","file_hash":"5df7cc1d9a201398e43f37cabf27f880757415a6832136c7fad8c187756a5d1a","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"6185b9ba-814e-48ab-a19f-ac75f234c7c7","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"c48a556d-d580-4e41-8c11-8154cd5688b0","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"d781146e-84ca-415e-9141-2d1f495d1f14","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus","page_number":1,"box":{"x":286,"y":108,"width":431,"height":13}},{"id":"ae9c2a51-0cdf-4dde-a4a9-0bdee646d6c0","block_type":"box","text":"and Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":285,"y":123,"width":434,"height":13}},{"id":"058c2626-4577-4826-b3a2-39d22848cd33","block_type":"box","text":"iShares","page_number":1,"box":{"x":294,"y":139,"width":51,"height":10}},{"id":"ce252a7e-290e-4355-b144-3f4982ba74fb","block_type":"box","text":"®","page_number":1,"box":{"x":346,"y":139,"width":10,"height":7}},{"id":"0d7acef8-dea4-496c-aaea-3f1224fd86ad","block_type":"box","text":"iBonds","page_number":1,"box":{"x":356,"y":139,"width":53,"height":10}},{"id":"aa8bf3fe-4484-4bde-9920-427fe53deb53","block_type":"box","text":"®","page_number":1,"box":{"x":410,"y":139,"width":9,"height":7}},{"id":"45c89f1a-1e90-41a3-907b-f6ad5fb78eb8","block_type":"box","text":"Dec 2026 Term Corporate ETF* (IBDR)","page_number":1,"box":{"x":420,"y":139,"width":290,"height":13}},{"id":"f57d8028-101e-484e-b51f-21b610167ef9","block_type":"box","text":"iShares","page_number":1,"box":{"x":299,"y":154,"width":51,"height":10}},{"id":"1e6a4260-ecc2-4070-9c29-55adb3226994","block_type":"box","text":"®","page_number":1,"box":{"x":351,"y":154,"width":9,"height":7}},{"id":"1555c069-d74a-478a-a5e9-8478af8bd5c8","block_type":"box","text":"iBonds","page_number":1,"box":{"x":361,"y":154,"width":53,"height":10}},{"id":"1d0f055c-74fd-4aff-84fe-bd250e01a287","block_type":"box","text":"®","page_number":1,"box":{"x":415,"y":154,"width":9,"height":7}},{"id":"c51a867a-9aa9-47aa-86cd-e4fe6eaf94ad","block_type":"box","text":"Dec 2026 Term Treasury ETF* (IBTG)","page_number":1,"box":{"x":425,"y":154,"width":280,"height":13}},{"id":"7bfe37d7-43dc-4e67-b9c3-d0e256fbf19b","block_type":"box","text":"iShares","page_number":1,"box":{"x":265,"y":170,"width":51,"height":10}},{"id":"334dace6-e996-43b2-bda5-8fd0c484b2f6","block_type":"box","text":"®","page_number":1,"box":{"x":318,"y":170,"width":9,"height":7}},{"id":"d42c1717-e193-4975-9e28-1b2bda920ef3","block_type":"box","text":"iBonds","page_number":1,"box":{"x":328,"y":170,"width":52,"height":10}},{"id":"21939f95-418f-4283-8b46-99c201928fef","block_type":"box","text":"®","page_number":1,"box":{"x":381,"y":170,"width":10,"height":7}},{"id":"858cfbcd-2384-4235-8e04-0352e6cb5344","block_type":"box","text":"2026 Term High Yield and Income ETF* (IBHF)","page_number":1,"box":{"x":391,"y":170,"width":348,"height":13}},{"id":"46c6c713-00a0-4a61-9310-82e17f70e4f9","block_type":"box","text":"(each a “Fund” and together the “Funds”)","page_number":1,"box":{"x":349,"y":185,"width":307,"height":13}},{"id":"63c5e133-a1f9-40a7-bb3e-a571ec7f8fd1","block_type":"box","text":"*The iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Treasury ETF and","page_number":1,"box":{"x":118,"y":209,"width":763,"height":12}},{"id":"fda2f945-287e-4fa3-94b9-670e1c4eb1e8","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF may also conduct business as, respectively, the","page_number":1,"box":{"x":117,"y":224,"width":769,"height":13}},{"id":"0a31fb57-e5c9-48a7-b3dc-e95e2cb66e5d","block_type":"box","text":"iBonds Dec 2026 Term Corporate ETF, iBonds Dec 2026 Term Treasury ETF and iBonds 2026 Term","page_number":1,"box":{"x":117,"y":240,"width":745,"height":12}},{"id":"1646d570-8a77-4545-8a87-c12d4d2df784","block_type":"box","text":"High Yield and Income ETF.","page_number":1,"box":{"x":117,"y":255,"width":209,"height":13}},{"id":"fcf0fc51-0b83-4c89-8606-8ee19e090e6f","block_type":"box","text":"Shares of each Fund are listed and trade on a national securities exchange, as stated below (each a","page_number":1,"box":{"x":116,"y":278,"width":771,"height":13}},{"id":"f63cf6d9-649d-4ee8-a1a4-864b74e0a356","block_type":"box","text":"“Listing Exchange”):","page_number":1,"box":{"x":117,"y":294,"width":150,"height":13}},{"id":"723a2b43-e8e4-4bba-bf45-d0c5f33f8811","block_type":"box","text":"Fund Listing Exchange","page_number":1,"box":{"x":121,"y":315,"width":545,"height":12}},{"id":"06e13e0b-4ade-4981-86d7-f87d1b28b769","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF NYSE Arca, Inc.","page_number":1,"box":{"x":121,"y":335,"width":527,"height":13}},{"id":"fa14a81a-8d96-4139-b564-4c1113f73af2","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF The Nasdaq Stock Market LLC","page_number":1,"box":{"x":121,"y":359,"width":636,"height":12}},{"id":"0a0cfc9b-7145-4c2e-85e5-033e5615c9e9","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF Cboe BZX Exchange, Inc.","page_number":1,"box":{"x":121,"y":382,"width":597,"height":12}},{"id":"3e799bf3-8a82-4405-985c-efd51db0c0ac","block_type":"box","text":"On June 23, 2016, December 3, 2019 and June 10, 2020, respectively, in connection with the","page_number":1,"box":{"x":116,"y":413,"width":672,"height":12}},{"id":"fa7fe817-ab59-407f-ae75-d4edfd7d8de8","block_type":"box","text":"establishment of the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term","page_number":1,"box":{"x":116,"y":428,"width":720,"height":13}},{"id":"751a7963-7c09-4e1b-adde-2e685c9da009","block_type":"box","text":"Treasury ETF and iShares iBonds 2026 Term High Yield and Income ETF, the Board of Trustees of the","page_number":1,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"df33eec0-3d0b-44e4-bd43-5512e7670361","block_type":"box","text":"Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day","page_number":1,"box":{"x":116,"y":459,"width":766,"height":13}},{"id":"b067e567-2e90-4702-a8b8-408042e7d001","block_type":"box","text":"of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will","page_number":1,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"f7697420-d274-4497-a4d4-06338644141a","block_type":"box","text":"suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds","page_number":1,"box":{"x":116,"y":490,"width":763,"height":13}},{"id":"a3393664-707d-44b1-9c37-c22b32adc513","block_type":"box","text":"will no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":116,"y":506,"width":749,"height":12}},{"id":"f0edcc08-be0b-474c-be76-e9843363cbd8","block_type":"box","text":"scheduled to be sent to shareholders on December 18, 2026. Each Fund’s final net asset value, as","page_number":1,"box":{"x":116,"y":521,"width":709,"height":12}},{"id":"adc930ca-6679-4752-bc6e-59d05695f644","block_type":"box","text":"calculated on December 15, 2026, will include any costs associated with the liquidation expected to be","page_number":1,"box":{"x":116,"y":537,"width":749,"height":12}},{"id":"732469a2-3163-4ec4-8b24-460aad775a9e","block_type":"box","text":"borne by the Fund.","page_number":1,"box":{"x":117,"y":552,"width":140,"height":13}},{"id":"0ffce933-b9b6-4b7a-9419-787f851f762e","block_type":"box","text":"Because shares of each Fund will not be traded on its Listing Exchange during the period between","page_number":1,"box":{"x":117,"y":576,"width":712,"height":12}},{"id":"ea035bac-a348-4ed7-a061-731ae85cccc0","block_type":"box","text":"December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for","page_number":1,"box":{"x":117,"y":591,"width":768,"height":13}},{"id":"2fff9b41-3b32-436d-82ac-3d34a3a98724","block_type":"box","text":"your shares. Further, during this period, each Fund will be in the process of closing down and liquidating","page_number":1,"box":{"x":116,"y":607,"width":760,"height":12}},{"id":"429900ac-d4ac-43de-a363-021aa04c95f8","block_type":"box","text":"its portfolio, which may result in the Fund not being able to track its Underlying Index (by December 16,","page_number":1,"box":{"x":117,"y":622,"width":755,"height":13}},{"id":"93923947-f0d9-4801-9923-d56e9ef55b49","block_type":"box","text":"2026, the Underlying Index value will be represented almost entirely by cash as no securities will remain","page_number":1,"box":{"x":117,"y":638,"width":755,"height":12}},{"id":"9de31f43-fcc3-4793-bf70-2ade71912b6d","block_type":"box","text":"in the Underlying Index). After December 15, 2026, shareholders that remain invested in a Fund will","page_number":1,"box":{"x":117,"y":653,"width":725,"height":13}},{"id":"a9f4e3dc-6b6d-4919-8774-fc543e39c012","block_type":"box","text":"receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,","page_number":1,"box":{"x":117,"y":669,"width":740,"height":12}},{"id":"a3fbdc8f-57d3-4272-9729-6f0e65fbb9d9","block_type":"box","text":"2026, subject to their brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":684,"width":356,"height":13}},{"id":"9f5c7f14-32ae-43ac-8ad3-277d0a33a2e6","block_type":"box","text":"Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":707,"width":751,"height":13}},{"id":"1d6486b4-c34d-4ff0-aa39-f4f279e97f70","block_type":"box","text":"customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of","page_number":1,"box":{"x":116,"y":723,"width":758,"height":13}},{"id":"64975df5-ef6b-45ca-86f2-c3c74cdeed38","block_type":"box","text":"a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":116,"y":738,"width":761,"height":13}},{"id":"8c8fd432-9784-4142-a834-736e0a881464","block_type":"box","text":"asset value as of the close of business on December 15, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":754,"width":706,"height":13}},{"id":"7bc0f48b-b1ef-441f-8dad-9a37e67c7c2b","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":769,"width":281,"height":10}},{"id":"6edddb5f-b7fa-44c1-84d7-dde7a834e4f3","block_type":"box","text":"If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events","page_number":2,"box":{"x":117,"y":69,"width":764,"height":13}},{"id":"99cefc4c-dcb8-4506-be4d-6e86a293037b","block_type":"box","text":"for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain","page_number":2,"box":{"x":116,"y":85,"width":762,"height":12}},{"id":"d5edaafb-6b95-4f08-8934-db4651c5078b","block_type":"box","text":"or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax","page_number":2,"box":{"x":116,"y":100,"width":767,"height":13}},{"id":"00bc211b-203c-42ef-85e7-517cc2ab0e75","block_type":"box","text":"exempt or taxable distributions of its investment income and/or taxable distributions of its net capital","page_number":2,"box":{"x":116,"y":116,"width":741,"height":12}},{"id":"36a5522b-de56-4783-98ef-89886b9290de","block_type":"box","text":"gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for","page_number":2,"box":{"x":116,"y":131,"width":766,"height":13}},{"id":"ece54666-a81e-4c0a-a064-04685f1e2b50","block_type":"box","text":"your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis.","page_number":2,"box":{"x":116,"y":147,"width":738,"height":12}},{"id":"0fde1876-4a6e-424f-9510-b9039848d11e","block_type":"box","text":"Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own","page_number":2,"box":{"x":117,"y":162,"width":747,"height":13}},{"id":"ae05ee2b-ac79-4b01-88f7-33b9d36837e3","block_type":"box","text":"tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":178,"width":717,"height":12}},{"id":"8f13362c-8c4c-4ade-bcc4-58bd3c450beb","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":193,"width":257,"height":13}},{"id":"0fd6d01c-91a8-4f9f-ab8b-8ae858b85aa8","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":216,"width":521,"height":13}},{"id":"45c2fbb5-58a1-44b8-a003-7a86ab356f30","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"a98d47b6-7d54-4fe9-ad47-cb07d120e2c1","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"2df10511-0e46-49c0-a5c3-666a0c7055e3","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":396,"height":10}},{"id":"34aa2196-8f5e-4181-96a2-2cd3043df9d3","block_type":"box","text":"IS-A-IBDR-IBTG-IBHF-1026","page_number":2,"box":{"x":725,"y":887,"width":158,"height":8}},{"id":"18397aa4-3d93-49c3-903c-372cfaa286af","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"67bf7d60-bcd9-4680-85f4-28c7607c21b2","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"2444dcc0-8465-4ec4-bf98-75275f957610","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"0be28a08-e174-4a85-81d1-eaf238d29737","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"618fe98c-6406-4690-b8f4-72e4267c6d91","block_type":"box","text":"FEBRUARY 27, 2026","page_number":5,"box":{"x":779,"y":31,"width":169,"height":12}},{"id":"7e155380-f05b-484e-b40b-d84d533863e9","block_type":"box","text":"Prospectus","page_number":5,"box":{"x":145,"y":177,"width":259,"height":32}},{"id":"2287f748-c596-48d4-8fe1-45b46cdbf8f4","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":112,"y":278,"width":101,"height":9}},{"id":"06c37600-f00a-483e-8e87-fc02c2291caf","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":300,"width":6,"height":4}},{"id":"e9ef0c33-5a38-47fd-ac80-1629e7c510f5","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF","page_number":5,"box":{"x":132,"y":298,"width":297,"height":10}},{"id":"2d7bf7b9-6a70-425a-9f25-67e47d2a0c68","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":296,"width":1,"height":12}},{"id":"09f0fdbb-a8b8-4573-86d2-2022cf61971c","block_type":"box","text":"IBTG","page_number":5,"box":{"x":449,"y":298,"width":30,"height":8}},{"id":"c73df6e2-3644-4343-98b2-78c5ecea81ba","block_type":"box","text":"|","page_number":5,"box":{"x":489,"y":296,"width":1,"height":12}},{"id":"28c4239b-240a-48ff-afc1-44591a674d54","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":500,"y":298,"width":49,"height":9}},{"id":"24536623-1876-4a95-a7ae-b6c1057b008d","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":316,"width":6,"height":4}},{"id":"3ac10002-30b9-446f-905b-8a39d392d542","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF","page_number":5,"box":{"x":132,"y":314,"width":297,"height":10}},{"id":"c995ebd9-0684-4e46-a0d3-798f24fe7c82","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":312,"width":1,"height":13}},{"id":"c73e01d6-e376-4f20-990a-b72e5288443f","block_type":"box","text":"IBTH","page_number":5,"box":{"x":449,"y":314,"width":30,"height":8}},{"id":"1377a373-4737-4b62-8ab3-01c7493cd5c3","block_type":"box","text":"|","page_number":5,"box":{"x":490,"y":312,"width":1,"height":13}},{"id":"e047f25e-59f3-4fca-88c2-b70a477be017","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":501,"y":314,"width":49,"height":10}},{"id":"b172a82e-e3fe-4414-bf72-58cc34e386be","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":332,"width":6,"height":4}},{"id":"8e080ca1-936b-4fa5-ad98-b2e2a420ab3a","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF","page_number":5,"box":{"x":132,"y":330,"width":297,"height":10}},{"id":"0345cae7-4363-441d-958c-01614e3aecd2","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":329,"width":1,"height":12}},{"id":"3c3a746e-8acc-4119-9266-cf54b318d83b","block_type":"box","text":"IBTI","page_number":5,"box":{"x":449,"y":330,"width":23,"height":8}},{"id":"c927baec-b7e7-4f06-b69e-aa2c3dafd716","block_type":"box","text":"|","page_number":5,"box":{"x":483,"y":329,"width":1,"height":12}},{"id":"43d5a45e-f4ba-4b29-9f85-92e474653f3b","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":494,"y":330,"width":49,"height":10}},{"id":"59475e33-22f7-4624-afa3-04cd03e1896a","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":349,"width":6,"height":4}},{"id":"f9bd6822-d948-4c44-b594-2683f8ade40a","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF","page_number":5,"box":{"x":132,"y":346,"width":297,"height":10}},{"id":"d875582a-8f10-4886-acc9-4d2532d11b87","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":345,"width":1,"height":12}},{"id":"07283e50-8413-4563-8209-456a8f884ee9","block_type":"box","text":"IBTJ","page_number":5,"box":{"x":449,"y":346,"width":26,"height":8}},{"id":"fe44a3d4-2dcd-4091-9f37-c37574aa58b2","block_type":"box","text":"|","page_number":5,"box":{"x":485,"y":345,"width":1,"height":12}},{"id":"7afd0f8b-a9f1-47de-a40c-20de04ee947e","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":496,"y":346,"width":49,"height":10}},{"id":"774bf105-a420-4e7e-89f3-de5dbf21d5e2","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":365,"width":6,"height":4}},{"id":"04164cf9-b92f-44c7-9074-0e1c8f39de48","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF","page_number":5,"box":{"x":132,"y":362,"width":297,"height":10}},{"id":"60af8ff5-9f29-44a2-a68f-4a5716582db8","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":361,"width":1,"height":12}},{"id":"04f714af-85a6-428f-96e4-d0f7addcb23c","block_type":"box","text":"IBTK","page_number":5,"box":{"x":449,"y":362,"width":30,"height":8}},{"id":"ae0e1f9d-021b-4e85-b49e-72fc804b052f","block_type":"box","text":"|","page_number":5,"box":{"x":488,"y":361,"width":1,"height":12}},{"id":"616993a9-dda4-462b-a2f6-3d85e7bc0347","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":499,"y":362,"width":49,"height":10}},{"id":"a4a5451b-a9f9-40c6-837e-05c6d7cd6517","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":381,"width":6,"height":4}},{"id":"5e1ec26f-9676-4a69-90a1-fd569619c982","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF","page_number":5,"box":{"x":132,"y":378,"width":297,"height":10}},{"id":"23435d01-8cd4-4100-b144-3216fef5e927","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":377,"width":1,"height":12}},{"id":"14d23bc8-3354-4aec-bce4-f98f41a7783f","block_type":"box","text":"IBTL","page_number":5,"box":{"x":449,"y":378,"width":29,"height":8}},{"id":"d457f7dc-f8b9-4a56-a3ba-795d8bb8f76e","block_type":"box","text":"|","page_number":5,"box":{"x":488,"y":377,"width":1,"height":12}},{"id":"6fea4327-7997-48ee-a9d2-feb3a5ad3977","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":498,"y":378,"width":50,"height":10}},{"id":"a5396a6d-e621-4212-9111-817361a735af","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":397,"width":6,"height":4}},{"id":"dbc6bc79-9b3f-4a2d-b392-b7132a562d33","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":5,"box":{"x":132,"y":394,"width":297,"height":10}},{"id":"93ab903a-ec3a-49e1-8875-24b3110b097b","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":393,"width":1,"height":12}},{"id":"19746d2b-647a-49fb-ae89-530aaa45876c","block_type":"box","text":"IBTM","page_number":5,"box":{"x":449,"y":394,"width":33,"height":8}},{"id":"840fbbb2-c6ca-426a-8850-a390be8e67bc","block_type":"box","text":"|","page_number":5,"box":{"x":492,"y":393,"width":1,"height":12}},{"id":"9a54487b-f056-4d23-a95c-cb5f475d4754","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":503,"y":394,"width":49,"height":10}},{"id":"d840ad9a-a64a-44e9-8b51-7b00df946f25","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":413,"width":6,"height":4}},{"id":"569aad0d-0249-4672-87a5-71adb0d64f95","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF","page_number":5,"box":{"x":132,"y":410,"width":297,"height":11}},{"id":"2c1a2707-c00f-4b94-a832-0815a8307451","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":409,"width":1,"height":12}},{"id":"053e8e9d-d593-4608-a998-f84cf16cee49","block_type":"box","text":"IBTO","page_number":5,"box":{"x":449,"y":410,"width":31,"height":8}},{"id":"7807aaec-cf9c-41eb-b1dd-6a1adcb30ede","block_type":"box","text":"|","page_number":5,"box":{"x":490,"y":409,"width":1,"height":12}},{"id":"505ba693-ab5c-429d-89f6-94940563d6db","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":501,"y":411,"width":49,"height":9}},{"id":"9673965b-35dd-4e8a-a383-07bbce098b9b","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":429,"width":6,"height":4}},{"id":"3f7d0e0f-dff9-4195-8c42-3c47f41b5748","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF","page_number":5,"box":{"x":132,"y":427,"width":297,"height":10}},{"id":"a85e0331-851a-4e5d-8cc6-73b3d88a3299","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":425,"width":1,"height":12}},{"id":"7e62b6ef-1204-4f30-8717-afc3a0a2503d","block_type":"box","text":"IBTP","page_number":5,"box":{"x":449,"y":427,"width":30,"height":7}},{"id":"dddb44f1-240e-44bb-80c1-0f8737a5f221","block_type":"box","text":"|","page_number":5,"box":{"x":488,"y":425,"width":1,"height":12}},{"id":"5bcae1b9-49a2-4eb1-b6eb-79caf3fd7dd5","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":499,"y":427,"width":49,"height":9}},{"id":"a48e51f8-1d32-4efa-972d-2d0218d5f516","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":445,"width":6,"height":4}},{"id":"cf8da1e7-b4a7-4d16-9f89-3b39f2c473ee","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF","page_number":5,"box":{"x":132,"y":443,"width":297,"height":10}},{"id":"78c5ab96-146d-4fed-971a-7558fbbe377b","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":441,"width":1,"height":12}},{"id":"1898a117-eb92-4ed3-8034-59239a023054","block_type":"box","text":"IBTQ","page_number":5,"box":{"x":449,"y":443,"width":31,"height":8}},{"id":"101cdcba-d917-4a13-a24c-e81a8d46d7f3","block_type":"box","text":"|","page_number":5,"box":{"x":490,"y":441,"width":1,"height":12}},{"id":"92a4da2e-4b62-4db5-afd3-b1df2b89de05","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":500,"y":443,"width":50,"height":9}},{"id":"77ed1974-ec9f-47c7-be65-9f4e5b9117cc","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":461,"width":6,"height":4}},{"id":"2ec0dee6-02fd-43a3-ab00-30aede5be817","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF","page_number":5,"box":{"x":132,"y":459,"width":297,"height":10}},{"id":"53265eea-008a-4dba-8932-d6f60c57fb94","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":457,"width":1,"height":13}},{"id":"dba67604-1336-4af1-8142-4c808b85cea7","block_type":"box","text":"IBGA","page_number":5,"box":{"x":449,"y":459,"width":32,"height":8}},{"id":"a2f09b4a-9632-480a-a9f5-ec581551bded","block_type":"box","text":"|","page_number":5,"box":{"x":490,"y":457,"width":1,"height":13}},{"id":"ad52f245-78e0-4892-9a66-6b431466493e","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":501,"y":459,"width":49,"height":10}},{"id":"5bf584a6-ba36-48c6-8e6d-e55f0fbfb233","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":478,"width":6,"height":3}},{"id":"39d64433-d313-4442-b003-05020945a0d2","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF","page_number":5,"box":{"x":132,"y":475,"width":297,"height":10}},{"id":"d9639416-8c0f-44fc-956a-0cc0b8506f2d","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":474,"width":1,"height":12}},{"id":"d3883881-d29c-4661-877c-6c823b6ff516","block_type":"box","text":"IBGB","page_number":5,"box":{"x":449,"y":475,"width":32,"height":8}},{"id":"20198c5b-cba8-4a4a-9391-50b02020e6ca","block_type":"box","text":"|","page_number":5,"box":{"x":491,"y":474,"width":1,"height":12}},{"id":"77f6a755-8d8c-403c-9046-b5c3a08a8ea2","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":502,"y":475,"width":49,"height":10}},{"id":"5b7e4304-3700-4b51-bca8-19f17c950a1b","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":494,"width":6,"height":4}},{"id":"8bbe92a8-d510-4e2a-b79a-fef7f16b0687","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF","page_number":5,"box":{"x":132,"y":491,"width":297,"height":10}},{"id":"85813592-dd5e-425a-9d67-5b7af485cf09","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":490,"width":1,"height":12}},{"id":"e2e7e2c1-0999-498c-8f29-01472d06ef7c","block_type":"box","text":"IBGK","page_number":5,"box":{"x":449,"y":491,"width":32,"height":8}},{"id":"cc3d9bce-92ad-43eb-92be-11163cb28fed","block_type":"box","text":"|","page_number":5,"box":{"x":490,"y":490,"width":1,"height":12}},{"id":"dcf4d7b2-ccce-4929-bcb7-b082b8088713","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":501,"y":491,"width":49,"height":10}},{"id":"e0faaca8-5575-4c88-9ffb-25184f618241","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":510,"width":6,"height":4}},{"id":"0b67589f-587b-45e0-8bda-d2c63f47d933","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF","page_number":5,"box":{"x":132,"y":507,"width":297,"height":10}},{"id":"e1f980d7-b1f9-45a4-9098-c150dcdcbac4","block_type":"box","text":"|","page_number":5,"box":{"x":438,"y":506,"width":1,"height":12}},{"id":"1a8dbfba-7e48-4089-9b58-e88a5132b420","block_type":"box","text":"IBGL","page_number":5,"box":{"x":449,"y":507,"width":32,"height":8}},{"id":"b0c8a385-d048-4897-a691-37e0888a5a8d","block_type":"box","text":"|","page_number":5,"box":{"x":490,"y":506,"width":1,"height":12}},{"id":"639951f6-89d4-497c-b7c1-6297e1abcef2","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":501,"y":507,"width":49,"height":10}},{"id":"73090045-41eb-4d14-bbd9-ff175af30f35","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":526,"width":6,"height":4}},{"id":"bf1ceb8e-74a6-43aa-9705-ffe2b38a1bd1","block_type":"box","text":"iShares Treasury Floating Rate Bond ETF","page_number":5,"box":{"x":132,"y":523,"width":273,"height":10}},{"id":"00fbf180-d573-4d27-986f-a083a2019cbb","block_type":"box","text":"|","page_number":5,"box":{"x":415,"y":522,"width":0,"height":12}},{"id":"987f8744-8a52-4b69-885d-b71f5202a136","block_type":"box","text":"TFLO","page_number":5,"box":{"x":424,"y":523,"width":35,"height":8}},{"id":"f2c84e43-4b22-42b1-bd8c-b3628e018ceb","block_type":"box","text":"|","page_number":5,"box":{"x":469,"y":522,"width":1,"height":12}},{"id":"b5f816c0-2050-4775-b40c-eb20d05307f2","block_type":"box","text":"NYSE Arca","page_number":5,"box":{"x":480,"y":523,"width":69,"height":8}},{"id":"2d894f9e-65a5-4dcb-80d9-ddf7efc441fc","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":542,"width":6,"height":4}},{"id":"f2c91fb4-5e7a-4729-80ee-d45d7d55cc09","block_type":"box","text":"iShares U.S. Treasury Bond ETF","page_number":5,"box":{"x":132,"y":539,"width":209,"height":11}},{"id":"729f093f-a874-4c3c-a65a-262d12e73402","block_type":"box","text":"|","page_number":5,"box":{"x":350,"y":538,"width":1,"height":12}},{"id":"4dfae3c7-36e3-41fc-bd61-b5720816e8c4","block_type":"box","text":"GOVT","page_number":5,"box":{"x":360,"y":539,"width":39,"height":8}},{"id":"ea6d75c8-1ad5-46e1-b135-3feac0e7da97","block_type":"box","text":"|","page_number":5,"box":{"x":408,"y":538,"width":1,"height":12}},{"id":"b5bcb22f-94af-465b-a675-dfdf5ede9fea","block_type":"box","text":"Cboe BZX","page_number":5,"box":{"x":418,"y":539,"width":64,"height":8}},{"id":"435d9bc2-18f9-4df2-96e0-5f5354c316dd","block_type":"box","text":"The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of","page_number":5,"box":{"x":111,"y":894,"width":834,"height":10}},{"id":"07913733-f440-448c-b8b6-0c96252e89b8","block_type":"box","text":"this prospectus. Any representation to the contrary is a criminal offense.","page_number":5,"box":{"x":111,"y":906,"width":453,"height":9}},{"id":"43a8e244-bbb3-485c-b325-c60419bf0ca0","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF","page_number":6,"box":{"x":198,"y":96,"width":470,"height":18}},{"id":"61d96e7f-9026-4c94-8cbe-accb42a9366d","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":109,"width":238,"height":1}},{"id":"9b85dae5-b009-40f1-a0ea-09e7ba42101f","block_type":"box","text":"S-1","page_number":6,"box":{"x":947,"y":96,"width":31,"height":14}},{"id":"2d1805f9-7192-4097-8c2e-b7ef5ed667ca","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF","page_number":6,"box":{"x":198,"y":123,"width":470,"height":18}},{"id":"2935ddc4-491a-4e27-af13-0447ba2f2b09","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":136,"width":238,"height":1}},{"id":"a121eae7-1420-4c39-8133-7779e8239f0f","block_type":"box","text":"S-7","page_number":6,"box":{"x":947,"y":123,"width":34,"height":14}},{"id":"cd3182a8-796c-4272-8384-d8a1234a09e8","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF","page_number":6,"box":{"x":198,"y":150,"width":470,"height":18}},{"id":"209861da-5a33-4cde-8c61-010ea66cb94d","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":163,"width":238,"height":1}},{"id":"f55a5451-fc7b-4fc0-87fb-83d05fd75c13","block_type":"box","text":"S-13","page_number":6,"box":{"x":936,"y":150,"width":45,"height":14}},{"id":"24cfdf3f-81e1-4efb-9039-4b125f3fbdb6","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF","page_number":6,"box":{"x":198,"y":177,"width":470,"height":18}},{"id":"ec3353fd-3384-491f-b91f-d70eeb234025","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":190,"width":238,"height":1}},{"id":"ab96050a-198d-4049-93d0-680b9feb8632","block_type":"box","text":"S-19","page_number":6,"box":{"x":936,"y":177,"width":45,"height":15}},{"id":"3df41cdb-3a59-4032-b856-fd543295a75a","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF","page_number":6,"box":{"x":198,"y":205,"width":470,"height":18}},{"id":"2f8950b8-4b72-4d63-9839-0e65e431a74d","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":217,"width":238,"height":2}},{"id":"9e087cd9-91e8-4538-bdbf-5cda6dea4d39","block_type":"box","text":"S-25","page_number":6,"box":{"x":933,"y":205,"width":48,"height":14}},{"id":"818e5f4a-eb03-4063-b3f7-8f40a21f5149","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF","page_number":6,"box":{"x":198,"y":232,"width":468,"height":18}},{"id":"4fb5107d-f773-469c-b484-72a2afcbec32","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":244,"width":238,"height":2}},{"id":"ad1cf97a-ce13-439b-935a-80f1c5b2d177","block_type":"box","text":"S-31","page_number":6,"box":{"x":935,"y":232,"width":43,"height":14}},{"id":"0315cc26-c56e-4669-a987-eed180ef85e5","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":6,"box":{"x":198,"y":259,"width":470,"height":18}},{"id":"4c7e7672-f1a8-437a-b3f6-cb737a2bb8f5","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":271,"width":238,"height":2}},{"id":"f9607d37-c2b6-43f2-a057-c7e6d6eda323","block_type":"box","text":"S-37","page_number":6,"box":{"x":933,"y":259,"width":48,"height":14}},{"id":"f4ef098b-a103-4250-962f-6e83bd0fd868","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF","page_number":6,"box":{"x":198,"y":286,"width":470,"height":18}},{"id":"094ef3a4-8b8f-43f6-bbc4-f33cc83520bb","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":298,"width":238,"height":2}},{"id":"44646476-479b-44ee-98b7-266fc5f5ff7d","block_type":"box","text":"S-43","page_number":6,"box":{"x":933,"y":286,"width":48,"height":14}},{"id":"5c137003-37e4-4906-a341-d69eda825b99","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF","page_number":6,"box":{"x":198,"y":313,"width":470,"height":18}},{"id":"f32daa2a-3cc9-4e5e-9d1c-dd42ef4ff763","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":325,"width":238,"height":2}},{"id":"88680db4-c077-47b6-a2d5-db1bb2bf0881","block_type":"box","text":"S-49","page_number":6,"box":{"x":933,"y":313,"width":48,"height":14}},{"id":"2138c09e-5254-480f-931d-1f244124a20a","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF","page_number":6,"box":{"x":198,"y":340,"width":470,"height":18}},{"id":"830669e6-1abb-4e98-9039-fe2284212c88","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":352,"width":238,"height":2}},{"id":"2ffe7131-2a48-4ed8-a327-4d7b57d56162","block_type":"box","text":"S-55","page_number":6,"box":{"x":933,"y":340,"width":48,"height":14}},{"id":"7234842d-6774-4ac2-b5cf-8202f0f59f03","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF","page_number":6,"box":{"x":198,"y":367,"width":470,"height":18}},{"id":"6bea5f3a-356e-4af3-91f7-3b33aba579ef","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":379,"width":238,"height":2}},{"id":"c080b37d-d8cf-4e3d-82bb-9ea9e94c27d9","block_type":"box","text":"S-60","page_number":6,"box":{"x":933,"y":367,"width":48,"height":14}},{"id":"bbf26805-4317-43f8-b0ff-b338219afd8d","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF","page_number":6,"box":{"x":198,"y":394,"width":470,"height":18}},{"id":"074afe81-60e4-4578-8f0a-7650f6201fcd","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":406,"width":238,"height":2}},{"id":"b9bc446f-ae88-48cc-9253-6294d3d1a9de","block_type":"box","text":"S-66","page_number":6,"box":{"x":933,"y":394,"width":48,"height":14}},{"id":"983291ad-9e7e-470d-b5a4-cdaadd23ef40","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF","page_number":6,"box":{"x":198,"y":421,"width":470,"height":18}},{"id":"78389f72-b577-4dec-ba30-91bc72454f3a","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":434,"width":238,"height":1}},{"id":"af3777b8-bf8a-44c3-ab10-50b201fdd23e","block_type":"box","text":"S-71","page_number":6,"box":{"x":934,"y":421,"width":44,"height":14}},{"id":"591db828-1f1f-4679-8421-ca1233dc4124","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF","page_number":6,"box":{"x":198,"y":448,"width":470,"height":18}},{"id":"5c7ed257-0837-4578-b8a3-15ef604ba75b","block_type":"box","text":".............................","page_number":6,"box":{"x":676,"y":461,"width":238,"height":1}},{"id":"ba946053-d0bd-4d35-bf3d-b514e68fb71c","block_type":"box","text":"S-77","page_number":6,"box":{"x":933,"y":448,"width":48,"height":14}},{"id":"3b8ec099-26df-4db4-a76d-b1de83b0e708","block_type":"box","text":"iShares Treasury Floating Rate Bond ETF","page_number":6,"box":{"x":198,"y":475,"width":429,"height":18}},{"id":"a32c3e5f-2803-411a-beee-9add673a8130","block_type":"box","text":"..................................","page_number":6,"box":{"x":634,"y":488,"width":280,"height":1}},{"id":"ae4900aa-f7f8-4a97-9c7c-15f4ab4ea9e2","block_type":"box","text":"S-82","page_number":6,"box":{"x":933,"y":475,"width":47,"height":14}},{"id":"9a35df2a-83cb-4c39-acbe-22a8c3cb946c","block_type":"box","text":"iShares U.S. Treasury Bond ETF","page_number":6,"box":{"x":198,"y":502,"width":333,"height":18}},{"id":"48f881f7-81e1-4432-b662-55feda6c9973","block_type":"box","text":"..............................................","page_number":6,"box":{"x":533,"y":515,"width":381,"height":1}},{"id":"9ff52bb8-1d84-4495-a952-405d0431f1e1","block_type":"box","text":"S-88","page_number":6,"box":{"x":933,"y":502,"width":48,"height":14}},{"id":"4a227abb-4c7c-4e67-a94a-ebd69f714fac","block_type":"box","text":"More Information About the Funds","page_number":6,"box":{"x":158,"y":529,"width":366,"height":14}},{"id":"d7d34f66-4dc1-4d28-8cfc-de88109b8870","block_type":"box","text":"..............................................","page_number":6,"box":{"x":533,"y":542,"width":381,"height":1}},{"id":"a46eaefb-0c5c-47ee-9018-fedf79a3b067","block_type":"box","text":"1","page_number":6,"box":{"x":973,"y":530,"width":5,"height":13}},{"id":"5de75000-25fe-48f6-9f56-b38d40367949","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":6,"box":{"x":157,"y":556,"width":487,"height":15}},{"id":"1d5550f4-f36f-4fd1-89fa-62a427ad7353","block_type":"box","text":"................................","page_number":6,"box":{"x":651,"y":569,"width":263,"height":1}},{"id":"72b6db17-a147-4f5d-8d24-a623e618c10c","block_type":"box","text":"3","page_number":6,"box":{"x":970,"y":557,"width":11,"height":13}},{"id":"b666f75f-21c4-4fe2-9dcc-895a2603de0a","block_type":"box","text":"Portfolio Holdings Information","page_number":6,"box":{"x":158,"y":583,"width":318,"height":19}},{"id":"16ddadc2-91ea-4e66-a8a3-4c1e672f844b","block_type":"box","text":"....................................................","page_number":6,"box":{"x":483,"y":596,"width":431,"height":2}},{"id":"b5106681-047e-4e40-8c8c-292b89f86686","block_type":"box","text":"11","page_number":6,"box":{"x":961,"y":584,"width":17,"height":13}},{"id":"f474b9ac-55e0-405f-866a-7da3776cc9b4","block_type":"box","text":"Management of the Funds","page_number":6,"box":{"x":158,"y":611,"width":277,"height":18}},{"id":"3cf21726-a031-40d9-a81c-da9aef499415","block_type":"box","text":".........................................................","page_number":6,"box":{"x":441,"y":623,"width":473,"height":2}},{"id":"d24c0cfd-efb5-4a75-a158-61d7730af606","block_type":"box","text":"11","page_number":6,"box":{"x":961,"y":611,"width":17,"height":13}},{"id":"a202fae7-7401-4f6e-8989-2860627621b8","block_type":"box","text":"Shareholder Information","page_number":6,"box":{"x":157,"y":638,"width":258,"height":14}},{"id":"20bb502b-cf02-4d57-b8d1-e713c09898f7","block_type":"box","text":"...........................................................","page_number":6,"box":{"x":424,"y":650,"width":490,"height":2}},{"id":"a104a2ae-ff4f-4da2-981c-d6f8b7e52602","block_type":"box","text":"14","page_number":6,"box":{"x":962,"y":638,"width":19,"height":14}},{"id":"5e2cf949-cacd-43ed-8d03-8933b5c6ef7a","block_type":"box","text":"Distribution","page_number":6,"box":{"x":158,"y":665,"width":121,"height":14}},{"id":"ef4df75e-3caf-4cbf-b515-172ae9261af9","block_type":"box","text":"...........................................................................","page_number":6,"box":{"x":290,"y":677,"width":624,"height":2}},{"id":"6cd50e7b-6a50-416b-b652-7c28133a59bc","block_type":"box","text":"20","page_number":6,"box":{"x":956,"y":665,"width":25,"height":14}},{"id":"13d3d493-c3f6-43f4-bdd0-d3a84b1075f5","block_type":"box","text":"Financial Highlights","page_number":6,"box":{"x":158,"y":692,"width":206,"height":18}},{"id":"42447d1b-63d2-4fa4-974a-ed2c6fff8c48","block_type":"box","text":".................................................................","page_number":6,"box":{"x":374,"y":704,"width":540,"height":2}},{"id":"bc49348e-36ad-4e5e-8496-92a4446e4139","block_type":"box","text":"20","page_number":6,"box":{"x":956,"y":692,"width":25,"height":14}},{"id":"4a90f606-b482-4165-990a-e1c2669279af","block_type":"box","text":"Index Providers and Disclaimers","page_number":6,"box":{"x":158,"y":719,"width":340,"height":14}},{"id":"700aae61-9360-4b33-b790-bf6dc6efbea5","block_type":"box","text":".................................................","page_number":6,"box":{"x":508,"y":731,"width":406,"height":2}},{"id":"4c8465d7-9ae8-4a24-a1b6-822938cd4436","block_type":"box","text":"29","page_number":6,"box":{"x":956,"y":719,"width":25,"height":14}},{"id":"be13b3fe-fbdd-4253-89f7-acd8f29a651c","block_type":"box","text":"Table of Contents","page_number":6,"box":{"x":76,"y":23,"width":296,"height":23}},{"id":"896152ed-8404-4e1c-bbc8-c584c8e0bfaf","block_type":"box","text":"Fund Summaries","page_number":6,"box":{"x":158,"y":69,"width":177,"height":14}},{"id":"386db811-dbb6-4de9-82f2-8793032609e1","block_type":"box","text":"i","page_number":6,"box":{"x":528,"y":910,"width":2,"height":8}},{"id":"20eddba7-b5b3-4cbd-8b06-71eb250120a7","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":7,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"5ea9502e-b3e4-4b41-9a1d-35c3a0d67f60","block_type":"box","text":"iSHARES","page_number":8,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"242d1859-7ca1-4ead-9266-7e0f245ec2d2","block_type":"box","text":"®","page_number":8,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"bde591d4-3723-4472-8e70-0f160bbb0d0f","block_type":"box","text":"iBONDS","page_number":8,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"dc5505ab-e43a-44d4-b086-2f5fcb6b4c20","block_type":"box","text":"®","page_number":8,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"4efec486-7bf2-47d5-8bb6-f4da1e6ab832","block_type":"box","text":"DEC 2026 TERM TREASURY ETF","page_number":8,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"7bdf96b9-815a-4385-a3aa-11ed08c66c3e","block_type":"box","text":"Ticker: IBTG Stock Exchange: Nasdaq","page_number":8,"box":{"x":291,"y":53,"width":469,"height":12}},{"id":"f91b084b-f361-4399-919a-d9ab4f556501","block_type":"box","text":"Investment Objective","page_number":8,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"5c2c2a92-1c27-4b40-a15d-6ab25d74b401","block_type":"box","text":"The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":8,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"45371fd0-7328-4983-9a97-5f4ca06c3905","block_type":"box","text":"bonds maturing in 2026.","page_number":8,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"14b93a7d-57d2-4938-98c1-aeac11056f8c","block_type":"box","text":"Fees and Expenses","page_number":8,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"66f839bf-00f8-49a0-8aac-bd4cdb691680","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":8,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"4d9701af-0649-4ae5-9880-de83ff858f14","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":8,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"4bf8d251-f42d-4f03-af70-bc252d3ac5bf","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":8,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"e91bbb0d-2a16-486d-ba6e-23a26061d353","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":8,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"dad2acc9-cd3e-4aab-a006-c1fcf4ddf542","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":8,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"6704b0c0-a3e8-4a60-b8fc-6c48ba97e43b","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":8,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"a5d21938-4372-470c-a027-75b45c9678ec","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":8,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"9be58a8f-9f41-4717-ab81-292c519a602b","block_type":"box","text":"pro rata","page_number":8,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"e31ada1e-cea5-441e-9bdd-7205f2e569aa","block_type":"box","text":"share of the fees","page_number":8,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"12a8dea0-39d1-4e28-a957-3dbe6699218e","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":8,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"9814d77d-0122-41b8-ac8b-689d3031b44f","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":8,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"fcae719d-97bc-44bd-b095-b72d702528b4","block_type":"box","text":"shown in the","page_number":8,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"33c078db-a7ac-463f-a4e4-23b668aa4bc9","block_type":"box","text":"Financial Highlights","page_number":8,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"d068fd34-68d4-4abe-a64e-ed34cdac76a5","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":8,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"2d510e9a-4224-4ecc-84bd-841546ca414d","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":8,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"b8829d07-fb84-4dd0-a5b9-ccb51c41c6d2","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":8,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"bcd3cf54-6740-4a75-abe3-8613bfc152b0","block_type":"box","text":"December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":8,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"61a81aa4-0bce-40e0-9b01-e377450833a3","block_type":"box","text":"Trust and BFA.","page_number":8,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"905d80a4-c6ab-428a-8ead-96761ba919ea","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":8,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"af6173e2-9c16-465f-848c-2c24ecfd8f8e","block_type":"box","text":"the tables and examples below.","page_number":8,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"fbaa69e5-8a8f-4b38-ae93-301d6177dc54","block_type":"box","text":"Annual Fund Operating Expenses","page_number":8,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"dffe0ed3-b43b-4928-9476-f4a41c1d2014","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":8,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"f7b36afc-162a-4454-aac7-2d23391b8105","block_type":"box","text":"percentage of the value of your investments)","page_number":8,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"bf090301-15a1-40a0-a32c-aa049ca0b4da","block_type":"box","text":"1","page_number":8,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"82b03128-c6de-45ce-becd-7b05025c519d","block_type":"box","text":"Management","page_number":8,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"88235878-dd8d-4972-be6e-1ab97b18c319","block_type":"box","text":"Fees","page_number":8,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"4d01b60d-c0c4-437e-8dcf-eb8a8d32611b","block_type":"box","text":"Distribution","page_number":8,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"c0689c3a-951c-4469-93f4-6db7eee0ee5f","block_type":"box","text":"and Service","page_number":8,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"6a259800-f7ec-4fc8-b3ec-676f8f3fc145","block_type":"box","text":"(12b-1) Fees","page_number":8,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"a18b6d33-4d7a-43ad-9e3c-3306bf74c4b5","block_type":"box","text":"Other","page_number":8,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"37b4d88a-5b1a-44f7-b15c-70e9ffe7ea81","block_type":"box","text":"Expenses","page_number":8,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"b902f3da-8b79-4cd0-94ea-b06895b3c57c","block_type":"box","text":"Acquired Fund","page_number":8,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"d226742c-c4e9-461b-81cc-860b0dbab056","block_type":"box","text":"Fees and","page_number":8,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"f582d88b-5fba-44dc-8169-e3903b1ffddb","block_type":"box","text":"Expenses","page_number":8,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"3d9a5ae9-173d-49b2-9cf1-69edacc68322","block_type":"box","text":"Total Annual","page_number":8,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"84ef9cf5-9fe5-42d6-b2b6-a891c2c29599","block_type":"box","text":"Fund","page_number":8,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"002652cd-1945-4e3e-ac3a-031066ebe99d","block_type":"box","text":"Operating","page_number":8,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"1bce0ed8-b0d9-4d10-b3c2-1d08d7b69900","block_type":"box","text":"Expenses","page_number":8,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"836fefe9-5fa8-4ee4-85b9-a93712133e79","block_type":"box","text":"Fee Waiver","page_number":8,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"d50a147d-32fa-4d4d-a0e7-750349ab6caf","block_type":"box","text":"and/or","page_number":8,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"846646dc-3fc9-4044-80f5-9d7d56c2c983","block_type":"box","text":"Expense","page_number":8,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"8b883df3-f4b5-4a92-bd9f-087b170d591e","block_type":"box","text":"Reimbursement","page_number":8,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"92d896ee-8d06-4b3d-a42d-4bec58942add","block_type":"box","text":"Total Annual","page_number":8,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"8a9611a1-e2d2-48a0-bc0a-be73b12aeb1f","block_type":"box","text":"Fund","page_number":8,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"b1a0337d-78cb-45e7-8bba-6df74d063348","block_type":"box","text":"Operating","page_number":8,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"2bdc8fa1-38a6-41a3-a8e1-2c7ded202bd6","block_type":"box","text":"Expenses After","page_number":8,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"67051f5b-149a-4974-9623-ceb7bfa309cb","block_type":"box","text":"Fee Waiver","page_number":8,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"1caf4acb-2883-4072-8ca9-d2778cd6331f","block_type":"box","text":"and/or","page_number":8,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"26b73f3f-d378-4ead-a716-249dfd1e5891","block_type":"box","text":"Expense","page_number":8,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"e3d88aa0-22e3-4452-b4fe-a63ac96cd693","block_type":"box","text":"Reimbursement","page_number":8,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"eb859c7f-d121-49bb-9754-681d16a31c84","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":8,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"3f7ef7ef-b8d9-43af-a23e-88805fa3d9a9","block_type":"box","text":"1","page_number":8,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"4eaf820a-d88b-437c-9e98-c29313774806","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":8,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"6c459362-b0a6-4c1b-81f0-ea22f130e982","block_type":"box","text":"Example.","page_number":8,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"cec7e5da-f636-4504-a887-6c6d05da8a40","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":8,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"b06340ed-fb6f-41ef-9644-4c374f8b34e3","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":8,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"cc928f9d-277a-4d5c-a8c2-f2b0820553d7","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2026 because the Fund is scheduled to","page_number":8,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"5fd84234-b207-495a-a890-6c781ef6ec64","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":8,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"7a6a78c1-2a24-4d34-83d9-c2cbcc15bba8","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":8,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"3220a06d-34f0-4b07-9650-06455ac1f3de","block_type":"box","text":"be:","page_number":8,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"9a7932a5-83e7-4c47-89c8-ef2bdfd041bc","block_type":"box","text":"Maturity","page_number":8,"box":{"x":503,"y":695,"width":52,"height":10}},{"id":"83aae08d-2a3d-40e5-acb3-bdd4ce3ddf93","block_type":"box","text":"$6","page_number":8,"box":{"x":521,"y":715,"width":14,"height":9}},{"id":"75acf099-f5d4-45b8-807d-a453fc6f05bd","block_type":"box","text":"S-1","page_number":8,"box":{"x":526,"y":920,"width":18,"height":9}},{"id":"b29ed8ff-3a71-4d7f-b354-f4eea947f9bc","block_type":"box","text":"Portfolio Turnover.","page_number":9,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"af019fcb-1e6b-4887-b136-c5847d722cb5","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":9,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"297011d3-5f64-46e6-af7a-5773d7aa2f9f","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":9,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"6ff26f81-31ea-4022-9300-ec414a54a1c8","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":9,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"054f446f-b63c-4c65-8845-5620c3b27bdf","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":9,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"7f0438cf-3290-480a-a8e2-fbfad48d73fa","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":9,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"77d474f0-5cd4-4f22-ba63-bc1fbb3c7a4b","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":9,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"78f54ed8-6575-408f-be44-146e5ba37b15","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":9,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"50c768eb-869d-4078-9a79-44931e620b84","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 7% of the","page_number":9,"box":{"x":82,"y":122,"width":377,"height":11}},{"id":"80bde132-f016-4815-a065-f7e3110acc6b","block_type":"box","text":"average value of its portfolio.","page_number":9,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"172c77be-1f89-4cff-ab49-a683f5ad0881","block_type":"box","text":"Principal Investment Strategies","page_number":9,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"4688d5df-96dc-4aad-a196-95d2fbf11d80","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":9,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"b1babf39-3750-4849-bc94-1856d97d6f85","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":9,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"d8c37dfc-fe93-4565-87be-279e355f894c","block_type":"box","text":"ICE 2026 Maturity US Treasury Index (the “Underlying","page_number":9,"box":{"x":83,"y":219,"width":345,"height":11}},{"id":"e2a27a24-43e5-439c-8160-16e6bb2e9cf4","block_type":"box","text":"Index”). The Underlying Index consists of publicly-issued U.S.","page_number":9,"box":{"x":83,"y":233,"width":389,"height":11}},{"id":"45533833-ff2f-44a4-a010-2bc0baabab65","block_type":"box","text":"Treasury securities that are scheduled to mature between January","page_number":9,"box":{"x":82,"y":247,"width":422,"height":11}},{"id":"ece9e54e-8c4a-46ab-a674-071423d408e7","block_type":"box","text":"1, 2026 and December 15, 2026, inclusive. The Fund may also","page_number":9,"box":{"x":85,"y":262,"width":395,"height":10}},{"id":"68a19408-1990-4b32-91fe-67ecc28ab3ef","block_type":"box","text":"invest in short-term paper, cash and cash equivalents, including","page_number":9,"box":{"x":83,"y":276,"width":408,"height":11}},{"id":"9fff2d93-6d21-49e2-a5df-37c2bad834c2","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates. The","page_number":9,"box":{"x":83,"y":290,"width":420,"height":11}},{"id":"7dfb8f98-1a09-48b8-95d6-081b33331fec","block_type":"box","text":"Fund is a term fund that will terminate on or about December 15,","page_number":9,"box":{"x":84,"y":304,"width":413,"height":10}},{"id":"b0b9eaa4-30ea-41fb-ad7c-248b2f2cdc38","block_type":"box","text":"2026, at which time it will distribute its remaining net assets to","page_number":9,"box":{"x":83,"y":318,"width":403,"height":11}},{"id":"05ad800f-be07-4a2d-b222-6a2f3649298d","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":9,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"ebe83513-0504-4544-b536-d9d88565e045","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":9,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"b07b6aca-b0e2-4057-8cce-27e65ed8d2e2","block_type":"box","text":"periodic distributions.","page_number":9,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"c23f1689-b63f-49a2-92af-61aaf304f9ee","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":9,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"4c7fd717-d4e0-4576-a9b3-7ff39ec5933c","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":9,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"f37ac96c-2e01-465b-a86e-752b746fc2cf","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":9,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"b24ff8c6-82e6-41d2-8273-18117da1a715","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":9,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"29a6696e-417e-49a8-a1c4-24b2fe2da875","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":9,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"3b1afa0f-4d1d-436c-aa61-3dede19e32ea","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":9,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"0954fbc7-deb4-4c96-9330-e759e42221e4","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":9,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"f4d0983c-42a1-4d16-b483-49e773fecf25","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":9,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"85c50c0f-6623-4e44-9917-ad474247ddfa","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":9,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"26b10b78-518c-4a98-b24e-2c73f39814e0","block_type":"box","text":"reduced by any individual components of such securities (","page_number":9,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"d3570966-c117-4639-b0bc-127c9b7e89e9","block_type":"box","text":"i.e","page_number":9,"box":{"x":454,"y":510,"width":14,"height":9}},{"id":"60ae590f-12b4-4e57-961c-72289681a150","block_type":"box","text":".,","page_number":9,"box":{"x":470,"y":517,"width":6,"height":4}},{"id":"340434c6-9590-4780-81b7-31d190467885","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":9,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"7545b6c4-9b16-4bc8-978f-b8627e25c4d6","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":9,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"4f3babd9-d6b9-4c78-a370-e80756cbd6e5","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":9,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"a65953ab-4b4e-482e-9158-14dbe1fa76b0","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":9,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"f105a26a-cbf9-4e5f-b9d1-b5afd20a02fa","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":9,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"dd69131b-313f-4a08-85d2-c3eaa96d90f8","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":9,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"2171a1f6-98da-4d76-a963-191b7eec5e18","block_type":"box","text":"calculated assuming next-day settlement.","page_number":9,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"b7530cc8-8491-4760-844d-adb403ff3d9d","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":9,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"77456a10-7804-4db1-97a8-e9743d8a685d","block_type":"box","text":"month, based on information available up to and including the","page_number":9,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"659962d0-2f82-404d-ac4b-39f5c783b4f0","block_type":"box","text":"third business day before the last business day of the month. New","page_number":9,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"e71bb752-3762-4860-904c-9ed2bef992c4","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":9,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"7dbf158e-1802-41ce-af1b-a0585f81ae58","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":9,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"e52e8096-e7ef-4e6d-92c5-3fe3cda91494","block_type":"box","text":"month (","page_number":9,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"d61298f6-aa18-4178-ba61-ce7a3678e23c","block_type":"box","text":"e.g","page_number":9,"box":{"x":133,"y":713,"width":19,"height":8}},{"id":"59b798c5-b015-42ba-a758-623bc70b8ae9","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":9,"box":{"x":152,"y":710,"width":328,"height":10}},{"id":"4b34b878-3a35-4e55-ad4b-23f759831e06","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":9,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"00c45caf-47ff-432c-92b4-dc669d5ab2b9","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":9,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"12448569-93c5-4cb1-a471-5abaec269f9a","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":9,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"d1a01365-d4fb-4aae-a756-66370a9164ee","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":9,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"46c3f0ac-87b7-41bd-8237-00a13143115e","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":9,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"bac382d7-bfb9-4422-9e40-7c47a965d23b","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":9,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"52ed4fad-3435-4293-97fb-031ec58a8c1b","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":9,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"9ad23f49-f526-4c6b-885e-6734937397b5","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":9,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"3e7ccbaa-84b6-4b63-95a4-437529845d94","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":9,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"5bd99704-01c7-48ee-9546-8e7faf2af2e0","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":9,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"bb29b279-7a2a-4256-8faf-37698dff9770","block_type":"box","text":"while it is held in the Underlying Index.","page_number":9,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"8aa8359d-e29d-4d6b-ab54-7e444a37027b","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":9,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"0243a610-5d59-4180-bdad-93f5a33d0594","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":9,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"6f6dfd6b-4ddf-4209-8592-03fee65a4b40","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":9,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"eace7462-8be4-493b-9e9e-31b46aa32274","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":9,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"dd0df523-ab28-4f90-ad76-f218dcb7d6d6","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":9,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"00b17b56-7969-4fa6-988a-0299b7d03c74","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":9,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"1e9fc9de-d966-424f-ae3f-3a2c46c86109","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":9,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"85b2dab6-540b-49db-9ae6-aea829b1c833","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":9,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"f4035d0b-e67f-410b-b975-08c89f50a7c1","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":9,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"866362f8-14ba-4928-bf34-1167d32f242d","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":9,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"27c52e5e-d4fc-406a-a3d9-8656b7325c9f","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":9,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"45bef881-a11c-4997-a80f-edbfcac0e0fc","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":9,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"c00cab17-8916-4ad8-aa62-5b6bfd62b943","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":9,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"f35b722d-128a-4bea-acb3-9f57900d8d96","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":9,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"302d67c6-195a-42da-86c2-d65a9c9e0dda","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":9,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"2bebdcbf-c44b-4251-8375-2ac1e96d72d5","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":9,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"8bd83a86-5962-4262-84a6-2554675341b7","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":9,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"265eb8ff-70f5-4cbd-aa99-d7af37af9a5d","block_type":"box","text":"fees and expenses of such funds.","page_number":9,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"1a16ad42-723f-46ad-ac32-9a1548c75deb","block_type":"box","text":"By December 15, 2026, the Fund is expected to consist almost","page_number":9,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"c1beb800-f1b2-43ab-a222-00fb83408cd6","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":9,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"a5d96003-6fac-46f8-88f6-b025b98e5e1b","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":9,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"f65cdded-1744-4fe9-8531-076085e1bd9d","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":9,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"3336d101-11db-4c0c-888a-831066a11ba9","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":9,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"658442e6-0631-4b13-8a25-9ef290f156fe","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":9,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"ca23dbcd-fa4b-4000-9a05-a1ca6c82ba5b","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":9,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"b0646264-88d9-4640-888e-d02f8906802b","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":9,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"c6b9049b-8425-4598-aeba-46e45d960185","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":9,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"934f5cfa-7f45-4cec-a6b4-7e2496c80878","block_type":"box","text":"interest of the Fund.","page_number":9,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"f0fd95f4-ea45-48a4-8d5d-e3ad57b98633","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":9,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"250c9ee7-1264-485a-8e49-d17ca974e900","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":9,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"d7f5b251-9cc7-4b3b-b916-b7b28a41c1d6","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":9,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"3e7e4581-11c0-47cf-b578-404c4202574d","block_type":"box","text":"markets decline or appear overvalued.","page_number":9,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"4109f8ec-c984-4cca-868b-4c45f7ef55e6","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":9,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"c9786dd6-4d9c-4030-82dd-625e5f7ada46","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":9,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"99e7a72d-6278-4f0e-903e-64df0c10f248","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":9,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"2c5adfc7-db23-436c-b2db-6af404d8b19a","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":9,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"3df817bd-0826-4006-acc0-65a791b1554c","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":9,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"01f19de9-e488-47d0-9eaa-114c9a84aa9b","block_type":"box","text":"comparison to actively managed investment companies.","page_number":9,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"8c1959ff-6557-4ef4-bde6-6edf789ad578","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":9,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"058cbea4-e22b-469b-8aa7-4e1fbed32116","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":9,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"768ce8fc-0efa-4792-ad9c-161f98e3b172","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":9,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"703d8d9a-d8f4-47e7-917d-0b8ae6569138","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":9,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"c3e78235-9185-4e70-a25e-d9247b4d5b56","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":9,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"96488f74-ec60-4858-afb8-c0efa4a2e328","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":9,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"ea8bba55-fc99-44b8-ab44-4d43efa27543","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":9,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"2757c95e-3ada-4b23-ade3-2eabd7b022c1","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":9,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"ac0342b9-e599-4243-b5b5-91f7fb8361b5","block_type":"box","text":"(","page_number":9,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"8239949a-5423-4f96-83e2-029ed530c75a","block_type":"box","text":"i.e.","page_number":9,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"9b12c5ee-608a-4438-9574-e0dd62edea15","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":9,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"651ad33f-db01-4f74-984a-60c258685f87","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":9,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"200890a3-1651-4e21-84c5-46d2d1eac5ae","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":9,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"0303606f-8dba-4b64-835f-f8d10a66e08a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":9,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"d29012a6-bc92-4e62-bf2e-e9c1358201a1","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":9,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"b2da04da-5003-4f3b-a1ea-0bb2bbf4fcd8","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":9,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"9fd69ca0-dcda-4f88-9a12-cb6363a126c0","block_type":"box","text":"collateral received).","page_number":9,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"da1031a5-affd-498b-aec6-8bc566c1c8ff","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":9,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"8f87dfbc-eec3-4221-a7bb-7141fba6e5cf","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":9,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"68a96550-12c9-4ffb-9330-b0e3ede7c66c","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":9,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"daedcbf5-8ef7-4a94-9da2-9084d184d28b","block_type":"box","text":"determines the composition and relative weightings of the","page_number":9,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"3152aec4-33c4-4980-acf6-0a2f16cdaf21","block_type":"box","text":"S-2","page_number":9,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"be3423e9-595e-4fc3-bc26-047ed5c06874","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":10,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"e1dde83f-746d-4b78-a77b-0513c5075710","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":10,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"be14b0f0-383e-4fa8-9aa9-e0ba45d37b1f","block_type":"box","text":"Summary of Principal Risks","page_number":10,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"073acc6c-d2b8-442c-b8a6-0999727086a8","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":10,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"efd40549-fea8-45b5-a2f5-c2bc729d0368","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":10,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"a0ce7f37-94ee-4273-8192-1e9865ca29fc","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":10,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"1b8ecce0-5e37-496a-bca9-803dbfdb308e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":10,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"5cbe66e6-d4e9-4fca-a6e0-c2bbc74a816e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":10,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"517729ff-9f2b-49c9-90ff-1f66fae1c783","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":10,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"9410863a-b8c5-4008-b233-bcd90313f296","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":10,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"b0cb4ba5-491e-4389-94fd-8c36baae1c4d","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":10,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"a0c6ce15-5156-4827-b477-dea85d66397c","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":10,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"c9ba6cdc-261e-4501-aa0c-e2c241539541","block_type":"box","text":"review each risk factor carefully.","page_number":10,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"1e7ae34e-62a7-4951-ba79-febc44df4b2c","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":10,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"baf1888c-f800-458d-a09f-a2e1a1a97443","block_type":"box","text":"U.S. Treasury obligations may","page_number":10,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"566c5c0c-5ea1-49e1-84a5-97f619d707a7","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":10,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"8467be8a-937e-4c6c-b987-dea1d2daef4f","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":10,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"f7736016-81b7-4f06-96ed-eaa28ea15894","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":10,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"88342bfa-2eb5-4d84-b7c5-29affe872221","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":10,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"f05297ad-35e1-47ae-b7ea-cf0349f4c804","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":10,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"c0e5c365-2222-4527-ab60-5dc2a653aa07","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":10,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"02a59698-a00a-40d6-b856-819a5f3b2289","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":10,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"1362a5d4-a387-42a8-8eaa-e384dd452a9f","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":10,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"bcc8bb3c-901a-484b-b4ec-2c28b75c61af","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":10,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"c5a3d854-f3bc-4c3e-8ca1-1e975f227fb7","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":10,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"74479dd0-97ab-4f00-83ca-c1269611e962","block_type":"box","text":"timely payment of interest or principal.","page_number":10,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"725ada92-cd03-48d8-a799-9525be4e1cd0","block_type":"box","text":"Interest Rate Risk","page_number":10,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"b94bd5f9-cc96-4068-861d-3362ec08eba3","block_type":"box","text":".","page_number":10,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"03af2327-a765-42d6-a6ce-a8fb3fd5621c","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":10,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"61471225-95a9-4483-a10b-dff38485b158","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":10,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"a028460d-5d24-4662-9713-72b9cd971e4a","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":10,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"bf94e812-db44-4b65-8639-e63037710ed3","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":10,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"b400ab74-8449-489d-8ab9-8e67701444c3","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":10,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"56c716c3-26e7-4507-bebd-fd21befe3459","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":10,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"3cb791a2-4e4d-49d3-8e5a-aea63b9c822d","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":10,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"5e9045d1-36ec-49b8-a092-a1bc66c254bc","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":10,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"ee4dcda0-ef58-4aed-abb2-4c9cada81f2a","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":10,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"bd53e2b2-03f4-44c9-a3fd-976f1d70a259","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":10,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"c4814d60-7c4d-4998-afe9-45bb4926904e","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":10,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"dd83440b-31bf-49bf-828d-fe01a991da95","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":10,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"1a2bb109-e9a3-45f7-98c6-0d7243bf8ae3","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":10,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"37872234-c2ec-4297-81ca-24ab4efe9423","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":10,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"973d2ebc-b39e-400d-953c-4c653fe0f626","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":10,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"40939808-1d24-4c59-a736-4bbbea6ea5b4","block_type":"box","text":"dividends to shareholders.","page_number":10,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"ac13463c-a4c5-461c-9a97-d3930fb359af","block_type":"box","text":"Market Risk","page_number":10,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"31b1a01c-3a88-43e7-b671-af94cecf3bf2","block_type":"box","text":".","page_number":10,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"ee8516fd-0055-4eb7-839c-25e1c6cb4435","block_type":"box","text":"The Fund could lose money over short periods due","page_number":10,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"6a8d3d44-9bf8-45d4-8f80-29dd5c89aaa6","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":10,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"5f317c3f-1bba-4a7c-83cc-104bc3f99a1a","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":10,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"3d36a25d-fc6d-49de-96ff-993e093656c3","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":10,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"303c5ed5-e59b-4c25-a43b-53650887a18d","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":10,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"2f9fe4f6-f612-4854-9c1b-261e89030916","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":10,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"d08ed52f-7b04-4a8c-90a0-37bc554c1e3d","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":10,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"59469f63-1bfc-4b16-a556-cb8d8cb0e0fb","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":10,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"e5a4ed64-789f-42d2-be55-d736d7d15c26","block_type":"box","text":"NAV.","page_number":10,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"58aefde8-1515-49eb-8318-9fe9b731d012","block_type":"box","text":"Index-Related Risk.","page_number":10,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"0cc65a8c-cdaa-4a36-ad59-0c78c5147d5b","block_type":"box","text":"The Index Provider may rely on various","page_number":10,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"cb705b59-45d8-4fb0-b9ef-db373e2442c9","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":10,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"6ffd092a-af0f-4ae0-9414-7f0a10fe3fa3","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":10,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"6719ce4e-e978-46e8-bfee-9421c758af3d","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":10,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"00f894de-ba16-408b-9560-e58a2195a9c0","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":10,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"f8706597-d3c7-4069-a212-78355985fafd","block_type":"box","text":"information will provide an accurate assessment of included","page_number":10,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"dc8615ad-f367-42c0-85a1-dbcbce158626","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":10,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"d8a502c9-6b53-4a68-861d-e9b0589914c3","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":10,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"8c8a1cbc-ad6a-4f8b-b842-d1fcfc14e780","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":10,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"22967191-4bda-44e9-91f2-7ece2552518d","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":10,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"0c0dcf44-4c98-4584-8d90-4f8d20a1c898","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":10,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"1c06351e-abcf-442e-b859-a03b7280199f","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":10,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"51c0c3db-99ac-45a0-8d56-215785693d2a","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":10,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"51726eb4-bb26-4bcd-b2a6-d994354d2e96","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":10,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"e275b3d2-054b-4f76-993c-223fd958d5ba","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":10,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"05030189-e1f5-4068-8c48-2280889bdba0","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":10,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"40cf0edc-6d5c-4e5d-a494-bd3f05d2f7e2","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":10,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"d86500e3-8e83-48ae-bccd-87165c9a1393","block_type":"box","text":"Asset Class Risk.","page_number":10,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"d496ad03-a6dd-4825-8195-0e3a8068f36c","block_type":"box","text":"The securities and other assets in the","page_number":10,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"c4308d25-d815-4d8b-9958-c0bf76044330","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":10,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"01b0ab1f-a70f-44a1-8c7f-7045ad5c9a71","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":10,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"ad69143e-5eda-4203-b6db-637be2c15c73","block_type":"box","text":"market, another index, or other asset classes.","page_number":10,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"cc69171c-4e50-4825-b736-3ff2ea09c3a8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":10,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"8b5ef7cb-2c80-4ba0-9dc2-fccfaa08d210","block_type":"box","text":"An “Authorized","page_number":10,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"74a8b4d8-1276-487e-a67b-1303ea03ec7b","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":10,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"47649679-16be-4a23-a9b5-7611504dcf07","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":10,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"1105818b-4c97-4f9a-9bd9-92eb2065b01a","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":10,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"17435386-36d2-4845-8fe1-a8c697cec267","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":10,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"c9523315-9f58-4abb-b6ae-2f8a07c386d1","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":10,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"8e3bfba1-10db-4562-9da9-ad0ed4a5f863","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":10,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"3f8e9913-e241-4d25-80da-530c63e26f3d","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":10,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"15630176-8c31-4883-be98-ed1501c5e502","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":10,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"6068f08a-af4d-4364-a9bd-f2665778d81e","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":10,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"f40a47c6-2653-4ada-897f-84eeba2c8c4c","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":10,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"50c11ab8-2914-4ef1-918e-26ee282dfdcd","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":10,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"17b54817-df3b-4af3-baa3-bcfdd0bc6b2d","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":10,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"171277e8-9e55-4431-a3d9-1e8a0a3426d2","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":10,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"286e03d9-bc21-4edd-8b3e-ed083aaef870","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":10,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"bce79b12-1837-43ec-9ac7-a0c6209446f7","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":10,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"a5057d09-9361-4ed2-960c-759ecfb1291c","block_type":"box","text":"Cash Management Risk","page_number":10,"box":{"x":549,"y":476,"width":161,"height":10}},{"id":"70ad7056-e421-4ef8-9daf-537089fc2a3a","block_type":"box","text":".","page_number":10,"box":{"x":710,"y":482,"width":2,"height":2}},{"id":"a56443cd-ed18-4e9d-8a0c-60dcca900ea2","block_type":"box","text":"If a significant amount of the Fund’s","page_number":10,"box":{"x":718,"y":476,"width":228,"height":10}},{"id":"f1013359-83db-4862-9187-f1056e63deb0","block_type":"box","text":"assets is invested in cash and cash equivalents, the Fund may","page_number":10,"box":{"x":549,"y":490,"width":396,"height":11}},{"id":"69faceb9-bb86-4baf-be44-7f6a569c3763","block_type":"box","text":"underperform other funds that do not similarly invest in cash and","page_number":10,"box":{"x":549,"y":504,"width":415,"height":11}},{"id":"4abe49ad-e27b-42f6-b66b-865581198ec2","block_type":"box","text":"cash equivalents for investment purposes and/or to collateralize","page_number":10,"box":{"x":549,"y":518,"width":414,"height":11}},{"id":"a04a0043-c534-40cf-873b-1e83cb48b155","block_type":"box","text":"derivative instruments. Further, the Fund may face increased","page_number":10,"box":{"x":549,"y":532,"width":389,"height":11}},{"id":"f9212322-3896-4992-939a-7b929d413e8f","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":10,"box":{"x":549,"y":547,"width":416,"height":10}},{"id":"f502ae84-424e-4d6c-9da5-a85c42684910","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":10,"box":{"x":549,"y":561,"width":409,"height":11}},{"id":"285fed74-7115-45fe-a409-c406ed5edeb9","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":10,"box":{"x":549,"y":575,"width":356,"height":11}},{"id":"cbd93e95-f485-490d-b47f-285054663508","block_type":"box","text":"Concentration Risk.","page_number":10,"box":{"x":549,"y":598,"width":132,"height":9}},{"id":"1742c935-4434-424b-bf63-5c010588e575","block_type":"box","text":"The Fund may be susceptible to an","page_number":10,"box":{"x":687,"y":598,"width":221,"height":11}},{"id":"eb49ba17-9db0-4543-94f1-ad7519702952","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":10,"box":{"x":549,"y":612,"width":419,"height":11}},{"id":"c3823c87-eeb5-4923-ab36-1c8ec377dedd","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":10,"box":{"x":549,"y":626,"width":408,"height":11}},{"id":"6d5590b9-07e9-4363-96e7-f9fbdfe67e8f","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":10,"box":{"x":549,"y":641,"width":418,"height":8}},{"id":"5c17fdec-ed96-444e-a383-933128a48bc8","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":10,"box":{"x":549,"y":655,"width":395,"height":10}},{"id":"5e492c23-4456-40e9-a67f-baa04928b287","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":10,"box":{"x":549,"y":669,"width":388,"height":11}},{"id":"6824269a-83bd-4493-a118-a7076eda652c","block_type":"box","text":"asset classes.","page_number":10,"box":{"x":549,"y":683,"width":88,"height":9}},{"id":"261399c3-172c-4d99-b6de-e13df8378b17","block_type":"box","text":"Declining Yield Risk.","page_number":10,"box":{"x":549,"y":706,"width":136,"height":11}},{"id":"24ab13b1-de46-4d5c-b3b5-15f20d581094","block_type":"box","text":"In the months leading up to the Fund’s","page_number":10,"box":{"x":691,"y":706,"width":245,"height":11}},{"id":"d8a0936d-f67a-4fe6-8060-f169746982c2","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":10,"box":{"x":549,"y":721,"width":386,"height":10}},{"id":"dc474ec0-a889-484f-bff6-76e42204e428","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":10,"box":{"x":549,"y":735,"width":408,"height":11}},{"id":"734cb879-92dc-48d4-b5d0-17e16963212c","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":10,"box":{"x":549,"y":749,"width":424,"height":11}},{"id":"84b00462-a2a6-43b2-9f49-98e5ad9a4776","block_type":"box","text":"yields for bonds in the market.","page_number":10,"box":{"x":549,"y":763,"width":193,"height":11}},{"id":"4efd34ac-d78f-4e11-bbcf-84821ad43850","block_type":"box","text":"Income Risk.","page_number":10,"box":{"x":549,"y":786,"width":86,"height":9}},{"id":"824971b3-dae8-4a98-99c7-75371548769a","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":10,"box":{"x":640,"y":786,"width":288,"height":11}},{"id":"6a8896d5-c847-4372-ad5a-83f74da5a9b6","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":10,"box":{"x":549,"y":800,"width":407,"height":9}},{"id":"190fbfa6-9fe4-4e7e-a578-499a4bbc5d9b","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":10,"box":{"x":549,"y":815,"width":414,"height":10}},{"id":"9de82f0d-0487-438d-b7c5-2b56cc4d89f2","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":10,"box":{"x":549,"y":829,"width":380,"height":11}},{"id":"4c124075-c612-49b8-b159-7d7d5c200148","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":10,"box":{"x":549,"y":843,"width":406,"height":11}},{"id":"62bae40c-83fb-4e59-bd34-22234c49a440","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":10,"box":{"x":549,"y":857,"width":424,"height":11}},{"id":"6c04b346-0a42-441b-96ea-84cafccbce2e","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":10,"box":{"x":550,"y":871,"width":423,"height":11}},{"id":"0e20be52-cc6b-472c-8179-d55cd4724864","block_type":"box","text":"S-3","page_number":10,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"45c32e00-413c-464d-a6e8-f640556b8d80","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":11,"box":{"x":83,"y":23,"width":394,"height":11}},{"id":"8e8f96c6-c2c7-4bee-8d3f-6c2587b35d78","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":11,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"7e6b7ca3-8f04-410c-b3b0-a02421c7fb37","block_type":"box","text":"Issuer Risk","page_number":11,"box":{"x":83,"y":60,"width":75,"height":9}},{"id":"26e0a77b-99b9-40b6-a575-bef70292f938","block_type":"box","text":".","page_number":11,"box":{"x":158,"y":67,"width":3,"height":2}},{"id":"ef4b24f4-2852-47ca-9610-977362878970","block_type":"box","text":"The performance of the Fund depends on the","page_number":11,"box":{"x":166,"y":61,"width":288,"height":10}},{"id":"8bfc9f8b-fcc8-4c2c-ba78-8cd580981989","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":11,"box":{"x":83,"y":75,"width":412,"height":10}},{"id":"d8567775-682f-4c40-8fc8-48dbf6d7f3f2","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":11,"box":{"x":84,"y":89,"width":401,"height":11}},{"id":"0221b78d-3275-4c75-ad6d-a57b1f0641ff","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":11,"box":{"x":83,"y":103,"width":418,"height":11}},{"id":"6839defc-95ed-4486-89a4-4763b540e4da","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":11,"box":{"x":83,"y":117,"width":414,"height":11}},{"id":"b395006a-2a83-46e7-a3d9-c06eb5d274e5","block_type":"box","text":"counterparty.","page_number":11,"box":{"x":83,"y":132,"width":84,"height":10}},{"id":"13194e96-fc9b-4386-be1f-0ce425bedea8","block_type":"box","text":"Management Risk","page_number":11,"box":{"x":83,"y":155,"width":122,"height":10}},{"id":"0962f294-298b-4bb2-a9f1-3d27e9be83f9","block_type":"box","text":".","page_number":11,"box":{"x":206,"y":161,"width":2,"height":2}},{"id":"a6e63498-e65d-4c53-99dd-5f65239b5a87","block_type":"box","text":"The Fund generally does not attempt to take","page_number":11,"box":{"x":213,"y":155,"width":283,"height":10}},{"id":"85ae9c56-bd8d-497b-809b-a59fca691306","block_type":"box","text":"defensive positions under any market conditions, including","page_number":11,"box":{"x":83,"y":169,"width":376,"height":11}},{"id":"118ca4f9-7817-4135-afe3-0acb2aa23ee8","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":11,"box":{"x":83,"y":183,"width":362,"height":11}},{"id":"60963e15-b039-4d20-a0d9-24cc2ccbe640","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":11,"box":{"x":83,"y":197,"width":388,"height":11}},{"id":"93b5cd8c-5efb-440c-91e6-d9b13009ddcf","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":11,"box":{"x":83,"y":211,"width":409,"height":11}},{"id":"65bc6266-ef09-4c35-b1e7-df480f99deeb","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":11,"box":{"x":83,"y":226,"width":419,"height":10}},{"id":"4e0ac1aa-3bcd-42de-a5d9-13563c06a841","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":11,"box":{"x":82,"y":240,"width":420,"height":11}},{"id":"0333fdd9-ea8a-4457-89a7-01acc67bb8cb","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":11,"box":{"x":83,"y":254,"width":402,"height":11}},{"id":"228e5387-b3f3-4cdf-adfc-2b619c7ffb9f","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":11,"box":{"x":83,"y":268,"width":323,"height":11}},{"id":"08e12b63-9fbf-416b-be0f-bb3e7f258e8d","block_type":"box","text":"Market Trading Risk","page_number":11,"box":{"x":83,"y":291,"width":136,"height":11}},{"id":"2f0b13ff-ee6e-4307-8c5e-c0dd9fb86c46","block_type":"box","text":".","page_number":11,"box":{"x":219,"y":298,"width":2,"height":2}},{"id":"73388178-2b71-4d52-90e0-ec318acd23ca","block_type":"box","text":"The Fund faces numerous market trading","page_number":11,"box":{"x":226,"y":291,"width":263,"height":11}},{"id":"f3703ab3-390e-4a8c-9396-dd7290828a8b","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":11,"box":{"x":83,"y":305,"width":394,"height":11}},{"id":"a7d4284c-033d-40c9-b6a7-f6fce2db2cf1","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":11,"box":{"x":83,"y":320,"width":401,"height":10}},{"id":"e1a39a02-1a7c-4452-8e46-eb1d2b066d25","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":11,"box":{"x":83,"y":334,"width":404,"height":11}},{"id":"c3ca4fdd-169c-45d3-95fe-b9a6c1551002","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":11,"box":{"x":83,"y":348,"width":416,"height":11}},{"id":"07f1cb84-86ba-4725-b6c5-53d49e4d085b","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":11,"box":{"x":82,"y":362,"width":405,"height":11}},{"id":"3f6bf58a-a2e8-414d-ba9e-483b54c7f0d8","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":11,"box":{"x":83,"y":376,"width":411,"height":11}},{"id":"05f11c10-108d-408b-a76c-66bf3222336a","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":11,"box":{"x":83,"y":391,"width":397,"height":10}},{"id":"c5bd9c8c-eba4-4357-8a12-d3ca2a621e0b","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":11,"box":{"x":83,"y":405,"width":419,"height":10}},{"id":"1098643f-bb4e-4f98-a742-a6613e9fa20b","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":11,"box":{"x":83,"y":419,"width":412,"height":11}},{"id":"e801dd2b-d9c3-4937-9b05-ff59e48a6e1d","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":11,"box":{"x":83,"y":433,"width":397,"height":11}},{"id":"dc0a14d7-7e34-44f1-8eb9-5a73ffb5ced0","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":11,"box":{"x":83,"y":447,"width":316,"height":11}},{"id":"f2744142-fcc4-409a-aa9b-cbf81b201e3e","block_type":"box","text":"Operational and Technology Risks","page_number":11,"box":{"x":83,"y":470,"width":230,"height":11}},{"id":"4ca562ba-7e8f-4862-9066-92de65e5835e","block_type":"box","text":".","page_number":11,"box":{"x":314,"y":477,"width":2,"height":2}},{"id":"8111ddf3-d29f-4f9f-b513-65acd96fb8a5","block_type":"box","text":"The Fund is directly and","page_number":11,"box":{"x":321,"y":470,"width":151,"height":11}},{"id":"0be60d05-cb58-4829-9078-576ed81e5e79","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":11,"box":{"x":83,"y":485,"width":368,"height":10}},{"id":"993e443d-22a6-47e1-ae94-fcaed840ad9f","block_type":"box","text":"including those related to human errors, processing errors,","page_number":11,"box":{"x":83,"y":499,"width":376,"height":11}},{"id":"c9fb90ac-8f91-4abd-8436-8414c3de8630","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":11,"box":{"x":83,"y":513,"width":413,"height":11}},{"id":"f68af1f5-fdcd-4cee-a1c9-19d58fcc1a23","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":11,"box":{"x":83,"y":527,"width":404,"height":11}},{"id":"f59d5265-a934-46a8-b829-8d6b283ff0dd","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":11,"box":{"x":82,"y":541,"width":402,"height":11}},{"id":"a2836948-fb60-41fd-bf54-0ef0a1434e62","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":11,"box":{"x":83,"y":556,"width":376,"height":10}},{"id":"bb43c3fb-8272-4cb9-a028-577409f3f6f1","block_type":"box","text":"providers are required to have appropriate operational,","page_number":11,"box":{"x":83,"y":570,"width":350,"height":10}},{"id":"6e416e11-549e-4b4b-b71b-8fb2db8ed68d","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":11,"box":{"x":83,"y":584,"width":414,"height":11}},{"id":"8e4fd538-fd9a-4328-afd4-09f080526407","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":11,"box":{"x":83,"y":598,"width":397,"height":11}},{"id":"4bb84604-b227-417b-be09-388c6d1261e4","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":11,"box":{"x":82,"y":612,"width":411,"height":11}},{"id":"70f86e25-b8d0-4c41-b4db-8e0ed1c01fda","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":11,"box":{"x":549,"y":23,"width":391,"height":9}},{"id":"873c1b88-bd8f-4d99-b876-0aa2c3b0d844","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":11,"box":{"x":549,"y":37,"width":422,"height":11}},{"id":"7d503b9d-0bc8-4e6a-9d00-37eecc2629df","block_type":"box","text":"investments in such issuers to lose value.","page_number":11,"box":{"x":549,"y":52,"width":264,"height":8}},{"id":"8e59740d-219b-42da-b14d-44175ef67774","block_type":"box","text":"Risk of Investing in the U.S","page_number":11,"box":{"x":549,"y":75,"width":182,"height":10}},{"id":"0ea9a0ea-59cf-4adf-bd0e-23c32389e2c2","block_type":"box","text":".","page_number":11,"box":{"x":732,"y":81,"width":2,"height":2}},{"id":"5173c872-30a2-4988-bbfa-a184c1c0e88c","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":11,"box":{"x":740,"y":75,"width":210,"height":11}},{"id":"f13da447-ab32-4f08-9b10-98eb7b6af36e","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":11,"box":{"x":549,"y":89,"width":391,"height":11}},{"id":"9fc2772c-edec-47c5-94b2-42ee11cb8bcd","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":11,"box":{"x":549,"y":103,"width":423,"height":11}},{"id":"1d05c48b-11cf-472c-a85a-0dafa8a15374","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":11,"box":{"x":550,"y":117,"width":412,"height":11}},{"id":"b00bd729-97fa-47ad-8740-fbb66a9de749","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":11,"box":{"x":549,"y":131,"width":396,"height":11}},{"id":"2dc496fe-a39c-4fe8-ac82-02a021bcb514","block_type":"box","text":"Securities Lending Risk.","page_number":11,"box":{"x":548,"y":155,"width":162,"height":10}},{"id":"4569adf9-3117-4089-a86c-4d7b98de48ca","block_type":"box","text":"The Fund may engage in securities","page_number":11,"box":{"x":716,"y":155,"width":221,"height":10}},{"id":"4ad4e268-50cf-47c4-aa63-5c816239347b","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":11,"box":{"x":549,"y":169,"width":397,"height":11}},{"id":"2443b3c4-b167-449f-a037-bc1ca79f32fb","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":11,"box":{"x":549,"y":183,"width":418,"height":11}},{"id":"e7ba0660-b5b7-4a96-a8f2-ff7405fbcd41","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":11,"box":{"x":549,"y":197,"width":409,"height":11}},{"id":"7b771331-0784-4b9c-9308-582bc2fb726c","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":11,"box":{"x":549,"y":211,"width":416,"height":11}},{"id":"fbdfe95a-26ff-4815-bf95-2019e4e3a831","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":11,"box":{"x":549,"y":226,"width":389,"height":10}},{"id":"f0b5e8ab-775a-4b74-8d11-00cf22d4d29e","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":11,"box":{"x":549,"y":240,"width":406,"height":8}},{"id":"c2d1cf00-d3e3-4a5e-9bf5-7c8abb5f1091","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":11,"box":{"x":549,"y":254,"width":301,"height":11}},{"id":"514ef372-1999-49d7-b930-5432dd5fe295","block_type":"box","text":"Tracking Error Risk","page_number":11,"box":{"x":550,"y":277,"width":128,"height":11}},{"id":"a1c61c9c-7103-4964-ab36-92e4834109d6","block_type":"box","text":".","page_number":11,"box":{"x":678,"y":284,"width":3,"height":2}},{"id":"c49e3c77-42c0-4bc6-8a96-34590cff8631","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":11,"box":{"x":686,"y":277,"width":284,"height":11}},{"id":"3b8218ff-4fff-4ea2-a571-59cf80ed3513","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":11,"box":{"x":549,"y":291,"width":404,"height":11}},{"id":"52da0f39-8340-4ff4-837a-8cf3ba133331","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":11,"box":{"x":549,"y":305,"width":425,"height":11}},{"id":"4f219e68-1471-45d0-a352-68ec0e85d986","block_type":"box","text":"factors, including differences between the securities and other","page_number":11,"box":{"x":549,"y":320,"width":401,"height":10}},{"id":"1836381e-bf67-496b-a314-c96890f25180","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":11,"box":{"x":549,"y":334,"width":381,"height":11}},{"id":"b3556552-8d43-4e2f-9fb9-a3bfe5b2b52f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":11,"box":{"x":550,"y":348,"width":396,"height":11}},{"id":"ca4e48ed-dd58-402f-9482-f1e5dd6971c9","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":11,"box":{"x":549,"y":362,"width":407,"height":10}},{"id":"1b2dc869-7140-4b96-a110-c9a61765998d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":11,"box":{"x":549,"y":376,"width":400,"height":11}},{"id":"f061a8de-a48b-4c12-a262-82f23302e895","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":11,"box":{"x":549,"y":391,"width":421,"height":10}},{"id":"33778973-5a7e-430a-a3d9-9a24ab46e3e7","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":11,"box":{"x":549,"y":405,"width":374,"height":11}},{"id":"70b9168c-4b9a-4735-8515-6e41544592ca","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":11,"box":{"x":549,"y":419,"width":370,"height":11}},{"id":"bea48947-c811-4b64-bdbe-2e721576eca5","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":11,"box":{"x":549,"y":433,"width":372,"height":11}},{"id":"dd4a7abf-407b-465a-acc3-de5969a331de","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":11,"box":{"x":549,"y":447,"width":420,"height":11}},{"id":"72cb7cde-8f41-4957-a675-e843bf7f133f","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":11,"box":{"x":549,"y":461,"width":387,"height":11}},{"id":"fd2f2a86-7ede-47c6-99e8-9103c1f6cd6a","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":11,"box":{"x":549,"y":476,"width":377,"height":10}},{"id":"67d55074-7804-4218-96ad-914b0a0f7bd4","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":11,"box":{"x":549,"y":490,"width":380,"height":11}},{"id":"1560022a-66f5-4756-ad5b-0d70414293ae","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":11,"box":{"x":549,"y":504,"width":366,"height":11}},{"id":"0c7914a6-4236-4e67-9f81-2cf9ba4356ef","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":11,"box":{"x":549,"y":518,"width":414,"height":11}},{"id":"22327ba9-b988-4f98-934e-33a95fdb725e","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":11,"box":{"x":550,"y":532,"width":386,"height":11}},{"id":"e2f7ee64-d9fd-4165-919d-1a051be42c2b","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":11,"box":{"x":549,"y":547,"width":414,"height":10}},{"id":"b9de0a7c-43d2-4c44-bfe8-f3f0a0775c22","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":11,"box":{"x":549,"y":561,"width":420,"height":11}},{"id":"946e4e5e-b10d-4120-ac8e-482ef0c8ea75","block_type":"box","text":"unusual market conditions.","page_number":11,"box":{"x":549,"y":575,"width":172,"height":8}},{"id":"a5d9e017-c0d0-44bf-a16f-73b484dcc1f0","block_type":"box","text":"S-4","page_number":11,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"48f36184-9c92-48c4-908f-c7abcc22e0ee","block_type":"box","text":"Performance Information","page_number":12,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"31588b53-7b86-4cb3-af0c-30f6461f2ab8","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":12,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"cd0db37b-e776-40f8-9e32-3b067ab2e5bc","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":12,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"0d884872-89b0-4a52-a8d2-e3c3593a8bea","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":12,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"d9348ab6-7f31-4e0b-a51a-c4de437b3c09","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":12,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"298f2478-cf4b-4e8d-9356-4240a8e81ef4","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":12,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"1cec7d42-68a4-4638-9b0a-0ff8bf8dd697","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":12,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"26ef4a18-46e9-4133-9222-124cf16a4dd5","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":12,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"43eb88cf-9449-4c17-a2a3-267e4292d740","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":12,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"c2eb977b-66bb-40f7-a80e-5b8f8ae2c87a","block_type":"box","text":"10%","page_number":12,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"b1c3c652-01ac-450b-b4c8-e3462b07ba6c","block_type":"box","text":"5%","page_number":12,"box":{"x":340,"y":221,"width":13,"height":7}},{"id":"53dacc07-d6bb-4855-95a3-e56f9233655c","block_type":"box","text":"0%","page_number":12,"box":{"x":339,"y":240,"width":14,"height":7}},{"id":"76054c16-9c1b-4093-848b-5919b0ea4ceb","block_type":"box","text":"-5%","page_number":12,"box":{"x":335,"y":260,"width":18,"height":7}},{"id":"e2ce05cd-6ad0-4db1-b668-db6a5908b709","block_type":"box","text":"-10%","page_number":12,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"a1dce573-5617-4673-85e5-3ed747428939","block_type":"box","text":"-15%","page_number":12,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"ff993638-9f8a-4e7c-b8f6-25ce8ba0127e","block_type":"box","text":"2","page_number":12,"box":{"x":391,"y":321,"width":5,"height":7}},{"id":"79fddf1f-6de0-4b58-b93e-8ac43865a2b5","block_type":"box","text":"0","page_number":12,"box":{"x":397,"y":321,"width":6,"height":7}},{"id":"b1afd086-d2fd-4687-93b2-05c80854d713","block_type":"box","text":"21 2","page_number":12,"box":{"x":405,"y":321,"width":59,"height":7}},{"id":"65228883-a2c6-41fb-b2de-f166a29e3483","block_type":"box","text":"0","page_number":12,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"e0feb1c8-a94c-4ee7-b462-5faa5c973716","block_type":"box","text":"22 2","page_number":12,"box":{"x":473,"y":321,"width":58,"height":7}},{"id":"d2521297-5514-4b76-807e-91498c2bd95c","block_type":"box","text":"0","page_number":12,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"9ce8b7b1-cde0-4188-ab21-423cd475877c","block_type":"box","text":"2","page_number":12,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"41745b3f-59d1-4697-8b7a-f2828e18d0e8","block_type":"box","text":"3","page_number":12,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"0c28d643-8ee8-43fc-b478-40401b4bf471","block_type":"box","text":"2","page_number":12,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"56845a3c-f6c7-4cc3-988f-603f47402aea","block_type":"box","text":"0","page_number":12,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"88d31dd4-1958-4594-bf3e-43b9f494bac9","block_type":"box","text":"2","page_number":12,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"062027af-a268-4d43-ba47-356e44893104","block_type":"box","text":"4","page_number":12,"box":{"x":615,"y":321,"width":6,"height":7}},{"id":"a4a5afaa-9777-4714-b9fa-7491cc95a619","block_type":"box","text":"2","page_number":12,"box":{"x":662,"y":321,"width":5,"height":7}},{"id":"e84d578e-5a03-45e8-86fc-9830e49d6493","block_type":"box","text":"0","page_number":12,"box":{"x":669,"y":321,"width":6,"height":7}},{"id":"802a67cc-9e0a-49d4-838e-620a9f35f795","block_type":"box","text":"2","page_number":12,"box":{"x":676,"y":321,"width":6,"height":7}},{"id":"1b6b966d-7381-4890-8f0d-36ee22f4a794","block_type":"box","text":"5","page_number":12,"box":{"x":683,"y":321,"width":6,"height":7}},{"id":"ebac393d-e2a2-483f-afa2-c27a3589c37b","block_type":"box","text":"-3.04%","page_number":12,"box":{"x":388,"y":259,"width":31,"height":6}},{"id":"b1ccff4f-0837-464e-a097-4c8bf898527d","block_type":"box","text":"-8.23%","page_number":12,"box":{"x":456,"y":279,"width":31,"height":6}},{"id":"c2bc0bd6-9ff5-4758-8992-a5053f02e7c7","block_type":"box","text":"4.31%","page_number":12,"box":{"x":526,"y":216,"width":27,"height":6}},{"id":"80538a10-a4a2-4aab-a54a-01cd9b900146","block_type":"box","text":"3.89%","page_number":12,"box":{"x":594,"y":217,"width":27,"height":7}},{"id":"616e0aa7-7735-4429-bafd-355555f292bb","block_type":"box","text":"4.57%","page_number":12,"box":{"x":662,"y":215,"width":27,"height":6}},{"id":"7d5b4135-09b3-4783-8b89-8e6473d23f31","block_type":"box","text":"Return (%) Period Ended","page_number":12,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"603d41ac-6ca2-4b39-9ff6-ff2227ed068c","block_type":"box","text":"During the periods shown in the chart:","page_number":12,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"d1fa1efa-a76e-4403-bc43-6b1e22ea915e","block_type":"box","text":"Best Quarter 2.97% December 31, 2023","page_number":12,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"336d4da4-edd7-4e2c-99c1-76d9e9e07d23","block_type":"box","text":"Worst Quarter -4.81% March 31, 2022","page_number":12,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"72a26325-45c8-46c1-a49c-7946da1c3db8","block_type":"box","text":"Average Annual Total Returns","page_number":12,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"edec4db3-9a79-4188-87e4-0e141fff81da","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":12,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"4b3add23-eeeb-4826-962f-01b9002e38c9","block_type":"box","text":"One Year Five Years","page_number":12,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"7a6f9d3b-c061-4e05-b266-6bd49fb54a66","block_type":"box","text":"Since Fund","page_number":12,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"33258788-c6d4-42a5-8ad2-30b559b646fb","block_type":"box","text":"Inception","page_number":12,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"7f7d03f1-c867-4f4b-b8cc-f640de02c37e","block_type":"box","text":"(Inception Date: 2/25/2020)","page_number":12,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"33252118-309b-4507-9263-74a34bdacc43","block_type":"box","text":"Return Before Taxes","page_number":12,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"b8ecc374-9707-4889-8449-add01e2c6e12","block_type":"box","text":"4.57% 0.17% 1.03%","page_number":12,"box":{"x":715,"y":493,"width":203,"height":8}},{"id":"b1a47a0f-e336-4572-91e2-6362ce41f599","block_type":"box","text":"Return After Taxes on Distributions 2.87% -1.00% -0.02%","page_number":12,"box":{"x":124,"y":505,"width":794,"height":7}},{"id":"f9c90e68-94cb-4fbb-b8e6-38c64cc9b8a3","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.69% -0.38% 0.33%","page_number":12,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"291cb8f2-d7b6-4f6b-894c-acb5d49b2998","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":12,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"e3f2e1ce-31c0-41a7-abb0-6e7782ace076","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":12,"box":{"x":328,"y":528,"width":319,"height":10}},{"id":"26187d9d-81ac-49b2-82fe-1879a05c8166","block_type":"box","text":"taxes)","page_number":12,"box":{"x":136,"y":541,"width":34,"height":10}},{"id":"af2690a9-45e1-40d1-bdad-cf6b4c245268","block_type":"box","text":"7.15% -0.42% 0.36%","page_number":12,"box":{"x":720,"y":541,"width":198,"height":8}},{"id":"63ab570b-eb24-4d47-9a07-01ba0c579f12","block_type":"box","text":"ICE 2026 Maturity US Treasury Index (Spliced)","page_number":12,"box":{"x":124,"y":553,"width":286,"height":9}},{"id":"b2a27356-7a8e-4a23-b40e-e01a8bd5aaf1","block_type":"box","text":"1","page_number":12,"box":{"x":413,"y":551,"width":3,"height":5}},{"id":"343a8a9f-688f-4b19-bd74-da9a72f2ff7e","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":12,"box":{"x":418,"y":553,"width":246,"height":9}},{"id":"92318c27-ede4-4582-ad3a-78b1fdd0ceca","block_type":"box","text":"expenses or taxes)","page_number":12,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"5b8b85d9-581a-4ac9-8ccd-4e7981be4d10","block_type":"box","text":"4.63% 0.20% 1.06%","page_number":12,"box":{"x":715,"y":566,"width":203,"height":7}},{"id":"35c1d4bd-ed19-42a4-9220-1c6f57b937b5","block_type":"box","text":"1","page_number":12,"box":{"x":94,"y":599,"width":2,"height":5}},{"id":"afd31828-176c-4919-b6cc-1d707ca66690","block_type":"box","text":"The ICE 2026 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2026 Maturity US Treasury Index","page_number":12,"box":{"x":102,"y":600,"width":859,"height":10}},{"id":"7f703b8d-0ec2-4313-9e23-02ef0e15c3e6","block_type":"box","text":"through February 28, 2021; the 4 PM pricing variant of the ICE 2026 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the","page_number":12,"box":{"x":93,"y":613,"width":877,"height":10}},{"id":"f818500a-e5bc-45de-a4cf-4ec39983c573","block_type":"box","text":"standard pricing variant of the ICE 2026 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.","page_number":12,"box":{"x":93,"y":626,"width":668,"height":10}},{"id":"ade3aeec-8014-454c-bcfc-25db2cb6a9a0","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":12,"box":{"x":82,"y":648,"width":882,"height":11}},{"id":"57cccdc7-0713-48c0-be0e-3630592129ce","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":12,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"f6872e48-6c54-4e31-bd3a-ff65caaa798e","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":12,"box":{"x":83,"y":677,"width":860,"height":11}},{"id":"4769d548-6db6-4954-96f8-82c58ef238b8","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":12,"box":{"x":83,"y":691,"width":855,"height":11}},{"id":"1865bebe-93f3-4b8b-b98e-e820216c2e92","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":12,"box":{"x":83,"y":705,"width":883,"height":11}},{"id":"4b93955d-14f0-48fe-8f08-24e2e8a56ad5","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":12,"box":{"x":82,"y":719,"width":861,"height":11}},{"id":"63c7b888-7355-438d-8f1b-a3a0d23ec3fd","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":12,"box":{"x":83,"y":733,"width":359,"height":11}},{"id":"0a7b2fc2-3791-425c-9f0b-da9705eba5d5","block_type":"box","text":"S-5","page_number":12,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"aca20667-a5e5-442d-94ad-2a8c9df96caa","block_type":"box","text":"Management","page_number":13,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"ac8f02c9-a857-47cf-aa12-dbcdd0baa7ae","block_type":"box","text":"Investment Adviser.","page_number":13,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"53c518bc-fc35-40be-a85c-31a19c5d0006","block_type":"box","text":"BlackRock Fund Advisors.","page_number":13,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"cf033cc0-2e8f-40bd-821f-e2c2735fadbd","block_type":"box","text":"Portfolio Managers.","page_number":13,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"8b427e14-041b-4173-89a2-080f56ac85a9","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":13,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"e05c6204-8cc0-4581-9cfa-57e46f0addc5","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":13,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"e106de46-b669-4bb9-855e-5217445034e6","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":13,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"27b6e450-85fc-4ead-b0fb-91b15c8b4b2f","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":13,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"21b5a070-8fab-4ebf-af69-d4a7f09dd535","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":13,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"396011fc-3468-44fc-a4e0-8945aab3491f","block_type":"box","text":"2025, 2020 and 2025, respectively.","page_number":13,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"49d55f2f-705a-4358-9860-0ddcfd8c5038","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":13,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"3f8b475a-331a-4185-877e-fed3a38a8a34","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":13,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"26ad816d-516a-4a1a-bbfd-e38266f14f4d","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":13,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"6eeb6789-51a1-4f75-b05c-c254221a2c33","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":13,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"2e7c4a7d-6b1b-4a73-b60a-32cadf09432c","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":13,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"ab8c6f41-dd8b-4854-ab37-f8210afa39de","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":13,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"36f8b534-5ba4-4451-b3bb-ecff9062519e","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":13,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"34dc7649-a7dd-4f47-a6ea-758a7ab1bdc1","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":13,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"f647299e-5049-447f-920a-ba23dffa5beb","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":13,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"c6ad6366-efd1-49df-a246-1648888aaf42","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":13,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"0a3c9011-70a2-44ce-adc9-18087f92f98e","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":13,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"fa750542-f407-4331-8b68-a0cfe7d82064","block_type":"box","text":"Tax Information","page_number":13,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"784031d5-0c5c-43c1-a1dd-5813438b64f4","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":13,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"b73ce91a-7ec2-49bc-95ff-6f846ab77810","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":13,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"87979552-6ffb-4e47-88fe-7196c0a2931d","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":13,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"b437d63c-a856-4b96-bb0e-39156aad27b3","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":13,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"2f25fa50-6906-4aff-9b06-41a0fc63d8b2","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":13,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"ad519b10-44b8-4207-a9a4-d19ebd165248","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":13,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"1e0315af-e0e2-4944-b1dc-651e8334f6b3","block_type":"box","text":"obligations.","page_number":13,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"259ee19f-2126-4728-9cec-24ade56e646a","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":13,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"fb8b8a99-5d18-42a8-aae5-4174115ab835","block_type":"box","text":"Intermediaries","page_number":13,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"89cd34a3-4d9e-435b-b7e8-1a896ed85ed1","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":13,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"b6294275-f6f8-4af7-b3f6-7eb7b9660c24","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":13,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"bbc0c0bb-642a-4c6f-9e1a-befab850e83f","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":13,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"e03375f0-f3d1-48db-8960-e28f156dd76f","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":13,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"e2fd5116-9d73-477d-95f4-51a7e673ddad","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":13,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"1c513568-9835-4e8c-b900-cf15b099d5d1","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":13,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"7705f5d4-a51c-4bb7-8475-a824a09ed5a1","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":13,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"0193e46e-4774-44fe-8022-5e28fea38cea","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":13,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"28a2486f-58a1-4f81-9380-5860b35c9f3c","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":13,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"38a0b3cf-fb8e-45ed-a69c-10efb981e64a","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":13,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"bea1d86c-1615-4d34-ba57-a7fb2d27deb4","block_type":"box","text":"information.","page_number":13,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"ddc0215d-d82a-4b22-8517-163e113959e7","block_type":"box","text":"S-6","page_number":13,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"9cf3b2eb-cc4d-4bb8-b41d-3b40632cac98","block_type":"box","text":"iSHARES","page_number":14,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"24c70d8c-d551-468c-95a3-4ce860d12417","block_type":"box","text":"®","page_number":14,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"365251a1-e6d8-4d3f-b908-9199285303e7","block_type":"box","text":"iBONDS","page_number":14,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"598a3ee3-f512-4394-beb8-6e28d07d0489","block_type":"box","text":"®","page_number":14,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"aeccc900-3292-45a0-a918-79fb8c0ea39b","block_type":"box","text":"DEC 2027 TERM TREASURY ETF","page_number":14,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"fb4506b4-5f0d-4d18-b13f-7d78b82da692","block_type":"box","text":"Ticker: IBTH Stock Exchange: Nasdaq","page_number":14,"box":{"x":291,"y":53,"width":469,"height":12}},{"id":"7f43f4db-f347-4413-896d-eca6538ed918","block_type":"box","text":"Investment Objective","page_number":14,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"6cde06ff-214d-41f3-9418-9d23f138e345","block_type":"box","text":"The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":14,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"2c93e420-ce7e-4a82-be6d-4ddc0b33e755","block_type":"box","text":"bonds maturing in 2027.","page_number":14,"box":{"x":83,"y":130,"width":154,"height":11}},{"id":"9bfcf7d5-d54b-4f22-b6f7-63837936bf70","block_type":"box","text":"Fees and Expenses","page_number":14,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"96b96cf8-7d02-4e94-ae4f-8b232a611f31","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":14,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"586b5ee7-bf8c-4f98-b228-220651864666","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":14,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"29fa70b9-3dd3-45f4-ba48-a742721c6568","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":14,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"b0aedad2-f44d-4960-b70f-9cd8df933d56","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":14,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"0f66cf9f-fced-4213-9772-974e884962af","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":14,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"c75ec25d-123b-40e4-ba6b-f4142abe8a92","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":14,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"38513544-36f1-4c3c-a37e-a8f9edd4d4a1","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":14,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"e1ee06d4-d51d-488c-8304-b33672b5ae5d","block_type":"box","text":"pro rata","page_number":14,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"b0105c66-f819-4862-8c44-7d5ecd2e35a6","block_type":"box","text":"share of the fees","page_number":14,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"0c2bf99a-da38-41b9-9642-4e59819cd6ba","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":14,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"2023d517-9895-41dd-aa37-f5d6212509ba","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":14,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"d30e5788-aa06-4d81-9a26-77ab800552f1","block_type":"box","text":"shown in the","page_number":14,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"2e6f4b70-3463-48b8-9933-69a7dd2be2a9","block_type":"box","text":"Financial Highlights","page_number":14,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"838c83c6-c25a-4b37-bd80-a2abae00dd11","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":14,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"e7e58724-af97-42d5-9e90-b8b0f4dd1566","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":14,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"60b4f207-34ce-4e3a-8d34-8290dbbb001d","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":14,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"38f30728-475a-4206-b115-1fb74381bb36","block_type":"box","text":"December 15, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":14,"box":{"x":83,"y":362,"width":856,"height":11}},{"id":"22d69897-e25c-4d27-bdad-81cffe7a6216","block_type":"box","text":"Trust and BFA.","page_number":14,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"23e1440d-d9de-4777-ad61-875bab2991fc","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":14,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"f6b6d7ce-77e9-4060-8806-f0364e0cde94","block_type":"box","text":"the tables and examples below.","page_number":14,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"23413a51-de9f-4498-ba4e-2b95deb3c4ae","block_type":"box","text":"Annual Fund Operating Expenses","page_number":14,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"e77e8b2c-5cc3-4422-a577-ee4d0308c44a","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":14,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"627d77bc-2d0d-41d6-9036-0e29b02ba762","block_type":"box","text":"percentage of the value of your investments)","page_number":14,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"f7a9c630-0928-4afe-b308-57e0a312b0c8","block_type":"box","text":"1","page_number":14,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"13275244-7f08-431d-899f-e644fd53c666","block_type":"box","text":"Management","page_number":14,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"f2c897ef-6461-4277-96be-b7aee8ebac4c","block_type":"box","text":"Fees","page_number":14,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"6493c8ef-d545-4a3d-8080-83836ff1ef42","block_type":"box","text":"Distribution","page_number":14,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"beff8683-88f3-4938-904b-1a958e4196f6","block_type":"box","text":"and Service","page_number":14,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"25014b98-ce52-45a3-980b-9fb3b72f779c","block_type":"box","text":"(12b-1) Fees","page_number":14,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"17b0881a-4406-4a2c-8da8-ed88108d809c","block_type":"box","text":"Other","page_number":14,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"11a51f59-8d25-439b-91f7-6e84c864fb89","block_type":"box","text":"Expenses","page_number":14,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"703c72f7-8cc6-4674-8e7b-eccf672574e0","block_type":"box","text":"Acquired Fund","page_number":14,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"493a9581-3396-476d-85d4-af097c388c1e","block_type":"box","text":"Fees and","page_number":14,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"489d8237-135d-4a0a-9b60-c0093d50a7fe","block_type":"box","text":"Expenses","page_number":14,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"7eda8dd2-9ace-44d1-a1c7-9e59b1d5fe1d","block_type":"box","text":"Total Annual","page_number":14,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"38f21695-d46f-4518-a6ef-6103feefabe9","block_type":"box","text":"Fund","page_number":14,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"5903a912-14e0-40d1-9a3c-473b9c7252d7","block_type":"box","text":"Operating","page_number":14,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"d514a69a-6066-411a-a10d-7d582cce894e","block_type":"box","text":"Expenses","page_number":14,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"e58a5b72-8910-4bdc-839e-367cde26a59c","block_type":"box","text":"Fee Waiver","page_number":14,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"522b3629-95a0-4b56-a8e3-19a22b36a2be","block_type":"box","text":"and/or","page_number":14,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"bff9cc46-0861-4b15-b834-441ff6d1a963","block_type":"box","text":"Expense","page_number":14,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"882ad902-ed09-4182-9946-f9ef7ddf4835","block_type":"box","text":"Reimbursement","page_number":14,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"ed565345-86b5-4c0f-88f2-851fea2a108c","block_type":"box","text":"Total Annual","page_number":14,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"7682f9e7-1887-4e6d-b6f1-1f8d0f3f61f0","block_type":"box","text":"Fund","page_number":14,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"0a5d75d2-7462-4f89-bfe1-f4fb9942b1ab","block_type":"box","text":"Operating","page_number":14,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"d62100e5-f9cf-444e-9929-2bcb5cd2324a","block_type":"box","text":"Expenses After","page_number":14,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"de20ef84-fa1a-4639-b21b-fdc065334edb","block_type":"box","text":"Fee Waiver","page_number":14,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"cabf352c-a3c8-4aed-9ea6-5290d6eb109e","block_type":"box","text":"and/or","page_number":14,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"d5edf407-2b92-43a1-92ff-022a778ed703","block_type":"box","text":"Expense","page_number":14,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"9041f965-f655-4166-9bb6-aaeec7effbbb","block_type":"box","text":"Reimbursement","page_number":14,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"efb66fe3-be1c-46ac-a7e7-f93ba00a2c46","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":14,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"eb262949-19c0-4ed1-8497-426172d3441f","block_type":"box","text":"1","page_number":14,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"541309e8-a76b-4e4a-b764-2cd31e10f055","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":14,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"4ddc5dd5-b10f-4577-bfbe-1a96d6f6fd9e","block_type":"box","text":"Example.","page_number":14,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"de5c8744-49f5-489b-b563-3c366c3dc7ed","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":14,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"d1fc9340-59d9-453c-bb49-15e39280e114","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":14,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"d946909f-bcdc-44c6-9cc2-a8d7e6b7009b","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2027 because the Fund is scheduled to","page_number":14,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"4883fbcd-5c62-4f79-9f09-5d02f62b939f","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":14,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"a6345dbd-1538-4b4f-9597-527546968245","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":14,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"00f831ea-e355-4812-9578-ad4173504d0a","block_type":"box","text":"be:","page_number":14,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"e625f547-1a35-4e89-993c-c4b67a702e9e","block_type":"box","text":"1 Year Maturity","page_number":14,"box":{"x":299,"y":695,"width":460,"height":10}},{"id":"7de04c5d-0ea7-4ba9-8969-df42f6453648","block_type":"box","text":"$7 $13","page_number":14,"box":{"x":310,"y":715,"width":432,"height":9}},{"id":"e0a98484-6bdc-4054-820c-c9e88bdcc414","block_type":"box","text":"S-7","page_number":14,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"734e9b05-e8a4-459a-bdba-f2d82d6a58ac","block_type":"box","text":"Portfolio Turnover.","page_number":15,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"1a9971e4-c7cd-43aa-bef8-92f29518d791","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":15,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"6858bb18-1261-47c9-9332-cca5ac66b144","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":15,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"f902defd-8373-4810-bcd6-f06eebe26b32","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":15,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"ad1cf11e-a3df-469e-ab4f-ce395af4acf2","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":15,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"d4215a32-2de9-46d3-b96a-55e9256c7348","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":15,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"7ae290f2-caa1-4e9c-b669-88d711b6e518","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":15,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"7d8bc744-bdb1-479b-8d69-e41f72edb878","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":15,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"9061498b-98d6-451a-b468-42c08035f664","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 59% of the","page_number":15,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"b25e0bd5-f1a3-4b95-bdf2-60b799a68da6","block_type":"box","text":"average value of its portfolio.","page_number":15,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"c086a222-2b6e-4694-a3a3-5557fe78430c","block_type":"box","text":"Principal Investment Strategies","page_number":15,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"e913e354-16f4-4903-87b1-a8f23e7e5a49","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":15,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"cdaf8b0e-9a5f-4dc7-ad95-01fc938860fb","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":15,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"befe6cb4-9910-4a71-94e2-3c41cfa2c899","block_type":"box","text":"ICE 2027 Maturity US Treasury Index (the “Underlying Index”).","page_number":15,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"389fdb5e-6e82-4912-995a-9090818123b6","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":15,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"cbedc7ce-1a25-4e3e-b585-62565fe82daf","block_type":"box","text":"securities that are scheduled to mature between January 1, 2027","page_number":15,"box":{"x":83,"y":247,"width":414,"height":11}},{"id":"845cbbf1-0d33-4d89-82d8-01d7d4c09627","block_type":"box","text":"and December 15, 2027, inclusive. The Fund may also invest in","page_number":15,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"2fa37f8f-0ac0-4f3e-b60a-679e3cdaf17a","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":15,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"93fe3eb3-44c0-4892-9441-3a4e1fb28f4e","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":15,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"54bf5358-27a0-48ba-990a-d36321140fe0","block_type":"box","text":"term fund that will terminate on or about December 15, 2027, at","page_number":15,"box":{"x":83,"y":304,"width":411,"height":10}},{"id":"a5dce1be-2f12-4785-9a43-a6c2408c727a","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":15,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"e7f656aa-1c30-4e58-bac2-9c07bceec38b","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":15,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"6001e541-f9d3-4339-9372-8d031a9d99c1","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":15,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"cbde09ea-c2f5-4c0a-84a5-d1566f66ebb5","block_type":"box","text":"periodic distributions.","page_number":15,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"8f047897-ffca-4c3d-afdd-ddde8766b48f","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":15,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"6d5c3fb2-5d16-4b80-a1ad-0668f59d7c56","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":15,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"7db609bb-a93b-4822-8357-7b631fc72c55","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":15,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"c73ac169-4efe-46b6-a21a-232193774f7e","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":15,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"cf7e9f13-bc3f-4f20-a771-945be6173bc3","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":15,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"4101b1e8-7488-4077-9d0a-333adf78dcb3","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":15,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"9cf47c79-8eb1-4da2-9ac7-4d36d88db87f","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":15,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"12531a8f-afd8-43b0-b10d-cb63134e7224","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":15,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"c2225e83-30b1-4e4f-bb68-0a95708a24e0","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":15,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"f2c79f4d-5d03-419f-9601-b9ec6080c506","block_type":"box","text":"reduced by any individual components of such securities (","page_number":15,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"49a9ae22-f87d-4edb-80b1-55d4a771438c","block_type":"box","text":"i.e","page_number":15,"box":{"x":454,"y":510,"width":14,"height":9}},{"id":"bd0f0f0f-60a3-4374-9f9b-ebd68a2c1e90","block_type":"box","text":".,","page_number":15,"box":{"x":470,"y":517,"width":6,"height":4}},{"id":"2f3e3c66-22b3-40e8-902a-12cddc37cf5c","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":15,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"650bea87-2f14-402e-8080-d7968d466311","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":15,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"7c4b2cbb-1164-4a0d-a79d-5d33e8cea775","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":15,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"3ea51295-9ea8-4992-bbf6-391a2a4df453","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":15,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"e726e91c-cdfa-4076-bf93-8df38322c0b7","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":15,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"407871c5-b02f-4234-b224-bd5618f0b194","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":15,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"66f14993-42f4-4427-a48c-add62a88565c","block_type":"box","text":"calculated assuming next-day settlement.","page_number":15,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"038fb009-833b-4210-8000-4446a19be240","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":15,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"7f9c6080-0f8f-47fd-b995-468ebe1fffa5","block_type":"box","text":"month, based on information available up to and including the","page_number":15,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"bb3bfc07-092a-4c79-98e2-bcac51dc6b4c","block_type":"box","text":"third business day before the last business day of the month. New","page_number":15,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"857d3db0-56b0-4466-9a42-92e6c57ef183","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":15,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"1c955d03-d305-4a04-97a1-2bb5c10baa1d","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":15,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"7b82c161-351b-4a73-b718-4cd57fbfbf02","block_type":"box","text":"month (","page_number":15,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"9f53be84-0f64-4bc6-a38b-dbd515572861","block_type":"box","text":"e.g","page_number":15,"box":{"x":133,"y":713,"width":19,"height":8}},{"id":"9f0a96cd-7176-4556-91f2-df21fa72a290","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":15,"box":{"x":152,"y":710,"width":328,"height":10}},{"id":"ff1d99c4-db94-4a4f-aa99-5b1813654b27","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":15,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"be004c97-0ee1-4557-8144-4b48ff1fab69","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":15,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"675eaae1-dc78-40b0-b565-b76b6cb8ea92","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":15,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"b523401f-145c-4361-b1a0-7537d518baea","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":15,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"47dc742b-62c5-4bd9-91c8-8047065c6e20","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":15,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"af96b225-46cb-4432-9b6f-b377462cc92a","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":15,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"4631fdb2-f206-441c-93ae-8f2e04f8e9f1","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":15,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"ccd5c9b7-93ec-4d73-98f4-93db6f48c5af","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":15,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"a58c64da-0c5b-4543-a759-87a24da1b331","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":15,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"7ef3ed1c-4fdc-4e26-bdd2-f8ba334f68d8","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":15,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"7429dfef-09dd-4fea-a2fe-c8d50c7fca05","block_type":"box","text":"while it is held in the Underlying Index.","page_number":15,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"d465f8b4-135d-4e86-acf5-162068015985","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":15,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"da29d5ff-7951-4f6b-ac3d-084f94972c0f","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":15,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"dc40eadb-7be3-46f0-bcef-d93bca08ba17","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":15,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"65152fe3-d1ca-44ca-b528-15487a8a1aba","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":15,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"1ab29a02-f4cc-4019-a9ea-272b164db919","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":15,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"29f638d3-7b50-4943-a641-514f042d833a","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":15,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"93dd9f80-f4bc-493f-acfa-3773c7d7f078","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":15,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"d9597537-5c37-41a8-8398-08768d83a88c","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":15,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"3885096e-4214-4b4b-805d-be10a5815dc4","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":15,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"5b09fbbc-52fc-42f2-9c3e-c66bc8f07983","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":15,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"18832ae1-edec-4621-bb91-afba6e594320","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":15,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"a30732bc-942d-44bc-904c-12634ac63a38","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":15,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"6b085c5b-4994-4339-8c24-db8717c88bc8","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":15,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"9ed850d7-ea50-4ea4-ac3e-3c7e4edf8100","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":15,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"c2102dad-3885-4db9-af0d-6e779c50abf0","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":15,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"c8ff38df-6475-4320-88f8-cca422ddb214","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":15,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"7abde090-5870-4bcd-8375-ba8fbd01d413","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":15,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"1442381f-7185-4594-9993-58f4ba2fd9a3","block_type":"box","text":"fees and expenses of such funds.","page_number":15,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"bfb871ae-3691-4ef6-9355-0f4aa08b2f7e","block_type":"box","text":"By December 15, 2027, the Fund is expected to consist almost","page_number":15,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"f8cbf3f9-c160-4c97-badb-dd0ff6918ebe","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":15,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"f4f66d00-3c20-4137-a83b-eef0979756eb","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":15,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"53c4df9d-1b52-4b2d-814d-12db88731511","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":15,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"da6d8164-e9b7-47a3-b25c-bc2ca90c2391","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":15,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"ff4e5e13-8708-41d1-9db6-67f6b891d80f","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":15,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"35c744ee-62e4-4ef0-ba6a-dd3d7e27f7dc","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":15,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"760842d6-6bbb-4daf-a103-e60140cc4038","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":15,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"fdae7cd5-33d2-47a7-b145-a0fc86cb412b","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":15,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"54ea8489-5d06-4797-b1dc-52b6a18eb4e1","block_type":"box","text":"interest of the Fund.","page_number":15,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"b41007c8-2292-4398-8aeb-4b0d68084719","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":15,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"d4d896f1-c62f-406e-99e8-d7faa6746706","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":15,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"9fe9346b-257c-4255-8aa6-5fb6726d02f5","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":15,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"88c50beb-67d1-4375-99e1-9c1e7cef06ce","block_type":"box","text":"markets decline or appear overvalued.","page_number":15,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"5fe9bfa3-565c-4a06-81e1-69d85ebca40b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":15,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"a32c843d-b1d7-49e9-8777-eb15529804a9","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":15,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"43212647-8984-4524-88dc-9b065b568b11","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":15,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"0f266f31-c599-4cc8-a5db-8ee84b1e74ce","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":15,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"c5e3317f-2d1b-47be-aa5f-89efd54afa58","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":15,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"3d82bf94-0104-49da-9f2b-9da11a672495","block_type":"box","text":"comparison to actively managed investment companies.","page_number":15,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"5feddc80-5c12-4c77-8cbf-6010b61da641","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":15,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"3f9cbbba-e6f8-405f-b5aa-e5e5256e879f","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":15,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"657fe1a8-8257-41b0-9f4b-76799de316ec","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":15,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"f1427d1d-104b-4d45-912a-fae2f664d54c","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":15,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"5866561d-9eb0-4214-8eac-3853a074df28","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":15,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"0d3f1570-205e-41bb-b556-672832bf0ee1","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":15,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"5ff32221-829d-4272-888e-1a55a91e86c9","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":15,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"fdb13fbb-db9c-4c4c-a0d0-d6cb55150c74","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":15,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"e4455b7d-ea5e-48f2-85d6-db95b6e40e56","block_type":"box","text":"(","page_number":15,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"cc0b47c2-e3b0-4c78-b9a3-2992495c9180","block_type":"box","text":"i.e.","page_number":15,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"c96c9edb-eb96-4d01-a7ba-8b7c9d53ca58","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":15,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"e998d811-fc1e-47ff-b475-4c5a43d08a4a","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":15,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"ba48e499-2701-4191-b930-f17bd822c217","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":15,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"9a9dcb07-64d9-43a6-ac04-aaf057b61677","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":15,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"e82dc342-e794-4a92-8f6e-d29f62bdf25e","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":15,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"38523c16-30c5-43b7-a05f-dbf3ac3cb6b7","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":15,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"df2132ef-b13c-4aac-a684-91582641c780","block_type":"box","text":"collateral received).","page_number":15,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"13fd9eb1-45c5-47c6-9427-d4103ea97187","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":15,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"2db7d565-4853-46ea-b2f9-1faa0c1e23f6","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":15,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"02855cd9-1917-440a-bd8a-12022b2d560c","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":15,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"066596fb-8a8a-4950-870f-08990209a2bb","block_type":"box","text":"determines the composition and relative weightings of the","page_number":15,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"537b52f8-7a1f-4f49-9b17-e24568322fc2","block_type":"box","text":"S-8","page_number":15,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"8f392230-6198-4427-83b4-dd5b4b51ef8f","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":16,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"2d484b3b-f039-40d2-9b4a-cc379971fb16","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":16,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"d64601d3-b193-4dcb-ad0d-725260ed9b25","block_type":"box","text":"Summary of Principal Risks","page_number":16,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"423706d3-df72-4803-ad1f-16b1730bc493","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":16,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"3f42ee53-09e7-422b-acea-18ce5b0457ca","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":16,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"907d17c4-bdfa-4b16-b987-508632cfbcdb","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":16,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"f2e4a859-f6f0-4845-9355-835b2398aa21","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":16,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"58a88dfc-0569-4e2b-9cc0-e8a69e021e45","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":16,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"ac3489ed-7ea5-4eaa-a4d7-c8f0bf45e17a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":16,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"b8441f4b-f563-47a0-9d33-3318395c6f31","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":16,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"d247b6f8-debf-4ce2-ad47-971f8fc238ac","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":16,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"446711fd-16d5-491b-80c9-3534dad96b46","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":16,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"2c893fa9-007e-4546-9332-7b288a6bae98","block_type":"box","text":"review each risk factor carefully.","page_number":16,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"33d9c9a9-0587-4343-a923-f9d0dd84737d","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":16,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"c3a61c1b-b89d-4f44-87ee-5dc04e8ccdf0","block_type":"box","text":"U.S. Treasury obligations may","page_number":16,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"581d8c54-3582-4384-aeca-321293eebef0","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":16,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"eab429c9-baf3-443d-89b4-bd2fd6270141","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":16,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"d74c422b-b17b-4609-8002-30db5be01070","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":16,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"c69c6697-4b59-4633-b0d6-f70aebac0b7c","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":16,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"8f4d3e22-041b-45d3-87f8-20c7cdf7ca86","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":16,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"290d7d1a-82b4-4145-832d-ed7179b6f681","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":16,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"b832b7ea-be09-4025-a243-036e3d39b709","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":16,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"7153a744-6ba1-4c01-bc29-502f18c4f87a","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":16,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"2cf6e18c-2029-4214-b5c1-37a0d488bf38","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":16,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"363b15f0-fb6f-4b10-a4ea-dbf96a2ef483","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":16,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"c34fee6b-f03a-44fa-991f-2c8f8dbe8021","block_type":"box","text":"timely payment of interest or principal.","page_number":16,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"a57c8627-1d55-493c-a253-fbe8b6b5dbd1","block_type":"box","text":"Interest Rate Risk","page_number":16,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"255de8fc-27af-4359-92d3-b538a0ad938b","block_type":"box","text":".","page_number":16,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"a1f5efbb-955e-4987-9e47-0e06f54d8604","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":16,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"94505f54-7461-42e5-baf2-1f1f53a6027c","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":16,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"4173bfd1-7533-4f5b-b69c-727c5e2fa5b7","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":16,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"a22492df-d026-496f-b669-23c10a44916c","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":16,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"9f37d68a-ec4d-4eae-9f00-3790056bc8b2","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":16,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"a6979e92-511f-4b8e-9e8b-201131072a7b","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":16,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"17cf7f15-14df-41fe-af78-8a95452cbff2","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":16,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"e82b790c-b5d7-44dc-8f4f-2303da45be29","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":16,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"2e5ae0bb-8ddb-4168-ad61-75ff830bf72d","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":16,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"86490fb4-c40f-498e-95da-7a313d7f4415","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":16,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"c882fdcf-43dc-478f-9c53-b5c652f347d7","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":16,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"0a79eb70-30a2-4745-9567-a40e880bc7dd","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":16,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"40e8f00e-b021-46bb-b4b2-c06338ca51ea","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":16,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"172da6cd-beff-4948-9d54-218cf093e844","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":16,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"5eaf13ae-39ac-4808-8236-7f893a7a64fc","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":16,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"3e63b380-4efb-498d-8dd7-4ad1b2c0d3d4","block_type":"box","text":"dividends to shareholders.","page_number":16,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"0bf26095-9de1-4c63-8ee1-58348bf68dad","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"4abbb1d3-27eb-4d4e-9d5e-d4e90a0161fa","block_type":"box","text":".","page_number":16,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"60782bff-bac5-416c-9226-efb387b79950","block_type":"box","text":"The Fund could lose money over short periods due","page_number":16,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"14e4cd0a-c62b-452b-8856-3d922635a586","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":16,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"a8f963c1-a15f-402d-b271-5c3d3b940442","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":16,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"e4cb1cc9-6044-49ab-be3a-1713af490c3d","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":16,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"3d53c368-f7cc-4db0-8f10-f6c0e49318ad","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":16,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"a0e8a49f-be1e-4667-a198-53d05d8b5426","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":16,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"b4164417-08c1-4ab5-9854-8c91177f5deb","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":16,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"545aa40d-96f3-4083-921e-4c3bcd007f44","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":16,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"17da7393-87a1-4032-9f8e-fbc393b6984a","block_type":"box","text":"NAV.","page_number":16,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"03d87501-0f24-4cfe-993e-f93e1518801e","block_type":"box","text":"Index-Related Risk.","page_number":16,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"914ff1a0-df51-4f2b-bd68-bcae11260e66","block_type":"box","text":"The Index Provider may rely on various","page_number":16,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"9a214854-7ecf-473e-86dc-2592d153ac2d","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":16,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"41c75ab6-3ad1-424e-aad8-06a7447fa5ef","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":16,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"e0ad7120-ff50-48e7-b8f0-147b19a14afc","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":16,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"484bdf60-0246-49a3-9893-d4363df49bd3","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":16,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"a006c896-f3fe-41a8-b619-74d255a057cd","block_type":"box","text":"information will provide an accurate assessment of included","page_number":16,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"d3158f77-2d88-4a03-b6b5-6bfc014d329d","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":16,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"dff2e7ef-7663-41d1-a585-cb35b1513d4c","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":16,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"1340997d-4b67-411c-9c9c-5764b00c5334","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":16,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"26459133-edbb-4910-a63b-1919523531a2","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":16,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"0f3dd044-b5d2-471b-b6fd-7cbcdc75f7ab","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":16,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"e98751d3-c165-4f01-bffd-f8c070d1ec47","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":16,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"c5817e15-e270-4ea3-b498-4d7440867389","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":16,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"ca406e31-4a60-4eda-aead-90786d93b89f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":16,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"cff89fc3-ccdb-487c-a6cd-4300f60601e7","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":16,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"d1e604b3-3b38-449f-aded-a65446f100cd","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":16,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"207ff291-25f0-4b24-813f-ffad145a1835","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":16,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"84c89beb-6035-4ded-b144-446f82bbd0ce","block_type":"box","text":"Asset Class Risk.","page_number":16,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"12fee33a-662b-434a-b9ff-0bf09db93e7b","block_type":"box","text":"The securities and other assets in the","page_number":16,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"4062e540-7345-4016-96a0-628aada71111","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":16,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"65f1db80-7faf-4af5-9fa8-2bf03779c8ec","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":16,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"c3a9be9b-da3d-4528-8de6-b72fa1cca6a9","block_type":"box","text":"market, another index, or other asset classes.","page_number":16,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"bc557ef5-0f88-4f2c-8c2e-112335edc55d","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":16,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"105549bf-b787-4369-b740-da56eeb670bb","block_type":"box","text":"An “Authorized","page_number":16,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"60278600-b572-47ae-bf99-0c52447e412a","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":16,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"3bab7e1a-5e27-4414-a0b9-696e8656a25b","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":16,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"f450cbc4-1185-4b38-a319-e74faf35774c","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":16,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"c7db3597-f0a7-46cc-9c49-3b1482028156","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":16,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"9c499d3b-e041-46b0-bc74-d252d513e2c0","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":16,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"3344a896-ba65-4bc5-a26d-c436c1868df5","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":16,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"90fe3835-ae8f-4582-a50d-5a7cb5306fdc","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":16,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"bb9f6522-d4aa-4247-a27f-6768f6e44486","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":16,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"495d0ad9-b2fd-4c09-887c-91439b55c1cc","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":16,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"c9cf1549-463b-431b-9151-35df5cf21df2","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":16,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"f9cb20b0-a240-47a3-9f81-dc142243e8b2","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":16,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"8e1f3c6c-7091-456f-9941-0572c7685b8b","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":16,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"cb8b9dbe-7494-4256-be0e-c9af31283897","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":16,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"771eba3b-3671-496a-810c-d904ec6bc9e1","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":16,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"49292cbb-1cc8-48d6-bdf5-6a4b2106b3a9","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":16,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"09e898c4-9437-4739-bb7e-f6a84f1defc1","block_type":"box","text":"Concentration Risk.","page_number":16,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"41629c6f-654e-44f0-8ad7-c18f4bdeba44","block_type":"box","text":"The Fund may be susceptible to an","page_number":16,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"a4449d82-cdf1-48fc-afa0-f4304332be8e","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":16,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"61b1950b-92bc-4871-9b4f-ff59d6c6befd","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":16,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"1059862a-533b-4db0-ab93-c91476f76045","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":16,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"fb9919fe-defa-4627-bc8d-fe54ad29b9f0","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":16,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"23751d61-cdeb-4e9b-bbd1-88d1ca8be2e1","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":16,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"6827d461-bdfb-4136-9c4a-9e9836e796e5","block_type":"box","text":"asset classes.","page_number":16,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"09adaef4-e98a-404d-b45c-1c178b81bb60","block_type":"box","text":"Declining Yield Risk.","page_number":16,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"5a70df3d-d7ad-4a92-af10-d50045911a8e","block_type":"box","text":"In the months leading up to the Fund’s","page_number":16,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"52575069-2331-4bc8-88d5-caa49c9ce3c3","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":16,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"b3847b4a-8546-4bd7-bd44-09d7bcd91fe1","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":16,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"50dfb18a-3663-40d9-8fcb-cc74718cc7a5","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":16,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"c9c0fd2c-800c-4260-97f6-b7a157eec53b","block_type":"box","text":"yields for bonds in the market.","page_number":16,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"f637feaf-91a2-4374-b8d1-caccda22f69e","block_type":"box","text":"Income Risk.","page_number":16,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"2436f8e2-d54c-423f-a340-60f009013b45","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":16,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"48fb0720-e7ec-4b01-a8c4-9b19e00f31b9","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":16,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"01109d01-a853-4dbc-9476-e77e47dbc60e","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":16,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"7eca6de4-362b-4809-a054-2acd98652017","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":16,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"5aeeccd3-93fe-412b-89a0-a367ab04e36c","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":16,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"7b426c17-9184-4bd8-8c99-0e34fffdfa0c","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":16,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"af12ac24-0d2c-4d69-98b7-07e853a4e6c8","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":16,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"cb25efe3-4c43-4ecb-9ec5-8ee1d2384c81","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":16,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"196ecb11-27f4-48a3-be70-b910a18eae53","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":16,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"2009aab0-0a56-4cf3-8d03-8832473519b1","block_type":"box","text":"Issuer Risk","page_number":16,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"1d872aac-0920-45b2-a71e-0ad899f5e60a","block_type":"box","text":".","page_number":16,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"e36a704d-b209-42b8-82c1-26d5bf79a38a","block_type":"box","text":"The performance of the Fund depends on the","page_number":16,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"635a6373-1980-4f76-a798-84ac3cacee73","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":16,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"5812e7db-785f-4a72-893f-efa78b89b6cc","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":16,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"6f4be345-d0f9-443e-ac6f-04e624635ee5","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":16,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"31ac7885-adad-4567-9a64-7590d679f2d4","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":16,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"278de3e8-627f-4ea8-9320-a2b9cde16e7a","block_type":"box","text":"counterparty.","page_number":16,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"35838c88-e3b3-47b4-9ced-f481a854563c","block_type":"box","text":"S-9","page_number":16,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"5f40b7f9-9698-489f-a294-92f74ffcc242","block_type":"box","text":"Management Risk","page_number":17,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"5e72c9c3-7ff0-41e8-a3ea-8723d0e87b19","block_type":"box","text":".","page_number":17,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"14ae2381-4d57-4bf9-ba18-a4e66b93e1fa","block_type":"box","text":"The Fund generally does not attempt to take","page_number":17,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"507d9148-42e1-493f-957c-96cc892a9421","block_type":"box","text":"defensive positions under any market conditions, including","page_number":17,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"cd4ab2dd-23dd-4c26-87a8-acb0ef56d8b6","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":17,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"ef056d08-ca25-4078-bb0b-778de1b1f897","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":17,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"d717b362-3d4a-44a3-b3c8-80fa5ecbc56b","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":17,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"01d51040-80cf-4b9d-99c9-87ff4590f7bb","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":17,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"81ab4e63-4ccb-4be7-bbfd-f8fbf23382e0","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":17,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"0a4be1c5-62c1-4685-9b25-009c57cba87b","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":17,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"54cf4b8a-a1c8-4bcb-90af-ea9a5bc57e82","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":17,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"a8523411-02d9-42de-a0eb-ebe051049ae7","block_type":"box","text":"Market Trading Risk","page_number":17,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"0b8a3f11-77a6-4ebb-b6f9-b06a79b86f39","block_type":"box","text":".","page_number":17,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"144392a1-c8f9-4a9c-bacc-90e93cb4e8d7","block_type":"box","text":"The Fund faces numerous market trading","page_number":17,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"1174ba1e-524d-4170-b4df-6b437f81613c","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":17,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"c2f4e84a-e79f-46bc-a55d-5af5c945585c","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":17,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"09280413-921f-4edc-bcb5-593a725fcc28","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":17,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"0a1f5f27-f786-4d4f-9dac-587d5fa0619c","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":17,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"82af989a-ad99-48c8-b902-60d46a0a8459","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":17,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"2bf8e395-8058-4ddb-8b7e-60fdb2dc3f72","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":17,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"999cf557-23a5-4821-ac2a-9857c52f2c99","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":17,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"fba3afb8-a880-406f-90b4-532fb1709d7b","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":17,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"ca804734-cea3-462c-a4d1-4f68e599f1e2","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":17,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"be97c248-83bc-4083-ada4-954856ba2775","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":17,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"22137514-a242-4137-81d6-2816f468f5dc","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":17,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"9423155f-d093-43be-8ef1-28d83a4efe73","block_type":"box","text":"Operational and Technology Risks","page_number":17,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"ec82d5d5-bd96-482c-9467-cc3bbd319e72","block_type":"box","text":".","page_number":17,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"90ea5f1c-c38c-4470-a43e-2149a4e40dd7","block_type":"box","text":"The Fund is directly and","page_number":17,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"0009ba7d-33ad-45a6-8211-332755d14c4b","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":17,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"12cb57be-5914-49a0-9865-b9cc1e20bf37","block_type":"box","text":"including those related to human errors, processing errors,","page_number":17,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"d575947d-da41-446e-9284-499a2627df70","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":17,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"127265d0-e379-4be4-ad20-f07c251b4e15","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":17,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"987962c3-11b6-4967-aebe-514fa9301438","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":17,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"24903943-4885-49d2-a6fc-fdf5b0bc96ad","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":17,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"fa5dca6d-2887-49b4-97ba-65e8b4a1fcb2","block_type":"box","text":"providers are required to have appropriate operational,","page_number":17,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"8a88b3c4-1746-48f6-8ef5-f0b507f3b9cb","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":17,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"591bd679-5d6b-4bdf-a7e6-acdbe01b37c2","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":17,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"7111269d-221e-4c68-a7eb-8fb455a7ce6d","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":17,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"654a3090-a029-439f-b239-a0a978e4ade1","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":17,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"ce0b3908-cdbc-41d4-853b-a16b00ef0a28","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":17,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"c405fc83-072e-4b7e-bf46-0e4259aa802c","block_type":"box","text":"investments in such issuers to lose value.","page_number":17,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"44551390-76e8-4bf0-a83a-07450497ec94","block_type":"box","text":"Risk of Investing in the U.S","page_number":17,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"24cfbe98-0ed7-42ba-a745-e775695c868d","block_type":"box","text":".","page_number":17,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"7ce61a9a-e9a3-4f62-a474-0d388028d931","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":17,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"046eba25-d377-4352-905c-8f82d087c257","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":17,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"681ba0ea-baf8-44b0-8613-1929baea9fad","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":17,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"4773d15c-cd67-4490-b51a-2d492d0c6e99","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":17,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"ded3470b-d047-479e-b01b-05842b4b7b59","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":17,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"9a86eec4-be87-4158-8719-e563142241e4","block_type":"box","text":"Securities Lending Risk.","page_number":17,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"c0e7278c-72f9-4870-9ddc-3131727a101f","block_type":"box","text":"The Fund may engage in securities","page_number":17,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"8e35eed1-c5df-4a58-a135-18a887f16032","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":17,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"6e714d0e-b668-469d-b353-8529736dbf2c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":17,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"5bbd406c-4899-4ab5-b6c9-3607570017fb","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":17,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"f22e1432-ef8c-4e46-9f15-8eb65ad1545a","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":17,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"7b9c4c82-4f04-4a3d-999c-98b7ed48fafe","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":17,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"d4d7e33a-d2e5-40db-9d71-0c9487e22b56","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":17,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"b12ee9ed-b697-4d7b-997e-2dd3ee25724d","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":17,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"14ef5cca-b51d-462b-953f-eef889e6e454","block_type":"box","text":"Tracking Error Risk","page_number":17,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"e7862244-2adf-4b32-b903-6108765645a1","block_type":"box","text":".","page_number":17,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"5408e2d8-5542-45e9-bb60-d361f998230a","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":17,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"80c6c8b3-18de-4de0-833a-733bdd4cef98","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":17,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"fcaae739-526d-405d-a205-0ca317fd8be6","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":17,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"d4e377a1-aa14-4aa3-a3b3-28690a9afee0","block_type":"box","text":"factors, including differences between the securities and other","page_number":17,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"5d2aa712-739d-4a43-abd0-3a2e11e69834","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":17,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"92139c04-a9d3-4cd6-a9f2-45b33c8f738f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":17,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"529224e1-c5ef-4a15-b2e0-79b66e4170fe","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":17,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"49e916d1-f13e-4c98-b877-5f72b4457b5d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":17,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"618abde6-57fa-4347-bb44-f540db2e7264","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":17,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"4d1dd96f-5861-4165-b44b-5a0409e497db","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":17,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"376a0370-d68f-4778-ae68-6fd4eb38a928","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":17,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"2b819502-0e6f-4934-b171-ea762faccf54","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":17,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"5bc8e117-e65f-4221-bc5a-4d59bcce8e2b","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":17,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"5bbb491e-d9eb-4676-ba80-0a99c3ac2762","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":17,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"5eff3d68-f285-404c-aa18-920269eb2d66","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":17,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"91b70835-e44a-4b65-8e51-4dee96a753e7","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":17,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"2f61a314-d912-49a7-8d76-84f356de75e5","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":17,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"0200be80-5f56-40ab-8c56-75a48187f0dc","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":17,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"864807e8-3356-43bc-9f83-d33060479000","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":17,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"a4af453e-76c5-4bdf-b477-1f410c1ce597","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":17,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"a9d19834-6393-45b0-964c-2a88a667d09e","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":17,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"f87d0801-5a44-448a-a0b5-7c2b49bddcde","block_type":"box","text":"unusual market conditions.","page_number":17,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"a1e2a2f7-8bba-4c7b-b5d9-a8780161dbcd","block_type":"box","text":"S-10","page_number":17,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"f8030419-d6c8-4ea3-8825-c417cf100192","block_type":"box","text":"Performance Information","page_number":18,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"c6a937c2-055d-449a-a31f-3d38bfe6d3f0","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":18,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"5c250788-ffa4-40e1-89cb-1bc58933edc2","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":18,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"e8acf76a-8508-443d-a2c1-bdce8bc33b2c","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":18,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"ddff27b1-ab74-434a-948f-cd58efe36e20","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":18,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"50a6cc42-11c2-4bc6-b3f3-7a608a473773","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":18,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"351fc4f6-8a84-4219-b446-dbab7e42153a","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":18,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"033e59b4-e082-46d5-8ed7-dd1cff59f701","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":18,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"fa4df457-dc0d-43da-86fe-13b62edb2c47","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":18,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"4901c64c-d6af-47bf-8fb1-988ee2c93993","block_type":"box","text":"10%","page_number":18,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"f6a35b60-1d5a-4b6f-b163-a9af8eb05695","block_type":"box","text":"5%","page_number":18,"box":{"x":340,"y":221,"width":13,"height":7}},{"id":"1eaf5af9-f8d7-4b05-85c4-cb9d6dcf1fb4","block_type":"box","text":"0%","page_number":18,"box":{"x":339,"y":240,"width":14,"height":7}},{"id":"3769c59a-ed1d-494d-9f47-3a0eb2e211db","block_type":"box","text":"-5%","page_number":18,"box":{"x":335,"y":260,"width":18,"height":7}},{"id":"9198ae68-3d8a-4c19-9750-14fc9e910516","block_type":"box","text":"-10%","page_number":18,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"82bdbb27-8e43-485f-85fb-5182e1479574","block_type":"box","text":"-15%","page_number":18,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"0ddb73f8-8429-4536-9efc-07240bfaaf9c","block_type":"box","text":"2","page_number":18,"box":{"x":391,"y":321,"width":5,"height":7}},{"id":"d43e4d79-3484-4ba6-99b2-7d318161ba8f","block_type":"box","text":"0","page_number":18,"box":{"x":397,"y":321,"width":6,"height":7}},{"id":"a06e9efc-0186-4da5-8b47-51901035c9c7","block_type":"box","text":"21 2","page_number":18,"box":{"x":405,"y":321,"width":59,"height":7}},{"id":"12c555c0-1909-406b-b688-abbc220b015a","block_type":"box","text":"0","page_number":18,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"52a54f0e-f423-41b9-94e1-eda0b20983f0","block_type":"box","text":"22 2","page_number":18,"box":{"x":473,"y":321,"width":58,"height":7}},{"id":"977bfac9-ea85-4fab-bf98-46f9a06fc1df","block_type":"box","text":"0","page_number":18,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"e9ec9308-7296-4545-bc58-4130ca329dfb","block_type":"box","text":"2","page_number":18,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"5dd2b23f-2f7b-4bee-a7e5-b02341dadaaf","block_type":"box","text":"3","page_number":18,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"0a5d5e24-6e88-4d49-b192-a934b25af755","block_type":"box","text":"2","page_number":18,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"63f41ce4-52a0-4fb0-8660-c5bf7fa9dabd","block_type":"box","text":"0","page_number":18,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"836b0de7-5f80-405c-b918-db1870dbd9e1","block_type":"box","text":"2","page_number":18,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"679a638d-d341-43a1-9ee8-6899983a899f","block_type":"box","text":"4","page_number":18,"box":{"x":615,"y":321,"width":6,"height":7}},{"id":"6df6ee50-6bf9-46db-8fc3-83e033856769","block_type":"box","text":"2","page_number":18,"box":{"x":662,"y":321,"width":5,"height":7}},{"id":"eda10d00-2c18-475a-9933-b7ca5c74d6ec","block_type":"box","text":"0","page_number":18,"box":{"x":669,"y":321,"width":6,"height":7}},{"id":"4b673dcc-75fe-4e1a-84ba-103528a8b00d","block_type":"box","text":"2","page_number":18,"box":{"x":676,"y":321,"width":6,"height":7}},{"id":"f5e3093e-113a-41b6-a124-c5e4275075b4","block_type":"box","text":"5","page_number":18,"box":{"x":683,"y":321,"width":6,"height":7}},{"id":"70694317-08d8-448b-adb0-5ac1ca335739","block_type":"box","text":"-3.46%","page_number":18,"box":{"x":388,"y":261,"width":31,"height":6}},{"id":"0d7d47bb-854e-4409-ac9f-5d5ce7c7a2d6","block_type":"box","text":"-9.79%","page_number":18,"box":{"x":456,"y":285,"width":31,"height":7}},{"id":"2e99ee15-4b80-41f1-9c22-227361a963ec","block_type":"box","text":"4.38%","page_number":18,"box":{"x":526,"y":216,"width":27,"height":6}},{"id":"6d6881e7-49c4-474d-a709-1e5cc67126e8","block_type":"box","text":"3.19%","page_number":18,"box":{"x":594,"y":220,"width":27,"height":6}},{"id":"20765655-7901-4bd4-8572-847f5711d60a","block_type":"box","text":"5.38%","page_number":18,"box":{"x":662,"y":212,"width":27,"height":6}},{"id":"69ef873a-d84b-4179-8ce8-6b7bf3011d13","block_type":"box","text":"Return (%) Period Ended","page_number":18,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"595a3653-2b82-4db7-82bf-f5175c93ec09","block_type":"box","text":"During the periods shown in the chart:","page_number":18,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"974f95d6-e1d4-43fb-86b9-7d1e73b853d7","block_type":"box","text":"Best Quarter 3.73% December 31, 2023","page_number":18,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"ea633d08-9539-4249-a92f-fdfbcd07e62f","block_type":"box","text":"Worst Quarter -5.25% March 31, 2022","page_number":18,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"1aac1263-006a-4b81-8404-7f53266a3509","block_type":"box","text":"Average Annual Total Returns","page_number":18,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"c1040059-9a88-47f4-a72a-53b7343a2a05","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":18,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"4c37804d-8b28-4872-b32d-71fe7d2617c9","block_type":"box","text":"One Year Five Years","page_number":18,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"b48ed085-0d7b-4deb-9a22-63f3f3095cdf","block_type":"box","text":"Since Fund","page_number":18,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"9263a7ea-46a4-4960-9637-4da6b8bc2429","block_type":"box","text":"Inception","page_number":18,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"aff623fe-e461-4afb-b968-f6142798b14b","block_type":"box","text":"(Inception Date: 2/25/2020)","page_number":18,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"a6654152-b3e3-4b36-be91-8228c51ed6eb","block_type":"box","text":"Return Before Taxes","page_number":18,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"3fc654c2-812f-4477-b5d4-2d0575e1af47","block_type":"box","text":"5.38% -0.23% 0.67%","page_number":18,"box":{"x":716,"y":493,"width":202,"height":8}},{"id":"d8877639-a5eb-486c-a985-32275a0209ff","block_type":"box","text":"Return After Taxes on Distributions 3.71% -1.39% -0.36%","page_number":18,"box":{"x":124,"y":505,"width":794,"height":7}},{"id":"7c1f6cc2-e240-407b-80b7-b7afa0f6b011","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.17% -0.68% 0.06%","page_number":18,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"cd5d8d4d-43ff-4e20-8d04-5a7ce3d26826","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":18,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"36193f27-1098-4830-95d5-7668f19d88c1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":18,"box":{"x":328,"y":528,"width":319,"height":10}},{"id":"4365dd93-a91a-47ad-928e-9c2a568f02bd","block_type":"box","text":"taxes)","page_number":18,"box":{"x":136,"y":541,"width":34,"height":10}},{"id":"0225bc71-9f98-4dc8-b268-e08b152b9af9","block_type":"box","text":"7.15% -0.42% 0.36%","page_number":18,"box":{"x":720,"y":541,"width":198,"height":8}},{"id":"e64867c6-e713-4554-844a-2339e231b7df","block_type":"box","text":"ICE 2027 Maturity US Treasury Index (Spliced)","page_number":18,"box":{"x":124,"y":553,"width":286,"height":9}},{"id":"c83f4e65-8908-4db3-b947-8a2bbaf1002c","block_type":"box","text":"1","page_number":18,"box":{"x":413,"y":551,"width":3,"height":5}},{"id":"4b5cba10-2919-4493-b781-df76a7c4747f","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":18,"box":{"x":418,"y":553,"width":246,"height":9}},{"id":"80c04e10-08d6-4603-ad34-c2492a7b03a1","block_type":"box","text":"expenses or taxes)","page_number":18,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"42d960c4-cee1-4ad8-8753-5e88ba5acf94","block_type":"box","text":"5.43% -0.20% 0.72%","page_number":18,"box":{"x":716,"y":566,"width":202,"height":7}},{"id":"d0954f85-6406-41ee-bfb9-c3a2a223bcfa","block_type":"box","text":"1","page_number":18,"box":{"x":94,"y":599,"width":2,"height":5}},{"id":"e33c2c3b-a301-4b02-b486-9e2562a06524","block_type":"box","text":"The ICE 2027 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2027 Maturity US Treasury Index","page_number":18,"box":{"x":102,"y":600,"width":859,"height":10}},{"id":"4ff9226d-0c4a-4c64-9fc3-c1eee2bef3d2","block_type":"box","text":"through February 28, 2021; the 4 PM pricing variant of the ICE 2027 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the","page_number":18,"box":{"x":93,"y":613,"width":877,"height":10}},{"id":"1ce6250c-049f-46b1-85be-acb29bc78b55","block_type":"box","text":"standard pricing variant of the ICE 2027 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.","page_number":18,"box":{"x":93,"y":626,"width":668,"height":10}},{"id":"93b75a42-32e4-485b-97d1-5a6c40bf686b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":18,"box":{"x":82,"y":648,"width":882,"height":11}},{"id":"9364ccf4-de73-4442-8823-eb6a93b4f278","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":18,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"36381b2c-0dd4-451d-89ed-5b507591f03b","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":18,"box":{"x":83,"y":677,"width":860,"height":11}},{"id":"68ffef12-3d0c-48ff-8d73-7d45e9eb70e6","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":18,"box":{"x":83,"y":691,"width":855,"height":11}},{"id":"c35dd23a-28e9-4412-9561-607d9ad45a96","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":18,"box":{"x":83,"y":705,"width":883,"height":11}},{"id":"68b258ed-a716-4f3a-b781-cb6a26904ed4","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":18,"box":{"x":82,"y":719,"width":861,"height":11}},{"id":"958abebf-d4a5-4be3-aeb8-4ac5a88e9e5a","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":18,"box":{"x":83,"y":733,"width":359,"height":11}},{"id":"b9f00bee-125d-433f-84fd-bc71dc3d9571","block_type":"box","text":"S-11","page_number":18,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"0e60d687-0816-4f9a-81af-71ec7613c0e5","block_type":"box","text":"Management","page_number":19,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"9de59026-00e2-44d2-8094-648f62ebe9de","block_type":"box","text":"Investment Adviser.","page_number":19,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"82e67cda-676d-4b8c-a543-8c986eb124aa","block_type":"box","text":"BlackRock Fund Advisors.","page_number":19,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"9f1f1072-8f92-467b-b33c-0f65c3d0679a","block_type":"box","text":"Portfolio Managers.","page_number":19,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"d65fa005-2857-4a29-b20b-bd5759a002dc","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":19,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"dd182f67-7253-4f8d-bf47-53831d7f0d65","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":19,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"260474c0-9b1e-4897-948b-640ceb69643f","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":19,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"3d24cdc4-90b1-4787-b28f-d0a12ffaf672","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":19,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"5c8b0690-78a7-4b54-a070-cd8c7f4e2dbb","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":19,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"dd787b11-c1a9-4883-b382-ff48623822b4","block_type":"box","text":"2025, 2020 and 2025, respectively.","page_number":19,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"94d9a5be-9d91-45d0-81fc-58ee055d855c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":19,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"f1d9b1b4-dca5-4c04-8f0b-f7fbe06daeeb","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":19,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"1d7c16b7-3962-4f67-a16a-be1c0622bcd4","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":19,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"838d7657-372d-4a17-9c7e-666349f247d3","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":19,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"2a0fcfa6-e0a2-435f-8fd0-2ac4c77323c4","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":19,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"e6c8ed1d-b077-45f1-b4c2-a2b7bdd006b6","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":19,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"d94c27a3-fb1d-4214-a3bc-b817fffb2475","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":19,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"3fe71a99-ae78-44ba-9053-19675a599230","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":19,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"4c3d5755-ec47-448a-85ec-adeb0d17956e","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":19,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"521a8a67-87bd-46d2-aa23-eb735a3edefc","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":19,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"0a5cd3b0-5f25-4d0c-bd5d-9a77c2665e1a","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":19,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"3393904d-5c6d-4d36-91ce-a853728a8429","block_type":"box","text":"Tax Information","page_number":19,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"741e0115-ea48-419d-899b-472a1aad3133","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":19,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"2acd6423-0fa2-4ee1-bdf8-bb55853ac72c","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":19,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"710faee2-8f38-46f0-95d1-1d0f43bcd787","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":19,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"3e6b489d-b1d1-4529-9060-e137e32a0de1","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":19,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"82de452d-fc9f-46c2-9ebb-b51b3e96ece8","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":19,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"1a85c363-1986-4184-be1f-11a70e09f184","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":19,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"88a979bb-926c-4f17-aa70-9664592f0501","block_type":"box","text":"obligations.","page_number":19,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"0004e3b5-0097-4a75-9b19-d36dfbad0c27","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":19,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"36664925-3313-45ed-822d-de3730b8fc60","block_type":"box","text":"Intermediaries","page_number":19,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"aa836522-602d-4b86-bd6d-0ea27a25677f","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":19,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"cfd5c2c3-3178-433f-b8d0-78ff072db537","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":19,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"de826902-ab45-4cbc-b712-8e6c5e924c19","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":19,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"3dd92bcc-e31a-4148-949a-b08fa97e28cf","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":19,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"6fb08346-41c8-4dff-976f-814436cc99b0","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":19,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"820e9977-61c5-4744-8990-d871e11f42dd","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":19,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"6306644a-0964-4a1c-b369-905fe8fc9052","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":19,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"e736e966-c9f4-4c2e-9c7d-53cec3827bbd","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":19,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"07398550-e096-465b-ba52-fed39590920b","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":19,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"d992a983-5e6c-43d6-97d4-5f807331ca3b","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":19,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"c24a10e9-8366-4eee-a8c8-8be1a384518b","block_type":"box","text":"information.","page_number":19,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"2b76fe93-80bc-4e38-ace2-140586a78062","block_type":"box","text":"S-12","page_number":19,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"c29948e9-2f1e-4dc7-93a0-58a1f9580d98","block_type":"box","text":"iSHARES","page_number":20,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"e7e56de5-8a4b-4ff1-8ca0-046c0d89882c","block_type":"box","text":"®","page_number":20,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"6e0cbc6d-c7aa-4214-a6e7-3d7c9200f2c7","block_type":"box","text":"iBONDS","page_number":20,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"094c48a7-0bac-451b-98b7-307345238d13","block_type":"box","text":"®","page_number":20,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"06a79db3-3f21-49d5-8c54-14b053227b60","block_type":"box","text":"DEC 2028 TERM TREASURY ETF","page_number":20,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"e65aa1d5-d5cb-4220-b403-1374086613c1","block_type":"box","text":"Ticker: IBTI Stock Exchange: Nasdaq","page_number":20,"box":{"x":293,"y":53,"width":465,"height":12}},{"id":"1960fda1-6630-4b48-ad99-ea51381d30a5","block_type":"box","text":"Investment Objective","page_number":20,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"668094ce-d9ce-447f-b27a-0e894ad64027","block_type":"box","text":"The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":20,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"1a09c119-053a-4737-af27-6b90387d9789","block_type":"box","text":"bonds maturing in 2028.","page_number":20,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"bdd54850-65be-46b6-93b9-6f603b2ff07b","block_type":"box","text":"Fees and Expenses","page_number":20,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"484d79c1-f5f2-42ba-b475-d2eae83d94c0","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":20,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"c8a57b09-3387-4872-9799-f4e70bde7752","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":20,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"eaeea452-80ff-4fb4-bfff-f825671e0885","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":20,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"a25ce61d-747b-4c33-a697-21e88362aceb","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":20,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"741a14b9-403e-4b47-adab-425df958be38","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":20,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"fb906801-489c-43a0-a0a7-0dc9a205ec68","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":20,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"c10b8dbd-ac16-466e-b5b6-553a80c2b9e1","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":20,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"a0e42f67-1284-4aad-8817-257ccb3f5f3d","block_type":"box","text":"pro rata","page_number":20,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"b518f403-f0ad-4c2b-984c-674d83477048","block_type":"box","text":"share of the fees","page_number":20,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"3fdd2879-48de-4b51-b6d9-876d844c28c7","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":20,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"30901deb-24bf-46b0-902f-1578ff749dc0","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":20,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"cda1de44-1718-4bd8-84a1-2b595b83f723","block_type":"box","text":"shown in the","page_number":20,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"35009a82-3ed8-45c2-a7f3-bd0417092b03","block_type":"box","text":"Financial Highlights","page_number":20,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"8db82de6-1ba6-4e70-9fe0-c88e8dcdc49d","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":20,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"723ffe1b-81a8-45bf-a75f-01e8abb3852f","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":20,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"e6403297-1dc0-4747-b1bd-175837f7186c","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":20,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"9acac95f-e3ce-4c37-9033-b65b60355ad7","block_type":"box","text":"December 15, 2028. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":20,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"2138d909-cbce-499e-8bb8-16aa6d257dd8","block_type":"box","text":"Trust and BFA.","page_number":20,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"2e9294f1-86e8-4fd3-9213-3d225745a2a1","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":20,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"2fa93345-4a2e-4883-929e-b53637e8c7ec","block_type":"box","text":"the tables and examples below.","page_number":20,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"126c34d1-4b60-4d4f-a9c4-ad13db16cba2","block_type":"box","text":"Annual Fund Operating Expenses","page_number":20,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"62042ae5-7594-4f0c-a2dc-77f04294db07","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":20,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"c5d9f20b-58c8-4abc-8b44-c9a917c58e70","block_type":"box","text":"percentage of the value of your investments)","page_number":20,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"db142cf8-efc6-46a5-b614-b93f316711d5","block_type":"box","text":"1","page_number":20,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"ee18b8f5-7f35-4040-8929-22bf3b22f0eb","block_type":"box","text":"Management","page_number":20,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"d2c8b9fa-44c2-4d6b-a938-30fb834db38e","block_type":"box","text":"Fees","page_number":20,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"9a0aa123-d3c8-4cc9-bd27-28bb90d78e70","block_type":"box","text":"Distribution","page_number":20,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"e87a0914-8606-4322-bd9e-9837d83a51cb","block_type":"box","text":"and Service","page_number":20,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"4686237a-6db9-400c-9ef7-6621e002fc8f","block_type":"box","text":"(12b-1) Fees","page_number":20,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"205f2558-5897-41ce-9acc-4ef5d3f3315f","block_type":"box","text":"Other","page_number":20,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"368c7827-edc1-4a1d-b3bf-2e6c09848d7d","block_type":"box","text":"Expenses","page_number":20,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"e7ba9df5-2bbc-44e2-b220-ace7d704e64a","block_type":"box","text":"Acquired Fund","page_number":20,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"b80a84e8-7211-4af9-aeb8-ca880102fd6f","block_type":"box","text":"Fees and","page_number":20,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"a69f2f35-9bd1-49b7-b262-1b635b2e5a61","block_type":"box","text":"Expenses","page_number":20,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"e6d86dbb-0cca-41fa-87df-0546816d62f6","block_type":"box","text":"Total Annual","page_number":20,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"b12767cf-92e7-49f6-a583-3ef0d12e06aa","block_type":"box","text":"Fund","page_number":20,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"f964ccae-952d-4f79-9387-d3e10f13fdb4","block_type":"box","text":"Operating","page_number":20,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"7b35d3ef-15b8-4bf4-87bd-139796f46e36","block_type":"box","text":"Expenses","page_number":20,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"ebb2c16b-9c4c-4338-aff3-90655426c329","block_type":"box","text":"Fee Waiver","page_number":20,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"d4601a55-94e7-487c-b353-8e2c463db3b8","block_type":"box","text":"and/or","page_number":20,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"f7e8e70f-a325-4280-ad15-15a5f814da24","block_type":"box","text":"Expense","page_number":20,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"b0e1bf46-c97e-4a81-8ec6-e2dd836eca78","block_type":"box","text":"Reimbursement","page_number":20,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"86afd57b-276e-40ae-b946-090e4b35ffb1","block_type":"box","text":"Total Annual","page_number":20,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"45c191ed-4b1c-44cc-addb-004cd85d6205","block_type":"box","text":"Fund","page_number":20,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"7f52ac02-5009-4159-b484-a1aaf7cbd223","block_type":"box","text":"Operating","page_number":20,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"3ce92aa5-4847-4b2d-a48c-6951297c19a7","block_type":"box","text":"Expenses After","page_number":20,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"ed9e4ced-aca2-4f1b-9201-90a72790ea5a","block_type":"box","text":"Fee Waiver","page_number":20,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"54a2577d-2399-4596-b4fb-84150c34524f","block_type":"box","text":"and/or","page_number":20,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"4b8230c0-e69c-49ef-8f46-3d56d27a1f86","block_type":"box","text":"Expense","page_number":20,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"ab353e24-5537-4e7b-9486-1e30c8734938","block_type":"box","text":"Reimbursement","page_number":20,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"f551ca57-f069-44a7-b8d3-2c1cf979b8d4","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":20,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"6f164f0d-4146-4c45-bb3f-bf162ae769f5","block_type":"box","text":"1","page_number":20,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"c8ad0f6c-75c8-4258-9d47-e381be650bf1","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":20,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"ec747669-1413-449d-9dc1-5b62f0262b98","block_type":"box","text":"Example.","page_number":20,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"174a394e-3987-4bb1-9897-2181ba7055e7","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":20,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"f82ca317-1248-4826-a483-9457efe5cb0b","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":20,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"0f2031a4-9e6e-4361-92b1-3d85f7f8f833","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2028 because the Fund is scheduled to","page_number":20,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"5fc5d3be-0025-4a79-a2ba-9c678386482a","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":20,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"fc19a031-150d-4620-8add-5d5744e48cef","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":20,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"21e67541-e1c7-4ab7-85bf-81bb1bdfa395","block_type":"box","text":"be:","page_number":20,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"a766a00e-23b3-4acb-95d7-187122bd7ed2","block_type":"box","text":"1 Year Maturity","page_number":20,"box":{"x":299,"y":695,"width":460,"height":10}},{"id":"1aefa655-04c6-4ca5-a703-89db3c70c6be","block_type":"box","text":"$7 $21","page_number":20,"box":{"x":310,"y":715,"width":431,"height":9}},{"id":"66c6c5e3-deff-4951-b09d-dbe0ac469727","block_type":"box","text":"S-13","page_number":20,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"0c3193f8-88de-43a1-a244-a4407b1b777c","block_type":"box","text":"Portfolio Turnover.","page_number":21,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"4fa18075-bd50-4979-aebb-6776c0effdf9","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":21,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"508b6599-42a2-4c2b-a221-49ffa49f1a23","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":21,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"717ef552-9afc-462f-8135-675d6b1c4361","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":21,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"c37bb8ad-d0fc-4d95-8b3d-454a1d791b57","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":21,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"1e0e78c2-0a2c-4459-8661-d27c1bcf638f","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":21,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"84125c24-77c0-4ace-bfc8-abd0ce7148b2","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":21,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"978283cb-3d40-4a9a-b0e2-59f9bb126675","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":21,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"ec8171e7-458c-4564-85e9-3e8184830d00","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 57% of the","page_number":21,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"d87fa6c9-9c14-41a0-88a8-0bf1d7f6e66d","block_type":"box","text":"average value of its portfolio.","page_number":21,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"83f4b63c-a9f3-4e9d-a3c8-d0d187d7a8a2","block_type":"box","text":"Principal Investment Strategies","page_number":21,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"e7712be2-a0b4-4dec-9530-a6f46fe9c1d5","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":21,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"5edab752-4735-4e9f-b651-cea1f0ff0501","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":21,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"86ae394b-1ecc-4651-9759-b64e280ea1ab","block_type":"box","text":"ICE 2028 Maturity US Treasury Index (the “Underlying Index”).","page_number":21,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"a750eb14-7d03-4808-937f-3fd2bcd81002","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":21,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"6331634b-30c5-4eda-8a36-829768af3f11","block_type":"box","text":"securities that are scheduled to mature between January 1, 2028","page_number":21,"box":{"x":83,"y":247,"width":415,"height":11}},{"id":"346a08ec-0515-49d9-be40-f93598519929","block_type":"box","text":"and December 15, 2028, inclusive. The Fund may also invest in","page_number":21,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"90441932-118c-4fba-ac2a-c4f5661bfe77","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":21,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"59ec77a2-cfa2-4475-97aa-869a17dc749c","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":21,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"58638e15-1a26-4fc2-b06f-f1440770d267","block_type":"box","text":"term fund that will terminate on or about December 15, 2028, at","page_number":21,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"55b2adf2-58e2-48f2-8cb6-23be6334c091","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":21,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"dba95bf7-e2d1-4502-8a47-2bdcf0592b69","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":21,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"fe67b196-2a8b-4d88-8b7e-b466812156e7","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":21,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"03b5658d-008a-4952-8c7a-48924c7cfe1a","block_type":"box","text":"periodic distributions.","page_number":21,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"43fbed98-f715-48f3-b705-d9cdf589f36b","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":21,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"82976ecb-b68f-43f0-8fc0-693f65a2dbd8","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":21,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"508f1554-7b81-4f35-81e4-ff06d20d9480","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":21,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"90bc8041-fb8b-4499-8933-d8fad2f570bb","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":21,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"eb5e45a9-4084-414f-b0d1-2cad399ae558","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":21,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"558e159a-5254-4fbb-95ad-0006fd4d8514","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":21,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"413ec64f-0053-49d2-b9aa-d84878278c36","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":21,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"2235aec9-6f13-4bdc-973f-5b3aaaf5929c","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":21,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"30810b99-f367-4e85-a773-7da8e5ba54f0","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":21,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"ebfcc01b-43ac-47ae-97fb-794b4ce1208e","block_type":"box","text":"reduced by any individual components of such securities (","page_number":21,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"1dba4302-9ea1-4d16-bfa7-4ed75cf3cbc5","block_type":"box","text":"i.e.","page_number":21,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"6b97e885-7af7-4d99-b50f-cd0df160fab6","block_type":"box","text":",","page_number":21,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"a3d1f9ff-9ef5-41f4-8319-35cb00fa7b41","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":21,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"cca3ce15-845f-401d-b88f-f4a2afd45713","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":21,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"3164a0d3-3bc9-4491-9038-1f0c3164d0b3","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":21,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"3a2bec12-a978-41a8-b5e7-91f6b0aa67a8","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":21,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"6d9b1363-aaf1-4d81-a21c-a4d186ae42a2","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":21,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"b2eb9219-6c41-41ae-a02d-e054048e70d0","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":21,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"b7d951cf-c3dd-41a3-a63a-1e59ae4f29a2","block_type":"box","text":"calculated assuming next-day settlement.","page_number":21,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"633c2f2e-ba92-406b-a20e-20be2dc9da81","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":21,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"fe80e231-fb8c-4a08-ae4d-0fa962e67bf4","block_type":"box","text":"month, based on information available up to and including the","page_number":21,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"a36806eb-ef7b-437d-9b94-d58b40be1fc0","block_type":"box","text":"third business day before the last business day of the month. New","page_number":21,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"45a8cef4-9466-482c-a7af-71a34a530329","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":21,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"b41145b1-b453-465d-90ef-1f571354a4c7","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":21,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"fae5be06-2a8e-461e-b3fd-6c23f12fd84f","block_type":"box","text":"month (","page_number":21,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"2a331215-2b51-40be-ae30-89931ba2b993","block_type":"box","text":"e.g","page_number":21,"box":{"x":133,"y":713,"width":19,"height":8}},{"id":"e83b0127-80aa-4481-989d-0765b0d9a939","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":21,"box":{"x":152,"y":710,"width":328,"height":10}},{"id":"c2338b6f-72fe-412d-94da-ad0a2453638d","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":21,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"3a33547b-862f-447b-8f17-ca68ca6551c4","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":21,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"83709772-898e-4da8-aafc-74219d9a9748","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":21,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"1bebf0b5-51e7-46dd-9823-2b25a7387651","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":21,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"34d88be6-06b2-4bcf-a286-e746729b524b","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":21,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"172f8c1c-2f37-4de6-b981-3b11555c28fc","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":21,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"aec7c94f-8b59-4c8e-b3c8-06f29a1e9821","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":21,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"d161792c-cc70-4aba-9d5a-7b47e93d3453","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":21,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"5f0761e4-d146-4a06-984f-40167267f3ac","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":21,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"ea703988-3444-41aa-8ce5-3ba4e45b73c1","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":21,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"ff7c4b28-3cd6-4de5-a84e-abbe73018a2e","block_type":"box","text":"while it is held in the Underlying Index.","page_number":21,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"deb3688b-1224-4608-af42-f3a21f4b766e","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":21,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"7ac403bc-bd12-4f3d-a564-92f80d15d67c","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":21,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"4cc06d6c-50ee-4a59-a1a9-108a6d10641e","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":21,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"f64b3141-8eae-4e6b-80d9-c973c1c6ada6","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":21,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"9c933650-f8dc-476e-b445-0e9cdf378d68","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":21,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"4dce5263-7dd8-45fa-9ded-e80a840ccf75","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":21,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"52686926-fdf7-4f5e-adff-a361730e2083","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":21,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"5077541c-9000-4c80-b1f6-dd9ad57038d8","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":21,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"dacef9cf-bd8d-4a20-aa20-65cb92cc8be9","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":21,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"0971b7f7-5c01-4d42-86fe-adaa4e40a958","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":21,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"23d41ec7-291b-4eb8-a82c-a476cedb4076","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":21,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"182c42f5-7735-402f-8f26-b0f5dbf059c5","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":21,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"2031c5bc-0b27-4227-9baf-b1833fc3bb10","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":21,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"5ac9138f-a1e5-40a6-982a-adfc4f2305f3","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":21,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"f37daf00-45ee-4c8c-b435-1244ab0e0156","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":21,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"986128ec-88ae-4153-b60c-0e4fb9b080d0","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":21,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"3aa5de32-c9da-49e8-a2d4-93d427e6575a","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":21,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"91f867e1-53ff-4f94-b918-1bf69b7e534f","block_type":"box","text":"fees and expenses of such funds.","page_number":21,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"ccc87f42-45d7-47f1-9e9c-f4cfb8cc6057","block_type":"box","text":"By December 15, 2028, the Fund is expected to consist almost","page_number":21,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"8642ced8-1de9-4374-91af-16045ed1e1e9","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":21,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"be409bed-1933-41d4-9e87-74e5ccde08c2","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":21,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"0d714d20-9bbb-43b5-85ef-3e873873a37e","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":21,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"c78a9f66-ca41-41dc-a83b-f990a143d6d2","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":21,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"2a725986-765c-4fd6-a40a-1f4ccb107bbd","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":21,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"024e8439-27f7-4175-abd7-19d0648dbb51","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":21,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"e5dc17e2-ab2f-4ef7-8ae9-dc457f84bd10","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":21,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"dc62c5a9-7dfa-4194-a25d-b5d1a3bebfbd","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":21,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"12bd0f0f-96f9-4140-b366-d66ddbf15abe","block_type":"box","text":"interest of the Fund.","page_number":21,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"ad58fe07-a322-4a24-8260-1598ef1f6b4f","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":21,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"1d0e141a-a239-4339-b846-37f3aff98644","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":21,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"d81f62fe-efdb-409e-b58e-ce701b955c74","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":21,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"cec81f59-289f-49d8-bd30-8161cb3e755b","block_type":"box","text":"markets decline or appear overvalued.","page_number":21,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"c55c7ab2-2b53-4fba-98d8-80dbb633bf60","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":21,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"883d2ed8-a3fa-4839-9991-b5ba3c203479","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":21,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"67673649-de20-4d37-8000-955cb2c67892","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":21,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"b24f100b-5c98-4d2e-a098-4d68f0bbcf81","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":21,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"ae92368d-522d-423d-8b0d-d9e2b51a4b8a","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":21,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"a89cac0e-7af4-4f8d-b6b4-37af1c3eed6d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":21,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"04a8631e-47af-4a13-a5ca-32527430e1ec","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":21,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"7a15dd34-ff16-4119-9ce6-5014cbffacd4","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":21,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"b902acc9-3411-4fa8-b913-eff80ad3390d","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":21,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"0e920cd0-d22e-45b2-a5db-2dd2ce7f2694","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":21,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"c84045de-5dde-4f1e-813a-876856cf8e6f","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":21,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"412901a0-d331-4b65-8a49-ea7761797930","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":21,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"67d856ce-4774-4c12-b481-216f98f8980f","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":21,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"714e9774-6d3a-4ab7-b3e1-1d99a2d0b283","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":21,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"9abdfdf6-52f7-40bb-999b-08eceaa62e2a","block_type":"box","text":"(","page_number":21,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"e8c227cc-116f-414a-8ff2-84c261c057da","block_type":"box","text":"i.e.","page_number":21,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"008b6773-b084-4c52-8a17-e5db40a45cd4","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":21,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"8aac1cb7-8086-4780-803f-ec85984e76e7","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":21,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"6745285a-f09f-42b1-a94e-e91af4db50bf","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":21,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"07b74b83-5b72-4e3a-854e-705c64b09dc6","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":21,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"cbfd807a-8788-409e-9081-2f2cbb2dcc0b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":21,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"39f9f478-9b8f-4737-affd-e1b22bdbf814","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":21,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"f2240d29-22a7-41ea-833a-43d0cef277ac","block_type":"box","text":"collateral received).","page_number":21,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"ae7e82b7-6d0f-4d94-8e89-a8678d59ad5c","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":21,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"62450e6f-af09-48e0-9204-985d5c215398","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":21,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"b4c6d2cd-ba8e-407e-b5ce-cdc221fdbf7d","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":21,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"acc6a51e-4a0c-4980-b537-896240d42190","block_type":"box","text":"determines the composition and relative weightings of the","page_number":21,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"402e2971-d08c-4f1c-846f-0f2c681e08d1","block_type":"box","text":"S-14","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"40ac3900-c435-40e5-93e0-0e5444904601","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":22,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"2fd8b11c-e16f-43a3-96b6-17be8dda5bf6","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":22,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"4eee6ded-3d3f-403c-a8a3-8f3aa071f12c","block_type":"box","text":"Summary of Principal Risks","page_number":22,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"3db6c24e-b0eb-42fa-b131-7854f1811a3c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":22,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"a1720740-112e-4dd4-b218-a5d8b1f90bdf","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":22,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"0f04fe4c-1f61-4879-8d83-cfd84d2b7eca","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":22,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"5c715837-b7f5-4a73-8bc4-e151a6710e14","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":22,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"21d82534-286c-4c8f-9895-21b674a8ff56","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":22,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"a6616656-e00c-4bbf-ae17-20e4589e323a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":22,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"e30c15d5-12e9-499d-b432-fb65aeaefecc","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":22,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"9b0ea0de-015a-42e4-ac48-1fc9c9737130","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":22,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"54c8bcf1-6371-4fe3-bbab-04ef82c1b164","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":22,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"c974141a-6155-47cc-912b-4b121fea46ad","block_type":"box","text":"review each risk factor carefully.","page_number":22,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"0a0364d2-9da8-42e4-8a3b-148dbecf6741","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":22,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"93bc9db3-6db8-4507-bb07-a05f545d3122","block_type":"box","text":"U.S. Treasury obligations may","page_number":22,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"865dca6b-d195-481a-ac97-4a70cbd479ce","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":22,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"3a8d83f6-5fbe-4143-b8bc-2fb748497c35","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":22,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"93aa43b7-f64f-4780-a605-b213e808ace3","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":22,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"759a349d-1e69-4732-afa3-6818a29a1bf7","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":22,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"a07f1a5f-c3f5-4f93-9132-18c3b66fdcaa","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":22,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"52c1cb5b-1aa7-43ab-a76a-5645050062e7","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":22,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"0f4ef276-5b95-4d4c-b176-29ece63379c3","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":22,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"8cc84717-5bca-4a39-8fa2-278566dba5b2","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":22,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"ebbdc903-671a-411b-8dd3-55ad1065a3d3","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":22,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"da1f6f9d-4a53-4032-b055-529f4cd2f37a","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":22,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"8a3d878a-438a-4cc1-b56b-a527359867ff","block_type":"box","text":"timely payment of interest or principal.","page_number":22,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"a3719f05-93b8-4e00-93b5-cc260517e075","block_type":"box","text":"Interest Rate Risk","page_number":22,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"f2c54e59-48e9-4318-9d76-211662ac7749","block_type":"box","text":".","page_number":22,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"e92306af-1580-4331-98a3-a73ccc2e36cb","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":22,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"27f8891e-fda4-4347-b2a9-450484251d37","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":22,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"607b70e0-d7b9-473a-a40b-d38023f88b48","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":22,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"0b0167fb-d691-4190-bde4-921fa94b4b2c","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":22,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"2333542e-6e4f-491b-9e65-d6ee680a635e","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":22,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"41e7a34c-f025-431e-8357-54b03a237ecd","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":22,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"eb798645-efb9-4828-a18c-63280c7c78db","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":22,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"b0b2673e-b7e2-4e2f-887f-0dbe42108662","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":22,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"0a268ef0-585c-4e18-9873-c58556d2f00e","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":22,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"6dec9c98-5833-4cad-9dae-9307bc66ade1","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":22,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"63aa8637-5ee9-415c-9a15-c11218c1e1ad","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":22,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"1492aaa0-f1e6-460a-8278-26380a7b9b77","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":22,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"586c5ef2-d876-43d5-8a28-0803b88fd0ed","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":22,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"65865092-4581-4a75-b76d-d12ace562a40","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":22,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"96584a14-b9c2-47db-94a9-1d95a16939b8","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":22,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"5885a501-d107-42ea-9971-d3759fa56d5e","block_type":"box","text":"dividends to shareholders.","page_number":22,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"738087f6-5c62-4362-94e4-994f8d0211e1","block_type":"box","text":"Market Risk","page_number":22,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"02da74a9-9f26-4fb1-8b93-9e5b03adf9f3","block_type":"box","text":".","page_number":22,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"a6b4036f-e69b-4395-b06e-2aa9c8d6b131","block_type":"box","text":"The Fund could lose money over short periods due","page_number":22,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"7e30f468-17d1-43fd-abe0-427e67f4e3d7","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":22,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"07a637df-1307-4069-81f7-8a216cf76fba","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":22,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"05a9e18c-df22-42e0-93b6-cf7488adcda1","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":22,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"9f6b90c9-cbf6-4a5e-8536-bb8a90d49b49","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":22,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"dd7e125a-69ac-41ad-8033-40fc973b233b","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":22,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"0797357d-5112-4b27-a2a6-94585184f2cb","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":22,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"d0cacfa2-47cf-4d09-bc57-75994f7ae2af","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":22,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"aae4a760-2951-460c-8d41-1d4a9809823e","block_type":"box","text":"NAV.","page_number":22,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"484e8b1a-5789-4e5d-b3d4-f582787be3e1","block_type":"box","text":"Index-Related Risk.","page_number":22,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"6d1e1602-b7c5-4f19-9872-6cb4b85f035f","block_type":"box","text":"The Index Provider may rely on various","page_number":22,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"db87729b-096b-454c-bfb6-bc4abaa5f03d","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":22,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"46241a3d-ee01-4778-9aa8-6cc4f7c1216e","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":22,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"4a21d661-eb4e-4772-bd80-258288097259","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":22,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"b5427c86-d183-4931-923c-922c51dfe336","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":22,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"c7a97e19-d9a6-4843-8d55-1795c223fd14","block_type":"box","text":"information will provide an accurate assessment of included","page_number":22,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"87d68f18-f7e5-435c-9326-b7c7aa3896c7","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":22,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"f0b510fa-247b-4e08-9d11-9aa18cebfd88","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":22,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"2c182a96-ae04-4e5e-a68e-cab65f38b87d","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":22,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"d40b493c-76c3-49fc-b412-bdddce489de3","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":22,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"b2454433-f5cb-43c7-8424-98fe14e09351","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":22,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"355fdac1-686a-483b-92fb-52e3fb254879","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":22,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"f4e42ed7-96d9-4e10-be4f-5d9569cb27cc","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":22,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"451388f5-e1f3-4a7c-9af4-3bc2718e0d56","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":22,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"6f719938-51f5-4144-af97-75adc074b2ad","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":22,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"3fa8d3f2-d99a-406e-b5eb-b6c37ec5a56a","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":22,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"44e5f702-2f77-4f2d-acc2-0b2b0ad6e2b6","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":22,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"5885e01d-2fcd-4fed-bd50-10970f3ed052","block_type":"box","text":"Asset Class Risk.","page_number":22,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"f566fb2a-d1f2-47e4-aab5-6115337c2a41","block_type":"box","text":"The securities and other assets in the","page_number":22,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"4832e333-7ffa-4c3e-9932-d75ff2e73457","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":22,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"a233c05d-75ce-4ec5-bfd3-896fd739c921","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":22,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"59851274-08cf-4519-bcff-e4def8116bb0","block_type":"box","text":"market, another index, or other asset classes.","page_number":22,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"dc539330-1e02-4c73-97a2-42158e332504","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":22,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"553dd5d0-56b7-46ad-9b7b-b08262cd9d09","block_type":"box","text":"An “Authorized","page_number":22,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"698f1481-bda3-4768-85e4-32b53f19a551","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":22,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"85aaa065-32b7-4502-8560-60041abe65b9","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":22,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"209b9b5d-9736-47d9-8c19-9aeb2d11edae","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":22,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"5aa9d2e3-9d13-43bf-bec2-6b99e4ba3cfd","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":22,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"b6050ca0-dd97-4d97-89e5-64ebf17fb58d","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":22,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"e2094822-8cfb-4e35-b311-baedcd3e406e","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":22,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"850a7a42-0029-4216-b8c8-097633bcda0e","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":22,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"bf41ae95-23ed-4b62-b40d-ea5fdae980d5","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":22,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"e5335120-f7f5-424e-a556-06fc60dd8031","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":22,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"a4f76a96-a847-4b04-a63c-8a3029b82cd0","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":22,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"4ab2f9b0-71c7-460d-9ecb-ae1b518f39d8","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":22,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"477bf9fe-4314-4925-b5ed-7f5f9826c34a","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":22,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"7ee4a475-ca80-4426-9c97-f9efbf08a723","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":22,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"29fd856c-54ec-4548-9262-5042c0bebc95","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":22,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"79245db0-4f4a-4c4e-bcaa-c68e5699adc8","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":22,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"4c04dc84-b0fc-4928-ba54-ddd44287fdd3","block_type":"box","text":"Concentration Risk.","page_number":22,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"b6c21e47-7b72-4d0a-8b14-82a770838c86","block_type":"box","text":"The Fund may be susceptible to an","page_number":22,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"b8016b10-460c-4493-840e-1a7e2b61c6a6","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":22,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"3739dc5b-960e-43b3-8a09-d4b8baf1ac7b","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":22,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"0245ebc8-56ca-47a6-8e0d-18014bd1f151","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":22,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"92b8cc39-8503-4bcc-ae07-13d8fb976db3","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":22,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"0bf7c07d-75b3-459d-b419-23d6518537da","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":22,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"286c9ac1-d662-4315-b995-f9141d1de351","block_type":"box","text":"asset classes.","page_number":22,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"562a41d2-30af-4ddd-bb0c-cff585515619","block_type":"box","text":"Declining Yield Risk.","page_number":22,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"4221d07a-bba8-4e6d-9d21-25f67d0cfd35","block_type":"box","text":"In the months leading up to the Fund’s","page_number":22,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"7e5bfbee-e731-4779-bb37-52881de75588","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":22,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"bf300dad-4038-4c5d-a55c-774f3ba57865","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":22,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"9e99dc9f-abc0-4a24-b878-9630e5f564ad","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":22,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"da0dae4c-b48e-491c-ac95-cad2bab38065","block_type":"box","text":"yields for bonds in the market.","page_number":22,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"453e9e23-e51c-4049-a138-005f6b8be047","block_type":"box","text":"Income Risk.","page_number":22,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"7fdeb90c-5646-4223-8ade-3a8d589e5006","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":22,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"fad42a25-6dbd-4705-bb9e-eac8c5ea4d6c","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":22,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"75ea052d-901d-4ae0-87de-47fb1b9489c9","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":22,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"54b8aa1f-c941-436d-98e3-bc385acb02a6","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":22,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"eadad519-e8fa-412e-90d0-ef9c6b5123a3","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":22,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"ed13f71a-77a1-40a9-b1a3-c12adaed7d23","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":22,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"32aa34c8-971a-46f9-bbeb-ba88c0fe40f3","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":22,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"3f1fd832-adf5-4c27-84e1-6a46e9355de3","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":22,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"99f9a41e-cea2-4dde-a834-57a102e3c4fe","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":22,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"f0d1ec99-caf2-4494-bef2-515041ec33fe","block_type":"box","text":"Issuer Risk","page_number":22,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"e51c899c-9d47-4469-9512-e8afda365963","block_type":"box","text":".","page_number":22,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"98b27864-e82d-4ab4-9cf9-8fb5cf64d1c7","block_type":"box","text":"The performance of the Fund depends on the","page_number":22,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"93babdae-2678-42c0-95c9-64f4bfbeff2a","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":22,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"3608c3b4-dea8-449c-8fcb-e659c342b334","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":22,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"c164dde5-4991-4330-8810-a2cc0776fb8c","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":22,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"3e80f966-d18d-41a7-8b41-2a33c8f25ffa","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":22,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"c706be16-2f8f-490b-9213-347a39ca080a","block_type":"box","text":"counterparty.","page_number":22,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"711b6499-30df-4eca-bf09-f5ff7450ebee","block_type":"box","text":"S-15","page_number":22,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"dff74b09-2c81-49c9-91b0-3e7f3791a6e4","block_type":"box","text":"Management Risk","page_number":23,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"bd8d9168-9055-4811-adc1-8db0df55caae","block_type":"box","text":".","page_number":23,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"43d5cb95-512a-4131-8273-5595906428ba","block_type":"box","text":"The Fund generally does not attempt to take","page_number":23,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"0c0c0525-e5b5-48aa-80e2-2d060d2f262a","block_type":"box","text":"defensive positions under any market conditions, including","page_number":23,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"3cd2aff3-4160-42e7-b88c-19c4ff3bd13a","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":23,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"50aca4a8-22fc-4c0b-8fbc-d5d4a757d5c6","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":23,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"c6c4db97-9526-4fcf-85e6-d4889d96dd43","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":23,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"df9d328b-e4ae-4e3f-a56c-1591f8c15a83","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":23,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"05666cca-8d21-4ac6-b125-59ada95d528d","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":23,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"8b374d4b-b396-425b-81cc-96002e3c1f0a","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":23,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"b46cc2fa-e8b3-4a2c-9af3-8ae4a0f0bd42","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":23,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"e7368b2a-af06-40b1-b2d6-ed1a1a89d1ae","block_type":"box","text":"Market Trading Risk","page_number":23,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"db1d208d-e839-4322-b2c0-8fac58f1dfd6","block_type":"box","text":".","page_number":23,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"ca13bfa5-e70f-43b5-8cff-4ddf3042cae2","block_type":"box","text":"The Fund faces numerous market trading","page_number":23,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"c867c5e1-aa38-4920-83f1-9ecd4cbbc227","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":23,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"5ec3d98c-c73c-4c53-b67b-13bfc5f1e12e","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":23,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"d5a27c3e-2c7f-44f1-bca7-4641a056350d","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":23,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"01d69171-dba9-4ef7-a5d3-299fac99fa9d","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":23,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"c2f4c335-44b6-409d-9d2a-1a9ba4290940","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":23,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"887849a4-6df2-475a-b588-f4af42e6c143","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":23,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"9cc6a912-3f74-47aa-be68-deb1fda0ce27","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":23,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"ce3d6773-7b11-4da5-a93a-6b7b12f4ce76","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":23,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"ac6a54e0-4f8f-4c7a-90c5-f7d973646a89","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":23,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"b5598b2e-e163-4afe-9f40-ae78f96f0cae","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":23,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"169b70bd-5fa1-4410-81a9-0e9bb0f8047b","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":23,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"a20a9de5-38f8-4cc9-8620-7eb5170a6ad5","block_type":"box","text":"Operational and Technology Risks","page_number":23,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"ccc8f4d5-73c1-4c7c-9072-d6335a26c3fb","block_type":"box","text":".","page_number":23,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"77100e53-dae6-490e-b05c-6dae5ea47317","block_type":"box","text":"The Fund is directly and","page_number":23,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"bcb50e24-4c4e-4495-90da-64f87940f8ce","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":23,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"7de3a90e-9141-47df-af3b-5daa044df52a","block_type":"box","text":"including those related to human errors, processing errors,","page_number":23,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"0f41717e-ab7a-42fd-a145-fa501cbd292c","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":23,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"e6f13b9a-6555-4dd4-87a5-24150539ebb4","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":23,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"566b449d-ebdb-4150-a278-b577d1a46071","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":23,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"1ae57c88-f5c5-456c-be67-fc1f8c2b72f5","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":23,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"b78de565-32b9-4c9a-ba0d-212ffbdf6d55","block_type":"box","text":"providers are required to have appropriate operational,","page_number":23,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"ffa736d7-5c3e-4a50-bd5f-0647c908585a","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":23,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"e5c3ad94-b890-4f55-90b2-990fbfe13fd6","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":23,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"a4ffad62-4367-45bb-9cf4-20ab8e2f9635","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":23,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"9c6174a7-262b-49c0-a45e-5958cc06c4fc","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":23,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"3771937a-0acd-41ba-8ef9-5c2bf7cd8cca","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":23,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"2fe28f0f-00fc-4188-af9a-ad6f81f91978","block_type":"box","text":"investments in such issuers to lose value.","page_number":23,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"b24e2d1e-e840-4eef-abc0-d2ed98218a79","block_type":"box","text":"Risk of Investing in the U.S","page_number":23,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"6fd82ffa-c191-4da1-90c2-1aab73aa7731","block_type":"box","text":".","page_number":23,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"8ba79546-d6a8-4506-ab7d-afed11ad7b60","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":23,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"980fc16c-fe86-4bd9-80d1-90e98750cd5f","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":23,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"aff5a091-9cbd-4933-a3eb-4ca30d747a20","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":23,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"ad2e87ef-6680-46a2-9718-dbc507ba43e1","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":23,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"c3fa63a9-6768-459f-a2f7-3d82facd2abc","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":23,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"11de77cf-dd88-40cf-b2c9-f4c831d7a585","block_type":"box","text":"Securities Lending Risk.","page_number":23,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"8d93444b-1949-413f-a328-75944eabb68d","block_type":"box","text":"The Fund may engage in securities","page_number":23,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"80c2699b-5685-4529-8ae0-625919905a1b","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":23,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"4e0a164b-539a-4ad2-8c82-00956920c225","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":23,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"372cd3e8-dc93-4994-a61c-76ccd8f65af4","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":23,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"209a49bb-832e-4723-848d-02f0f0971485","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":23,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"aebe8dad-ef6b-4466-ae21-32563c6e67d3","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":23,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"7736cb82-7080-4119-b3e5-07667115f191","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":23,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"dc7400b6-f03c-47d6-b9b0-89034dcf98e5","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":23,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"4e3471e5-746d-4691-9568-e08e0ae05c1f","block_type":"box","text":"Tracking Error Risk","page_number":23,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"20633762-e4db-4913-82e6-11d81eae7ba0","block_type":"box","text":".","page_number":23,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"e3bb0300-5999-4428-b35a-8dd0257f66f4","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":23,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"412875e9-381c-4d01-b4d2-609ddb155684","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":23,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"be56fe70-72e1-4194-a72b-9c234ab17cc1","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":23,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"7b910b02-ec0d-4f45-a0ac-9c873dbc4961","block_type":"box","text":"factors, including differences between the securities and other","page_number":23,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"8d74589d-0476-4e0f-99e1-af699bbc3850","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":23,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"ae496560-f3fc-4f76-a48f-cb765fbe0fe4","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":23,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"14c41405-9886-4ba7-a334-2aa3bbc11140","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":23,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"42c63be3-9e2b-4b66-8581-a368caf3b9d4","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":23,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"30194997-1451-466d-a578-85b519b2264a","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":23,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"210a3fa3-ff5b-42b8-858c-3578c6972a9f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":23,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"01cceeb7-d5fc-4250-a285-4a8c4b8b0e10","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":23,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"7f6413f0-2b16-4a4d-97ef-768afd57c524","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":23,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"72c01bbb-314b-426f-ae19-fce1ed1c7acd","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":23,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"04c6e52d-5cbe-45de-b246-7b955ff7ef3e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":23,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"8939a98a-41c1-494f-a11f-b07530f9c2e6","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":23,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"51db8017-e59d-4478-a7e8-0df3aee0478b","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":23,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"d73f4b9b-9f4a-488a-9328-18f45ce02376","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":23,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"05ef3831-8d0f-4cbe-9a4e-bfd2f930aa5d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":23,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"803c0759-fb5d-4137-afa5-dd26fab74d8b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":23,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"1d418635-d2fc-4cf7-bf5e-9d4f94011a09","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":23,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"b4e24391-c96e-4229-8e2a-3d830163ed71","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":23,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"6270887a-2fbd-49fb-8ce3-e1b06338f3ac","block_type":"box","text":"unusual market conditions.","page_number":23,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"7cf8175a-d41d-459a-877d-2360b82cb6b4","block_type":"box","text":"S-16","page_number":23,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"93642bce-ce6a-4852-bd3f-ce745d604997","block_type":"box","text":"Performance Information","page_number":24,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"f33675f1-6bdb-42c3-83ad-325aceabc25c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":24,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"98d68ed4-31e2-4f4e-a3e5-59456b46596b","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":24,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"439d3267-f28d-414b-b7cd-ad216b98dc4e","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":24,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"18a657cd-e0b5-4033-888a-3d3ca6b705ce","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":24,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"5b8410a3-cd06-4d8b-8b1b-f4bc48602f29","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":24,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"84c62cc8-547b-4e01-9474-81687e4efa85","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":24,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"17e6135d-0152-4dce-b617-56f2d7aa3668","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":24,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"fe8958f8-1a71-47b2-b2b1-22ead892667d","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":24,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"2642b626-1769-4323-a910-0889b078366a","block_type":"box","text":"10%","page_number":24,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"d144158d-3115-4837-a00b-39c828b31f40","block_type":"box","text":"5%","page_number":24,"box":{"x":340,"y":221,"width":13,"height":7}},{"id":"c779bc8f-03f9-49be-894c-c26ff2b5fd9e","block_type":"box","text":"0%","page_number":24,"box":{"x":339,"y":240,"width":14,"height":7}},{"id":"299c0209-1ce1-4609-b971-3a7e96f75c74","block_type":"box","text":"-5%","page_number":24,"box":{"x":335,"y":260,"width":18,"height":7}},{"id":"2d298cbc-9a68-4c71-a6b2-a1316c1aebaa","block_type":"box","text":"-10%","page_number":24,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"bbf36b22-94e6-4c37-983d-734b649e0c2c","block_type":"box","text":"-15%","page_number":24,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"9236f71d-f54e-4805-bcd5-aa13bc68aaf2","block_type":"box","text":"2","page_number":24,"box":{"x":391,"y":321,"width":5,"height":7}},{"id":"1fdd7ebc-25db-4e8a-bf55-5701431d6895","block_type":"box","text":"0","page_number":24,"box":{"x":397,"y":321,"width":6,"height":7}},{"id":"63dc358f-9bf7-4b39-bf93-2f7a960d8fce","block_type":"box","text":"21 2","page_number":24,"box":{"x":405,"y":321,"width":59,"height":7}},{"id":"6079d636-7299-4443-81ca-b5618fb8108a","block_type":"box","text":"0","page_number":24,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"ea42efd8-48ed-47b3-9cb0-5d33767cd387","block_type":"box","text":"22 2","page_number":24,"box":{"x":473,"y":321,"width":58,"height":7}},{"id":"6d5f50e1-57ea-4989-8cb7-2753f70331db","block_type":"box","text":"0","page_number":24,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"f3ed1bda-665c-4ead-8a36-f81cbd84c655","block_type":"box","text":"2","page_number":24,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"a2f4d8fe-4bcb-4fa6-bf6d-3d20bcdc2ed0","block_type":"box","text":"3","page_number":24,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"bdf4dbd1-b3a3-4ee6-a6c8-65360154f7ae","block_type":"box","text":"2","page_number":24,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"3acac9e9-5e37-4e86-877e-b4845baff965","block_type":"box","text":"0","page_number":24,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"9d5feadf-2061-49b1-990f-c5ca091893b1","block_type":"box","text":"2","page_number":24,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"a69ec5c7-2651-414e-9fab-598f6efbc421","block_type":"box","text":"4","page_number":24,"box":{"x":615,"y":321,"width":6,"height":7}},{"id":"cf9d9500-d442-40b7-81ad-ebd4ead32445","block_type":"box","text":"2","page_number":24,"box":{"x":662,"y":321,"width":5,"height":7}},{"id":"d08d380c-c12a-44d3-9125-c4c830da29b8","block_type":"box","text":"0","page_number":24,"box":{"x":669,"y":321,"width":6,"height":7}},{"id":"8cb4bab0-2613-45db-9bb6-4f11a20eaabf","block_type":"box","text":"2","page_number":24,"box":{"x":676,"y":321,"width":6,"height":7}},{"id":"a43cc0d2-a92a-4cdd-84eb-d516eb61f36e","block_type":"box","text":"5","page_number":24,"box":{"x":683,"y":321,"width":6,"height":7}},{"id":"4b9e434c-cbdc-4edb-8bc3-ab3a112cebad","block_type":"box","text":"-3.49%","page_number":24,"box":{"x":388,"y":261,"width":31,"height":6}},{"id":"4f6cea43-f856-4d71-b22c-41ba16b970b3","block_type":"box","text":"-11.36%","page_number":24,"box":{"x":453,"y":292,"width":37,"height":6}},{"id":"c681e1f1-6746-4ac3-a56b-184c20878018","block_type":"box","text":"4.62%","page_number":24,"box":{"x":526,"y":215,"width":27,"height":6}},{"id":"fc4ca8b2-7e85-453d-bf14-e3c99e23d976","block_type":"box","text":"2.46%","page_number":24,"box":{"x":594,"y":223,"width":27,"height":6}},{"id":"a5907cf3-1421-4127-9468-52c57022645d","block_type":"box","text":"6.27%","page_number":24,"box":{"x":662,"y":208,"width":27,"height":6}},{"id":"626bbb81-da1c-4a21-9ddd-dbeb32d87a46","block_type":"box","text":"Return (%) Period Ended","page_number":24,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"5c591dd8-5967-402c-a790-6ad21f5dd3d9","block_type":"box","text":"During the periods shown in the chart:","page_number":24,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"d683e111-d154-42e7-b0ac-5fb55f52bceb","block_type":"box","text":"Best Quarter 4.35% December 31, 2023","page_number":24,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"0dfff757-0928-4b55-9482-a6e7ad7f5333","block_type":"box","text":"Worst Quarter -5.63% March 31, 2022","page_number":24,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"53500986-07ac-4405-a25e-78e4866304ed","block_type":"box","text":"Average Annual Total Returns","page_number":24,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"7ab30084-141c-4631-91b1-274216156f33","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":24,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"47564d89-f7f3-49d4-bedb-5f98559778bf","block_type":"box","text":"One Year Five Years","page_number":24,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"d8acb20a-19e0-49d8-87e6-031502bebf7c","block_type":"box","text":"Since Fund","page_number":24,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"c3427e75-5fbf-4507-ae65-2e0def6595b8","block_type":"box","text":"Inception","page_number":24,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"58b7b3f1-5b7d-4ce6-9f31-c7912cc70f7b","block_type":"box","text":"(Inception Date: 2/25/2020)","page_number":24,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"2c752fc4-4322-4847-bab0-5634499b36d1","block_type":"box","text":"Return Before Taxes","page_number":24,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"e4a93c31-add4-4dc2-85eb-f9f91b1b02f4","block_type":"box","text":"6.27% -0.52% 0.42%","page_number":24,"box":{"x":716,"y":493,"width":202,"height":8}},{"id":"07cfabff-1b84-44bb-b930-4123383afa2c","block_type":"box","text":"Return After Taxes on Distributions 4.60% -1.61% -0.57%","page_number":24,"box":{"x":124,"y":505,"width":794,"height":7}},{"id":"94e0f34d-0879-467d-8f26-985727b30471","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.69% -0.87% -0.11%","page_number":24,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"61023a99-ced8-4d38-940d-8f50ff9afccc","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":24,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"b94b0cf0-7bbb-47aa-be49-808ebef67f7f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":24,"box":{"x":328,"y":528,"width":319,"height":10}},{"id":"c90786b6-6026-41f4-8cb9-83239856ab98","block_type":"box","text":"taxes)","page_number":24,"box":{"x":136,"y":541,"width":34,"height":10}},{"id":"20130858-457e-4d67-b9a3-28862072112c","block_type":"box","text":"7.15% -0.42% 0.36%","page_number":24,"box":{"x":720,"y":541,"width":198,"height":8}},{"id":"ac4ce2d0-0a55-4c2f-8a44-a8fe7ff73a90","block_type":"box","text":"ICE 2028 Maturity US Treasury Index (Spliced)","page_number":24,"box":{"x":124,"y":553,"width":286,"height":9}},{"id":"2225248f-7185-46f3-b306-bc99779fc12c","block_type":"box","text":"1","page_number":24,"box":{"x":413,"y":551,"width":3,"height":5}},{"id":"3bc57240-ad34-42cd-8f58-d17fd1d56aac","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":24,"box":{"x":418,"y":553,"width":246,"height":9}},{"id":"49410a26-92f4-44a9-8459-f570a833170d","block_type":"box","text":"expenses or taxes)","page_number":24,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"2fbb3727-7616-42ee-8093-76ae823de11a","block_type":"box","text":"6.33% -0.48% 0.46%","page_number":24,"box":{"x":716,"y":566,"width":202,"height":7}},{"id":"0aff339e-759d-4eed-aaa9-8af08cfbb12e","block_type":"box","text":"1","page_number":24,"box":{"x":94,"y":599,"width":2,"height":5}},{"id":"82e38b57-4838-49e6-ad71-87ccfd81feef","block_type":"box","text":"The ICE 2028 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2028 Maturity US Treasury Index","page_number":24,"box":{"x":102,"y":600,"width":859,"height":10}},{"id":"a44ae6d4-6343-448c-90ef-41720d6999ae","block_type":"box","text":"through February 28, 2021; the 4 PM pricing variant of the ICE 2028 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the","page_number":24,"box":{"x":93,"y":613,"width":877,"height":10}},{"id":"03a386c4-c1e7-46b1-9b8b-457b811f2a7f","block_type":"box","text":"standard pricing variant of the ICE 2028 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.","page_number":24,"box":{"x":93,"y":626,"width":668,"height":10}},{"id":"e5f7b3fd-7ccc-45ff-961b-43ac2a9141c5","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":24,"box":{"x":82,"y":648,"width":882,"height":11}},{"id":"476fcb64-6e00-4580-9355-52e2c6775278","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":24,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"f4172334-847f-4918-a284-73e545eeed88","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":24,"box":{"x":83,"y":677,"width":860,"height":11}},{"id":"d9f75315-3676-4c8f-acbf-a83413d5eb5c","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":24,"box":{"x":83,"y":691,"width":855,"height":11}},{"id":"7e761abf-6a1f-40ab-9d88-23d8175083fd","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":24,"box":{"x":83,"y":705,"width":883,"height":11}},{"id":"8b0c1f52-e463-437d-82ba-8ea419d8b325","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":24,"box":{"x":82,"y":719,"width":861,"height":11}},{"id":"17be9bd2-7924-4e30-87b6-7b25be185a87","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":24,"box":{"x":83,"y":733,"width":359,"height":11}},{"id":"4564b19b-248c-429b-ac7e-4be0dedd13ce","block_type":"box","text":"S-17","page_number":24,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"f3c4883e-56a8-4d32-b8cc-2934bab4edfb","block_type":"box","text":"Management","page_number":25,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"889d1deb-54fc-4327-824c-57b993b2d3ec","block_type":"box","text":"Investment Adviser.","page_number":25,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"462b43af-3a30-4374-9235-0be31771eb7c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":25,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"89e1e363-054c-4085-8f67-1a32e1c65590","block_type":"box","text":"Portfolio Managers.","page_number":25,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"3f93f963-864c-4bfe-99db-8b24bd0a385d","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":25,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"a0cb89e5-f2af-4af1-9d69-931e2a7b0288","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":25,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"d1d356eb-c1a2-4c63-ab4c-134ba4602652","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":25,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"0f974f5f-e27e-46fd-a0d0-a3836f93ac2e","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":25,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"f031cffd-15cd-4c6f-8e31-30eeb38062f1","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":25,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"218bfee1-6732-4c92-bce6-14d284da7a6b","block_type":"box","text":"2025, 2020 and 2025, respectively.","page_number":25,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"4018a7d9-622b-4a75-a4cd-5be801c06be1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":25,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"4723df80-ac00-45e1-b1c5-5ae7ad4a05c1","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":25,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"d979747e-87ae-4ad6-96d3-c7c517bb8b53","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":25,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"7eccde2c-752e-40a9-a34a-469172fb6522","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":25,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"a4effb02-248e-4c56-81ff-c77fc769be37","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":25,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"c430b3bf-6e12-434c-a971-c89fb5f906ac","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":25,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"7f47b589-73e3-4d9e-8cc7-504cf3af9b20","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":25,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"111b609b-ce77-4ada-8109-62d44f675ba4","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":25,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"6972ae4f-efc6-4752-aaf3-1d05f8f27165","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":25,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"10d7280b-a8e3-4325-a477-adb2f77cbc73","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":25,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"3151692e-ecd1-47f8-a415-84484cdc5cb0","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":25,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"ff9f0a73-81e8-4914-8273-0145eaea3f9a","block_type":"box","text":"Tax Information","page_number":25,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"85b894b1-72cf-4015-8210-7d9c1a01e42c","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":25,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"28b001cc-94cf-44f2-aee5-df3ce189f0c3","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":25,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"98a20583-1deb-4a5c-b46b-1d907bb1f175","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":25,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"130b8dad-1821-4a79-8aaa-f2f7a4fc5a90","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":25,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"be7b05da-39a7-456a-9a80-7afe02c1adbe","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":25,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"41740ca3-377a-432d-b8f3-dfb6b5695185","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":25,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"1b6567e5-9f40-44c5-b3be-a08c9e13ac9c","block_type":"box","text":"obligations.","page_number":25,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"183940ce-bd37-45c8-a44d-a3bb22119243","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":25,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"8a958381-f405-4b4a-a990-b24cb187c333","block_type":"box","text":"Intermediaries","page_number":25,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"9742c652-624e-4088-9de7-3bde0fd8e14c","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":25,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"7c9640c1-c798-4cbc-8c3a-15de7bfe91b8","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":25,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"c5f6146c-fcab-4ccf-a014-4fe54aaf52ee","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":25,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"1dcdfb86-2fce-4e90-b04e-2aa92a3acd17","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":25,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"1b13d45f-a5dd-4c80-a0a2-6e3d146fa9b3","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":25,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"fffba776-eb69-4656-b92d-7753dc14c5de","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":25,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"2155369d-d696-4421-b632-23f735d56e34","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":25,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"2d7aeece-41e6-471f-8d4c-e3f28ad09848","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":25,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"cc39160b-d6f5-44e6-8da0-39c5b8b061a7","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":25,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"5693fd85-afd5-4668-a879-200ff651c4a3","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":25,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"588296e2-a67c-4bf6-940b-920da5db894f","block_type":"box","text":"information.","page_number":25,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"c7f16d33-e9ef-4660-bc6e-34141c4b2082","block_type":"box","text":"S-18","page_number":25,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"47a8a4ae-1d78-4025-9381-2e80af5b84d7","block_type":"box","text":"iSHARES","page_number":26,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"1cb0c881-6150-4267-bca6-f3a4e720ea1e","block_type":"box","text":"®","page_number":26,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"e69e9df7-db0b-44b0-891d-b2430dc46792","block_type":"box","text":"iBONDS","page_number":26,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"586bc3e4-21c1-4ade-b6e2-e3bfd922b5a9","block_type":"box","text":"®","page_number":26,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"6b015707-918c-478c-9d54-ab77df3cb9cf","block_type":"box","text":"DEC 2029 TERM TREASURY ETF","page_number":26,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"a2327297-e77d-415e-9a6a-072d47fa0de4","block_type":"box","text":"Ticker: IBTJ Stock Exchange: Nasdaq","page_number":26,"box":{"x":293,"y":53,"width":465,"height":12}},{"id":"2ccae6ec-e69c-4ca2-9dd5-492344597444","block_type":"box","text":"Investment Objective","page_number":26,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"0ddb6187-52bd-442e-be5c-62be2feaf3bc","block_type":"box","text":"The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":26,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"ae956dc8-2158-409a-9004-c3cabee941cd","block_type":"box","text":"bonds maturing in 2029.","page_number":26,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"9c060547-cd88-452d-bc94-af7fd8d8519f","block_type":"box","text":"Fees and Expenses","page_number":26,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"ee26caec-994a-4b71-895b-7f101119bb0c","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":26,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"3c13a9f9-9175-4280-92b0-f08a72d0e95c","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":26,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"15baa2b0-b611-423d-b9f9-7f465565a7c5","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":26,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"d779f190-6a64-457e-8043-c85bd1028161","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":26,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"fa589af9-d039-4cf0-83a6-6ec59ca2b1a9","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":26,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"64b5c033-c09c-4fb3-8d35-6cd05be1fc94","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":26,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"54e36772-61c2-44cc-aa3d-412a3e037ffa","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":26,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"c52d29a5-52a8-4d29-b39e-ce920da51a43","block_type":"box","text":"pro rata","page_number":26,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"43eae1a8-8a82-4ae5-b889-6c5b65a80845","block_type":"box","text":"share of the fees","page_number":26,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"0f7f755e-7005-466a-aac6-343f1813495b","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":26,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"39a569e3-290c-470a-931c-e5d966f56696","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":26,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"1502f3c3-ee6a-4011-87d6-af2c062120af","block_type":"box","text":"shown in the","page_number":26,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"bdca1483-7cf1-48bc-82d1-2d07db9b1d25","block_type":"box","text":"Financial Highlights","page_number":26,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"f82b997c-f29e-4368-be73-a883cd2b0855","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":26,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"32007591-371e-4f56-94a5-262c12d60a64","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":26,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"1926a226-8dc7-469c-823f-69f0d823c311","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":26,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"364482b1-f826-4a21-8402-cbbc63fc44a8","block_type":"box","text":"December 15, 2029. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":26,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"b04b7cce-8a84-4efe-849e-eaed0ccc54be","block_type":"box","text":"Trust and BFA.","page_number":26,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"1ed144eb-0f96-47c9-9e21-ac18058d8684","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":26,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"87b85f94-16a6-4a5a-a71e-ae344e6d03f0","block_type":"box","text":"the tables and examples below.","page_number":26,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"d40405af-c743-41fc-b07d-a57c4ce86d5b","block_type":"box","text":"Annual Fund Operating Expenses","page_number":26,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"4bb19f69-834a-4a05-bbdd-3311a86e0589","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":26,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"226d2979-920e-4774-abf0-e6359131a445","block_type":"box","text":"percentage of the value of your investments)","page_number":26,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"2c750509-13bb-4d32-8e1d-8da5e30618f4","block_type":"box","text":"1","page_number":26,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"e6f50210-ae8c-45cb-9d9c-e87388cbc56c","block_type":"box","text":"Management","page_number":26,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"78f0bf0d-0274-4655-9472-ee0095e36e97","block_type":"box","text":"Fees","page_number":26,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"6935cb64-fd2a-45e4-ac83-3071468c6c51","block_type":"box","text":"Distribution","page_number":26,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"0e1ae001-4f56-4db7-bb46-a79dbb8ac472","block_type":"box","text":"and Service","page_number":26,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"b0a05d40-a546-4550-9f1c-40061d19a694","block_type":"box","text":"(12b-1) Fees","page_number":26,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"7b5f2c98-835b-43c9-af5e-a63ff4d9da90","block_type":"box","text":"Other","page_number":26,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"8dd8a67a-25a7-4194-b58c-99f8690fdf21","block_type":"box","text":"Expenses","page_number":26,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"1e3bda79-8435-4c83-a3e1-a5ec1568ed70","block_type":"box","text":"Acquired Fund","page_number":26,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"29ab9a9f-1b3f-44a6-916a-eee91b3a0904","block_type":"box","text":"Fees and","page_number":26,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"5a4179e3-5281-4578-9388-b2249208508e","block_type":"box","text":"Expenses","page_number":26,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"7afcc8ba-cf1a-4d97-91a8-db841a54cc87","block_type":"box","text":"Total Annual","page_number":26,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"8f1d128d-9c45-444b-916a-957fdc665697","block_type":"box","text":"Fund","page_number":26,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"f9c64b49-cbca-4014-9090-5af2c8054e5a","block_type":"box","text":"Operating","page_number":26,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"427beb30-10d7-4e7c-af0e-56fc53990e99","block_type":"box","text":"Expenses","page_number":26,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"477246a9-133e-4bcd-a3c0-af14711979bb","block_type":"box","text":"Fee Waiver","page_number":26,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"49b70bbe-64f2-45c4-9842-a34cb0068db5","block_type":"box","text":"and/or","page_number":26,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"bb87865e-2d24-4906-9270-a759124bbfb5","block_type":"box","text":"Expense","page_number":26,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"8dee6578-a6b8-45f5-8d6d-0647ebb69e92","block_type":"box","text":"Reimbursement","page_number":26,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"23262072-702e-485c-a347-549003715f05","block_type":"box","text":"Total Annual","page_number":26,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"f19ebd75-c40f-4e80-b4ce-5734e7bfebef","block_type":"box","text":"Fund","page_number":26,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"386e3e4c-f859-47da-978f-864e03c5add2","block_type":"box","text":"Operating","page_number":26,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"f83e43b5-1a26-41c7-8162-3cfb3bf682c2","block_type":"box","text":"Expenses After","page_number":26,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"369879b5-5b13-472e-bd24-f54f53283914","block_type":"box","text":"Fee Waiver","page_number":26,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"e6f18929-94ad-41e5-b1aa-b35da9744157","block_type":"box","text":"and/or","page_number":26,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"f329546e-ef96-415c-891c-3d4a1c1db0a2","block_type":"box","text":"Expense","page_number":26,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"13a060d1-a566-426e-ae8e-afd6899120bc","block_type":"box","text":"Reimbursement","page_number":26,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"fe4b55be-1891-4b4b-8ddb-90740c548c68","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":26,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"e163b620-1c74-4d6c-9221-6a530bde1f87","block_type":"box","text":"1","page_number":26,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"1ac1caa6-2df2-43a1-8701-0ad07592f3c4","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":26,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"e2a15a52-bc77-4bd4-8050-10cb8af71389","block_type":"box","text":"Example.","page_number":26,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"2a245854-fa1d-449f-a46f-b957b4050a4b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":26,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"a452e9be-54db-45e0-82f3-facb37068aa3","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":26,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"a380b40f-0099-4164-9194-da387cb21ef7","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2029 because the Fund is scheduled to","page_number":26,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"2861bbdb-3583-4fc1-96da-1a4d7ce3a9ec","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":26,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"6c66f0b4-b84e-42c6-ac8e-0e726f22c5ee","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":26,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"7e43981c-a414-48de-b766-67234024f6c4","block_type":"box","text":"be:","page_number":26,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"4a4135a1-767d-483b-a0ac-1d42e196d867","block_type":"box","text":"1 Year 3 Years Maturity","page_number":26,"box":{"x":230,"y":695,"width":599,"height":10}},{"id":"36c9bd5c-388f-4153-b65a-420cb88fb48b","block_type":"box","text":"$7 $23 $29","page_number":26,"box":{"x":241,"y":715,"width":572,"height":9}},{"id":"793124bc-fab2-42f7-aecb-97068403b899","block_type":"box","text":"S-19","page_number":26,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"a5e3bcb9-8536-4da9-87c5-7eb0158352bc","block_type":"box","text":"Portfolio Turnover.","page_number":27,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"565a9505-9f06-4015-a447-253d2cdf81f2","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":27,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"0161aeba-718d-4ffd-a861-e705668d60b8","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":27,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"60b9ad23-7975-4e3b-8ccd-6eab49931fa0","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":27,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"2dd761d2-abe1-4351-8c11-b5a5edddbe5e","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":27,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"879d3850-178c-459a-a7e9-7ebb0b20d48f","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":27,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"f4e5fffb-0fb8-4ad7-8dfc-3be37d9fc1a8","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":27,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"d4798364-d773-47b7-914c-4ff2d21e5e37","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":27,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"623dd905-9a4f-4dea-bfb7-f6b994055c2c","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 38% of the","page_number":27,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"f93aa5e1-8e2e-4435-996b-775540e189ae","block_type":"box","text":"average value of its portfolio.","page_number":27,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"c296d1f4-8264-4158-8eb7-45b1a4f365b4","block_type":"box","text":"Principal Investment Strategies","page_number":27,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"589ffbab-acff-44b8-ad31-e02dfaa2075e","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":27,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"fcbd1485-0023-44c9-9929-051a009be6df","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":27,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"4e69fd5f-f9e0-4dc0-8a92-6640b85bc140","block_type":"box","text":"ICE 2029 Maturity US Treasury Index (the “Underlying Index”).","page_number":27,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"17d69234-5c58-49bf-81e2-303cfccd686f","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":27,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"54e83044-abb3-43fd-beee-bcfeded938bb","block_type":"box","text":"securities that are scheduled to mature between January 1, 2029","page_number":27,"box":{"x":83,"y":247,"width":414,"height":11}},{"id":"edb0cb96-2777-4edc-9ac7-1bce9b8e9332","block_type":"box","text":"and December 15, 2029, inclusive. The Fund may also invest in","page_number":27,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"fe7d742e-eb2b-4990-8246-bd4a593f41c8","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":27,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"0732d18f-5c9b-4e65-822e-eb7936f58bd4","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":27,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"59357dc8-0943-4040-ae39-40a0852db1a8","block_type":"box","text":"term fund that will terminate on or about December 15, 2029, at","page_number":27,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"6c5e4bfe-1391-460e-b47e-f2a35ce38486","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":27,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"cdb4d82a-99f9-4e0f-80e8-6c7108446e2c","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":27,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"a2e931d7-95e9-42a3-9323-c1473cadc383","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":27,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"6c0e2c91-1e7f-4079-8dff-ba0d9e163eef","block_type":"box","text":"periodic distributions.","page_number":27,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"04cf659a-1eaa-4ea3-9794-9e811dccd5c9","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":27,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"2ad2fff5-dd2c-491a-843f-2f066312998b","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":27,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"2d5456cc-62f4-412c-9b0f-b86d04d9e695","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":27,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"be9efd1d-5d2b-4de7-a139-fb379e8471a8","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":27,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"1749fcee-f339-4b62-9b1d-57042a6f61a2","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":27,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"e88fb198-20e7-42b7-ad12-0f51b5fd9e43","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":27,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"21649707-9c24-4bb6-9baa-d31c37957231","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":27,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"b9583a79-b0fc-4bde-b258-254943fdbb48","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":27,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"de6539e3-7dd0-42c2-af45-bfe6b5c2c8ce","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":27,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"6e8e5408-a4d3-4707-af18-94a6f4ccb5d7","block_type":"box","text":"reduced by any individual components of such securities (","page_number":27,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"501f8acd-020b-47be-9217-a9ed9d61f881","block_type":"box","text":"i.e.","page_number":27,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"bde2302b-8299-40a8-9777-ff6f34aae2cb","block_type":"box","text":",","page_number":27,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"a38b327b-5682-421b-8560-bfd80d5d7b81","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":27,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"6e9f3973-d911-4c71-ac46-e43c669dbbf7","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":27,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"588d5a0a-3736-4788-991e-1dd21268bb54","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":27,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"9e8a2e7d-0ee2-4f6c-929a-3141c19d66d0","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":27,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"b969ab0b-8051-4f1c-a37a-f6b61bba394d","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":27,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"69037048-636a-48b0-979b-9bb1e50bf12b","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":27,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"451cdd23-5afb-4cab-a649-258ac65c090e","block_type":"box","text":"calculated assuming next-day settlement.","page_number":27,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"70abd323-0dce-4975-acc7-aaa57c66571e","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":27,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"38b0be2d-0c99-4b8b-a79d-b2d9c639c092","block_type":"box","text":"month, based on information available up to and including the","page_number":27,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"6b910d00-8667-4189-988d-fdeb7b8b259d","block_type":"box","text":"third business day before the last business day of the month. New","page_number":27,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"9b16eb5f-95b8-4306-9e49-492b65ed43d5","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":27,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"a0fb3802-4bf2-4463-972d-f7e6d0256628","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":27,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"aad9cd6c-31c6-4c41-8edf-424915c4b26f","block_type":"box","text":"month (","page_number":27,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"8fb3c47d-693b-491d-9232-49f2e22081f8","block_type":"box","text":"e.g","page_number":27,"box":{"x":133,"y":713,"width":19,"height":8}},{"id":"e0de1763-ea1a-48e0-a88e-439104a7086f","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":27,"box":{"x":152,"y":710,"width":328,"height":10}},{"id":"24e22c38-1fe8-46ca-8526-c14844f8d67b","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":27,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"f3785633-76a1-4a87-999a-ab9b559af06c","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":27,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"e837689a-e6e1-4455-b151-92a00a696486","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":27,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"a89903e7-2fb7-48c5-93cf-58a8988dad28","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":27,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"f8bc68b2-bcdc-4b5f-afb4-b00d787b8b61","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":27,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"6f7efbd7-9449-4561-ad77-3a4671fd93d0","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":27,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"6c70fc35-61d3-4e32-bd96-9affd31b1c31","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":27,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"ffbd856b-6019-477c-bddc-464d83b67d10","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":27,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"a8203734-2e27-467e-9adc-08b46ccd3ba6","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":27,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"77790bf7-85ac-4e25-aea7-cbf4cc5342fa","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":27,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"dbc6a190-32ba-4b74-b4ab-87c1c1795c18","block_type":"box","text":"while it is held in the Underlying Index.","page_number":27,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"62100eba-3942-4dba-b7ec-eb3702cf077b","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":27,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"e9e1b5f2-4d70-4ea9-b151-23ca637a455b","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":27,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"a37f86ec-9a10-425b-840d-0d2a96c07a40","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":27,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"b6d250cd-9d29-453f-a147-ccad980d0b74","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":27,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"a92bb6e5-00b0-4918-b065-477c3ef5bbe9","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":27,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"9eeeca3d-9c56-44e5-ba7b-b7b2323e9348","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":27,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"d20d52db-b5af-4f25-a2f3-f862c7cb6f1d","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":27,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"1f384ffd-64e5-40be-b38d-0624027b2fdf","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":27,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"11e432bd-2f66-49d5-8d53-ee91271035d3","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":27,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"319029e1-7ae1-4219-af01-b02a181d187e","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":27,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"881486c5-1138-4973-895d-1df9f6addf5b","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":27,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"0cc5eabc-91ba-4590-b108-a0fa399c9737","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":27,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"3740272d-680b-4574-ad34-415c894a45c9","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":27,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"3f3a2c08-bd13-41bd-8abf-94eda737fecb","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":27,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"18b9efa9-dd2b-4ec6-8d31-0462b1affe7d","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":27,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"0f29066e-9390-48e0-8435-5c5f76aa76fa","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":27,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"4286b587-a458-41ae-891e-03d481bc6579","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":27,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"670daf35-deee-4d89-b080-d75b1bf8d4e3","block_type":"box","text":"fees and expenses of such funds.","page_number":27,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"661aaf32-3ab8-411e-bd6a-e57ba38e7692","block_type":"box","text":"By December 15, 2029, the Fund is expected to consist almost","page_number":27,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"823df2c0-0ad3-4dd2-8ee8-55030f8dc802","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":27,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"6aa6f517-9b6b-490c-b40e-f02114b35e2b","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":27,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"c07b9bdb-f141-4af2-b4ab-e1778a21f40b","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":27,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"23cd3588-e601-4ed3-ba2f-3ae707d0aaef","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":27,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"e4f072e9-dc12-4043-a8ec-4b046194fb8d","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":27,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"d8b04792-f76e-4ffa-b2ce-1b5300fef0e8","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":27,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"f1bd0e83-a0f8-4fe6-b8be-99fd5fa2b856","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":27,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"9fcbcecd-950b-462b-b485-68c065d9947d","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":27,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"204c4fde-49ee-4d4f-9978-1d79d2558168","block_type":"box","text":"interest of the Fund.","page_number":27,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"73faf3fe-11a8-42d7-a155-dfae3c0a60aa","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":27,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"4d87c34b-33f4-4be8-a2fd-8a8f2ba5fe52","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":27,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"dbe169e9-155f-4f42-8bb8-46e0138c5b55","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":27,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"e5a77360-a1a2-4eeb-aff8-f126a499a805","block_type":"box","text":"markets decline or appear overvalued.","page_number":27,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"d86d4e7f-1a98-4d7e-aea8-a70e168090cc","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":27,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"41f3fd28-bcd2-42fa-bfba-4c6690322310","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":27,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"a02477a2-993b-4265-b976-f6827ea414c9","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":27,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"2aa7925a-5fd0-448e-9c33-5dd791701aab","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":27,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"26fdf8f1-d288-4672-85d5-1d1c0cef9f17","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":27,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"bc39a0ec-1c64-4292-b503-f090e725a711","block_type":"box","text":"comparison to actively managed investment companies.","page_number":27,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"d3effb11-be79-4468-b1f0-c25406cc6f18","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":27,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"f39faa5b-eb76-4b2b-a924-c8e7bbc25052","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":27,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"2a7a2bab-5aee-494c-b30d-6e7af8a30167","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":27,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"ff7a3f70-810c-4596-accb-31d45e55e76b","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":27,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"b9e9a9a2-7133-40e2-88ac-224700c30fd9","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":27,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"447e912f-8756-4961-9888-b29cb3df6d51","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":27,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"8923a5d8-031b-4ed3-a257-9dbac581d24d","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":27,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"f554a4d9-ad68-4b6e-b92a-09cec948b1bf","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":27,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"606def2b-f1c2-4421-a312-6fba40e7d367","block_type":"box","text":"(","page_number":27,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"f3c383bc-cc30-4ba8-ab72-2f572f2f03e4","block_type":"box","text":"i.e.","page_number":27,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"ddf2a7f8-8da7-423a-a3c3-17e4b3c97b15","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":27,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"10352bad-b96d-4567-a458-747b36c7c991","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":27,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"e0d8203e-3924-46b2-9655-f0ff5a4a7939","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":27,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"680addc7-cb45-4db5-aeba-ebdf77e33ebc","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":27,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"76431eb5-a51b-467e-852c-8c0d8f8fdf53","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":27,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"d779ecff-2432-4aac-ad7b-374ef8620235","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":27,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"8b277f74-bc62-4776-aa6a-b8fd3679f3b6","block_type":"box","text":"collateral received).","page_number":27,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"3214d9bd-4809-4607-b676-49615a8170dc","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":27,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"73999e45-4718-4cb3-a2c6-312e5f6c2aa2","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":27,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"82ff9376-2bee-43ee-ac9e-b943051b815b","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":27,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"22b6b7e1-30cd-4ab6-bfa9-1b7b87c14b85","block_type":"box","text":"determines the composition and relative weightings of the","page_number":27,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"d0676a97-e2c5-4503-9a8a-bef70557340c","block_type":"box","text":"S-20","page_number":27,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3536f709-5c3a-4ff4-af1d-8ae998186ee5","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":28,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"3f0acbe2-5495-43cf-b7b7-59203f93f993","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":28,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"c81286a0-af2b-4539-8361-fb034de27317","block_type":"box","text":"Summary of Principal Risks","page_number":28,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"e02a1ba9-eed1-4b9c-a408-0b55d2dd8422","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":28,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"8defed32-929d-4087-8018-012dc6f48017","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":28,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"50eca808-2311-4914-a09b-98903e7411a7","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":28,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"4d71e6b1-2451-44cf-9fe0-4ed8e7c43da4","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":28,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"caf30d74-4d0d-4181-8254-fc4a4cafaaf3","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":28,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"662e3c32-c43b-4d67-94ce-cdbb8319c2d4","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":28,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"4cd7b373-64df-415a-bfa0-85255e0507c8","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":28,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"9503104a-c442-4135-b324-dfdb5aede0fe","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":28,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"1af93e7c-910d-4a0d-8d14-9ddc3242418a","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":28,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"536c14f2-b0dd-44dc-b133-7a4fe3c0a784","block_type":"box","text":"review each risk factor carefully.","page_number":28,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"787ce287-4b11-416b-bf0a-cc8e8de787d5","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":28,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"792c3bd5-cea7-4915-8ec5-30bea4a59f3c","block_type":"box","text":"U.S. Treasury obligations may","page_number":28,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"f2bf9d86-4aa1-4876-be9e-7fd4696dd248","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":28,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"c1cbf22d-e0bc-42b6-b03c-faa5fd7213f8","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":28,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"5efb6b8e-1a78-47c1-9b99-2a70a381b280","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":28,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"a33d9ebe-0351-43b1-a941-baa77aa2eb9d","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":28,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"c58c22b7-eeb3-4a59-96b1-a5f6aeacfd58","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":28,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"bd8eebc9-3e0d-4058-a030-912ded262129","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":28,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"9f99edba-acca-481f-a8cb-0ac5eeff0a39","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":28,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"b245dab8-cc2a-46b1-ab33-7434af6cd94e","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":28,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"63ec2593-44d3-4bbf-8d81-2e68509db8ab","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":28,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"ae0914fc-6402-4a25-aeef-1f8927e751c9","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":28,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"928de2d0-b532-46c2-8c7b-6fd438f1af06","block_type":"box","text":"timely payment of interest or principal.","page_number":28,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"df65925d-dcd8-4b95-9044-09fa7fef037b","block_type":"box","text":"Interest Rate Risk","page_number":28,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"2f04bfdb-6f81-4a5b-bc36-8157efae7f9c","block_type":"box","text":".","page_number":28,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"f053f320-a975-4192-a9e8-e9509d16b841","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":28,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"9744814d-8c13-42f2-8c1d-8c9e3e2faccc","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":28,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"2b39b31a-3675-48d3-9e56-4fd4af18a238","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":28,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"6ab3ef2c-b514-41dd-8356-ed6b08df31eb","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":28,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"7458df03-2baa-437e-a0a6-f55a2ea25253","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":28,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"5350b7bc-8a9f-496e-8229-882adc00e1c0","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":28,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"42ecfba0-cdb6-45fa-a341-cc93e63fd486","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":28,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"22d7491f-1494-4cf3-ad9f-a62ada882d61","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":28,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"678d59f1-580e-4efa-a479-4cd20821c536","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":28,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"8ae42bbe-db6c-4246-95cd-b6887a1d6d4c","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":28,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"7097cff6-ad4d-4410-849f-822539a354f1","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":28,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"c93dd9ee-476b-47b8-908c-1d38e52d69bb","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":28,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"671c6485-68dd-4688-b0d4-be47c31b2450","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":28,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"afb7d631-42fb-4f9a-89ef-89978926e72f","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":28,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"ea4947e6-f237-4d22-abbb-da95a97f90a8","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":28,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"57d06315-cf18-4967-bf5a-e9fc07462233","block_type":"box","text":"dividends to shareholders.","page_number":28,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"7d9b6ee2-758d-4328-869b-7d91ac068e98","block_type":"box","text":"Market Risk","page_number":28,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"1f607b92-3792-46f9-aa38-36a85751d720","block_type":"box","text":".","page_number":28,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"7800d404-ff6d-4d99-ad99-0d641adffa5c","block_type":"box","text":"The Fund could lose money over short periods due","page_number":28,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"96a5ac38-d2f8-4afe-89b4-b919d285f3e7","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":28,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"e540ddcf-8254-4086-9bde-efdfbc7d3e52","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":28,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"f7135cc5-4e8d-4e67-9c54-61f27629033c","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":28,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"1111a09e-73be-44ec-baf3-8800302341bc","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":28,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"0b5f5b57-6ff6-4483-a7b5-e429139d7493","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":28,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"bb8bb981-ced5-4780-b590-9e1cc62b2ade","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":28,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"9635d126-2944-4e2d-8e18-49008e5f29b4","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":28,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"602eefee-38ec-4183-a4da-d9ed9c6775dc","block_type":"box","text":"NAV.","page_number":28,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"2396781a-b6f4-4714-9848-70ea084dba6d","block_type":"box","text":"Index-Related Risk.","page_number":28,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"4abfad6a-a776-4723-9513-ec508e3833cb","block_type":"box","text":"The Index Provider may rely on various","page_number":28,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"a1244687-ef0e-4e71-8b3a-f47be58db88a","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":28,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"09931519-6a89-44d8-9fef-e7ec8b8ad7cb","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":28,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"a599f430-711e-4310-8c6b-790365b178fc","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":28,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"614b0213-78d6-4e4d-9217-d0c520f8cb40","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":28,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"720cd93c-9569-43bf-ae88-d92ac18d4032","block_type":"box","text":"information will provide an accurate assessment of included","page_number":28,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"b4ac0c97-1453-458a-bf03-2fed270599f2","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":28,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"ca1348de-c23c-4390-ae35-b2317384e5cb","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":28,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"f4727ea6-d17d-4666-9591-0acfb406b1f8","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":28,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"d033c3b6-18ce-40ef-8bbb-e0a3269184f2","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":28,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"9bae7e66-669f-46fe-9a5b-92949b5a94b8","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":28,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"3336d0d4-49cd-4735-b78c-82fb6cb10bd8","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":28,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"d8d41188-808a-42da-bb5f-9d71aeab7a17","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":28,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"4bd82efe-70f6-4599-b557-a027fe68caea","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":28,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"40fb02d5-3c0f-4692-b1ee-fe9b0b6b065b","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":28,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"121785bc-d967-46a2-8ffc-3cd458d93022","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":28,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"ece15a19-30d7-4bcc-8156-5e11a0283c66","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":28,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"8dd7a825-0eed-407b-a814-685dfee74654","block_type":"box","text":"Asset Class Risk.","page_number":28,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"00b85046-a468-47e6-b993-bf5cd3b10d85","block_type":"box","text":"The securities and other assets in the","page_number":28,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"4b38e2ad-fd06-4e0c-8bf2-88d44f8904f2","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":28,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"667abe27-f352-48c9-bc33-d49f96a3b083","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":28,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"a183a0f4-619b-4715-8e1a-0c8818d364d6","block_type":"box","text":"market, another index, or other asset classes.","page_number":28,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"b728c7af-5b15-4771-ab6e-ee91c15bc862","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":28,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"7eb22d5e-99de-4f70-89a7-4cca10958070","block_type":"box","text":"An “Authorized","page_number":28,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"93938089-e2ef-43c3-a212-01588b6f1d85","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":28,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"3ce98bbf-032f-46da-9f50-757f154bd422","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":28,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"03c24ecf-c2ce-44e2-8e60-b280959e6b03","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":28,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"e78d8ad5-b5e6-4435-af0d-bd43e9dbd5a2","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":28,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"f7790cea-00f7-471d-bb82-5c56a8382fe3","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":28,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"a149756f-34e5-45f9-b636-c2f5c947bac9","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":28,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"b0633859-6410-4528-a8ff-212342fbac09","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":28,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"a351bbc4-4ebb-4da2-ac63-3fca5a6c559c","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":28,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"9d4ec846-1ec7-4812-83cc-73538b1d86a4","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":28,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"5a4cb743-5179-49df-a1bb-cdb14bf5ae82","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":28,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"7cd1793a-f192-49a8-b16f-e0ed561c2d13","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":28,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"704cf3c5-33b8-405b-a4c6-0c6bd45d9d8f","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":28,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"3972fb1a-e231-4917-af93-58c30fd5429c","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":28,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"bc655a61-82da-4410-a2f8-3d5abf883659","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":28,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"0518318a-e163-4d2c-a404-bbc0c3627305","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":28,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"beacca40-ca14-4fb6-a931-ab752eded61c","block_type":"box","text":"Concentration Risk.","page_number":28,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"767a1cf5-6a6a-4809-a47b-3b97dfa3eaca","block_type":"box","text":"The Fund may be susceptible to an","page_number":28,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"e99f59dd-0b7a-444b-a841-2251964ad362","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":28,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"50bfa544-c3b3-4806-a2ff-d4f55987d3f5","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":28,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"cca99b7e-4867-411a-a6d0-ae10b12df250","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":28,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"6049ef02-44d8-40ec-b016-ed3682b5c510","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":28,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"6c261356-3f75-4f5c-b2b2-3b995fde064e","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":28,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"b0e70c02-7ffb-4c41-93e8-d2dc79af59a2","block_type":"box","text":"asset classes.","page_number":28,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"ee253954-a509-4ac7-8e1f-86298d6f1f62","block_type":"box","text":"Declining Yield Risk.","page_number":28,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"cbd134b4-d90d-496d-8cd2-a811649e4288","block_type":"box","text":"In the months leading up to the Fund’s","page_number":28,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"447960e3-a6cf-49a1-a812-7539b0d623be","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":28,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"78ddd49c-5b19-4c5b-b5c7-7b18e814aead","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":28,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"bb57ec0c-5641-4d75-9cef-dea97f3339b9","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":28,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"3bcbf010-f349-44db-bc0f-37c70ca7347e","block_type":"box","text":"yields for bonds in the market.","page_number":28,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"8c742b0b-8a5c-48a0-b115-4acaabc2a7d9","block_type":"box","text":"Income Risk.","page_number":28,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"40dd5b11-edb8-4230-bc73-517efbba9b9f","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":28,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"60fcd062-ce0e-4fb6-8143-3177e58c6ab6","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":28,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"1d9cfb41-4f84-4d9b-a87b-e4dbd1f4d820","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":28,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"c60c6958-2454-43a4-9a48-c40f84d3823a","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":28,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"1be264ac-3925-422a-abad-e063fcbe00b8","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":28,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"f0341218-7332-4bfb-b71a-a5db144b9f04","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":28,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"fde0ffab-4eac-43cd-8443-f27d4db172fc","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":28,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"3467992a-6917-457e-835a-274f0b5eea3d","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":28,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"dc322fcc-ae3e-4f37-bf04-40cafd47162b","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":28,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"e3da95a4-17b2-49df-8185-91c810e56552","block_type":"box","text":"Issuer Risk","page_number":28,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"58230b4d-7e3a-463b-b326-64cecc01df6f","block_type":"box","text":".","page_number":28,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"d7b6ed83-fef1-47cb-b153-8447f81f8d3a","block_type":"box","text":"The performance of the Fund depends on the","page_number":28,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"0e199905-3e57-4ec4-b836-bca544840efe","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":28,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"e9e1d4d5-3df3-4e14-855e-66f745772d18","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":28,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"2bccf236-96fe-4d68-b150-ad0b2bc0543c","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":28,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"de0405e5-8fcb-4e24-9381-1e357768af20","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":28,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"9e4a06a0-6c62-4846-aa79-2c90591b7517","block_type":"box","text":"counterparty.","page_number":28,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"c5b262d0-8370-4bb5-9703-21a0d74f977c","block_type":"box","text":"S-21","page_number":28,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"36bd5c3d-fe45-440a-b071-f8c6005e86d4","block_type":"box","text":"Management Risk","page_number":29,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"4c507c36-d623-4906-b59d-636269d2f727","block_type":"box","text":".","page_number":29,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"c593e675-1f5c-4371-ab6b-e9fa980dd82f","block_type":"box","text":"The Fund generally does not attempt to take","page_number":29,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"09a380f9-2944-474b-9999-56c2be8ca38d","block_type":"box","text":"defensive positions under any market conditions, including","page_number":29,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"96691dc0-b9fa-43c2-9eea-5b0731d52d47","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":29,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"f886b47c-ad0b-4183-9b0f-42189a7d7ef1","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":29,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"cb205a90-4595-4760-836d-9d6da8dd7270","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":29,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"ef1d66aa-5833-4498-829c-91e93d683c37","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":29,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"38d09222-5768-447c-b04e-041011d9729b","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":29,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"44190f69-6f79-4be5-a06c-1a26d07bd78c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":29,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"b7f321a0-4e02-4936-8b4f-fa84d0a49514","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":29,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"3f4f9514-a3af-4a9e-af81-5b3860e0ab83","block_type":"box","text":"Market Trading Risk","page_number":29,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"2e6a4ea9-c387-4949-bffe-b9175d17d4ad","block_type":"box","text":".","page_number":29,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"9d27f5b2-cdff-4c87-b94a-8c2b76f2f553","block_type":"box","text":"The Fund faces numerous market trading","page_number":29,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"b1237bca-6d50-45ec-95af-8b94eb1b1f8d","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":29,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"19522b0f-42c3-447f-aeb9-f559a9cbcbee","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":29,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"781decc5-0fe9-47b0-8063-72f31b5794a5","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":29,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"1c0940bc-82ce-44a5-a1b9-2158fc65486b","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":29,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"795a2835-05ad-4dac-99bb-122f5738b083","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":29,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"33b33e3d-6b4d-4652-8bb6-dee37ba193fd","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":29,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"a1150445-e648-4313-ad11-f139a7bf2401","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":29,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"4c6008b0-b1fa-4f29-9885-8cc6d950e286","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":29,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"63f8af8f-03b4-468c-853e-1d9cf0061590","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":29,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"dd3fd5c9-da5c-4299-90b7-b605dab85bc0","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":29,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"4c9204d1-f9dc-4820-91f0-632625fe6a2e","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":29,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"6e6613a6-1c1a-4c1b-89c4-2e3da05ccb39","block_type":"box","text":"Operational and Technology Risks","page_number":29,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"cbdf49f1-2f73-4176-842d-227acacd6124","block_type":"box","text":".","page_number":29,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"1e800b56-6fe6-4934-b773-a6253e26a1dd","block_type":"box","text":"The Fund is directly and","page_number":29,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"b2e4d383-9b05-4d51-96d0-939e3373b7a1","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":29,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"d839ff70-7e59-4f72-b97e-914d36b71f06","block_type":"box","text":"including those related to human errors, processing errors,","page_number":29,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"30e50880-0ccf-48bb-a0bb-5708e9ef8183","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":29,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"d2b66ee3-6f6d-4e1e-a9eb-8bfe6074b6f8","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":29,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"ef2dedac-5d25-4cab-9934-ddd6a9e8b6c3","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":29,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"fa2f6512-4dfb-48ad-a1ff-592ec0fa7736","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":29,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"4691503c-3608-4b8d-b368-e6df7fedab54","block_type":"box","text":"providers are required to have appropriate operational,","page_number":29,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"084d7add-0b01-4e47-a509-98ec3943dc2f","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":29,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"9af5705c-0d3b-49fb-9e2c-4ccc2779c052","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":29,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"cef88525-3b17-46ff-ab14-52ff9219c8d8","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":29,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"93ab0e0a-2c21-4f07-a4ec-46b8d336137b","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":29,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"405fa668-9bfe-4e1e-8004-e0b52855dd83","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":29,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"b15d4acc-f128-4885-be4e-ec0583740c64","block_type":"box","text":"investments in such issuers to lose value.","page_number":29,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"2673ef1c-5131-43d8-804c-636a35feb57e","block_type":"box","text":"Risk of Investing in the U.S","page_number":29,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"fd297b02-dc89-4019-b9f7-a0989cd02d0a","block_type":"box","text":".","page_number":29,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"d04f95b3-99e8-45ee-b58a-3c0de7908a5a","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":29,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"e0d06429-2311-455f-9660-2afc59748419","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":29,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"8aef5894-704b-40a6-8aa3-d326a2bf6c4c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":29,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"9033708f-6f10-46d7-af3f-ddee794d2f4a","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":29,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"78b179b5-9e91-4aa6-bd59-395c9b7521a4","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":29,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"c1e0fed0-069d-4965-b17b-c9d1b1b4c57e","block_type":"box","text":"Securities Lending Risk.","page_number":29,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"15993ee4-1e4e-4073-9a41-5a84ffaef702","block_type":"box","text":"The Fund may engage in securities","page_number":29,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"175bca0c-b86f-453f-9a31-eec763e4cb36","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":29,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"157a7c9b-f147-45f1-88b6-27f74dbf8485","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":29,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"72851df8-2dd7-4be3-9d9f-b79380d43723","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":29,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"7040ba5c-b965-49bc-aaf9-a138d3e42dbf","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":29,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"8ce9c877-d360-49f6-aa36-3f97ac1a6469","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":29,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"15ffe142-3735-49a4-bdce-689be5cb41da","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":29,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"4435b855-c27e-4ddc-8ef0-03dfdb9d9e3c","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":29,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"1130a9ad-a721-45fe-903f-f085694bad05","block_type":"box","text":"Tracking Error Risk","page_number":29,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"6503fb1c-655d-4ffd-856d-6b54ec2262bf","block_type":"box","text":".","page_number":29,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"ea7c5c0a-746b-46bb-b96a-c1f4a69957e1","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":29,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"68c63079-430a-4574-9ce3-8a55bf9d62c7","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":29,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"fc278045-2c4d-43d8-854a-3b212223848d","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":29,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"d69bfc15-456e-4fb1-9755-305455e6871a","block_type":"box","text":"factors, including differences between the securities and other","page_number":29,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"a9ff7358-70af-4e19-a86b-51028914644c","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":29,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"59e957f3-cc18-4939-be01-31b4b47b15a3","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":29,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"75e81dae-4854-4af6-9ff3-5198b6425992","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":29,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"d601c518-ad69-42b9-89f5-10b25c1b95c0","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":29,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"f86618d7-2317-4a44-8bca-90935b1f0b9d","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":29,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"72d44c59-27ad-4b15-85a0-c63971c46494","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":29,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"912f587d-6321-4ed2-b3a9-98ecc1d0a5c5","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":29,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"a71a86a0-5a2d-4040-96ef-c51c8e698eae","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":29,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"bcce9376-3d34-4bc4-ae47-2dd19ba9b23d","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":29,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"5842a77f-d9d1-479c-90fe-18940539b9f6","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":29,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"36e2f885-0ed8-4dcb-bb69-9dc7fb3d7e40","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":29,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"e1c59dd7-07d6-4415-8627-1eeb7948aadd","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":29,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"d1cb98de-2c14-4230-8319-7118fb1fb0be","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":29,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"c99d635c-c661-4252-8d1c-7a255a7107ad","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":29,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"ddaf50f0-8bd8-464d-8ed3-9b15da184b0d","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":29,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"5ed22202-ae91-4329-9c60-1e8e0ac00795","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":29,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"b46fc7ca-c95c-44cb-bbec-05fda2d7e367","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":29,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"8e405e2b-5f79-4931-a5f9-1a2a2df2ab2a","block_type":"box","text":"unusual market conditions.","page_number":29,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"15352691-d248-4fd6-95ec-6084f22fee78","block_type":"box","text":"S-22","page_number":29,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"be568078-96b2-4f99-b91c-4d548ce799f1","block_type":"box","text":"Performance Information","page_number":30,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e0697785-af42-4b17-9e20-58b209fec2db","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":30,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"c19f9574-ced2-489c-9cee-3429260b614a","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":30,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"e71554dd-144b-49ba-8388-db22becc2dc5","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":30,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"1e17f282-66b9-45b1-bb47-beef3bf0359b","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":30,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"d7f576d9-f902-4dd6-896b-a5fb94bb399e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":30,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"f64c4a11-a4f1-4a47-8ed3-5ae0acb83826","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":30,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"49177288-8d5a-4ee7-86cc-4a825fc3ce42","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":30,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"d556e631-170c-4755-bd26-e4b4da817180","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":30,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"333904cb-1acb-438c-902e-3c84cbf6ff16","block_type":"box","text":"10%","page_number":30,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"09789c07-9723-41ed-a284-ac16640c43dc","block_type":"box","text":"5%","page_number":30,"box":{"x":340,"y":218,"width":13,"height":7}},{"id":"87c224bc-82bb-4f44-a47b-c22f556d6935","block_type":"box","text":"0%","page_number":30,"box":{"x":339,"y":234,"width":14,"height":7}},{"id":"dec70c63-17f6-4938-8729-c54059fb8b5b","block_type":"box","text":"-5%","page_number":30,"box":{"x":335,"y":250,"width":18,"height":7}},{"id":"b578e3eb-c13a-4600-8fcc-bbfdfac1ca25","block_type":"box","text":"-10%","page_number":30,"box":{"x":328,"y":267,"width":25,"height":6}},{"id":"89e4bee5-72f5-444c-b34f-238e29b162f2","block_type":"box","text":"-15%","page_number":30,"box":{"x":328,"y":283,"width":25,"height":7}},{"id":"ef9cca6f-6bf5-4fc8-9ae7-421281ec1e24","block_type":"box","text":"-20%","page_number":30,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"49f78175-c4a1-41ee-9c54-bd281e32f5ba","block_type":"box","text":"2","page_number":30,"box":{"x":391,"y":321,"width":5,"height":7}},{"id":"49805300-492c-4f4d-bd51-6bbc80df71f3","block_type":"box","text":"0","page_number":30,"box":{"x":397,"y":321,"width":6,"height":7}},{"id":"b000d4ac-4e58-475e-b6b4-306a3ab3a8f5","block_type":"box","text":"21 2","page_number":30,"box":{"x":405,"y":321,"width":59,"height":7}},{"id":"48eff5b3-c8e2-4dc6-96b3-80f2a1813993","block_type":"box","text":"0","page_number":30,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"be8a9f8d-1c2a-4496-adef-aa6e6596c996","block_type":"box","text":"22 2","page_number":30,"box":{"x":473,"y":321,"width":58,"height":7}},{"id":"e0e10ac2-e6bc-41d5-bbf1-e23f37198d4e","block_type":"box","text":"0","page_number":30,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"d0e40705-1efe-47b2-86ce-12ed6b675ebb","block_type":"box","text":"2","page_number":30,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"eb0914d8-d6a9-417b-b3df-010176e0ad18","block_type":"box","text":"3","page_number":30,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"fb5d6c3a-c343-45cd-a733-28d15a1e1ffb","block_type":"box","text":"2","page_number":30,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"98123476-5367-4bb0-899b-65aae0196e2f","block_type":"box","text":"0","page_number":30,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"687c6c32-4d96-4b15-849f-49a5dd0596d4","block_type":"box","text":"2","page_number":30,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"87b25e02-64da-4a10-bfbf-ec0b1cdb8e3b","block_type":"box","text":"4","page_number":30,"box":{"x":615,"y":321,"width":6,"height":7}},{"id":"5f77bf38-af25-4c50-b682-8bfbfc574642","block_type":"box","text":"2","page_number":30,"box":{"x":662,"y":321,"width":5,"height":7}},{"id":"0f61567e-b99b-4433-8c1e-07d5db2b6fef","block_type":"box","text":"0","page_number":30,"box":{"x":669,"y":321,"width":6,"height":7}},{"id":"2a092270-ec9c-429c-8887-e033dc32e7b0","block_type":"box","text":"2","page_number":30,"box":{"x":676,"y":321,"width":6,"height":7}},{"id":"71aa91a8-319a-4733-b8b1-c41b80d0e2ce","block_type":"box","text":"5","page_number":30,"box":{"x":683,"y":321,"width":6,"height":7}},{"id":"c135d83b-c20c-41fd-97b0-fda5d5d86fd7","block_type":"box","text":"-3.57%","page_number":30,"box":{"x":388,"y":252,"width":31,"height":6}},{"id":"fe7c058f-3c16-4812-b79e-e772b6f87d93","block_type":"box","text":"-12.56%","page_number":30,"box":{"x":453,"y":282,"width":37,"height":6}},{"id":"822fbc55-40ec-48d4-9feb-f87cdc58c0a8","block_type":"box","text":"4.50%","page_number":30,"box":{"x":526,"y":212,"width":27,"height":6}},{"id":"251466a1-036f-45a5-a3e1-dd6df3d558b0","block_type":"box","text":"1.83%","page_number":30,"box":{"x":595,"y":220,"width":26,"height":6}},{"id":"1d39ae24-9d2f-4432-9de9-cf13c9f250b8","block_type":"box","text":"6.92%","page_number":30,"box":{"x":662,"y":204,"width":27,"height":6}},{"id":"d10dd8d2-fb4e-4018-a838-6edfb7f78864","block_type":"box","text":"Return (%) Period Ended","page_number":30,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"be6c332f-01f0-4a87-bbd5-61cae854f91b","block_type":"box","text":"During the periods shown in the chart:","page_number":30,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"421fea91-3cc5-4a13-8c23-380f20740558","block_type":"box","text":"Best Quarter 4.97% December 31, 2023","page_number":30,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"3e4b775f-08ba-4bc3-b80f-78a0a1f51f17","block_type":"box","text":"Worst Quarter -5.93% March 31, 2022","page_number":30,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"f9d23bd1-6a2b-4a4d-a67f-96cdbbd0df7e","block_type":"box","text":"Average Annual Total Returns","page_number":30,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"8905c4b5-36ce-4449-9f43-3b241f9a83db","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":30,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"845a2c66-c96c-4606-ad36-d2d561c1e32c","block_type":"box","text":"One Year Five Years","page_number":30,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"736dfc1b-2a6b-41a4-80c9-3deefd0d0842","block_type":"box","text":"Since Fund","page_number":30,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"0a835b29-ceda-44e0-a422-18a762af0164","block_type":"box","text":"Inception","page_number":30,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"8ce5f2cc-26b8-456f-b2ff-4b65a85a904f","block_type":"box","text":"(Inception Date: 2/25/2020)","page_number":30,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"d158edad-1c54-4bb1-b239-d2da9929b70d","block_type":"box","text":"Return Before Taxes","page_number":30,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"0ab2242f-c729-46b4-a805-90be0f0ac845","block_type":"box","text":"6.92% -0.83% 0.19%","page_number":30,"box":{"x":716,"y":493,"width":202,"height":8}},{"id":"bb82a440-2c83-457c-a506-2352edffea7a","block_type":"box","text":"Return After Taxes on Distributions 5.27% -1.93% -0.81%","page_number":30,"box":{"x":124,"y":505,"width":794,"height":7}},{"id":"8b298ed2-8250-4c92-93b0-feb109c4d317","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.07% -1.10% -0.29%","page_number":30,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"65143987-bf29-42aa-afce-3891231ef629","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":30,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"0cb8fe97-d779-4754-8870-7b7fc62ba8ca","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":30,"box":{"x":328,"y":528,"width":319,"height":10}},{"id":"3c8b7626-b3ba-4af5-881e-1f33ff9989ce","block_type":"box","text":"taxes)","page_number":30,"box":{"x":136,"y":541,"width":34,"height":10}},{"id":"6a992663-5764-4934-a577-f149d7e12d63","block_type":"box","text":"7.15% -0.42% 0.36%","page_number":30,"box":{"x":720,"y":541,"width":198,"height":8}},{"id":"e58e61ea-18f7-48cc-8019-5c24ec3d4940","block_type":"box","text":"ICE 2029 Maturity US Treasury Index (Spliced)","page_number":30,"box":{"x":124,"y":553,"width":286,"height":9}},{"id":"f3554975-bc30-4ddc-b865-ca9c3d8332de","block_type":"box","text":"1","page_number":30,"box":{"x":413,"y":551,"width":3,"height":5}},{"id":"a0c4aa8d-637f-4cd5-b1b3-5aa4a13caa5d","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":30,"box":{"x":418,"y":553,"width":246,"height":9}},{"id":"baa2d1b8-58a9-44dd-b351-a93139d5537c","block_type":"box","text":"expenses or taxes)","page_number":30,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"f9597e21-50d2-4151-818b-3fe15983fd17","block_type":"box","text":"6.99% -0.80% 0.23%","page_number":30,"box":{"x":716,"y":566,"width":202,"height":7}},{"id":"20dc93ef-242d-4e9c-baf6-aa003d2b1636","block_type":"box","text":"1","page_number":30,"box":{"x":94,"y":599,"width":2,"height":5}},{"id":"cdc90af7-2149-478f-89da-dd1eb473767b","block_type":"box","text":"The ICE 2029 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2029 Maturity US Treasury Index","page_number":30,"box":{"x":102,"y":600,"width":859,"height":10}},{"id":"bdeb33e4-3de0-4e84-add9-92ff0fc5093b","block_type":"box","text":"through February 28, 2021; the 4 PM pricing variant of the ICE 2029 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the","page_number":30,"box":{"x":93,"y":613,"width":877,"height":10}},{"id":"838f11a4-cecf-4406-a0f7-9fc340bea0ea","block_type":"box","text":"standard pricing variant of the ICE 2029 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.","page_number":30,"box":{"x":93,"y":626,"width":668,"height":10}},{"id":"6fd9adcb-46af-4a84-b73e-2ed0fcf66f7a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":30,"box":{"x":82,"y":648,"width":882,"height":11}},{"id":"a8fd29db-d893-4107-9355-38703f30440a","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":30,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"13c7206e-e8c1-48b2-95a8-b1ad18335049","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":30,"box":{"x":83,"y":677,"width":860,"height":11}},{"id":"957547ab-40a9-4ab9-8fe2-d28d052473bf","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":30,"box":{"x":83,"y":691,"width":855,"height":11}},{"id":"0f5d1770-1b58-48f0-b1fe-e3b48ffcc15a","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":30,"box":{"x":83,"y":705,"width":883,"height":11}},{"id":"e2f78920-d3bd-44bd-8961-dfbd92131c74","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":30,"box":{"x":82,"y":719,"width":861,"height":11}},{"id":"dd6eb11a-b0c3-4be4-8c8e-ab47efb54429","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":30,"box":{"x":83,"y":733,"width":359,"height":11}},{"id":"5efb05cb-b11c-4628-af4e-80aafaebb46a","block_type":"box","text":"S-23","page_number":30,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f4ffff6a-dad8-4984-8ce1-62ea665a8f41","block_type":"box","text":"Management","page_number":31,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"045ca65e-5bc9-4e41-995a-3f0b368c7034","block_type":"box","text":"Investment Adviser.","page_number":31,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"4742787d-7a2f-492e-8d07-89df47a27184","block_type":"box","text":"BlackRock Fund Advisors.","page_number":31,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"1753309a-4f94-4fac-ab92-9c7fb82016c4","block_type":"box","text":"Portfolio Managers.","page_number":31,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"68b66171-ded0-4489-a807-9fdb13596dee","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":31,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"5a8d782d-e887-4f4a-af19-6ad7b31580a4","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":31,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"909345b4-2b8c-436d-b5e5-e9a0e58871e1","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":31,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"a81531df-c333-4ea0-8f80-899b82831a52","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":31,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"11787fcb-8477-46c9-ba28-cece329b331a","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":31,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"8c09834a-5333-498c-a789-10065a3ac3e7","block_type":"box","text":"2025, 2020 and 2025, respectively.","page_number":31,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"c8378fa9-6f24-4cbc-b7d7-11a48171564e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":31,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"f8f9b70d-e5cc-4c5e-bfd1-123c9cd8418c","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":31,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"e7a205e3-303e-4cda-aafb-800608a82679","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":31,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"d22b2cf0-6062-4744-9f60-6d12278606b5","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":31,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"3d830a85-8de9-47bd-b588-af8b35287dc5","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":31,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"5f083ce3-995a-4fac-bcbe-fe01a7c3c1bd","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":31,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"60723e03-7844-4845-b942-ec13a241f929","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":31,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"c4ccafdf-be32-4071-b39f-eee9a1abdff7","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":31,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"e0e2b943-bd79-473a-9c40-2ef976ddea89","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":31,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"ae3159d3-a9e5-4f92-b46b-8150e0a86a37","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":31,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"127b9b6a-891e-4450-8f7f-e6cb49c4987a","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":31,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"7eeca7ba-eb42-48fa-8d89-427240a3ca66","block_type":"box","text":"Tax Information","page_number":31,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"0f136d76-71d7-4840-a37e-dc3154662109","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":31,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"e72943ca-3acf-4fa5-a571-cd84d5d8bca8","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":31,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"550c18e4-be02-4c68-bd01-f3887359e2c7","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":31,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"e54a43c3-24c3-4aa3-8917-37435032d1df","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":31,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"cb6eb572-130e-4c01-ae23-59c4ef78eaeb","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":31,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"62d4949b-91cd-401c-a1be-dcb9f6bbe8b7","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":31,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"11c375ce-b53e-44c8-8d39-867c7af5f2ba","block_type":"box","text":"obligations.","page_number":31,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"d2fc0be1-6b7c-4550-a5c6-d1d344ee36cb","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":31,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"99625205-46d6-4566-a94b-6e1e58386529","block_type":"box","text":"Intermediaries","page_number":31,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"fe447451-c1c0-49c5-b044-07914cd4576e","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":31,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"9017ce10-82d0-40c3-aca9-e85af45f3489","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":31,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"2e4994a4-484d-4254-8184-da46168214c4","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":31,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"a66ed594-c584-4624-8c64-0c23bfa7cd3b","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":31,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"d68841b7-a9a4-4145-8505-f95826e6cb4a","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":31,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"063ccb36-d76e-4d87-bfe1-b51d1114aa8b","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":31,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"3d964196-aa3f-473f-99f4-ac4ca4333001","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":31,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"cba8c974-b577-4b1c-a346-67bee1cec822","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":31,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"58d720ea-1482-430b-b503-73e5d40e3101","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":31,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"ba4f543d-a1ff-4ff4-90ae-9d2c83b022c7","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":31,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"403b1a60-b112-4831-bcbc-51c74f0e3816","block_type":"box","text":"information.","page_number":31,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"e90a39b3-e41a-4edc-be3a-183866bed9d6","block_type":"box","text":"S-24","page_number":31,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"19be3b35-746e-4902-8499-6bdbbc111326","block_type":"box","text":"iSHARES","page_number":32,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"c18e457f-4a7a-4076-a9fe-de99339f491d","block_type":"box","text":"®","page_number":32,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"e396223f-b907-4610-b3b5-d3a35c63bbc6","block_type":"box","text":"iBONDS","page_number":32,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"78aa0f83-2f0e-4fc6-8cba-4f2c70c0b201","block_type":"box","text":"®","page_number":32,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"5a8daa20-923d-4df2-a581-909de80d1213","block_type":"box","text":"DEC 2030 TERM TREASURY ETF","page_number":32,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"cfa1728e-7708-4490-a50d-c40bcd328d17","block_type":"box","text":"Ticker: IBTK Stock Exchange: Nasdaq","page_number":32,"box":{"x":291,"y":53,"width":469,"height":12}},{"id":"1e32fef9-a31c-45ef-a13e-718b445c3a3d","block_type":"box","text":"Investment Objective","page_number":32,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"8306f36a-06e5-4b90-b0b0-35ed80040f53","block_type":"box","text":"The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":32,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"364711ec-be6d-41fd-bff2-84dba69ccb4e","block_type":"box","text":"bonds maturing in 2030.","page_number":32,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"e66187f1-f5ed-48bb-b0d7-455f009e540c","block_type":"box","text":"Fees and Expenses","page_number":32,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"f852933b-76cc-4c88-b630-8e1bb879a05b","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":32,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"d76287c9-9e97-4d7d-9903-e6f3af7f84f9","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":32,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"78ddc799-ae40-491a-89d3-de17b2ec719d","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":32,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"a81dd1c9-154c-46b2-ad2f-78ce7e0e6285","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":32,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"c52df502-8b10-4d5a-878b-95b7229148cf","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":32,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"b510fc33-e3d1-4a0d-9aa4-f52ea24725a6","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":32,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"ad19dfe1-f09f-4a81-b825-efb85cdf71af","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":32,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"dfd28895-dffb-4f6f-a80e-7f3f3a308c08","block_type":"box","text":"pro rata","page_number":32,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"1e028056-5e3e-4259-a117-95bf6fdb9f45","block_type":"box","text":"share of the fees","page_number":32,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"b649420a-960e-4eb5-bc83-8c1ae99fc236","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":32,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"5b6c882d-4d90-488b-9a7d-1e04c7d2fa73","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":32,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"9ff6562f-15ee-4795-92bb-3d33b67fc64b","block_type":"box","text":"shown in the","page_number":32,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"7c2cd652-766c-4711-bed9-55153bd5f900","block_type":"box","text":"Financial Highlights","page_number":32,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"d442c96f-2954-4c8b-a86d-9522cd7ec518","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":32,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"bb800914-2c98-42c8-87cf-f5310f3ac084","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":32,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"cec9aab7-f3e7-4133-b5e0-21a97163ae6d","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":32,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"409ee233-3165-4129-a875-63b06c7f57eb","block_type":"box","text":"December 15, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":32,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"7f122789-4c87-4fbe-ade4-2fe6c15c96ac","block_type":"box","text":"Trust and BFA.","page_number":32,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"5cc53848-6f2d-46a2-8942-6d5e83e4bfe3","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":32,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"1025fb65-57e4-4317-8721-fea9b6f88d14","block_type":"box","text":"the tables and examples below.","page_number":32,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"57491c43-7147-42b3-8f94-7ef585d4d378","block_type":"box","text":"Annual Fund Operating Expenses","page_number":32,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"b518f8ca-b7d1-4f92-9222-9ee0632894f6","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":32,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"2ea4a98b-6866-4bf8-88cc-42153a768615","block_type":"box","text":"percentage of the value of your investments)","page_number":32,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"e30dc6ee-2f86-4f98-b9c6-2e2880a92440","block_type":"box","text":"1","page_number":32,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"3b5a1c3f-f3b4-4bfb-a421-235f887d9beb","block_type":"box","text":"Management","page_number":32,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"7f39516c-6982-4442-835f-dae814c958e0","block_type":"box","text":"Fees","page_number":32,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"2b45e01d-7677-465a-a497-4de72afca9ed","block_type":"box","text":"Distribution","page_number":32,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"842ac77a-295d-4d24-9dfb-6093ac0a9558","block_type":"box","text":"and Service","page_number":32,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"f9fd082b-c0fd-4f87-8732-fb4f20e68d4c","block_type":"box","text":"(12b-1) Fees","page_number":32,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"bcf88e55-a528-4ee7-bd8d-9b5cc9cfa38a","block_type":"box","text":"Other","page_number":32,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"40a3c3ca-9e82-4809-917c-4b3eafecf5a4","block_type":"box","text":"Expenses","page_number":32,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"5a62cfcc-d922-456c-92f6-405a59840dcc","block_type":"box","text":"Acquired Fund","page_number":32,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"4c570c93-5711-4194-bf6f-93e19ecb64bf","block_type":"box","text":"Fees and","page_number":32,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"ad5f3d4d-a989-46c6-a85f-e9a4a7291215","block_type":"box","text":"Expenses","page_number":32,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"d65e537b-b1ad-4564-bfc9-cf5ce9d5de7c","block_type":"box","text":"Total Annual","page_number":32,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"9c373ec5-55ca-4ad6-a29b-10e9c0c943dd","block_type":"box","text":"Fund","page_number":32,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"8e34ddc2-58b5-441a-8b6f-4812969d2f13","block_type":"box","text":"Operating","page_number":32,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"95a32f39-0db1-4856-9e0d-b2297fa0b5a8","block_type":"box","text":"Expenses","page_number":32,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"eba4102c-22b9-4f27-8217-50a8f73dd270","block_type":"box","text":"Fee Waiver","page_number":32,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"2d60a7fd-5f73-414e-8452-2f927160093c","block_type":"box","text":"and/or","page_number":32,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"4883d6a6-00be-49b6-9b1c-91a4226ed6c7","block_type":"box","text":"Expense","page_number":32,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"1165bdd5-4db9-4151-931a-d6bd0f21d21f","block_type":"box","text":"Reimbursement","page_number":32,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"2167ed2d-5453-40d8-a5e5-25ae786a8565","block_type":"box","text":"Total Annual","page_number":32,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"7eef30c0-1742-4e15-ab2d-0841c9060ce6","block_type":"box","text":"Fund","page_number":32,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"eacd5c4f-58e8-40a7-9b6f-bed4dbca3e11","block_type":"box","text":"Operating","page_number":32,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"07e3f82f-c40b-4c7a-9b07-e60d2415702e","block_type":"box","text":"Expenses After","page_number":32,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"d112d868-e43e-4273-8d8b-50e7018c2063","block_type":"box","text":"Fee Waiver","page_number":32,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"8b3e2f32-04ce-45ba-8624-15d1da0e2fbd","block_type":"box","text":"and/or","page_number":32,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"d664d497-edfa-4443-8bc4-1d0d43c220f8","block_type":"box","text":"Expense","page_number":32,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"597e42b1-f9ac-4d2f-bed9-1a2ebc97d0d8","block_type":"box","text":"Reimbursement","page_number":32,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"772e7cfb-e31f-4eb2-9dba-6549b3c7dce4","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":32,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"b2585314-b4c4-4d50-ab2c-200ca6d81abc","block_type":"box","text":"1","page_number":32,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"cdd3c925-6805-4996-95e7-1afb3ac3d422","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":32,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"fbcaa629-eb45-4333-8c59-88ce7b25fb3a","block_type":"box","text":"Example.","page_number":32,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"e64fae57-b9c0-4f21-b5b9-cb8f71e83c5e","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":32,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"6b3590ad-7a3f-4982-9e1e-aedd7a9145a6","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":32,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"bfee5286-fc7a-431a-85a4-d2728ced96c6","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2030 because the Fund is scheduled to","page_number":32,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"eec0442c-4cca-4d44-b815-1cef4ed5f319","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":32,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"cb3f1f56-0d09-4926-89d2-ec1db307ffe8","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":32,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"f4062302-44df-4c81-b88d-04eeefdae22a","block_type":"box","text":"be:","page_number":32,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"c6effb5c-6a13-4939-b3b5-f61c898b50e6","block_type":"box","text":"1 Year 3 Years Maturity","page_number":32,"box":{"x":230,"y":695,"width":599,"height":10}},{"id":"b6cc707f-f173-4e00-9373-ad463f01846b","block_type":"box","text":"$7 $23 $38","page_number":32,"box":{"x":241,"y":715,"width":572,"height":9}},{"id":"d1b0ec47-6da7-4767-9e24-865b0aa1b78b","block_type":"box","text":"S-25","page_number":32,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b46cc23d-6035-4a26-8477-cc92619e2f45","block_type":"box","text":"Portfolio Turnover.","page_number":33,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"897028b6-4390-4b6f-99e4-ed0e2d68f2f4","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":33,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"fe5a77f8-e404-4111-b449-73ca0e0535b9","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":33,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"34cc17e7-d917-46f3-81ac-4d4ebd4b43a0","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":33,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"25c56ef5-7cf1-4ddf-a2fb-a26b0c575ba5","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":33,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"a4955207-268b-4d3f-9276-aa2a4b127a56","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":33,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"d84c01e3-61b3-4c85-9c79-6e7db890f40b","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":33,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"06d948ce-58f4-4d04-8a35-1a020554a5b8","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":33,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"657f6ebd-0f61-4273-a8f5-86f98fa466d5","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 62% of the","page_number":33,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"21c44fde-9723-46f7-897e-af68545b1edd","block_type":"box","text":"average value of its portfolio.","page_number":33,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"fb590250-458b-484f-89d6-ec7892751c13","block_type":"box","text":"Principal Investment Strategies","page_number":33,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"37c11eff-8797-48f0-8a4b-ffad7ba08808","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":33,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"eaf60f4c-e7c0-4994-9076-f47b144d876d","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":33,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"0c170a35-172f-49e8-934b-da398b1e3031","block_type":"box","text":"ICE 2030 Maturity US Treasury Index (the “Underlying Index”).","page_number":33,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"049a3308-e6a8-4116-9329-7a3ca73af0df","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":33,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"46e9a925-0dd4-4a62-925d-4fb0e986361b","block_type":"box","text":"securities that are scheduled to mature between January 1, 2030","page_number":33,"box":{"x":83,"y":247,"width":415,"height":11}},{"id":"8d378a08-0d0f-4953-aacb-a3a7bba96d23","block_type":"box","text":"and December 15, 2030, inclusive. The Fund may also invest in","page_number":33,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"251b1433-8681-4826-9a13-2386021e8da7","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":33,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"c977a532-6a84-4101-80d0-085d669f1e45","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":33,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"ba318dea-ac74-44ff-bab0-e29567427e21","block_type":"box","text":"term fund that will terminate on or about December 15, 2030, at","page_number":33,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"625d49d1-87c5-4710-b765-2ad693b5d0b6","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":33,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"fa9cfb0b-e2e7-4e06-944c-c68ea8d819fb","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":33,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"91130363-cdc1-45d1-883e-b09b3a1c90b2","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":33,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"234bad94-65af-474e-9f0f-b0fb1269f709","block_type":"box","text":"periodic distributions.","page_number":33,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"ecc797c7-7851-4a88-9386-3635753c6720","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":33,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"fd923402-feb1-409e-a10a-7a70e56303aa","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":33,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"fcb63984-f02d-4c42-a124-2399c0574c4d","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":33,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"3adfb0d1-fa5a-49fe-bb99-4d15ba87f6e6","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":33,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"cedfe85a-424f-421d-90fb-d11bb62d8745","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":33,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"737a19db-c270-4c8f-a540-00e2cc56aacb","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":33,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"81e8722d-54a0-432f-90c4-ab223b1da8a3","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":33,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"fe7ebbaa-a25a-490c-9131-2c1e28ea489c","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":33,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"9d88267f-6110-433e-833e-dd7ffac86778","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":33,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"8bbcab7d-6a71-42fb-9824-57870b5a797d","block_type":"box","text":"reduced by any individual components of such securities (","page_number":33,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"d99a308a-7215-4dc9-8fa0-064e3e29df80","block_type":"box","text":"i.e.","page_number":33,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"9e26f00f-e882-4df3-b060-46e73c95df83","block_type":"box","text":",","page_number":33,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"a83d07e6-7601-4590-8938-84442a3e93a0","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":33,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"049bef1c-eee8-4184-b77d-d7d3c702a35a","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":33,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"d1549ccc-a9df-4613-bb92-bf5de4dc67c7","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":33,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"e2e4b08d-6626-43ee-90dd-ea5e8acb5c5e","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":33,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"27e70bb9-dbda-455a-99b6-b7626b588723","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":33,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"f9fdbbf7-5d69-4030-b5ed-975abfa9889c","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":33,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"e1fb3b81-9a96-4a67-be43-54eb970cb4ac","block_type":"box","text":"calculated assuming next-day settlement.","page_number":33,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"5d2a60f1-c1ea-4b56-8a26-d0fa99d1a4b4","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":33,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"2556828b-5a6e-4322-83a7-b8ba0a8a9d89","block_type":"box","text":"month, based on information available up to and including the","page_number":33,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"661537c0-7161-4de9-bdd4-9a2f1e252436","block_type":"box","text":"third business day before the last business day of the month. New","page_number":33,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"b3ab251d-ab2f-482d-8418-23077714607f","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":33,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"786930be-8b17-4f73-971e-b1e9c332fb3c","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":33,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"8c6e2cfb-f33f-4418-a9b3-d921ac3a4ad1","block_type":"box","text":"month (","page_number":33,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"0a0b8768-d7e9-409c-a8bc-47a135d39a5a","block_type":"box","text":"e.g","page_number":33,"box":{"x":133,"y":713,"width":19,"height":8}},{"id":"f1e744cb-a999-402a-adc3-62b0c2bcf7de","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":33,"box":{"x":152,"y":710,"width":328,"height":10}},{"id":"a051b817-31c6-4d3b-b687-cf8d8329b082","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":33,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"aaf0e248-4140-4a95-bc79-283ca9ab2380","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":33,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"872abab5-29fa-4f7b-bfb2-4d6855558863","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":33,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"a890625e-7907-477e-95d0-2dfec3688064","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":33,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"f364312b-fded-4844-81d8-437f85f7e1f0","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":33,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"9223f5e1-b1de-4dc3-a0d7-5e5f31c07ef5","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":33,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"286d2a29-873e-44dd-8c1b-9dc53f5f0234","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":33,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"cceb0b87-2bd9-49c7-aed9-c243355be97a","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":33,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"764a8e18-4998-4435-926a-601b1d7f2752","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":33,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"67837c1c-2de6-44db-8b45-c1f294d8d3c4","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":33,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"cd30601c-4bf6-4481-b725-756c0b6644df","block_type":"box","text":"while it is held in the Underlying Index.","page_number":33,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"3e646778-a6b1-463d-baa9-ed5a68f7e94d","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":33,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"5e1e3aaa-846a-44c8-b57a-054229941ba8","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":33,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"17270638-ffea-45d7-ace8-093aa84aab59","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":33,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"4c0f6f63-64bf-420b-9309-3b0123a9609e","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":33,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"d5d5a524-77b7-49f1-9898-996da55f3459","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":33,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"f7ad0a07-d491-4a9a-b769-7bf076973d61","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":33,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"490a1519-3dc6-4b97-9f6b-da40a02d3362","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":33,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"e24ad98b-f3b9-4768-8806-6f5069c0cadd","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":33,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"8f93cf99-6ca0-44b6-9d6a-a031338ffc44","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":33,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"c3105de5-44bd-4dc3-8050-3e2fec902c5c","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":33,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"25024cce-3f60-42d2-9403-2a20c663c9e1","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":33,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"2eefa94a-ce54-4e6a-9aa8-aa3d4b465837","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":33,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"e0e41e57-e3ee-4f42-ab71-3daebbeec17d","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":33,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"277a0eb8-8233-4dbf-a4cd-ac2036fb3b2d","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":33,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"458d0d2e-69a5-487a-8b2a-c2ede397e991","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":33,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"3066c065-29ff-4099-94a6-5e2b9276250e","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":33,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"18045ca6-ddf7-43b7-9c50-2635e5606e92","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":33,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"d33465fe-576b-4587-92dd-29fed173d599","block_type":"box","text":"fees and expenses of such funds.","page_number":33,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"764b2b48-7c86-49c1-b17b-79650089d311","block_type":"box","text":"By December 15, 2030, the Fund is expected to consist almost","page_number":33,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"39d73d52-1263-4000-8d28-3998df13cfe1","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":33,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"44efca6b-9499-4272-9bab-a7ef2d2ccb59","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":33,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"573d2481-1f28-4a5a-8a27-7607d063aa3e","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":33,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"0af2ed5f-268d-4d5c-8228-206299bbe2b3","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":33,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"b98ac354-cb06-4620-82e9-24fd71401fd9","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":33,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"8599df4d-b014-40f6-bcb0-d2453279ef32","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":33,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"fb550e28-0bbf-4088-9273-0327fa9fa739","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":33,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"47254115-9a9b-4518-839b-4a93e164e6df","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":33,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"cb12928c-3027-4906-b5e7-facdff8ed176","block_type":"box","text":"interest of the Fund.","page_number":33,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"6bd735c0-58d6-47b2-ad13-6a8763d50e4b","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":33,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"a091ec6a-94b8-4f4e-81f7-109f9eea92a0","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":33,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"6eda1dd4-8494-4b57-9a9a-0927f6cd0985","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":33,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"2225b304-2307-48bd-9ad1-c5f0c01dc977","block_type":"box","text":"markets decline or appear overvalued.","page_number":33,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"6418c3f2-e1bc-4060-a85b-633a1a0a93c2","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":33,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"d9561c76-4436-481d-9b30-1a32df36b0bf","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":33,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"cc0d190a-f243-4dce-be04-07981548702b","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":33,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"fca2a9a9-2723-4c6b-bf2d-a0289cfbc6cc","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":33,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"644db458-51ab-4fcf-b6ee-da8093a5a39b","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":33,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"d2850fbb-2193-4ada-a49d-81abeb60b9ae","block_type":"box","text":"comparison to actively managed investment companies.","page_number":33,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"32b288a9-7e8f-43ad-b0c1-8f4c17ce2ab2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":33,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"78bdbdea-630a-49ac-95bd-90c169054241","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":33,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"8d6225d2-afc1-4649-9be4-79c28fd6d5dc","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":33,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"add86e77-436d-42e3-9bed-9edbcb4b9c3c","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":33,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"b39af87a-bfa7-4007-a1d8-8c6fe522a1dd","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":33,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"8c551e60-585a-4f2b-993e-867101773804","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":33,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"bb3e2b12-d2a1-4e66-a346-588fbc56b55d","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":33,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"690e4315-7d51-40e6-bc05-283af2425a2b","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":33,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"435b47d6-5097-4a5a-a208-fe4f68eebbf9","block_type":"box","text":"(","page_number":33,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"f8cb27f7-de00-4f19-aaa3-878dec4a7724","block_type":"box","text":"i.e.","page_number":33,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"a10e58af-3119-4e99-a9e4-ce04a20a1317","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":33,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"43be39c4-50fa-41a4-a21d-b7c311677c1f","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":33,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"25bf8c3a-a1a3-4dec-a591-3f5f5fd9c08d","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":33,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"df18d0cc-2415-4fbb-86cc-d2485727a385","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":33,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"f6c7d1c6-b672-4551-9327-7c4aa58c5d7d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":33,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"799ae9da-4238-4945-80ee-02a440a36081","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":33,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"d724fae9-ac81-442c-b3de-f0acfcec14fa","block_type":"box","text":"collateral received).","page_number":33,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"15d96ec5-1c12-4b8a-a1d7-3800cf6e827e","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":33,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"d96771c3-d673-48e8-a0e0-243aea3c93e5","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":33,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"5afcae23-8e2e-46a7-a6a4-b52721d348d7","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":33,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"fe957694-069c-4b88-88fd-45835c3d852f","block_type":"box","text":"determines the composition and relative weightings of the","page_number":33,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"8f7111d2-488b-41d1-b908-bed69d23c84c","block_type":"box","text":"S-26","page_number":33,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"85fb46d4-197b-40bd-8977-0a136843f4b2","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":34,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"4befc333-45d3-4979-b9c9-43af0f065c9b","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":34,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"b47f1140-8340-4af1-a27b-0bb1a0e81d47","block_type":"box","text":"Summary of Principal Risks","page_number":34,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"f85eb9ee-dfe3-4382-a0fc-2d1dffd8cc7c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":34,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"98eb12e7-35d7-40ea-94ac-be59d6b116fe","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":34,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"8b194b76-ff66-4fb7-b074-3e870ff41f31","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":34,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"326db76b-60ff-44ed-9806-3432f0534cb7","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":34,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"2de76ada-954b-4985-acf6-a2f4a1ee96a2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":34,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"fdef1d6a-0a7a-4e8e-bece-1d71dc173d2c","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":34,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"c8fc55b4-987e-4cd1-8058-3382c21fcfb8","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":34,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"e2f49da6-b59a-4b05-819e-ac4a3500b89a","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":34,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"f99f107b-f823-4df1-8b39-cf566fe4b6bf","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":34,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"d5ddd739-1827-417d-b386-7be0e1cae356","block_type":"box","text":"review each risk factor carefully.","page_number":34,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"b7dafe36-df8b-4309-bcce-c7e41dc6dacb","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":34,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"23fd88eb-5984-4aef-be7e-9176919ebe89","block_type":"box","text":"U.S. Treasury obligations may","page_number":34,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"10cf58bc-02d8-4aa4-b3a3-7e5fc87dbb21","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":34,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"38ecec60-2966-4b90-800f-6f557fea6550","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":34,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"d4b803aa-3f1b-4631-8e3e-858cbc55d06e","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":34,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"79060f7e-4d94-4313-a63b-e07afd1e48b4","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":34,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"e53eb4ab-3c4b-4ed3-94f9-52cd4ba7c4ea","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":34,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"6579a717-e056-4a5e-8b56-a4dfa0eb6046","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":34,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"13a88a41-c868-4f76-b187-dbaf01a5b90a","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":34,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"3d68b28a-e7d5-4a27-92b0-25fbdf378165","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":34,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"f7ca23b1-3bcd-42b1-be62-0b6db92203f7","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":34,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"9e8d1092-f8d0-425f-b628-f71adbdc5a80","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":34,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"f52cb6a9-90f0-4c48-8cf3-26a0492e2c40","block_type":"box","text":"timely payment of interest or principal.","page_number":34,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"666b0496-d25f-410e-8cf2-36529960a6d4","block_type":"box","text":"Interest Rate Risk","page_number":34,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"daf63ced-8500-4e67-a775-6588ef07dfa7","block_type":"box","text":".","page_number":34,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"5be07a34-357b-4691-800a-489ada82d989","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":34,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"e3ceb23f-1497-45ab-8c4d-0d2c1af9e3ca","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":34,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"589438be-7a3e-4f18-9557-74ada13c9695","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":34,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"8dab3ca0-9300-4cb2-b947-ab839ca8498a","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":34,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"2e8fbe62-c6f3-42eb-ae04-211bad163116","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":34,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"5a7cd7e5-c8cf-4aac-bcef-42bcc4c99872","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":34,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"f620848e-9c18-40e7-b1e7-673b0af480dc","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":34,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"168fad35-47b9-4c9f-96c4-12559cca31d5","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":34,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"9bec1856-c017-47a2-a2b4-bd2af9c18904","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":34,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"ee164f64-7e47-4caf-8180-ca977541c0c4","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":34,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"5e55f4f6-b2f7-4a32-ab02-bbe088b1b5a2","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":34,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"124a5000-907b-4583-b45b-060afcf4c8e1","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":34,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"dfe7130f-87a7-4e9f-ab4e-1070b2a25840","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":34,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"b5a3307f-ca7f-4b5e-9622-0c37798525de","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":34,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"62984b3f-e2b1-467e-9096-df63a0c0901b","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":34,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"3e6379ae-8033-46f7-a087-0275baf83b68","block_type":"box","text":"dividends to shareholders.","page_number":34,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"821a4671-1827-4fb7-bc74-aa6b235fd40c","block_type":"box","text":"Market Risk","page_number":34,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"851ec398-5c04-440e-8645-2e49ab893964","block_type":"box","text":".","page_number":34,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"e06413ee-a6e7-4474-aaa0-10e200b715ab","block_type":"box","text":"The Fund could lose money over short periods due","page_number":34,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"ab816443-6e37-4a90-82eb-f66b64c4ae45","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":34,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"b761349f-38c0-4af4-ab85-a4d4a858e36a","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":34,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"90458191-4c78-4440-9fee-29111b24f977","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":34,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"213f1603-8e9b-4404-9246-be63bde84e14","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":34,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"7f1bf73d-f542-48a2-8a82-4c1a9e8d70dd","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":34,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"eafd5631-f2cc-435a-af0c-a60166ec6438","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":34,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"e57ab4e1-cf05-49f6-98cf-b354a4964d6f","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":34,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"cbef9f1b-a62a-483d-adf7-8aa44cae2dd3","block_type":"box","text":"NAV.","page_number":34,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"9869815f-a1ab-4dcb-91af-349f222f43ec","block_type":"box","text":"Index-Related Risk.","page_number":34,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"1b05763f-cbf2-4ae9-a5b6-007275f1f287","block_type":"box","text":"The Index Provider may rely on various","page_number":34,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"84cb3a68-2293-4a3c-b6e1-b0db268257ba","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":34,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"f29ec450-6cf4-4631-85c0-f3874b6ef9e9","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":34,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"6079cdd4-cb49-48b8-a4e2-b9dee5ac7705","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":34,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"eb98cfe1-d62d-4663-b455-3c3a32fd25e5","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":34,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"4e636fb6-ffb0-4964-a37e-ab2625d677d4","block_type":"box","text":"information will provide an accurate assessment of included","page_number":34,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"31fbfb99-7f34-4f06-9fda-d24473522ac6","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":34,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"f0ef3585-90fc-409d-982e-486315f7d647","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":34,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"93c751fe-9540-45db-9904-58c5075f2aee","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":34,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"cbbe955c-6dc4-49e8-ac29-5eebe65b8fd4","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":34,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"49166e6c-11c9-4544-baff-51673e190120","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":34,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"806f81fd-0b96-4878-8213-7c840a74790d","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":34,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"51486124-189d-491f-8e12-f95e276dc37b","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":34,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"2873ff28-5b5f-4e12-b4e4-5284b103e657","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":34,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"f0a88d51-010d-41f5-be12-311e126c79bb","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":34,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"aee38e6b-c6a2-4764-a093-d062f54ba45f","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":34,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"8864b106-da28-43fb-b865-de9535240503","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":34,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"3b764ae6-6298-4fd0-a4cd-031579061aa6","block_type":"box","text":"Asset Class Risk.","page_number":34,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"2faf2465-3738-471e-975a-e4b9a73431b3","block_type":"box","text":"The securities and other assets in the","page_number":34,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"3b04d9d9-155a-4577-bf65-df6dfae5d32b","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":34,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"87c23e55-0ed2-4568-b796-a0d2dad88029","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":34,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"f8cc5332-2dca-4d2e-9fdb-f892a632df10","block_type":"box","text":"market, another index, or other asset classes.","page_number":34,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"b7de56bf-acbe-4875-b135-ce93dd03b59e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":34,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"eeb285ad-45cc-4991-a850-c71c391911b0","block_type":"box","text":"An “Authorized","page_number":34,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"6a9252c6-1094-4185-9031-9bd12da1971c","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":34,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"a896e8cb-ee65-4770-98a6-8222fd3f8e27","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":34,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"2056d4ca-13fe-41ad-bb92-678d3109b01a","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":34,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"746b9b31-fdc2-4531-ab37-cb46886b9d8c","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":34,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"5777d12a-b5ec-46ad-b630-799bcaf75834","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":34,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"a5bd5c53-eaa8-42b9-a3fd-e9428e672e5e","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":34,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"a70cec04-fac8-459a-93ef-85f4431f2486","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":34,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"0ceb582e-0303-4760-bd9d-5d2209aa9b6f","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":34,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"da14bc79-92b1-49cf-a614-9f1d51cb6e6d","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":34,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"4b4115b6-9dc7-4a4c-bd03-6c4aa75d1d40","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":34,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"8dfc9d03-816b-448b-8a8d-0fcb33f0ffae","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":34,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"425f7250-160f-469a-a954-8409715aba17","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":34,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"ddfa12bc-f0ba-4609-812f-266c2efd9d67","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":34,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"a7d02f5b-986d-466c-9d8a-fced523f0c15","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":34,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"2394f5be-cc8e-481c-8bbf-ffc4b5acfe89","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":34,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"5bf87ba9-6223-4537-84db-53462d44ef86","block_type":"box","text":"Concentration Risk.","page_number":34,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"2526ebab-579c-4366-9204-d0d7ba70efd3","block_type":"box","text":"The Fund may be susceptible to an","page_number":34,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"525868af-b5b2-4d0b-81b1-aedcd7a1c6f4","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":34,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"e3419fb4-762f-4d2c-8a37-23e9a772c93e","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":34,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"e07b0f98-dbb1-4172-932b-96f91172ec88","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":34,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"fecaad51-971c-4207-bfd3-2b2d079f47a2","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":34,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"746a8b91-6857-4697-adfb-54aed1d635bd","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":34,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"9d877c0f-73b7-4330-8036-389c13e11800","block_type":"box","text":"asset classes.","page_number":34,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"bd53ef0d-c510-4da5-970d-d4e92fd8a99b","block_type":"box","text":"Declining Yield Risk.","page_number":34,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"69f8fcb1-f725-45a9-9896-c60bcd4ef5a8","block_type":"box","text":"In the months leading up to the Fund’s","page_number":34,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"c8ad13d0-0235-41c1-bf5e-80b830f8bc25","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":34,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"f7fafba8-a6f2-45de-85bf-432eb5781410","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":34,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"b4ab72e0-5938-42a1-907f-d2a5878e8168","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":34,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"25cca751-1712-4cbc-8aca-ad328759cc8e","block_type":"box","text":"yields for bonds in the market.","page_number":34,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"11b81b6c-e444-41e9-978c-3dcd176bfbdb","block_type":"box","text":"Income Risk.","page_number":34,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"17c00b0d-8fcc-40ba-a40a-deab3ed14bb2","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":34,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"b89d822f-559d-4ca5-8b15-1f22cfad1fc3","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":34,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"68874acb-a996-4859-8df2-4f381203b337","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":34,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"188ec5ed-b863-44d3-8f1a-ffb0a819bb1d","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":34,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"aabf084a-a7d0-40a8-903f-5b765868d159","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":34,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"3c283fc9-1bca-405b-a8db-d1e22e13472c","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":34,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"23f09aa8-a3c0-45e7-be5e-c33e8851b9d4","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":34,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"82aa3727-2d32-4cc7-b34e-cc00d400a51c","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":34,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"72e6b82a-7f93-4c33-aee4-81fada203cd1","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":34,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"ce96a052-91bd-44b3-a5b5-f44f03cef354","block_type":"box","text":"Issuer Risk","page_number":34,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"8494dfe8-1262-4623-b9d6-b6f3157ea166","block_type":"box","text":".","page_number":34,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"d870cb24-d78f-4b8c-abb1-f087d84492e9","block_type":"box","text":"The performance of the Fund depends on the","page_number":34,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"26d862a5-e407-40a5-8879-d3ecb8aad5ce","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":34,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"bd808c94-3cf8-441b-a000-44834e5037ee","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":34,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"95a2519d-b9e3-49e0-9c40-f1f88865c908","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":34,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"a2bc05fd-1f6e-456d-8680-04b68655683b","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":34,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"b1f6fc67-ef0c-426d-a7a1-40f1961a2f9f","block_type":"box","text":"counterparty.","page_number":34,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"f0b538ae-bf46-4199-80a1-336b087f42d5","block_type":"box","text":"S-27","page_number":34,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"4bb9582a-a207-47eb-a5a0-85079e207366","block_type":"box","text":"Management Risk","page_number":35,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"8cfbcf2b-f27d-4f8a-8bcd-b872bbf1ad16","block_type":"box","text":".","page_number":35,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"a19154f9-c8d1-4e66-9f5a-5241e66756c2","block_type":"box","text":"The Fund generally does not attempt to take","page_number":35,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"d127e4aa-b1c7-421d-995b-a9237c2a9489","block_type":"box","text":"defensive positions under any market conditions, including","page_number":35,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"41d9f17e-aa15-412a-858f-83aba0049cb0","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":35,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"47fbdf0a-4f27-4567-811d-ad32e2a3aca2","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":35,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"484ddcca-8fc2-4e4e-ab54-9a05624f6b92","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":35,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"f6e94231-76da-4533-bd89-3f317e0ce7ec","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":35,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"f14db96f-15d2-498e-a8e9-13e496dfa947","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":35,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"19efa0d3-1fbd-47af-8162-767849c19a67","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":35,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"c850fb16-3953-4488-b658-673a376f14de","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":35,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"50cb872b-b68b-416d-9bdd-13b88e0721fe","block_type":"box","text":"Market Trading Risk","page_number":35,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"2c8e2df8-8110-41b3-93ec-52c01f623e49","block_type":"box","text":".","page_number":35,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"7ffa8a95-c352-4257-ae59-a7c0af2e8742","block_type":"box","text":"The Fund faces numerous market trading","page_number":35,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"b53f80b3-4e6f-4aa8-8877-4a7679fda8f8","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":35,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"3a9982e7-a1e9-46d4-b5e0-87d428feb9e0","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":35,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"c5db15ce-2b2e-4ef5-9f3f-50c02e1108b6","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":35,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"742d686a-26b7-4941-aeee-21a46fcc253a","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":35,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"e9f9a727-3cbb-4142-8872-e5742926395e","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":35,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"27f23814-9d13-44ec-95c4-ab70aa63abec","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":35,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"c0ad6951-d26e-4596-aa85-e42087710f64","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":35,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"0455d304-755a-496c-8460-e2005445be7a","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":35,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"d1a6547b-c744-4022-9fb4-5aaa8863e864","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":35,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"7e52a2cc-b8fd-4acb-b5d0-b3d56d78f6ac","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":35,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"b3358729-89a4-459a-bd83-cfda10c98773","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":35,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"04bb1fee-d1a7-4ef0-8d9b-b0a4a5f11cdc","block_type":"box","text":"Operational and Technology Risks","page_number":35,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"da4dbce5-ee11-4106-aa6b-91e15db70f59","block_type":"box","text":".","page_number":35,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"0ddb3ad2-9f9d-4467-9b6f-7c8d9f110831","block_type":"box","text":"The Fund is directly and","page_number":35,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"befb7516-6342-479e-9dd0-3fbedc7faf30","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":35,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"9fbc8d77-1802-4749-a182-972364a23c35","block_type":"box","text":"including those related to human errors, processing errors,","page_number":35,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"d638ebe3-c3f4-46db-b00c-3105dcc5ea5f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":35,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"435012d0-1676-4615-9c87-1e1030eb5d54","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":35,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"afecddc2-92f5-45d2-aa81-2cd04b08e7c7","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":35,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"b710c20a-3588-4972-a771-6b04f3bd9045","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":35,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"168f0577-f7b7-44e5-8f09-a419b4fa8869","block_type":"box","text":"providers are required to have appropriate operational,","page_number":35,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"1790dd9d-ed67-468c-b979-07cae33ff39c","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":35,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"e2cf3ba1-40aa-4e27-b87d-253a63a576da","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":35,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"79487491-fb8d-4919-95bb-637eb39459dc","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":35,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"783c2c15-8588-4b87-88ac-25c3a06d33e3","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":35,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"e013b0c2-dbe4-4f45-86f0-8b076cf8cb3e","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":35,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"692d99d1-e478-4d8b-9ae3-6a5766c9aa21","block_type":"box","text":"investments in such issuers to lose value.","page_number":35,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"112ff41e-e4b1-4569-b387-830be55fe0a7","block_type":"box","text":"Risk of Investing in the U.S","page_number":35,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"6c9486b4-1a08-46f8-b0bb-6e8a4f770393","block_type":"box","text":".","page_number":35,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"6c4002af-bf53-4bdd-a9cb-8e5cdc1a5687","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":35,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"15430a73-405e-44ae-a082-e7ed12d02657","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":35,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"884294d6-25c5-4d24-a402-169b73670e9a","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":35,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"4da924ad-faf4-46b4-b989-d86046d66cd6","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":35,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"17c74cc4-87a6-4f9e-b1c4-2557992e246c","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":35,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"bf78881e-d523-42e4-8515-eaab3b72027d","block_type":"box","text":"Securities Lending Risk.","page_number":35,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"09f26e32-ce9f-45dd-92b6-51458a661ad0","block_type":"box","text":"The Fund may engage in securities","page_number":35,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"a325a34f-8b9d-4924-87a7-f646f096b56a","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":35,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"7576def2-fddd-4eb0-9b7b-6c3a06ecbc15","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":35,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"a4c3198b-39b0-47b0-9101-abd0759df2b5","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":35,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"7602372a-5588-4c5a-abce-e52a7761693d","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":35,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"16e922ad-4a75-4298-9a29-fca54e09cbeb","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":35,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"1286a521-cf50-4cae-8835-8abb6f0f6341","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":35,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"96a417dd-83df-4e1c-86bb-fb03fdd8f6e7","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":35,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"ce7384da-5b87-41c8-ab24-f5ecfc1253d1","block_type":"box","text":"Tracking Error Risk","page_number":35,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"852783c0-fdcb-41a9-b6c1-921246e30373","block_type":"box","text":".","page_number":35,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"01b5b388-bda1-470c-bed0-7e191f161092","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":35,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"1343542a-0b25-42f3-9e10-5877948489bc","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":35,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"c7162bbb-2fe6-4ab6-91f2-b97dff582678","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":35,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"5715fb9c-8a22-4b74-8b66-6f072ac42470","block_type":"box","text":"factors, including differences between the securities and other","page_number":35,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"050fb67a-556a-4c3e-94e3-1cb551c59c0c","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":35,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"da7b9f26-8089-4bee-aad3-035e60077f6d","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":35,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"ebd7d0af-5484-4512-9eb2-d37ad55ba7a0","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":35,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"34473411-88de-4fe5-ac64-fb86190571a1","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":35,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"a555d627-90b5-48be-a288-51cd67659c54","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":35,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"97eba4fd-0b34-4fce-9326-f238fab3d282","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":35,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"db0e97f4-6fac-4703-b4ea-466703979c91","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":35,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"043781f7-1a9a-4f46-8b39-63db77c5ea4e","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":35,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"ef3b7609-5f9b-4779-a4e4-666978853cf2","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":35,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"4638e9d2-1d78-44b1-82dc-d7391d20a3e5","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":35,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"c5707daf-8d98-4aff-8029-a547efcf88ba","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":35,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"b3d48190-9461-4894-9fcb-22386c1d228c","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":35,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"c0f1f3b2-e829-4809-aac7-63b4771d86ac","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":35,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"ed016c84-097d-49e9-b148-d84efd7cfd36","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":35,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"b0a2571f-57f3-4705-ba3c-b059265b1c41","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":35,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"6299e8d0-2fa6-4b9c-a67b-41f44972652a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":35,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"4c21e6f7-307f-4480-b825-1b98d5f48abe","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":35,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"f2ca4f7d-6a70-4d8e-acbb-4043f6e60069","block_type":"box","text":"unusual market conditions.","page_number":35,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"a05366e7-255d-45b2-bf24-f5fd2d705866","block_type":"box","text":"S-28","page_number":35,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"02ab7dab-493f-4853-8d3e-4b5f4b2e3b38","block_type":"box","text":"Performance Information","page_number":36,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"ae528382-5da4-4404-b889-d4d7794f2662","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":36,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"80fa1854-d192-41d7-9413-5dd83fe874ec","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":36,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"b51575f1-0295-4241-b5b6-ad39f88bee1b","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":36,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"096ae8fd-1bdf-4b7d-9491-5ac67c7d826f","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":36,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"7ded070c-ea3d-4b93-849f-73dd6c6885b2","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":36,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"f0f9ccbf-dfdd-4d09-a0e3-26c83fc00f7e","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":36,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"894c7f50-6db5-4669-b5dd-f8c7b64cb4a7","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":36,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"9ef4b711-a04e-4032-992c-d087546b5239","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":36,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"468addbd-2d01-4fa8-acda-16664e734611","block_type":"box","text":"10%","page_number":36,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"d669cdc5-2996-4c5b-9689-3dc919077c80","block_type":"box","text":"5%","page_number":36,"box":{"x":340,"y":218,"width":13,"height":7}},{"id":"0dbd09da-b441-4631-b061-0ab9fee34b28","block_type":"box","text":"0%","page_number":36,"box":{"x":339,"y":234,"width":14,"height":7}},{"id":"1f18ead0-c64d-44e1-bdad-eec0ed37c575","block_type":"box","text":"-5%","page_number":36,"box":{"x":335,"y":250,"width":18,"height":7}},{"id":"7b684d74-37fc-4b46-9869-338ce7d08129","block_type":"box","text":"-10%","page_number":36,"box":{"x":328,"y":267,"width":25,"height":6}},{"id":"52d52a6e-6d34-4264-85f9-bd2bdadc202a","block_type":"box","text":"-15%","page_number":36,"box":{"x":328,"y":283,"width":25,"height":7}},{"id":"fc2bd49e-3d85-4e34-b91f-90d93fa32b51","block_type":"box","text":"-20%","page_number":36,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"993d75e3-ee67-4aec-bd84-3986c6eed3ef","block_type":"box","text":"2","page_number":36,"box":{"x":391,"y":321,"width":5,"height":7}},{"id":"6a7844d6-c890-4c04-aeac-87376a22eca7","block_type":"box","text":"0","page_number":36,"box":{"x":397,"y":321,"width":6,"height":7}},{"id":"d181de47-25db-41ba-8e77-0de3cfd784e1","block_type":"box","text":"21 2","page_number":36,"box":{"x":405,"y":321,"width":59,"height":7}},{"id":"944fdeab-3ed4-44af-ac3b-535e2880079c","block_type":"box","text":"0","page_number":36,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"dc994f3a-2258-4e84-a4bb-499d59c9b27b","block_type":"box","text":"22 2","page_number":36,"box":{"x":473,"y":321,"width":58,"height":7}},{"id":"b1ad385b-b2f0-422c-9aa8-3afe5c85ec91","block_type":"box","text":"0","page_number":36,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"40f7f2b6-9b3e-4ce5-85eb-55121751376f","block_type":"box","text":"2","page_number":36,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"eee431a7-8cb7-40bd-9409-2a1144441fe3","block_type":"box","text":"3","page_number":36,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"f61c00ec-13ce-4e8f-a3e6-722c675b4065","block_type":"box","text":"2","page_number":36,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"e9b02f54-5f7f-4d39-93f4-9bac1faa8c5e","block_type":"box","text":"0","page_number":36,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"e67b294a-0e39-40ec-9c53-319dcb3cae32","block_type":"box","text":"2","page_number":36,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"c8075628-2497-45dc-adc6-f038e8056d8b","block_type":"box","text":"4","page_number":36,"box":{"x":615,"y":321,"width":6,"height":7}},{"id":"0093f5f6-f91b-4938-a635-0838266230d3","block_type":"box","text":"2","page_number":36,"box":{"x":662,"y":321,"width":5,"height":7}},{"id":"971ef786-ff62-442a-a0bd-2070844bafc3","block_type":"box","text":"0","page_number":36,"box":{"x":669,"y":321,"width":6,"height":7}},{"id":"0a28c5d6-17ca-4bcb-9cb2-02dae1125b28","block_type":"box","text":"2","page_number":36,"box":{"x":676,"y":321,"width":6,"height":7}},{"id":"f0782f0c-1a67-48e2-bf24-0f92f34a8464","block_type":"box","text":"5","page_number":36,"box":{"x":683,"y":321,"width":6,"height":7}},{"id":"71694edb-0b17-4d53-a18c-ffef3a5f70c2","block_type":"box","text":"-3.69%","page_number":36,"box":{"x":388,"y":253,"width":31,"height":6}},{"id":"f8cd3d7b-32b1-47b0-bae2-00e37b22a9ae","block_type":"box","text":"-14.72%","page_number":36,"box":{"x":453,"y":289,"width":37,"height":6}},{"id":"3a826ec4-3a1c-4b20-bf72-d0c33aab0bec","block_type":"box","text":"4.01%","page_number":36,"box":{"x":526,"y":213,"width":27,"height":6}},{"id":"f41e85ee-00a7-4124-957b-95bc64e2cd88","block_type":"box","text":"1.20%","page_number":36,"box":{"x":595,"y":222,"width":26,"height":6}},{"id":"bd6e2a39-27a0-48e0-99d7-f43fb9444bc1","block_type":"box","text":"7.47%","page_number":36,"box":{"x":662,"y":202,"width":27,"height":6}},{"id":"1cbde07f-90ba-4587-863d-9ce03b91f0f4","block_type":"box","text":"Return (%) Period Ended","page_number":36,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"f4c7cf2c-bd14-457d-a151-24d3379bbbf2","block_type":"box","text":"During the periods shown in the chart:","page_number":36,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"d478f035-53d1-41fe-b044-2ec51d7a5e34","block_type":"box","text":"Best Quarter 5.52% December 31, 2023","page_number":36,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"e419d2c7-0e7f-48c9-ab7c-bf3b4869dd05","block_type":"box","text":"Worst Quarter -6.72% March 31, 2021","page_number":36,"box":{"x":330,"y":391,"width":407,"height":9}},{"id":"a24ca033-6cc9-4ace-b2a2-735c34968d00","block_type":"box","text":"Average Annual Total Returns","page_number":36,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"4f88d969-ffec-4839-a938-8213e91e73eb","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":36,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"1a701db6-10ab-45c6-86f2-0322cc623e9d","block_type":"box","text":"One Year Five Years","page_number":36,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"a989a7c9-74e8-4b86-a5a2-4c0b591e6045","block_type":"box","text":"Since Fund","page_number":36,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"f25647cd-3cf3-4b46-acbf-0bde1f207562","block_type":"box","text":"Inception","page_number":36,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"8c879b27-9ba1-4108-b0b1-a108fe198dc5","block_type":"box","text":"(Inception Date: 7/14/2020)","page_number":36,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"6b68c83c-4720-4b8f-8017-4fceb591ebb9","block_type":"box","text":"Return Before Taxes","page_number":36,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"eec2f691-c7d6-4b90-98ce-84b7ac571330","block_type":"box","text":"7.47% -1.46% -1.69%","page_number":36,"box":{"x":718,"y":493,"width":200,"height":8}},{"id":"ea453fc3-956d-40c8-b85d-6a5a01c8d516","block_type":"box","text":"Return After Taxes on Distributions 5.81% -2.56% -2.72%","page_number":36,"box":{"x":124,"y":505,"width":794,"height":7}},{"id":"e0facb6c-163a-4843-95ad-74c3a0db47f7","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.40% -1.57% -1.71%","page_number":36,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"3486c25a-3676-42ec-918a-9c1a638cf39b","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":36,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"fd6cb04c-f1c2-4aba-8747-56873d70f94b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":36,"box":{"x":328,"y":528,"width":319,"height":10}},{"id":"ce5d68fa-0418-42ec-a056-702f301fe2a1","block_type":"box","text":"taxes)","page_number":36,"box":{"x":136,"y":541,"width":34,"height":10}},{"id":"8495e201-1573-4ba2-bcb8-44c60b59cbd6","block_type":"box","text":"7.15% -0.42% -0.27%","page_number":36,"box":{"x":720,"y":541,"width":198,"height":8}},{"id":"c48dd633-e840-4cac-b39a-0104dd3f512d","block_type":"box","text":"ICE 2030 Maturity US Treasury Index (Spliced)","page_number":36,"box":{"x":124,"y":553,"width":286,"height":9}},{"id":"ce950f04-9e16-4671-8695-223500e2b151","block_type":"box","text":"1","page_number":36,"box":{"x":413,"y":551,"width":3,"height":5}},{"id":"4f0c661a-6145-42a4-b118-7cb29c9efecd","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":36,"box":{"x":418,"y":553,"width":246,"height":9}},{"id":"cb75f9e3-d50b-423b-aa78-42c9579d5456","block_type":"box","text":"expenses or taxes)","page_number":36,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"9583d39c-56bf-40f3-a909-fd3bfe15888b","block_type":"box","text":"7.52% -1.41% -1.65%","page_number":36,"box":{"x":717,"y":566,"width":201,"height":7}},{"id":"1aeceb28-1e50-40f4-b678-70f7f8e12782","block_type":"box","text":"1","page_number":36,"box":{"x":94,"y":599,"width":2,"height":5}},{"id":"07e80551-2ed2-4c60-bac2-c1ccd2c115ad","block_type":"box","text":"The ICE 2030 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2030 Maturity US Treasury Index","page_number":36,"box":{"x":102,"y":600,"width":859,"height":10}},{"id":"f000d5c8-f062-4201-9a31-23d0ffbb164c","block_type":"box","text":"through February 28, 2021; the 4 PM pricing variant of the ICE 2030 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the","page_number":36,"box":{"x":93,"y":613,"width":877,"height":10}},{"id":"a407e187-be49-4706-a473-85055241a88e","block_type":"box","text":"standard pricing variant of the ICE 2030 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.","page_number":36,"box":{"x":93,"y":626,"width":668,"height":10}},{"id":"3393d002-5b06-4671-947b-17f4bf471df1","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":36,"box":{"x":82,"y":648,"width":882,"height":11}},{"id":"182c8444-3c4e-4ca6-83e7-d0cf19dbec81","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":36,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"632a35fb-762b-4651-a113-f274828cb4fb","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":36,"box":{"x":83,"y":677,"width":860,"height":11}},{"id":"b7316481-c73d-483a-a533-0d78d027f6a7","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":36,"box":{"x":83,"y":691,"width":855,"height":11}},{"id":"7ed61867-205e-443b-ad94-55938a1dc087","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":36,"box":{"x":83,"y":705,"width":883,"height":11}},{"id":"eaea6caa-8711-4080-98bd-2fda3114d19b","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":36,"box":{"x":82,"y":719,"width":861,"height":11}},{"id":"8a650c0d-f09c-420f-a3e4-d82500357277","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":36,"box":{"x":83,"y":733,"width":359,"height":11}},{"id":"04cc8e7a-fbc7-485d-b4af-51360ab9649f","block_type":"box","text":"S-29","page_number":36,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1c93cc64-1dc6-4158-a8b6-042e831b98da","block_type":"box","text":"Management","page_number":37,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"c9942378-06d8-473c-b6c5-a1d2061cebe2","block_type":"box","text":"Investment Adviser.","page_number":37,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"33f07eb0-cb43-4d72-8dd7-971a75565f6e","block_type":"box","text":"BlackRock Fund Advisors.","page_number":37,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"b7136fee-d47b-4180-b823-a7e60f600e66","block_type":"box","text":"Portfolio Managers.","page_number":37,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"58dc2b46-3ff5-47e4-9f71-0d53a347abec","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":37,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"e4d0dc32-6023-451a-bc3e-520f228c9d53","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":37,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"3e35136d-438f-4a91-8749-d7542c5c9bec","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":37,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"3e09eb8b-9b6a-4652-864d-d3fa27ccede9","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":37,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"194b51e2-2a27-471b-ba1e-8cadbfac1f16","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":37,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"b673da15-4bc6-441f-9f13-2ec3386f0561","block_type":"box","text":"2025, 2020 and 2025, respectively.","page_number":37,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"af277c38-d0ba-4e3b-b757-b00fd184952e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":37,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"6c45e6bd-b4a9-400f-8953-113c5e07a017","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":37,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"b9b16bdd-1c26-47e9-8ea9-5c60952dcfc9","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":37,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"a11862c7-db10-4f62-8bb9-8c466639ddc0","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":37,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"2665ae38-1dbf-4d11-9e7a-9acb7fd19bfe","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":37,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"61d8d423-bfee-448c-a966-6e14e832a163","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":37,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"a70fb49d-c9b3-4dd4-b36e-2ee07732b37d","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":37,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"a79b9da9-65fa-4d8a-a098-2f3b992f36f0","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":37,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"0dd9e615-7bdb-4f7f-96d3-ff11f3c41f35","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":37,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"b0136450-32d7-42c9-8f82-1aa15cd1b6b1","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":37,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"c4fabcb9-bc28-4484-bbb9-93db4dc41265","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":37,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"f38dc1f6-2637-4897-a2e6-1e8327a5e46e","block_type":"box","text":"Tax Information","page_number":37,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"9f1d70e3-47ad-4656-a422-48a14a8d0289","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":37,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"c72003c2-2615-4647-9f1b-771b3277ab52","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":37,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"0345d0f9-6696-4597-b29b-920552322caf","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":37,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"bc7525bb-6839-46af-b582-7550aa96d4d7","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":37,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"219beb9d-90ca-4def-b489-f04efddf0a1e","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":37,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"a2e7162b-8d6f-463f-8106-b02383f6dc97","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":37,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"4468bf78-782c-4710-9052-3a2a69cbbbae","block_type":"box","text":"obligations.","page_number":37,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"26264ee7-9d87-44be-86fd-c2bd822060a9","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":37,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"88687bdb-d44a-4e03-83da-956bf0c09100","block_type":"box","text":"Intermediaries","page_number":37,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"41ffed9c-ea46-4e6e-bdd0-76486a67b512","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":37,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"52d775f3-46be-4f2c-be7d-677ced788380","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":37,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"2de9fcb6-b56b-4b45-8ace-20906930df0f","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":37,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"55414466-4de2-45d2-9f5d-127dc3e4931c","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":37,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"cc97cc09-9c2e-4a5b-94ba-7c5763faccff","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":37,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"0ee699e6-3137-4d67-8a57-df41b3654846","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":37,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"6e606e60-8027-48d7-a34d-074934619d78","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":37,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"ded4e98f-4b0b-431c-a686-f9c9d1c1e2d7","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":37,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"81154802-05d7-419e-90eb-e7946d9cdac1","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":37,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"992392c5-5c52-4c1b-a23e-8f50c52f9e3d","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":37,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"463aa3e4-635b-481b-b578-bd997db6b109","block_type":"box","text":"information.","page_number":37,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"a734712f-4b09-486e-be08-649f05b70725","block_type":"box","text":"S-30","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"065888fa-8a3d-440e-90d9-9812345fa242","block_type":"box","text":"iSHARES","page_number":38,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"965c3389-6d5e-4dd9-af86-ea65ccfe71fe","block_type":"box","text":"®","page_number":38,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"a6e48d4c-089e-4c3c-ba61-f447271ec23d","block_type":"box","text":"iBONDS","page_number":38,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"6eca665d-2fa5-4a68-8aa4-f3ef46a451bf","block_type":"box","text":"®","page_number":38,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"aaff0a45-e295-4956-902e-48fa98756bc2","block_type":"box","text":"DEC 2031 TERM TREASURY ETF","page_number":38,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"af983a4d-9284-4d2d-9fa6-6843efedd87b","block_type":"box","text":"Ticker: IBTL Stock Exchange: Nasdaq","page_number":38,"box":{"x":292,"y":53,"width":468,"height":12}},{"id":"ba041b34-ae4d-486b-8cc0-b1ccf1fe3005","block_type":"box","text":"Investment Objective","page_number":38,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"44f5472d-a074-4a76-946e-c512019a7019","block_type":"box","text":"The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":38,"box":{"x":82,"y":116,"width":883,"height":11}},{"id":"22a2f1e3-caf6-4399-9d86-85fcfcfefc13","block_type":"box","text":"bonds maturing in 2031.","page_number":38,"box":{"x":83,"y":130,"width":154,"height":11}},{"id":"31cfa3bb-449c-4d64-adfa-6951c08fda1a","block_type":"box","text":"Fees and Expenses","page_number":38,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"1bd4d1a4-61f3-4053-90b6-1afb7b2a993d","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":38,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"8e428638-7af0-473c-8c2b-4ab5fd82ade7","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":38,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"81fc5f5d-2025-400f-a8b2-ebfd6ea874a2","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":38,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"e9137a6e-64cc-4fe6-9229-f7f9c7726257","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":38,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"0dc199ad-4227-4298-b8a3-1e09d690b94f","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":38,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"7d9ff562-652d-4eb3-b15a-a38f2f4c9de5","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":38,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"bcdae115-f235-42c7-98e2-6417a55454d2","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":38,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"66d7ef1d-8115-430e-9a6b-9dcee368c6a1","block_type":"box","text":"pro rata","page_number":38,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"97db2011-96fa-4956-8d07-0a206731622d","block_type":"box","text":"share of the fees","page_number":38,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"e2e2faa3-f5f4-41f8-a5f5-b5d9d88b1da2","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":38,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"356f96f9-172f-46e2-a881-c8ec8a4da04d","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":38,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"a314a7c7-5690-4098-b05f-5b60fd5af5ce","block_type":"box","text":"shown in the","page_number":38,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"9d45ec44-63be-4561-95fa-e47a2781e0e2","block_type":"box","text":"Financial Highlights","page_number":38,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"5ed7eca4-6195-46f3-b9a5-36e87e6c9fb8","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":38,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"6db60829-6356-4539-822c-e65995ccc892","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":38,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"d60ddbff-b570-4f85-9caa-5901c627f477","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":38,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"1da9b9df-2fa8-443a-bd46-2a95fa5f41ce","block_type":"box","text":"December 15, 2031. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":38,"box":{"x":83,"y":362,"width":856,"height":11}},{"id":"d7f3bca3-e217-4973-98a9-df484442901b","block_type":"box","text":"Trust and BFA.","page_number":38,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"1d50c147-025b-4ea7-a928-f38c6c92d59c","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":38,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"c7e67ace-6906-4b29-afaa-371c6352882e","block_type":"box","text":"the tables and examples below.","page_number":38,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"9cdd36ed-af6e-44c5-b2a7-f62429b13d7f","block_type":"box","text":"Annual Fund Operating Expenses","page_number":38,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"a74fa0cc-4d37-4ded-b44d-428dc27624d3","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":38,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"a1020577-a106-42ae-80a5-4e319b0ba01a","block_type":"box","text":"percentage of the value of your investments)","page_number":38,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"d81100cb-899e-45da-9226-aef31506cd44","block_type":"box","text":"1","page_number":38,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"b7aca7f0-4c6f-41f8-ae09-5ea66e179c72","block_type":"box","text":"Management","page_number":38,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"4506fe3f-2272-437a-810c-36274f830ce0","block_type":"box","text":"Fees","page_number":38,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"03591bed-f94f-41a8-b3a5-aa6e9b76dd68","block_type":"box","text":"Distribution","page_number":38,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"f8bef514-d22d-4c27-9e7a-f0eb9990a446","block_type":"box","text":"and Service","page_number":38,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"31bef49a-cf0c-43de-8396-a5ac6ce4043b","block_type":"box","text":"(12b-1) Fees","page_number":38,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"2db7ce34-a03e-4ecb-a4fc-175bcc9f0e58","block_type":"box","text":"Other","page_number":38,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"30c1ec7e-b965-453f-976c-80c5c1bb07dd","block_type":"box","text":"Expenses","page_number":38,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"42aecb3e-e7c3-4412-8445-69c725c98665","block_type":"box","text":"Acquired Fund","page_number":38,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"2416de6a-0717-48ba-8f31-4dd86a885420","block_type":"box","text":"Fees and","page_number":38,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"b3d681ed-f85b-4b6e-b1f4-a4943e2f217c","block_type":"box","text":"Expenses","page_number":38,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"dbbec616-0b17-4ff0-b228-d6c9c1768f0c","block_type":"box","text":"Total Annual","page_number":38,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"1d6ffc06-41f4-49b8-b242-e6f757064cc5","block_type":"box","text":"Fund","page_number":38,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"57e8e233-396a-47e6-ba76-ee9e5c082043","block_type":"box","text":"Operating","page_number":38,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"8739c571-deac-4ebc-b3fa-dac78c8286c4","block_type":"box","text":"Expenses","page_number":38,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"82e7a7bf-6b35-4856-a7b6-b3dd99516929","block_type":"box","text":"Fee Waiver","page_number":38,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"1aa06828-d887-4120-b3fe-81d356cb1dd0","block_type":"box","text":"and/or","page_number":38,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"a31984c5-143e-4c27-80c1-83a6ec350ef5","block_type":"box","text":"Expense","page_number":38,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"1ef78756-fa12-4674-911f-26acd3200144","block_type":"box","text":"Reimbursement","page_number":38,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"fe5a30ba-38b1-450b-bf93-fb301df69d7a","block_type":"box","text":"Total Annual","page_number":38,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"db4fecf4-b59e-4345-a765-91ea07554817","block_type":"box","text":"Fund","page_number":38,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"2b6d5496-d27b-4bbd-b8a9-28e0c38b091f","block_type":"box","text":"Operating","page_number":38,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"cf7d1f83-b0dc-4e1d-8e47-457cccb0a1c1","block_type":"box","text":"Expenses After","page_number":38,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"03b81557-c085-478e-bde5-322ef8e97b1f","block_type":"box","text":"Fee Waiver","page_number":38,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"80f45ac4-f782-4e7a-854e-14682de4886f","block_type":"box","text":"and/or","page_number":38,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"5f74b4d3-a517-4c0d-b8ba-fcbade2569be","block_type":"box","text":"Expense","page_number":38,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"9f2ad727-5176-4988-a61f-00511de1ce11","block_type":"box","text":"Reimbursement","page_number":38,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"66645488-435c-447d-8f16-3dfeef22cd15","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":38,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"9b3f6370-d326-4928-958d-af08138f84e2","block_type":"box","text":"1","page_number":38,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"dd875d9f-0d8d-4493-9fdc-c538f524e848","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":38,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"b88ae62f-4911-4f95-bed3-b7fdb8b673f5","block_type":"box","text":"Example.","page_number":38,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"b32e8be9-a685-4c10-ae3d-f922265a44ac","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":38,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"d25f634c-6661-4084-b7f1-352950a9eef5","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":38,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"fac02aa2-1055-4b4f-8869-67007bbfddc4","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2031 because the Fund is scheduled to","page_number":38,"box":{"x":83,"y":622,"width":864,"height":11}},{"id":"69e66adc-254d-46f8-aecf-1ff2344bad2b","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":38,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"60eabe47-b258-4ad8-87a9-161f568ba700","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":38,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"f13eac3e-f727-4f0a-bc60-2dfc9d6d5321","block_type":"box","text":"be:","page_number":38,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"e8cc25c1-6d8e-404b-8228-24a98c455419","block_type":"box","text":"1 Year 3 Years 5 Years Maturity","page_number":38,"box":{"x":195,"y":695,"width":668,"height":10}},{"id":"1700e4a9-8d74-4a29-9fc9-076b8087e065","block_type":"box","text":"$7 $23 $40 $47","page_number":38,"box":{"x":206,"y":715,"width":641,"height":9}},{"id":"3ece1f58-3c02-434f-bd2d-7b70a220f9a6","block_type":"box","text":"S-31","page_number":38,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"88c2d2fb-2879-4de9-924c-829aab6c9eee","block_type":"box","text":"Portfolio Turnover.","page_number":39,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"95bfeb0e-d01c-4a7b-9c28-3635c7378abd","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":39,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"351695bb-dd11-45b4-b0e3-e4f281f17837","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":39,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"639d31d6-aff4-44f2-8b27-008b46e1ac9e","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":39,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"f1a3904c-f6c2-4587-9b51-6dcd72bc882e","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":39,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"9b9f82ca-3437-4a41-b1f7-2a8fdb18de14","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":39,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"d48dc6b9-eef8-4562-ab8f-309fba5ab06d","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":39,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"8adb24e7-451b-4aa1-a500-42e0c3c40b5f","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":39,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"3824da50-9ec5-440d-ba0f-5865faab141a","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 32% of the","page_number":39,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"c5147ba1-6f85-496e-ba87-954679d718db","block_type":"box","text":"average value of its portfolio.","page_number":39,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"c9ada8e0-843b-4e66-936c-055f801d4f14","block_type":"box","text":"Principal Investment Strategies","page_number":39,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"40437ff9-2bf0-4b39-9ff8-d2dab0120ea2","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":39,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"5a90d0bb-41ae-4e8b-9c70-9cf6fc26890a","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":39,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"ad667600-d864-41de-b4c7-6e81b54eae5d","block_type":"box","text":"ICE 2031 Maturity US Treasury Index (the “Underlying Index”). The","page_number":39,"box":{"x":83,"y":219,"width":423,"height":11}},{"id":"e8a45598-9fa6-4eac-baab-b09dbf33e1fe","block_type":"box","text":"Underlying Index consists of publicly-issued U.S. Treasury","page_number":39,"box":{"x":83,"y":233,"width":368,"height":11}},{"id":"1dc36a59-3849-44fb-b7a2-666275a27a36","block_type":"box","text":"securities that are scheduled to mature between January 1, 2031","page_number":39,"box":{"x":83,"y":247,"width":412,"height":11}},{"id":"c52f8988-f0ad-4727-8789-0b828a79d07e","block_type":"box","text":"and December 15, 2031, inclusive. The Fund may also invest in","page_number":39,"box":{"x":83,"y":262,"width":399,"height":10}},{"id":"78e0fedc-0b85-492b-b874-1947abcbb465","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":39,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"dc313cc5-639b-4864-8752-c372da9abfc9","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":39,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"f0edc709-69a9-46fc-8d74-7fa883f39683","block_type":"box","text":"term fund that will terminate on or about December 15, 2031, at","page_number":39,"box":{"x":83,"y":304,"width":409,"height":10}},{"id":"93e1d10c-be33-4416-a1f3-eac2efeeaa6e","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":39,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"880181e5-ddd1-4287-84cc-5e0c0d4cf077","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":39,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"3e5507d3-e27d-4d25-923a-0c235bd31788","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":39,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"e6899c77-e5d1-4b06-ac88-d73488eb7c2f","block_type":"box","text":"periodic distributions.","page_number":39,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"b5077090-b241-4030-88f6-417377e2b3ae","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":39,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"3fa0777d-49b9-4161-9107-2b0fa613f245","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":39,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"f2414b74-ab95-4b50-805e-654ac9602291","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":39,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"540efcf3-b556-4de4-a835-be2a22a40cce","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":39,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"132bd659-4726-4c2c-9b30-a2b2bfdcfad8","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":39,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"efac048b-89ec-4d96-a0cf-79b3cd521a91","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":39,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"ee117935-895f-4d82-b307-652bfa5cb02f","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":39,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"4e722d34-7e0a-4971-9e89-0fdc77aae77c","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":39,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"f07c0054-14fd-4cc2-9458-2fe229624b71","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":39,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"45886e5e-2f65-44ad-9b02-d19c974c93f7","block_type":"box","text":"reduced by any individual components of such securities (","page_number":39,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"13a24bc7-d485-432d-96b8-6f99eac7cafd","block_type":"box","text":"i.e","page_number":39,"box":{"x":454,"y":510,"width":14,"height":9}},{"id":"321c107f-94c7-4349-9732-80236c046c3c","block_type":"box","text":".,","page_number":39,"box":{"x":470,"y":517,"width":6,"height":4}},{"id":"19e33427-392c-4ac8-b9a6-433ed1d202af","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":39,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"df4be088-2321-4923-bd31-0aa9a6bbd25c","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":39,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"ea3f5309-6066-43a0-95c0-3939d8c12008","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":39,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"397bbe6d-b9fa-4df9-bdd2-476a1f2d719d","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":39,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"11fc1a45-577f-4ca8-85f6-303aec250006","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":39,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"0d7becc2-d228-481f-934b-ef0e5677baa5","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":39,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"52aa8381-1a1c-4a5e-a0e2-6ac3e7e94fc0","block_type":"box","text":"calculated assuming next-day settlement.","page_number":39,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"6ad9dd5d-27d0-4d53-a5bb-04b90cf8cc2f","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":39,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"abb9667b-4346-4ae4-8043-c442e1bcb6f6","block_type":"box","text":"month, based on information available up to and including the","page_number":39,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"cdd8d0dd-552e-4ea2-80aa-6b7813f0f926","block_type":"box","text":"third business day before the last business day of the month. New","page_number":39,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"b2ca29d6-c7b4-4478-807f-1f8a703dc2d6","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":39,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"00a69ebe-4ec3-4be8-aace-edb1c744e7dc","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":39,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"7d715f04-5bb7-44c1-893d-7912e07bb098","block_type":"box","text":"month (","page_number":39,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"9b6df49a-6e49-4382-a9d8-311410c4921c","block_type":"box","text":"e.g","page_number":39,"box":{"x":133,"y":713,"width":19,"height":8}},{"id":"9c69a97b-f7d2-4bf1-901a-a0ebabf35c47","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":39,"box":{"x":152,"y":710,"width":328,"height":10}},{"id":"a572200b-a4c7-434c-97fd-88dafd8c0420","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":39,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"d44e0014-42b8-4d6f-8f0e-30da8579cedd","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":39,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"2f7b0496-760e-4bbb-8ba6-54b6ffb5c569","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":39,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"49d883c2-265e-48b3-8c76-35069e12df96","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":39,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"4e964412-3bd5-4400-a12f-961ee52de618","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":39,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"602f1e43-e24c-4cd3-bee4-dc95af083f0c","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":39,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"6fc43694-d6b4-4192-8386-bd3c05ec0c28","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":39,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"cf910ca3-9ba6-4b16-8f02-2ad8c80b0a98","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":39,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"8bd19081-8279-4818-a428-bd17db785004","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":39,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"5c39febf-684d-4e0c-9b4a-a8c9620dfb25","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":39,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"9ac4e5aa-9ea2-4e43-bae5-866252a107c8","block_type":"box","text":"while it is held in the Underlying Index.","page_number":39,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"a6b94006-5259-459b-ad07-5c24db3c666d","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":39,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"df25fe62-59f1-4c56-bb8b-15c3e502a57c","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":39,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"ac4945cc-5924-441c-9f90-ea61b8d7c00b","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":39,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"6cb83733-ba16-419e-b5a9-2573466c7939","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":39,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"5c21a485-ebd9-42d6-9355-ef000a95175b","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":39,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"a9f70341-a10c-4892-aec3-23105033dbb4","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":39,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"9bc549b6-0cfb-4833-8b83-34d8a644534d","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":39,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"6876ab8f-e880-4df9-b2db-099b8c87dd54","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":39,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"b9928e02-e1c4-49d4-a454-20274c2f5824","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":39,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"c0096216-0993-45b0-9743-6a6c7913f511","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":39,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"9ced20ee-3154-4018-955b-6440cc9f69b2","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":39,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"e1862f05-3ac0-499f-a7fd-41c23ce1814a","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":39,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"92e7c39c-c2be-4b19-8d67-ddecade13bb4","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":39,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"0c3a2b46-8086-4bcb-84de-946a8158bfe0","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":39,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"05bf171b-44d8-4c32-97d7-ec8cfdbfc5f4","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":39,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"0b042faf-747f-4ad2-8150-033ed5d0825c","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":39,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"9a62bb70-bffd-487c-9661-8e6ea790fcf9","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":39,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"77da70cd-4eb1-41fb-9b69-29b4370c7b85","block_type":"box","text":"fees and expenses of such funds.","page_number":39,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"e2c517c4-d4ea-44e6-a172-c92b5c6ad635","block_type":"box","text":"By December 15, 2031, the Fund is expected to consist almost","page_number":39,"box":{"x":550,"y":294,"width":398,"height":11}},{"id":"b58f92f4-eb0c-4d94-a9fa-c25832049a1c","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":39,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"1f5d489a-9d15-4954-8b92-c655b1959e76","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":39,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"8bdac6a8-80be-4918-91b3-27792681f6f7","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":39,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"678da08d-2037-430f-804f-89b9c72965fc","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":39,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"809f6537-cc30-4b19-82ee-a20d63618249","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":39,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"5d2c0ac5-dc58-4951-afb8-00795b8d7686","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":39,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"04c77696-e082-4ba8-a9a7-ebe15fa53c4d","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":39,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"f01eb406-f15a-4f41-8a84-05c47510f8dd","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":39,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"5799fc5a-72f9-4ca3-a00e-f81df7c1f8c3","block_type":"box","text":"interest of the Fund.","page_number":39,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"5667e308-99b2-4cb7-9c55-22ce2bb8f47a","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":39,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"a5b610ff-b12d-49ef-81d6-41f7ebb4f7bf","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":39,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"835b33c2-93e3-47e3-8991-2533ce5bc8a2","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":39,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"c38e37f5-766a-4448-8038-93ceb82bde58","block_type":"box","text":"markets decline or appear overvalued.","page_number":39,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"ec5cc92e-85ce-4268-8eb6-43e4289b4fc0","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":39,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"0afa54e0-b860-46d3-9d7e-980882378f62","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":39,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"25471bec-08b2-4192-b0c0-aae3812c3ced","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":39,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"37a94b8c-40c9-4640-b34c-e700f3aae687","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":39,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"34767db5-2d0a-4cd1-b064-d4c62f5bc94c","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":39,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"e3657ada-6428-43d8-b8e6-18244f435324","block_type":"box","text":"comparison to actively managed investment companies.","page_number":39,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"351f8920-b09c-462e-a7f1-ce990ed1df04","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":39,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"e9f51e48-5af6-44c0-8233-93b2b8603d48","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":39,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"77d5cb7e-b443-40a6-b0cf-a9ccfa8f01ac","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":39,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"c0919c15-c5e7-4b72-9bc1-c00582af3bd9","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":39,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"c6d5ae93-63be-4a79-a4c4-28bdc74d8e2c","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":39,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"3f4a26cd-fd0d-484d-9772-8f031f37199f","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":39,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"d23cf2bc-81cd-4d71-a96e-900285428465","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":39,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"e1be22e4-3034-4ade-b5e5-0fb5ba97564d","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":39,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"0ad2f52a-29a9-4d2f-ab8e-89ef5c5da4c3","block_type":"box","text":"(","page_number":39,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"58d7f36f-239b-49bc-be12-cf812b6d379f","block_type":"box","text":"i.e.","page_number":39,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"28a8aa5f-bb78-4aef-a4bb-d22bf1c42474","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":39,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"51c82c16-0a82-466a-b4ba-7a10038d61c6","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":39,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"98dcb7de-e2bc-48d1-bcbb-e7cb270da9c5","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":39,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"e2ee933d-66e4-4ae7-99ed-95531e9da94a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":39,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"f6c8602f-bbf8-4f49-9533-d9a158005678","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":39,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"bd4a554a-bb55-4a1e-b93c-6e406046e1ce","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":39,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"7651d16f-24a2-4430-bb9e-12f592b1d31f","block_type":"box","text":"collateral received).","page_number":39,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"5f620431-3114-4220-9668-fecca664fb9a","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":39,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"23162d09-3c67-47b1-9f22-0c9272b8cc42","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":39,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"482692d8-bc16-4680-ab76-3968b04ca197","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":39,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"7d07195f-c2f4-416e-bde8-2cd8244731b4","block_type":"box","text":"determines the composition and relative weightings of the","page_number":39,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"057200e3-26cc-48e3-a76e-e76179036541","block_type":"box","text":"S-32","page_number":39,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"71cbd24c-da68-44c4-8d8d-12ad21d9235e","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":40,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"4a991b5f-1159-4026-a804-795078658fd2","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":40,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"a9548136-64e1-4849-bcf0-8f8f0bf07062","block_type":"box","text":"Summary of Principal Risks","page_number":40,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"d5a28549-208f-4d11-bb1e-2e665a051806","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":40,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"b03ba1ef-330a-465a-a089-ede0ed487e3e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":40,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"be392bc0-ac52-41d3-bc4b-41cd6c584dd4","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":40,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"25c2e6a8-04b3-4531-a813-298af7932b35","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":40,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"f2c9af62-ace5-41ef-826e-87cc34921548","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":40,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"e4f7640e-431b-40ce-960e-2098faf1ead8","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":40,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"1bdab9d1-2b17-40fe-9312-03d45b1244f6","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":40,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"d993f0ec-405d-429d-8769-8e90a7f1c524","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":40,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"6ea4b802-3503-46b6-9f73-57904b3091ea","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":40,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"67da312a-852c-4288-93b7-34877afee996","block_type":"box","text":"review each risk factor carefully.","page_number":40,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"251b18e2-1d11-4316-bafb-bb456b4e19c5","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":40,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"234f8407-7d2a-4251-bb53-ac6d106f34aa","block_type":"box","text":"U.S. Treasury obligations may","page_number":40,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"961a87ee-c11e-474e-a17e-2c7f108d3a29","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":40,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"eadf7bae-2fe5-4172-bafb-0a832b4f7a86","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":40,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"9d3b48e6-e5d6-4cab-b0d7-3f104b31699b","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":40,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"95297aa5-9a1d-4dad-a1f9-62b915289a5e","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":40,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"2dab4422-12fc-41f2-bbfb-249e4965fcab","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":40,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"47bc3c7b-beab-4f10-ba4b-4959ba7578f0","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":40,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"fe8767df-4aa3-4100-bb5f-178e25909040","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":40,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"6254655c-b7c9-4126-8805-b59a72803ee4","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":40,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"b68ebba1-9d66-49f2-a0ad-9d697374b16d","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":40,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"98596408-c309-4de0-8e64-1b3c73e873cd","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":40,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"55ddf1cf-bd87-44f0-8510-0e2aef8f8366","block_type":"box","text":"timely payment of interest or principal.","page_number":40,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"ef7a6f28-4279-4941-b771-5f26b50ae40e","block_type":"box","text":"Interest Rate Risk","page_number":40,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"b691b9e6-842f-49b3-94a6-cdfa46356a00","block_type":"box","text":".","page_number":40,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"48e95250-6dcd-4fd6-bbf5-4cedfa5c4fef","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":40,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"15114831-ac37-4fe0-9979-00a392857776","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":40,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"0baf0ddf-5c3f-413b-bd98-656066c893c3","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":40,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"b2108748-8e99-45c5-bd38-c357ab1b2f43","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":40,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"0d66f3be-f2f0-436a-b571-7ce7d5ce5a32","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":40,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"c14f656b-c6e5-4d64-97dd-6a01810a4c62","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":40,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"010cd281-fee7-4b94-8a88-4d0a38a807e1","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":40,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"8e87afc2-f99f-46be-bbc9-7dcb3aba0c71","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":40,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"a0740791-cd8a-4ac2-b1db-db25086eed76","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":40,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"425c5dae-1438-4a75-9bac-868b1270f033","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":40,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"ddbc184c-0307-423c-9e65-cb9bd5e860be","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":40,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"cec59034-ac31-46bc-ba9a-065f0f42d710","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":40,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"23c90101-6e7f-413a-9eb6-526bd4a01002","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":40,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"059357f7-1453-479b-bcc8-9248212addcc","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":40,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"7328b012-3408-456f-92bb-d38b6d8d6934","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":40,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"102da2f3-e248-43b9-97a4-a3c9a4085015","block_type":"box","text":"dividends to shareholders.","page_number":40,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"37398252-2cdd-431b-bb3a-42a46cb0febb","block_type":"box","text":"Market Risk","page_number":40,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"e4abe738-b808-4485-90b8-867bb8423b0d","block_type":"box","text":".","page_number":40,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"276fe3e7-c1aa-4c31-98f5-fa471f0ff795","block_type":"box","text":"The Fund could lose money over short periods due","page_number":40,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"21b707a3-d7d8-4101-bf27-eecee0e0fe77","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":40,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"666cfde4-fa10-43dc-9ff9-fc3b3c2fd126","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":40,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"97d4f878-d89d-4c6f-8778-e28616e9539a","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":40,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"bbf73b6e-d1f0-4906-86e9-69fd777310ef","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":40,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"3aba6c4d-11fb-41eb-b1b7-b75406db487b","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":40,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"cf0e8035-8495-43b1-860a-c639b3b247a0","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":40,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"89e28126-5436-417d-a540-0d8c89389629","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":40,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"0c3584a2-9655-43b6-a5db-795f827ed58d","block_type":"box","text":"NAV.","page_number":40,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"9db68ae1-5030-431b-9159-808f989c7455","block_type":"box","text":"Index-Related Risk.","page_number":40,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"31b9ec1c-a6f8-4ad7-9201-bb78fd5eda9f","block_type":"box","text":"The Index Provider may rely on various","page_number":40,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"d5ba76f3-55ac-4a19-b7db-d45fa6352fde","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":40,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"0b2cf2ef-6368-4c82-9b45-c00e9e83e371","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":40,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"6cad8ee5-f68a-4608-8034-924d8bd8bccb","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":40,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"a82966cc-8bc3-4964-bfe7-85e8f4a39df5","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":40,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"17561f9f-42aa-472d-a73e-0a14f2323c09","block_type":"box","text":"information will provide an accurate assessment of included","page_number":40,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"40defc66-5417-420f-af11-06a9e739b3a8","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":40,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"fb1931bd-4263-4d57-8553-4ec87b787eaa","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":40,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"14de5327-4c54-4401-960a-5d3cfbfd837a","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":40,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"fbfeb838-6f2a-494a-83db-56d9b8d59e32","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":40,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"008ecb0e-f3f1-40b8-81e8-39992d99baed","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":40,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"807cc8b5-3c25-44d9-ab5a-8d7154bc6f8f","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":40,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"88e340dd-35f6-4846-a196-02cb99bc0fed","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":40,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"0907b3ee-3547-4a71-9467-8454f9401763","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":40,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"e428d036-d47a-4872-be3d-7d7754022e6d","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":40,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"edf05b5e-5e41-4c9d-89d6-322213543c52","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":40,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"7b6c04c4-55d1-4028-a6e8-37395e29b383","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":40,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"f9a2da79-7759-40f0-9169-d1ebed174469","block_type":"box","text":"Asset Class Risk.","page_number":40,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"ec5089bb-98f3-4fc6-aaf1-b204fd65d90d","block_type":"box","text":"The securities and other assets in the","page_number":40,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"116795d5-19fa-4dcf-9cea-c8139f091fd7","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":40,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"23ab8d04-7ece-4bd5-b368-d00649bf6f89","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":40,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"3a219c91-5c14-459b-8e35-182729da3405","block_type":"box","text":"market, another index, or other asset classes.","page_number":40,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"08d88921-abcf-489e-858e-942443d856f2","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":40,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"d9053c02-85c9-439d-864f-3d6184df65f6","block_type":"box","text":"An “Authorized","page_number":40,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"25993954-210a-471a-85cc-dbd54721fc8d","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":40,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"85a269c5-3baf-435a-aebb-93f7db4b79d4","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":40,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"dd23f752-519d-4e24-9f43-31455698ef30","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":40,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"c7f6f708-040b-4ffb-b1fe-a5300b373c00","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":40,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"c8aea774-3bfa-4edf-a07d-43cb841980cc","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":40,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"790b3680-a168-4d58-9d16-8f79847ff424","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":40,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"0ccb62c8-857d-470a-99fe-b311a099daaa","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":40,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"f1515f37-99b6-438a-b52e-a2c52e2dc6f1","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":40,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"bae3f2e1-250c-4624-b16f-4451c56b649d","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":40,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"968b1563-3d75-46bd-9c25-db2bd9fc3e77","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":40,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"e5554714-c502-4369-8f78-0b8a99c6bf8b","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":40,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"e442c9f0-ed09-422e-8171-6988424cb923","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":40,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"90657b14-2162-46b4-850f-bb2426cb51ae","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":40,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"2632eb96-82c8-40be-8969-fe3ec5c11326","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":40,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"dba014cb-b65c-4111-8349-852d0adfab24","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":40,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"3f5d2553-b29a-47cc-8dd1-0d9908c1ca43","block_type":"box","text":"Concentration Risk.","page_number":40,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"e7410147-3621-4fce-8517-37a77f9e2bd0","block_type":"box","text":"The Fund may be susceptible to an","page_number":40,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"5b04f6ca-53c4-4c5d-a30f-53b4c1bbe09f","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":40,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"a78526d6-00b6-4668-b251-eff5a045324d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":40,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"a3e79cd4-3946-4bcb-8880-5748e0408815","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":40,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"c451d2f2-2492-47f0-9770-4af9938bc766","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":40,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"f769550d-7332-4567-92d8-7a011db6ccc0","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":40,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"258764e6-2d4f-44f3-a39c-96cafa928224","block_type":"box","text":"asset classes.","page_number":40,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"b704e156-54d8-4f5d-a4a7-70f933c44f86","block_type":"box","text":"Declining Yield Risk.","page_number":40,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"293867e6-a986-4974-a7d7-ae65afb9e06e","block_type":"box","text":"In the months leading up to the Fund’s","page_number":40,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"d6b24152-a4df-4586-8d04-3c3e329b3b9e","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":40,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"ff21cce7-f4e8-4c45-9fc8-61c911fce769","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":40,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"cef73017-cb79-468b-bcde-a6710b09f763","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":40,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"59304c81-f1e9-44f1-a209-bd6173b20f5f","block_type":"box","text":"yields for bonds in the market.","page_number":40,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"6d1d3991-08c2-46d5-baf0-fa6c67e5a489","block_type":"box","text":"Income Risk.","page_number":40,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"93721849-e43e-4318-8c1f-6093f6386cc2","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":40,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"061c45d2-37f4-401e-b3dd-77ff709c10d0","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":40,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"ce7dbe54-5828-4805-bfe9-1fea0f9fe01e","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":40,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"812bea02-b795-4b18-944c-00df1bdb7365","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":40,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"9840464b-d9cd-4395-b818-3cc01e7ebc48","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":40,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"1da85c68-1bf2-4fb8-ace1-79b50d4e18a9","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":40,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"27374190-d310-4ced-b414-5f3a9af05e0a","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":40,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"da878b5a-2c57-4199-956f-0a18acc1ba45","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":40,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"b38531d9-1cca-4aa5-86c4-3226c1032df0","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":40,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"35c12142-55e5-478f-8693-eb215c907a49","block_type":"box","text":"Issuer Risk","page_number":40,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"084a76c1-11bc-4268-ac9e-a0242b732f6d","block_type":"box","text":".","page_number":40,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"ac3ec721-96b1-4114-be87-5fce71ae1c5f","block_type":"box","text":"The performance of the Fund depends on the","page_number":40,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"88891b2a-482b-4dab-b50f-de6486987478","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":40,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"c8173d31-35b3-4bb0-8c0d-c2bfbe531fb3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":40,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"e67e214d-038d-46b9-9f75-b897d7bbcdaa","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":40,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"2a1e5eb1-7689-4ce5-b445-358d6f279759","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":40,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"e58c9c67-9894-4c1f-8f5e-f8474b150b0a","block_type":"box","text":"counterparty.","page_number":40,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"f0552ee6-fa98-414f-9c74-bb0c8be470ca","block_type":"box","text":"S-33","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"cfe6292e-928c-4859-b488-0dc3060e54df","block_type":"box","text":"Management Risk","page_number":41,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"44e74716-c8c4-4f50-a7f5-3200e77239b6","block_type":"box","text":".","page_number":41,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"60c15704-c143-406e-be01-c1e768ae4503","block_type":"box","text":"The Fund generally does not attempt to take","page_number":41,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"528bcc89-669c-4b25-a067-4fdbe73f7242","block_type":"box","text":"defensive positions under any market conditions, including","page_number":41,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"b9531d10-6f7c-4e7b-b1fc-fb75f3b25303","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":41,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"d1137540-893b-477f-9e42-839779bf11cc","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":41,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"8c251e30-ef30-42c7-b2d8-158079e8dc9d","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":41,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"208a577c-33cc-41c1-8f48-675bbbd303e3","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":41,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"ad26e992-2030-4235-96b8-e1625ce5e33f","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":41,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"926b2d65-fd0e-4124-8ef5-46c33bc0b597","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":41,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"e23c125d-0c80-4096-86d0-d51349f10bdf","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":41,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"843a563f-cf93-4aef-9b21-37a4bbf08b39","block_type":"box","text":"Market Trading Risk","page_number":41,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"1b5b941c-79ea-4c48-88ff-b75980493343","block_type":"box","text":".","page_number":41,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"c5b593f2-9053-4512-b755-6f0285f8b581","block_type":"box","text":"The Fund faces numerous market trading","page_number":41,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"7cb1025e-256c-4cf7-928b-6079588647f6","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":41,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"c6761b4f-4324-4613-af83-5ef471b19fd8","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":41,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"92a65afb-3407-4fe0-8f8d-6885c4f9f84f","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":41,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"a198e007-0d76-41b2-9673-a16e59bf2b87","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":41,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"8fdc14db-517c-42f4-a0cc-36f352651246","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":41,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"ec89d731-f2ac-44da-98bc-37012fa7c08b","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":41,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"50c9f8d3-de6b-4439-b807-50a41e46f198","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":41,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"e49b4a9c-8284-4f6a-9fa7-48e2494fdef0","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":41,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"1800ff33-bf98-40f7-a996-5381956b030d","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":41,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"bac3c48e-dfb7-4287-bbe0-66dae9ef2062","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":41,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"f8205af0-137a-45e6-bd11-f2a63f2dc83b","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":41,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"6b982748-c41d-4c32-82ce-865a9dd98eb6","block_type":"box","text":"Operational and Technology Risks","page_number":41,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"3845658c-c8be-4d31-ab41-2dbf6229bebc","block_type":"box","text":".","page_number":41,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"b675244b-9f13-4041-92d6-ce3b0eb6ba2c","block_type":"box","text":"The Fund is directly and","page_number":41,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"8a2c65b6-4c5e-48aa-89ff-d1691522f437","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":41,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"6753ff14-10b6-4f19-9889-cc2f35bdc798","block_type":"box","text":"including those related to human errors, processing errors,","page_number":41,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"e31dbe6e-174d-47a0-a0af-968d99a8e8c2","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":41,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"894b56c7-d81b-4c88-b26c-0df5b8fa5439","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":41,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"fedb8393-d882-4c58-bdb2-2df977c39183","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":41,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"cc864063-dc0e-4ea5-bd5b-39181b4c3421","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":41,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"2c3e29b4-5e13-4a1f-bf62-5d3ac776ab02","block_type":"box","text":"providers are required to have appropriate operational,","page_number":41,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"03a9ec03-e7ec-4151-b9ee-15211181af05","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":41,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"135c152f-c9bb-4c67-9ded-4e5e074b24c5","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":41,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"97ae2e77-38be-4ca6-a8f4-665e457e26f2","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":41,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"87cf7d1f-d04b-44a5-8a5e-77a96c263758","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":41,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"77985830-548d-48e7-9d37-9c9a94906b6e","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":41,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"332a61de-a0dc-4dbd-8298-10e1fb2f0c22","block_type":"box","text":"investments in such issuers to lose value.","page_number":41,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"168cc577-1e12-402c-a068-b6e563db17b0","block_type":"box","text":"Risk of Investing in the U.S","page_number":41,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"7925673e-f5e2-4a6e-92f5-fc27a5a01e08","block_type":"box","text":".","page_number":41,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"300f2381-9928-47b6-ace9-a9db7df9bb3d","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":41,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"259abf41-e20f-426a-86c2-88505497d17b","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":41,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"f40f6393-e422-480c-9c00-18482dc6f6b5","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":41,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"9996c9f0-b145-4cc8-9e77-d8e2196b8f92","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":41,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"01c58b40-f4f4-4f01-9b83-41f653a3d97d","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":41,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"1ccd6568-4e93-431e-a2fe-a07669601d62","block_type":"box","text":"Securities Lending Risk.","page_number":41,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"57b56306-5531-417a-9dbf-9d28fe0b7260","block_type":"box","text":"The Fund may engage in securities","page_number":41,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"2eb67a9e-a898-4399-9ac1-9b08f6dc3fb4","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":41,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"cb693a1c-09d8-4628-b6b6-d6d740235c97","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":41,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"51e194fd-df61-47c6-8f64-8d94be7cb788","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":41,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"fe045737-75ce-42d6-b626-0f0db2839fed","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":41,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"7afd689c-6faa-40fc-afbd-ccdc951a4745","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":41,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"559c3723-d878-4f90-a180-c37fc36b98d4","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":41,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"45a56824-a416-45a6-bc62-076b7f39f182","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":41,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"7ea38b73-8725-4010-bedd-1e2d049aa267","block_type":"box","text":"Tracking Error Risk","page_number":41,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"065edfd1-b703-40d1-b9fb-0a0da4e204a5","block_type":"box","text":".","page_number":41,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"221e16d5-9373-41d0-bacf-4f2011acd2f8","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":41,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"e7cf3fca-a355-4a21-92fe-2e6ce86cfadb","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":41,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"3d6ba7fa-26c1-4471-8e7e-a7cfad05d155","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":41,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"fe6f95f6-2afe-4ae6-80ec-4ce622b776da","block_type":"box","text":"factors, including differences between the securities and other","page_number":41,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"c0e6d977-f015-44b5-8f79-348998fa9fdf","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":41,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"bf16d19c-9a38-4553-9516-5a3b2da28b63","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":41,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"5a3cf76e-aa20-44a1-bae2-e12648fdbdae","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":41,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"d48435f2-1da0-40ec-8801-ca7ec33d833a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":41,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"19849f9d-faf4-4aab-b032-dc228bc89667","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":41,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"128d1a52-720e-4567-adf8-a2734d72af48","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":41,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"8a3d426a-08f1-4d0b-b523-ef309b246189","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":41,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"ba2b107e-11b6-4fec-b11e-aabda300c58d","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":41,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"c9822399-637d-43f8-ac4c-a0bec6c4693f","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":41,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"14d783fa-0149-46bf-85e3-459164aa2deb","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":41,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"f8a4a52f-baf7-4d18-84ef-b1ce0f6a103e","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":41,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"c950c7d0-4f70-4a39-a3bd-cbd6b3fc3121","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":41,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"7c64e92a-52b2-4925-ae6f-8b9f1bdb3ed1","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":41,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"138c1fee-9174-4c7a-9be8-8909b661fb8c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":41,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"ce5c6224-2c64-4334-9a6f-01af72b6937a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":41,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"1056f70e-97ee-46ad-8a40-e6b6e4c749f4","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":41,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"c1d052d6-c289-4bbc-9d7f-07ef5e5d7832","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":41,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"f9bf1094-2004-49bd-bcc0-b37d3c4bc18f","block_type":"box","text":"unusual market conditions.","page_number":41,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"d888ceaa-aff2-4e38-8b98-1992d4054edc","block_type":"box","text":"S-34","page_number":41,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e936b650-880a-4d36-b59b-60f7653e2b82","block_type":"box","text":"Performance Information","page_number":42,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8e199ff4-861c-48d5-aac3-3c8128fd65bf","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":42,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"1143852c-de03-4bf9-9200-f1f4696e3a1a","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":42,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"8d6fdf0c-21ac-4b3b-ad02-a1b6b307a71a","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":42,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"8adb4a91-11f8-4601-98a4-49a3a1027dd9","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":42,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"542eccc9-2b30-40f4-bb7c-2c82521a214f","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":42,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"99c45a1b-a4c0-4996-9b97-1a2ce256c485","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":42,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"4cb833e5-fdef-4f0a-ac5d-70d26f8ffd30","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":42,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"8d3b0663-0c6b-4408-91dd-910ecf83efca","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":42,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"a4ace8cd-f0d3-494c-9ba1-f8323e05f48e","block_type":"box","text":"20%","page_number":42,"box":{"x":333,"y":201,"width":20,"height":7}},{"id":"442386f4-f30d-4ebf-88ef-fb9766ca2cde","block_type":"box","text":"10%","page_number":42,"box":{"x":334,"y":221,"width":19,"height":7}},{"id":"e8b09439-4732-4d39-957b-32fa3df512c8","block_type":"box","text":"0%","page_number":42,"box":{"x":339,"y":240,"width":14,"height":7}},{"id":"8cfcc7a5-1735-4462-8121-7e3d01007e29","block_type":"box","text":"-10%","page_number":42,"box":{"x":328,"y":260,"width":25,"height":7}},{"id":"3a9531ab-3751-4999-aa91-b1e8a0e4a99b","block_type":"box","text":"-20%","page_number":42,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"b223721f-1f90-48b0-bd4c-f4d6567b5018","block_type":"box","text":"-30%","page_number":42,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"efb4f68a-d108-4c8c-80b8-5aa56242f921","block_type":"box","text":"2","page_number":42,"box":{"x":404,"y":321,"width":5,"height":7}},{"id":"fee22587-ce0e-4ad2-82fb-8b82ad4312c9","block_type":"box","text":"0","page_number":42,"box":{"x":411,"y":321,"width":6,"height":7}},{"id":"aaf4d974-8edf-4bf9-8601-58420159dbdf","block_type":"box","text":"22 2","page_number":42,"box":{"x":418,"y":321,"width":73,"height":7}},{"id":"ec935c4a-3351-4bf4-814c-d4bfff6b5fe8","block_type":"box","text":"0","page_number":42,"box":{"x":492,"y":321,"width":6,"height":7}},{"id":"f24d8f0a-a21a-4fc3-a410-75648b7b9d27","block_type":"box","text":"2","page_number":42,"box":{"x":500,"y":321,"width":5,"height":7}},{"id":"71b543dd-557e-4ad2-8f6d-4e82b7c94d1a","block_type":"box","text":"3","page_number":42,"box":{"x":507,"y":321,"width":5,"height":7}},{"id":"1c22fa78-c3aa-47b1-99da-66c80114f9bc","block_type":"box","text":"2","page_number":42,"box":{"x":567,"y":321,"width":5,"height":7}},{"id":"54b224ce-0781-4b7b-99e7-1fe3c8013101","block_type":"box","text":"0","page_number":42,"box":{"x":574,"y":321,"width":6,"height":7}},{"id":"18f2f71f-7f04-4f31-a27c-1e82fe5288cf","block_type":"box","text":"2","page_number":42,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"5784c061-d84b-4179-8e6b-cbe9e278fb22","block_type":"box","text":"4","page_number":42,"box":{"x":588,"y":321,"width":6,"height":7}},{"id":"ec46fd7f-10fe-456e-9156-cdb6092000df","block_type":"box","text":"2","page_number":42,"box":{"x":648,"y":321,"width":6,"height":7}},{"id":"140772ae-9fe3-4cd8-ada2-ffdc191b64d9","block_type":"box","text":"0","page_number":42,"box":{"x":655,"y":321,"width":6,"height":7}},{"id":"db655075-ba54-41f7-a135-b7a4d80b7dcb","block_type":"box","text":"2","page_number":42,"box":{"x":663,"y":321,"width":5,"height":7}},{"id":"1647728d-dff2-49e2-b728-c69aa7aa9708","block_type":"box","text":"5","page_number":42,"box":{"x":670,"y":321,"width":5,"height":7}},{"id":"b6f3600a-7fa1-49e0-9b79-8196bc721eec","block_type":"box","text":"-15.59%","page_number":42,"box":{"x":399,"y":278,"width":37,"height":6}},{"id":"623ea089-e444-41be-8369-a6062e067b5a","block_type":"box","text":"3.71%","page_number":42,"box":{"x":486,"y":225,"width":27,"height":6}},{"id":"96a6bb08-62a7-4d02-86e8-9ab9b578c2b9","block_type":"box","text":"0.23%","page_number":42,"box":{"x":567,"y":232,"width":27,"height":6}},{"id":"90be5d44-0019-42db-8d7a-b20e11abc293","block_type":"box","text":"7.96%","page_number":42,"box":{"x":648,"y":217,"width":28,"height":6}},{"id":"5fd93476-1170-4974-b0e2-d20a64f55fb6","block_type":"box","text":"Return (%) Period Ended","page_number":42,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"18194808-dbde-4e96-b31c-bc345706e863","block_type":"box","text":"During the periods shown in the chart:","page_number":42,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"f9be7b89-73e5-4f3c-a856-e8f46b9a072a","block_type":"box","text":"Best Quarter 6.19% December 31, 2023","page_number":42,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"a378fbee-7975-4c7d-a66b-813bfe3330e2","block_type":"box","text":"Worst Quarter -6.66% March 31, 2022","page_number":42,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"0920a50e-eb26-47a1-801f-24bacc97122d","block_type":"box","text":"Average Annual Total Returns","page_number":42,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"91bf6e19-5ed9-4942-b906-01ea50da3cb0","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":42,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"002330b5-b33c-4cb0-87cf-07f85e932b59","block_type":"box","text":"One Year","page_number":42,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"e8df24d9-690c-4649-8a5b-7825b2060e1f","block_type":"box","text":"Since Fund","page_number":42,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"e8e66f90-6816-4acd-a96c-45e38048fa3a","block_type":"box","text":"Inception","page_number":42,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"e0dcc3f3-18f3-4829-a5c9-4afc1c21f70b","block_type":"box","text":"(Inception Date: 7/13/2021)","page_number":42,"box":{"x":123,"y":482,"width":174,"height":9}},{"id":"3777f9df-4ece-4d62-936e-32687f032c1e","block_type":"box","text":"Return Before Taxes","page_number":42,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"737da39c-7552-4e22-9c18-8832ba063cf7","block_type":"box","text":"7.96% -1.21%","page_number":42,"box":{"x":802,"y":493,"width":116,"height":8}},{"id":"39be23db-4b0e-43f9-bb03-6de1de9bf77a","block_type":"box","text":"Return After Taxes on Distributions","page_number":42,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"89ba4c85-402b-40a9-8730-9e706d682247","block_type":"box","text":"6.24% -2.46%","page_number":42,"box":{"x":800,"y":505,"width":118,"height":7}},{"id":"99d72c22-7ee3-434b-8286-e92e10b2c1d5","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.69% -1.45%","page_number":42,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"b0ef6646-fddf-4409-9c76-00307fd9fc99","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":42,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"0698de6b-286b-460b-b891-e852d6731c72","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.13%","page_number":42,"box":{"x":328,"y":528,"width":590,"height":10}},{"id":"5ec15558-3c29-4616-b545-57093b3b26ec","block_type":"box","text":"ICE 2031 Maturity US Treasury Index (Spliced)","page_number":42,"box":{"x":124,"y":540,"width":285,"height":9}},{"id":"32c0372e-a573-42e0-89e8-0dbd11588d39","block_type":"box","text":"1","page_number":42,"box":{"x":412,"y":538,"width":2,"height":5}},{"id":"682a2979-dd03-4b70-a9e7-03b9fd3cfaf1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":42,"box":{"x":417,"y":540,"width":319,"height":9}},{"id":"b6c44d4a-30e1-463e-b9e5-beb2c54e6939","block_type":"box","text":"taxes)","page_number":42,"box":{"x":136,"y":553,"width":34,"height":9}},{"id":"40c65745-95cf-4970-8f48-9612e3d25360","block_type":"box","text":"8.03% -1.15%","page_number":42,"box":{"x":800,"y":553,"width":118,"height":7}},{"id":"1abc703a-623c-412b-9322-f0e644c4cb5d","block_type":"box","text":"1","page_number":42,"box":{"x":94,"y":586,"width":2,"height":5}},{"id":"de8fced3-dbc4-468a-b103-3681c84bab7d","block_type":"box","text":"The ICE 2031 Maturity US Treasury Index (Spliced) reflects the performance of the 4 PM pricing variant of the ICE 2031 Maturity US Treasury Index","page_number":42,"box":{"x":102,"y":587,"width":836,"height":10}},{"id":"272a39d8-4518-4932-b020-d95af8257ace","block_type":"box","text":"through November 30, 2023 and the standard pricing variant of the ICE 2031 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter","page_number":42,"box":{"x":93,"y":600,"width":877,"height":10}},{"id":"0f6f3dcb-91bf-4066-9fb2-f9bc92e1dc61","block_type":"box","text":".","page_number":42,"box":{"x":971,"y":607,"width":2,"height":1}},{"id":"5163ad83-afbe-4b1b-af55-783a2801164f","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":42,"box":{"x":82,"y":623,"width":882,"height":10}},{"id":"12616809-55d6-4b08-a799-b20839a6b420","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":42,"box":{"x":83,"y":637,"width":871,"height":11}},{"id":"5b8228fa-6e30-4545-baf8-13949ad1d8fa","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":42,"box":{"x":83,"y":651,"width":860,"height":11}},{"id":"ea0eb7fb-dc94-4acf-927e-878028ca75ac","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":42,"box":{"x":83,"y":665,"width":855,"height":11}},{"id":"b17be7ac-6af7-4835-b193-f4dc94588dcc","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":42,"box":{"x":83,"y":679,"width":883,"height":11}},{"id":"4d9f1c40-9e8c-4672-90a1-8e65f95a7e8a","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":42,"box":{"x":82,"y":693,"width":861,"height":11}},{"id":"ac032863-6d22-4f85-a4c7-b95b12aa9256","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":42,"box":{"x":83,"y":708,"width":359,"height":10}},{"id":"4f70b6c1-f36a-4387-ac19-45d659316bc3","block_type":"box","text":"S-35","page_number":42,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"60d25910-db88-415b-9dce-558f5303b5ff","block_type":"box","text":"Management","page_number":43,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"171eb5e8-dcd1-4307-b4f4-92a25a6539f1","block_type":"box","text":"Investment Adviser.","page_number":43,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"c3acd84c-ebff-4bab-bed9-16340775efd7","block_type":"box","text":"BlackRock Fund Advisors.","page_number":43,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"0f34e237-e461-4466-92cd-c99b5df126dd","block_type":"box","text":"Portfolio Managers.","page_number":43,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"bd6de01a-f552-4202-92a1-63f2a3296a71","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":43,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"76518a11-0d31-4129-847e-2797c47255a5","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":43,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"eec901bf-2631-45a0-91e3-d081eb221d9f","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":43,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"ef12a836-feeb-494a-be75-1f9006885c7f","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":43,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"19756876-67cb-4c33-9b7a-78b3b27c3931","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":43,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"d856b468-bc95-4f8f-8b32-212e2003d090","block_type":"box","text":"2025, 2021 and 2025, respectively.","page_number":43,"box":{"x":83,"y":142,"width":227,"height":11}},{"id":"d8d14ed0-4e7e-4b95-9bb6-a510120bce9e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":43,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"a6310a7b-9978-4295-b152-b3846a70a985","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":43,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"79ee8929-68f6-4243-9c82-46420327df80","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":43,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"26973914-9e26-4bbd-af78-16a7e0839659","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":43,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"501429c7-b88a-40d2-a9fb-494723d12b50","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":43,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"8ad0586b-4e23-448c-803a-f819ceca5b95","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":43,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"2ec0c24a-a8d9-4326-8619-59290e60233e","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":43,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"61d41354-40c5-423e-8d7f-10b3ecc0cf9a","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":43,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"130f5492-8c50-43a0-af02-ae0543d7ecd1","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":43,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"06b7983e-e1b9-4bb4-84a2-074055f790f5","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":43,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"f1c630e0-52b2-4dc9-8cb1-a6e76fbbefb6","block_type":"box","text":"Tax Information","page_number":43,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"61fc3e0f-b0d1-43e6-a33c-ea71f5e3ad79","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":43,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"327957d8-066d-4de2-8c09-b9e3b17f7f44","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":43,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"a760d4d7-2fc4-41cd-af56-1f0f72e7cd72","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":43,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"c98df9f7-42e4-420d-b8dd-cb23fc3ff2c1","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":43,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"2986863c-99d0-4b4c-ad76-887f5af1d31e","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":43,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"34562706-a9c8-4bbe-9032-918492f7bc57","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":43,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"26ab7e17-9aa7-4214-839f-cc6a6764e326","block_type":"box","text":"obligations.","page_number":43,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"59884cc6-8edb-4cef-a867-60faacbdc5c5","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":43,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"d3a90e1c-aa0a-4bde-9f3a-3e96721461e0","block_type":"box","text":"Intermediaries","page_number":43,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"d33f16bf-80ae-4746-96b4-eddfc314b11a","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":43,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"c5e45298-68aa-466e-86d3-1b2070abdd33","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":43,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"c4547cc0-17b6-4359-af66-0d2a01a7ed54","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":43,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"442b0d66-10ee-40ae-896c-968394bf3858","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":43,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"6c72b36b-30a9-40c2-8cf0-b232bc4257e3","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":43,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"8403ffea-395b-4126-a971-9f562f1ed5c2","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":43,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"311696ca-4058-4419-9a49-13efbe7995b5","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":43,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"80618510-1946-4f0e-b853-a40350922af5","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":43,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"12752d11-bac6-4248-803a-20b93a408f74","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":43,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"c529df22-1602-476a-afb9-4f5de35499d0","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":43,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"0282b812-ad4d-43d2-8800-b1b33fc51141","block_type":"box","text":"information.","page_number":43,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"aa4ae9dc-26a3-4cfd-8ad0-dc948013ffde","block_type":"box","text":"S-36","page_number":43,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"30675a88-eaf2-475f-b2b1-4de0857f509a","block_type":"box","text":"iSHARES","page_number":44,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"9b4c9f88-6efa-4058-af57-d258bf701615","block_type":"box","text":"®","page_number":44,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"1cd7c011-bf8b-41e8-a250-b2f4abd8541c","block_type":"box","text":"iBONDS","page_number":44,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"0ead70f6-25d5-4531-aefc-9724487abbb9","block_type":"box","text":"®","page_number":44,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"82f1664b-f52e-47ff-85e7-d59db21f4844","block_type":"box","text":"DEC 2032 TERM TREASURY ETF","page_number":44,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"cf6bf4d5-65b4-4402-834d-901e65145697","block_type":"box","text":"Ticker: IBTM Stock Exchange: Nasdaq","page_number":44,"box":{"x":290,"y":53,"width":471,"height":12}},{"id":"10f91d02-19c3-4e5c-894f-26fd866e0860","block_type":"box","text":"Investment Objective","page_number":44,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"b90c8434-a5b8-44e0-a22f-f000136315be","block_type":"box","text":"The iShares iBonds Dec 2032 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":44,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"505bfa48-fdb9-45dd-80a9-88899bab67bb","block_type":"box","text":"bonds maturing in 2032.","page_number":44,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"b75504f7-2247-4ab2-a64a-345a755f03d0","block_type":"box","text":"Fees and Expenses","page_number":44,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"d6ce4e0b-0e89-4bb0-8040-3c7d6c73328a","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":44,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"216b0844-e276-4cd3-8086-1c5fccef6ea3","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":44,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"0fb59356-6311-453d-a23a-e1d7bca9b055","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":44,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"0bf9b1c1-202c-4e36-9576-4139c1d5d861","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":44,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"ce42462c-c0af-4067-bd8b-167785af2f33","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":44,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"4ed118ae-0761-4b63-87bc-e37eaff01529","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":44,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"a0769cc0-adac-4af2-b5d8-543bd815511e","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":44,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"e832db7a-1ec5-4fad-8a70-552920f99efa","block_type":"box","text":"pro rata","page_number":44,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"e3fd8fa5-1ba4-413b-9eb8-045d49e23762","block_type":"box","text":"share of the fees","page_number":44,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"b144e36b-9ebf-4b01-8c98-f81f34fdc03e","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":44,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"0be428f6-783a-4686-bc83-c1936c894a97","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":44,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"a3e15133-10d4-4280-b307-1ff34df66e3c","block_type":"box","text":"shown in the","page_number":44,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"0aa00e60-96f4-4f5a-bf88-e43f9e039df2","block_type":"box","text":"Financial Highlights","page_number":44,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"0ddfbcc0-c8ba-4620-bf5f-d69283412af0","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":44,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"2b882260-24d4-4f6c-877a-39d3c6739efc","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":44,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"7aad143f-d403-466e-9c3c-02f5b02af2f7","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":44,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"a1c3dc4c-7219-4840-bfe9-2e2f64f9426c","block_type":"box","text":"December 15, 2032. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":44,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"24bd3770-b1d8-47f4-ba92-a2bc975fec45","block_type":"box","text":"Trust and BFA.","page_number":44,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"eaec1dc9-af97-48df-a824-8379fc419fed","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":44,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"dda9bc80-981d-4ce1-aadf-dfdc15472f2c","block_type":"box","text":"the tables and examples below.","page_number":44,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"1faacd93-c9c6-4f00-9823-5856c7d9f769","block_type":"box","text":"Annual Fund Operating Expenses","page_number":44,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"c86f0d34-2720-4632-9113-e1eee7bfc964","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":44,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"52e6a974-8db4-46f6-b228-fb2b8a88c7ef","block_type":"box","text":"percentage of the value of your investments)","page_number":44,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"01bcdfb9-29e2-4a6e-9948-a60eb5775287","block_type":"box","text":"1","page_number":44,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"02ed4491-2d63-40ad-8f22-e1ed2190ad82","block_type":"box","text":"Management","page_number":44,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"05be3db3-33e0-4b75-a2f8-52ba3a7f3f9c","block_type":"box","text":"Fees","page_number":44,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"be6c0d93-dbb4-47d4-8592-42df88d1b8e2","block_type":"box","text":"Distribution","page_number":44,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"f9e09763-6a64-4ea4-a79a-b1194df5f18d","block_type":"box","text":"and Service","page_number":44,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"4eb48739-2592-4b87-9bc1-a1d7187ef370","block_type":"box","text":"(12b-1) Fees","page_number":44,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"de9faebe-24de-4a78-8c62-f292bffdea9a","block_type":"box","text":"Other","page_number":44,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"73902f64-fefc-47d2-90e4-761d6b8e4b1c","block_type":"box","text":"Expenses","page_number":44,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"2de007c8-1f39-4006-ae01-9c16a7a6ae85","block_type":"box","text":"Acquired Fund","page_number":44,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"1af8f529-484b-485e-9595-1198dd42e56c","block_type":"box","text":"Fees and","page_number":44,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"b0d3f8f1-1997-47c8-93c8-46d98425a3c7","block_type":"box","text":"Expenses","page_number":44,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"3de7e840-cf7a-4af5-8ecf-e373096e4a80","block_type":"box","text":"Total Annual","page_number":44,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"3aad1226-a283-46f5-9411-62887d6f013e","block_type":"box","text":"Fund","page_number":44,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"9031d4ce-1f8e-43b0-8731-9f5d8856e678","block_type":"box","text":"Operating","page_number":44,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"bb725094-bab2-469e-9ae3-1fb049ab313c","block_type":"box","text":"Expenses","page_number":44,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"a926668f-7609-4868-b7f3-ae98606991f4","block_type":"box","text":"Fee Waiver","page_number":44,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"97887acf-ab04-48d7-8736-31127962e8d3","block_type":"box","text":"and/or","page_number":44,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"4a8ea778-59cc-452a-a342-ed86a87465f7","block_type":"box","text":"Expense","page_number":44,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"fc288f1b-3dc3-4eac-9ac0-72b8779fb023","block_type":"box","text":"Reimbursement","page_number":44,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"79eb968b-fa03-40da-bd06-14d61cf6abb1","block_type":"box","text":"Total Annual","page_number":44,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"0d3366af-a5fd-42a8-84ec-105445406d3b","block_type":"box","text":"Fund","page_number":44,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"36bea12e-a94f-4fbb-8065-1028462207a8","block_type":"box","text":"Operating","page_number":44,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"ec276a42-2469-4fe0-ac0e-bb0915330422","block_type":"box","text":"Expenses After","page_number":44,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"59ba7ff3-953c-4602-abc7-225d60b33cb3","block_type":"box","text":"Fee Waiver","page_number":44,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"8e6b2b6f-dffc-4920-a89a-47ce493937d6","block_type":"box","text":"and/or","page_number":44,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"64c49f66-be0d-4a55-9e05-adb52e88c166","block_type":"box","text":"Expense","page_number":44,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"d64d9c2a-fdc7-4e33-b722-702442a9d867","block_type":"box","text":"Reimbursement","page_number":44,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"e4dc2e28-8beb-43a1-a9a7-f4c6da006523","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":44,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"ddfc6bb1-001e-4af4-9b5d-94e7c96074a3","block_type":"box","text":"1","page_number":44,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"5f04f1ac-9b93-4fc8-b872-7df01d41a505","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":44,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"f4aa3a1a-8ba5-4af7-9455-073f9459222c","block_type":"box","text":"Example.","page_number":44,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"ce125f38-3e5c-4a74-a430-a884576eb645","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":44,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"826c2085-11e2-4f86-82df-744313a794ec","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":44,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"b36d766e-3bcc-4152-adcd-6a8c9cd916e7","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2032 because the Fund is scheduled to","page_number":44,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"27d865cb-87d5-466a-aadc-81b0c56c657b","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":44,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"10032ab4-d8e2-4648-99ec-d73b644c4b12","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":44,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"b4441e82-ffb8-4225-a181-ae63e1a7b50a","block_type":"box","text":"be:","page_number":44,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"9bf8640e-7d97-4868-9b89-e345c4e33d61","block_type":"box","text":"1 Year 3 Years 5 Years Maturity","page_number":44,"box":{"x":195,"y":695,"width":668,"height":10}},{"id":"76accc89-ba6b-4b19-93ff-812591832650","block_type":"box","text":"$7 $23 $40 $56","page_number":44,"box":{"x":206,"y":715,"width":641,"height":9}},{"id":"eb14d4d1-f468-4d3b-a686-190cd8200d94","block_type":"box","text":"S-37","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"369bbdae-905f-418e-806c-3e0fedcb3605","block_type":"box","text":"Portfolio Turnover.","page_number":45,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"d9a432a6-2902-4315-a431-42af9e7abfac","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":45,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"5c4f5fb1-869b-440e-a0dd-b3297adacee1","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":45,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"b9ad5e9e-7782-4fab-ad71-291ac8f0b48b","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":45,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"e4970bf9-79d4-47e7-8585-255ce359ee64","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":45,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"0d4a4641-60f9-434a-9642-518abf9fa234","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":45,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"43fc33dc-1bcc-4957-a12f-60051d63d767","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":45,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"8b9ac7d0-d8f4-49f0-9c65-099dbedc0346","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":45,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"6c5fe1fb-1315-43cd-b6f9-331e446ddb85","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 70% of the","page_number":45,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"60109774-9f06-49a4-9b2c-d1a102fd4487","block_type":"box","text":"average value of its portfolio.","page_number":45,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"e0707992-5a0c-4627-8639-0a3d24f431b1","block_type":"box","text":"Principal Investment Strategies","page_number":45,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"e5e6b76e-c966-4243-b1d7-308fe215e5db","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":45,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"8ccdd56f-3393-44bb-b907-061f59df515c","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":45,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"d14fe99f-3a90-4c74-9c00-d36df934a240","block_type":"box","text":"ICE 2032 Maturity US Treasury Index (the “Underlying Index”).","page_number":45,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"941c5bc2-00ce-4175-9df2-03c940703185","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":45,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"88c9f770-e062-4b07-91ed-ea3dfcb8207d","block_type":"box","text":"securities that are scheduled to mature between January 1, 2032","page_number":45,"box":{"x":83,"y":247,"width":414,"height":11}},{"id":"9711938c-a7ae-4b11-89f9-2393d1c6ef09","block_type":"box","text":"and December 15, 2032, inclusive. The Fund may also invest in","page_number":45,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"67573698-5382-45e2-931f-45ced4301f50","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":45,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"a1f14732-da90-419c-8af5-1b4b8b2a9526","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":45,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"8bde1828-38b8-4e71-83d5-6586742f9376","block_type":"box","text":"term fund that will terminate on or about December 15, 2032, at","page_number":45,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"c8699d42-83c8-425f-9c7a-2d75774ca5f7","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":45,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"86e27cee-3c55-4ba4-aee1-46fa52345448","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":45,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"bef02ae0-45cd-4644-9827-eb52f062d0be","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":45,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"894b05ed-641c-4edb-be77-43e45dc74bc3","block_type":"box","text":"periodic distributions.","page_number":45,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"ccf155f1-c158-4fa5-b051-ffce5ddd99a8","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":45,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"f7445c09-dfab-49d4-ae28-bc7fd6f09fa7","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":45,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"4ae19fb5-1c0c-4d34-ae94-483f8f1806fc","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":45,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"1c539e1f-5939-499c-bf8b-38eb23f5db0e","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":45,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"d81bebbe-ace1-41b0-acc4-04202db36d95","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":45,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"fd768d19-f99b-4e73-8af3-1cc5444b433b","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":45,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"67d72fd6-347d-4ab0-a440-e15dba74d401","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":45,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"6dc15ee3-2929-4096-83f0-d692aac1d8b5","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":45,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"a5fb5dde-e174-4eeb-93d9-6daf0df60041","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":45,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"f152eb52-e6f6-4409-aded-05b8e032e769","block_type":"box","text":"reduced by any individual components of such securities (","page_number":45,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"772dbe44-910b-4093-b965-0cc271533637","block_type":"box","text":"i.e.","page_number":45,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"013ac1b3-04b3-48c9-8cc8-a88ea1a837a1","block_type":"box","text":",","page_number":45,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"8ea441ad-3b8a-4393-84f7-5386faaaabbb","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":45,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"9b0c9cf8-9e0b-4f1f-942a-73dab00f3e97","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":45,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"61bb819e-f29c-42d2-8e37-5f42f48c83f4","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":45,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"caa63924-b43b-4959-8c07-a7be440733e3","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":45,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"b721be37-ad56-4637-b0cc-23c4f9799c16","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":45,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"f05a17c9-48ba-4cbb-a843-fe4d3ee56e52","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":45,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"2041373e-f569-45a7-b391-a551e19658df","block_type":"box","text":"calculated assuming next-day settlement.","page_number":45,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"7e315fc7-7f03-4885-b600-4f9f99eba617","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":45,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"5e343c06-42b3-4d3a-8435-c4c5e642296d","block_type":"box","text":"month, based on information available up to and including the","page_number":45,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"76e31e07-7e57-450b-b42b-2b4173cac857","block_type":"box","text":"third business day before the last business day of the month. New","page_number":45,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"ba0d4419-59ec-4cbf-b6c3-9844f9a8d485","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":45,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"2b874c45-a4e2-4ae0-83fc-1897d8f04d10","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":45,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"4c89b15e-6a1e-4bfc-99d1-dfdba5e608b4","block_type":"box","text":"month (","page_number":45,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"3e42009f-df7e-4c50-b5b5-06772016cf2f","block_type":"box","text":"e.g.","page_number":45,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"51e07cb7-5875-40ad-ac69-d8968581481b","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":45,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"01fe8810-6fc2-4d59-9341-2e4213eee78c","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":45,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"35b6e053-981e-42cc-8b2e-e0437419f828","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":45,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"0fa63ae5-52a6-4d73-8b9e-87758c02873a","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":45,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"19ec0497-5425-490a-8e68-ef57789acf77","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":45,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"8cecf326-f98c-47af-9db9-2656c94cf7c6","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":45,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"bc3a1e38-48ae-49db-826d-9501bf7aca3e","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":45,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"7ef3851b-18a5-4d37-bcac-4b3c28646922","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":45,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"51e5820f-0bf9-4341-b4bc-d1b853f8d92b","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":45,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"950f1372-0154-4f9d-a042-a29733f9056c","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":45,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"a908726a-121c-4ba8-b3e3-c90ce4cfe41d","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":45,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"13b916a2-de9a-4da5-afd3-d9c631fbb960","block_type":"box","text":"while it is held in the Underlying Index.","page_number":45,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"27e82d38-688a-4a15-9272-0ffacb387179","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":45,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"986ef053-104f-44f5-a70d-1a756e88261a","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":45,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"8af88ddd-2944-44ec-9273-45b779737fc0","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":45,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"268ef2c8-6ed5-4f3f-9ce8-5350bd10f75b","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":45,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"5cff30ae-7dc0-4ee3-8c82-8022c4617358","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":45,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"d27b2d80-1e48-4358-aaa0-704c79078869","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":45,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"f26d72a6-b97b-4b7f-8cb8-63c6c4dabfd7","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":45,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"6655b4f1-64c5-4348-af3c-4625050d81a6","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":45,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"07459396-26d3-44de-89fd-40341dfd3501","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":45,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"4325fd68-2dc0-49ec-affd-ac2de031f2f8","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":45,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"0a01539e-6645-4f65-b2e2-5f311e80272d","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":45,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"2bd640d8-7215-4b29-abff-53e1c8957694","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":45,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"a8969c5f-7f36-4c00-a6b8-450e1ff46481","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":45,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"fc7aa31b-1693-428e-bd57-3ef362bdd582","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":45,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"a1e306df-5e96-451b-af9e-97f672b3dbd7","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":45,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"db52eb1c-e3ae-4487-835d-193aa94d726d","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":45,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"1fbef7a0-2848-41a9-ae37-3842f1850103","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":45,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"285a043f-1ff8-419d-ba6a-49eba2cbd5c9","block_type":"box","text":"fees and expenses of such funds.","page_number":45,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"187ddc2a-39a1-4789-847b-a3e5fa67f4e3","block_type":"box","text":"By December 15, 2032, the Fund is expected to consist almost","page_number":45,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"f7b7940c-ea33-472a-9385-a3ae55768d2c","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":45,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"3d9a7eba-e575-4041-b3f7-aabe320c69f1","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":45,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"78f82437-1fbc-40c3-8280-88357768aeaf","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":45,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"e81aeefe-c16f-4718-9657-c92943143e0c","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":45,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"35b0c852-ae16-44e5-9a53-39348394a6bd","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":45,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"0f362cb5-3fb9-4cee-94bc-8af0b08e86a7","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":45,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"07ca4fdc-8f53-46b8-9740-fa1e9d0d58df","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":45,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"43648c9d-2350-4409-bab5-73f873a68963","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":45,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"33a30656-e151-46c2-a454-2b73be5ab817","block_type":"box","text":"interest of the Fund.","page_number":45,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"046f59e7-6f65-46ea-9a64-ff89a5a753d2","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":45,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"5800e762-738f-4133-8546-82a35e584417","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":45,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"85dc1181-963e-44fe-be3e-4f6342e19834","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":45,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"0028794e-c2b1-4e02-bfd7-23f94ffd11d8","block_type":"box","text":"markets decline or appear overvalued.","page_number":45,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"6125e96d-d0b4-4bc2-b5d5-401b8ae635ec","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":45,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"371033ca-150f-4235-9659-86ec4cb5fc67","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":45,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"3dc7ec76-7efd-42bf-851c-05fb2bfe4e42","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":45,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"4a5a9481-4f47-4483-bfb7-d9188db6d972","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":45,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"a51e2abc-c65d-42bb-8a6a-52ba4a826c71","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":45,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"077d5e22-c58d-44e1-93c6-171bbcc52e75","block_type":"box","text":"comparison to actively managed investment companies.","page_number":45,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"b49edb11-4bf3-43d8-9102-7eadd2c21511","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":45,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"da906096-1321-4d27-9aa0-f448598bf8b5","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":45,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"f12b6c29-6044-4ee9-881e-dc6de5918f4f","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":45,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"0ff6146a-abd5-48e9-9a85-47b15c414cdc","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":45,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"ce1c344e-f8c1-4a94-bd45-31b9ff7d28f6","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":45,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"ed88422e-84ad-469b-b02e-a8792a963c3d","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":45,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"7d309fbc-c86c-432d-b5f5-20eeab60221d","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":45,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"4da24ce7-6296-42aa-be5b-1c4ca301291a","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":45,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"dec8e6ad-3d45-43aa-8985-619c2232d4be","block_type":"box","text":"(","page_number":45,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"e93bb826-6d10-4e60-80e9-2c13e410929a","block_type":"box","text":"i.e.","page_number":45,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"fec4b617-8d18-4898-a1b8-7e7d23189330","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":45,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"6e8c82f4-007b-49dd-a1b4-7f666d5ee2b4","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":45,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"1025c6c7-591e-4f25-8643-645269fcc36b","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":45,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"0cdbae4f-fc45-407a-8f56-702fb2257a3a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":45,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"1cfcdb03-9beb-4628-b2e7-a51dda1a98a3","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":45,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"6a669b3b-7ab4-421e-8dfb-ab67468855a5","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":45,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"e0ecdad3-0e08-4392-a685-59adc04b0a7d","block_type":"box","text":"collateral received).","page_number":45,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"eb9c473b-f429-4950-a37e-8f90aa648f8d","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":45,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"9d572f02-d370-4238-8e02-bef3c6ae9dbc","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":45,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"dbdb1405-1660-4766-b8aa-4ab5107b9923","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":45,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"a4fdbb50-6ef1-41d7-a0b6-3c966a40cc7e","block_type":"box","text":"determines the composition and relative weightings of the","page_number":45,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"ff8bc078-34d2-4d76-9dd7-c48ca9f5aad1","block_type":"box","text":"S-38","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"659546d5-f3ce-40d2-8972-8b8cea176a11","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":46,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"4283167e-256a-4356-9ac2-4693f00cca99","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":46,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"9846f3ac-d468-4652-8d56-0957d58a4d88","block_type":"box","text":"Summary of Principal Risks","page_number":46,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"6bd73fad-e02d-4b79-81ee-418553888b97","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":46,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"d7a05a78-773f-4f0c-b628-d2f813bc21c0","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":46,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"a205d552-3470-4c11-a1cd-f3713800516b","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":46,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"9b1d0da8-1ae9-4a9e-adff-136a8a027bdf","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":46,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"e3f3d910-8f18-4485-bbc6-02f91513cfd6","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":46,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"68f3e427-8684-4d7e-8d60-1987991de951","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":46,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"74852034-40f2-4c8b-a5a3-6f2590683d86","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":46,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"6b92c748-2abe-4a54-9be9-476ae8afa89c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":46,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"7f38d6e4-4d75-4cec-a338-81a4063c5180","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":46,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"48a9c60a-d3d3-4590-b395-792f8f65c5c0","block_type":"box","text":"review each risk factor carefully.","page_number":46,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"6004c679-f225-4766-a338-9940e257fae4","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":46,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"175ffe3f-98ee-4321-8b3c-dcda4b8a8dd6","block_type":"box","text":"U.S. Treasury obligations may","page_number":46,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"35d409f6-c024-4b6f-8f48-ebc19a3fe823","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":46,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"9268b533-8d8e-47b6-9180-6e7988b69ba9","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":46,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"6a123b9e-db9d-42b2-bc54-ba9dadd1d9e7","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":46,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"677ef652-64bb-4eae-9b16-3a0c5995c3a4","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":46,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"f93d5e76-0184-4c16-8657-fab52a79dda8","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":46,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"48c9a95e-ea27-407c-8060-07df27403755","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":46,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"bb3161a6-8ae5-4be2-b630-7a047a2af1a3","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":46,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"6703c971-3640-4eea-b801-e91c5e1400dc","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":46,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"7370d0b4-f748-48ae-938f-4e7cce8114ad","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":46,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"3e7b2514-4a6b-43a0-9c58-ea8a97af4887","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":46,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"ccb0223e-a332-42ee-b01f-341ea9f613ed","block_type":"box","text":"timely payment of interest or principal.","page_number":46,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"30a10300-1289-4bc3-8823-9cc4d5977bc0","block_type":"box","text":"Interest Rate Risk","page_number":46,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"c9c70087-998f-4082-9f2b-1b5ec9d25070","block_type":"box","text":".","page_number":46,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"e389f923-5975-4f38-ac7f-06525dd06f9f","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":46,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"f7ae78a4-de8c-4cc2-9c28-82865bfa4955","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":46,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"0f6e2044-82f8-401f-8d6c-feb2281bbf0c","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":46,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"d57d5f26-c5a2-4127-b971-b716e9658331","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":46,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"d1d531c8-0203-4f24-9eb1-7451f6cbe61f","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":46,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"46fedceb-8368-4d76-b00f-23c335b05d2b","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":46,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"963cccc1-5575-4ec2-8b41-4f15f4599eb1","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":46,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"daeac332-8bc3-4359-84a7-9abf08bb8548","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":46,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"8b4968dc-ea10-43d9-9fa7-ee4ebc7da1bf","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":46,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"b3381948-a6d2-43b3-8890-637861f2077e","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":46,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"23f6aeb6-1614-4b85-8b3a-d3db7bd3eb1c","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":46,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"e838ba5e-6df1-41f5-a382-857dd92cde13","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":46,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"c73894ad-cc0c-4764-a3a9-3f6517b6c078","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":46,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"8e9e0223-ff8c-495b-9083-54cb91781017","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":46,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"6cf4251e-54f4-426b-9030-b2ed9835bcbe","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":46,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"3db5d50e-b7c4-4bbe-9ef8-8ef924cfa37f","block_type":"box","text":"dividends to shareholders.","page_number":46,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"c15dd807-f49c-4970-9d50-c337efaa0793","block_type":"box","text":"Market Risk","page_number":46,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"278af5b1-85ce-43b4-a1fc-82134d6c8143","block_type":"box","text":".","page_number":46,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"f887d718-c4d2-4451-89aa-72bc6f1989b7","block_type":"box","text":"The Fund could lose money over short periods due","page_number":46,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"3b98f60b-b665-4390-b344-d1e2adf40d9e","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":46,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"ef759771-82e3-41af-9de8-17b2933b2c60","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":46,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"45905dd6-2602-45a7-988d-825ef380245b","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":46,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"f141b099-a188-4c3f-ada1-280d9dbaa462","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":46,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"b2c3a409-6a8f-4ac4-ad74-02cefd7c478d","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":46,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"2f636506-ad69-4d4b-acfc-650ad9cacd30","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":46,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"7941a120-1630-42da-8f20-818492275160","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":46,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"b279d3ec-974f-44b0-8c7b-8b2ba90bbc67","block_type":"box","text":"NAV.","page_number":46,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"4889ccd9-c58f-4218-b45d-2fd8a38f4378","block_type":"box","text":"Index-Related Risk.","page_number":46,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"b26e196f-4251-4383-beb1-d1d174286cf9","block_type":"box","text":"The Index Provider may rely on various","page_number":46,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"09ce9121-248d-415c-af19-6079c8dfd73c","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":46,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"4adc674e-2015-4b44-9038-0b841728e2bc","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":46,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"a67f6887-2f57-4b46-b015-a0343c2f7b75","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":46,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"877763aa-6643-4c18-b43d-80e893a86741","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":46,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"0b017993-4e26-4642-a412-02960c390fac","block_type":"box","text":"information will provide an accurate assessment of included","page_number":46,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"f7ee5545-e971-47fb-8ea1-15c9b01ff7ae","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":46,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"b92ce20f-2e0d-4f02-8cb6-707009633792","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":46,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"20f84f93-c9da-4d9f-8594-429512b49dd0","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":46,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"6b776757-b4b0-4c5e-a75e-849dc8c2a13d","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":46,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"603304bf-b569-47d6-97a9-29dc61cda830","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":46,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"38bce02d-85a4-4ed9-a182-0666878f3b8e","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":46,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"78c8f7d6-599b-4ddf-9343-669718b333d3","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":46,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"ff278d0d-9663-48a9-bad7-928f19c39666","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":46,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"ee9ca65b-65ba-4aad-b420-2ea226895239","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":46,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"2b7cd36d-1796-4820-8ce6-2c37bce396c4","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":46,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"5ecd1537-555a-4b24-8838-2f8a78ba668a","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":46,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"2b6fc1bf-1014-4060-b18f-0d654d033869","block_type":"box","text":"Asset Class Risk.","page_number":46,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"0d3e6384-dac1-4fef-abd7-3d2ae585d404","block_type":"box","text":"The securities and other assets in the","page_number":46,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"1ef08353-d939-465e-b5fa-14a5df7d543f","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":46,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"c1406b4c-82b5-492e-b34b-034d8cfafec3","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":46,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"df9636c8-48f8-4ffd-91db-cf61c808b0e2","block_type":"box","text":"market, another index, or other asset classes.","page_number":46,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"b3b16d82-d61b-4161-9420-de045c25bbed","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":46,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"34f9eecf-35fd-4bc7-aa89-0f226fa3e603","block_type":"box","text":"An “Authorized","page_number":46,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"0b5a1535-c0ea-4df0-b4f6-bf70d0825e98","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":46,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"d4a3bbfa-3075-4b7b-a79c-e36f0ac3e829","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":46,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"b68e81c3-a114-4110-a344-d1167195fa00","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":46,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"f2e935f2-b4b0-4658-9f8f-bf918bf8875e","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":46,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"b668811f-11e2-4d04-959c-30d10e0666da","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":46,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"f9d26b4e-f1fe-4b55-86be-9c486a018c5b","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":46,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"22728566-5830-4e14-ae96-a2e97e81efd4","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":46,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"3c0fc01f-65d7-4650-9e36-2537e394d3cd","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":46,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"fcacb6af-3c5b-4c03-95bd-c905bf23b0c4","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":46,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"1bbef9d8-67d5-47b1-8ddf-d021d409ecca","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":46,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"742a42fd-47b0-4251-b93d-0fc1b13d83c3","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":46,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"97d4ca6d-e2a5-4e56-ad3e-d048a6f642c1","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":46,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"da6dc135-7e2e-4181-9560-5b4e2cbd836f","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":46,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"ec18b1a0-8e36-47e5-9b0c-896406cc7da6","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":46,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"6b339c0b-0a63-438d-a5bd-afe704cbb173","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":46,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"c723fbfb-5d37-4f3e-9c3d-c800571b2448","block_type":"box","text":"Concentration Risk.","page_number":46,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"4b65d564-c872-46c4-abac-7438f2d8f75d","block_type":"box","text":"The Fund may be susceptible to an","page_number":46,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"ba3800e6-ffbc-49c5-adeb-c248bc09cbea","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":46,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"96a543cb-898c-4385-bcda-50f32230fad1","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":46,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"db7ca68d-486b-494b-9c23-82e5f3c48dd0","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":46,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"d2450a6f-aeb0-41fa-b61a-c0c8ba496c0c","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":46,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"1a4d71d6-54e6-486f-8b73-ef4f49b712a1","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":46,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"85dfff5b-0968-4748-b726-b5b7e75f68f9","block_type":"box","text":"asset classes.","page_number":46,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"d2b47723-a1cf-4f30-821a-93883a2d197a","block_type":"box","text":"Declining Yield Risk.","page_number":46,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"e986830d-2dc6-43aa-b64e-b05039d03c23","block_type":"box","text":"In the months leading up to the Fund’s","page_number":46,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"d815c94c-fb5e-4481-9740-d5965ad179e5","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":46,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"19829b08-cf2f-4a5f-ba41-398598db969c","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":46,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"7dcd88a8-ba9e-4890-bc0a-32e3f7379ea2","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":46,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"dde01161-07fc-478a-835d-5d524b292352","block_type":"box","text":"yields for bonds in the market.","page_number":46,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"1bb9b4a3-6de9-4c5c-acf9-0d28e15111ec","block_type":"box","text":"Income Risk.","page_number":46,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"ab9cbaf9-0224-4604-83f9-e30f51fb1780","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":46,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"90dc41e0-6a72-47ab-a28e-83d8ed1f64b7","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":46,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"ed12e841-54a8-4c2e-be31-3726d2b8a677","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":46,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"bbe82b15-bcbc-4cb5-a073-8efb5a798973","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":46,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"cab72eff-e820-4be2-bc05-38e7d17b8e77","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":46,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"cca7c140-7dba-47be-abff-e32a30bfedd0","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":46,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"f385999e-fc12-4d83-82a5-db1e91359a24","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":46,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"977a9fb4-622e-4446-9889-242a3b734257","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":46,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"37ce24d7-e23a-4cea-ab8c-c0b7493f17f8","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":46,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"3dad1f71-a701-4336-a76b-ae1d74bfbe78","block_type":"box","text":"Issuer Risk","page_number":46,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"89bd63d5-553e-43f5-a8ab-b7ca3b6cc4ab","block_type":"box","text":".","page_number":46,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"9f2a9e4a-922c-4053-b6a8-84a592939658","block_type":"box","text":"The performance of the Fund depends on the","page_number":46,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"f69c3716-4e02-4587-9e96-586c8ae5d995","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":46,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"949abab9-375d-4d93-89e7-43238efb79ba","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":46,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"0efb7953-b185-4a38-8156-e6b693a810c2","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":46,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"7c96a8cd-a51d-4777-ac92-96752b9e41bc","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":46,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"8cbb44e2-2a43-48c6-9745-5538012cbada","block_type":"box","text":"counterparty.","page_number":46,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"9cca2d2b-c1c6-4386-9274-376bc9ceca9f","block_type":"box","text":"S-39","page_number":46,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"84dd67d1-eeca-48e5-855a-9ad5ccae4d4c","block_type":"box","text":"Management Risk","page_number":47,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"3dc2e71e-a386-416e-8915-52a7d47ef048","block_type":"box","text":".","page_number":47,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"a23dfa77-da22-4378-9915-eebf7f5d222e","block_type":"box","text":"The Fund generally does not attempt to take","page_number":47,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"f6a0d64c-b212-4195-b989-a41ca8f55980","block_type":"box","text":"defensive positions under any market conditions, including","page_number":47,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"4c41ccf0-7baa-4282-aeb0-274629c9d4e8","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":47,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"27aa9f73-3539-4df4-a932-b6cf8fb2e983","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":47,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"fb1f4cfe-919e-400d-842e-cdd2871b20cf","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":47,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"64133fc7-fbb6-44b6-8171-bda34f48964f","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":47,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"40bbc81a-1f07-4eeb-a390-5b0553f0b579","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":47,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"2542faff-a010-4962-bef4-9a0b5f8fd608","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":47,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"9664303d-7d05-42e5-83c2-ed9e685a1d0a","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":47,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"dc2ca49e-5925-473b-ba8a-4a1e5779622e","block_type":"box","text":"Market Trading Risk","page_number":47,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"d90a84c0-9804-44b8-a18c-c42c89ae2776","block_type":"box","text":".","page_number":47,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"f9aad1ea-c817-4e5f-baa2-d7c8151e8063","block_type":"box","text":"The Fund faces numerous market trading","page_number":47,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"a553f719-b321-49ae-9b7c-91b56cf8b393","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":47,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"2abab789-c35b-467a-8434-807de86fa839","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":47,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"c25f6b22-06b3-47f5-8331-1b0c25fd23e1","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":47,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"7a960979-1a23-48f4-9ca0-2249e84fad6a","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":47,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"7e931d2e-334d-4238-8008-ec6d80025318","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":47,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"40d0cf04-bc3c-40c6-bdbe-dc449b42ba55","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":47,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"4832eb75-268c-4fc9-b9f8-3476632c5123","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":47,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"a74d41ff-ed71-42ec-bf0e-e9c3f7d9b1b1","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":47,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"eada13d2-414b-4580-995f-774ce0fab083","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":47,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"a31a4fb0-65bf-46e8-ac4b-5d9ce69fa512","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":47,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"03bdc503-d524-4e65-9539-1ec6808f147d","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":47,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"a43a50fe-2f46-4b2a-a2e1-50fcbf96efc4","block_type":"box","text":"Operational and Technology Risks","page_number":47,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"4b39ff65-cfc1-4c9a-8e93-680a0b00879a","block_type":"box","text":".","page_number":47,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"22010187-845b-4c61-8c79-7f9151acce82","block_type":"box","text":"The Fund is directly and","page_number":47,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"d497f239-f651-4f44-84c9-e93dd4e5771d","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":47,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"d15fa5f0-6860-4332-b016-55dcf59722df","block_type":"box","text":"including those related to human errors, processing errors,","page_number":47,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"9ed6f001-3597-40b1-b28b-3920d4cf670a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":47,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"70101d0b-5132-4354-8e26-70e195628ebb","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":47,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"83a179c2-7785-40c7-92cf-180d0f5ffd6c","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":47,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"abe5e2fa-5f75-41f8-a86a-5783f8088df7","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":47,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"c96a3590-2a1c-4724-9eae-c57b6ff5888a","block_type":"box","text":"providers are required to have appropriate operational,","page_number":47,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"bff981f5-cece-4dfb-a25f-b7b25f3205c8","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":47,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"3ed70d12-d47c-460f-999f-204df67e987f","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":47,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"107b35bf-66cb-43a4-a98c-3913578389a1","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":47,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"e060e4d5-1bbc-4274-a386-a7d5e76a53cf","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":47,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"2ca89773-a1f5-477b-92c2-a08451dd195a","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":47,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"0f04a3a9-862a-4fd4-8079-6cff498e6faa","block_type":"box","text":"investments in such issuers to lose value.","page_number":47,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"f21349eb-ee88-4114-ad40-1d886bfc15cd","block_type":"box","text":"Risk of Investing in the U.S","page_number":47,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"37e1d054-726a-41ee-aa0e-c7cf68c60a01","block_type":"box","text":".","page_number":47,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"e9863ae0-dfa9-484b-b05d-a653c72479c6","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":47,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"6f2dd7f0-ca39-4291-b555-d86bab9dea89","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":47,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"bcc09b25-758d-475a-9dc8-601069c65d78","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":47,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"53c3a429-b04d-4b68-b1c5-499f2b7d4a6e","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":47,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"373e29bc-aaf7-4c5f-8740-ae4e57f7dc56","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":47,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"c669f264-8693-4a48-a9e7-77518ecc685d","block_type":"box","text":"Securities Lending Risk.","page_number":47,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"0f7356f2-6d3b-4334-8dd4-67ca852c3902","block_type":"box","text":"The Fund may engage in securities","page_number":47,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"b5430ad1-229c-45db-b304-118f32addec7","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":47,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"1e8a46d4-deff-4232-845e-b3824ed7be36","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":47,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"3558b066-1cb1-4f2f-9dda-f8456d55f45f","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":47,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"734f6381-d735-425e-9aa3-0db15f4a4947","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":47,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"67abb80f-0b62-40c5-a68a-86cc9dec7a84","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":47,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"cd24e531-f26b-4088-8978-d5cf8bd03f88","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":47,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"0872a06c-9d21-447f-9dba-8a2b50ca6052","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":47,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"95a0fb15-dc90-4c63-bd11-af3becdcb03b","block_type":"box","text":"Tracking Error Risk","page_number":47,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"1efd1c19-9358-49cd-aa1c-2d21907f48e8","block_type":"box","text":".","page_number":47,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"13831b6d-0b8f-440f-81b1-a80eb55ff547","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":47,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"0dd7785f-725f-454b-b1a7-57d7f73b955e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":47,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"c339d527-c1eb-4b5e-b659-f284d01e7194","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":47,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"2216c137-f5aa-4744-8c25-659d11641e49","block_type":"box","text":"factors, including differences between the securities and other","page_number":47,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"3e2fc324-87dc-44eb-aba3-dd683af08f74","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":47,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"349c0914-3dac-432e-a166-6da0418f59f3","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":47,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"8b2c6b08-4a08-4f0e-a34e-dceb212c4344","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":47,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"20f939fb-827b-40a6-ac04-aaa94232a4bb","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":47,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"31f3ad28-908d-478a-99f7-b21538ea2106","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":47,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"7560eabf-fa11-425c-8c86-aed5cc47dbe4","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":47,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"a358bb99-6838-46c5-a8a9-9d1e5484f12c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":47,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"78d41c31-16f7-4c26-a88d-e41b14dff937","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":47,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"54ceb4bf-1826-484f-9394-b094c0982a8e","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":47,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"1264bfb5-f8f3-4708-8370-f492bfc49cf7","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":47,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"5e9bb19e-301f-434c-be8b-c016ec02c51b","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":47,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"93ae8a05-0b03-42af-82e1-81e7867a95e2","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":47,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"d0e06f95-4453-4b02-8e17-e2f55830018b","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":47,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"83cc112c-0e33-4076-b78a-41203fe0947e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":47,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"279ae72e-0348-4b75-adc8-cd2cfc378ccd","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":47,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"b607ae0f-2d33-4e58-a58f-a48205aa5415","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":47,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"92f9f0c8-9a75-4ad7-803c-b1bfdd531a7d","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":47,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"b5733bf4-2991-4640-9894-7d9918de5ff8","block_type":"box","text":"unusual market conditions.","page_number":47,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"f3873bc1-0a16-4a60-bcb6-b5418fda2520","block_type":"box","text":"S-40","page_number":47,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0572fa95-6f0c-42f0-b3a9-e1a280232f52","block_type":"box","text":"Performance Information","page_number":48,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"40349435-9273-40c9-be8c-bbe24bdda829","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":48,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"03023433-a867-440e-bfdd-8fe4752be27f","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":48,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"2f70f32d-c591-4585-86b2-2f543fc6087f","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":48,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"87327591-a482-41f2-a31a-2bb58b6272ee","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":48,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"7393670b-f1f5-4df6-b7a4-bb70c0892d51","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":48,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"8d75c172-3fb4-4ff6-9976-e918e540b36a","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":48,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"cb28b78f-83f3-4765-a4b7-f28f5a0ccd93","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":48,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b2b7c9da-82ce-4d0d-9be0-187c16707369","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":48,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"ecb06007-1664-41b4-b227-81c8eac5a89b","block_type":"box","text":"12%","page_number":48,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"2745ede3-4ad6-4d74-bdb6-0ca33ff2603d","block_type":"box","text":"9%","page_number":48,"box":{"x":340,"y":221,"width":13,"height":7}},{"id":"e7982851-2370-455f-aa47-2278afaa78f3","block_type":"box","text":"6%","page_number":48,"box":{"x":340,"y":240,"width":13,"height":7}},{"id":"ee65b6e7-a7a5-4ed3-98bc-e60104d8b493","block_type":"box","text":"3%","page_number":48,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"0a6b4f61-e5da-4470-ae38-c924121bd35f","block_type":"box","text":"0%","page_number":48,"box":{"x":339,"y":280,"width":14,"height":7}},{"id":"3dc0e540-2112-4c45-baf2-a5433fffd703","block_type":"box","text":"-3%","page_number":48,"box":{"x":335,"y":299,"width":18,"height":7}},{"id":"13bd9d92-be44-4b5d-a3af-0ee3165a3f86","block_type":"box","text":"2","page_number":48,"box":{"x":424,"y":321,"width":6,"height":7}},{"id":"ba430e1a-59c3-42d4-a85f-2e088298c671","block_type":"box","text":"0","page_number":48,"box":{"x":431,"y":321,"width":6,"height":7}},{"id":"4a799b4f-fd3d-48cf-a842-004b4ac9d456","block_type":"box","text":"2","page_number":48,"box":{"x":439,"y":321,"width":5,"height":7}},{"id":"0be49f7c-401b-42da-afa1-f948fb43b46d","block_type":"box","text":"3","page_number":48,"box":{"x":446,"y":321,"width":5,"height":7}},{"id":"8c278678-8450-4243-bf78-345542b4e9e9","block_type":"box","text":"2","page_number":48,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"5e4d4a40-fd68-49a8-b664-3dc5160f1b84","block_type":"box","text":"0","page_number":48,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"444578bd-f934-4394-88a6-dfd701906a87","block_type":"box","text":"2","page_number":48,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"4acf6e49-8f74-4616-acbd-e24b9cc9d016","block_type":"box","text":"4","page_number":48,"box":{"x":547,"y":321,"width":6,"height":7}},{"id":"2b9399c3-0247-404e-b4ba-156090ab6058","block_type":"box","text":"2","page_number":48,"box":{"x":628,"y":321,"width":5,"height":7}},{"id":"ccf0667c-dc6a-4291-bc70-8327045ef97a","block_type":"box","text":"0","page_number":48,"box":{"x":635,"y":321,"width":6,"height":7}},{"id":"861db1be-e5a1-4357-afba-03422edf74a7","block_type":"box","text":"2","page_number":48,"box":{"x":642,"y":321,"width":6,"height":7}},{"id":"eabf1716-464a-456e-b869-a09c4e113210","block_type":"box","text":"5","page_number":48,"box":{"x":650,"y":321,"width":5,"height":7}},{"id":"31535785-2154-435c-b288-39391dfb3756","block_type":"box","text":"3.61%","page_number":48,"box":{"x":424,"y":248,"width":28,"height":6}},{"id":"760f00de-8086-4c4e-8111-5d3d4d66a219","block_type":"box","text":"-0.07%","page_number":48,"box":{"x":524,"y":287,"width":31,"height":6}},{"id":"80d810c7-5b70-457b-a54e-37c96c1a89fd","block_type":"box","text":"8.07%","page_number":48,"box":{"x":628,"y":219,"width":27,"height":6}},{"id":"9de4fd00-5931-43b5-a670-c7a4ce9ebab8","block_type":"box","text":"Return (%) Period Ended","page_number":48,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"63d25fc7-f4af-429f-897d-650f3c9e700c","block_type":"box","text":"During the periods shown in the chart:","page_number":48,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"64d14d16-5550-41f5-a20d-d36183604c97","block_type":"box","text":"Best Quarter 6.40% December 31, 2023","page_number":48,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"35c6f383-e72f-4723-ae88-8b5c6dc958ad","block_type":"box","text":"Worst Quarter -4.64% September 30, 2023","page_number":48,"box":{"x":330,"y":391,"width":409,"height":10}},{"id":"f43e74c6-2a92-42ec-a3af-391b623ebc0d","block_type":"box","text":"Average Annual Total Returns","page_number":48,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"9fc45585-6977-43a6-8b0e-4d56ffcb855c","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":48,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"8697dded-ca6d-4196-b53f-759b189380f7","block_type":"box","text":"One Year","page_number":48,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"8927ee8f-b579-4018-95fc-95677f68d13f","block_type":"box","text":"Since Fund","page_number":48,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"24554397-dffc-4ed8-b61e-d1dfa81ac0dd","block_type":"box","text":"Inception","page_number":48,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"e7dd382d-3790-4c7c-b1de-c6b737df16c1","block_type":"box","text":"(Inception Date: 7/6/2022)","page_number":48,"box":{"x":123,"y":482,"width":170,"height":9}},{"id":"7bbc36ee-04f0-42cb-a3eb-44f1d6eea937","block_type":"box","text":"Return Before Taxes","page_number":48,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"6128ca06-b6ce-4498-bb46-4fcf116450fc","block_type":"box","text":"8.07% 1.43%","page_number":48,"box":{"x":801,"y":493,"width":117,"height":8}},{"id":"061c107e-a8c7-475d-806c-ba674c9a8909","block_type":"box","text":"Return After Taxes on Distributions","page_number":48,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"3d6440ab-b083-44b5-858f-b0eb1be879e1","block_type":"box","text":"6.37% -0.04%","page_number":48,"box":{"x":800,"y":505,"width":118,"height":7}},{"id":"78db220d-189d-4f10-a4eb-53a44b1212d9","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.75% 0.45%","page_number":48,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"2f180040-0c26-4f6e-9ca6-4490f74b65df","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":48,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"49dc74c8-a3c4-45d8-9dac-8e6aa338c690","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 2.97%","page_number":48,"box":{"x":328,"y":528,"width":590,"height":10}},{"id":"7ba334d4-3a8f-4da2-b18c-549670578766","block_type":"box","text":"ICE 2032 Maturity US Treasury Index (Spliced)","page_number":48,"box":{"x":124,"y":540,"width":286,"height":9}},{"id":"e69917ea-26c7-477f-b3b7-bec0698a6369","block_type":"box","text":"1","page_number":48,"box":{"x":413,"y":538,"width":2,"height":5}},{"id":"ebc4ff52-a323-4254-b70a-9ebe418d7074","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":48,"box":{"x":418,"y":540,"width":319,"height":9}},{"id":"7fb8d83b-1bab-4a02-ab7e-98a031642128","block_type":"box","text":"taxes)","page_number":48,"box":{"x":136,"y":553,"width":34,"height":9}},{"id":"e69aa920-de10-469c-82b2-728e6c67cad1","block_type":"box","text":"8.11% 1.47%","page_number":48,"box":{"x":803,"y":553,"width":115,"height":7}},{"id":"5ec4281b-311d-4d70-b5fb-7a322bbd93f0","block_type":"box","text":"1","page_number":48,"box":{"x":94,"y":586,"width":2,"height":5}},{"id":"3455316d-8680-4282-a3bf-fefbcf12b9db","block_type":"box","text":"The ICE 2032 Maturity US Treasury Index (Spliced) reflects the performance of the 4 PM pricing variant of the ICE 2032 Maturity US Treasury Index","page_number":48,"box":{"x":102,"y":587,"width":838,"height":10}},{"id":"663fc189-4bdd-42d9-8867-0bbff3e913ec","block_type":"box","text":"through November 30, 2023 and the standard pricing variant of the ICE 2032 Maturity US Treasury Index, which now utilizes pricing as of 4 PM,","page_number":48,"box":{"x":93,"y":600,"width":817,"height":10}},{"id":"369aa948-ec74-453b-826a-3e0c63172c1f","block_type":"box","text":"thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":48,"box":{"x":93,"y":613,"width":510,"height":10}},{"id":"b64ce2ee-8397-439c-9aa7-a1ae7756075a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":48,"box":{"x":82,"y":635,"width":882,"height":11}},{"id":"0c201827-24c9-454e-aee8-aeb837956d1f","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":48,"box":{"x":83,"y":650,"width":871,"height":10}},{"id":"1ad7f4bf-d092-49aa-bd9c-eaef3973955f","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":48,"box":{"x":83,"y":664,"width":860,"height":11}},{"id":"0fc42f7f-a65e-41c2-96b1-02552d39dd58","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":48,"box":{"x":83,"y":678,"width":855,"height":11}},{"id":"eb97a0d9-789d-4799-8dd9-96f8ac45a85e","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":48,"box":{"x":83,"y":692,"width":883,"height":11}},{"id":"1b00bc71-d9bf-4468-bf19-779ba972c3e3","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":48,"box":{"x":82,"y":706,"width":861,"height":11}},{"id":"40254b9c-e3bf-4308-82c2-ffa298fff2e9","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":48,"box":{"x":83,"y":721,"width":359,"height":10}},{"id":"bd29b0e5-ccc1-44a6-800e-2b68fd3d23be","block_type":"box","text":"S-41","page_number":48,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"1bc52e9f-a8f8-4150-a6d1-24d441b89051","block_type":"box","text":"Management","page_number":49,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"bbe73631-f298-4485-b654-c9936bf88a32","block_type":"box","text":"Investment Adviser.","page_number":49,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"48ea4fc3-6e03-4a24-9823-27847d69af9d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":49,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"4fe53ba3-57ed-4586-9392-abce6752e017","block_type":"box","text":"Portfolio Managers.","page_number":49,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"9e465c88-1faa-4d2b-824f-bbef3d01e87f","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":49,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"272e9eb7-8686-4699-81be-3be27d711826","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":49,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"fb42c561-230f-4a63-9cbc-5df966a580e0","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":49,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"49a22132-65c4-4481-9c65-e9d5c33cb118","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":49,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"4717331e-ffea-4c66-b0b3-9acaae62f6da","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":49,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"6ca7f57c-c4c4-48ed-bfdf-dbc0265ed933","block_type":"box","text":"2025, 2022 and 2025, respectively.","page_number":49,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"5b02a400-1b37-4ef7-a31a-c12696b3c0c9","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":49,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"2e156db4-f284-4a10-bde0-84a6d889e2b1","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":49,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"29b1dbe1-9e31-4d33-b1e3-75ec9bd820bb","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":49,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"e45cfef0-770f-46fa-be27-79a4a93056c1","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":49,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"c363b31a-d3c0-4954-bed0-2b7e5888a508","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":49,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"1d67e21e-073c-4f04-82ad-5712e1ab5cb4","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":49,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"0af68a09-e3f8-4a52-8849-d777b7eb9710","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":49,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"aff593d1-5a33-4c6a-b0c3-54e5e2ad7eab","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":49,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"63ae6b5f-69e1-4593-9e5a-29f02ff66571","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":49,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"fb991c0d-39e3-4f0a-b034-fb38c97ce16e","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":49,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"deb9d2cc-6b38-4145-aa71-514dc98bafaf","block_type":"box","text":"Tax Information","page_number":49,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"65bcf77b-2224-4db6-9741-ad8d764ef2af","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":49,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"2b40fda4-8ff2-4671-93bb-d8af72e4ef7f","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":49,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"68e04f3f-a756-442c-92d8-2451dbd43d11","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":49,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"ef15976c-9880-43ff-9c5d-1b8691fb7393","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":49,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"37248437-895e-41a9-97fb-504310b66c3d","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":49,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"dfc102b4-1c84-432f-9086-1c541c201f85","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":49,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"9b94d678-05fb-4965-8c2a-8c0b65c64bde","block_type":"box","text":"obligations.","page_number":49,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"169369d6-4200-47c4-9a6e-7060f6606381","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":49,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"d8b83683-13f9-4b96-a690-ead78847f9b5","block_type":"box","text":"Intermediaries","page_number":49,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"24373a0a-ba70-4ec5-817d-f809b45680b3","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":49,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"30ec1789-340d-4e5c-b19c-299f302c73e9","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":49,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"d667ed8b-e680-46d3-adca-e536b47e1f5a","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":49,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"52c7c587-52f6-439a-8fec-4182c59c5c14","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":49,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"6bf18224-b509-4f39-be23-0689ccccfc24","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":49,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"1c47a996-9212-496b-8e42-1eeeb2ce4f49","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":49,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"d9e9df6f-2dff-476a-a24d-b5b3ad4df798","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":49,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"838a4b70-6620-4951-9d7f-9ce010b4bfc1","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":49,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"9986712c-4a1a-4115-9751-39a710ffae72","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":49,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"4f5b94aa-edff-477e-93a5-acb5a7ad02df","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":49,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"0ec484fc-f58a-4ad8-bb76-a5e0a948a61c","block_type":"box","text":"information.","page_number":49,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"cf1913b9-f886-47ab-9610-b9e4975f489a","block_type":"box","text":"S-42","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a4ef5470-901c-4966-835b-99a25b09c403","block_type":"box","text":"iSHARES","page_number":50,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"eda75407-484c-4585-b479-abf1a9bb1275","block_type":"box","text":"®","page_number":50,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"e2b7bfbd-11a4-40f2-a969-64633899aa2b","block_type":"box","text":"iBONDS","page_number":50,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"2ff4ea85-4013-4c67-9ece-c8d117f092fc","block_type":"box","text":"®","page_number":50,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"58912213-036b-4d62-8ae2-77bbe3b43b52","block_type":"box","text":"DEC 2033 TERM TREASURY ETF","page_number":50,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"7b2fa110-ad54-4b7c-9217-68e761cd2515","block_type":"box","text":"Ticker: IBTO Stock Exchange: Nasdaq","page_number":50,"box":{"x":291,"y":53,"width":469,"height":12}},{"id":"87baff07-73e4-41fa-b230-da7ce76ab5aa","block_type":"box","text":"Investment Objective","page_number":50,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"6bd1afa1-4a49-4a1b-aff5-dfd13d4706d8","block_type":"box","text":"The iShares iBonds Dec 2033 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":50,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"b8ce4889-8ce7-492a-ab1c-824e162246fa","block_type":"box","text":"bonds maturing in 2033.","page_number":50,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"e6444a02-8eb9-437b-a01e-99054d30f114","block_type":"box","text":"Fees and Expenses","page_number":50,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"f046f35a-d2e3-499a-b707-45deacd9b0cb","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":50,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"5645bda3-50c8-4be2-834c-95e98a51455d","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":50,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"9ccd58c9-252e-4ce3-b56c-41304ddcd5ed","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":50,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"447abb33-9f0f-4a1c-84db-d9fa4a938eb0","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":50,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"02cdfe4a-b89d-4cad-9a79-3702a873494f","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":50,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"1a050e94-8cad-4a22-b2f7-26eb3b75cbd4","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":50,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"1954a98d-30f2-487a-a10c-77c982694b1e","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":50,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"edc35578-1f18-418f-8d58-cc669abb4e69","block_type":"box","text":"pro rata","page_number":50,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"ffa12343-d8cc-453a-badc-7d2b4d7e8246","block_type":"box","text":"share of the fees","page_number":50,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"05366651-7154-4e56-9c30-ee7b3e3ce705","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":50,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"bf8b537a-43c2-457b-801e-5c989ec67112","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":50,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"c69f1d80-2c07-459c-b9c7-0a4626c3a7c4","block_type":"box","text":"shown in the","page_number":50,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"b1688386-2142-4b3e-bb00-e88b023e11df","block_type":"box","text":"Financial Highlights","page_number":50,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"0f5210ce-17ad-4f07-a227-21bae37aff17","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":50,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"1a8b13a7-326b-498e-9e8e-6a6a97785616","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":50,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"322c2918-90c8-4368-b74d-c70db7e2e77e","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":50,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"413eef1a-c3a4-44e9-9b6c-d3faff9bb379","block_type":"box","text":"December 15, 2033. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":50,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"60bb2f3c-5c3f-4df4-a3ca-34f3df3e81ec","block_type":"box","text":"Trust and BFA.","page_number":50,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"bdffc6ec-f5a2-4bf3-9764-e1aee17a731f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":50,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"3725f5b5-fe85-4deb-b6eb-952abeb38542","block_type":"box","text":"the tables and examples below.","page_number":50,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"3ac462ce-57bc-4844-9705-0ae5166f7423","block_type":"box","text":"Annual Fund Operating Expenses","page_number":50,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"2fbdcc8b-a830-45ad-833f-3eeea55f71d7","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":50,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"87429315-b688-4d65-8de8-83bcbcb22b6e","block_type":"box","text":"percentage of the value of your investments)","page_number":50,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"1837f175-053f-4b47-8c67-ec5560e76f55","block_type":"box","text":"1","page_number":50,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"17008dfa-5f47-4636-a783-c1a63964cc05","block_type":"box","text":"Management","page_number":50,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"aa7b73ab-76bc-4592-9ab3-ae308f256356","block_type":"box","text":"Fees","page_number":50,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"283f73de-b5a6-412d-a1cf-f67e7ea5924c","block_type":"box","text":"Distribution","page_number":50,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"a3f7ecfc-5977-4329-85a4-7c7513da5c00","block_type":"box","text":"and Service","page_number":50,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"26615bd4-5df7-44eb-a8a9-3235a5e9646f","block_type":"box","text":"(12b-1) Fees","page_number":50,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"42a7286b-8e89-4f7c-ab08-8161e1d38bd8","block_type":"box","text":"Other","page_number":50,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"1a1b745e-6c2a-4987-808e-07483b78bb2c","block_type":"box","text":"Expenses","page_number":50,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"5834eb5c-d6ec-4901-8932-32994f008f40","block_type":"box","text":"Acquired Fund","page_number":50,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"a40e9adc-77cc-47bb-820d-130652955bc2","block_type":"box","text":"Fees and","page_number":50,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"00065493-0b52-457c-8333-54f6734a3d50","block_type":"box","text":"Expenses","page_number":50,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"5f5b07fa-dabf-449a-9e7e-61f1f58695a4","block_type":"box","text":"Total Annual","page_number":50,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"110ea90d-4906-4cb5-acde-439471f1ad97","block_type":"box","text":"Fund","page_number":50,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"3a106644-5b78-4d23-97a2-206bcbddaff2","block_type":"box","text":"Operating","page_number":50,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"07070247-41e1-4f13-b5f9-3b3f3c332a69","block_type":"box","text":"Expenses","page_number":50,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"a2f0d00f-3b9e-4d74-bdf6-b84cb85ca5ba","block_type":"box","text":"Fee Waiver","page_number":50,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"7ee34462-56af-411f-806a-5887cb632669","block_type":"box","text":"and/or","page_number":50,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"fbff70b2-1e81-4ff5-b23a-144b54823e12","block_type":"box","text":"Expense","page_number":50,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"ab172bd9-07db-495c-b518-697fbaeb20d9","block_type":"box","text":"Reimbursement","page_number":50,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"e1919dc5-4880-4741-8c0b-9c92be7beb73","block_type":"box","text":"Total Annual","page_number":50,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"4bc76e70-cea5-48b0-8725-16b82e8bce51","block_type":"box","text":"Fund","page_number":50,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"60cbf5f0-3cb7-4d0b-9451-205f3131a5af","block_type":"box","text":"Operating","page_number":50,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"f13cee19-db17-42b9-a240-e4d325a90d8c","block_type":"box","text":"Expenses After","page_number":50,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"4b549cdf-785e-4d69-9bb5-db688804c054","block_type":"box","text":"Fee Waiver","page_number":50,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"bc5d3616-5558-49d7-83c2-12bdd041b093","block_type":"box","text":"and/or","page_number":50,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"afe18274-13fd-4e4a-b79d-0d96546a6b36","block_type":"box","text":"Expense","page_number":50,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"b362b43e-e409-46e2-a230-3518bfc9c2f8","block_type":"box","text":"Reimbursement","page_number":50,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"a09f8869-c1b6-496e-b9ff-aecea076f859","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":50,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"3f3c9fc5-d230-4025-a311-9b44420e4d69","block_type":"box","text":"1","page_number":50,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"df5a34d9-ef1e-46e7-a16d-43f154ac575a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":50,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"c06b9b41-a2c3-4f5f-abc4-18fcf0b20790","block_type":"box","text":"Example.","page_number":50,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"99514e54-74a6-4a29-a974-af5fc507b33b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":50,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"d0171ab6-ab26-4a70-b113-9f404049c6d0","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":50,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"3a617f69-ab64-4041-92f9-3b8efdb1ab01","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2033 because the Fund is scheduled to","page_number":50,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"309a6033-4716-4785-8aaa-05dfb962903c","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":50,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"151aee32-7665-43ed-a1e8-b6afaeb72446","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":50,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"8f2c5c3e-b871-498b-b97f-f9f0ed9dbc21","block_type":"box","text":"be:","page_number":50,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"88889121-0c33-41ff-af90-7183bd590096","block_type":"box","text":"1 Year 3 Years 5 Years Maturity","page_number":50,"box":{"x":195,"y":695,"width":668,"height":10}},{"id":"2536d8ec-f00a-4b87-a624-af5a35a2afb4","block_type":"box","text":"$7 $23 $40 $66","page_number":50,"box":{"x":206,"y":715,"width":641,"height":9}},{"id":"e684c2ea-5a9e-4717-af2b-b71cca0bb74a","block_type":"box","text":"S-43","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e30bb138-47fe-4f3d-bbd3-bb60026c6b23","block_type":"box","text":"Portfolio Turnover.","page_number":51,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"9ca25b4f-398e-4d31-b16a-b0c6eb6a60c4","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":51,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"20849ad8-f662-44f8-a459-552359c2f52e","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":51,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"3eff092d-58df-4f6c-9281-ebb6f99f1f8d","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":51,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"1a582cbc-430f-42d5-a2f0-2c0c11549a1b","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":51,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"0a9037a9-f121-48e2-b6a4-340c04cc1a49","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":51,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"8bb746fc-6f4e-4001-8392-f0f6b757fb58","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":51,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"4e5f1db8-0eb7-436b-8b58-e822b6241f55","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":51,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"4eaf89a9-bd87-4211-88f5-4dbf17f971b9","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 2% of the","page_number":51,"box":{"x":82,"y":122,"width":377,"height":11}},{"id":"1fd9f52b-28ac-47d4-bdb4-27324017e3e7","block_type":"box","text":"average value of its portfolio.","page_number":51,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"a4b50374-0ea8-412e-a764-aef109b9a365","block_type":"box","text":"Principal Investment Strategies","page_number":51,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"4f43c1f7-ae72-4e52-a401-f16cd47f3407","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":51,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"c194913d-ce6e-4c02-8089-8b0952be88e7","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":51,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"d4470b2b-6b6e-4f82-ae7b-f726f7bff315","block_type":"box","text":"ICE 2033 Maturity US Treasury Index (the “Underlying Index”).","page_number":51,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"73f9f49e-6fa8-4b92-99c4-11bcc78d747f","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":51,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"de338cfe-8360-4956-9329-50db7a50f130","block_type":"box","text":"securities that are scheduled to mature between January 1, 2033","page_number":51,"box":{"x":83,"y":247,"width":415,"height":11}},{"id":"887bab99-d35f-4cc7-9bbf-d44ee3924e74","block_type":"box","text":"and December 15, 2033, inclusive. The Fund may also invest in","page_number":51,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"f0a2aeb7-2a38-4ee5-b8b6-5fb4327f6b03","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":51,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"0120a580-0862-4a7a-8a4a-8785e620b080","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":51,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"2801c74f-2d04-4898-9043-955983e37a09","block_type":"box","text":"term fund that will terminate on or about December 15, 2033, at","page_number":51,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"d4befbc2-3f4f-4cbd-8923-ec01631c7c02","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":51,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"bd78ef45-4f9c-43bf-8b26-816dd28a0bbf","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":51,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"ac653b4e-b13c-439d-b2ff-003577757cf7","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":51,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"8df37e91-bdf7-4805-8754-aeef66337bf8","block_type":"box","text":"periodic distributions.","page_number":51,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"8da31d36-ae2b-474f-a399-3cd5a7487a6e","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":51,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"ec6d72f6-65d7-4ea1-ad9d-d95c347d7bc9","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":51,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"10a5fca3-165f-4d92-924b-ce3b81e2fa2c","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":51,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"61d3fd3a-ea28-4f7f-a9e4-d7a52c570ee3","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":51,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"3fa68a6c-0bfb-4b22-ae57-197acf0e796c","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":51,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"ff3b8e2d-2184-4a1f-a22e-cd82b4e71f5e","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":51,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"6bfdc0cb-57b6-434e-a672-4f655b4bddbe","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":51,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"2a8cc896-6f08-4720-b03a-4ece1628a915","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":51,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"8a7cf13e-833f-4ac5-b791-6d2d271198da","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":51,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"13892ee9-4b0a-4d6d-b638-3b0f577b8416","block_type":"box","text":"reduced by any individual components of such securities (","page_number":51,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"558e8dbd-b932-49fe-ab61-7425d1bd38e8","block_type":"box","text":"i.e.","page_number":51,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"f3c30b56-1a36-4b62-b005-8b84dd7ec2fe","block_type":"box","text":",","page_number":51,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"4d5e20c0-c528-4b13-b012-fce069d7fd54","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":51,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"cb120dae-b60d-493c-8bc0-be45705d0da9","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":51,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"5c6bdc24-13f5-42dc-b673-00d25f1c7678","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":51,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"e3b67bb9-5319-48de-90ce-6ac9f9520fc3","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":51,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"8fe50b89-d7a9-4556-8728-4bd31daa8df0","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":51,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"a1f22b62-dc6b-40b1-9de5-f7c1c3ad2224","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":51,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"b24db36c-5ca4-45c7-80bf-3e2730c940d9","block_type":"box","text":"calculated assuming next-day settlement.","page_number":51,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"bc9aa9da-c37e-4ce0-a458-9866cd6fc610","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":51,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"d0338ecc-3131-4366-a0bc-714966086442","block_type":"box","text":"month, based on information available up to and including the","page_number":51,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"a9937b5c-5358-4459-931e-84da9ee04aeb","block_type":"box","text":"third business day before the last business day of the month. New","page_number":51,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"85be3c9a-e0d8-4ac8-b01c-67a9c3c8d414","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":51,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"37d6a56a-699a-47e0-b8a1-c7105662786f","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":51,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"c3dd4aae-b76e-47ca-bd67-4a373a78d4bb","block_type":"box","text":"month (","page_number":51,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"08db52d1-7675-4d7f-9a63-b2e5c2d97f92","block_type":"box","text":"e.g.","page_number":51,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"d625a9a4-8d9b-4c1f-a271-30e6ab0d21aa","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":51,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"cc10af86-3125-46e9-84bb-4c8ed6710619","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":51,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"0b69fa49-7771-46b9-8740-676b7103b9ab","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":51,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"3f7f7421-e33f-4ad6-8de0-7ab740759545","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":51,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"1bf3b00a-226e-49fb-a311-7d7a4f6e903f","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":51,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"6991b3f5-7463-471f-a2f7-63a937a7dea7","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":51,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"d07b786f-f465-430a-89c4-949336a38608","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":51,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"37378774-cf0e-4641-90ac-0d58e3a9ca4f","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":51,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"48210b6f-80ba-4892-a06f-ae5e71b8b41a","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":51,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"692011bd-141f-4c68-a1e2-92d5dee2c494","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":51,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"8c499bd4-13d2-42d5-925b-c69dc22a1583","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":51,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"151912d4-eb58-4be6-a870-41357a68cab1","block_type":"box","text":"while it is held in the Underlying Index.","page_number":51,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"bf925847-f6d1-44f8-b013-9a986ff38f3c","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":51,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"c3c162a5-4867-4ad0-ab45-353ea5ddd296","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":51,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"1c9830f6-41d0-4631-a8db-e873176cb47b","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":51,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"115070a1-1a9b-4695-beba-4e341e10371d","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":51,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"a7ff8c04-bd20-4756-b335-aa8d09189dee","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":51,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"a06a319e-1688-442f-9d57-6be733117f56","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":51,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"7709e5eb-b18d-4e30-87e8-358873ee3806","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":51,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"fde424bc-8352-4b35-b477-882e57a3a574","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":51,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"1918d352-b66e-4e98-bd8e-f3cd970041e1","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":51,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"c7025ee4-d45f-4620-b6b5-89a44f66a23a","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":51,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"a3cefd63-9f5d-47f3-93b1-4fdc177a923a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":51,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"4b96047f-5eae-491d-96ce-b6d79c883da9","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":51,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"b1aa0f18-0312-4f3e-a21b-997578efe16e","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":51,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"495ca8a1-5663-4799-ae36-00cd6bdbfb7b","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":51,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"0ff4a988-8e6c-4ad5-9fce-6a2266eba018","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":51,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"24d437f0-c598-4cc4-ab34-2079618480d6","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":51,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"9668b9d0-0acf-45cf-a2fe-251016512d59","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":51,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"edcd2428-9430-4d7b-9e70-bf3d6188ed95","block_type":"box","text":"fees and expenses of such funds.","page_number":51,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"19314f17-37a9-4c5e-8d75-c36f402be0aa","block_type":"box","text":"By December 15, 2033, the Fund is expected to consist almost","page_number":51,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"e7a98e14-34b5-4d82-b558-fa3df6740b81","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":51,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"053017ea-e6e9-4cff-ab81-60dbe4bb1897","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":51,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"eee8d4b9-dc42-46b2-9518-111b979ff177","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":51,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"10d5432f-ecaa-4423-abe5-99a1784aa58e","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":51,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"b886e0ce-59a8-4953-802f-7d5ba61685cc","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":51,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"59b5af56-fef9-4222-b3b4-64e0c9022330","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":51,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"ec4dc87d-29e0-4359-9b26-854a5077d6c1","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":51,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"d58afad3-0fe7-4c95-9b5f-496c941d29f0","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":51,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"dea5a6a4-d0d9-4792-b329-0c3a9c0782ff","block_type":"box","text":"interest of the Fund.","page_number":51,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"c4ed7ffa-2fa5-42eb-b407-e2182eb5021e","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":51,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"ebddd65d-e084-43bb-80e3-489ceddf53b1","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":51,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"eec56e88-c1e4-4791-8529-b82f3d41240e","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":51,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"0fa16e28-c58f-43ee-91e2-c9f3d4912a82","block_type":"box","text":"markets decline or appear overvalued.","page_number":51,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"24061ae4-cb53-426a-ab22-7eaf432c7543","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":51,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"d9ac021d-5820-46bd-8cb6-9b69bd5a3bf0","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":51,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"4df1595d-1946-4c8c-a8a4-745dc8a45d5f","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":51,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"d773a1e9-5248-4291-81fb-d0986446a5b4","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":51,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"bf808871-bc95-473a-901d-f47b7f0d29fd","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":51,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"76551a40-aa39-400f-bae5-8582c748b2af","block_type":"box","text":"comparison to actively managed investment companies.","page_number":51,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"c35e3b12-fdcf-4240-afeb-624109e7ab1b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":51,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"e588cb5f-a3aa-4000-b44c-87fd3ed285a6","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":51,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"ff1d2c90-92af-4ca8-a2c3-cb33809d415d","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":51,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"1edb54ac-5558-40d2-9600-efb8a2a3dbf6","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":51,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"5de9b561-5edd-46a3-8518-81fab2b81786","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":51,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"c040499f-84bd-409c-a1f3-ddb70c82c1bd","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":51,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"81819ab1-9ece-4b17-b0be-c741d959903a","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":51,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"292a900a-64a4-4b0a-ae96-6f5ac6123eaf","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":51,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"7d7ccc8a-e856-41ce-9c0c-80fe4a66f007","block_type":"box","text":"(","page_number":51,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"29c1fa80-c414-4e0e-ad44-1c2d98f2be56","block_type":"box","text":"i.e.","page_number":51,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"6dc010ba-826c-4f51-bb81-352bab5a2f19","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":51,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"33b34bc6-9053-46ae-9aab-918bae35a0a3","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":51,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"97aa5e55-c35d-4bb1-91aa-253f3bf68c65","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":51,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"10e2ca5f-0155-4fe6-8522-a279cb441887","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":51,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"36794b8f-926b-4559-a75f-6f9d97a43c92","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":51,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"da18aab4-b745-4170-b231-01efecfdfc24","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":51,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"1f017226-480e-4f4c-8414-87dd7a59340a","block_type":"box","text":"collateral received).","page_number":51,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"2bb46d61-bae6-4d62-9fd2-8051913b9a03","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":51,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"0d5ed3f4-4c21-42a3-982a-8d48bb72401d","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":51,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"5d3cfdce-002b-473b-a67c-2f95c4e3c7aa","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":51,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"593b0dda-0baa-4cc3-ad96-819273f50bcc","block_type":"box","text":"determines the composition and relative weightings of the","page_number":51,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"745333b4-8fda-40b7-a788-5b85dda1d62e","block_type":"box","text":"S-44","page_number":51,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"908828cb-e945-4b08-b356-4c823613c20e","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":52,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"2e534f11-f07b-4c1e-bdce-2c460d74a219","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":52,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"78b73f86-5493-4a3e-94f8-9c2f1013d7ed","block_type":"box","text":"Summary of Principal Risks","page_number":52,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"4b88e3a9-a1d4-42d7-92d8-e2d0bde6e407","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":52,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"fe57af33-b825-4e7f-8e6f-ca5376a2d89b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":52,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"a4fc5c59-516d-4783-9203-2aecbeff62e2","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":52,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"224d23ef-81a7-427e-a7fe-47fd1f8c06ad","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":52,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"2e872073-0f41-4fd9-be7b-2472d0ba180a","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":52,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"d07d64ea-e336-4e0d-b802-54c093dfaf12","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":52,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"5cbbf65c-d8f2-493e-ace5-8db37a46f076","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":52,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"2fca49ec-1088-4c09-84eb-30a8a2fd3d9c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":52,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"52b3c9f7-e45b-4adf-97e2-2faf7305d211","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":52,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"d9caed00-6779-4dc1-8d66-cca04e27b302","block_type":"box","text":"review each risk factor carefully.","page_number":52,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"af606aff-8624-4346-b042-7aaea85aa1a0","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":52,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"9485520b-2317-466d-8aaf-8cb9ec953305","block_type":"box","text":"U.S. Treasury obligations may","page_number":52,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"5989930d-f210-453c-813f-04068851f8e9","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":52,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"9a6ef390-d492-4533-bff5-a2626af7d493","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":52,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"cd3854d9-9288-4e7e-8ae7-c23892a65076","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":52,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"dd51cbfe-de14-4e2b-8289-4fc17480b360","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":52,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"db5b8c41-7cbb-49e1-a2b5-2b8e85fdc434","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":52,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"a37a3f05-9cb6-4ae8-aabd-edb1f79589e3","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":52,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"6fe94979-8949-4c3f-bd20-d9700baa089e","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":52,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"99b09c52-824b-4b9f-8c86-d8446948e1e8","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":52,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"0d344745-a3f1-4ade-9428-f148bafbb014","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":52,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"f506f89b-1b3f-4440-9837-472df13234af","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":52,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"97720d7d-f105-4848-b73e-92c1093618b4","block_type":"box","text":"timely payment of interest or principal.","page_number":52,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"1d15f65c-a0b0-43c5-975e-c87611b89991","block_type":"box","text":"Interest Rate Risk","page_number":52,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"09d96a97-8f66-45bd-a443-6763e4a3d245","block_type":"box","text":".","page_number":52,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"c0c87447-d740-4b29-a8cb-3bd1a98bea79","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":52,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"77014b6d-66c8-4d8e-ae51-52864ab85c24","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":52,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"6acfa7c1-1c00-40f6-b420-fb405a8bc5b7","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":52,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"eae04273-2717-484b-9f66-a0a423b8c456","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":52,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"a405c6ac-dfeb-46c0-811e-6ee12d40207a","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":52,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"224fde96-f31c-4d96-82e9-252450430441","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":52,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"72f30c2a-7ca4-42c9-b104-d2bd5c150c67","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":52,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"83921518-0685-4293-83bb-552326fb90aa","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":52,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"231b1d94-e35c-4586-bdcc-363a9afcbb95","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":52,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"0a7fcac8-6350-411b-b52d-86f7add41544","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":52,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"9909f9a6-fd20-4d31-b86c-52ac1c2124b1","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":52,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"877609c0-1e7c-44d8-94c8-5101c62164de","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":52,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"4253039e-4a2f-478f-9e0f-2d8c6c12cfdc","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":52,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"646a6f76-6d9c-4e1e-bac0-9d4b0e1995b8","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":52,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"f42adda1-8d67-4ec8-b2d8-d1683a6f0eb3","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":52,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"f98fe783-65ea-4563-971c-1aa35bb7a15a","block_type":"box","text":"dividends to shareholders.","page_number":52,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"b222f060-1507-4b1e-b281-4da45835366d","block_type":"box","text":"Market Risk","page_number":52,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"5607a350-0c95-43e5-a1a0-e5f8476986f0","block_type":"box","text":".","page_number":52,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"079f753f-a0ca-4cb1-8470-36d99fe0a24c","block_type":"box","text":"The Fund could lose money over short periods due","page_number":52,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"ecd7a536-e13b-43c3-b182-f78ea41418be","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":52,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"e0c9a99c-3ae0-4222-84b4-ce45555fe2e3","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":52,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"6a89cffd-8a7f-4ab7-960a-bb07c5262960","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":52,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"6f9dca02-d372-462d-a3cd-aa574cfcabf3","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":52,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"7a154c16-d00d-41a0-8c7f-09a03df93566","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":52,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"7243874b-886f-47c7-9c5a-f5105fe8f2e8","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":52,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"da47dc89-0da0-4152-b23f-890e046aab61","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":52,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"3bfd5ac1-a2fc-431f-83db-8ca445a55e9e","block_type":"box","text":"NAV.","page_number":52,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"95111b79-77ae-4d43-8414-0636576ce836","block_type":"box","text":"Index-Related Risk.","page_number":52,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"a897cc57-a113-4f2e-96b0-5c1a0d63bcb6","block_type":"box","text":"The Index Provider may rely on various","page_number":52,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"4dab3fd2-e20e-4f46-a104-44096e72df6c","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":52,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"0052fec0-75c6-4b9f-9f8e-3dc953e9a1e3","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":52,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"8a8165cc-06dc-4b26-a21f-c1a8e251529c","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":52,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"776d51d2-44bd-4649-a8df-da895560ca12","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":52,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"19190bd3-371f-413b-aa02-769bd3552d5a","block_type":"box","text":"information will provide an accurate assessment of included","page_number":52,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"58beb26e-c51e-4e7b-9ab1-05adb622a6e1","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":52,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"2862aa62-c403-4f83-9269-49072cd8deb4","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":52,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"6220b375-d712-45f9-b7b0-52928bff911b","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":52,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"2d31929f-8f1a-40c9-aec5-aaa8be898abf","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":52,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"f00f77f2-a3d4-47c5-a064-072ddb104ef5","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":52,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"dedac9c0-0968-44c6-b5cf-43e7c1e7d82e","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":52,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"80af7dee-ea26-4634-bbcd-d62c516b2581","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":52,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"d2a5b117-94d7-4e26-a5da-4a34981bedc7","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":52,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"b7281de8-2d10-42f7-908b-d5722908f2bf","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":52,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"ef81f684-8c3b-4195-821e-e0e91a654037","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":52,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"3602cb91-5435-4807-be26-985aa759af04","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":52,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"6dd90c9b-291f-4590-825f-5e65d796bdfe","block_type":"box","text":"Asset Class Risk.","page_number":52,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"3ecbf96b-2a9d-4bc5-8203-3e468a70499b","block_type":"box","text":"The securities and other assets in the","page_number":52,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"98c943eb-061a-435a-b9b2-3d82e9f4d6fe","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":52,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"000c0da6-c71a-49f7-9507-f2cbbde6f38c","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":52,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"cc67641e-3652-4293-9488-670a1d4406be","block_type":"box","text":"market, another index, or other asset classes.","page_number":52,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"14dd03ef-b7af-4ac3-bfb7-b1c7fde69bc4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":52,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"0143a6d3-dfb3-4be8-8b66-782a4a408ff5","block_type":"box","text":"An “Authorized","page_number":52,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"ba2ab856-e23d-483b-856f-2c8b1bc667d3","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":52,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"92596f68-73f5-4bfd-adf7-b1288d672efe","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":52,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"860f9080-a313-437c-8d85-aca512b9e6d8","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":52,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"87fab926-21ab-4bf3-9fbf-ab4a9545d781","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":52,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"08730215-4bf2-498f-877c-a09edc2cea70","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":52,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"a5e8926c-d893-4a60-ac6e-fdd19ef0f5fe","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":52,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"09a38ad9-d527-411e-93e5-c33e6f777d1a","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":52,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"8ff636f3-19f8-4135-9145-cf389103f15b","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":52,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"f390054a-eda3-40db-b1dd-1285b85bde7c","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":52,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"99b8dc74-6e00-4946-8bfd-54fcb3321f6a","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":52,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"3cce9ccf-36bd-4561-98e7-bf12a03fe8d4","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":52,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"4260a315-156f-4ff6-8be7-4aa7029eeed8","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":52,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"06e41324-786c-4189-b78a-8abfb67df296","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":52,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"e5b04f31-d220-49e6-8572-c1ea0ec4eb98","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":52,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"274409e3-955a-4130-94ff-115bf790dcd2","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":52,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"dbe0e155-ca0c-431c-a912-6882852c27b5","block_type":"box","text":"Concentration Risk.","page_number":52,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"4d811d1a-9412-4ac0-8683-5812b4d88a1f","block_type":"box","text":"The Fund may be susceptible to an","page_number":52,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"13f0fe53-7123-4621-9ca8-dc650b07041e","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":52,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"c1f2c756-0e38-4a5b-bbdf-419f38dc8339","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":52,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"d5c6607f-7cf4-4c72-9063-3d913c37be83","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":52,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"16218415-c153-427f-be59-6dd15f3b9eba","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":52,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"ad17859f-a8c0-4a48-a742-46365c589d97","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":52,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"baad6aae-b01f-49a7-ba59-e2f9573b1b72","block_type":"box","text":"asset classes.","page_number":52,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"8325c16d-343d-4566-8533-0e576a6dc15b","block_type":"box","text":"Declining Yield Risk.","page_number":52,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"e23fa9e5-af73-44b9-bfa3-e42bb3ef0e04","block_type":"box","text":"In the months leading up to the Fund’s","page_number":52,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"4749d942-ae2d-494e-b7f9-6648bd705432","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":52,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"dc521433-f9f9-4bd7-9078-41db699bf528","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":52,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"0c3e3c58-d9d8-4e81-bc20-c363e17a38f3","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":52,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"6448fa46-1f67-4962-a72b-6265128f6ec6","block_type":"box","text":"yields for bonds in the market.","page_number":52,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"57a19368-6294-4549-b7a8-fae589a746bf","block_type":"box","text":"Income Risk.","page_number":52,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"c0d1ce25-5c78-4097-a709-92e4a144eaf2","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":52,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"856d2c34-36c0-4643-a6fe-ee2b429b1d50","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":52,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"3e355a8a-b239-4d6b-90ed-424ba0e5bfe7","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":52,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"066ce0e5-5b09-4161-9bc6-9b6ec7347490","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":52,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"1a445552-0282-45f1-81e1-09d4b0ddbdb8","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":52,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"355fdff6-dc40-49fb-869f-ac469e1dd779","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":52,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"9ea01c2d-55a8-4aaa-b6a0-a47358c849a5","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":52,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"b77bbf02-ef9b-486d-90a3-f6674b7e9b40","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":52,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"5196de3e-411d-4a93-a749-b5097cd86fa6","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":52,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"412b762a-e4ba-4a82-ba5f-b89c9ccb39ad","block_type":"box","text":"Issuer Risk","page_number":52,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"9e85c44d-f784-4592-862e-d44b3655c921","block_type":"box","text":".","page_number":52,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"a6c101cb-3819-49b4-8747-084d0ca44f10","block_type":"box","text":"The performance of the Fund depends on the","page_number":52,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"e6c3337f-e86b-4802-b39e-c8637284cc6b","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":52,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"7a2ce5e9-5879-403c-ad0a-7a9e4a2a4ec0","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":52,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"9ecd9a1b-bd4a-4587-acbd-57241629a0c1","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":52,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"0b8244f2-1b57-40f0-b519-cbe925ff349b","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":52,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"94a1cf30-3130-46b6-884a-03ec829bdc0d","block_type":"box","text":"counterparty.","page_number":52,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"1ac0535a-ee49-4771-ba6c-273c6abd591e","block_type":"box","text":"S-45","page_number":52,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"06c5fdc5-cd81-4d0e-8dbd-9f18fac49e3e","block_type":"box","text":"Management Risk","page_number":53,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"49566291-76c2-4494-92b3-2ce19198fcac","block_type":"box","text":".","page_number":53,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"90252a38-cdc9-4d30-a6a1-fc4901d8438e","block_type":"box","text":"The Fund generally does not attempt to take","page_number":53,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"d99761a4-a6e7-4191-8571-99324fea920d","block_type":"box","text":"defensive positions under any market conditions, including","page_number":53,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"4668b968-e23c-49ab-94cd-0eb03e70dd44","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":53,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"6606538e-ab3c-4470-80bb-ce70feeff68f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":53,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"db5c032b-791a-48f5-b258-5475cee6f27b","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":53,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"1d0df04f-b2d7-41cf-bfe9-99de5659c533","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":53,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"d76d96a8-282d-46ae-ac93-ecc1ed2c2f84","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":53,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"39d833aa-fc8d-453d-89c0-fb2a107bf3b6","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":53,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"7847adba-7ed4-41f1-881d-4cdfec577d2a","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":53,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"bd94513a-6bc4-418b-9425-12a31e7fca30","block_type":"box","text":"Market Trading Risk","page_number":53,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"285ad57e-6d0c-4130-a5be-4dedf1e5bd2c","block_type":"box","text":".","page_number":53,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"01ece5cd-cfef-4dec-bec9-3d2b22be67c9","block_type":"box","text":"The Fund faces numerous market trading","page_number":53,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"4c9582b1-4072-41c7-892d-40a428fe6259","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":53,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"d9f96a27-04b5-4d2c-ae8f-b79194ddd9d1","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":53,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"baa5c8bc-b48b-4a0e-ae92-150bf7705936","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":53,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"541d4859-aba9-4ea5-87ae-d153bc025e59","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":53,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"7151c795-5a2b-4e35-b6a6-442f69f90eb0","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":53,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"94f69500-8a35-411c-aa63-6369ee441b70","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":53,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"2512d7a7-73af-4a12-a47d-c5d8bae82c05","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":53,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"84ba2a7a-6d00-4b99-bad5-5a265092ca0a","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":53,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"73a26950-5464-470a-bd24-abc6bde97fb6","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":53,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"b30d6c42-cbc6-40a2-a429-85188b99648a","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":53,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"ed9cc6ad-9d61-4507-b4d1-57bea5869ad8","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":53,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"96ef7f28-910e-4791-90da-8fed66cc2c98","block_type":"box","text":"Operational and Technology Risks","page_number":53,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"1e0aae39-c848-40e5-9ccb-c4edd3a51f82","block_type":"box","text":".","page_number":53,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"b35bcb93-6028-4b1d-95cf-47dff98113c2","block_type":"box","text":"The Fund is directly and","page_number":53,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"85d0f41e-7578-4c4c-9cd1-57eca3a0f25e","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":53,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"20afd3c0-c97e-4ed0-a057-9f77feec14d6","block_type":"box","text":"including those related to human errors, processing errors,","page_number":53,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"6740090a-af87-407b-bb25-01833d98df62","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":53,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"0bef313d-39ad-4cf5-ac0f-f8e2ca46c802","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":53,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"5bf0a04f-2a7d-452f-b27b-d06ce3ad0c26","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":53,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"91250164-8066-4044-9caf-15ce5c49a96e","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":53,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"2c85c218-8d79-4f2e-90bc-097c6ec78472","block_type":"box","text":"providers are required to have appropriate operational,","page_number":53,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"2bda6ce2-a77a-46d9-84ec-662b8ddce061","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":53,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"677d0690-834b-48a3-a923-3c410c57caf6","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":53,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"815611fb-d3e6-4e30-9ceb-a67ad073f81e","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":53,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"99de2706-c041-4d4d-8621-5d02bc3b56da","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":53,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"f679be2d-1e99-4ad9-a791-bdf1b2e885bf","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":53,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"107489bb-fcf6-49dd-8a52-9440c9cedb8d","block_type":"box","text":"investments in such issuers to lose value.","page_number":53,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"3fb72995-e993-4fd4-8677-6cd46e0da390","block_type":"box","text":"Risk of Investing in the U.S","page_number":53,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"232606c6-9ed1-4718-800f-40ff0d6210d0","block_type":"box","text":".","page_number":53,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"d9d9969e-667f-42a4-bdc5-99d0ba9ed86f","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":53,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"48c14e46-84eb-4520-bc7e-51ca8ba0b769","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":53,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"5991a4c2-b86e-4edf-9587-17b572dbef1c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":53,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"9457f424-a205-4521-b811-eb5353ab6aa0","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":53,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"a6c84647-642f-4800-9f7c-b0a5f1aab45b","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":53,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"e24f96ef-6a55-4521-9558-3d0a1b6b51ec","block_type":"box","text":"Securities Lending Risk.","page_number":53,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"9181feb4-e8ff-4575-ad4a-f84962c978b5","block_type":"box","text":"The Fund may engage in securities","page_number":53,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"692a8b1f-ecdc-4ca3-92fc-775d7164ed1d","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":53,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"0b384f98-b0b3-48d2-a38e-74455f7e2ea1","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":53,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"6f61321d-68e6-4f8d-a28c-28c55de57ab3","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":53,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"3419435a-8cf1-464d-9787-c50d94192c06","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":53,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"5f1b301e-84ab-4f34-bea2-573e62df0377","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":53,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"42254c85-a5f5-4ba7-9449-05a595e4b33f","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":53,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"ceae5101-fe5e-4321-9d4b-0c04f2915bce","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":53,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"10168bbc-1582-4ef0-bc83-8d796c75f523","block_type":"box","text":"Tracking Error Risk","page_number":53,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"bba3f7c7-2e8c-4b24-b330-d04cab2ec5e5","block_type":"box","text":".","page_number":53,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"9440d6a6-26c0-4c45-986d-9a3561473b2e","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":53,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"edf8e721-ca87-4ca7-9017-d7bd4e90ac69","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":53,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"6951f97e-0345-4453-bec9-3badaae8f1b0","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":53,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"9707a9e9-1b28-4249-8cdc-61d138c89a78","block_type":"box","text":"factors, including differences between the securities and other","page_number":53,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"f046bca7-f9b2-431d-984a-5f2356193931","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":53,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"287610b3-316d-4e1f-b0c8-c567f3355af9","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":53,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"1115db93-573e-4e21-b6f3-aa491e6e27ae","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":53,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"5b34c25b-2b64-4cc9-83d5-582f690b1ee3","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":53,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"41864efa-46ea-4bf1-894e-d2e691fb2f8d","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":53,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"fb39aea7-6a05-4973-a20d-982ffde364a3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":53,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"86e5df50-868f-4e9d-9dbc-c9247c01d188","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":53,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"a0471a75-512e-4069-9f70-7ea4270b4678","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":53,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"9fb1f42f-d858-4dea-a3a0-4ddc2e69c65b","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":53,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"2ffee53f-9226-4de4-a5f7-40f1f8441e6a","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":53,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"a75ae654-789d-42f0-9f1c-fa84ca6dce34","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":53,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"aff673df-9984-4c9f-8320-dc75f27df9f2","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":53,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"8c3fefb6-0971-408c-a178-ad7d1df29e2c","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":53,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"c1ae90dd-8857-4ccc-bb84-ba0c45d11f33","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":53,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"df3f75de-46b4-45e9-bdcc-905ea3c207bd","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":53,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"c04b9c48-0f16-49af-87fa-2f2dd3f6ddea","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":53,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"259e615a-7523-4e04-a41d-9e3f2dec3c96","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":53,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"a5daf96a-4754-4c34-a95b-c274fecd6eaa","block_type":"box","text":"unusual market conditions.","page_number":53,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"316dcc8e-ab31-4a65-8cb6-53f8d74227c9","block_type":"box","text":"S-46","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"942b7df7-3e10-45ae-b7a4-b73584591bb9","block_type":"box","text":"Performance Information","page_number":54,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e54392cc-b956-4faf-8f4c-f73913f9167e","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":54,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9b286a28-1237-4752-b76e-f153c40db8d6","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":54,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"bd80a617-a27f-4582-9c48-14ead380d96c","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":54,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"a84e5930-36d4-4d7f-8312-5a462469a4b4","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":54,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"5ce86242-4440-4e4f-b773-4e40586f3ab3","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":54,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"bc2d9c99-209b-4d45-b15a-a9688ccff3b6","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":54,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"6950a397-6160-4e6e-952c-407c2c1344b6","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":54,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b18d4e79-084d-41c7-a5e8-057adc214fe6","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":54,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"c2185be7-e0cb-47cb-a6cd-478c57407aee","block_type":"box","text":"12%","page_number":54,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"6b2d2170-37b4-4741-9dce-7580f8dbc274","block_type":"box","text":"9%","page_number":54,"box":{"x":340,"y":221,"width":13,"height":7}},{"id":"d0def35a-9cf8-4de2-96f5-192163bc04df","block_type":"box","text":"6%","page_number":54,"box":{"x":340,"y":240,"width":13,"height":7}},{"id":"8d4ec9e0-c6e4-4e34-ad90-3e9db788f1e6","block_type":"box","text":"3%","page_number":54,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"f4437677-ed7b-4276-9fb3-05df88b891b4","block_type":"box","text":"0%","page_number":54,"box":{"x":339,"y":280,"width":14,"height":7}},{"id":"7f1930c2-92d1-4763-b265-ef69082bb5b4","block_type":"box","text":"-3%","page_number":54,"box":{"x":335,"y":299,"width":18,"height":7}},{"id":"f112768c-64d9-46b2-b97b-9398905e615d","block_type":"box","text":"2","page_number":54,"box":{"x":458,"y":321,"width":6,"height":7}},{"id":"f291b29a-80bb-4b82-8711-3820d87c86eb","block_type":"box","text":"0","page_number":54,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"5fa625a8-f156-4544-98b3-9fc48672b5a2","block_type":"box","text":"2","page_number":54,"box":{"x":473,"y":321,"width":5,"height":7}},{"id":"f2423c2e-b280-463a-b5a6-a8fb1e1b0701","block_type":"box","text":"4","page_number":54,"box":{"x":479,"y":321,"width":7,"height":7}},{"id":"50b70fd2-99ce-4177-96ac-af562e310975","block_type":"box","text":"2","page_number":54,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"96f0e802-52e4-4a22-9551-b5d83b91c6b7","block_type":"box","text":"0","page_number":54,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"ca4b88f8-af87-43eb-8b99-15b38fd15f12","block_type":"box","text":"2","page_number":54,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"80541141-10bb-47a1-8149-c3148827cc72","block_type":"box","text":"5","page_number":54,"box":{"x":616,"y":321,"width":5,"height":7}},{"id":"b679582b-3bfb-4c0f-af58-16748779d692","block_type":"box","text":"-0.78%","page_number":54,"box":{"x":456,"y":291,"width":31,"height":6}},{"id":"5cd6b7e9-04dc-4414-9e06-6af3fd929a74","block_type":"box","text":"8.20%","page_number":54,"box":{"x":594,"y":218,"width":27,"height":6}},{"id":"cfdfac41-41a5-4362-b292-b2f59d1716e8","block_type":"box","text":"Return (%) Period Ended","page_number":54,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"112dc578-459c-4e9e-9133-3e509b334412","block_type":"box","text":"During the period shown in the chart:","page_number":54,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"4c91e312-7a5c-4255-8631-d4e840bf9e62","block_type":"box","text":"Best Quarter 5.74% September 30, 2024","page_number":54,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"7c04397b-6868-45fd-9617-4878711c2dca","block_type":"box","text":"Worst Quarter -4.57% December 31, 2024","page_number":54,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"02c5c489-5e30-4377-bd91-5f27b60bb546","block_type":"box","text":"Average Annual Total Returns","page_number":54,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"ae7c90e0-a23a-45e3-9077-2ffd5cbec508","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":54,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"5cadf144-924e-497b-87bd-0d7f8f1f6667","block_type":"box","text":"One Year","page_number":54,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"a04298e9-0293-4b83-978f-1bb12dd6734a","block_type":"box","text":"Since Fund","page_number":54,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"9ab0a677-01ba-44ca-b6e1-b2efcbbdae8a","block_type":"box","text":"Inception","page_number":54,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"7564095c-2fb2-4e02-94fb-4b0aaf2c3253","block_type":"box","text":"(Inception Date: 6/27/2023)","page_number":54,"box":{"x":123,"y":482,"width":178,"height":9}},{"id":"7c3dc69b-654a-473a-944a-2d6b64ccc2f5","block_type":"box","text":"Return Before Taxes","page_number":54,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"bfe9ba93-4dbb-484e-990a-0ddf67b73bdc","block_type":"box","text":"8.20% 3.26%","page_number":54,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"cf7a157d-d8c7-4680-9ce5-ba0a568c3327","block_type":"box","text":"Return After Taxes on Distributions","page_number":54,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"de1038b5-5a65-4a3d-b7c9-34c541ad7c78","block_type":"box","text":"6.42% 1.61%","page_number":54,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"97d38acd-5a83-4587-b6e0-5226bb08ce26","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.83% 1.78%","page_number":54,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"2cf93a13-a468-4ed1-8d94-5ad4a0e965b8","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":54,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"8884dab9-a451-415b-8f51-55759a6538fa","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 4.60%","page_number":54,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"e64a9823-3bab-4127-9ca5-b47334898727","block_type":"box","text":"ICE 2033 Maturity US Treasury Index","page_number":54,"box":{"x":124,"y":540,"width":228,"height":9}},{"id":"16b2b36c-1452-430a-9862-44aa599b3d4f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 8.27% 3.29%","page_number":54,"box":{"x":357,"y":540,"width":559,"height":9}},{"id":"94693619-65d7-4974-9fcd-c9b009cacf92","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":54,"box":{"x":82,"y":579,"width":882,"height":11}},{"id":"16a8f129-b464-4a05-ae24-b9a9e91d0adf","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":54,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"5cbb5573-7a99-4699-861c-0ea0b5a66bd0","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":54,"box":{"x":83,"y":607,"width":860,"height":11}},{"id":"4164a189-a942-44db-aedb-2f5ad90c8aaa","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":54,"box":{"x":83,"y":621,"width":855,"height":11}},{"id":"fa8a69e5-47e6-4cde-acd6-4cb7267875ab","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":54,"box":{"x":83,"y":635,"width":883,"height":11}},{"id":"07c8ea18-9b57-4046-93f3-5e3ca2295b82","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":54,"box":{"x":82,"y":650,"width":861,"height":10}},{"id":"afcf4eb3-703d-42e4-816d-792d916dcc80","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":54,"box":{"x":83,"y":664,"width":359,"height":10}},{"id":"627ba5c5-4036-42d8-ac76-8684496f84ea","block_type":"box","text":"S-47","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"da1ea354-0aee-42f9-bf9a-6d784d814113","block_type":"box","text":"Management","page_number":55,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"6c112413-4c65-454a-8451-ec216f9ee790","block_type":"box","text":"Investment Adviser.","page_number":55,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"ac4569ad-dd9f-44eb-b17b-3d50e1b48abb","block_type":"box","text":"BlackRock Fund Advisors.","page_number":55,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"fdfd8a5c-56b0-4f59-bce9-27168877ab6d","block_type":"box","text":"Portfolio Managers.","page_number":55,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"097b946b-1034-4971-994d-84618e8d40ae","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":55,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"9902c6cc-63f2-479a-8887-5c24e5394de1","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":55,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"c64c7cd8-c68d-449e-b078-18d1588ccd70","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":55,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"d47b9994-00cb-41d6-809d-bbaab2376622","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":55,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"451b379e-8d7a-42cc-be33-1a462a08fb19","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":55,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"e3faebd8-0dc7-4023-b1e1-d52ef45d58d5","block_type":"box","text":"2025, 2023 and 2025, respectively.","page_number":55,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"76bcc440-12e7-4122-a3c1-9c36a10f607d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":55,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"7308eeff-c668-4844-8dc2-cbf235bc3e6d","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":55,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"ec7dbce3-18a5-4164-8975-480289c1d9db","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":55,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"b7441154-a1cf-4448-9b41-f0fe8aec9e0b","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":55,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"03bb3466-cff4-4710-a180-b4f2bd83d6fe","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":55,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"89cc46aa-59d5-40a3-91c1-c38fad99b551","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":55,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"b7588045-5f39-4786-a8d8-4f677fe85619","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":55,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"a52ff339-b071-4da9-9dd5-5774e43e372e","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":55,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"4e78f2b4-d333-400c-bb7e-e083855fe231","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":55,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"fae122c9-622f-4cd1-b0e0-8731bb8369a9","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":55,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"0916126d-a20f-45b8-b8a0-3c78fa0920ee","block_type":"box","text":"Tax Information","page_number":55,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"54aa7730-28e9-4434-a184-344925ef1912","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":55,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"9b0a1fa4-c536-40f3-9cba-767dcca8906b","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":55,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"5cc9ff5d-5ef2-422b-98d3-39ab90efa44d","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":55,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"7e69e51b-fde1-4458-80e2-42545540bb09","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":55,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"bb085457-ab97-47a1-ba8e-781159e71eb0","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":55,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"99428a1f-00b3-4971-92dd-8a2d0c3fc416","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":55,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"7c1c74e4-86e2-4ad9-8780-331456b3b443","block_type":"box","text":"obligations.","page_number":55,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"ff5b3674-d94a-4ffb-adca-defe5c99dcff","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":55,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"b8fd9e7a-8b02-4fb8-8c08-923f665ecb5f","block_type":"box","text":"Intermediaries","page_number":55,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"af766702-eb9d-4c3b-aa89-f60aed5d3a21","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":55,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"a05137f6-9b5e-4343-993a-1eed5faf189d","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":55,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"d89bb6f4-84fc-4c4b-ba32-001ad281d1d3","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":55,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"5a238f97-346e-442f-9ddc-7f2033683bb2","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":55,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"3b65c693-ae39-4a2f-8819-a8953b690de9","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":55,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"ea72a744-4df0-4e44-be57-a2a6766b3e1d","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":55,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"13f0e193-36f6-4ca3-849f-b1d0699de48b","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":55,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"3379f0c1-e4e4-4c3b-9d67-4bbab7965b5f","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":55,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"c73880bd-e5a6-4430-95ca-423ed08671b8","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":55,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"b6bacad5-7f0f-46ad-82cd-3b817de6a525","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":55,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"eb95add4-94c2-499b-887e-a761530cc493","block_type":"box","text":"information.","page_number":55,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"90161ca9-751b-4f4d-a0ec-5e656b52182c","block_type":"box","text":"S-48","page_number":55,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0a843fe6-44c1-481c-a23f-d39922a48d66","block_type":"box","text":"iSHARES","page_number":56,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"974ae820-bac2-4c99-aa54-c5b28d602873","block_type":"box","text":"®","page_number":56,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"220f24d6-8b09-423f-9789-9729d1127467","block_type":"box","text":"iBONDS","page_number":56,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"6f505c53-5133-4de2-867d-18d968abf330","block_type":"box","text":"®","page_number":56,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"23a0c1c2-2e1b-4b95-8e58-596ba6af9246","block_type":"box","text":"DEC 2034 TERM TREASURY ETF","page_number":56,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"0c9f7d9c-6fa1-4c97-b0a6-7c9be0e9c5ed","block_type":"box","text":"Ticker: IBTP Stock Exchange: Nasdaq","page_number":56,"box":{"x":292,"y":53,"width":468,"height":12}},{"id":"da6595c2-7d08-4476-b281-4667d2b4d458","block_type":"box","text":"Investment Objective","page_number":56,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"e14d7ad4-a955-4ad2-8895-f88bf8f5027f","block_type":"box","text":"The iShares iBonds Dec 2034 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":56,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"203cc536-5ea8-499a-9398-e859c2bd88b0","block_type":"box","text":"bonds maturing in 2034.","page_number":56,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"8fa3c69b-5306-49cc-ac88-0e87d23db69f","block_type":"box","text":"Fees and Expenses","page_number":56,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"ef0b4f7f-646b-415b-b7b4-c39e819a8f4d","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":56,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"1258e533-8757-4a42-a54f-4df43ca1af90","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":56,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"0c737a10-fed7-44d5-9405-f49012c78b1d","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":56,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"d02eb454-45ca-49b5-924d-ea7122ea403f","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":56,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"a87e5f43-d1dc-459d-8c79-57146060a930","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":56,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"bbea83fb-d946-4214-aa17-93f82d7c1c11","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":56,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"b27aa43a-7b86-4977-87c6-4fad9cd49527","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":56,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"f3552d1d-1686-408c-8508-2005d4a0ea9b","block_type":"box","text":"pro rata","page_number":56,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"d378e6b3-b909-46a8-8839-f5f326136f95","block_type":"box","text":"share of the fees","page_number":56,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"d7f17614-a747-4b8f-a1c3-12ba129c6fe0","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":56,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"47ff1128-bb1d-4a4e-b461-2841066245a1","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":56,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"b0bffa1e-d82d-42e0-9675-0b56703c3295","block_type":"box","text":"shown in the","page_number":56,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"561ba25c-d933-45d8-b17b-569087eafdce","block_type":"box","text":"Financial Highlights","page_number":56,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"44903ab1-9bc6-456b-9f9b-3f3ecacf47fe","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":56,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"9e620137-8f8a-4ddd-8632-89a275be805b","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":56,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"04075309-e11e-4fe3-94bf-2a8f72b78df1","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":56,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"94c41144-adf6-4cc7-a6d2-4771e51ed413","block_type":"box","text":"December 15, 2034. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":56,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"75fd96aa-0442-4997-9945-e8e1647bea1c","block_type":"box","text":"Trust and BFA.","page_number":56,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"0225f6a8-7451-491d-b3d8-51477c7f9496","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":56,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"e37dca89-73b2-4a2d-a6d3-98ea7f007749","block_type":"box","text":"the tables and examples below.","page_number":56,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"0eb16aab-fdbf-4aaa-870e-722e7404eb99","block_type":"box","text":"Annual Fund Operating Expenses","page_number":56,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"f360158a-6250-4f49-8ae8-edab783fd25a","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":56,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"ff1bcdd9-34d0-463a-b449-f290d806bfc4","block_type":"box","text":"percentage of the value of your investments)","page_number":56,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"c8b2eb32-1ef6-45a5-9505-45394ce7d540","block_type":"box","text":"1","page_number":56,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"42d65cfb-7135-4c91-a0a5-f38c2148a797","block_type":"box","text":"Management","page_number":56,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"1c5f45b6-4ab9-4233-abee-3dac0161ff2c","block_type":"box","text":"Fees","page_number":56,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"7f6d06c2-4745-4548-8639-b904e3bfd518","block_type":"box","text":"Distribution","page_number":56,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"b55692dd-8464-4f44-a23c-85ff35dbabdb","block_type":"box","text":"and Service","page_number":56,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"16ab201c-7c2d-4ba3-a3f6-3854c89cc3cb","block_type":"box","text":"(12b-1) Fees","page_number":56,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"8950c0b2-5a49-4af1-9155-24e4258f2de3","block_type":"box","text":"Other","page_number":56,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"34edecde-de20-4dac-9245-c6244fbd12d6","block_type":"box","text":"Expenses","page_number":56,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"711324ca-b3a6-415b-820e-af362431c59d","block_type":"box","text":"Acquired Fund","page_number":56,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"c2462c02-2490-4f91-abaf-732cfd81c321","block_type":"box","text":"Fees and","page_number":56,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"5a830050-ae59-404e-89c1-36cf63a2e2e3","block_type":"box","text":"Expenses","page_number":56,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"38448b2b-5f71-4c65-967b-d12c45a400ae","block_type":"box","text":"Total Annual","page_number":56,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"0eadd1b4-3229-4df5-96ce-f9e8f6fb1a99","block_type":"box","text":"Fund","page_number":56,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"b8ef737f-2daa-4ceb-8462-7ae6d088b7c1","block_type":"box","text":"Operating","page_number":56,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"e77b9af0-193c-4f7e-bd96-fa89e408d414","block_type":"box","text":"Expenses","page_number":56,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"7231875c-2a7c-4122-9e6a-4ed19862ecb9","block_type":"box","text":"Fee Waiver","page_number":56,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"b75ff569-8c49-4d76-b24e-74bf134244c3","block_type":"box","text":"and/or","page_number":56,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"40b09a33-0d01-4139-b260-8615e0d0ea20","block_type":"box","text":"Expense","page_number":56,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"777e6df8-5a0f-481c-b456-bcfbaddda78a","block_type":"box","text":"Reimbursement","page_number":56,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"8b98d5af-6ea3-4f46-be28-f9389c24cc13","block_type":"box","text":"Total Annual","page_number":56,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"7e172f77-8f86-4edf-932b-46ffc1db7a5e","block_type":"box","text":"Fund","page_number":56,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"113a4bb3-7a8e-41b0-a079-84a69a628aeb","block_type":"box","text":"Operating","page_number":56,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"1d38bbce-c956-4bdf-94b4-a02e13568122","block_type":"box","text":"Expenses After","page_number":56,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"f7f550f5-b130-4b6d-bfe3-7cde4c396057","block_type":"box","text":"Fee Waiver","page_number":56,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"e5997645-852f-4211-9196-a3f6b3ea9c57","block_type":"box","text":"and/or","page_number":56,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"2273f75f-fe1e-40bd-95a8-9ec6c8bb2e0f","block_type":"box","text":"Expense","page_number":56,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"d08d777f-6f09-47ab-b7a0-e685275bbff0","block_type":"box","text":"Reimbursement","page_number":56,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"1a702f37-639c-4975-b686-63be56ef58d9","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":56,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"4fb4b642-c8f2-4f55-9c36-120ee3c8842b","block_type":"box","text":"1","page_number":56,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"f8f6cf5b-2da2-402e-b11f-67c5654d0682","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":56,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"e2e28ac5-434e-4f64-9d6f-b6ee2ca0a95e","block_type":"box","text":"Example.","page_number":56,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"b3b68b1c-5129-4393-b888-a3a5c6ee66f0","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":56,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"0ad6d23d-55fb-45bf-ba11-1898fb27bfd5","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":56,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"4a84eb99-2f97-4b70-8d67-7671716a665e","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2034 because the Fund is scheduled to","page_number":56,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"edfb3e2f-269f-429b-a34a-d310156dd1b3","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":56,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"db67da8c-c0f7-4eaa-be71-91d40e11723f","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":56,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"261dd6ba-5e57-45db-a553-672920958927","block_type":"box","text":"be:","page_number":56,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"bbfafc76-e2ee-40e6-90ee-74832838e43f","block_type":"box","text":"1 Year 3 Years 5 Years Maturity","page_number":56,"box":{"x":195,"y":695,"width":668,"height":10}},{"id":"fb862428-4e15-4d31-87b9-4473d7ebc475","block_type":"box","text":"$7 $23 $40 $77","page_number":56,"box":{"x":206,"y":715,"width":641,"height":9}},{"id":"fbce5bc2-9312-42dd-90bd-9203c8960fe9","block_type":"box","text":"S-49","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f76b8a96-61e0-49bb-b15f-e4bfb137639d","block_type":"box","text":"Portfolio Turnover.","page_number":57,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"cb2e3c15-6853-4e22-be8f-518e118eab24","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":57,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"8b3d2812-32d3-4467-886c-e3ae7999b459","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":57,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"cf4925c9-7e11-44d4-a511-163d961c72e0","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":57,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"874d0f0c-4ef1-4990-b637-2d649c938a53","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":57,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"3e2a61bc-2ad9-46ae-9cd2-dcaa523a6318","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":57,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"dc4c0743-8855-44c2-a196-078838cec63c","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":57,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"bd83c907-90e3-47af-96fd-ba609c2f94f4","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":57,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"2ead87bd-cb50-4f0c-b972-89fac03b465a","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 14% of the","page_number":57,"box":{"x":82,"y":122,"width":384,"height":11}},{"id":"cdd322f8-59b1-4c6a-9027-a18c14ff1be0","block_type":"box","text":"average value of its portfolio.","page_number":57,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"0b60be51-8bb6-4434-93ab-84761cde5c39","block_type":"box","text":"Principal Investment Strategies","page_number":57,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"7a1714a1-43a5-4320-9c11-f96c230cfc07","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":57,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"a63034a8-877c-4b8d-9665-05c353ed843c","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":57,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"02fa674b-ee65-45f9-9035-6ce602ba5ea0","block_type":"box","text":"ICE 2034 Maturity US Treasury Index (the “Underlying Index”).","page_number":57,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"ab657d4f-dca6-4599-8eb1-484456cb476c","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":57,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"bf034fe6-67cf-4ebf-bcbd-004e1fd3dc87","block_type":"box","text":"securities that are scheduled to mature between January 1, 2034","page_number":57,"box":{"x":83,"y":247,"width":415,"height":11}},{"id":"1884404a-a5b5-4555-94ba-7df851be3211","block_type":"box","text":"and December 15, 2034, inclusive. The Fund may also invest in","page_number":57,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"14992cef-5225-484a-a690-3e302c8a42cb","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":57,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"a831c849-eddd-435d-8847-b8589caeff5f","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":57,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"ee0e5e72-c7ce-4eb6-aff6-e7b560051917","block_type":"box","text":"term fund that will terminate on or about December 15, 2034, at","page_number":57,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"f11d700c-ba26-434a-bd14-5a8c4b4da066","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":57,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"3ae003d2-b511-4766-be4e-4c11c0cc5820","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":57,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"ad408475-e759-443a-bb5c-84c32e4fdc3e","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":57,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"c83041db-6c65-4085-b46f-e19add2b1159","block_type":"box","text":"periodic distributions.","page_number":57,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"aebc970e-8029-4824-aea9-eee666f84eed","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":57,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"9b3f4a3c-d5e5-49f9-b8c4-9086c17c2354","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":57,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"c18cc8f2-7168-4f3e-9d23-8385318f9526","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":57,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"bd02ac23-9991-4aeb-98b0-58713478235c","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":57,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"d6c5b3d8-820d-4f41-9a99-792889a98cda","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":57,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"f6dd1d8f-1956-4f8d-9029-0b6b9506a7ee","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":57,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"e5741c23-adf1-4c3b-8160-40261219ad6d","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":57,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"e062511a-f1ae-49b4-bf78-2cf574f3b0be","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":57,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"1db9f3ea-5fc5-4568-b1a7-b8956ed7af2e","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":57,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"ea9db7c1-b73e-40ec-abfb-c5aed8005e60","block_type":"box","text":"reduced by any individual components of such securities (","page_number":57,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"eb4dab5d-0202-4791-b3a6-4673b5137b53","block_type":"box","text":"i.e.","page_number":57,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"241c9e09-aabe-43a2-943c-d62ba7b86164","block_type":"box","text":",","page_number":57,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"aaa65f1b-02cc-4845-ac0b-c4d6f43ba225","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":57,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"e3d0d138-953e-489e-83c4-eb233a70bf65","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":57,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"04664217-cbad-467a-a2a1-432489bd84dc","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":57,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"2bfc6c1f-a856-4d86-99c4-a2c5f31ee8ef","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":57,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"2418bee1-f8c6-4335-aa02-9c64685f412f","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":57,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"c1a47806-71df-4c80-8d52-bf75f56287bc","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":57,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"dae752f4-73ed-41d2-be99-e0df695c2b94","block_type":"box","text":"calculated assuming next-day settlement.","page_number":57,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"c372b296-aa0a-410d-8345-d84866de48be","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":57,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"295a5102-3ac3-410c-b10d-fff826d44a7c","block_type":"box","text":"month, based on information available up to and including the","page_number":57,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"cc7f4961-bb2a-463f-8bb5-e750be878d55","block_type":"box","text":"third business day before the last business day of the month. New","page_number":57,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"e389e0c8-ecc7-44b8-bde0-21dfd592167a","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":57,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"5ac516b7-fc4f-416f-adf0-ba039ae83ef3","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":57,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"3ad65e84-9c96-48d7-b3f9-04265c6f6ed8","block_type":"box","text":"month (","page_number":57,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"25219630-3dca-4fca-bc0c-0e7844f597bc","block_type":"box","text":"e.g.","page_number":57,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"4a0a394a-460e-44f9-badf-44a863b4ac23","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":57,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"f70cafdb-2e51-4889-87e2-c9ea69aad77d","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":57,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"a51a2c61-dc8e-4f69-bbce-89e6b07680f9","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":57,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"e27c9a04-a3cf-435a-b469-3d23fdbe4bf4","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":57,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"5b34027f-0f92-40aa-af96-0e4d9a942c62","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":57,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"56582ca2-8c99-493e-b17d-c13c1b02f864","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":57,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"c54c0434-6145-40e3-afad-82c6ad275d1a","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":57,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"c21de16b-c6b6-423e-a4f3-23ef349739c9","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":57,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"737b7ac1-926c-4d7f-8b37-7353f30f907b","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":57,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"b2f78b63-3285-412c-9b6a-0ef9804452b0","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":57,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"be592490-34c8-44c3-8385-09078038e28a","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":57,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"4a39d8d9-e787-41b0-8406-b7f7a44e472a","block_type":"box","text":"while it is held in the Underlying Index.","page_number":57,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"06fce34f-75a3-427e-8d9f-4323b5071844","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":57,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"4e13cef5-f1c7-4a84-9d5a-037b714c7352","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":57,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"283a3a6c-80a4-4b8f-a013-195db70f1086","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":57,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"44b25ade-8757-4662-b8ac-9207c851a345","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":57,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"f46d79af-dcda-4b23-91a2-e1804b81c971","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":57,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"33fe3022-4bf8-4c92-be1b-01ced3d3826f","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":57,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"7cfd47eb-3c64-4803-91fa-622f04907c13","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":57,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"2e5541a2-0ca9-4e0a-93fb-85fa41a7f91b","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":57,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"e94a6ea6-288e-41c8-aef1-281dbb5f9870","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":57,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"5f0f41b7-2938-45aa-a52f-bc54842ab0b3","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":57,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"ac715f50-1646-4cc2-9119-38194f273706","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":57,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"674eaa04-6dbc-49b4-aeab-c9701873c14e","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":57,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"a53b369c-f341-4aa7-a540-beb781dc8340","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":57,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"3c828795-2851-4eb8-9306-f29618ccf2d1","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":57,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"dd5297a2-2421-4112-9722-0886c166b611","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":57,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"e0fd2874-ce80-42b9-8a8b-de730ce696c8","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":57,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"0937bfcc-f178-4523-ae45-c45393888cbf","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":57,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"3187ff3f-86e3-43b9-b935-159ea91bd27e","block_type":"box","text":"fees and expenses of such funds.","page_number":57,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"4601f053-5568-483d-9c2d-8aad490fefb8","block_type":"box","text":"By December 15, 2034, the Fund is expected to consist almost","page_number":57,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"5eb6bb67-dd6b-4095-9b90-ba5c658219a5","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":57,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"2f65da56-f9dd-44ba-90a1-fda27d2c9507","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":57,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"f7dc6e18-cf75-464c-8490-f1ff16d41f1c","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":57,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"c90fe3c4-aca7-4167-80a5-29af97cc59ff","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":57,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"8ba5b0e7-53ee-496a-a964-0dc90879723e","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":57,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"96ad50e4-0736-4314-9c0c-40bf1a58d95c","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":57,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"23f6c168-cf04-47d1-8b86-93b398403828","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":57,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"616512e1-5283-430b-a4ed-15d15a03add8","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":57,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"48991e2f-db96-42b3-b53e-0bd057f375ff","block_type":"box","text":"interest of the Fund.","page_number":57,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"ee397968-c02a-4ba9-b05d-b991f0782386","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":57,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"20234377-68cb-4634-b0cc-651638e86b76","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":57,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"921ad546-cc5b-47fb-ab7c-a0b1f308b7b0","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":57,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"d682290d-216e-4a4e-a09e-1b35f2cdc7ae","block_type":"box","text":"markets decline or appear overvalued.","page_number":57,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"77799d37-49c4-4f7b-bf53-cc75b8a7a930","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":57,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"2ed88e03-6c1f-4e14-9e90-3f617b2bed71","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":57,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"db03ef29-a772-41e6-bdd9-fdff9a2d1d09","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":57,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"80a284fe-3971-4491-b0ef-7fdad3982a47","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":57,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"8e7cbbef-94c4-4132-8674-2aa445a9481e","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":57,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"4c3f219a-0c57-4ceb-80bc-83d4df2e2375","block_type":"box","text":"comparison to actively managed investment companies.","page_number":57,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"a8b2a0e3-d2f3-41e5-b1c5-1610d085ca64","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":57,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"ed3112c5-31b8-4e7e-acbc-b8aeb9257b57","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":57,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"65111c2f-c1e2-4a8a-ab3b-f6b6c5fcab87","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":57,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"e616ce6e-7303-4b8a-b72b-05d0bdbda3c1","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":57,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"fe398397-6a77-4aeb-a306-048ff5df58d9","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":57,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"09f14bf4-5460-4557-873c-deabeeca6c0e","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":57,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"d6d2fd9b-4758-4076-9e3f-ba36b693baed","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":57,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"46a5c16d-46c9-478c-a264-bcf9fd475842","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":57,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"093d3abc-a56f-4f07-971d-9f231cc5f4c8","block_type":"box","text":"(","page_number":57,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"bd994ccb-a4d4-4057-8035-f875884ac718","block_type":"box","text":"i.e.","page_number":57,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"cb0d5ca2-7f21-4eb8-81e7-ba6f5d5c1f4d","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":57,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"5344688e-0376-4375-a9ed-abd2f8b5bfa6","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":57,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"297b6a16-50fa-4655-b253-f5f973f181d9","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":57,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"8c79f5f3-1090-406f-a945-0362a73e8674","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":57,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"d49d4a0a-48e5-4896-bced-c88485020e18","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":57,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"74c20450-a230-4e4b-8eaf-b4b21733ce4f","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":57,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"592fe916-a2d7-4f6b-899f-8d3778004bc6","block_type":"box","text":"collateral received).","page_number":57,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"6f0c7037-a639-48a0-bcdc-69896cb0bf13","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":57,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"a3ac059a-3c01-4abd-96d2-ba40cc97fa60","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":57,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"ffe6db66-ae10-4e32-bf42-e039ff5104c5","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":57,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"290cbfd4-75eb-49db-b116-ae3baed14636","block_type":"box","text":"determines the composition and relative weightings of the","page_number":57,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"900d22d4-c5fb-40d8-84f1-2133b3446001","block_type":"box","text":"S-50","page_number":57,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"607ac609-a6e7-4ecd-908e-a5f9a14ed235","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":58,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"fc517703-5f90-44a9-beb1-2a918df69708","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":58,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"d21f134d-c29a-4f82-ad67-5d614da4849a","block_type":"box","text":"Summary of Principal Risks","page_number":58,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"48f359f6-df76-4441-9143-5c1008d81519","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":58,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"d8e883df-b8a8-4aee-8a62-dd94fc81677a","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":58,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"706c6f8a-6775-4608-8c4d-fc77c10bdb4c","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":58,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"2c7d44e4-893c-4964-927b-a94ad1f1954a","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":58,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"57bbb28f-7435-43ec-bd6a-d22183067fa5","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":58,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"036aa53c-b82e-48ef-a0e5-e5c66c74a52f","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":58,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"ebe75f6a-cd76-4866-b17a-f513c7287363","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":58,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"c65f85bb-4fad-4372-82d9-70e93e32dc81","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":58,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"ce6670bb-ec10-4964-b8ae-f7f92d606295","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":58,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"01b3c7da-6222-4f99-a72b-919b2809de37","block_type":"box","text":"review each risk factor carefully.","page_number":58,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"e4cd290f-c147-49c1-a541-53f41ec0083b","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":58,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"76205ede-e02d-4815-92de-8efd6f796e50","block_type":"box","text":"U.S. Treasury obligations may","page_number":58,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"cbde1f99-c731-424c-a240-71a2f9b4270b","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":58,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"5cd24527-38fc-43da-a8ee-4de0a686d83f","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":58,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"ed1258d1-77b6-4159-8986-1e7a58c38c92","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":58,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"15146d35-9980-4f8d-87f4-b075b3e56454","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":58,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"829fd29b-4b34-4462-b8e8-af18a3c1bcda","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":58,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"a2778566-09da-4cdd-a79e-9dfad3289008","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":58,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"3547c40b-ab2b-4ba6-a32f-891f05f6ab05","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":58,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"e25b72df-8269-4960-a621-045f3a9e58ca","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":58,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"cd91e54a-8487-4dea-977f-e0b77fceaf43","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":58,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"d6725acf-23fc-4639-ac8d-a92acfaac091","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":58,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"22c99b59-eb0e-4aa5-8e3d-487fe3ec4c71","block_type":"box","text":"timely payment of interest or principal.","page_number":58,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"65e81f9f-61a2-45b1-ac18-809582e550ac","block_type":"box","text":"Interest Rate Risk","page_number":58,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"2a3447b6-2a1f-4d87-904c-42a942d72454","block_type":"box","text":".","page_number":58,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"b0116f88-4bdd-4840-b12c-f91e879a0c77","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":58,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"05b2d163-2a9b-4125-9e4b-3a79fc612643","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":58,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"d0925464-fc38-4afb-a455-2b5ea5e8a51b","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":58,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"46f14f83-45d0-4211-8820-53d8ce1527f0","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":58,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"33780cca-8d5a-4f1e-99af-f24f2db57125","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":58,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"1b0d73ca-c329-460a-b5f1-604ee68ae015","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":58,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"0c53643f-5760-4266-adf5-a6cc4f3efb5a","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":58,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"58ed501f-af51-49a6-aa20-48d9ebefddaf","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":58,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"678d3b90-16cf-41f4-9669-e54ad4dc4529","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":58,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"7e4f8c31-a51b-4004-b79e-73ffaa47e21d","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":58,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"74116d48-7c5e-4180-a7e9-78ae03adbbc1","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":58,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"415975af-ddff-4ab0-bbc8-739a457e14e3","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":58,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"cf2f754c-1cb9-4b78-8414-d69f2692f40d","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":58,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"ceb989b5-9175-4612-938a-a3d1426e26c0","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":58,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"e341ef9d-d27a-4d83-8527-f98f4c500319","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":58,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"22e9cb30-56fe-46d4-8ff4-bd6158d24779","block_type":"box","text":"dividends to shareholders.","page_number":58,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"139e6afa-eeaa-4ede-abb9-549644747757","block_type":"box","text":"Market Risk","page_number":58,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"6376b85d-919f-4104-870b-9100ed0ca478","block_type":"box","text":".","page_number":58,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"f123b91d-791c-4106-bc08-37641efc4b3c","block_type":"box","text":"The Fund could lose money over short periods due","page_number":58,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"d9b424f4-a67c-4fd6-b574-fb769623ade1","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":58,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"4677ea85-bf31-4743-821c-973cb29eab7f","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":58,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"2408153a-9ba3-4ce9-a59e-d5c4c1290cdb","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":58,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"a424f3c2-d219-4149-8e71-534f1f93954b","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":58,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"4e904ac5-14d4-493c-b9d7-730e6a481d0d","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":58,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"32ab5f94-a381-4bc9-85d4-13524f27c3ca","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":58,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"4288d158-3748-4645-8b41-2a2ed8dbbd06","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":58,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"f1a6192a-d206-4612-9069-4c394d64a318","block_type":"box","text":"NAV.","page_number":58,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"14225761-179a-4f47-ad35-95f81a9fe021","block_type":"box","text":"Index-Related Risk.","page_number":58,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"6f1d5746-d04f-4cc9-9fef-8bf2dfadd84a","block_type":"box","text":"The Index Provider may rely on various","page_number":58,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"eadd5dc5-1862-4d5d-bbd7-742ccee5808e","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":58,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"84422286-7c63-4056-88e6-a0a304c680b5","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":58,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"48f73c40-9374-4f81-af62-d6443e545d8c","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":58,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"05d034be-fa18-48cb-91f3-a4ce16400df0","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":58,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"51c4baa1-bef7-433a-9203-6a4ba55e4871","block_type":"box","text":"information will provide an accurate assessment of included","page_number":58,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"ea70aa7f-ebf1-4f12-bd06-3a8c60238cfe","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":58,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"7a2a4689-6dc2-4062-821c-35d1c45f2268","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":58,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"3ec48463-1f8e-4ea2-ad31-5958c13fc0c3","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":58,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"3aa263c8-fa10-4a76-97d6-75c1ca67ccbd","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":58,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"e9a06dab-68ee-4522-ac40-707a7bc8effb","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":58,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"6ea16249-3031-4f6d-bb02-e1f26a7d0577","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":58,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"bd798947-80d5-4050-a465-a7d4be1f6d45","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":58,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"1d260164-59e0-4b7f-86ef-6d05175c3c9f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":58,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"48c5621f-b041-4e08-94b6-21695e88f81f","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":58,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"ddd53f5b-046b-4b2e-9e7e-d14e8be5dc7d","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":58,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"1cc64807-fe25-4fb9-92ff-53b8059a6d21","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":58,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"bff8c28e-9063-4a4e-86da-0c433ce63677","block_type":"box","text":"Asset Class Risk.","page_number":58,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"9f0f08b8-a6e4-4013-af5a-2edef43b8ccc","block_type":"box","text":"The securities and other assets in the","page_number":58,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"3dc8c08a-5244-48c1-9314-d31b10b6424f","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":58,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"9599e9f1-853d-4758-a996-54396bae05c0","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":58,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"ab0485e0-b234-4f96-a717-39bcee643119","block_type":"box","text":"market, another index, or other asset classes.","page_number":58,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"2cafd025-09c5-4625-b9c4-7b99e6ea2dae","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":58,"box":{"x":548,"y":240,"width":290,"height":10}},{"id":"16a525a4-fcc3-4676-b77e-649d98a8c9b0","block_type":"box","text":"An “Authorized","page_number":58,"box":{"x":847,"y":240,"width":93,"height":8}},{"id":"0d686afa-749f-4d5b-8aa4-1d3f1ce48f8d","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":58,"box":{"x":550,"y":254,"width":379,"height":11}},{"id":"33b846f8-bf0b-4e3d-a21c-4aefb65a662c","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":58,"box":{"x":549,"y":268,"width":411,"height":11}},{"id":"0939af1c-b68c-4ebb-8cfb-4da89eb5bf04","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":58,"box":{"x":550,"y":282,"width":395,"height":11}},{"id":"011becbc-a8fd-4d66-85c3-054f2daf24c3","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":58,"box":{"x":550,"y":296,"width":399,"height":11}},{"id":"42545ba6-2c99-44a9-8413-2a059373ba17","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":58,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"0bece4bd-2ebb-42f1-853e-19c99a6a8012","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":58,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"993cf946-4a59-4afd-9cb6-ed6bfd12210f","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":58,"box":{"x":549,"y":339,"width":412,"height":11}},{"id":"375baba4-e6ff-4de2-b6b1-630c56911499","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":58,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"e336211a-2fe4-47b4-992b-aaff7a5999fe","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":58,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"b72d83ca-a145-435f-b7ef-9df223d3b915","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":58,"box":{"x":550,"y":382,"width":379,"height":10}},{"id":"a32889ba-2c03-4e80-854b-e1259d7f4a67","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":58,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"75c6501b-a381-444c-a8a5-978b97abee81","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":58,"box":{"x":549,"y":410,"width":399,"height":11}},{"id":"6f2f7a58-cee6-487b-b937-e281368fdac2","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":58,"box":{"x":550,"y":424,"width":391,"height":11}},{"id":"a9d6687c-96fc-4972-af47-c22653c41f44","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":58,"box":{"x":549,"y":438,"width":408,"height":11}},{"id":"403f84e4-5140-44be-a956-371c056b7f67","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":58,"box":{"x":549,"y":452,"width":273,"height":11}},{"id":"edcf4cb1-052d-4af2-b887-c0ec32dfac8e","block_type":"box","text":"Concentration Risk.","page_number":58,"box":{"x":549,"y":476,"width":132,"height":8}},{"id":"13258547-51a6-4eeb-8827-cf9669343cb0","block_type":"box","text":"The Fund may be susceptible to an","page_number":58,"box":{"x":687,"y":476,"width":221,"height":10}},{"id":"fa7857e8-ecfa-49c7-a50f-321fe64d3ad9","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":58,"box":{"x":549,"y":490,"width":419,"height":11}},{"id":"586d2ecb-af25-40d6-8182-9324fa0026f4","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":58,"box":{"x":549,"y":504,"width":408,"height":10}},{"id":"11808346-d125-4ffb-a1ee-1c42d288af23","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":58,"box":{"x":549,"y":518,"width":418,"height":9}},{"id":"819d84e2-9443-43f2-872a-981bb30cd449","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":58,"box":{"x":549,"y":532,"width":395,"height":10}},{"id":"660fe9b7-d8fa-48d2-b1bf-4185894463f2","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":58,"box":{"x":549,"y":547,"width":388,"height":10}},{"id":"c47a6516-ad31-4204-bddc-09d5f9d1379a","block_type":"box","text":"asset classes.","page_number":58,"box":{"x":549,"y":561,"width":88,"height":8}},{"id":"0a54c724-c39c-48fc-9c5b-022beb1defe2","block_type":"box","text":"Declining Yield Risk.","page_number":58,"box":{"x":549,"y":584,"width":136,"height":11}},{"id":"b14a900a-9638-48d4-bdc5-3bbd1e24c655","block_type":"box","text":"In the months leading up to the Fund’s","page_number":58,"box":{"x":691,"y":584,"width":245,"height":11}},{"id":"ee177462-1309-465d-9a4c-9b2e955650ce","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":58,"box":{"x":549,"y":598,"width":386,"height":11}},{"id":"a48f49ee-df30-4510-9dd3-745f19a620cd","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":58,"box":{"x":549,"y":612,"width":408,"height":11}},{"id":"b7d75471-b1d9-468b-b725-55bae27b71c2","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":58,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"5e49347d-c461-43f5-8f07-e24193063e15","block_type":"box","text":"yields for bonds in the market.","page_number":58,"box":{"x":549,"y":641,"width":193,"height":10}},{"id":"93d161e9-a8d1-457f-a8e8-50c8104ac7ca","block_type":"box","text":"Income Risk.","page_number":58,"box":{"x":549,"y":664,"width":86,"height":8}},{"id":"f7fccb07-9d08-4f28-9959-22cb1dc63a84","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":58,"box":{"x":640,"y":664,"width":288,"height":11}},{"id":"66417f36-e5ea-4684-8670-f5a929ce1237","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":58,"box":{"x":549,"y":678,"width":407,"height":8}},{"id":"98684044-4e13-4b59-b45a-019dac7bee02","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":58,"box":{"x":549,"y":692,"width":414,"height":11}},{"id":"bc3d68f8-9ec8-4f00-af44-008c669466a4","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":58,"box":{"x":549,"y":706,"width":380,"height":11}},{"id":"e550404c-d150-4784-8133-ba708674abd5","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":58,"box":{"x":549,"y":721,"width":406,"height":10}},{"id":"eead00f4-d3d6-413f-a875-b931b13aae43","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":58,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"2c506e68-cee0-4a97-83c8-12b5a99854a5","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":58,"box":{"x":550,"y":749,"width":423,"height":11}},{"id":"7ec29bc4-f641-4c03-9ab1-236ae8956a1c","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":58,"box":{"x":549,"y":763,"width":394,"height":11}},{"id":"00dfc2e4-fa20-4824-b74d-9909d9ff95fd","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":58,"box":{"x":549,"y":777,"width":419,"height":11}},{"id":"eb7f30f1-70e1-46a2-b3a5-2248063b8c4c","block_type":"box","text":"Issuer Risk","page_number":58,"box":{"x":549,"y":800,"width":75,"height":9}},{"id":"484f787a-c8f5-463e-8bb1-790072fae289","block_type":"box","text":".","page_number":58,"box":{"x":624,"y":807,"width":3,"height":2}},{"id":"92e30754-995a-43ce-9a9c-3f6fa2ed4358","block_type":"box","text":"The performance of the Fund depends on the","page_number":58,"box":{"x":632,"y":800,"width":288,"height":11}},{"id":"26099d0e-a7f4-4cbb-8021-931031bd60bb","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":58,"box":{"x":549,"y":815,"width":412,"height":10}},{"id":"dec4e5d9-1c15-4a96-9e82-bd90e3da6200","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":58,"box":{"x":550,"y":829,"width":402,"height":11}},{"id":"d7968c2b-c73f-4bc6-be3b-f11210a9db40","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":58,"box":{"x":549,"y":843,"width":418,"height":11}},{"id":"1a292ab3-acc1-4f64-9f1c-93733bf82705","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":58,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"0166544f-26bd-45c2-b6c8-daf1b5aaae30","block_type":"box","text":"counterparty.","page_number":58,"box":{"x":549,"y":872,"width":84,"height":10}},{"id":"fd9fba6d-65a5-4008-a6ba-eaac7dac5654","block_type":"box","text":"S-51","page_number":58,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"0cdecb62-0d04-4c0c-a642-01f62c163eb5","block_type":"box","text":"Management Risk","page_number":59,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"6585efe6-34f8-483f-8a14-4878ab9fb194","block_type":"box","text":".","page_number":59,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"742dcba9-015e-485a-9733-6589f8cad084","block_type":"box","text":"The Fund generally does not attempt to take","page_number":59,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"5a73feba-d1a0-4c86-b6d7-71e2b7ce0596","block_type":"box","text":"defensive positions under any market conditions, including","page_number":59,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"e3cbcb01-b5c8-4f44-8dd1-e771598c9d20","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":59,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"25bc6bf6-aea9-4900-9f1b-ee216de7cbde","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":59,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"272e69df-d314-405a-b1f1-d0660b738f79","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":59,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"1ec72c8d-a044-4f88-9969-4fb7678896a6","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":59,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"add55ee2-da31-4ebe-892a-661c9a782978","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":59,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"9297db17-e832-45de-88d1-c0b425061387","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":59,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"ee32584c-ee8f-4442-802e-a1762b25c6ea","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":59,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"e24ce339-6552-41bc-9df6-eb4b370f1d63","block_type":"box","text":"Market Trading Risk","page_number":59,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"f7516527-1388-4dcc-a73f-10433e4d3440","block_type":"box","text":".","page_number":59,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"14054da8-b5f4-46cb-9cc8-560a60424121","block_type":"box","text":"The Fund faces numerous market trading","page_number":59,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"b1e5ed8d-356d-4cb1-aeb3-74bd9cb52a7a","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":59,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"da274052-b288-4d07-a509-f9c621fbfb4b","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":59,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"1e40bb81-f0cb-4c05-9785-5a128d23da02","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":59,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"a661a79c-3056-48eb-983c-b5e86cb56cc6","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":59,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"c8a8f155-5568-479c-b8cc-650cd2fdc727","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":59,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"be3b2a26-dba6-4b4d-8ae6-e62b8970294c","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":59,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"a299fc93-151a-4d09-bf78-fc5fcc82962e","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":59,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"b3acd0a8-bbd6-4d42-9ee1-1f760646ef05","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":59,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"654fb8e3-3744-454d-9475-1cbe3a0dd6a9","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":59,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"fba610c1-7e11-48a2-ba49-bb30a9d31c90","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":59,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"5c2e03fe-52ae-4b91-a93f-be2ba2e33f2a","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":59,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"94ae1c27-f559-4917-8084-43e1d4dc5818","block_type":"box","text":"Operational and Technology Risks","page_number":59,"box":{"x":83,"y":339,"width":230,"height":11}},{"id":"3cf24b8d-41d6-4a51-974d-e229c2051fe3","block_type":"box","text":".","page_number":59,"box":{"x":314,"y":346,"width":2,"height":1}},{"id":"0c56ac87-4e5c-48ee-9d50-024cf07bf656","block_type":"box","text":"The Fund is directly and","page_number":59,"box":{"x":321,"y":339,"width":151,"height":11}},{"id":"35f7e7ca-cad3-4bbf-8d9d-35d6caae02bb","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":59,"box":{"x":83,"y":353,"width":368,"height":11}},{"id":"ac7b6bce-ce60-4719-a9bc-a9629618b08f","block_type":"box","text":"including those related to human errors, processing errors,","page_number":59,"box":{"x":83,"y":367,"width":376,"height":11}},{"id":"78a404df-c98d-4e9d-91ef-7ba2f7941487","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":59,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"219a26d8-09cc-45ed-9b94-479dda6fb549","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":59,"box":{"x":83,"y":396,"width":404,"height":11}},{"id":"4e6c8c77-37f4-4fa9-855d-791bfc134fad","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":59,"box":{"x":82,"y":410,"width":402,"height":11}},{"id":"b3f62536-0928-473a-b7d9-ef93acdc2484","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":59,"box":{"x":83,"y":424,"width":376,"height":11}},{"id":"baca8325-6d83-421a-8d8d-829f0e3fd2fb","block_type":"box","text":"providers are required to have appropriate operational,","page_number":59,"box":{"x":83,"y":438,"width":350,"height":11}},{"id":"5b4fe00b-2b9e-49e8-8ae5-1c1f0cf2e926","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":59,"box":{"x":83,"y":452,"width":414,"height":11}},{"id":"97bff9c0-da9b-4bab-a4e5-589bf4f7b46a","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":59,"box":{"x":83,"y":467,"width":397,"height":10}},{"id":"cfb4086f-9919-4e2f-ad62-e6fad9468866","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":59,"box":{"x":82,"y":481,"width":411,"height":11}},{"id":"1e531cb9-f0f7-42f2-b070-4fdeb2602db1","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":59,"box":{"x":83,"y":495,"width":391,"height":8}},{"id":"414d188b-fb3c-4ad2-8d63-f9d61ecd91e7","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":59,"box":{"x":83,"y":509,"width":421,"height":11}},{"id":"f9ceffec-7238-46e1-8361-2fd95a8fffff","block_type":"box","text":"investments in such issuers to lose value.","page_number":59,"box":{"x":83,"y":523,"width":264,"height":9}},{"id":"43a7553d-3634-4443-9827-2ab87b4849ed","block_type":"box","text":"Risk of Investing in the U.S","page_number":59,"box":{"x":83,"y":546,"width":182,"height":11}},{"id":"7e544612-8337-4b4a-9c84-37363781c96f","block_type":"box","text":".","page_number":59,"box":{"x":266,"y":553,"width":2,"height":2}},{"id":"7efbbcb8-3991-4fa4-8abe-83c39830f84e","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":59,"box":{"x":274,"y":547,"width":210,"height":10}},{"id":"2958104e-2a24-42c6-8052-bb8bf325b6a7","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":59,"box":{"x":83,"y":561,"width":391,"height":11}},{"id":"6d5896eb-1f4d-42f8-b4d9-5c5441f39db1","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":59,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"6aad24bd-6280-4406-855e-97caa6649706","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":59,"box":{"x":550,"y":37,"width":412,"height":11}},{"id":"77274bfa-0899-496c-886e-bb2d5cb99eea","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":59,"box":{"x":549,"y":51,"width":396,"height":11}},{"id":"6fade8b1-ca59-4a2b-beec-08695fc26a6b","block_type":"box","text":"Securities Lending Risk.","page_number":59,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"336bcf97-5107-4d0d-b31d-ad8d979c6c80","block_type":"box","text":"The Fund may engage in securities","page_number":59,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"7fbb75e1-32e8-488f-8166-a3023a17e793","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":59,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"98e1d45a-6f0a-4440-bf43-a173653f927c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":59,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"48349bab-95e2-4471-b540-f3d90fece72b","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":59,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"6f050e0b-346d-41cb-99db-8baa56f6cd5a","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":59,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"0275b815-53ac-4366-934f-0d877677a0e3","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":59,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"85419787-54db-4bfd-9b6c-6f1a05bd9038","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":59,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"cae6f3b2-27e8-45d7-af7d-fd4ddbeda2fd","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":59,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"fdd38555-fced-4bf5-a9d4-9cdae786ac31","block_type":"box","text":"Tracking Error Risk","page_number":59,"box":{"x":550,"y":197,"width":128,"height":11}},{"id":"d4bfdb8f-512f-4e92-a0c6-23ba4691d59e","block_type":"box","text":".","page_number":59,"box":{"x":678,"y":204,"width":3,"height":2}},{"id":"66e2b920-62c9-4953-948b-e04f1cee54c3","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":59,"box":{"x":686,"y":197,"width":284,"height":11}},{"id":"be0835a0-6dc2-4d06-a0c1-0e321bb89b64","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":59,"box":{"x":549,"y":211,"width":404,"height":11}},{"id":"9e244a83-443f-4d1d-ac28-3727fd27e273","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":59,"box":{"x":549,"y":226,"width":425,"height":10}},{"id":"582bbf58-823b-4132-9c0e-7f2f6c023a59","block_type":"box","text":"factors, including differences between the securities and other","page_number":59,"box":{"x":549,"y":240,"width":401,"height":11}},{"id":"f2e303c4-5fa5-40e7-8364-693cc3e9b21e","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":59,"box":{"x":549,"y":254,"width":381,"height":11}},{"id":"9c228407-5213-4618-aa33-be220a9e39c4","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":59,"box":{"x":550,"y":268,"width":396,"height":11}},{"id":"8d9bb630-6209-4b15-a4e3-8fa3a714d061","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":59,"box":{"x":549,"y":282,"width":407,"height":10}},{"id":"43ff4ad2-23ed-4453-9f26-69e4f8ff2f19","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":59,"box":{"x":549,"y":296,"width":400,"height":11}},{"id":"5831d1c7-4fed-44b5-9596-3beeec28ceff","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":59,"box":{"x":549,"y":311,"width":421,"height":10}},{"id":"65862384-5f93-45c4-a2b2-bae344f46eba","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":59,"box":{"x":549,"y":325,"width":374,"height":11}},{"id":"9ae05dcf-7cd7-414b-a4a7-3431fd29de04","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":59,"box":{"x":549,"y":339,"width":370,"height":11}},{"id":"0afde6ba-354c-4e3c-be93-6027b2645fe4","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":59,"box":{"x":549,"y":353,"width":372,"height":11}},{"id":"d757db1a-2228-41a3-9c1e-3baaad2f7d85","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":59,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"3236a8e7-1f91-4343-a7f0-49e18dcd15b7","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":59,"box":{"x":549,"y":381,"width":387,"height":11}},{"id":"edac00b2-5fc2-48df-84f8-f63cd0d4f4e9","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":59,"box":{"x":549,"y":396,"width":377,"height":11}},{"id":"b5cbb5c9-2bba-4133-bc6b-2693ea201788","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":59,"box":{"x":549,"y":410,"width":380,"height":11}},{"id":"0ce082e0-7d32-48b0-b8b2-e3dffa45a2bd","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":59,"box":{"x":549,"y":424,"width":366,"height":11}},{"id":"52a46122-f186-4b7c-afc2-f70fda94bef1","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":59,"box":{"x":549,"y":438,"width":414,"height":11}},{"id":"6411a924-c068-44e9-84e6-4d8e465b197a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":59,"box":{"x":550,"y":452,"width":386,"height":11}},{"id":"231fcee7-e4d4-4fd5-82f7-b06353aa493a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":59,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"2acad055-f79b-466c-be9d-cd3d07c147ed","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":59,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"889d86a8-c4bf-43e7-a382-403db9b537f6","block_type":"box","text":"unusual market conditions.","page_number":59,"box":{"x":549,"y":495,"width":172,"height":8}},{"id":"0d276baa-b1bc-4cdd-a42b-a4e29e4d0332","block_type":"box","text":"S-52","page_number":59,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5544ce77-f1b2-45bc-9f38-1043c3676776","block_type":"box","text":"Performance Information","page_number":60,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8ae76870-f208-4cc1-975d-722837af106f","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":60,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"354ea8fd-a966-45f7-b3c4-f7fea17c0082","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":60,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"99f7544b-30de-4db6-a0b0-3528ebde425d","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":60,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"9a2b216a-891c-4d33-8cee-861ba00ba55c","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":60,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"74f8a3ee-4c65-492d-844c-77930ad2cbc3","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":60,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"091804f8-4cd6-4e6b-bfc2-de3d27ef2101","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":60,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"06c6f8e0-a219-471e-a164-be91a39a8070","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":60,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"93bd7c3b-71e9-4fb3-b497-44c15eb34fbb","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":60,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"ea5ef797-3d4c-4e91-a467-12814023c671","block_type":"box","text":"12%","page_number":60,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"b05ff381-3d25-47da-9ac1-407eebc0492c","block_type":"box","text":"9%","page_number":60,"box":{"x":340,"y":226,"width":13,"height":7}},{"id":"314424b4-6145-4845-ba75-a4a3c632561a","block_type":"box","text":"6%","page_number":60,"box":{"x":340,"y":250,"width":13,"height":7}},{"id":"cb51cb7c-bce5-43dd-8801-243c444acce7","block_type":"box","text":"3%","page_number":60,"box":{"x":339,"y":275,"width":14,"height":7}},{"id":"e03f3518-6110-4790-b428-1a239012ca7b","block_type":"box","text":"0%","page_number":60,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"bdec8abb-8e17-41a0-b679-e08d791a78ff","block_type":"box","text":"2","page_number":60,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"d5e57dce-7136-4eef-8a5f-515f45548ee9","block_type":"box","text":"0","page_number":60,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"01814202-c222-4934-a719-65d94172201a","block_type":"box","text":"2","page_number":60,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"c8392406-9cc6-4f0a-95b3-e65350f1daf9","block_type":"box","text":"5","page_number":60,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"1c07642e-3420-48fc-ad24-01d4953c9b24","block_type":"box","text":"8.18%","page_number":60,"box":{"x":526,"y":225,"width":27,"height":6}},{"id":"39cb6d70-4ce0-43a6-add6-4d5db2980cdf","block_type":"box","text":"Return (%) Period Ended","page_number":60,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"8f825a89-01fa-47da-9a84-0aa20695592f","block_type":"box","text":"During the periods shown in the chart:","page_number":60,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"a76a8ce0-55b5-4f26-ab62-9982c4205dde","block_type":"box","text":"Best Quarter 4.02% March 31, 2025","page_number":60,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"12107245-6d07-439d-b57a-74097ba6f47a","block_type":"box","text":"Worst Quarter 0.94% December 31, 2025","page_number":60,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"67a7acf7-fe2c-4578-a528-797866b23ea0","block_type":"box","text":"Average Annual Total Returns","page_number":60,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"2025daa6-1b7d-4ff5-b780-22c405740dbd","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":60,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"2407b888-a7ba-4f26-9f39-74bc66b771e8","block_type":"box","text":"One Year","page_number":60,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"6134c59d-ea2a-46c3-8068-33087716089e","block_type":"box","text":"Since Fund","page_number":60,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"1a4b33cf-2f0b-474b-8166-90e674a6981d","block_type":"box","text":"Inception","page_number":60,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"f17e0376-2218-43d5-90a0-01dc22629872","block_type":"box","text":"(Inception Date: 6/11/2024)","page_number":60,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"2221c254-cc9b-4e85-85a0-f7b0a854ba90","block_type":"box","text":"Return Before Taxes","page_number":60,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"a3176d95-cee8-4a46-a8af-69d8851ff7d0","block_type":"box","text":"8.18% 5.80%","page_number":60,"box":{"x":803,"y":493,"width":113,"height":8}},{"id":"1b5aa95d-e7a9-48c9-9717-8616dc6ea417","block_type":"box","text":"Return After Taxes on Distributions","page_number":60,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"6f8f0447-0489-4d16-b40d-e7527a8739e0","block_type":"box","text":"6.46% 4.24%","page_number":60,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"f2b32c2b-c7f5-4e80-ba65-3e504bc3eaa6","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.82% 3.76%","page_number":60,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"75692fc7-78d4-4bd0-b417-e4b1eb559af9","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":60,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"5f86e57b-ff02-4478-8d69-ddd2233458ef","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.03%","page_number":60,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"4fdcb084-72de-46ff-b2f7-ef618eccc571","block_type":"box","text":"ICE 2034 Maturity US Treasury Index","page_number":60,"box":{"x":124,"y":540,"width":228,"height":9}},{"id":"1b914369-545a-4d16-8be4-76c35f43f2d1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 8.23% 5.87%","page_number":60,"box":{"x":357,"y":540,"width":559,"height":9}},{"id":"fa0ae910-88c7-4309-91b8-25ae603390d8","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":60,"box":{"x":82,"y":579,"width":882,"height":11}},{"id":"f5a0047a-f9fb-4816-8d88-45716221c562","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":60,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"c5595b47-a668-4bfb-ac81-22c9e5810b96","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":60,"box":{"x":83,"y":607,"width":860,"height":11}},{"id":"c070b40c-dcc8-4120-a8b9-d3cbd900dad9","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":60,"box":{"x":83,"y":621,"width":855,"height":11}},{"id":"b35fe429-faef-4969-8374-00e70f3ca4f7","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":60,"box":{"x":83,"y":635,"width":883,"height":11}},{"id":"2fb25319-9e2d-4f44-bedd-79ea2139df75","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":60,"box":{"x":82,"y":650,"width":861,"height":10}},{"id":"6cef0df7-ce37-4d9a-950a-e17bb57e61d5","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":60,"box":{"x":83,"y":664,"width":359,"height":10}},{"id":"52fe1d27-42ae-4710-8600-fbcb6c70f5ce","block_type":"box","text":"S-53","page_number":60,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"83c54423-d10b-4cb1-973d-1ff8e86ba59e","block_type":"box","text":"Management","page_number":61,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"7f4b7437-ad5a-4929-acb1-65a00c1d3d9d","block_type":"box","text":"Investment Adviser.","page_number":61,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"9d8bcc3d-954d-4ab0-8b85-063439fbe6c5","block_type":"box","text":"BlackRock Fund Advisors.","page_number":61,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"1cfb1e43-8048-4ebd-8d75-24e0b457d77c","block_type":"box","text":"Portfolio Managers.","page_number":61,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"9307015b-a558-439f-8337-00dcae19810f","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":61,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"8be0ca7e-91a1-4f9d-ab48-2e154356f09a","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":61,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"6e5d3b25-1ede-4a40-bcc4-cf9d160bf6ad","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":61,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"3970b88e-5732-4239-a67a-b45041fc4dea","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":61,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"c99cfe3d-d129-41dc-bd0d-ff5f8e648a6f","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":61,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"eee9b42d-2b0a-4fd6-b41d-9873d13ddf7b","block_type":"box","text":"2025, 2024 and 2025, respectively.","page_number":61,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"bad03e64-ddeb-4eb7-9f0d-af0148ba5aa1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":61,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"292b34f8-1340-4677-9fbf-2236402572c6","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":61,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"d4b2ef9f-67d6-4523-87db-42eadff8f638","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":61,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"01510102-5aa3-4638-9a4e-8e60b56d1d57","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":61,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"adb6c24e-de90-45d1-bd93-1777a6df2a40","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":61,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"0c3b715f-9dc3-48f0-9098-0c2d17eaac77","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":61,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"92be9786-efd3-43f1-b969-c10cd61822d1","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":61,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"8a1d7b10-b1b9-48b9-a14a-0ca02b59f5e5","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":61,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"838a44f2-ad54-47e6-9017-fb187d1dd256","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":61,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"feed1c9e-b25e-4948-9adb-347ffe5f425f","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":61,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"bdcee3fd-72ef-4a2e-a5cb-e2f5ff30e4c7","block_type":"box","text":"Tax Information","page_number":61,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"3628f98a-482a-4a71-a092-7d77176b4a25","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":61,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"da56f389-eb4f-4bec-a169-bff417287c11","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":61,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"4ad66d49-e569-4461-a54e-284eeca98108","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":61,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"119b181b-a199-4d12-be93-dd8f31331e8c","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":61,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"3d3f7253-4165-4bdf-9949-5da82e9353b9","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":61,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"8fba8931-bd42-4057-978b-473ef438140d","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":61,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"79120965-bf7a-4f74-8e94-43236ea75bf1","block_type":"box","text":"obligations.","page_number":61,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"84040937-39d2-414e-bc22-1045891fd851","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":61,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"17c32663-d6b6-433b-9b26-398f28fd2565","block_type":"box","text":"Intermediaries","page_number":61,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"e5dcbd33-3512-4d71-bf7e-c94d43d5385d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":61,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"1aa816aa-c0f6-4d98-acbe-91b5e82ce58e","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":61,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"260e96c6-55d0-4f2a-b440-db017bd2d3d8","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":61,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"0003f7f1-956e-4dfc-a2bf-60a385204532","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":61,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"275cc7a9-cfe5-4f3b-8d33-3acbcea7bc75","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":61,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"d8c83ce5-6208-4a56-a124-42b758f8e6e6","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":61,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"e4ae4082-522b-427c-9e2c-fa24664eadfa","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":61,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"da0cad47-1244-4dc0-9e59-5986486e9648","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":61,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"4345b2dd-5098-4934-a7b9-04579f6077da","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":61,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"e4e8d8e5-4f95-495b-9a10-68c801d7d5a7","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":61,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"c6dc9967-f110-4104-a7ae-528fab7958b7","block_type":"box","text":"information.","page_number":61,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"66f1a8b8-7ad8-4f29-a818-790bb3df3498","block_type":"box","text":"S-54","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3630a8ec-3c66-4355-a118-26e0d7a5134b","block_type":"box","text":"iSHARES","page_number":62,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"fac1e206-41f1-4c06-b46c-01272ae2e859","block_type":"box","text":"®","page_number":62,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"1c74930e-881a-4161-8646-1f4ce196f206","block_type":"box","text":"iBONDS","page_number":62,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"383e92ba-e68c-4353-9707-6ff58339b718","block_type":"box","text":"®","page_number":62,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"be2e6e40-8a75-4782-b729-a5c02c7571d3","block_type":"box","text":"DEC 2035 TERM TREASURY ETF","page_number":62,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"a28e8324-7735-4580-b6b2-8f5e4db47127","block_type":"box","text":"Ticker: IBTQ Stock Exchange: Nasdaq","page_number":62,"box":{"x":291,"y":53,"width":470,"height":12}},{"id":"59bfeccb-4eec-4d15-a7df-30d0ca48dabc","block_type":"box","text":"Investment Objective","page_number":62,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"d8fedece-8a95-4778-97c9-55bc8f42debb","block_type":"box","text":"The iShares iBonds Dec 2035 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":62,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"77e91cc5-3adf-4b16-af56-9824e474df28","block_type":"box","text":"bonds maturing in 2035.","page_number":62,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"29fd0497-27d4-4020-b4be-aadc8e8115db","block_type":"box","text":"Fees and Expenses","page_number":62,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"2dc5ae05-bfe7-485c-aee6-286afda93354","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":62,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"567219dd-16ef-4643-b57d-2876a5163750","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":62,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"8249eddf-68d3-461f-808d-a43b030793d0","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":62,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"4dcc11ee-48cd-4c34-9851-3ca8e72d32fc","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":62,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"42caafb0-f91b-437a-a87b-a3012b2b42a2","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":62,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"d4c8ce64-e33e-4829-a292-fc29376f71d2","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":62,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"9a33aa97-b9ea-4345-a407-de8f86247623","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":62,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"9b0d8309-57b2-4c7f-984e-fbecab110495","block_type":"box","text":"pro rata","page_number":62,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"cfd3008c-15ca-49ef-b86d-d66d3ca880c0","block_type":"box","text":"share of the fees","page_number":62,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"e5a9efe4-34d1-409d-9267-bea3d8f16d91","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":62,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"72e68b0e-99a5-4c0b-bd88-a099a1388cc5","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":62,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"54391829-984c-4c0c-8f46-8e519e57feb5","block_type":"box","text":"shown in the","page_number":62,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"909c2afe-d179-4527-8f1d-bf5e44626e54","block_type":"box","text":"Financial Highlights","page_number":62,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"b0e76aad-2031-4ec0-84f3-b461bfe0598a","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":62,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"85ec9c5c-f40e-48a4-b168-515eebf70537","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":62,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"963ccc13-8e1a-4e74-97c0-50fe7a2563b3","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":62,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"5f23bc8e-98fe-4abb-b5f3-e95d1cd6712f","block_type":"box","text":"December 15, 2035. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":62,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"60d6b627-a032-4944-b832-fc84cf5ef40d","block_type":"box","text":"Trust and BFA.","page_number":62,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"b14a2188-0c0b-4086-8a34-8cbde33524d2","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":62,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"3d559736-c2a5-47b0-b059-86382565afce","block_type":"box","text":"the tables and examples below.","page_number":62,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"564e30ec-35d5-40b7-9057-e34eefae5063","block_type":"box","text":"Annual Fund Operating Expenses","page_number":62,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"635f905b-8142-4af4-87a3-74c4935ef5d1","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":62,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"d99b8c5b-afd2-40ad-bd9a-004aeb952241","block_type":"box","text":"percentage of the value of your investments)","page_number":62,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"86453403-c102-4f10-8c46-5262ad6102d9","block_type":"box","text":"1","page_number":62,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"6d192636-13ef-4426-9f13-3caafae5a38d","block_type":"box","text":"Management","page_number":62,"box":{"x":111,"y":516,"width":61,"height":8}},{"id":"3896d467-f7dc-4b38-9d25-bdad302590f7","block_type":"box","text":"Fees","page_number":62,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"32c8dd98-196e-44b8-be72-91f2108c8bc0","block_type":"box","text":"Distribution","page_number":62,"box":{"x":237,"y":508,"width":56,"height":6}},{"id":"1b0abce1-4a17-46df-9578-fae2cef2e8d5","block_type":"box","text":"and Service","page_number":62,"box":{"x":237,"y":516,"width":56,"height":6}},{"id":"149215b7-5943-44e9-8b06-6dffba29f140","block_type":"box","text":"(12b-1) Fees","page_number":62,"box":{"x":237,"y":524,"width":56,"height":8}},{"id":"4cac3170-a5ac-4486-939e-c13726b24d99","block_type":"box","text":"Other","page_number":62,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"0d7d3798-f192-401b-b927-8bd3b9c69875","block_type":"box","text":"Expenses","page_number":62,"box":{"x":358,"y":524,"width":45,"height":8}},{"id":"719c8e36-30dc-4127-8c5f-af8b91049367","block_type":"box","text":"2","page_number":62,"box":{"x":404,"y":523,"width":3,"height":4}},{"id":"8e47dce5-06d7-4219-a1cf-7e7bb72fe2c4","block_type":"box","text":"Acquired Fund","page_number":62,"box":{"x":472,"y":508,"width":69,"height":8}},{"id":"db5b543c-1ef5-4b17-b528-bc1b6eec3157","block_type":"box","text":"Fees and","page_number":62,"box":{"x":486,"y":516,"width":42,"height":6}},{"id":"50fb3f29-71f4-45b0-b97e-332ede91a6e6","block_type":"box","text":"Expenses","page_number":62,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"a796d635-b0e3-4f20-9e6c-776acbfb99f7","block_type":"box","text":"2","page_number":62,"box":{"x":528,"y":523,"width":3,"height":4}},{"id":"6c250773-90a5-495b-905d-a83df52ca27e","block_type":"box","text":"Total Annual","page_number":62,"box":{"x":606,"y":500,"width":58,"height":6}},{"id":"7b81507e-a206-4423-844d-53c31087c9b4","block_type":"box","text":"Fund","page_number":62,"box":{"x":624,"y":508,"width":23,"height":6}},{"id":"11291e41-d741-4917-872e-854d45c0b2d0","block_type":"box","text":"Operating","page_number":62,"box":{"x":612,"y":516,"width":47,"height":8}},{"id":"786a7de9-c3d9-4756-b818-e09d87dcfe13","block_type":"box","text":"Expenses","page_number":62,"box":{"x":613,"y":524,"width":45,"height":8}},{"id":"35d2e2fd-d520-4cb4-8e77-272ed13daa21","block_type":"box","text":"Fee Waiver","page_number":62,"box":{"x":742,"y":500,"width":52,"height":6}},{"id":"a8736a38-1684-447f-9d90-f686fcf873cf","block_type":"box","text":"and/or","page_number":62,"box":{"x":751,"y":508,"width":33,"height":8}},{"id":"d8005eb1-553b-437f-884e-512d97f53e26","block_type":"box","text":"Expense","page_number":62,"box":{"x":748,"y":516,"width":39,"height":8}},{"id":"26afc0e6-6c9b-4e0f-a8e9-270f4d0a5c43","block_type":"box","text":"Reimbursement","page_number":62,"box":{"x":728,"y":524,"width":76,"height":6}},{"id":"d925b642-9f98-411d-91cc-86ea4af717e2","block_type":"box","text":"Total Annual","page_number":62,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"1a0970e7-fbb6-4028-867e-33b2e3ea59a3","block_type":"box","text":"Fund","page_number":62,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"6790a090-0a33-40fd-9e22-9f256fa862b0","block_type":"box","text":"Operating","page_number":62,"box":{"x":884,"y":484,"width":48,"height":8}},{"id":"ff5b00a9-43cf-41ed-b91f-a1c1141ed069","block_type":"box","text":"Expenses After","page_number":62,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"5be67458-4132-4c9b-8d1d-7feed8a37946","block_type":"box","text":"Fee Waiver","page_number":62,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"af54cd80-1bd7-4b48-87d3-c85a21fbe6f3","block_type":"box","text":"and/or","page_number":62,"box":{"x":891,"y":508,"width":34,"height":8}},{"id":"2a130d82-0163-4d79-8e4b-8aa1c7bc1f2f","block_type":"box","text":"Expense","page_number":62,"box":{"x":889,"y":516,"width":39,"height":8}},{"id":"69b44ab0-ff3d-4f75-b597-a4dc1ddf6dbf","block_type":"box","text":"Reimbursement","page_number":62,"box":{"x":869,"y":524,"width":76,"height":6}},{"id":"60868f9b-338d-4103-a8dc-0883a5a4f203","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":62,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"921c46f0-cc89-4362-9b1b-7dee1398437c","block_type":"box","text":"1","page_number":62,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"0338225c-5ad7-413e-a3af-78bd4bc62480","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":62,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"f4a125c2-f208-4fb5-9f15-5b825baee33d","block_type":"box","text":"2","page_number":62,"box":{"x":111,"y":583,"width":4,"height":5}},{"id":"b118ee19-b8fe-4b64-985f-adb543ba9e98","block_type":"box","text":"Based on estimated amounts for the current fiscal year.","page_number":62,"box":{"x":124,"y":585,"width":314,"height":9}},{"id":"15ae6d30-7f29-4f3c-94a8-4edc06e67a2e","block_type":"box","text":"Example.","page_number":62,"box":{"x":83,"y":604,"width":62,"height":11}},{"id":"6ae2c012-2fb9-498f-b3b1-d5f2657f32e7","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":62,"box":{"x":150,"y":604,"width":800,"height":11}},{"id":"0f355e18-86a6-4e68-87a3-24365ae31115","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":62,"box":{"x":82,"y":618,"width":891,"height":11}},{"id":"9fc473af-acaf-4555-9c35-d36285ac60bb","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2035 because the Fund is scheduled to","page_number":62,"box":{"x":83,"y":633,"width":865,"height":10}},{"id":"375361b4-0d1b-4d01-ae28-23075e7407dd","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":62,"box":{"x":83,"y":647,"width":889,"height":11}},{"id":"1145af25-9fdf-4ec0-94ef-97e5bc803170","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":62,"box":{"x":83,"y":661,"width":872,"height":11}},{"id":"a1da61ed-7df1-4629-afc0-0825c0fad540","block_type":"box","text":"be:","page_number":62,"box":{"x":83,"y":675,"width":18,"height":9}},{"id":"a55afa6e-b2a7-4064-a108-3f2bf4078780","block_type":"box","text":"1 Year 3 Years 5 Years Maturity","page_number":62,"box":{"x":195,"y":706,"width":668,"height":9}},{"id":"8242f1d0-c66e-46c2-99ba-abd2127495f3","block_type":"box","text":"$7 $23 $40 $88","page_number":62,"box":{"x":206,"y":726,"width":641,"height":9}},{"id":"a2c4ab7d-e110-49c3-a087-03778e679429","block_type":"box","text":"S-55","page_number":62,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"fee896a2-264f-45df-b970-9289256a2332","block_type":"box","text":"Portfolio Turnover.","page_number":63,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"19907bc1-a6e1-4cd4-b610-991e5c1f69ad","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":63,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"b8d40c2c-68df-4041-b8c9-84fd603ea721","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":63,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"446a77d2-6878-4969-b1c6-6b0bd9f81716","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":63,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"0e93d823-d0d4-4a89-8bd2-b2cf49a0340d","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":63,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"9f6f4406-69b6-49fe-81c2-9d9010f5f397","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":63,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"629dc2a8-7e13-4f03-b9db-9338d7bd2a56","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":63,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"acc67639-b447-4932-9901-054f49d06110","block_type":"box","text":"Example, affect the Fund’s performance. From inception (March","page_number":63,"box":{"x":84,"y":108,"width":407,"height":11}},{"id":"c3f353c5-d0a9-47b4-8e45-d72679382558","block_type":"box","text":"25, 2025) to the most recent fiscal year end, the Fund’s portfolio","page_number":63,"box":{"x":83,"y":122,"width":415,"height":11}},{"id":"ff23ad94-dc7e-49bb-8c0c-d3ad961d4831","block_type":"box","text":"turnover rate was 88% of the average value of its portfolio.","page_number":63,"box":{"x":83,"y":137,"width":372,"height":10}},{"id":"188f4cf2-b808-4814-9dfe-bf0113bd40f3","block_type":"box","text":"Principal Investment Strategies","page_number":63,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"4683764f-49c6-4972-9ab1-4143db06524a","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":63,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"f4552303-63f5-4e4e-83f4-4cb75a170ec4","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":63,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"9d0688f8-fffa-4827-a4d2-ae5c428328b9","block_type":"box","text":"ICE 2035 Maturity US Treasury Index (the “Underlying Index”).","page_number":63,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"be81ed89-9b97-485e-bfb3-b52d68a86ecd","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":63,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"0f2be923-febf-4ab7-a1d7-24929b99d1c7","block_type":"box","text":"securities that are scheduled to mature between January 1, 2035","page_number":63,"box":{"x":83,"y":247,"width":414,"height":11}},{"id":"6d80865c-df76-41a6-adf6-6751a428a854","block_type":"box","text":"and December 15, 2035, inclusive. The Fund may also invest in","page_number":63,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"8d0a0642-6ee9-4ad4-bcdd-3c6fc7eefba3","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":63,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"bce2ebb6-77be-46d1-9633-cfa07c797c7b","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":63,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"ac4988b7-db8d-4b37-b5e7-f22de37f9602","block_type":"box","text":"term fund that will terminate on or about December 15, 2035, at","page_number":63,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"80e9a28c-ccbf-41dd-9f89-a5ee8fb05fea","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":63,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"18e67aa1-63af-4776-a49e-aeaba36a2e97","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":63,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"825f1bcd-064a-4dd3-b8f5-541bcbc7eb74","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":63,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"fbd7fb2c-456d-4797-8595-534dbabda1a5","block_type":"box","text":"periodic distributions.","page_number":63,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"b58a1294-aea5-4c5c-a4d9-2baff3d845f4","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":63,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"5c750f06-199b-4e31-bd03-f97fcf17f3ce","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":63,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"99c2a78b-b5f6-44d2-8652-549276b1f566","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":63,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"372a6d20-ed1e-4c62-b0b0-6d6a2b656c97","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":63,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"675b9084-13cb-4663-82b8-40da191edb04","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":63,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"d9af5c85-3240-4a88-94bf-04f95c54c1ee","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":63,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"863b93ba-7f7d-45b4-8da7-92cce9d6d8c3","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":63,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"7f6f5d8b-5496-4bb9-8cf9-40951b5a761c","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":63,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"01910aa8-75dc-498f-b270-27bac6dbc5fe","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":63,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"65473990-42ba-47c3-8883-e0f4d57845b9","block_type":"box","text":"reduced by any individual components of such securities (","page_number":63,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"82afbba6-3fab-48fa-a751-f65d6f9bd676","block_type":"box","text":"i.e.","page_number":63,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"fb2e0cd9-ae92-4bbb-a639-99c19393a6e0","block_type":"box","text":",","page_number":63,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"15714812-4e28-4bdd-8e58-a73c2b8de62b","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":63,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"5c1c70cc-5ae7-4293-96a0-3e3c75d4c41e","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":63,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"9e2934da-752a-445b-a092-61a942843d47","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":63,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"77ce3add-fba9-463c-ba1e-bbb32b555ac0","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":63,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"e2cbaa57-3da1-4a47-98d6-93cde6773cb1","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":63,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"cb903071-045c-4a46-883c-a05a89b0cbc0","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":63,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"0eef5cde-7b46-497f-bcac-6721d0f254b2","block_type":"box","text":"calculated assuming next-day settlement.","page_number":63,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"704ecbe3-4292-4b94-ab1f-9cd813170952","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":63,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"53fbf9c1-901c-4c7b-9598-165230d741fe","block_type":"box","text":"month, based on information available up to and including the","page_number":63,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"bfdf6f1e-ecd9-4bf5-83e0-4a33797318b8","block_type":"box","text":"third business day before the last business day of the month. New","page_number":63,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"0bc26322-4de5-4769-b3b0-a10603bcc535","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":63,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"b284677d-110e-493d-a390-4efd71e3e489","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":63,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"bd8218f3-6c01-4bf9-b2f9-6c895e7c49eb","block_type":"box","text":"month (","page_number":63,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"5ec9e7ce-01f4-4456-a413-5f38e45072d7","block_type":"box","text":"e.g.","page_number":63,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"2e7fb79c-def1-4acc-be98-d6f5c773953d","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":63,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"e162bef6-66aa-479c-a158-378adf8c923f","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":63,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"3c96c5e3-530a-4527-b581-7e8d560c411a","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":63,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"d57c9c1e-3eeb-40c6-b2eb-ff11ce13af38","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":63,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"f59666c1-399d-4eaf-af5d-508524f47989","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":63,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"e6ad90e5-6882-4c16-9825-0059e9c60bd7","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":63,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"13b6338f-35e0-4d80-b543-e9210f924d52","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":63,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"ea88296e-36e1-49f2-9d27-4aa583a60269","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":63,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"5f17a646-b523-46d8-8936-3e29ab7f6abf","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":63,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"54273aa8-17ff-4dbd-808e-59b7e3c97e13","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":63,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"d6a9e7c3-096f-4e09-8ed0-20919bc46d6e","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":63,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"cdcff13c-b686-44df-9d31-9238651cfe5e","block_type":"box","text":"while it is held in the Underlying Index.","page_number":63,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"a4fb23da-67f5-44ba-a44b-26f3c68a561f","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":63,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"67032a05-d91f-4522-9354-dbfd0356d2b9","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":63,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"6eb85d7c-b31d-4905-a730-f590d829d0b7","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":63,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"739544d0-eb77-41be-a1f9-21744da5c218","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":63,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"e82c0104-80ca-4c1c-8550-e00316d31fc4","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":63,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"7061a6ee-3266-434a-8485-fafcc4b7f1aa","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":63,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"033df30b-a82a-4d49-a642-4e347aa27434","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":63,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"0c16dc12-8377-49b1-973f-d1311566cb81","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":63,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"48809c87-c95a-4d58-b981-e857a6bf38b7","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":63,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"ff98841c-8833-48b5-82c1-adb30688fc24","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":63,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"60c55f02-d08c-41df-b8f5-55df3cfff2d1","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":63,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"56b700b0-ebc8-4262-8d3a-02d9e4c4ffae","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":63,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"fec33afd-c4f2-4ca7-811f-44a7201883b3","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":63,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"62f34da0-b5f3-4100-bf1c-23889f1d379c","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":63,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"9de28cd6-e93a-4201-83f2-f604720941b4","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":63,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"214104d4-8e4d-4c33-8009-91c8bc7384b9","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":63,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"d85a9f85-4632-4fe1-ae62-31cf68ef036e","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":63,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"057594ae-c4b9-45fc-b53e-53ba28b87eba","block_type":"box","text":"fees and expenses of such funds.","page_number":63,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"9b888ed2-76aa-4195-a079-abc8072a36b6","block_type":"box","text":"By December 15, 2035, the Fund is expected to consist almost","page_number":63,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"d9cc61be-c7db-43e8-a56c-cd427e3163a5","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":63,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"fc56783e-c694-4db2-b957-28fe8f997ed6","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":63,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"a403ae9f-4570-4be5-95f3-6564c56591e6","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":63,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"2b9b5d09-2132-40cc-a3bf-bf7e76c16017","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":63,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"5c16284a-462a-4676-89a7-b8710e96cd6f","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":63,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"ca9e2f59-7bd5-4a5a-8372-adf35ae41bf6","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":63,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"80766506-103a-4817-ab0c-d4c4125c2317","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":63,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"ed3095c3-8323-4eef-b8a9-3d11d7105c84","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":63,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"52c107ee-d9e0-4cf0-ba2a-856f8070d8fe","block_type":"box","text":"interest of the Fund.","page_number":63,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"28b3c729-52a1-41b5-b674-0d4f50de9e01","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":63,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"e038e4fc-51c6-4b39-bd04-e387e8c3a26f","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":63,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"ea8e1ba3-5100-4ee5-a9fd-244d121be83a","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":63,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"6f58db96-b5a8-4790-b6b6-92163c68968b","block_type":"box","text":"markets decline or appear overvalued.","page_number":63,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"adaf9b5c-d70c-47ff-b311-6205da89ec5b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":63,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"55db1aae-a504-4e01-abb0-04e2b21ed96e","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":63,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"2e99805a-9b04-45e8-a6b6-ff1a8ce7a0ef","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":63,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"d46ad815-239d-4e6d-93c5-9ac6e43d12bd","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":63,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"dd47cd8a-5e31-4ade-9864-9dddbd815ef9","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":63,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"9932f067-6ad6-4c79-b717-aef0a4c80102","block_type":"box","text":"comparison to actively managed investment companies.","page_number":63,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"cbf06eba-4d27-4c0d-9596-8c094e2f5857","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":63,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"6471d03c-5ffc-418d-829e-21bc440a107d","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":63,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"ebc7d79a-b68d-47bf-a46b-57bc7609631b","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":63,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"53c59bbc-f172-4cef-b34e-b1fe9f213d15","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":63,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"dfee43aa-da7c-4516-a91a-0700f0510d04","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":63,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"b59a6121-8ead-4b8b-8b81-25df44a1040e","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":63,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"403ed13a-2256-4f7d-937c-63c75079243b","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":63,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"6dd3b203-83ea-48f3-86dd-c1e1a19dad77","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":63,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"e4acfc3e-a9d6-44aa-a938-f6f7f910cf1c","block_type":"box","text":"(","page_number":63,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"5c0dde7d-c16c-48df-b6bf-83f5eca352fc","block_type":"box","text":"i.e.","page_number":63,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"e631365b-ba76-4897-bd2f-bca6ef7ccd4e","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":63,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"84e31175-73ba-4c13-8250-95460dd359d9","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":63,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"856f6f8b-7cfb-4546-9c63-8a09ade41569","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":63,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"d1f05eb0-ff77-42f8-bde4-d312b0c6597a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":63,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"3c06779e-27d2-4822-86c4-4f3485d50e90","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":63,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"3b07f91e-326c-4a96-a3be-2f0b7fecd2df","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":63,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"b1c0338a-fed5-4aa7-998a-2a00cf055a01","block_type":"box","text":"collateral received).","page_number":63,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"32fcfaaa-a776-4509-9ef8-e2bbe7b6fa6b","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":63,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"7f3e4bc9-8e25-4e56-8bb7-3b111d0f4eac","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":63,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"6b88de9b-5ce8-49dc-8239-c13355a9034a","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":63,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"9f4d637a-8037-4235-952e-70ec147fff41","block_type":"box","text":"determines the composition and relative weightings of the","page_number":63,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"824c1ec1-2ff0-4880-afa8-515157983b2b","block_type":"box","text":"S-56","page_number":63,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"794230fc-9515-4d27-919e-034fd6d57e12","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":64,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"bb77dd6e-9cfd-4a89-a12e-200280f6e037","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":64,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"eac3e419-b293-4e62-9c23-a51414a75a2e","block_type":"box","text":"Summary of Principal Risks","page_number":64,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"22387704-6a66-48da-90ab-84c1f5e9ef8f","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":64,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"f015f8cd-524c-4626-8121-16de5aebe73e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":64,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"4c6c5ead-4fa8-41fa-8b31-05f05de97abb","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":64,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"4e17043e-5fca-41b8-a794-8b04bf00f16d","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":64,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"746aca05-1ed8-416d-9325-b1bf835110a2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":64,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"efe03da9-66ab-44c9-abf9-e55780106e53","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":64,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"324b3679-bcb1-4a48-ac7a-958cfee1b5d7","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":64,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"8666326b-097c-4b0d-ad00-e475074754b4","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":64,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"19a6d6d7-6766-4e31-b757-de95907360fd","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":64,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"45897243-e716-4909-b83c-1352feb8ca36","block_type":"box","text":"review each risk factor carefully.","page_number":64,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"2b6e83c1-c187-4659-916f-5c348ec6a8c9","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":64,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"9b0016a7-e688-445e-b58d-361eccc85edb","block_type":"box","text":"U.S. Treasury obligations may","page_number":64,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"3d4a70a2-ca54-4be6-9463-09837177b397","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":64,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"1d4f2806-f0a7-4095-a1bc-bce958613e1a","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":64,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"c78cbeb4-c41e-4387-bc4b-71cd46f113cb","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":64,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"74af89af-b6eb-4b81-853d-021ccf997648","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":64,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"4d6bf1a5-8009-4469-a321-d486b4adb0c2","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":64,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"287eba74-5ee1-4971-9c1a-d6be8388630a","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":64,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"4974e572-2e05-4152-a8c0-ef22c063febf","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":64,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"e12e4b2f-d237-4bc9-84b7-a3e8fa37cdb2","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":64,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"ea570fef-892e-4585-aceb-222213198196","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":64,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"a8208f5d-1b8c-4ffe-b30c-681393b7afc2","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":64,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"5ed0fa14-a5fc-410b-8cc4-c0733a6d2296","block_type":"box","text":"timely payment of interest or principal.","page_number":64,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"71e73bf4-4e2e-4997-9435-ee479ee43d5e","block_type":"box","text":"Interest Rate Risk","page_number":64,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"f0c1fa71-ad68-48f0-add9-200c3af5def2","block_type":"box","text":".","page_number":64,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"56844f50-a4d2-4841-be0b-da7b22155353","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":64,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"c3f45f79-6efc-432f-b6e0-a0bb9acb8c12","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":64,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"6b08ca2e-fea4-4aa5-8cef-fc30ead48671","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":64,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"8df91a6b-ac18-4dc1-ba26-aeea9d4c0c7c","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":64,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"9171d077-95d2-4aa6-b614-9a34eeb86ccc","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":64,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"a4891a4e-d410-467b-9e8d-7600b260f36a","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":64,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"3f060ada-eed0-4454-a7bf-325d230d89a6","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":64,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"5f0b2363-122a-4f02-9e7b-ac059f99290d","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":64,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"96b53d0e-ded7-4dae-92c4-92dc61574851","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":64,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"ef6c260e-8c55-4fb6-bcc4-ccf66b820f5a","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":64,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"17461cf8-ea49-4211-805d-8217ee578208","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":64,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"d432a317-bdf0-4bc4-9580-65fd8ab4a876","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":64,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"5c9d7e7a-d90e-4d9c-966f-02501b0bb254","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":64,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"c9e3f919-f6ea-45dd-abca-f673fb14379f","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":64,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"f8d0dc8c-52af-400f-b0f1-1f655d67eb18","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":64,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"bad4f1a7-3af1-42ff-bd24-438d00bd2def","block_type":"box","text":"dividends to shareholders.","page_number":64,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"35123c79-6422-4937-b273-57825213a957","block_type":"box","text":"Market Risk","page_number":64,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"f18c7b6a-b0e0-43c1-b253-bcbdb59c90c2","block_type":"box","text":".","page_number":64,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"ca8a2cd9-c554-4464-84a5-51df7a37b1f9","block_type":"box","text":"The Fund could lose money over short periods due","page_number":64,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"aa8766cc-6456-4592-8541-1a71eac7f704","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":64,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"a7838a1b-ecc6-4a38-a6b5-3885ee9ab167","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":64,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"a47e115f-5a57-43d2-8eb5-63a4551e19b1","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":64,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"40e39195-5de5-4b44-8e06-92ef59903291","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":64,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"58df26d6-9ab8-4549-9646-09c2449cd637","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":64,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"1709ac7a-305f-48fe-9de4-260ea0b8348f","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":64,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"8ff85bbd-e30c-4987-8581-f4f9fb5cb352","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":64,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"73d11911-bb5b-4ef5-864a-4db9f8c91952","block_type":"box","text":"NAV.","page_number":64,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"622547d8-9110-4aa7-a0ff-3d20532dc0fb","block_type":"box","text":"Index-Related Risk.","page_number":64,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"55becf36-7a6d-46e4-aecb-e9e76121f467","block_type":"box","text":"The Index Provider may rely on various","page_number":64,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"7f2b99e2-70e5-4872-b2ba-bdd9161b1185","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":64,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"d8edfa51-3261-4217-9886-4edbea0fe9c6","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":64,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"a876b91d-bdc7-4889-97df-2987e638c6ce","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":64,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"feda3142-d84f-4dda-9539-7beef8070ac6","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":64,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"da68c5d4-d167-4c6e-bf00-63b36c52eb2c","block_type":"box","text":"information will provide an accurate assessment of included","page_number":64,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"d1e31e31-3844-49b9-8392-be0001c3d622","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":64,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"06d54fdf-3d39-43d3-bbad-d4edf7f13a73","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":64,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"82f739f2-24cb-4aaa-b9cb-c57c620d7fde","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":64,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"42c0527d-4420-4989-821a-e7bc8f8331b2","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":64,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"0806fc72-186b-4096-8775-c7c6202e369e","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":64,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"c382ab93-fb46-42fd-9b67-3f33500ec93e","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":64,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"d91010a6-ca33-44e9-b86b-972cda5d7394","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":64,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"b12c06a1-c8de-427d-bed0-b00c1415aff8","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":64,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"2c7df02e-faf1-473a-8f2e-c30146193e38","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":64,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"529e8219-061e-4ee9-be2b-a97ea3f53027","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":64,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"be04a4f1-6a00-4be5-b669-5abc14144bd2","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":64,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"6af9cf89-ae98-4e88-9719-386b1dd00917","block_type":"box","text":"Asset Class Risk.","page_number":64,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"eee5f0f5-49b4-45ba-a646-ed7182af15f6","block_type":"box","text":"The securities and other assets in the","page_number":64,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"d88e7d52-4338-4f4f-87ba-c6043e03ea71","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":64,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"4c3b4bb0-b768-4248-96f1-5c4bf27ef8f2","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":64,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"7062d6c6-a48b-4590-8a95-c67bcdf55727","block_type":"box","text":"market, another index, or other asset classes.","page_number":64,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"310fc71f-cfad-4ad5-8955-f62a7c1fe706","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":64,"box":{"x":548,"y":240,"width":266,"height":10}},{"id":"1d81b7a2-7dec-4cd9-a26e-620c10fd6e6c","block_type":"box","text":".","page_number":64,"box":{"x":814,"y":246,"width":3,"height":2}},{"id":"1d6b87de-fc7f-4f7e-a2ac-86ace8e3065d","block_type":"box","text":"From time to time, an","page_number":64,"box":{"x":823,"y":240,"width":136,"height":10}},{"id":"147737b0-cab1-46fb-acf0-501141c3b3d5","block_type":"box","text":"Authorized Participant (as defined below in","page_number":64,"box":{"x":549,"y":254,"width":273,"height":11}},{"id":"a961cfe5-4f62-4f23-b8b9-b00382cbd5e4","block_type":"box","text":"Authorized Participant","page_number":64,"box":{"x":826,"y":254,"width":141,"height":11}},{"id":"1a1ee820-628b-4482-a4c3-f4643c95c28f","block_type":"box","text":"Concentration Risk)","page_number":64,"box":{"x":549,"y":268,"width":120,"height":9}},{"id":"2a48d38c-7e53-462f-a643-c4d3da66ae74","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":64,"box":{"x":669,"y":268,"width":294,"height":11}},{"id":"ecc5ef71-c223-44ea-8013-2932e05acef0","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":64,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"a86ac15b-dcbb-4bdb-b942-24ae70205ee9","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":64,"box":{"x":550,"y":296,"width":418,"height":11}},{"id":"a632e229-34ce-452a-889b-250f6db48a86","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":64,"box":{"x":549,"y":311,"width":418,"height":8}},{"id":"d9b6973f-04a1-49bd-b515-4f0e86238e3a","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":64,"box":{"x":549,"y":325,"width":410,"height":11}},{"id":"ebd92d42-7723-435a-8a08-ab26ac8ecc71","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":64,"box":{"x":549,"y":339,"width":383,"height":10}},{"id":"0dcbabb3-8c41-4426-8e5d-9a486a78bdec","block_type":"box","text":"negatively impact the Fund.","page_number":64,"box":{"x":549,"y":353,"width":175,"height":11}},{"id":"d8b9804c-4919-440c-871f-449d5181584e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":64,"box":{"x":548,"y":376,"width":290,"height":11}},{"id":"cc824729-a0d2-4410-8f27-006ddc4f5f41","block_type":"box","text":"An “Authorized","page_number":64,"box":{"x":847,"y":376,"width":93,"height":9}},{"id":"57743cc6-e408-4680-9de3-4bc18a1a40cc","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":64,"box":{"x":550,"y":391,"width":379,"height":10}},{"id":"b769f011-6142-4b96-b6ff-c378068467d3","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":64,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"87edc791-7fe0-4566-ae6a-63136462311f","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":64,"box":{"x":550,"y":419,"width":395,"height":11}},{"id":"ed0c32e6-2d33-4796-aaeb-e001f01fc0a2","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":64,"box":{"x":550,"y":433,"width":399,"height":11}},{"id":"b15dd799-d6bf-4c6d-9210-82694a0b8830","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":64,"box":{"x":549,"y":447,"width":407,"height":11}},{"id":"a21101fb-e00c-4473-966d-9a1912d108fe","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":64,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"e848b5ca-1d06-435b-a877-c6eccc5d1e2b","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":64,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"9d293b68-7165-40f3-92c4-53b0b810fcf3","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":64,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"24a44db7-9257-4110-8a65-d9400ee75eea","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":64,"box":{"x":549,"y":504,"width":378,"height":11}},{"id":"c9614f40-b17a-4289-ba6d-ed573c06ca7c","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":64,"box":{"x":550,"y":518,"width":379,"height":11}},{"id":"ebb5575d-aeb6-433e-96b2-136517ee138d","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":64,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"6c9108b2-8685-40e7-9ed9-eb3e4b3d1321","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":64,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"1c27f2ef-f945-47f9-9ae6-e33076b49636","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":64,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"a7f3ce5e-6483-43d8-b92e-6c39082305e2","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":64,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"5145c5e7-a5a9-42e0-8900-798526f6c090","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":64,"box":{"x":549,"y":589,"width":273,"height":11}},{"id":"5e7f01b6-4eb8-4f0e-91b6-38e0f3650542","block_type":"box","text":"Concentration Risk.","page_number":64,"box":{"x":549,"y":612,"width":132,"height":9}},{"id":"f2783098-0df0-4a25-a5b5-ee73f8048642","block_type":"box","text":"The Fund may be susceptible to an","page_number":64,"box":{"x":687,"y":612,"width":221,"height":11}},{"id":"2af30961-0eb9-4bb2-92a0-3925e89f79f6","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":64,"box":{"x":549,"y":626,"width":419,"height":11}},{"id":"41ad567f-3308-4e16-b622-3f4a0f5bead9","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":64,"box":{"x":549,"y":641,"width":408,"height":10}},{"id":"65f7d55d-12cb-4dae-987c-03f8f9f2625c","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":64,"box":{"x":549,"y":655,"width":418,"height":8}},{"id":"9b054d6e-f685-466f-8429-788a0be1b6ac","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":64,"box":{"x":549,"y":669,"width":395,"height":10}},{"id":"b47af3fb-c3e7-4d6d-acea-66f511ad69fa","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":64,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"76fe420a-159c-4a81-b7fd-d34a0117660a","block_type":"box","text":"asset classes.","page_number":64,"box":{"x":549,"y":697,"width":88,"height":9}},{"id":"14871d12-0343-4808-a4a6-2a4789453e7c","block_type":"box","text":"Declining Yield Risk.","page_number":64,"box":{"x":549,"y":721,"width":136,"height":10}},{"id":"454e4226-802c-4b2f-8b43-89510f4b556b","block_type":"box","text":"In the months leading up to the Fund’s","page_number":64,"box":{"x":691,"y":721,"width":245,"height":10}},{"id":"055e6cb9-face-423d-bc0c-9043f2e313ea","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":64,"box":{"x":549,"y":735,"width":386,"height":11}},{"id":"698eae7f-2a39-4fd1-806e-a1a21f997fc0","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":64,"box":{"x":549,"y":749,"width":408,"height":11}},{"id":"69fc9266-d5b8-44e4-888d-8406c01be055","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":64,"box":{"x":549,"y":763,"width":424,"height":11}},{"id":"e00f329e-ef54-4228-94e1-6622d8e2ba70","block_type":"box","text":"yields for bonds in the market.","page_number":64,"box":{"x":549,"y":777,"width":193,"height":11}},{"id":"95eb0bc1-1f47-4bbe-b4cb-ef85eb09c066","block_type":"box","text":"Income Risk.","page_number":64,"box":{"x":549,"y":800,"width":86,"height":9}},{"id":"df06ad4c-f7b7-40a3-86fb-200fd446b759","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":64,"box":{"x":640,"y":800,"width":288,"height":11}},{"id":"5c0a8ddb-1353-476a-8c15-c0c20a30a8ad","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":64,"box":{"x":549,"y":815,"width":407,"height":8}},{"id":"527c7fea-f866-4c28-ba71-49e2b2533af3","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":64,"box":{"x":549,"y":829,"width":414,"height":11}},{"id":"5cce1fe7-17a5-4622-9e6c-215d7e12492a","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":64,"box":{"x":549,"y":843,"width":380,"height":11}},{"id":"bcc086db-caed-4ec6-9f75-597dd3d8591d","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":64,"box":{"x":549,"y":857,"width":406,"height":11}},{"id":"9d0079dd-8ee0-492a-b1e0-634d5cce7454","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":64,"box":{"x":549,"y":871,"width":424,"height":11}},{"id":"4b6efd6a-51e0-4270-9203-138148589305","block_type":"box","text":"S-57","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2fe5c5ea-d4d7-4e14-b2dd-5ac904a5999e","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":65,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"f26b3468-7f05-40fa-8aec-18c7d80f0c5d","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":65,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"6c2c2f64-830d-4501-86b4-870dacd311a7","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":65,"box":{"x":83,"y":52,"width":419,"height":10}},{"id":"b042a7db-a083-46a8-9888-a8be7bdf464a","block_type":"box","text":"Issuer Risk","page_number":65,"box":{"x":83,"y":75,"width":75,"height":8}},{"id":"ee1ae6d7-2f05-4be5-9dac-c603b8cb8f56","block_type":"box","text":".","page_number":65,"box":{"x":158,"y":81,"width":3,"height":2}},{"id":"df560369-e836-471d-bf33-c4fe7aee52f0","block_type":"box","text":"The performance of the Fund depends on the","page_number":65,"box":{"x":166,"y":75,"width":288,"height":10}},{"id":"e8980d64-6002-4ca5-b782-84decd3cb560","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":65,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"164f5cf9-b72a-4d66-ab4e-2281b1a4bb93","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":65,"box":{"x":84,"y":103,"width":401,"height":11}},{"id":"76d684c8-8a1e-48a8-acc1-340258cd2830","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":65,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"2cb23155-902a-4ccc-b783-673444d1757d","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":65,"box":{"x":83,"y":131,"width":414,"height":11}},{"id":"cd717242-05f1-4558-98b4-bedda6fd04e4","block_type":"box","text":"counterparty.","page_number":65,"box":{"x":83,"y":146,"width":84,"height":10}},{"id":"3bf30894-6055-4e34-b869-a1cf19323c34","block_type":"box","text":"Management Risk","page_number":65,"box":{"x":83,"y":169,"width":122,"height":11}},{"id":"3da3fe64-506f-4512-8145-b00a8c03f287","block_type":"box","text":".","page_number":65,"box":{"x":206,"y":175,"width":2,"height":2}},{"id":"8e47adcb-f10e-4929-bbef-c566e69f5fb8","block_type":"box","text":"The Fund generally does not attempt to take","page_number":65,"box":{"x":213,"y":169,"width":283,"height":11}},{"id":"2f2858f5-61e0-4f0f-8559-8af8a1dfa6f7","block_type":"box","text":"defensive positions under any market conditions, including","page_number":65,"box":{"x":83,"y":183,"width":376,"height":11}},{"id":"2601fed4-b949-46d4-ae42-482ddc8e88ee","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":65,"box":{"x":83,"y":197,"width":362,"height":11}},{"id":"727d845c-9480-4212-b876-f6fc716a6179","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":65,"box":{"x":83,"y":211,"width":388,"height":11}},{"id":"f2f70bd3-0bf7-4ea9-b546-1713e8671895","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":65,"box":{"x":83,"y":226,"width":409,"height":10}},{"id":"f340ea0f-a25a-4143-92af-294025a11543","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":65,"box":{"x":83,"y":240,"width":419,"height":11}},{"id":"9facaa5e-61c7-4e49-af85-8bf40af67674","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":65,"box":{"x":82,"y":254,"width":420,"height":11}},{"id":"30ac79f5-5ff4-4d7f-98b6-3a37b2c6a038","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":65,"box":{"x":83,"y":268,"width":402,"height":11}},{"id":"b10a8a79-099b-49b6-8991-ce63cc4894c5","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":65,"box":{"x":83,"y":282,"width":323,"height":11}},{"id":"92038b9a-8c0a-4991-8b17-c53bfa19ec78","block_type":"box","text":"Market Trading Risk","page_number":65,"box":{"x":83,"y":305,"width":136,"height":11}},{"id":"90dc4568-818f-4eab-9e69-4100e10c45a1","block_type":"box","text":".","page_number":65,"box":{"x":219,"y":312,"width":2,"height":2}},{"id":"29366b86-f6cc-4438-9b86-75fd1f0bdc98","block_type":"box","text":"The Fund faces numerous market trading","page_number":65,"box":{"x":226,"y":305,"width":263,"height":11}},{"id":"bab2df98-e687-4a69-b936-9cd7cee03120","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":65,"box":{"x":83,"y":320,"width":394,"height":10}},{"id":"16e7e422-0ae7-4cdb-816b-9c1a7d9a96f0","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":65,"box":{"x":83,"y":334,"width":401,"height":11}},{"id":"671424e3-a795-459e-bc17-dbaa6a653bab","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":65,"box":{"x":83,"y":348,"width":404,"height":11}},{"id":"8b539768-6ae2-483c-92cd-cab4e2eed922","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":65,"box":{"x":83,"y":362,"width":416,"height":11}},{"id":"fce49335-eac5-45a4-9a7f-fafb8857f6a8","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":65,"box":{"x":82,"y":376,"width":405,"height":11}},{"id":"b70e4359-c677-4f04-8601-639897d97485","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":65,"box":{"x":83,"y":391,"width":411,"height":10}},{"id":"a9e54850-10a9-42ed-8818-1da592f8c377","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":65,"box":{"x":83,"y":405,"width":397,"height":11}},{"id":"075b3c46-30c7-44c8-85dd-57eac066ee9a","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":65,"box":{"x":83,"y":419,"width":419,"height":11}},{"id":"502fad01-b016-4407-b194-d8ad040adfda","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":65,"box":{"x":83,"y":433,"width":412,"height":11}},{"id":"36e345d7-ddac-48ab-a62f-b5019af11221","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":65,"box":{"x":83,"y":447,"width":397,"height":11}},{"id":"6287f8a6-ae1e-4bdb-a038-804a6d7d9bba","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":65,"box":{"x":83,"y":461,"width":316,"height":11}},{"id":"e68332c5-897c-46ea-b178-14f0d6a7b1c4","block_type":"box","text":"Operational and Technology Risks","page_number":65,"box":{"x":83,"y":485,"width":230,"height":10}},{"id":"abbbf5e5-ff5e-4592-b78b-040612f7d6b4","block_type":"box","text":".","page_number":65,"box":{"x":314,"y":491,"width":2,"height":2}},{"id":"e5f1e21b-15ca-49c4-b3f5-87d7c99f26f6","block_type":"box","text":"The Fund is directly and","page_number":65,"box":{"x":321,"y":485,"width":151,"height":10}},{"id":"b6617245-ad51-4194-97ae-b04e0e9c6982","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":65,"box":{"x":83,"y":499,"width":368,"height":11}},{"id":"1bf54ebd-b56a-4c60-863d-8dd4c382c731","block_type":"box","text":"including those related to human errors, processing errors,","page_number":65,"box":{"x":83,"y":513,"width":376,"height":11}},{"id":"6454ca33-c4de-4b01-ac4f-6e4e59d5d456","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":65,"box":{"x":83,"y":527,"width":413,"height":11}},{"id":"56ff9b01-bdaa-4716-be61-4e63d17c8f14","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":65,"box":{"x":83,"y":541,"width":404,"height":11}},{"id":"c75814d9-3421-4ed0-be21-80b690501c7d","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":65,"box":{"x":82,"y":556,"width":402,"height":10}},{"id":"b9e14e66-a73d-4fbd-8849-347b9b95b441","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":65,"box":{"x":83,"y":570,"width":376,"height":11}},{"id":"7ee1efc8-f033-4cf6-b53a-2779c101cc47","block_type":"box","text":"providers are required to have appropriate operational,","page_number":65,"box":{"x":83,"y":584,"width":350,"height":11}},{"id":"9cc5dd13-6994-45b1-ad35-6960e6e46617","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":65,"box":{"x":83,"y":598,"width":414,"height":11}},{"id":"5a9a6926-463e-4a1b-8fa4-5ed26b2a66ee","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":65,"box":{"x":83,"y":612,"width":397,"height":11}},{"id":"4bdcccba-42a1-4062-a369-828b41d60dfc","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":65,"box":{"x":82,"y":626,"width":411,"height":11}},{"id":"4f3ce875-791a-47e6-808b-9aab9541ef5b","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":65,"box":{"x":83,"y":641,"width":391,"height":8}},{"id":"db799390-7652-458c-82d7-08757f882ec7","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":65,"box":{"x":83,"y":655,"width":421,"height":11}},{"id":"b934e8df-7ec2-4a69-82f7-e16289a49a66","block_type":"box","text":"investments in such issuers to lose value.","page_number":65,"box":{"x":83,"y":669,"width":264,"height":8}},{"id":"07270534-3438-4709-9704-02b726ad5884","block_type":"box","text":"Risk of Investing in the U.S","page_number":65,"box":{"x":549,"y":23,"width":182,"height":11}},{"id":"08cd8a6e-63f3-4022-b52e-5dd7b562ccd5","block_type":"box","text":".","page_number":65,"box":{"x":732,"y":30,"width":2,"height":2}},{"id":"94e5b476-2649-4cf8-9d0e-6766f99f53f7","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":65,"box":{"x":740,"y":23,"width":210,"height":11}},{"id":"66e6d702-03bf-4e1d-9959-71f220fe3d1d","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":65,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"a3a75004-34b8-4c77-a03c-f067de50b64c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":65,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"11c68e82-f1d0-4e2f-9685-d57ab51f15e0","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":65,"box":{"x":550,"y":66,"width":412,"height":11}},{"id":"a8819e15-a2c1-4a9e-b0c8-c74990e907ab","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":65,"box":{"x":549,"y":80,"width":396,"height":11}},{"id":"a37af521-e16e-4f32-b338-a38814178e58","block_type":"box","text":"Securities Lending Risk.","page_number":65,"box":{"x":548,"y":103,"width":162,"height":11}},{"id":"1e9d132c-7e24-42fb-b1d4-cb93ad21fe09","block_type":"box","text":"The Fund may engage in securities","page_number":65,"box":{"x":716,"y":103,"width":221,"height":11}},{"id":"f5fe8871-1df0-43cb-a851-6c35726485ed","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":65,"box":{"x":549,"y":117,"width":397,"height":11}},{"id":"09c9cd04-0985-458b-98de-8f7904d5e744","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":65,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"b05ae91d-e55e-4e46-b21f-0961be167edf","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":65,"box":{"x":549,"y":146,"width":409,"height":10}},{"id":"47deb563-02f3-4131-9e02-ec6ce7f6fd95","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":65,"box":{"x":549,"y":160,"width":416,"height":11}},{"id":"13ba02ac-ae63-4d4c-8886-582eba5709fd","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":65,"box":{"x":549,"y":174,"width":389,"height":11}},{"id":"d71a6f63-ab5d-41b7-af9c-a162817ef066","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":65,"box":{"x":549,"y":188,"width":406,"height":9}},{"id":"5b0f6786-c07f-4b9c-a57a-5e7b7663db13","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":65,"box":{"x":549,"y":202,"width":301,"height":11}},{"id":"7a780a64-2a2f-42f1-b064-46c761cf480d","block_type":"box","text":"Tracking Error Risk","page_number":65,"box":{"x":550,"y":225,"width":128,"height":11}},{"id":"470a1b0e-85af-4cd8-a833-0b48a724c2cc","block_type":"box","text":".","page_number":65,"box":{"x":678,"y":232,"width":3,"height":2}},{"id":"67c1ad2a-3400-41f1-89da-acf37b9a46a7","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":65,"box":{"x":686,"y":226,"width":284,"height":10}},{"id":"d3648a16-010f-4348-b9b5-b580967d087b","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":65,"box":{"x":549,"y":240,"width":404,"height":11}},{"id":"5638745d-80f5-437c-9e39-8f9c80552853","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":65,"box":{"x":549,"y":254,"width":425,"height":11}},{"id":"90ee8548-6104-4eb2-952e-a86f41d4f646","block_type":"box","text":"factors, including differences between the securities and other","page_number":65,"box":{"x":549,"y":268,"width":401,"height":11}},{"id":"fcf1d953-b783-44fe-a4a4-2db21aa3d7fe","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":65,"box":{"x":549,"y":282,"width":381,"height":11}},{"id":"0d321da0-0e47-408c-b49b-fff3916eb0a6","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":65,"box":{"x":550,"y":296,"width":396,"height":11}},{"id":"b1473f12-26a1-475b-8557-0e65a451bd44","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":65,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"4d6cfc08-6660-49ce-9d1f-f8cdf110743d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":65,"box":{"x":549,"y":325,"width":400,"height":11}},{"id":"e5efec3e-96bd-4547-9235-0bf33bbe5b7e","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":65,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"f0bee643-5ead-405c-b6cb-7257ecbdefbe","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":65,"box":{"x":549,"y":353,"width":374,"height":11}},{"id":"74682f57-2d9b-4e91-9c5f-3ed260c142c3","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":65,"box":{"x":549,"y":367,"width":370,"height":11}},{"id":"0c62fa99-c580-4c8f-9097-d1102f94f762","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":65,"box":{"x":549,"y":381,"width":372,"height":11}},{"id":"bed727ab-9cd3-4ce2-ae06-fe5e4bdf65ef","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":65,"box":{"x":549,"y":396,"width":420,"height":11}},{"id":"f0540709-bfae-4dff-817c-3d04bc6db6d8","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":65,"box":{"x":549,"y":410,"width":387,"height":11}},{"id":"7b879b15-d9f4-407e-97a9-84be968cd7e7","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":65,"box":{"x":549,"y":424,"width":377,"height":11}},{"id":"9b896fb1-c66c-4ece-8f13-a2feab5989a6","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":65,"box":{"x":549,"y":438,"width":380,"height":11}},{"id":"c706e56f-2f3b-42cb-8548-b879ec20fa77","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":65,"box":{"x":549,"y":452,"width":366,"height":11}},{"id":"c2cf9d2d-21f4-4f68-bff6-98e367cc01ea","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":65,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"df7f1741-859e-4148-b740-810df812d42a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":65,"box":{"x":550,"y":481,"width":386,"height":11}},{"id":"a4f1bd37-7edd-4dc1-bf75-858484d0f52a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":65,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"af520652-83f9-43be-937d-46be8a705fdd","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":65,"box":{"x":549,"y":509,"width":420,"height":11}},{"id":"b80db00a-d55c-4ba4-ade5-d1e794868e0e","block_type":"box","text":"unusual market conditions.","page_number":65,"box":{"x":549,"y":523,"width":172,"height":9}},{"id":"29d96f79-295c-4d80-9cc8-8d9b0c4fb5a8","block_type":"box","text":"Performance Information","page_number":65,"box":{"x":550,"y":552,"width":213,"height":11}},{"id":"c9923431-0d25-4a28-a6ba-8e93ee9b7293","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full","page_number":65,"box":{"x":549,"y":577,"width":400,"height":11}},{"id":"30024f0c-8311-4c8b-a758-32780f0329dd","block_type":"box","text":"calendar year of performance information to report.","page_number":65,"box":{"x":549,"y":592,"width":330,"height":10}},{"id":"c8e6aafe-6751-4473-807b-841bfd39b9b3","block_type":"box","text":"S-58","page_number":65,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"09c4d8d2-fffb-4e92-89d8-1408db4f79d4","block_type":"box","text":"Management","page_number":66,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"39d7c31b-8348-48f6-95c4-c0583d11caed","block_type":"box","text":"Investment Adviser.","page_number":66,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"d9687784-f1bb-4a0c-b42b-4d2ec0347832","block_type":"box","text":"BlackRock Fund Advisors.","page_number":66,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"1ad82e85-5152-4229-a854-8998ae1c5a51","block_type":"box","text":"Portfolio Managers.","page_number":66,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"abf85a18-b28d-43e6-ab76-56f4e57f667e","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":66,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"cb93a56c-a4bc-4f3a-a8c6-27c8b4b58b43","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":66,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"d47ae2c4-a7f1-4a45-82a3-e5c9822d79ec","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":66,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"8af9c38e-b6f9-42b8-9783-93fc5d26b735","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":66,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"6d039d74-3a74-4819-8d4d-dad68d5db70c","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":66,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"83d5a407-fce5-47d3-9036-26e0fe773127","block_type":"box","text":"2025.","page_number":66,"box":{"x":83,"y":142,"width":36,"height":8}},{"id":"e5f21738-4a01-4302-9eaa-fd9ac045a5c1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":66,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"d582a16c-0270-4837-b5c1-be56120daadc","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":66,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"b0908d55-9447-4395-abb8-031ccbd1794b","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":66,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"082fff0b-1fd4-47a2-867c-86d521a750a0","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":66,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"f9f4272b-9f09-4442-b36f-efd98ce27636","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":66,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"94058a35-9843-4b3a-9be4-52fab3bb856e","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":66,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"b8d2b489-ec40-4ea3-a81c-7d5e96f288d7","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":66,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"161d7c69-8686-446b-870e-79e87e14f8f1","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":66,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"c2b5f1fe-94fc-4ab5-a398-aaa25616e87e","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":66,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"93031748-19b6-48eb-9a4b-d778c68fc274","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":66,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"57520081-0b7d-42f2-80e2-1339bc009721","block_type":"box","text":"Tax Information","page_number":66,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"613f525d-4265-4025-a2da-48d0b321515d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":66,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"10c4aeb9-7c35-4e18-ae2a-eb34e1936ccd","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":66,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"9b0ee608-e8b4-41ee-90fb-f9c8b8da263f","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":66,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"e0a6abe5-c7c1-472b-af48-74669b87e5bf","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":66,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"68f1740d-ae86-41e0-9461-519e9ce72f38","block_type":"box","text":"distributions generally will be taxed when withdrawn. Certain","page_number":66,"box":{"x":549,"y":104,"width":388,"height":11}},{"id":"41738e8d-3d9b-4d94-92e8-69cb4052f80b","block_type":"box","text":"states and localities may exempt from tax distributions","page_number":66,"box":{"x":549,"y":119,"width":351,"height":10}},{"id":"3f3e177d-e7b5-4442-9576-79cf7bef2d02","block_type":"box","text":"attributable to interest from U.S. federal government obligations.","page_number":66,"box":{"x":549,"y":133,"width":415,"height":11}},{"id":"93964037-28df-4b9e-bf27-7e44806bfcf3","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":66,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"8803559a-9a88-4241-aff8-aae31c0a1a4a","block_type":"box","text":"Intermediaries","page_number":66,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"b1bd007e-6b47-4f1a-91f6-0215d6b3aea4","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":66,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"ecb94884-2ce2-4d80-8bfd-39b9e19d61aa","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":66,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"70c30803-4132-4325-8052-67acdf3a92cc","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":66,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"1e4d6c71-4e0c-4973-9f49-48a1c0b85d57","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":66,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"925632a2-f2be-4b6b-92cd-d0cfa22deff5","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":66,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"f9cb4e6b-51f8-44fa-b40e-1e2e28037e37","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":66,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"1b2b0b98-0005-4af3-9689-7e6b2fc41702","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":66,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"8030bf7e-b089-4d1c-9a60-ee8d54f1a3e0","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":66,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"d008646f-b7e6-436a-b644-94db1c161c4e","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":66,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"df78941d-9def-491f-8645-4c7a59a6f26c","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":66,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"33195346-cada-4dde-b9f5-3bc6b43cbcde","block_type":"box","text":"information.","page_number":66,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"189f4485-108a-4ac3-91a6-cb8583fc6c2f","block_type":"box","text":"S-59","page_number":66,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9fdd3884-3bb2-41c4-a07e-1ee58b3640dd","block_type":"box","text":"iSHARES","page_number":67,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"d422769e-4bf9-4486-8575-8baaa6bc7f0d","block_type":"box","text":"®","page_number":67,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"8f739edb-665b-4d9c-ae6c-8ba0bd34045e","block_type":"box","text":"iBONDS","page_number":67,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"e81fedc6-5120-4e70-b11a-a7fa981f8803","block_type":"box","text":"®","page_number":67,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"da597938-0dc2-4a35-a1cb-f3dd3c2a7778","block_type":"box","text":"DEC 2044 TERM TREASURY ETF","page_number":67,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"21cfd38e-0b34-49b8-aa8c-17ab41666ab2","block_type":"box","text":"Ticker: IBGA Stock Exchange: Nasdaq","page_number":67,"box":{"x":290,"y":53,"width":471,"height":12}},{"id":"6b507afa-a628-434e-bf88-221d7c357662","block_type":"box","text":"Investment Objective","page_number":67,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"02d92746-5d52-4a0e-809d-80e5e66035fd","block_type":"box","text":"The iShares iBonds Dec 2044 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":67,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"d2b6946c-849c-4d12-a37c-9e4350370ee2","block_type":"box","text":"bonds maturing in 2044.","page_number":67,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"5c92fc8f-3294-41ae-bf03-21a76d6e7490","block_type":"box","text":"Fees and Expenses","page_number":67,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"6fb47fba-77fb-4832-af6c-c225cff15ff3","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":67,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"381bee1a-188e-4910-9844-837a340a9cba","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":67,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"8318ff9a-11f1-4e34-802e-38a8e7e4973f","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":67,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"6541315e-8461-4f3e-bb3b-78d5d15578f4","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":67,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"ba4a43ff-5e11-43f6-a744-e785d2b4e813","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":67,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"d205921e-30c2-4c0e-a510-1ba27d246fe5","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":67,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"2a37a17d-93bc-449f-ab2c-58ba4cb499c5","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":67,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"0a90fdcb-7a17-40eb-ada7-9f2c8fb9c13a","block_type":"box","text":"pro rata","page_number":67,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"55e29417-48b4-4200-b513-4f31cb1cd0df","block_type":"box","text":"share of the fees","page_number":67,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"09707677-1cb1-43d4-baed-7441d557c35a","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":67,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"893335d6-303e-4709-9cfd-aac997127e33","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":67,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"5d8c6367-4b56-4648-a533-5748c02f16a1","block_type":"box","text":"shown in the","page_number":67,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"46a6f33e-857f-4d33-b5c2-3727081b526f","block_type":"box","text":"Financial Highlights","page_number":67,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"f3604cea-97b8-4381-8f32-7a4efd5a9ce7","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":67,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"2767fbc2-3675-4a00-84d2-791275d069fb","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":67,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"63a312e1-5193-4dd6-84ad-d4f45445ffb6","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":67,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"c651423a-6c60-4154-b6d1-b7bed37f149d","block_type":"box","text":"December 15, 2044. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":67,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"3b981c02-8acf-4c64-ae2b-5311002fdf2f","block_type":"box","text":"Trust and BFA.","page_number":67,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"4feceb4f-918b-40be-8c88-56ef015b863c","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":67,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"48feff62-a48a-406d-bb71-6e7a68bd30a0","block_type":"box","text":"the tables and examples below.","page_number":67,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"448ed1cb-89da-4eb4-bafc-7f61b8190732","block_type":"box","text":"Annual Fund Operating Expenses","page_number":67,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"75848454-b9a4-4e06-94d2-f84c1c62f84b","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":67,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"e92c4167-fb62-445d-8753-88367b7ffe51","block_type":"box","text":"percentage of the value of your investments)","page_number":67,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"026532f3-bbca-4db8-89a9-961d787b61b9","block_type":"box","text":"1","page_number":67,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"c7abbf63-fbd3-4224-b9fe-3c4067d4e1bb","block_type":"box","text":"Management","page_number":67,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"0da06c74-ab87-4e04-ba0e-9fe7c3264e53","block_type":"box","text":"Fees","page_number":67,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"abcbb586-6210-479c-b8ee-aed9646a4c21","block_type":"box","text":"Distribution","page_number":67,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"38094056-6408-4adb-9dc7-0a36b1e26da1","block_type":"box","text":"and Service","page_number":67,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"a9cea283-8f25-4862-94aa-142a45222a85","block_type":"box","text":"(12b-1) Fees","page_number":67,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"4f3b81de-ae59-4f18-93bc-79eeedbe29eb","block_type":"box","text":"Other","page_number":67,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"4342e2a0-6026-493f-af6e-9eafbf136f32","block_type":"box","text":"Expenses","page_number":67,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"003be643-8da3-4324-bf03-a078ae596182","block_type":"box","text":"Acquired Fund","page_number":67,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"1c2243e9-28bb-4299-a6ef-492dcd4e7fe6","block_type":"box","text":"Fees and","page_number":67,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"a4f1df97-57f1-4709-8765-1bda49d9b6c1","block_type":"box","text":"Expenses","page_number":67,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"34d3f0ca-c23d-4eff-b73d-0cfc860b2ebf","block_type":"box","text":"Total Annual","page_number":67,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"b0414d55-7cdf-432f-bb70-9d7fbc78c5f4","block_type":"box","text":"Fund","page_number":67,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"b10c4d86-c84e-44b2-b1bc-75b9d70c7edf","block_type":"box","text":"Operating","page_number":67,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"6cde9dca-baa8-43a8-b9b3-68ccae68fc26","block_type":"box","text":"Expenses","page_number":67,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"63151817-3246-414f-8e41-75aad031c714","block_type":"box","text":"Fee Waiver","page_number":67,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"4c34dbf1-78e5-47a2-8700-bdc31e656c8b","block_type":"box","text":"and/or","page_number":67,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"bf0b318c-b213-49da-ad4c-5000f99d74cd","block_type":"box","text":"Expense","page_number":67,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"1c68db4c-8d57-48c7-84ae-ab77e249cd1f","block_type":"box","text":"Reimbursement","page_number":67,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"ed28a8c0-1913-4580-af1e-4ab358f5aa14","block_type":"box","text":"Total Annual","page_number":67,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"187d7f89-62e7-4e03-a7b1-349faf5aa301","block_type":"box","text":"Fund","page_number":67,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"adb84c8f-0651-4b0f-be10-bf59d6e981ce","block_type":"box","text":"Operating","page_number":67,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"b100b976-449b-4893-9609-7a44c60b3512","block_type":"box","text":"Expenses After","page_number":67,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"f3d6f9c6-3c78-4e24-af40-2d76b2c1cb4c","block_type":"box","text":"Fee Waiver","page_number":67,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"edd7f67c-ea79-4f5d-b003-981e5823d4b5","block_type":"box","text":"and/or","page_number":67,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"ac02eec0-9d1d-46ae-b65e-8053e4b655e6","block_type":"box","text":"Expense","page_number":67,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"c4222527-1348-4690-b4c7-d43e4e64bf19","block_type":"box","text":"Reimbursement","page_number":67,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"9849f559-51ef-4b4d-b7fd-55dc2a4ce406","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":67,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"bc0cd53d-630c-400d-b740-ff87abadf724","block_type":"box","text":"1","page_number":67,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"ebb65687-a220-48e1-95a7-162a1ead4cad","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":67,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"25561bc5-a738-4496-a108-aa88fb6c9472","block_type":"box","text":"Example.","page_number":67,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"01d9eabc-a1e7-48a8-a071-c9d00669f4c1","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":67,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"79049e2f-57e6-49f3-8713-ebe14de3d687","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":67,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"639c1459-6ad1-41cc-aeae-f3cc5155a708","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2044 because the Fund is scheduled to","page_number":67,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"c9466fbe-33ed-427e-86ac-27b6f435d06e","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":67,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"21c8936c-f0a6-4a2f-8e5f-c9dfa3b4b95d","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":67,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"39b01f74-67eb-4c5a-9664-d0ebbb55a6fc","block_type":"box","text":"be:","page_number":67,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"85eb76de-0599-48a0-8640-c19f78ba10c2","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":67,"box":{"x":195,"y":696,"width":668,"height":7}},{"id":"9d492057-c355-4303-a27b-3eb40c37b0a5","block_type":"box","text":"$7 $23 $40 $90","page_number":67,"box":{"x":206,"y":715,"width":641,"height":9}},{"id":"28f24d7f-4f1b-4cce-b867-f91865a9cd31","block_type":"box","text":"S-60","page_number":67,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f41d838b-7938-4326-8769-c12a86db962f","block_type":"box","text":"Portfolio Turnover.","page_number":68,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"e7c9491a-8030-4c31-aff0-1e4205cca3e6","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":68,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"0c2dcde5-5be1-4017-8489-af916b5f79ab","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":68,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"1ccc875e-5a2d-4fed-80f8-d819dd2a214c","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":68,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"7e64fe8e-b882-417d-8b35-c1d9aa12fc57","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":68,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"ea3bc63a-bc7b-49b0-8222-38121cf351a4","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":68,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"ad5d3f1a-9646-41b2-9c63-e45363584220","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":68,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"14d43584-6360-4bb4-9109-7ed739ce42cd","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":68,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"e7b8569f-370c-473d-99d9-f75a78bc8fa7","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 19% of the","page_number":68,"box":{"x":82,"y":122,"width":383,"height":11}},{"id":"66de9b7a-e310-4a45-9045-c4f65b11bc46","block_type":"box","text":"average value of its portfolio.","page_number":68,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"6fc335bb-f66b-441c-a9b4-424745b78b56","block_type":"box","text":"Principal Investment Strategies","page_number":68,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"687d4b27-fdde-4f68-93d4-67693402dfe7","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":68,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"7c523253-ccf2-46aa-99b6-57308ffa1606","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":68,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"dd5d4c4d-80ac-4f26-a106-97a506cda4af","block_type":"box","text":"ICE 2044 Maturity US Treasury Index (the “Underlying Index”).","page_number":68,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"9b7f22a4-75b0-4d16-9640-4327007df416","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":68,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"cfea8670-42fa-40e3-b983-d846791833af","block_type":"box","text":"securities that are scheduled to mature between January 1, 2044","page_number":68,"box":{"x":83,"y":247,"width":415,"height":11}},{"id":"7a21a694-fcb5-473f-bd68-64b41c02a65d","block_type":"box","text":"and December 15, 2044, inclusive. The Fund may also invest in","page_number":68,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"870634fd-9de7-4e37-bb5f-573d856cefe5","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":68,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"17ce8b3f-31b0-4c98-b316-4b07cf5bcf82","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":68,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"395f9151-8776-49d4-947f-48977864422b","block_type":"box","text":"term fund that will terminate on or about December 15, 2044, at","page_number":68,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"1d715223-8b88-4eef-aae7-f56f99a36c58","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":68,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"dbb1b91d-9a2c-41b0-b360-d1ae0d3fb6e9","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":68,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"b4d639ea-0b2e-4b0d-9082-9f6dd09615f5","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":68,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"c77eed8a-2833-4846-9073-782cc79e513a","block_type":"box","text":"periodic distributions.","page_number":68,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"c6da0f50-cda4-4b33-9448-105e73c10dcc","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":68,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"34e86857-503c-4cd7-9010-d581ed9de702","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":68,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"bfd18853-4eb7-4176-bb69-b28388c9db60","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":68,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"1a599d93-5266-4b1d-9639-385ba8e7405b","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":68,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"5810a2d4-f99c-40f2-b9a4-67284b7d08bc","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":68,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"588c0c44-1f4b-4ac9-bcfd-1506617652f7","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":68,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"4be73939-68c2-4ccb-9e22-17aae8a63d30","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":68,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"6b17b9f5-0d48-443c-95c6-880208c5ce73","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":68,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"5bc424ba-ada0-4d72-87d9-7470312a7463","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":68,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"fbf29d9b-d09c-4738-9b46-52b47b082920","block_type":"box","text":"reduced by any individual components of such securities (","page_number":68,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"a9de9920-dcdb-4824-bcf5-8e931a3cb664","block_type":"box","text":"i.e.","page_number":68,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"98af8012-7c85-482a-a165-ac41aede07f8","block_type":"box","text":",","page_number":68,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"5bc07c3d-fe3d-4c55-b7f3-4da89cc5b021","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":68,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"91070c28-9865-49f8-a361-8ead041ec8be","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":68,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"34f3146c-2da6-41cb-9c78-00e62b7bf901","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":68,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"d1166215-e27a-4fe9-b992-1ce3ea3c8b1d","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":68,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"1d332135-b982-47f4-85d0-33954fb906d2","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":68,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"f2cbf544-623b-47c2-b318-a35667643b6f","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":68,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"d0ffc109-121c-4999-8cf5-5f6fac6ed0b9","block_type":"box","text":"calculated assuming next-day settlement.","page_number":68,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"2c1bb668-7753-411d-8477-44a5b05f8717","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":68,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"b36f2582-a8f3-4fcc-bdac-f7a42a3bf751","block_type":"box","text":"month, based on information available up to and including the","page_number":68,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"6bb8e968-e8be-4d5a-890e-07025e1250b1","block_type":"box","text":"third business day before the last business day of the month. New","page_number":68,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"4e610634-dbf1-4243-825b-bf8e392d701c","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":68,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"ad6e37b1-db28-4601-9039-8fee08055855","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":68,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"7d3628d2-b35d-4d2c-90a1-79c26779ea30","block_type":"box","text":"month (","page_number":68,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"9824e3f8-8414-4868-a9fb-a8a2c72496fc","block_type":"box","text":"e.g.","page_number":68,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"714ec8d2-bf01-4600-bea4-c47960c8aa34","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":68,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"d5b9a2f2-b4ad-4149-bb84-efe4ce80cebb","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":68,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"3d0712af-0888-479e-8ba7-43e5a6a6f225","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":68,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"39a83c28-f6af-4059-bc6b-2ffa57cad80d","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":68,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"85955159-9d82-42e4-8594-b9989cd0c013","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":68,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"abc30df3-0a84-44ad-bfc6-8083e0109a68","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":68,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"9cced8f5-4967-4249-bfc4-f243d6fe01ea","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":68,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"84d027ef-2601-4973-a3d1-c9e32030b9cd","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":68,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"6013bf11-cb43-43dc-b046-2864cd6c9cf2","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":68,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"801799e3-4cd6-42a4-8fc7-8fd17605aa17","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":68,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"f2157463-9aec-4223-96b0-8b11269e7fa4","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":68,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"a170ff44-9311-4bd1-96e2-1763c6c3c8ab","block_type":"box","text":"while it is held in the Underlying Index.","page_number":68,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"fdcc2b61-422e-4b03-86f9-d0ad7dbce5b8","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":68,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"dbdf0f9f-9961-4b49-a1f5-7d841d55f0f3","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":68,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"0ac8bf89-f9b8-48a6-8a4e-9e5e86fb5ed4","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":68,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"1a0dffad-a050-4c35-96b9-8a3def056ac7","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":68,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"ecbb7201-c236-49c2-9a1b-ebc75d3b11ee","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":68,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"07af86a2-9af4-43e1-a97d-993d7dfba852","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":68,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"69f51985-82a5-49f5-bf85-626fe200e4a7","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":68,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"a1a4c644-45c1-4e86-883c-076e985c4daf","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":68,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"bfc6bfcc-20c6-40d6-8bd6-d31448a09b6d","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":68,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"77a53d16-16fe-4739-83e4-9f5defefa492","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":68,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"d477e492-af93-47ef-a7ab-4fb9281cd247","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":68,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"236fe85d-5c42-47c0-94b7-3c751e178e3c","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":68,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"811a0cdc-fe6a-4fe7-9b7d-e0ffbd3fdc41","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":68,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"1eaa1258-717a-4822-87ce-c811ff31c0e4","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":68,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"697d1d6c-7c31-443e-8447-413010fa29bb","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":68,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"0d8e7239-2417-4d76-ac99-dcee5f69dd89","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":68,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"f4aa4860-a16c-427e-975e-b46fb7aca4be","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":68,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"a35c126e-299e-4a6a-b2ed-9815095ae6ab","block_type":"box","text":"fees and expenses of such funds.","page_number":68,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"a3d9d057-bdb8-46a3-a081-29363f06247d","block_type":"box","text":"By December 15, 2044, the Fund is expected to consist almost","page_number":68,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"f2323c88-c420-4a5b-a5cf-f23cd28a19e3","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":68,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"b8692cfe-b4ad-4e04-a78b-8842aa17c98f","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":68,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"d5703840-99d8-4bf5-9078-6c88ad0cd636","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":68,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"178e4db4-0c86-47d2-a8e1-de1ee8a3875f","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":68,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"0bfc8d82-0481-45a0-bd28-8e1bf5205897","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":68,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"5883dde2-8c94-4820-9df7-c4cddbcd6a32","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":68,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"c13c1d49-cbe0-4a02-abcf-a3b950a62abf","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":68,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"d9b83336-3c6d-49c1-89c3-4a7341f7ff21","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":68,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"2516e8ff-4507-4bff-a23f-b40932440fa7","block_type":"box","text":"interest of the Fund.","page_number":68,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"56e890ff-0f63-4d68-a283-d02e189c7c28","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":68,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"6d1a89e0-85fa-471d-8ccf-d20b5f17ee2a","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":68,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"0283e2a4-a07f-46d3-9224-7b2007ea3607","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":68,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"bbe8e3f9-535b-47a0-832f-9132e640b5f0","block_type":"box","text":"markets decline or appear overvalued.","page_number":68,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"4594d151-9e1a-48a6-91be-72fb0c6a3b5f","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":68,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"14076cf4-69eb-4217-8bd9-a7857ec4f1dd","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":68,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"0258965e-c53e-48a8-9d81-f642d864ff41","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":68,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"a5a6c660-fa4a-4fda-8498-d16ba5ec9c71","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":68,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"d833f86c-4a42-42b4-864f-d0efd2072ccf","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":68,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"dd55d47e-7bb6-4c0f-b659-b22d5396727e","block_type":"box","text":"comparison to actively managed investment companies.","page_number":68,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"d3cd8fce-446e-4ea7-b2d3-e5a63dfe483e","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":68,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"bb5799ac-fcbc-4c5d-b460-83564e01aaca","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":68,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"a37baae2-3a53-44f8-b843-d2f9e91687fa","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":68,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"c0779c47-e307-421a-99e2-e859fd12a58c","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":68,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"0ffb9d6f-56e9-4f38-b0fc-972f94607d94","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":68,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"9c997df0-0e2e-4c93-98ff-ccafed59be9a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":68,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"da8e9c44-3f7c-415f-9884-c6586d25af4c","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":68,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"6ab2c928-0f7c-4f7b-ba60-2be393d5aa07","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":68,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"37a095c3-d5d4-4e83-93d3-5be8f5baf342","block_type":"box","text":"(","page_number":68,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"04507cae-64a1-42d1-aa70-57bb76b13bb7","block_type":"box","text":"i.e.","page_number":68,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"50288f68-a8a0-4b6d-8c6a-ca17ef2fae07","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":68,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"19f22988-353e-4a15-8790-b38687eeccfe","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":68,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"b162373d-7c54-4c96-a4b2-8f5dc41ff880","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":68,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"601c92ce-3fc6-4797-85c7-15e2d151ff33","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":68,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"6adc3996-41aa-4646-b131-28d8555e5b17","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":68,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"bbc6836c-9993-41bb-a02c-d18b40fb59c4","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":68,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"0141fc9a-58e5-458e-be74-b3f296778f79","block_type":"box","text":"collateral received).","page_number":68,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"8732fa00-3cef-46f3-9894-228cabbe6011","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":68,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"069733d1-ba49-4ed0-8cd6-1eb25fe2e088","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":68,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"43975424-175e-4334-9dd7-7ecb27e97872","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":68,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"ab15e7ba-6cbd-469c-b3de-d6ce2605142b","block_type":"box","text":"determines the composition and relative weightings of the","page_number":68,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"3ea5b756-9932-4309-9026-095fa3a2cacc","block_type":"box","text":"S-61","page_number":68,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"28b9ffca-a6e2-44e2-a327-9a532fb5b223","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":69,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"476b2810-eea0-4643-9e82-fc91c84ca493","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":69,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"f3745234-2df2-4d3a-ad86-299aef094240","block_type":"box","text":"Summary of Principal Risks","page_number":69,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"c80082c1-43a7-4d65-b835-e08a3c4e6882","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":69,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"7cd3dd9d-9905-489d-af5e-15a90f8d5a0b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":69,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"925747d2-2017-4279-926e-210d86780bdb","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":69,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"de9fc789-1b0e-4a40-a3fb-219ba2c09f0f","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":69,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"0ae4cca2-d149-4b9b-a403-1366d91dc1c1","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":69,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"9f29c49f-d705-4d01-a2dc-8dab0ccbd3ef","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":69,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"5a48ec1a-2f76-43e7-81e6-e7c8f1eedeb4","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":69,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"e0cbf4bb-f555-4cd0-94e0-45157fb0474c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":69,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"005b01de-799a-4012-ae28-1bbc60be2956","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":69,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"a3a1a64d-f634-4eb8-8524-431125eed5ea","block_type":"box","text":"review each risk factor carefully.","page_number":69,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"8f92323e-cb74-4e49-ab3e-3e9f0bcb263e","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":69,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"d294d257-a359-42e1-8405-d645dae47d83","block_type":"box","text":"U.S. Treasury obligations may","page_number":69,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"6c5d6022-d2e5-4e37-a53f-3fa0c891ba8d","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":69,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"498c0a69-546e-49d6-95fe-a82a38213a59","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":69,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"ea297d08-d45c-4760-bb39-74da12e6da46","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":69,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"f3f53c2a-ec93-44be-bada-c88eac3340ea","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":69,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"8d290250-c961-472b-b379-8f9ee1c09e8c","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":69,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"fedcbc68-24cc-45b0-aeb6-1668101c453b","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":69,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"8b079070-d98f-4383-8f53-c545a48682cc","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":69,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"ff3da43a-4c8c-414c-921c-357d2390db65","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":69,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"e6a55ae3-2710-44a1-b3f4-9df9ff5f117a","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":69,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"05963bd1-c59a-4614-8dd4-7d078d6e60b3","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":69,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"c139a676-2330-49cb-b57d-1d8e5e80bc81","block_type":"box","text":"timely payment of interest or principal.","page_number":69,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"7e43fb3a-d1b0-4b3e-b0e8-3ea72666b27a","block_type":"box","text":"Interest Rate Risk","page_number":69,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"9f0dfbb0-7af0-4ab6-8a96-00e891ba2be9","block_type":"box","text":".","page_number":69,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"f7f4c867-00d1-4fe9-892e-5a65420ef213","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":69,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"affa15ac-2e1f-4223-ab05-c18fbeb6541b","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":69,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"dc33dcde-6ef5-4a79-ad93-8a79e1c54342","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":69,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"138b204d-a6b5-44db-a463-fca8c66dbf22","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":69,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"882d49b1-0bbf-4993-9853-c7523ebd670a","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":69,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"6061d7ed-773a-4630-a7d8-a36991aa9973","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":69,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"055d1e62-74b7-4055-8b0c-3066d7060b9a","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":69,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"d56060db-842d-4b3f-b3cb-5e49ca253d01","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":69,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"3dbd9846-7039-4578-aa36-e8fcc08ef68b","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":69,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"8424d43c-3c28-42a5-ad4c-863bd901ae6a","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":69,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"8b0b7184-eea3-42ae-b7fd-efa25a0fbbe5","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":69,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"1c5b072f-a994-4b8a-b55b-789d8b396bdf","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":69,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"ca0f7bed-786a-45ab-9664-b37030ba9c56","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":69,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"8f2df55a-1aef-4b88-910c-592ac5906626","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":69,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"9fbdce83-6a29-4f96-9ca7-0d444f1999b5","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":69,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"c0393397-9f57-464b-8219-c05d81cab732","block_type":"box","text":"dividends to shareholders.","page_number":69,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"f7a26a92-2c77-431a-bd0c-e1f7e9019f2c","block_type":"box","text":"Market Risk","page_number":69,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"9d1ec2e0-0201-4b87-8dd3-42e17f4e8001","block_type":"box","text":".","page_number":69,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"776152ef-d6ec-4e92-acf4-ed6747258be1","block_type":"box","text":"The Fund could lose money over short periods due","page_number":69,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"a270fb28-9bb3-445b-bf59-fff981594ab3","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":69,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"9656c16d-85b7-4312-9135-9a16d5f5bf19","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":69,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"43354a8b-043f-45f5-a5d8-f6874e8cd4e5","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":69,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"d77d7d5a-2cf5-40d5-9826-24edd465de40","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":69,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"40c59696-590d-4269-b74a-6bd97bdac2bf","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":69,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"6eef3bf2-f929-4aa5-90e8-bf5d737902e7","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":69,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"42afd3ad-214e-4ee3-9a61-67ae28db03ec","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":69,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"561f925b-f8bb-42cb-84de-aeb02a91b038","block_type":"box","text":"NAV.","page_number":69,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"3b7c07c2-1985-48d0-8730-b97c3ddb5a72","block_type":"box","text":"Index-Related Risk.","page_number":69,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"23aad8e8-9b6c-486b-b4af-0b541baec8a4","block_type":"box","text":"The Index Provider may rely on various","page_number":69,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"88df24e8-79da-459d-b958-d4044edd4731","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":69,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"c467ee84-27aa-4b02-bdb0-968dc8276a68","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":69,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"a2c715cd-689e-4b94-9e87-426e7ceabedd","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":69,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"b731ac7c-19f4-47fd-9f5a-e183339357d4","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":69,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"ff0e2102-8afc-45bd-b4df-bc62cb5494cc","block_type":"box","text":"information will provide an accurate assessment of included","page_number":69,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"b1314601-9aed-4cdd-897b-b81e843ddff8","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":69,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"7edbfc73-16a5-4d21-b504-bf5450cd8c51","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":69,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"f4429ad7-53d8-4e3c-8859-d3d97aa31662","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":69,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"222e1acc-40e1-4de9-84aa-eed6886b5618","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":69,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"76ad0963-0455-48d6-8826-73567e6cde99","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":69,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"6b2fcafc-5911-41ec-83ec-fef029c00111","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":69,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"ce6f5aed-e56b-4664-8f14-656fa55a64af","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":69,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"a34b1c18-30f4-42bf-940c-b187da9f24f1","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":69,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"8cc26146-1019-443f-9090-5b1627780102","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":69,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"919ddf8d-b9d3-4469-9fcf-f7a041570bed","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":69,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"e731bd1e-ccd3-4db9-9f50-e487acfcc32d","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":69,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"1a7a316d-24b3-431e-901a-7ba710217532","block_type":"box","text":"Asset Class Risk.","page_number":69,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"151d35bc-7d9c-4690-8315-c1dfa00fbe38","block_type":"box","text":"The securities and other assets in the","page_number":69,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"d589af59-8e72-4976-b546-de4bbba5fc64","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":69,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"a7782bff-e5ca-498a-b899-c846b2c8328a","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":69,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"a5f60191-da34-4eec-833c-c7f5d2dbdd34","block_type":"box","text":"market, another index, or other asset classes.","page_number":69,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"1ecf72a3-5fc3-4eeb-9958-6bdac30b7d01","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":69,"box":{"x":548,"y":240,"width":266,"height":10}},{"id":"70664cdc-ae00-46a3-bcd9-eb76c7b65b24","block_type":"box","text":".","page_number":69,"box":{"x":814,"y":246,"width":3,"height":2}},{"id":"d9e5e72a-dd55-4b8c-8e40-dc380f3dcf4c","block_type":"box","text":"From time to time, an","page_number":69,"box":{"x":823,"y":240,"width":136,"height":10}},{"id":"8cfdc533-6d0b-4537-b8b1-a70609ecde8c","block_type":"box","text":"Authorized Participant (as defined below in","page_number":69,"box":{"x":549,"y":254,"width":273,"height":11}},{"id":"98e51241-67ae-4a80-80e3-2ec0ab8cf84e","block_type":"box","text":"Authorized Participant","page_number":69,"box":{"x":826,"y":254,"width":141,"height":11}},{"id":"d095d9a8-6c76-4b03-918a-24a078b9405f","block_type":"box","text":"Concentration Risk)","page_number":69,"box":{"x":549,"y":268,"width":120,"height":9}},{"id":"08d08fb0-9424-4141-b21c-b6861444a073","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":69,"box":{"x":669,"y":268,"width":294,"height":11}},{"id":"3f665d3c-3a0c-4869-aae4-f2d60f9db64f","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":69,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"4094f890-50ff-4905-b24d-1951f6d1bca9","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":69,"box":{"x":550,"y":296,"width":418,"height":11}},{"id":"0850182f-5118-4163-8ab6-f49d7679cabd","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":69,"box":{"x":549,"y":311,"width":418,"height":8}},{"id":"94ffbc60-b3cf-4c4f-abc4-a41449bc8def","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":69,"box":{"x":549,"y":325,"width":410,"height":11}},{"id":"20e8093d-70ef-4dd5-a4a1-882f8380ca5c","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":69,"box":{"x":549,"y":339,"width":383,"height":10}},{"id":"2d5a7248-1009-4e9b-9350-74073fbbace7","block_type":"box","text":"negatively impact the Fund.","page_number":69,"box":{"x":549,"y":353,"width":175,"height":11}},{"id":"f3300b88-ac82-47ce-9213-e4447a7cd13e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":69,"box":{"x":548,"y":376,"width":290,"height":11}},{"id":"82ca6369-d76f-4093-8166-b61fa966d633","block_type":"box","text":"An “Authorized","page_number":69,"box":{"x":847,"y":376,"width":93,"height":9}},{"id":"a0d37290-59fb-441e-a1a6-ae043336c5a7","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":69,"box":{"x":550,"y":391,"width":379,"height":10}},{"id":"dcc25de1-2709-4d08-9d95-b0acff91d7e6","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":69,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"2d763b79-6fd3-48f7-aafb-038d344be868","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":69,"box":{"x":550,"y":419,"width":395,"height":11}},{"id":"e19d10bf-42da-4843-b2b4-97930aee52a0","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":69,"box":{"x":550,"y":433,"width":399,"height":11}},{"id":"c37333d6-db17-4228-a965-7487fdf551fb","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":69,"box":{"x":549,"y":447,"width":407,"height":11}},{"id":"b21066a2-8c25-44dd-98fe-7f6e92973ccc","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":69,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"87d8e773-de81-48ac-9ada-45177923fb2c","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":69,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"3bc47169-f5ae-4dfa-ba02-f2840c10712e","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":69,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"b00ff23b-e4c4-4c0a-b7f8-657e0cba9df2","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":69,"box":{"x":549,"y":504,"width":378,"height":11}},{"id":"9cbaf80a-5315-4022-9e31-252ae12cf148","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":69,"box":{"x":550,"y":518,"width":379,"height":11}},{"id":"1b368adf-9b25-4edd-ba89-5c79a1b930e5","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":69,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"02d2c89d-17be-41be-841c-a080269f4882","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":69,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"e42d0812-9587-4ca0-af1d-397a4ca8dd52","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":69,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"5255c3f8-b7f9-49eb-b800-1a5db0000521","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":69,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"494651f9-7993-4bc0-9fe3-1b4a75def20e","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":69,"box":{"x":549,"y":589,"width":273,"height":11}},{"id":"b93bac2d-2ed7-4e55-b7cf-98de7d286ac6","block_type":"box","text":"Concentration Risk.","page_number":69,"box":{"x":549,"y":612,"width":132,"height":9}},{"id":"5494cecf-922e-4146-bc19-f4edf69c1ecb","block_type":"box","text":"The Fund may be susceptible to an","page_number":69,"box":{"x":687,"y":612,"width":221,"height":11}},{"id":"561d306c-1150-42cc-9527-20e81c9f53ad","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":69,"box":{"x":549,"y":626,"width":419,"height":11}},{"id":"77d50b2e-4c6d-4200-8132-0df965869ac5","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":69,"box":{"x":549,"y":641,"width":408,"height":10}},{"id":"f0854807-a05d-4953-8f8a-e4ef3457baa7","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":69,"box":{"x":549,"y":655,"width":418,"height":8}},{"id":"33af006f-b356-4bcb-af46-789b9c5b75f2","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":69,"box":{"x":549,"y":669,"width":395,"height":10}},{"id":"c8a199dc-5b2a-412e-9085-b6eff6ea9512","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":69,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"308bdfdf-9e69-413e-9cb9-6429c1a879f2","block_type":"box","text":"asset classes.","page_number":69,"box":{"x":549,"y":697,"width":88,"height":9}},{"id":"71cf973f-0067-4d39-913f-c8754e178108","block_type":"box","text":"Declining Yield Risk.","page_number":69,"box":{"x":549,"y":721,"width":136,"height":10}},{"id":"0528c2b7-a567-433b-b49e-60f268f51360","block_type":"box","text":"In the months leading up to the Fund’s","page_number":69,"box":{"x":691,"y":721,"width":245,"height":10}},{"id":"233713ab-9711-4255-86dd-d5ea19866b98","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":69,"box":{"x":549,"y":735,"width":386,"height":11}},{"id":"28881e61-2cbc-4588-9b68-7d1886c73075","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":69,"box":{"x":549,"y":749,"width":408,"height":11}},{"id":"86fb8ad3-572a-4fec-a0a3-13a980771c36","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":69,"box":{"x":549,"y":763,"width":424,"height":11}},{"id":"d2d86282-fc73-4feb-bb07-8a0b506b7832","block_type":"box","text":"yields for bonds in the market.","page_number":69,"box":{"x":549,"y":777,"width":193,"height":11}},{"id":"256cc3a1-31d7-4baf-b225-8ac919bfc50b","block_type":"box","text":"Income Risk.","page_number":69,"box":{"x":549,"y":800,"width":86,"height":9}},{"id":"0cd1b1c2-7d1b-45f9-baf2-3d89c403440d","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":69,"box":{"x":640,"y":800,"width":288,"height":11}},{"id":"741522bb-c993-4366-adf9-8168d11624d1","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":69,"box":{"x":549,"y":815,"width":407,"height":8}},{"id":"77e7be01-364f-4c57-b4a0-89fedb96e72e","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":69,"box":{"x":549,"y":829,"width":414,"height":11}},{"id":"f778aa9d-9483-499e-b98a-0c904818d0f1","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":69,"box":{"x":549,"y":843,"width":380,"height":11}},{"id":"c93ae733-ad03-451d-a3a5-54a23ae012be","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":69,"box":{"x":549,"y":857,"width":406,"height":11}},{"id":"40ede42a-82b8-4cf0-8d2a-02f0bec3f601","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":69,"box":{"x":549,"y":871,"width":424,"height":11}},{"id":"57e0a97d-4a75-4f41-8c33-bb34c36800cb","block_type":"box","text":"S-62","page_number":69,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6d96638c-32b0-4e8f-8961-1e09d0db62d5","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":70,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"6026a442-04f9-4f30-b3f0-3b156eb59cab","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":70,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"fd09c334-59e6-479c-9cd4-7432bcd2e84e","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":70,"box":{"x":83,"y":52,"width":419,"height":10}},{"id":"c6da2d93-d9c7-4daf-961a-7b7dd1d8dcd8","block_type":"box","text":"Issuer Risk","page_number":70,"box":{"x":83,"y":75,"width":75,"height":8}},{"id":"47f48c57-b044-47f5-acc6-eecd758b93ab","block_type":"box","text":".","page_number":70,"box":{"x":158,"y":81,"width":3,"height":2}},{"id":"02d53676-9b52-4084-8bbd-27bc16eaf504","block_type":"box","text":"The performance of the Fund depends on the","page_number":70,"box":{"x":166,"y":75,"width":288,"height":10}},{"id":"3ebfa6ae-c1d9-4a0d-a358-603dff3ffc7d","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":70,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"fa1d00ba-900e-4643-b008-533cad28d13b","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":70,"box":{"x":84,"y":103,"width":401,"height":11}},{"id":"b63ddbff-9837-4c9c-b909-27b96fdad34b","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":70,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"5f04aa3b-0a9b-4859-a54f-e5f648f94d61","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":70,"box":{"x":83,"y":131,"width":414,"height":11}},{"id":"b244e4f8-3534-46b4-a82d-7e3d33e81c77","block_type":"box","text":"counterparty.","page_number":70,"box":{"x":83,"y":146,"width":84,"height":10}},{"id":"7f5be64d-2b7d-46c6-a789-dee167de41e4","block_type":"box","text":"Management Risk","page_number":70,"box":{"x":83,"y":169,"width":122,"height":11}},{"id":"36d271a3-8afa-4049-a665-221d93a37c6c","block_type":"box","text":".","page_number":70,"box":{"x":206,"y":175,"width":2,"height":2}},{"id":"ddb23230-145e-4ffd-8b40-9e4efce55f5a","block_type":"box","text":"The Fund generally does not attempt to take","page_number":70,"box":{"x":213,"y":169,"width":283,"height":11}},{"id":"000866df-abc6-4f69-8921-2da92590743b","block_type":"box","text":"defensive positions under any market conditions, including","page_number":70,"box":{"x":83,"y":183,"width":376,"height":11}},{"id":"b0acf152-6f04-48d1-8c4c-a96d41b6ae2d","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":70,"box":{"x":83,"y":197,"width":362,"height":11}},{"id":"9b0669da-50f6-40ee-bdb4-e615a95c9b6b","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":70,"box":{"x":83,"y":211,"width":388,"height":11}},{"id":"f4ca62fe-4644-4187-b38b-7b6ea2e81fed","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":70,"box":{"x":83,"y":226,"width":409,"height":10}},{"id":"11c96958-5c5c-4bca-bfe2-85afdc4e6330","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":70,"box":{"x":83,"y":240,"width":419,"height":11}},{"id":"45295d89-f1ec-4ecc-bddd-43a550199cd5","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":70,"box":{"x":82,"y":254,"width":420,"height":11}},{"id":"ee708f20-c088-4aa6-bb05-7cd4d6866622","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":70,"box":{"x":83,"y":268,"width":402,"height":11}},{"id":"ceeffeed-4594-42e0-bd6d-ad7a9208ffc4","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":70,"box":{"x":83,"y":282,"width":323,"height":11}},{"id":"e4788371-f6f1-4d2c-80cf-d6818c770728","block_type":"box","text":"Market Trading Risk","page_number":70,"box":{"x":83,"y":305,"width":136,"height":11}},{"id":"e1fb5042-cc67-4ef3-843c-aaf5a5ca85ce","block_type":"box","text":".","page_number":70,"box":{"x":219,"y":312,"width":2,"height":2}},{"id":"13310383-7047-47ae-9e86-882d576d4807","block_type":"box","text":"The Fund faces numerous market trading","page_number":70,"box":{"x":226,"y":305,"width":263,"height":11}},{"id":"6dee1888-6dd0-40dd-abcf-22c06e04ac98","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":70,"box":{"x":83,"y":320,"width":394,"height":10}},{"id":"29fe5595-5215-41fd-9e4d-3d416c00f27b","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":70,"box":{"x":83,"y":334,"width":401,"height":11}},{"id":"e50b4e03-0f4d-4fae-adf3-a220892b632a","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":70,"box":{"x":83,"y":348,"width":404,"height":11}},{"id":"30daf24d-9f2c-4d1a-ac89-1bcc0c65b884","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":70,"box":{"x":83,"y":362,"width":416,"height":11}},{"id":"634acba3-c868-483f-9d21-0ec128bc2c14","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":70,"box":{"x":82,"y":376,"width":405,"height":11}},{"id":"ef959be5-1f3d-4203-8967-3f8e53e8bfe2","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":70,"box":{"x":83,"y":391,"width":411,"height":10}},{"id":"e8137789-4fe9-4b15-b5d1-398144ec795b","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":70,"box":{"x":83,"y":405,"width":397,"height":11}},{"id":"318be1d5-d47e-4848-8a9a-3240b5be8ced","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":70,"box":{"x":83,"y":419,"width":419,"height":11}},{"id":"3ec7c92a-182b-4d9f-b2be-cd83fd6a2b03","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":70,"box":{"x":83,"y":433,"width":412,"height":11}},{"id":"80b9ef7c-731f-4005-91df-355e877b9ee4","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":70,"box":{"x":83,"y":447,"width":397,"height":11}},{"id":"eb8d0a5c-2ff1-4a70-9ed7-9898d1910474","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":70,"box":{"x":83,"y":461,"width":316,"height":11}},{"id":"db9713ac-306a-4440-a0a6-9b954afa4de8","block_type":"box","text":"Operational and Technology Risks","page_number":70,"box":{"x":83,"y":485,"width":230,"height":10}},{"id":"51493144-9ec0-4cf6-b70b-bf29fc6f35e1","block_type":"box","text":".","page_number":70,"box":{"x":314,"y":491,"width":2,"height":2}},{"id":"ced077fc-498a-4c00-b604-21811bed15ff","block_type":"box","text":"The Fund is directly and","page_number":70,"box":{"x":321,"y":485,"width":151,"height":10}},{"id":"3ed106b2-3de7-41ca-9f8b-a8d612dd338d","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":70,"box":{"x":83,"y":499,"width":368,"height":11}},{"id":"3d4f3bd3-a58c-4672-83fe-a1493426b326","block_type":"box","text":"including those related to human errors, processing errors,","page_number":70,"box":{"x":83,"y":513,"width":376,"height":11}},{"id":"69141443-05d8-4309-96fa-aa2997e6e2e8","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":70,"box":{"x":83,"y":527,"width":413,"height":11}},{"id":"38723547-499e-49ea-9b28-f8b7d2119a9a","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":70,"box":{"x":83,"y":541,"width":404,"height":11}},{"id":"29df1805-2ff2-439d-828e-f4841d635fd8","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":70,"box":{"x":82,"y":556,"width":402,"height":10}},{"id":"f2339f27-2f15-4c27-8892-16ac1a890e64","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":70,"box":{"x":83,"y":570,"width":376,"height":11}},{"id":"1776ecac-1684-49d5-8b52-253d57fc1803","block_type":"box","text":"providers are required to have appropriate operational,","page_number":70,"box":{"x":83,"y":584,"width":350,"height":11}},{"id":"83bce392-1722-49c8-bd13-1e89bedd4b41","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":70,"box":{"x":83,"y":598,"width":414,"height":11}},{"id":"e9fe8d03-67d8-48d2-b00d-f94e529160f2","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":70,"box":{"x":83,"y":612,"width":397,"height":11}},{"id":"e6281560-9b1e-4e92-a982-b28668f72c1f","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":70,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"0be35e83-1d35-4b24-9b3c-27838f007425","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":70,"box":{"x":549,"y":37,"width":391,"height":9}},{"id":"4b78bc61-3e5d-4574-b838-b2e8f664dec9","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":70,"box":{"x":549,"y":51,"width":422,"height":11}},{"id":"3157d2fb-f4a5-4f3c-8163-cca20d85aae6","block_type":"box","text":"investments in such issuers to lose value.","page_number":70,"box":{"x":549,"y":66,"width":264,"height":8}},{"id":"cb1a4ff5-14d5-4595-b6e5-0beba66f0616","block_type":"box","text":"Risk of Investing in the U.S","page_number":70,"box":{"x":549,"y":89,"width":182,"height":11}},{"id":"44bac0b0-871d-4870-ae7c-19180230e702","block_type":"box","text":".","page_number":70,"box":{"x":732,"y":95,"width":2,"height":2}},{"id":"825706e1-ec21-4196-902a-9bc559a8fe68","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":70,"box":{"x":740,"y":89,"width":210,"height":11}},{"id":"4e104860-5417-4985-add8-73ab54e98cfc","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":70,"box":{"x":549,"y":103,"width":391,"height":11}},{"id":"05e72063-bd76-4f6f-ae4b-3a006ffa397d","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":70,"box":{"x":549,"y":117,"width":423,"height":11}},{"id":"42c31a99-d356-4539-b6e5-da56ebaca6d2","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":70,"box":{"x":550,"y":131,"width":412,"height":11}},{"id":"422436ef-acdd-4806-a3cb-f54c01fab403","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":70,"box":{"x":549,"y":146,"width":396,"height":10}},{"id":"f1758fd6-fb3a-4947-9057-7429c26b70a8","block_type":"box","text":"Securities Lending Risk.","page_number":70,"box":{"x":548,"y":169,"width":162,"height":11}},{"id":"de8a7002-26e5-4126-945f-8b338880fd93","block_type":"box","text":"The Fund may engage in securities","page_number":70,"box":{"x":716,"y":169,"width":221,"height":11}},{"id":"b449bcf6-048b-4b78-b661-47297b963a25","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":70,"box":{"x":549,"y":183,"width":397,"height":11}},{"id":"aecb0db2-fe02-4337-a7ca-f141f7746e6e","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":70,"box":{"x":549,"y":197,"width":418,"height":11}},{"id":"b6fd8b0d-b2cc-49f3-bebd-0fb32887d2e6","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":70,"box":{"x":549,"y":211,"width":409,"height":11}},{"id":"d0b0c582-8b49-4571-a226-94abf8be746b","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":70,"box":{"x":549,"y":226,"width":416,"height":10}},{"id":"b29f6bbc-31b2-444c-9a1f-1ac9eac46018","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":70,"box":{"x":549,"y":240,"width":389,"height":11}},{"id":"93d8a0f5-da18-4e12-9b6e-7010cc3c5204","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":70,"box":{"x":549,"y":254,"width":406,"height":8}},{"id":"d4a6e701-eaa1-4f60-a3bd-73c365ab14cc","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":70,"box":{"x":549,"y":268,"width":301,"height":11}},{"id":"7db0f95c-6327-441b-97f5-5cd92f345921","block_type":"box","text":"Tracking Error Risk","page_number":70,"box":{"x":550,"y":291,"width":128,"height":11}},{"id":"acab6ddd-8206-4f73-ac01-eadb15998590","block_type":"box","text":".","page_number":70,"box":{"x":678,"y":298,"width":3,"height":2}},{"id":"783106cd-02ba-4d81-a642-d1b4c90ba8e9","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":70,"box":{"x":686,"y":291,"width":284,"height":11}},{"id":"cdab1e85-7f5c-4c3a-be75-4a2765d09382","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":70,"box":{"x":549,"y":305,"width":404,"height":11}},{"id":"86bd60b2-9189-4462-96cd-f586523077e7","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":70,"box":{"x":549,"y":320,"width":425,"height":10}},{"id":"75b74ede-5248-462d-be50-5dc52bec63fe","block_type":"box","text":"factors, including differences between the securities and other","page_number":70,"box":{"x":549,"y":334,"width":401,"height":11}},{"id":"eb8bea5d-d8ab-4890-8a62-ec00b40ed9b3","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":70,"box":{"x":549,"y":348,"width":381,"height":11}},{"id":"359d1437-63c2-4e63-bf22-48ccfad89b4e","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":70,"box":{"x":550,"y":362,"width":396,"height":11}},{"id":"f06c95c5-fb1d-4a57-9652-5c07a0f5b2f6","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":70,"box":{"x":549,"y":376,"width":407,"height":10}},{"id":"3b36783a-3aef-42ad-a682-c1c66f372c16","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":70,"box":{"x":549,"y":391,"width":400,"height":10}},{"id":"2c67ce9b-c70a-4840-a65a-4f3ae36ee2d1","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":70,"box":{"x":549,"y":405,"width":421,"height":11}},{"id":"6d9614e6-a7b9-47f9-a282-123965c4592d","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":70,"box":{"x":549,"y":419,"width":374,"height":11}},{"id":"751f6f1a-42a3-4271-9f6a-b234f379c70d","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":70,"box":{"x":549,"y":433,"width":370,"height":11}},{"id":"7826cad3-daee-4bcb-8e61-1f2fb9a06e5e","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":70,"box":{"x":549,"y":447,"width":372,"height":11}},{"id":"b4ec0697-127d-45f8-ba9e-a31790e83e71","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":70,"box":{"x":549,"y":461,"width":420,"height":11}},{"id":"ade6b895-4ae9-4a47-959d-763dfa2d33bd","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":70,"box":{"x":549,"y":476,"width":387,"height":10}},{"id":"a72a3469-c2b0-4c71-94e4-fd5e34ac3a63","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":70,"box":{"x":549,"y":490,"width":377,"height":11}},{"id":"ce27daae-6d16-4b5c-9c34-333fcc6a2081","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":70,"box":{"x":549,"y":504,"width":380,"height":11}},{"id":"0d8b91f2-3091-47b6-9c8f-89817c1abc5a","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":70,"box":{"x":549,"y":518,"width":366,"height":11}},{"id":"2320c061-8e2a-4ff1-933b-9dfd7e891428","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":70,"box":{"x":549,"y":532,"width":414,"height":11}},{"id":"843d70df-2203-4536-8658-e9f01896a9d9","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":70,"box":{"x":550,"y":547,"width":386,"height":10}},{"id":"ef91bbc7-7d68-4824-b34e-5edacfd3ce79","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":70,"box":{"x":549,"y":561,"width":414,"height":11}},{"id":"999bcc5b-b98c-429a-ad7f-a1a407547613","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":70,"box":{"x":549,"y":575,"width":420,"height":11}},{"id":"c92f96e8-bbec-44d2-9673-ec3e83a0f90b","block_type":"box","text":"unusual market conditions.","page_number":70,"box":{"x":549,"y":589,"width":172,"height":9}},{"id":"dda50d43-9147-4fc2-867f-b6247c83af0c","block_type":"box","text":"S-63","page_number":70,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e0cc3919-624b-4d62-918c-d5a4203d0b50","block_type":"box","text":"Performance Information","page_number":71,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"1e214d14-9905-48c8-bace-9ad0922f85ab","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":71,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"938596d0-ab69-4ea3-8934-1308f6e2b8eb","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":71,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"51de6b08-d4ea-41a2-9fbb-08b225829aea","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":71,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"cb53c1e9-4388-4cd8-afb4-617f8001ed0a","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":71,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"66c08844-b207-4bf1-8846-6114323901c0","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":71,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"3bdc00fc-0857-4863-b3f4-4616ee482feb","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":71,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"efb087cb-f983-4892-a54d-710d500ae459","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":71,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b6a4f4b3-cd3c-444d-a3e1-6ceb55cf015d","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":71,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"36a3925f-ca71-4d30-8300-e4a57c5d3ab0","block_type":"box","text":"8%","page_number":71,"box":{"x":340,"y":201,"width":13,"height":7}},{"id":"bec939ac-f678-4051-8d7d-7fd5e60bc46d","block_type":"box","text":"6%","page_number":71,"box":{"x":340,"y":226,"width":13,"height":7}},{"id":"428605e6-b3ea-41b9-9a0f-fdcdb6a0c5e4","block_type":"box","text":"4%","page_number":71,"box":{"x":339,"y":250,"width":14,"height":7}},{"id":"d6d431c5-60c8-49e1-ac18-5b9eb81f93b2","block_type":"box","text":"2%","page_number":71,"box":{"x":340,"y":275,"width":13,"height":7}},{"id":"0f853c5e-b54f-4430-bc5a-e2b39e3ee24c","block_type":"box","text":"0%","page_number":71,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"363d07a6-fdc4-408c-ae58-7a0b74d1ad03","block_type":"box","text":"2","page_number":71,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"a12bff29-90e1-4699-abca-2952268ed939","block_type":"box","text":"0","page_number":71,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"b79c574f-50fb-4002-99c5-0ba39bb9fbb3","block_type":"box","text":"2","page_number":71,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"b122cf5f-2cbd-4c09-92b9-6dca6c07d5bd","block_type":"box","text":"5","page_number":71,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"4bcf4edc-8ec0-44cf-be00-30227db7ad2e","block_type":"box","text":"5.93%","page_number":71,"box":{"x":526,"y":219,"width":27,"height":6}},{"id":"1ae19bec-3930-4d16-94f0-8ec7832b4e22","block_type":"box","text":"Return (%) Period Ended","page_number":71,"box":{"x":576,"y":348,"width":159,"height":9}},{"id":"2ca1b0c8-ad13-4d0a-ba37-45fa7b50b834","block_type":"box","text":"During the periods shown in the chart:","page_number":71,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"8c8390d1-3946-4112-abb1-d5b74e083d4d","block_type":"box","text":"Best Quarter 4.62% March 31, 2025","page_number":71,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"47eb5c1d-0804-4a75-a161-e7ca262c3970","block_type":"box","text":"Worst Quarter -1.11% June 30, 2025","page_number":71,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"804c7e6e-812d-4afc-b939-97301fb19eae","block_type":"box","text":"Average Annual Total Returns","page_number":71,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"0768038f-8112-429a-afde-2e25795eae92","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":71,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"5fca7b10-3d97-469d-8a25-df54735b5320","block_type":"box","text":"One Year","page_number":71,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"2d6c4c30-f95a-410e-bc62-8b6480331bf6","block_type":"box","text":"Since Fund","page_number":71,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"a20bf54f-fa50-43f6-95c7-b6dc4d50305e","block_type":"box","text":"Inception","page_number":71,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"a6994b34-7b8a-498f-adc6-ad5c084d5257","block_type":"box","text":"(Inception Date: 6/11/2024)","page_number":71,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"1fb59e2a-3144-4387-8bce-18e11cb29bc8","block_type":"box","text":"Return Before Taxes","page_number":71,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"6d14dff1-cc39-4c1e-a272-d5a93a3d8fe8","block_type":"box","text":"5.93% 3.38%","page_number":71,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"02bf8700-ae90-4a5a-8b81-e92d2b228422","block_type":"box","text":"Return After Taxes on Distributions","page_number":71,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"8e302de4-dc97-4480-baf1-f160d7720409","block_type":"box","text":"4.02% 1.67%","page_number":71,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"49cae956-05b1-45f0-ad21-64d5faab6c95","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.49% 1.86%","page_number":71,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"810597c4-9fb0-4ed6-89de-7e1e9e5fac6f","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":71,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"91544e6a-fcd7-45b0-a10b-a35b942a2edc","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.03%","page_number":71,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"f0522759-ba2c-4b9e-aec5-543ccd1b855a","block_type":"box","text":"ICE 2044 Maturity US Treasury Index","page_number":71,"box":{"x":124,"y":540,"width":228,"height":9}},{"id":"879bf582-8352-4f7d-8f0a-401b6eb5df78","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 5.97% 3.40%","page_number":71,"box":{"x":357,"y":540,"width":559,"height":9}},{"id":"c4490951-ef37-4eae-911a-c8fb1ed165fc","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":71,"box":{"x":82,"y":579,"width":882,"height":11}},{"id":"5481083b-619d-48bd-89e1-95bcabafd9ad","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":71,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"99d17564-e14a-41da-afc1-79f7279eca86","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":71,"box":{"x":83,"y":607,"width":860,"height":11}},{"id":"e11873e5-686d-4195-b0e3-789b0121411c","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":71,"box":{"x":83,"y":621,"width":855,"height":11}},{"id":"1d2a2d0c-ab82-4b96-97bb-cf162552fded","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":71,"box":{"x":83,"y":635,"width":883,"height":11}},{"id":"9bb50de3-c1ad-4be2-b0bb-90f70275db57","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":71,"box":{"x":82,"y":650,"width":861,"height":10}},{"id":"04429d55-d14b-41f6-9645-bbd48b84bf4f","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":71,"box":{"x":83,"y":664,"width":359,"height":10}},{"id":"71091ff9-d598-48af-8802-c84101593ca0","block_type":"box","text":"S-64","page_number":71,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"aafcea04-6c9f-4826-b8e1-c0a0e1cbeab3","block_type":"box","text":"Management","page_number":72,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"b895c17e-10d0-4e67-881e-8b2e241a4e33","block_type":"box","text":"Investment Adviser.","page_number":72,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"19129ccf-aa71-42aa-bddb-48bba2e1dcde","block_type":"box","text":"BlackRock Fund Advisors.","page_number":72,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"30b7543b-364b-461d-988d-7836ce60fd74","block_type":"box","text":"Portfolio Managers.","page_number":72,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"732fd02c-4a3c-4bb2-b8ea-bb4c3a8fa91e","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":72,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"df30f8be-67b0-43fc-95a7-66ee0ad1d4fa","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":72,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"0b78e870-693b-486a-a395-709c763a6621","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":72,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"5c8c464c-4689-4213-9ce0-3c06e48bd568","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":72,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"4e789787-d22b-4185-b89a-41160872e202","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":72,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"345b08b7-6468-4c4c-bd57-26b0b7d13161","block_type":"box","text":"2025, 2024 and 2025, respectively.","page_number":72,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"d56f19f8-24dc-46fa-bc00-09b4e62ba5ab","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":72,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"12a2c6bc-9d03-404f-9112-fc9e0395aa17","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":72,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"189a538a-c216-4721-b391-574ba44c0d95","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":72,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"cf48f919-f9e7-4c84-97a1-fbdb3498bff6","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":72,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"9d89e743-bfb3-4591-adff-3be2296e05b5","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":72,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"d9a5a789-8e37-4479-8d9a-c4050f3fef1c","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":72,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"c342d420-ebd6-4f73-b4e7-7f5ce9c8756f","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":72,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"ae53ebc9-72dd-457d-abce-6b164f290712","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":72,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"60e33821-b467-4d78-8606-c3cd6b8f7d83","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":72,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"f9eade0e-b00d-45e1-949e-148aaa322b9f","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":72,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"76dc134f-0cbd-4b06-8380-de627a5d57ce","block_type":"box","text":"Tax Information","page_number":72,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"2ad83eb7-a1ba-49be-893f-11e49797a1d3","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":72,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"ede49623-2c7b-41bc-a7f3-fefd5f4ebd09","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":72,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"1cec0e71-499a-498c-be20-c92a494d825e","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":72,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"d7fea672-76ed-4951-8789-383b116c33ab","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":72,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"3f879dc9-a0ea-4e2a-bfaa-4e45383adf30","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":72,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"a6ec0336-df49-4ec6-9604-5b23d1c6f7b8","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":72,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"5586b563-c646-410a-844e-bb12c6f48bf0","block_type":"box","text":"obligations.","page_number":72,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"1211b070-d726-490c-98c3-2924e8c68f26","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":72,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"591ef9f2-6c0b-4863-876b-d11b0bff80f3","block_type":"box","text":"Intermediaries","page_number":72,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"aacbebd4-4949-4e36-baef-254e48620daf","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":72,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"67e4c096-b293-4dd0-a8f4-f1686457d95f","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":72,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"870edc48-fcf0-442a-a888-87b59bb94ab2","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":72,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"6fc65540-a55b-42a0-9db0-8c0065d2b238","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":72,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"5c82f7da-b2a1-4e82-a196-ee0bac941e74","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":72,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"8684d8ef-6f02-4e7e-b236-853fe9c94cd7","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":72,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"f6e7a297-655a-4a8f-a4cf-787781fe4685","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":72,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"b164aa3b-4eb7-4bf5-b287-dea2be5a8c73","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":72,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"a5d4c617-db46-4441-9b40-b9ff6e36554d","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":72,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"0138a15b-be22-4604-93d8-c74209f9530e","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":72,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"cb803699-ffa9-4e06-ba1b-19a175779210","block_type":"box","text":"information.","page_number":72,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"d45bf706-54fb-4f2c-ad97-fe703f123976","block_type":"box","text":"S-65","page_number":72,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f1df1b2c-c338-4fbd-94fc-d9e534b70a9d","block_type":"box","text":"iSHARES","page_number":73,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"a3a34764-267b-49eb-8e0a-8dc4edbb38d0","block_type":"box","text":"®","page_number":73,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"4c2879bb-3a55-49a3-9d44-bece42896c0e","block_type":"box","text":"iBONDS","page_number":73,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"306a5d52-cf0a-4d94-8e27-c84c2122dd6f","block_type":"box","text":"®","page_number":73,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"232777b7-c313-438c-8ffa-364610868348","block_type":"box","text":"DEC 2045 TERM TREASURY ETF","page_number":73,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"f45feaf5-f6c5-407f-a841-d17c468c1458","block_type":"box","text":"Ticker: IBGB Stock Exchange: Nasdaq","page_number":73,"box":{"x":290,"y":53,"width":471,"height":12}},{"id":"6969fe49-60f7-4427-b964-60212122ea4b","block_type":"box","text":"Investment Objective","page_number":73,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"3cbe8323-adb2-4105-82ce-7d81dfd05358","block_type":"box","text":"The iShares iBonds Dec 2045 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":73,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"e96b3331-9195-4cba-bd62-fbc20796b9f1","block_type":"box","text":"bonds maturing in 2045.","page_number":73,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"f8ae0fb9-0975-4819-8370-edd6ee367b5c","block_type":"box","text":"Fees and Expenses","page_number":73,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"f831e124-3805-4f4f-9341-23f85316e77f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":73,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"9d97d6c2-2708-40d6-a4a8-16d077b2540e","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":73,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"f7ba929f-cd88-45be-9e58-dace75584aee","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":73,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"21c3f8ff-768c-4053-946d-6203abdbe5bc","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":73,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"dc291681-f451-41ad-860b-ffb462c1a202","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":73,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"30d0bdf8-08ea-4f20-8db9-d31e2fa9fa88","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":73,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"4f342954-c876-4c9c-8103-da054ebce044","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":73,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"2545f213-640c-4b68-ac96-19494bc010b9","block_type":"box","text":"pro rata","page_number":73,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"ff38aeab-791a-497e-8f5a-a922e9f101be","block_type":"box","text":"share of the fees","page_number":73,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"7c579625-fa57-46f8-8889-bcff79b6c927","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":73,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"8c763ef5-9ad5-4f3a-9461-28605a5345c5","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":73,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"90aa4a90-8bed-4b50-af14-300395d06729","block_type":"box","text":"shown in the","page_number":73,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"c6b1c280-3fd4-46e0-b042-7513f1873c4a","block_type":"box","text":"Financial Highlights","page_number":73,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"1c6ea8c4-27a6-416b-8dd3-b62178f83d95","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":73,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"6a0d1562-59c7-4522-905d-65702945ae5e","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":73,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"db9c375d-1fc5-42eb-b815-ea5bbc73e873","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":73,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"bc3fdeed-eeba-4eb9-9bf8-d6f7291224ee","block_type":"box","text":"December 15, 2045. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":73,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"a327c41c-08fb-4d2a-8370-07183f527953","block_type":"box","text":"Trust and BFA.","page_number":73,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"34f4b35a-5781-41cc-a014-182d4f54320e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":73,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"065157cc-a514-4f61-b314-c3b96c046713","block_type":"box","text":"the tables and examples below.","page_number":73,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"c16930d0-77f5-4902-98fb-712ccc996304","block_type":"box","text":"Annual Fund Operating Expenses","page_number":73,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"34443b89-479b-4f20-98d2-bc2e8361728d","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":73,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"f39cad13-0a8f-4de0-9c0e-4fa7337455de","block_type":"box","text":"percentage of the value of your investments)","page_number":73,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"981c3bef-ce9c-45a0-a717-4ff29d97a41d","block_type":"box","text":"1","page_number":73,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"0179aec3-9ddf-4a5b-9655-aa32b19597d7","block_type":"box","text":"Management","page_number":73,"box":{"x":111,"y":516,"width":61,"height":8}},{"id":"7d158d8d-939a-42e6-baf5-cf3e40094e03","block_type":"box","text":"Fees","page_number":73,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"668c8ac9-2414-4677-abcb-296bf41800a7","block_type":"box","text":"Distribution","page_number":73,"box":{"x":237,"y":508,"width":56,"height":6}},{"id":"f4544712-a3f3-40ad-8d6e-a822206eeeb9","block_type":"box","text":"and Service","page_number":73,"box":{"x":237,"y":516,"width":56,"height":6}},{"id":"9e8d4f5e-f03a-445f-b25d-9b78a70636bb","block_type":"box","text":"(12b-1) Fees","page_number":73,"box":{"x":237,"y":524,"width":56,"height":8}},{"id":"da4a25c1-6dd2-4923-8fef-a211c3235935","block_type":"box","text":"Other","page_number":73,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"0031db9c-4edb-4883-9ea2-dbb7e9823857","block_type":"box","text":"Expenses","page_number":73,"box":{"x":358,"y":524,"width":45,"height":8}},{"id":"2d59fe3e-bf67-4046-97b1-7a60117274de","block_type":"box","text":"2","page_number":73,"box":{"x":404,"y":523,"width":3,"height":4}},{"id":"61a70ed7-4685-44ce-af50-a6b77a0a1926","block_type":"box","text":"Acquired Fund","page_number":73,"box":{"x":472,"y":508,"width":69,"height":8}},{"id":"0af1699c-a883-4755-8cd0-b827d2b6a2e6","block_type":"box","text":"Fees and","page_number":73,"box":{"x":486,"y":516,"width":42,"height":6}},{"id":"e5b7c483-6de4-4ef7-9c9f-55507aca5406","block_type":"box","text":"Expenses","page_number":73,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"05c2ab32-9a31-427f-8226-89c004681989","block_type":"box","text":"2","page_number":73,"box":{"x":528,"y":523,"width":3,"height":4}},{"id":"c1b14bb6-37cc-4d32-974f-8cfd242bcf15","block_type":"box","text":"Total Annual","page_number":73,"box":{"x":606,"y":500,"width":58,"height":6}},{"id":"d976d00d-e2bb-4adf-a3f5-217177d7f4de","block_type":"box","text":"Fund","page_number":73,"box":{"x":624,"y":508,"width":23,"height":6}},{"id":"4bb88250-971b-450f-910b-b47e0607d703","block_type":"box","text":"Operating","page_number":73,"box":{"x":612,"y":516,"width":47,"height":8}},{"id":"3acec1c9-14ca-4d83-b4f4-915431cac663","block_type":"box","text":"Expenses","page_number":73,"box":{"x":613,"y":524,"width":45,"height":8}},{"id":"b9d76fc8-2dbb-4f56-9d8d-4e2c11449371","block_type":"box","text":"Fee Waiver","page_number":73,"box":{"x":742,"y":500,"width":52,"height":6}},{"id":"b3a90b1b-bdd8-4541-a046-130ed92e3854","block_type":"box","text":"and/or","page_number":73,"box":{"x":751,"y":508,"width":33,"height":8}},{"id":"159ca64d-f1ed-4b3c-b0ea-621df53b349b","block_type":"box","text":"Expense","page_number":73,"box":{"x":748,"y":516,"width":39,"height":8}},{"id":"c166e097-ed75-4ee0-8de9-0dac18fa54f1","block_type":"box","text":"Reimbursement","page_number":73,"box":{"x":728,"y":524,"width":76,"height":6}},{"id":"a498aed0-89b9-402c-987a-af7edf7f37f5","block_type":"box","text":"Total Annual","page_number":73,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"ad9dc64a-c7d2-4643-a45e-1084d7cea454","block_type":"box","text":"Fund","page_number":73,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"93b42c60-a35e-4bcc-b3a8-d03afe1d1142","block_type":"box","text":"Operating","page_number":73,"box":{"x":884,"y":484,"width":48,"height":8}},{"id":"b03afda2-2d0a-478d-bcb0-bf88e233cfa3","block_type":"box","text":"Expenses After","page_number":73,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"e8cb3c73-897f-4bfd-9b9a-8f17dd77c1f8","block_type":"box","text":"Fee Waiver","page_number":73,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"6e056b10-846c-412f-b5a6-f1a3547d432b","block_type":"box","text":"and/or","page_number":73,"box":{"x":891,"y":508,"width":34,"height":8}},{"id":"f9312810-d599-4a82-8d4c-13e395826c4c","block_type":"box","text":"Expense","page_number":73,"box":{"x":889,"y":516,"width":39,"height":8}},{"id":"03e693b2-7d93-41c5-b269-cb7ad9645e1b","block_type":"box","text":"Reimbursement","page_number":73,"box":{"x":869,"y":524,"width":76,"height":6}},{"id":"081903f6-51d7-4035-b6c3-7deeb74939ae","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":73,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"89655cd4-4580-45ee-af41-26976cff4f56","block_type":"box","text":"1","page_number":73,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"0396cc46-f309-4c15-9914-5b023a9d60ea","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":73,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"5036dce6-729e-498e-92bf-3e17a07866ff","block_type":"box","text":"2","page_number":73,"box":{"x":111,"y":583,"width":4,"height":5}},{"id":"56d81328-4109-4866-8c9d-8c67afe3b120","block_type":"box","text":"Based on estimated amounts for the current fiscal year.","page_number":73,"box":{"x":124,"y":585,"width":314,"height":9}},{"id":"d30365fa-15bd-4e1a-aa8d-8354bd6d1156","block_type":"box","text":"Example.","page_number":73,"box":{"x":83,"y":604,"width":62,"height":11}},{"id":"aa696a2a-1470-47ff-845f-12fcb99c9f58","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":73,"box":{"x":150,"y":604,"width":800,"height":11}},{"id":"7be2f188-ef41-486e-8e7d-af069f143180","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":73,"box":{"x":82,"y":618,"width":891,"height":11}},{"id":"597fe3a7-6699-49d5-8e1f-9da1fbe77973","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2045 because the Fund is scheduled to","page_number":73,"box":{"x":83,"y":633,"width":865,"height":10}},{"id":"739d5804-620c-49f1-9748-de298bea5564","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":73,"box":{"x":83,"y":647,"width":889,"height":11}},{"id":"509e9d0a-d43c-4b2a-adaa-9624798a7b5d","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":73,"box":{"x":83,"y":661,"width":872,"height":11}},{"id":"8fd55af9-de76-4e51-a286-26f5efd3e7d7","block_type":"box","text":"be:","page_number":73,"box":{"x":83,"y":675,"width":18,"height":9}},{"id":"60b1b282-92a1-47b4-ac5f-beba88c71ff7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":73,"box":{"x":195,"y":706,"width":668,"height":7}},{"id":"f9b2df13-6500-46ae-b434-6fd42bc0737c","block_type":"box","text":"$7 $23 $40 $90","page_number":73,"box":{"x":206,"y":726,"width":641,"height":9}},{"id":"a075df9d-1b4b-447e-ab00-9d3a10fbf7c9","block_type":"box","text":"S-66","page_number":73,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"171a8912-e2d0-44a3-9c38-247128ea9670","block_type":"box","text":"Portfolio Turnover.","page_number":74,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"34a0e389-5c71-47e1-b23f-c8eb45f660fc","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":74,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"4cd0fad0-7f72-4cdc-bce8-a785f28f9440","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":74,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"cb1fcc19-216d-4fd7-a7b6-6436409f50a1","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":74,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"b5ef3849-b284-477e-943b-c838a8a073e6","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":74,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"6e84787a-92da-4d0c-b545-43b61f028226","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":74,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"5e892dba-0ce5-40ad-a465-0870fb6ee522","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":74,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"7377ad09-5a23-4563-8c7a-2a1425e701df","block_type":"box","text":"Example, affect the Fund’s performance. From inception (March","page_number":74,"box":{"x":84,"y":108,"width":407,"height":11}},{"id":"cf689a17-4b56-4c79-9a13-8f2700378fc1","block_type":"box","text":"25, 2025) to the most recent fiscal year end, the Fund’s portfolio","page_number":74,"box":{"x":83,"y":122,"width":415,"height":11}},{"id":"59f24746-77f5-497f-bf0b-50c014a6a1cf","block_type":"box","text":"turnover rate was 50% of the average value of its portfolio.","page_number":74,"box":{"x":83,"y":137,"width":372,"height":10}},{"id":"4d6a76b6-0419-4368-80b8-5f32cf45c491","block_type":"box","text":"Principal Investment Strategies","page_number":74,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"fc22948c-783c-4b05-9008-e418b702159f","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":74,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"fe76114d-c7ec-45d1-b617-2aae739f87d5","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":74,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"cb573e2e-ed6f-42dc-9e5e-599e0afc7a71","block_type":"box","text":"ICE 2045 Maturity US Treasury Index (the “Underlying Index”).","page_number":74,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"8839590e-c093-49f4-bc92-bd933a8c3b13","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":74,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"ef723f2e-a291-4881-9f1f-b5277f6c3436","block_type":"box","text":"securities that are scheduled to mature between January 1, 2045","page_number":74,"box":{"x":83,"y":247,"width":414,"height":11}},{"id":"a5ee7e9a-a48e-4b0a-bc19-053972174143","block_type":"box","text":"and December 15, 2045, inclusive. The Fund may also invest in","page_number":74,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"05e23b33-e626-4350-9e2b-b923da98f65b","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":74,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"bf441ac0-abaf-4e3f-8e74-9696924972f9","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":74,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"78ee7a45-2981-42b3-83c6-eb71575b1519","block_type":"box","text":"term fund that will terminate on or about December 15, 2045, at","page_number":74,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"826ef021-54f5-4597-97a1-5093ac67ba1d","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":74,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"ca6ac191-28d7-4cd2-8481-6d4836cac199","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":74,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"c7d15bf3-f329-46fa-b5c1-aaeb1926e80e","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":74,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"75d9f5d4-6f5b-43c1-8fb0-8ca87e388e0d","block_type":"box","text":"periodic distributions.","page_number":74,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"7f231187-3a65-49fb-aeaa-26f7d2f311e5","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":74,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"ffc8f4e9-61ed-4128-b5a6-b85d1de7eeed","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":74,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"005fbe24-2199-446a-8653-c85cd2efa733","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":74,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"22e49bf0-0479-43e7-a0fc-289796628299","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":74,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"8c6604b0-342b-4def-bd21-f880f80dd55b","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":74,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"f731bac0-710b-41d9-97d2-1226a3b06e2a","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":74,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"b864dfd3-1b4b-4274-91dc-3c429dc864bb","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":74,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"c426560e-1c94-49ae-a917-9a83a8a99424","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":74,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"94a04692-13b5-4532-a5a9-f59f81336757","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":74,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"bf7d49c6-bf20-4f3b-b2f7-98b00341c220","block_type":"box","text":"reduced by any individual components of such securities (","page_number":74,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"07abacfa-1703-4a1a-b6ed-e0d1d85e76c1","block_type":"box","text":"i.e.","page_number":74,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"e7135c0a-e68c-4806-8194-d76da9d22fd9","block_type":"box","text":",","page_number":74,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"97675f3e-42cf-4927-a803-039a34bb15d5","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":74,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"282f6b04-938e-4a41-852d-71cf5369ca8c","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":74,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"3ad56500-211e-4d99-827c-4f1e5bf320c4","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":74,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"5251702a-226c-4d6a-a173-35be3ebfc895","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":74,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"2b445b4d-f01b-457f-96f9-0e53d28e7bc1","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":74,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"a1a50974-2a87-481c-8172-9ea605b560ce","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":74,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"e2c5ef9d-ea6c-44d1-99dd-a8869a96fb35","block_type":"box","text":"calculated assuming next-day settlement.","page_number":74,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"7a08a908-c38e-407f-95c6-c779f8632bf9","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":74,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"8a295776-0e78-4842-bdaf-905b6b7a0376","block_type":"box","text":"month, based on information available up to and including the","page_number":74,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"e258284c-f0e1-40b0-bf21-0a27283fcd75","block_type":"box","text":"third business day before the last business day of the month. New","page_number":74,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"a5dc9282-672f-46d8-bb8c-4c3d96d9dc1d","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":74,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"ea859666-8d31-4dd2-8408-bf3ae2647bf2","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":74,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"92524ab3-affd-44b6-bf7b-4f4f4e95d4d2","block_type":"box","text":"month (","page_number":74,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"68e87806-bf4a-49fe-a94f-c094a17a21dc","block_type":"box","text":"e.g.","page_number":74,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"7fa60c46-04e6-43e4-857f-9702ce1f617c","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":74,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"79743490-3e43-4118-8caa-6f75e9692a0e","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":74,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"7df84efa-8207-452a-ab77-3ad1b0a4034a","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":74,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"46ceab36-05bd-4b4b-8f71-6298cce61ddd","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":74,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"65f5eac9-c3df-40f2-b44a-c2c67cfeeb3f","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":74,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"55a8db66-4e62-40be-99cb-a8c6468c45cf","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":74,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"ce579f35-901d-40de-8640-5a9f6ccdd4c6","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":74,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"32e86cb0-2e83-431e-8378-b4f47fb9d7da","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":74,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"1512bebf-64eb-4671-b651-ea9126750877","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":74,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"88acb7ae-5c60-4e82-8a35-cec064d20771","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":74,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"51961ff2-7935-4eff-a7a1-e16ffb9014c8","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":74,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"9f6bda80-3f5e-4f90-9313-1d7a41a635a3","block_type":"box","text":"while it is held in the Underlying Index.","page_number":74,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"d825ff89-4733-4a0d-bb7e-0ad112fc555f","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":74,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"165d006b-de37-40ea-8e21-d3550581619c","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":74,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"50dbb0b0-b203-41f6-bcdb-22c6c9840f26","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":74,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"76b86557-6b7e-4534-bb7d-84db9ad56afb","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":74,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"ec484642-acea-491d-8a7c-73be65f2bcc3","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":74,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"8ba48e28-1d0c-4262-bf97-d6644fffc19a","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":74,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"67472800-8f4e-43ae-9e9e-6e097d917818","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":74,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"4f292d9f-3304-48c3-ba58-95aec7c115b7","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":74,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"b2b3d585-1af8-4c35-b3a3-2eb0ec852227","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":74,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"e6162b43-dc91-47b9-982e-31fb594e2b38","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":74,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"49640191-e68a-4e3f-8aff-89aa969584d3","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":74,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"31d49e18-9128-4f7e-9fe6-a3af39506893","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":74,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"e850f7b0-5837-4444-8b96-7c6f67a0ff39","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":74,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"370e352c-d3ce-4066-8f2a-9c5ee98c382f","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":74,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"3daa9f9b-cfc3-4ca7-910e-14dbc951b646","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":74,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"eed15bc1-a4f5-4fb7-9aa4-59fa73e98478","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":74,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"6ca06444-93d7-4ff9-8f5e-60c86b5b626c","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":74,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"4dccfdd3-ddc8-4df9-b164-959a9cbf3b23","block_type":"box","text":"fees and expenses of such funds.","page_number":74,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"e0138cbf-0557-489c-9207-b17eeea0f983","block_type":"box","text":"By December 15, 2045, the Fund is expected to consist almost","page_number":74,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"5dabf6d7-403b-435f-94ad-f8998bf9e53d","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":74,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"d05729dc-6d24-4575-aeab-ebe6cf7fae49","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":74,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"6c12afe6-60ab-4143-b48b-c8a48634c4ed","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":74,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"fa7bcacc-b2f8-41d9-ab6a-bae93a3512b3","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":74,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"3ad4389b-6897-407b-9049-44631cac60a4","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":74,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"9b16116f-aa33-49ab-9c21-4f28470fec32","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":74,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"f9c72858-edb4-4037-a52d-027c7569998d","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":74,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"4c744790-e1e7-4375-b426-146717eae1b4","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":74,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"f489d84c-963c-4868-8f5d-de0dd24a4a8a","block_type":"box","text":"interest of the Fund.","page_number":74,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"f7cc8f33-8cd2-48b6-8b1c-f7ba4c2e0c60","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":74,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"3216816e-ffd9-4a7d-a563-7e9b650ea752","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":74,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"aa0a61f8-d3b2-4bb7-bbf5-f999ce07ee9d","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":74,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"858f9f3a-f108-49db-9ba2-eee0bb576981","block_type":"box","text":"markets decline or appear overvalued.","page_number":74,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"0b9edf0b-f855-4e3a-be3e-90c5494b9809","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":74,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"1779b3d5-f796-4a43-8ff3-917506d67b7b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":74,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"90d96d20-6fd0-4235-ab47-2bb89b2d4398","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":74,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"aa59202a-c9b1-482b-b6f7-3dd9fc96a75e","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":74,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"aa12bc6f-983f-480c-ba23-414332f74d6a","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":74,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"b07bfc30-530e-4527-9ce0-648ab53f9930","block_type":"box","text":"comparison to actively managed investment companies.","page_number":74,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"c4ad0e1e-6130-4f88-a8d6-0a93644c328c","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":74,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"b4068932-9dd9-487d-a42c-06f8c25380a1","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":74,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"4926e1ae-930e-4cef-a910-1f441fcd958a","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":74,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"f5a1ca08-afd8-489d-920a-acec1889eabb","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":74,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"ce3bdc9e-0339-484e-b23b-a560d30cbc95","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":74,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"b41a9ee9-c1cc-4f6f-aa47-6b9a84be9099","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":74,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"6876a669-fe8f-4709-9e0b-5f0e94cc9b11","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":74,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"cb76a8fa-ad87-42c5-94dc-8643707b7ddd","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":74,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"54b21d7f-faa1-488d-9e8a-b4f78ca65eb7","block_type":"box","text":"(","page_number":74,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"7577045a-3f56-4722-ae03-7fcbb2a23131","block_type":"box","text":"i.e.","page_number":74,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"93a9f8e1-5a1f-4265-84bc-438f2df4a953","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":74,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"3e51c2e1-02c1-4f43-b701-7a2593250fc3","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":74,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"2b7d2fee-2d0c-4e42-a9cf-1b1e31c3509c","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":74,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"0ec51813-0128-4822-b25a-5c1c36633f10","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":74,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"491d8975-4503-4bff-af11-875e845874e7","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":74,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"2c536498-e8b8-4a9f-bcbb-14b80e83d99d","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":74,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"50fdc276-a7be-4268-a572-da63fbd213e0","block_type":"box","text":"collateral received).","page_number":74,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"3ab1d6c9-6aed-4baa-b7f0-4f6a9db7a9cf","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":74,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"b403ce7f-d76a-48e6-9bc6-f88762d3ccab","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":74,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"2cc8da53-239e-41c4-b6bb-e852aaf88add","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":74,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"647b8af5-083d-443e-8c9d-4f0f0a42222e","block_type":"box","text":"determines the composition and relative weightings of the","page_number":74,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"6f7ccfea-1986-4fb6-8dee-3e0206c50932","block_type":"box","text":"S-67","page_number":74,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"71b268c3-f485-45ab-80d3-494c66102f9b","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":75,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"d3da3f08-bdc2-45fe-84ba-e7d36beed75e","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":75,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"3dbddd32-73f6-4b56-9db8-3162627f0a89","block_type":"box","text":"Summary of Principal Risks","page_number":75,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"72cbdf74-e388-4db0-963b-41e253327b69","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":75,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"80210eeb-a4bf-46b4-b885-19587f43c4b9","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":75,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"f87ea303-acd3-4954-a1a9-909067380a36","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":75,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"d9edc8c1-1727-48ee-924b-3e6c68c5311d","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":75,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"dbcaf93b-3caa-432e-b9f1-1277f831de58","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":75,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"22c5bf69-a43d-4840-b1f7-c32025ceceda","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":75,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"eea4d503-c28f-47a0-9cca-6789e8d06bb6","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":75,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"4b26df0e-41f1-4edd-810c-49361c6bf2e8","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":75,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"a818c836-743e-44b5-be3b-bbd246bf3247","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":75,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"bf89bd6b-6599-46aa-83b9-1ff356875ae2","block_type":"box","text":"review each risk factor carefully.","page_number":75,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"8043be2f-e3ca-48e0-b1c7-fe3eaa34fc5d","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":75,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"3a8a405b-9dfd-44ce-994b-9eaac698ae02","block_type":"box","text":"U.S. Treasury obligations may","page_number":75,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"531bd65b-2b7f-47b2-958a-8f019bce816e","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":75,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"0152aa71-175f-4e21-826c-80fc3be87f24","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":75,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"63dcf36a-16db-4ac0-ab57-4623648f6ac4","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":75,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"cacf7e64-8a08-414e-9434-2882d1be6078","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":75,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"755235d4-80d7-4300-8a91-ec43344d5e2f","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":75,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"9978a607-a6cd-4240-92c5-4ddc750529f0","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":75,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"4a48780e-9f8d-48b5-9f22-00c336c5d692","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":75,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"1d94a8d9-fa9e-42f3-b012-bb4c4f93b2d8","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":75,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"c390f458-f866-4aba-b8d8-94bcdb071e78","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":75,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"71c1d017-75a5-473d-8830-50487b7762aa","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":75,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"84d14116-286b-4698-bf08-70b934f981da","block_type":"box","text":"timely payment of interest or principal.","page_number":75,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"caa1f7d4-98b1-4d04-a854-d558c040b16a","block_type":"box","text":"Interest Rate Risk","page_number":75,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"db4e44fe-3d5f-4bfc-b8b8-f44f835eb67f","block_type":"box","text":".","page_number":75,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"a81bcc79-4bcf-4fd8-a3fc-b877405e2931","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":75,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"52d0bd0c-cbf4-4a93-b45c-f1d3f73194f7","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":75,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"2a23f16d-2900-45c2-958a-a09c2ced0bb5","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":75,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"decec38c-4f5d-4b6c-bc38-b309a876af65","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":75,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"cba3c089-d872-424e-bf92-b863d912d905","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":75,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"422fa650-7aef-4c18-9a4c-7c9ab333560f","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":75,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"6294dce5-177f-4765-b7fd-c6376bf9da6c","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":75,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"1d3f8de7-ee42-422c-a13c-47f35e40de78","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":75,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"42709b94-81bf-4d8e-8dcd-78df299ffb0b","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":75,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"b529db2f-9483-4986-b2dc-624dcde3c096","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":75,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"92d7962b-e4d2-46c7-b4af-7653c1502257","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":75,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"dce30379-d95e-44b9-acf5-e180123e71eb","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":75,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"91b0a1c9-c2e6-407b-b679-0a334bd249c6","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":75,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"9d0b26c9-8d3b-4a3d-bf68-6191aeb994a5","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":75,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"5c890799-9877-4c15-aa47-12f57f28e5da","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":75,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"1a783f51-c739-45a6-b238-aa3d82219a76","block_type":"box","text":"dividends to shareholders.","page_number":75,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"3d52aa21-08db-4654-ba8a-ffa2788e2ddc","block_type":"box","text":"Market Risk","page_number":75,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"3e1cab75-a218-4f06-a1ea-b1b1a78b47b0","block_type":"box","text":".","page_number":75,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"f291535f-f9d6-416e-a288-5df3cb3bcc34","block_type":"box","text":"The Fund could lose money over short periods due","page_number":75,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"5afe8a95-2bee-4009-ae6f-eee28fe67765","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":75,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"9fe66a29-2821-48dc-9340-11d05c90d26b","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":75,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"e93c4468-8fcd-42c6-8aa1-491249b0e3d8","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":75,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"2275f19a-a69e-4741-ace5-a70811f3bcbb","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":75,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"7daf9c1d-5bfe-4c5b-8a57-8154f3c62460","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":75,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"25c974db-8b15-4193-8946-532f2aa9becf","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":75,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"5ab9cd8d-4496-4f82-ac5c-e133566c537d","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":75,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"8b896886-7508-4f7c-ae28-f25aa8d45640","block_type":"box","text":"NAV.","page_number":75,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"a172a8d3-6e42-44ab-b03e-34ff3d14bbc7","block_type":"box","text":"Index-Related Risk.","page_number":75,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"8536b1d0-9c98-4184-9b02-0a6c2443a9ef","block_type":"box","text":"The Index Provider may rely on various","page_number":75,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"c69377ba-92ad-49ff-b923-c647d97df276","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":75,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"f5332c1d-f975-42b9-897d-7b253f82833b","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":75,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"058c2e96-0a7e-4a52-98db-a6eb7b38df90","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":75,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"9926e070-5d6c-4b55-8711-00c96249bb7d","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":75,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"9684e617-77f7-4010-beed-417fc8c2cf9e","block_type":"box","text":"information will provide an accurate assessment of included","page_number":75,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"0cbd0cd5-7e4e-4a20-81d1-314eaa561468","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":75,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"7e256207-f744-4421-8d19-7792564403fc","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":75,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"697ee3c7-5126-48c9-a55d-c8070e4796ba","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":75,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"ca1fb34c-ff31-4958-8d3a-615e594df263","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":75,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"cd8d9c71-c04d-40b5-bd27-42f84688afdc","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":75,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"5e3cd0d8-7332-4c73-a50e-6e64fa167d65","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":75,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"1fa56f06-17a3-462c-9739-79585a1f492c","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":75,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"c8ccffdd-895c-4206-9fa1-810feab9183b","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":75,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"8f6bbe56-d0e1-4c73-a976-fd4a9ef2c754","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":75,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"6d4e3b58-dfe6-4949-a1f0-01288785940f","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":75,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"1ad6de1f-b9d7-4a92-8719-141c4a9dd495","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":75,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"1eeeb10c-d1ea-4623-9d44-cc88eaffbb5b","block_type":"box","text":"Asset Class Risk.","page_number":75,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"0e288b90-0c7b-4d4d-a65c-a53d20f894ac","block_type":"box","text":"The securities and other assets in the","page_number":75,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"d466b538-f22b-468a-ba3e-95419102eee2","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":75,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"82cdc971-6d7f-412e-b5d7-8c6e6e51ed97","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":75,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"cadf2e00-0606-47e4-9bb2-40af7ba850c5","block_type":"box","text":"market, another index, or other asset classes.","page_number":75,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"f4f20fc4-f855-4cad-92fc-841d05f00c96","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":75,"box":{"x":548,"y":240,"width":266,"height":10}},{"id":"d0e46ba1-2b79-4c51-96b5-5b5a86ba7891","block_type":"box","text":".","page_number":75,"box":{"x":814,"y":246,"width":3,"height":2}},{"id":"7bb1240a-9227-477e-9cf1-d5dfdfb1320b","block_type":"box","text":"From time to time, an","page_number":75,"box":{"x":823,"y":240,"width":136,"height":10}},{"id":"19f3cd17-73a7-4d78-b128-8af69efa5101","block_type":"box","text":"Authorized Participant (as defined below in","page_number":75,"box":{"x":549,"y":254,"width":273,"height":11}},{"id":"ff18c376-444e-487c-bec6-1721c282d9c8","block_type":"box","text":"Authorized Participant","page_number":75,"box":{"x":826,"y":254,"width":141,"height":11}},{"id":"403587dd-e614-41c1-9b9c-f8ce44d4ff63","block_type":"box","text":"Concentration Risk)","page_number":75,"box":{"x":549,"y":268,"width":120,"height":9}},{"id":"93d4fb54-2598-4a9b-8224-b1fa65c09e96","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":75,"box":{"x":669,"y":268,"width":294,"height":11}},{"id":"00f266de-100f-4677-9f1f-9575fdd6006f","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":75,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"47f60d0b-e6d0-4bc5-a119-75a34f20b576","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":75,"box":{"x":550,"y":296,"width":418,"height":11}},{"id":"b9039640-dd63-4a0c-a9a2-693ee8ccdf6a","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":75,"box":{"x":549,"y":311,"width":418,"height":8}},{"id":"f786c09e-c263-49f7-8787-984ca6012255","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":75,"box":{"x":549,"y":325,"width":410,"height":11}},{"id":"4f1c93eb-5418-4119-96db-a30589dfc21c","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":75,"box":{"x":549,"y":339,"width":383,"height":10}},{"id":"9360f06f-d5f2-4129-ba8d-40423b5af987","block_type":"box","text":"negatively impact the Fund.","page_number":75,"box":{"x":549,"y":353,"width":175,"height":11}},{"id":"8a8e527b-22ea-4b43-a5ef-89989f73b5f1","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":75,"box":{"x":548,"y":376,"width":290,"height":11}},{"id":"c5048aa4-07c7-453a-a768-9a93767e3b6b","block_type":"box","text":"An “Authorized","page_number":75,"box":{"x":847,"y":376,"width":93,"height":9}},{"id":"0edb5f12-dc69-44e9-93f5-a7740def72d7","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":75,"box":{"x":550,"y":391,"width":379,"height":10}},{"id":"cdb69061-af10-4122-a2cb-c1acabd1b1c8","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":75,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"93b85b69-9549-4788-a336-32ee0753ddac","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":75,"box":{"x":550,"y":419,"width":395,"height":11}},{"id":"c6038e83-56f1-494f-affd-ddb111dbc0fc","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":75,"box":{"x":550,"y":433,"width":399,"height":11}},{"id":"1b184c48-1829-4b52-8b75-b90da0426f02","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":75,"box":{"x":549,"y":447,"width":407,"height":11}},{"id":"4ae6e47d-9002-47cd-a1ce-7d56e8e3e4f2","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":75,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"f8d17a9f-88b6-4bfd-9986-dff1508aea99","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":75,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"fe4f9890-2ce7-4ae2-8503-0f5d8eac5044","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":75,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"81484d12-73f1-429a-917d-2ebfb9384eee","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":75,"box":{"x":549,"y":504,"width":378,"height":11}},{"id":"7ec27b2c-0c66-4179-b880-f8855f09253f","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":75,"box":{"x":550,"y":518,"width":379,"height":11}},{"id":"1bd55d50-0dd5-4f7a-82e8-31aba95cca15","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":75,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"f4186779-b152-4872-97e4-03b0bcdce44b","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":75,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"fd5ed080-c5af-4738-80e0-3a8f58e07290","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":75,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"bc678346-487e-42d2-bd6a-0e030c734cdf","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":75,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"760817ed-5c21-497e-bec6-3c57204695b8","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":75,"box":{"x":549,"y":589,"width":273,"height":11}},{"id":"e7929946-6e87-4077-ba6d-0153cee338df","block_type":"box","text":"Concentration Risk.","page_number":75,"box":{"x":549,"y":612,"width":132,"height":9}},{"id":"dbe05327-cb66-471c-ba1e-b508f9e2f6cc","block_type":"box","text":"The Fund may be susceptible to an","page_number":75,"box":{"x":687,"y":612,"width":221,"height":11}},{"id":"6a1c937b-040e-41b1-ae41-fc7a1eeac012","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":75,"box":{"x":549,"y":626,"width":419,"height":11}},{"id":"54f136e8-a51c-4c14-a188-f15903f6bb06","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":75,"box":{"x":549,"y":641,"width":408,"height":10}},{"id":"769ee5b3-ac4f-41eb-8d65-aa625f9a43ac","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":75,"box":{"x":549,"y":655,"width":418,"height":8}},{"id":"2b7e0d81-2c80-48f3-9e6f-7173ea18eea2","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":75,"box":{"x":549,"y":669,"width":395,"height":10}},{"id":"8a5d9b94-f691-4319-8983-036370fb5119","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":75,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"0f3cff55-dcca-43e2-9ef8-4ba19fab556d","block_type":"box","text":"asset classes.","page_number":75,"box":{"x":549,"y":697,"width":88,"height":9}},{"id":"ebc296c0-ba79-43a7-a543-07d69825adcf","block_type":"box","text":"Declining Yield Risk.","page_number":75,"box":{"x":549,"y":721,"width":136,"height":10}},{"id":"61388adb-21be-45f4-b573-235ff05e30f9","block_type":"box","text":"In the months leading up to the Fund’s","page_number":75,"box":{"x":691,"y":721,"width":245,"height":10}},{"id":"989a0191-1cae-4b38-b712-07536bb86a7f","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":75,"box":{"x":549,"y":735,"width":386,"height":11}},{"id":"1d046b85-3067-4595-bb56-403c5273ee9f","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":75,"box":{"x":549,"y":749,"width":408,"height":11}},{"id":"ce74e38a-e163-406e-97b0-01a63994cde1","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":75,"box":{"x":549,"y":763,"width":424,"height":11}},{"id":"730ee42a-c2e5-48a4-bce3-968533c915ae","block_type":"box","text":"yields for bonds in the market.","page_number":75,"box":{"x":549,"y":777,"width":193,"height":11}},{"id":"99f3f023-e7f4-4128-ac7a-20f56f485640","block_type":"box","text":"Income Risk.","page_number":75,"box":{"x":549,"y":800,"width":86,"height":9}},{"id":"639b902d-a083-425f-bbec-f45849dbd368","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":75,"box":{"x":640,"y":800,"width":288,"height":11}},{"id":"885cccc2-c8cd-4607-8106-524e821b23de","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":75,"box":{"x":549,"y":815,"width":407,"height":8}},{"id":"b1880907-751c-439c-a1b0-261627afdbb6","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":75,"box":{"x":549,"y":829,"width":414,"height":11}},{"id":"2952a1c9-0d7d-4b67-9830-529c756aa502","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":75,"box":{"x":549,"y":843,"width":380,"height":11}},{"id":"c86ec7d1-2ca2-4928-a7ab-56c714627106","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":75,"box":{"x":549,"y":857,"width":406,"height":11}},{"id":"0a21e62b-1973-41df-bd6b-6f1451edd16b","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":75,"box":{"x":549,"y":871,"width":424,"height":11}},{"id":"8b62307c-5764-48de-a6ab-710e888437ff","block_type":"box","text":"S-68","page_number":75,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f5582291-b941-4ebc-abf8-57f8889bf5a4","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":76,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"d86ecafa-e020-46ad-9e75-cbcb806831a2","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":76,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"90802e8c-6124-453f-beb6-5daf07ed21d9","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":76,"box":{"x":83,"y":52,"width":419,"height":10}},{"id":"d6dfe032-00d9-4f3a-ac13-b25d7d03196c","block_type":"box","text":"Issuer Risk","page_number":76,"box":{"x":83,"y":75,"width":75,"height":8}},{"id":"9ad1af3d-0717-4b41-aa74-ac2f074e82ec","block_type":"box","text":".","page_number":76,"box":{"x":158,"y":81,"width":3,"height":2}},{"id":"9d614b14-212f-448c-8355-1dfeeaf5274d","block_type":"box","text":"The performance of the Fund depends on the","page_number":76,"box":{"x":166,"y":75,"width":288,"height":10}},{"id":"6f063add-c1af-4b71-99ca-ef3082aea423","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":76,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"1e91b3bc-4fc1-4d1a-97cb-7be4333d778f","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":76,"box":{"x":84,"y":103,"width":401,"height":11}},{"id":"7fd7c532-71c4-4960-b517-d56f5d15f737","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":76,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"f9ca49d7-b358-498b-863e-6f379ae04f34","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":76,"box":{"x":83,"y":131,"width":414,"height":11}},{"id":"c4c484f5-e705-4675-a851-8b37b9a364b3","block_type":"box","text":"counterparty.","page_number":76,"box":{"x":83,"y":146,"width":84,"height":10}},{"id":"50d56eb2-1aa5-428b-8746-6865730012da","block_type":"box","text":"Management Risk","page_number":76,"box":{"x":83,"y":169,"width":122,"height":11}},{"id":"a344ccb8-e84e-46a5-b4a0-2fda624bc65d","block_type":"box","text":".","page_number":76,"box":{"x":206,"y":175,"width":2,"height":2}},{"id":"8c98b9a3-8d44-4163-b63b-b8aaa6c76cdc","block_type":"box","text":"The Fund generally does not attempt to take","page_number":76,"box":{"x":213,"y":169,"width":283,"height":11}},{"id":"a71cbcb2-9c24-46c9-a2d8-07287f35e6f2","block_type":"box","text":"defensive positions under any market conditions, including","page_number":76,"box":{"x":83,"y":183,"width":376,"height":11}},{"id":"4c4f4a0c-a5cc-4feb-a532-a2f72fd6f547","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":76,"box":{"x":83,"y":197,"width":362,"height":11}},{"id":"dc73849b-0081-44bb-aa20-42e3e57eba84","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":76,"box":{"x":83,"y":211,"width":388,"height":11}},{"id":"d42a94e0-2a75-4f9d-8d9c-93de48c0ba04","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":76,"box":{"x":83,"y":226,"width":409,"height":10}},{"id":"24c10722-7a32-47cd-8b36-09e4cad167fa","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":76,"box":{"x":83,"y":240,"width":419,"height":11}},{"id":"815ff3cc-f967-41f6-a06a-560bb30893ac","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":76,"box":{"x":82,"y":254,"width":420,"height":11}},{"id":"6278be3b-217f-4f40-97a8-87b0c919c474","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":76,"box":{"x":83,"y":268,"width":402,"height":11}},{"id":"047d9ee6-6ab9-4ba5-ac77-4988dcb4f92a","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":76,"box":{"x":83,"y":282,"width":323,"height":11}},{"id":"31d0c7f3-9fe6-4fc4-a264-c9c53015f146","block_type":"box","text":"Market Trading Risk","page_number":76,"box":{"x":83,"y":305,"width":136,"height":11}},{"id":"6e24d52c-c9e5-4778-a886-0f86c8e61330","block_type":"box","text":".","page_number":76,"box":{"x":219,"y":312,"width":2,"height":2}},{"id":"1148054a-9155-492c-8e11-7476868257c5","block_type":"box","text":"The Fund faces numerous market trading","page_number":76,"box":{"x":226,"y":305,"width":263,"height":11}},{"id":"d637b379-8faa-4b8c-82fb-dca97aebf097","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":76,"box":{"x":83,"y":320,"width":394,"height":10}},{"id":"57f019be-5851-48cd-9b97-1b8d38dd54d9","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":76,"box":{"x":83,"y":334,"width":401,"height":11}},{"id":"7ca5ca5f-69d6-4fbc-84e7-9036ce55e869","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":76,"box":{"x":83,"y":348,"width":404,"height":11}},{"id":"c8c76e9c-21eb-4843-90ef-ec18905d4322","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":76,"box":{"x":83,"y":362,"width":416,"height":11}},{"id":"e1fb2d97-6613-414c-bfe5-80467bb8118a","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":76,"box":{"x":82,"y":376,"width":405,"height":11}},{"id":"5db780a8-8c3d-45c1-bb82-8813db2c2c24","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":76,"box":{"x":83,"y":391,"width":411,"height":10}},{"id":"b3b50839-1295-4633-af48-998558afbdad","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":76,"box":{"x":83,"y":405,"width":397,"height":11}},{"id":"84afd38f-c9e3-4fed-8ea1-79b8b100cc8c","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":76,"box":{"x":83,"y":419,"width":419,"height":11}},{"id":"ca9fb6cd-e7af-498f-bc9c-10a1bbd428ea","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":76,"box":{"x":83,"y":433,"width":412,"height":11}},{"id":"7ac5d28a-5cbc-4b14-8376-62c8354f5c11","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":76,"box":{"x":83,"y":447,"width":397,"height":11}},{"id":"d3a94850-9963-4097-ab89-650c2a7ae313","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":76,"box":{"x":83,"y":461,"width":316,"height":11}},{"id":"b2154ce0-7c61-4d39-9edd-f67e13224f4e","block_type":"box","text":"Operational and Technology Risks","page_number":76,"box":{"x":83,"y":485,"width":230,"height":10}},{"id":"8713017c-43ad-40b2-a5ed-6c1507b6e2fe","block_type":"box","text":".","page_number":76,"box":{"x":314,"y":491,"width":2,"height":2}},{"id":"ff4f1ea2-23be-4b84-8436-bce5299853dc","block_type":"box","text":"The Fund is directly and","page_number":76,"box":{"x":321,"y":485,"width":151,"height":10}},{"id":"108c62b7-66fc-428f-9394-d9da882bdd1a","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":76,"box":{"x":83,"y":499,"width":368,"height":11}},{"id":"d2334130-b63f-4264-a19a-f8283a02fbf5","block_type":"box","text":"including those related to human errors, processing errors,","page_number":76,"box":{"x":83,"y":513,"width":376,"height":11}},{"id":"fa456aa2-5c18-496b-8ac7-922abef0e2bd","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":76,"box":{"x":83,"y":527,"width":413,"height":11}},{"id":"e756fdbe-a5e6-40b9-88bd-90c9e56228be","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":76,"box":{"x":83,"y":541,"width":404,"height":11}},{"id":"5c914cef-c5fa-49f5-a523-6d1cffbfc0bc","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":76,"box":{"x":82,"y":556,"width":402,"height":10}},{"id":"f58ea759-f0bc-4883-bdc4-8d216c58f7e0","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":76,"box":{"x":83,"y":570,"width":376,"height":11}},{"id":"23fa918a-6fe7-455c-a88e-de4031fa2b20","block_type":"box","text":"providers are required to have appropriate operational,","page_number":76,"box":{"x":83,"y":584,"width":350,"height":11}},{"id":"dd9d1d61-b93d-488e-b882-459b61ce1fd2","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":76,"box":{"x":83,"y":598,"width":414,"height":11}},{"id":"06ef0fd9-a0e2-4271-80fd-87061493a55e","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":76,"box":{"x":83,"y":612,"width":397,"height":11}},{"id":"fef6f45b-0526-4337-9945-3b41b622c0fe","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":76,"box":{"x":82,"y":626,"width":411,"height":11}},{"id":"45ae8ede-4ae0-462c-915b-7666421b7ede","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":76,"box":{"x":83,"y":641,"width":391,"height":8}},{"id":"2d7b7e94-7db5-492f-80ed-bace90b5f29a","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":76,"box":{"x":83,"y":655,"width":421,"height":11}},{"id":"220e07cc-ba71-49b7-b471-04411eb4bf42","block_type":"box","text":"investments in such issuers to lose value.","page_number":76,"box":{"x":83,"y":669,"width":264,"height":8}},{"id":"17ad29b9-61a5-42d5-9c52-5fca1c56c432","block_type":"box","text":"Risk of Investing in the U.S","page_number":76,"box":{"x":83,"y":692,"width":182,"height":11}},{"id":"8d512d06-aa81-4457-8ea7-f1ac957354d6","block_type":"box","text":".","page_number":76,"box":{"x":266,"y":699,"width":2,"height":2}},{"id":"23f13bf6-81bd-45b2-8f3c-e6d42208ae89","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":76,"box":{"x":274,"y":692,"width":210,"height":11}},{"id":"bef81efd-f704-4dbf-a5f6-d227cb6a57cd","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":76,"box":{"x":83,"y":706,"width":391,"height":11}},{"id":"25b50f70-d183-45c7-a959-003cd9df2aec","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":76,"box":{"x":83,"y":721,"width":423,"height":10}},{"id":"4b86d0d0-ab7d-4a25-b2a2-8f91605d4b64","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":76,"box":{"x":83,"y":735,"width":413,"height":11}},{"id":"ad773eba-5e7f-4fdb-b8a9-411f487bb5e4","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":76,"box":{"x":82,"y":749,"width":397,"height":11}},{"id":"622c5f18-d1ec-4ba7-a556-9f7014a4c551","block_type":"box","text":"Securities Lending Risk.","page_number":76,"box":{"x":82,"y":772,"width":162,"height":11}},{"id":"960adefb-3b2b-4db5-aa93-a53ca5a9280e","block_type":"box","text":"The Fund may engage in securities","page_number":76,"box":{"x":249,"y":772,"width":221,"height":11}},{"id":"51107eff-d097-410f-aada-50c2416cf8fa","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":76,"box":{"x":83,"y":786,"width":396,"height":11}},{"id":"66400f54-069f-417e-aeca-bf5142f7a453","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":76,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"4385a25c-f244-4a82-9270-46b906f46a95","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":76,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"5b9ed90c-4739-4399-a8cd-ef18fe1983cf","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":76,"box":{"x":549,"y":51,"width":416,"height":11}},{"id":"981931b2-ef49-400f-a8b4-13d4ed90be58","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":76,"box":{"x":549,"y":66,"width":389,"height":10}},{"id":"ca82f056-9c6c-409d-a264-fc195af73223","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":76,"box":{"x":549,"y":80,"width":406,"height":8}},{"id":"f9749f18-501c-4c0e-8e7f-891a2cf0fe1c","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":76,"box":{"x":549,"y":94,"width":301,"height":11}},{"id":"594a36e1-9db7-477a-8bb7-01e6f537d7a4","block_type":"box","text":"Small Fund Risk.","page_number":76,"box":{"x":548,"y":117,"width":111,"height":9}},{"id":"42c38f10-e145-42c8-bb7b-f99ccae716b7","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":76,"box":{"x":665,"y":117,"width":282,"height":11}},{"id":"b5ce25a8-7460-4bc3-824a-637a51039aab","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":76,"box":{"x":549,"y":131,"width":397,"height":11}},{"id":"ca86778c-f3e8-4f9f-9bad-5ddcac768530","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":76,"box":{"x":550,"y":146,"width":396,"height":10}},{"id":"eba6d5c4-b173-4268-95a9-19bbfd150834","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":76,"box":{"x":549,"y":160,"width":387,"height":11}},{"id":"7b685b19-7d0e-48ca-87d6-12c61bc83e77","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":76,"box":{"x":549,"y":174,"width":417,"height":11}},{"id":"d316f5e7-d9dc-4cf7-9daa-008b1ab5222e","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":76,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"440cc14c-0175-4914-9290-70a8270fa677","block_type":"box","text":"at a discount to similar “round lot” bonds. The prices used by the","page_number":76,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"f2bbbd30-bb34-4b61-8819-c0faeb675726","block_type":"box","text":"Fund may differ from the value that would be realized if these","page_number":76,"box":{"x":550,"y":216,"width":390,"height":11}},{"id":"2fe6e235-b8c7-46c2-b6a9-5a40bbb2d1ef","block_type":"box","text":"securities were sold, and the impact of such pricing differences on","page_number":76,"box":{"x":549,"y":231,"width":424,"height":11}},{"id":"de5fd80b-3170-45d0-a051-7d1fee71ba69","block_type":"box","text":"a Fund’s performance may be heightened when the Fund’s size is","page_number":76,"box":{"x":549,"y":245,"width":417,"height":11}},{"id":"15a0e9c5-49dc-4172-8bfb-52275409335d","block_type":"box","text":"small. In addition, the Fund may face the risk of being delisted if it","page_number":76,"box":{"x":549,"y":259,"width":421,"height":11}},{"id":"0a4b20ed-078e-4033-a369-12726a8a3519","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":76,"box":{"x":549,"y":273,"width":408,"height":11}},{"id":"26eee780-1368-4eb6-a646-d2ecfda01c7f","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":76,"box":{"x":549,"y":287,"width":375,"height":11}},{"id":"2c425d98-8655-4e3f-9ccb-f75445a213a2","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":76,"box":{"x":549,"y":302,"width":420,"height":10}},{"id":"58968a7e-a75e-48b2-a7a8-b2d07a2ad670","block_type":"box","text":"its shareholders.","page_number":76,"box":{"x":549,"y":316,"width":105,"height":8}},{"id":"c83436f8-4987-4f5f-8812-0105913f8055","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":550,"y":339,"width":128,"height":11}},{"id":"b9169692-9561-4a3e-8b59-db19230b4730","block_type":"box","text":".","page_number":76,"box":{"x":678,"y":346,"width":3,"height":1}},{"id":"bc8e90e8-4274-4578-9afc-0f095beebd19","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":76,"box":{"x":686,"y":339,"width":284,"height":11}},{"id":"67bd9779-717a-4f05-a347-8d7bccc79673","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":76,"box":{"x":549,"y":353,"width":404,"height":11}},{"id":"3f317a3e-b351-4e49-822d-b3e0d26e8b03","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":76,"box":{"x":549,"y":367,"width":425,"height":11}},{"id":"94a3b1af-7be2-4bd4-bb68-16e1c8d77a31","block_type":"box","text":"factors, including differences between the securities and other","page_number":76,"box":{"x":549,"y":381,"width":401,"height":11}},{"id":"cb70cf1a-310d-4bb4-b3c0-e65d01c1c068","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":76,"box":{"x":549,"y":396,"width":381,"height":10}},{"id":"a8868a52-5eca-4679-8da0-4931e67a06f3","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":76,"box":{"x":550,"y":410,"width":396,"height":11}},{"id":"95e9a19c-5e3e-4a3f-af43-9de41f1572b1","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":76,"box":{"x":549,"y":424,"width":407,"height":10}},{"id":"9e95bd94-abe3-47bf-8c6b-edc4936cee6d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":76,"box":{"x":549,"y":438,"width":400,"height":11}},{"id":"bc9cb7e2-7ae0-4105-be98-c33905758794","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":76,"box":{"x":549,"y":452,"width":421,"height":11}},{"id":"0f0694ca-4f15-4ebb-b64b-9aa69c9b574f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":76,"box":{"x":549,"y":467,"width":374,"height":10}},{"id":"83262356-db8e-4a57-997e-dfaedf7581d9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":76,"box":{"x":549,"y":481,"width":370,"height":11}},{"id":"41fc6bbd-ca50-43c6-8d88-28b5d500b3e7","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":76,"box":{"x":549,"y":495,"width":372,"height":11}},{"id":"f384a352-a1e8-469c-97c2-796aac44d7dc","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":76,"box":{"x":549,"y":509,"width":420,"height":11}},{"id":"a4a97bd9-5b1c-444f-a63f-4dec756bcec6","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":76,"box":{"x":549,"y":523,"width":387,"height":11}},{"id":"db1bdd99-eaba-4f76-8b9c-6d27f9d9ed4d","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":76,"box":{"x":549,"y":537,"width":377,"height":11}},{"id":"bc8d512e-2e25-4358-bc7f-b69ed7b8d0f8","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":76,"box":{"x":549,"y":552,"width":380,"height":11}},{"id":"8ce8fd6d-7c30-49a2-ab1f-b4949417fd72","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":76,"box":{"x":549,"y":566,"width":366,"height":11}},{"id":"e0bf856d-68eb-4942-a736-a1dc699f7a98","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":76,"box":{"x":549,"y":580,"width":414,"height":11}},{"id":"20af9699-15a5-45b8-8806-6155bdbdac6b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":76,"box":{"x":550,"y":594,"width":386,"height":11}},{"id":"e202f6ed-cb1b-4c8c-b6f9-2ce01e882bb3","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":76,"box":{"x":549,"y":608,"width":414,"height":11}},{"id":"7825c9cc-34f2-4b53-9a3d-e5c3e0970643","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":76,"box":{"x":549,"y":623,"width":420,"height":10}},{"id":"0d35df84-d3d2-4207-ae1b-2003d297536e","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":76,"box":{"x":549,"y":637,"width":413,"height":11}},{"id":"b9455de5-0126-4097-929d-c267f2373d1c","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":76,"box":{"x":549,"y":651,"width":410,"height":11}},{"id":"dc5f779b-cb2c-451d-b725-181becab3836","block_type":"box","text":"index ETFs.","page_number":76,"box":{"x":549,"y":665,"width":71,"height":9}},{"id":"49edfbec-df39-4c96-9d8e-3caa338854f1","block_type":"box","text":"Performance Information","page_number":76,"box":{"x":550,"y":694,"width":213,"height":11}},{"id":"ef4c4a62-e551-4244-a189-07acdbccb61b","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full","page_number":76,"box":{"x":549,"y":719,"width":400,"height":11}},{"id":"68fcd03f-ba7e-42f7-bfe1-af9cb74e32af","block_type":"box","text":"calendar year of performance information to report.","page_number":76,"box":{"x":549,"y":733,"width":330,"height":11}},{"id":"816d9b6c-e8fe-4c92-8919-1fa4a3a73962","block_type":"box","text":"S-69","page_number":76,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"58ed7091-6765-4be5-9c50-b07fa94f34b8","block_type":"box","text":"Management","page_number":77,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"824a6d72-ba71-42b4-a8e4-221f37c3c712","block_type":"box","text":"Investment Adviser.","page_number":77,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"9b867d6b-f340-4808-8f17-7166c4f84551","block_type":"box","text":"BlackRock Fund Advisors.","page_number":77,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"87ed4afd-5cff-4417-ba11-380e893da13b","block_type":"box","text":"Portfolio Managers.","page_number":77,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"9ae574ad-d4cf-4c11-a977-999e65e1312f","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":77,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"1a984f6a-70bb-462d-b939-3de4a4278886","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":77,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"4ecdb6d4-b979-471a-af90-ef7b169e22de","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":77,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"6015979c-7290-43e2-9255-81ba0f0a0854","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":77,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"60306aa1-942b-4c65-b1d4-a3b5f046def8","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":77,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"79a9b16c-2109-4d90-b0a9-fc65656c95fe","block_type":"box","text":"2025.","page_number":77,"box":{"x":83,"y":142,"width":36,"height":8}},{"id":"a3878035-f7a1-4c08-b8b3-c594d1d0b92f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":77,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"488b0e3e-15a4-4578-89c9-e9ec7f4fdfb4","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":77,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"4b473369-9d40-4b4a-ade8-6a402836ff52","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":77,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"1a7e7aab-cb8a-482a-b94b-6194bf5ffd66","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":77,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"1dd48485-af58-4ec4-b507-ee92085ddece","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":77,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"49c840e7-6304-4fd6-ae77-d61a9947e01d","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":77,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"ca6ac17a-388f-434e-88ca-c03beb4b89f5","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":77,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"4a153245-5b8e-42a1-a7f3-59669d4f8804","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":77,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"f9ac1fbb-a204-4cbb-9046-292711f3e6b2","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":77,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"d3c6d4b6-18f0-431d-b1b3-4a824eec449a","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":77,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"e90c576b-e7d8-49dc-aed2-0581b8763b08","block_type":"box","text":"Tax Information","page_number":77,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"92f7988b-84f6-43f4-b640-67ab982fabcf","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":77,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"2f59eae8-9a1c-472b-9a7a-fd9ab48cda9d","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":77,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"5b116815-8faf-4a5c-b518-7977410d3a4e","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":77,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"21a8d04d-6fe0-4f6f-88ae-3a921e55dede","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":77,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"f24ceab9-0423-42d5-b6aa-e5ac9c1794cf","block_type":"box","text":"distributions generally will be taxed when withdrawn. Certain","page_number":77,"box":{"x":549,"y":104,"width":388,"height":11}},{"id":"58494bb7-4f61-4a5a-96e6-a291cc15666b","block_type":"box","text":"states and localities may exempt from tax distributions","page_number":77,"box":{"x":549,"y":119,"width":351,"height":10}},{"id":"c8eca1fd-da08-44c5-b3b3-c526fad511c0","block_type":"box","text":"attributable to interest from U.S. federal government obligations.","page_number":77,"box":{"x":549,"y":133,"width":415,"height":11}},{"id":"a0f5ba44-894e-43a9-904e-7e8ca4cf1a61","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":77,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"4727ffae-7e05-48e6-b52e-5f613666ce42","block_type":"box","text":"Intermediaries","page_number":77,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"4cb96b62-4fa1-49a5-9d05-8e34bc06f5b8","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":77,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"08a32a5c-62f5-43f4-aaf6-9451f5f348c8","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":77,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"7cf29b11-19a8-402b-a710-1f80d230931b","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":77,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"e8047e1e-96c2-4afb-8b01-5436621d8ffc","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":77,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"7d3f1725-1b09-46d9-b410-c2041ec86b54","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":77,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"82e67d27-4744-4155-a519-44d06c7bb5e8","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":77,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"bcd0b021-86d9-457a-96bd-6434471b4638","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":77,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"bf03eb36-b9e2-43fe-98cb-428970cf9f4a","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":77,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"e6c6c6cc-9cb0-4f16-9d20-2149375cc0e9","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":77,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"f480493b-19c5-4d3c-8b23-13211c9ddf29","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":77,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"d073bf5d-5be9-4d78-b44b-81bd9855b2a5","block_type":"box","text":"information.","page_number":77,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"98a97483-7ec1-4175-b8a0-d9b1bf1fa59c","block_type":"box","text":"S-70","page_number":77,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5d9fa104-6358-4b0f-9866-8ad77ef3a255","block_type":"box","text":"iSHARES","page_number":78,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"d8d30965-2c27-4720-904e-e579a562b9e3","block_type":"box","text":"®","page_number":78,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"337f4b33-2e27-42af-ac39-b2edf3d80de2","block_type":"box","text":"iBONDS","page_number":78,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"f796dcd6-45e4-4d93-a7d4-6d340d7bf0f2","block_type":"box","text":"®","page_number":78,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"a10e463a-7ba0-46a1-b5a5-3fdf4281e068","block_type":"box","text":"DEC 2054 TERM TREASURY ETF","page_number":78,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"b267c44d-09d7-4f34-a19f-5a0d824baf56","block_type":"box","text":"Ticker: IBGK Stock Exchange: Nasdaq","page_number":78,"box":{"x":290,"y":53,"width":471,"height":12}},{"id":"5ec0bd8f-c7b9-490d-a9e3-4c25ca6f4f32","block_type":"box","text":"Investment Objective","page_number":78,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"2d6e0e10-a239-4342-b4c8-040d951fab34","block_type":"box","text":"The iShares iBonds Dec 2054 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":78,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"fa85421f-cd42-4cd6-be78-b199eaecaa79","block_type":"box","text":"bonds maturing in 2054.","page_number":78,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"fe5f2abc-a734-419c-9d51-de3f4d846bc2","block_type":"box","text":"Fees and Expenses","page_number":78,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"3b71324a-0af1-488c-bc5f-574cb132ac61","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":78,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"afa11dcd-7d50-451b-8947-f66dce554713","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":78,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"53a0efd7-c9f9-490f-ad87-b87132662818","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":78,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"deb4b70e-6ff2-4879-a3d7-6ce983917280","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":78,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"264c0b97-a2a2-4d19-b151-2a481ee4c97c","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":78,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"5f0a22b7-48fb-41a2-8884-5ef3590ffd0f","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":78,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"833d9b67-79bb-444f-8196-608cfd08b0cb","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":78,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"767f5942-99bf-4a58-bd34-1b31317e2db4","block_type":"box","text":"pro rata","page_number":78,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"658d3896-3a94-47ef-ab16-b89af1b502e0","block_type":"box","text":"share of the fees","page_number":78,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"7871a5bb-6e9f-46ca-87c0-6703fa699b3c","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":78,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"20a45097-0599-40ed-8d1b-4ee358cd1fe1","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":78,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"5d766a0d-e561-4225-bcc0-750bf1a80bd6","block_type":"box","text":"shown in the","page_number":78,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"100ed0a3-f4c7-47b8-b0e6-c5aea7fe38c3","block_type":"box","text":"Financial Highlights","page_number":78,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"72e5e133-2ba3-45f9-ac7d-daeeb76a0947","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":78,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"27567c33-e220-4a26-a983-65ef93a45616","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":78,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"89ec90a4-ab44-45f8-9185-bec0ae8b13f6","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":78,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"1602f6ab-ff1d-4b0f-a2f1-86c69bcc0464","block_type":"box","text":"December 15, 2054. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":78,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"aa6292b2-24cd-46dd-b06f-ddcf7d16e9fc","block_type":"box","text":"Trust and BFA.","page_number":78,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"5c8b0b06-4f10-4a31-82d0-aefbe0208129","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":78,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"a255630a-c572-4e40-91f8-8c20795d5a2b","block_type":"box","text":"the tables and examples below.","page_number":78,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"0d5d481f-7d2a-407e-b0ee-bd3b4a7e6ef5","block_type":"box","text":"Annual Fund Operating Expenses","page_number":78,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"a82b3937-be32-4a5a-a6ea-11f7669c2499","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":78,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"7d267c6d-403b-4673-a6e4-15fa871a0a5f","block_type":"box","text":"percentage of the value of your investments)","page_number":78,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"4b6c2655-d51e-4b57-96b1-f839b20f88cb","block_type":"box","text":"1","page_number":78,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"4493df59-7fd6-4e49-b1e9-51ed7e973886","block_type":"box","text":"Management","page_number":78,"box":{"x":111,"y":516,"width":62,"height":8}},{"id":"7ba0ece5-f9e3-46aa-9a7a-23c1ededbf1f","block_type":"box","text":"Fees","page_number":78,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"bb7deaaf-860e-47da-857e-98778980796f","block_type":"box","text":"Distribution","page_number":78,"box":{"x":238,"y":508,"width":56,"height":6}},{"id":"0ce5e498-ff1b-4e7c-ad25-c9b3d204fa1a","block_type":"box","text":"and Service","page_number":78,"box":{"x":238,"y":516,"width":56,"height":6}},{"id":"e8c56d74-f9af-45dc-bd86-874de8121b05","block_type":"box","text":"(12b-1) Fees","page_number":78,"box":{"x":238,"y":524,"width":56,"height":8}},{"id":"ceecfa67-55c2-4ae5-8f62-33094f134ed5","block_type":"box","text":"Other","page_number":78,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"37d2a203-4121-48b8-ac41-e729c4a35748","block_type":"box","text":"Expenses","page_number":78,"box":{"x":360,"y":524,"width":45,"height":8}},{"id":"81cfce54-b238-4718-819b-438776e0e84b","block_type":"box","text":"Acquired Fund","page_number":78,"box":{"x":470,"y":508,"width":69,"height":8}},{"id":"2d495571-899d-47f6-b847-af562179f6c8","block_type":"box","text":"Fees and","page_number":78,"box":{"x":484,"y":516,"width":41,"height":6}},{"id":"d46d8901-9bef-4dea-a024-a00bebb39e9b","block_type":"box","text":"Expenses","page_number":78,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"ed4b8157-363a-4cab-b0c3-94d1bae1d61d","block_type":"box","text":"Total Annual","page_number":78,"box":{"x":604,"y":500,"width":59,"height":6}},{"id":"a65bf59a-89aa-4ae5-893a-1c67dac932a5","block_type":"box","text":"Fund","page_number":78,"box":{"x":623,"y":508,"width":22,"height":6}},{"id":"610252e5-a9a9-40e5-b167-7e18b69c1af0","block_type":"box","text":"Operating","page_number":78,"box":{"x":610,"y":516,"width":47,"height":8}},{"id":"4e8d26d3-57b9-4711-8005-b7f37d5ae2f9","block_type":"box","text":"Expenses","page_number":78,"box":{"x":612,"y":524,"width":44,"height":8}},{"id":"cc543d19-495b-4373-bbb6-c3e86d545fb4","block_type":"box","text":"Fee Waiver","page_number":78,"box":{"x":741,"y":500,"width":52,"height":6}},{"id":"28819096-f3de-4bca-94e7-69b1cc802c6a","block_type":"box","text":"and/or","page_number":78,"box":{"x":750,"y":508,"width":33,"height":8}},{"id":"da868449-f880-4e87-9c05-3b9b2ae8ec28","block_type":"box","text":"Expense","page_number":78,"box":{"x":747,"y":516,"width":39,"height":8}},{"id":"7506d39d-8c8f-4746-b67d-d8e353234a8c","block_type":"box","text":"Reimbursement","page_number":78,"box":{"x":727,"y":524,"width":76,"height":6}},{"id":"c4a095fc-26f8-432b-b5db-258bfb3dc47f","block_type":"box","text":"Total Annual","page_number":78,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"9c12a543-dd51-45d7-9079-cbee9099ed05","block_type":"box","text":"Fund","page_number":78,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"7f4834d2-c8ef-45fe-9237-ee024ffce998","block_type":"box","text":"Operating","page_number":78,"box":{"x":884,"y":484,"width":47,"height":8}},{"id":"bdcd149f-53a7-42d9-8851-4006a57dfeba","block_type":"box","text":"Expenses After","page_number":78,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"7b4b624d-a72b-4cc1-a556-604e1f412c0d","block_type":"box","text":"Fee Waiver","page_number":78,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"24e20c7d-42a1-44bc-adda-da744ec6211a","block_type":"box","text":"and/or","page_number":78,"box":{"x":891,"y":508,"width":33,"height":8}},{"id":"43da42c8-81a9-4d5e-bd1f-28a843a31a40","block_type":"box","text":"Expense","page_number":78,"box":{"x":888,"y":516,"width":39,"height":8}},{"id":"6802e1ef-2c0f-4aba-8e77-29462c40f2fd","block_type":"box","text":"Reimbursement","page_number":78,"box":{"x":869,"y":524,"width":75,"height":6}},{"id":"35fecc0c-31ad-40b9-822b-e024c8214651","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":78,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"c6f2475c-2495-4bb2-b1c0-fdaca7943eb5","block_type":"box","text":"1","page_number":78,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"0c59c76a-8f14-4aeb-8240-57e84939fca3","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":78,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"c66d34a6-5208-4767-a0f9-00c26c8aa9b5","block_type":"box","text":"Example.","page_number":78,"box":{"x":83,"y":594,"width":62,"height":11}},{"id":"6a2f4b0d-b0d2-4732-84b6-cd502d86f48d","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":78,"box":{"x":150,"y":594,"width":800,"height":11}},{"id":"5236fb5f-8ac7-4983-bf00-164c90a4e921","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":78,"box":{"x":82,"y":607,"width":891,"height":12}},{"id":"7995d7cc-d29f-4051-b959-3b75668ee507","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2054 because the Fund is scheduled to","page_number":78,"box":{"x":83,"y":622,"width":865,"height":11}},{"id":"0db45020-7b3a-4b96-82ae-3d72f35d18ee","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":78,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"0b2991d0-cc0c-4b58-afcd-9e5f317dcfdd","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":78,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"c3d1ab46-258b-4950-840f-9ba673d9eb23","block_type":"box","text":"be:","page_number":78,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"e384e0d2-2f05-4f3a-bee1-a03f1aef57bc","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":78,"box":{"x":195,"y":696,"width":668,"height":7}},{"id":"7de22ec1-19fa-43ad-91ea-26e4e343f6ed","block_type":"box","text":"$7 $23 $40 $90","page_number":78,"box":{"x":206,"y":715,"width":641,"height":9}},{"id":"b1c291ea-2e57-46c9-8919-9ddcafb51de8","block_type":"box","text":"S-71","page_number":78,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"a12b0a2a-740c-4f26-9a6e-a28ae3a66366","block_type":"box","text":"Portfolio Turnover.","page_number":79,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"2c50ef76-ce94-4aed-9f19-cbcde0643d11","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":79,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"2d74291a-1f3d-454f-ba00-2b1988b797cb","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":79,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"730892c6-95a0-4aa8-a474-d7ed6e25f149","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":79,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"f954c1b5-5abd-4642-a296-fd4c047daf89","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":79,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"12c77d00-b1d5-461b-98f3-28ca0db7e848","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":79,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"8359f056-baef-42c3-a5aa-82dfde717f50","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":79,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"7ed3d95d-6ed3-4b9b-ad7c-70014a4ea2e3","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":79,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"e25d04d0-1b9d-4006-9e11-931430c0915a","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 28% of the","page_number":79,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"b19cae59-970c-41b3-bed3-6772842807ea","block_type":"box","text":"average value of its portfolio.","page_number":79,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"e1c46659-b1d4-4e5a-a20a-3359622dfb34","block_type":"box","text":"Principal Investment Strategies","page_number":79,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"9ac2a4e2-8606-460c-91ac-895c1fd39547","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":79,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"9f03961e-d322-47db-8a96-e7192c69f482","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":79,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"1552bbc0-c992-4d61-b7b8-4170ece04983","block_type":"box","text":"ICE 2054 Maturity US Treasury Index (the “Underlying Index”).","page_number":79,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"4d39e75e-546e-4c4e-b4d7-0e9ccf877acf","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":79,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"0266a058-9638-45d9-81b3-7dde6a564b85","block_type":"box","text":"securities that are scheduled to mature between January 1, 2054","page_number":79,"box":{"x":83,"y":247,"width":415,"height":11}},{"id":"242ca8df-7322-47f0-9d00-f5db6d87c79e","block_type":"box","text":"and December 15, 2054, inclusive. The Fund may also invest in","page_number":79,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"73a927a7-25c1-45a0-9bc3-070c07225ad7","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":79,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"e6f4acc2-da5e-4b4e-aae7-de94f7a4d8ae","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":79,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"6a2796d7-1089-45c1-8825-8e2bb6b95499","block_type":"box","text":"term fund that will terminate on or about December 15, 2054, at","page_number":79,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"a7f600e4-a6e6-4ac9-8018-ea5e8c5fc58f","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":79,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"5373b02b-dfb4-4b72-b0b0-72070f8d2b42","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":79,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"a6d33a07-cd52-4be0-9d11-ab1f75bde4e3","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":79,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"46316447-5baf-462d-bfd6-0100c0291908","block_type":"box","text":"periodic distributions.","page_number":79,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"8ce3c836-3050-4ea7-994c-e3eae442e769","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":79,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"a965cb1e-c5ef-41ec-86f1-e718c751e16c","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":79,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"b3d071b5-bf09-44c9-b3e1-880e7f333687","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":79,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"41689d49-0eb2-476e-9646-0684428b1f6c","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":79,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"a3f23320-845e-4e3f-b0c4-de0386e83007","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":79,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"ce62baed-f8bb-42f1-9585-54553a307771","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":79,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"5745c95a-a301-4a9c-80f5-6854805da7ed","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":79,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"ea091a5c-770f-422b-aaf3-7fe20fe1fefc","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":79,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"b026da6e-23ef-4457-8b5b-9109bafc59c5","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":79,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"39b40762-3c1e-495a-b8e3-543684ecc20e","block_type":"box","text":"reduced by any individual components of such securities (","page_number":79,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"e847fff7-773a-4ced-a444-fe9c117ce4db","block_type":"box","text":"i.e.","page_number":79,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"8eaafd5e-9449-4156-9671-0ef75f75c9f6","block_type":"box","text":",","page_number":79,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"51aa79a4-9f21-45a4-b250-ae9ed046bc43","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":79,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"6b182fe5-3b66-4b46-a59a-959260ba83f4","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":79,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"21d7007b-7482-4215-b8f8-1ebd604b3b04","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":79,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"9bc25988-7a70-4d1a-9b56-814b786df538","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":79,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"658544d6-05b4-46ba-8b48-278acf4f8b89","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":79,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"fff45727-80c9-42d7-ba02-553ae4052ae9","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":79,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"67bc1b2d-ec52-4e89-b533-98b4f2b97011","block_type":"box","text":"calculated assuming next-day settlement.","page_number":79,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"2d374ede-8b36-4d5d-af29-e7d75f165f56","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":79,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"f1e9afdf-4a90-41da-9569-9708df974e2e","block_type":"box","text":"month, based on information available up to and including the","page_number":79,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"fd74b1e0-b48e-45c5-a35b-b8bf7a9f93a1","block_type":"box","text":"third business day before the last business day of the month. New","page_number":79,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"5f78b6c9-b010-4a62-b06a-87237934262d","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":79,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"fcfac0b2-83c8-4ca4-81f7-7a0cd6dacac8","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":79,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"b3bc1d75-d5b6-46c0-b2a9-8938662f4e1b","block_type":"box","text":"month (","page_number":79,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"9932848d-25a6-45b4-863e-8ed7f9600ca0","block_type":"box","text":"e.g.","page_number":79,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"972d19de-7198-4a29-af23-1e63a2ebcbf0","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":79,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"965d3bf1-5e14-4c4b-946d-ec9b844c1d24","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":79,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"78ea9668-9fa9-4c17-aa69-b910087ccd5a","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":79,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"b4809b42-6aa4-4c16-b43e-2f750c30c0b7","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":79,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"4c735a8a-7dc8-4e29-a897-751790a02798","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":79,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"5c933031-43bf-42c6-9c27-5f252a8fb8fc","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":79,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"f9b0a5fc-1290-4544-9569-1fb95c28005d","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":79,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"01fbe3ca-627a-4188-a095-ae4796c76724","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":79,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"70eb0d01-3fa0-4e75-bd3a-a421a726f91b","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":79,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"2d717e50-9e67-4edd-b90f-59d1ca03074f","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":79,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"52b7314b-a3b1-4c3c-9a08-a72e915f938f","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":79,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"3b0f2a5e-cb92-4569-95fb-275de45598d4","block_type":"box","text":"while it is held in the Underlying Index.","page_number":79,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"1d4cad3e-8231-464c-85bd-af50de5df739","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":79,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"cf4212e7-fca4-4b4c-9f6f-8181c345df62","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":79,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"7a0e0354-a4c7-4b2b-9346-409e99a9720c","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":79,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"06a62916-5640-410a-9600-e18e763fb918","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":79,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"878bdfa6-8dc7-4806-9a99-16b8df38158c","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":79,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"218a6a5c-0be5-4b92-afe8-2eadb6fb99ab","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":79,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"c7335739-f0dc-4d2a-ad9f-f0e10febbde2","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":79,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"8fe17c65-9710-4861-a3c4-d609da5ae541","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":79,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"cfad2c05-9318-4019-b082-535a6f6a8b51","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":79,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"8ca82fa7-198b-490f-8003-d8be34e6cd64","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":79,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"13326654-3890-465b-8fd3-18b91bbba371","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":79,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"dec7ffda-775f-4fba-b2b3-0da9093c8c8f","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":79,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"a34c8318-1b58-4b2c-a4ef-f6a44e6bc517","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":79,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"2820ccc0-be13-4b4e-939a-d3e42ee18b9a","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":79,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"bcefbc52-545d-4481-b883-4e1f32aa1a8e","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":79,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"cf4490d4-dc15-4d27-9c7b-8ba41c27e086","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":79,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"81f84425-b8e2-424f-b696-621fb562aa0d","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":79,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"61db206f-b3e6-47db-92b0-ad86962647e7","block_type":"box","text":"fees and expenses of such funds.","page_number":79,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"9ba05827-75d5-4e21-babf-d22a402766e9","block_type":"box","text":"By December 15, 2054, the Fund is expected to consist almost","page_number":79,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"8dbec668-64b6-4bb2-b1dc-8066f4cee838","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":79,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"695d694b-2c27-4759-952a-7ece5b965068","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":79,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"82b6c5e6-a5b4-4073-a51d-f260171a245b","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":79,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"b9ab292e-d5fc-4bc7-bda2-5e7eb178062a","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":79,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"7474241a-e79a-4a3e-b8d7-40ef7ef71a41","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":79,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"c5f1d6a1-db82-43b6-959a-2e5264799271","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":79,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"2b85b7eb-250b-4ac8-9b11-ac751936369b","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":79,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"bd708a56-a361-4318-a247-35b85cc3d6b7","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":79,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"62f44966-bdc8-478a-9717-e3644ef5de12","block_type":"box","text":"interest of the Fund.","page_number":79,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"c2c30ec0-e116-411b-971c-a7d6d41ae36c","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":79,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"8b3cb751-19e9-45b5-b6ef-7e026595044e","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":79,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"b9257983-2a7e-4360-9b35-3cf59e2d3d81","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":79,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"f168679b-7fcb-444a-881f-191807c1c360","block_type":"box","text":"markets decline or appear overvalued.","page_number":79,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"75682729-6e56-47ef-a968-ebea23fe8ad1","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":79,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"8cb1f66e-a4f1-4048-b9b8-0250c380e1cf","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":79,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"e41d86ba-ef13-4e9d-b2ec-9428fa6212c7","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":79,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"5c9536a9-e910-44b1-87c0-6560e0d9c563","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":79,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"8818ef40-b465-4232-9441-90a98dda9ae5","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":79,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"63c1895e-b5fb-44c7-949c-ed51db990496","block_type":"box","text":"comparison to actively managed investment companies.","page_number":79,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"6b9f3050-df82-4102-ac51-ba7f86dd9141","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":79,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"911ccd8b-a37a-44cc-880a-4fbc8fc14559","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":79,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"c8ec4530-311c-4157-99e1-213d75cc18c2","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":79,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"27145199-5278-4ab1-ae47-71c3701f685b","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":79,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"55166689-7818-4fdc-8f44-7debf3d7d3d8","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":79,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"fb86c086-7724-4e35-91db-47542234effb","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":79,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"022cc984-f86b-4322-a165-65742555ec69","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":79,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"a1b86f9a-0f28-4052-98e0-82a86b0c1f97","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":79,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"f246ac48-bbea-4f77-9a27-b481723d8ced","block_type":"box","text":"(","page_number":79,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"0ce7c1d1-e32c-4e3f-a9d5-f007000ea52a","block_type":"box","text":"i.e.","page_number":79,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"c2fec146-e5b7-4a8f-8da6-c2df1e07529e","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":79,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"392ea3d0-fc0d-4fc6-85da-f058765fcc6c","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":79,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"5421dc5f-3715-4217-ad46-349d57828f26","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":79,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"ef9042f4-45da-4ff6-a822-304b09e9d9cd","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":79,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"1e9f0a82-de58-48d6-bacc-f215024ccd80","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":79,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"49809eab-3b6e-47a0-b662-39652b81c184","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":79,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"5f3818d3-186d-4672-9263-6b48d2cc0198","block_type":"box","text":"collateral received).","page_number":79,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"308b1902-871d-46ad-b700-a93deba13c82","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":79,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"46e4d448-2af6-498b-a515-9985205a5901","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":79,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"120f1a99-a0da-49b8-b5b0-0a04bdf3cdcb","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":79,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"bd80b22e-e1cb-4505-9741-7c824b8e7406","block_type":"box","text":"determines the composition and relative weightings of the","page_number":79,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"5ae3127c-b792-45eb-b539-55f75060455f","block_type":"box","text":"S-72","page_number":79,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8b49fdef-f7e4-4c37-92c5-02baf08d6bfd","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":80,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"b7130330-b2c3-4d02-90e3-b1564c9eee3c","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":80,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"62026ecd-c391-40b8-bb03-a165d04501c7","block_type":"box","text":"Summary of Principal Risks","page_number":80,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"2aab22ac-1334-4076-9ed4-1dfaa159a2ad","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":80,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"0ed05a07-1180-4eae-8210-47b12bd4de42","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":80,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"1dbfd47e-37b3-4c15-b9b3-d8b91fee3e00","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":80,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"9d9d13c0-2305-4aac-8c86-656d476fecb9","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":80,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"4ae8745e-bda3-470d-b629-254770a47afc","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":80,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"68adf9cb-451e-45dd-8cd9-5123af3bc1f3","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":80,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"432023c7-3de8-423f-917b-f9dec7e1031a","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":80,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"3939ebe6-916f-417d-9238-949afbd15be3","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":80,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"4a9df8f8-41fc-428c-8a49-6563205a1843","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":80,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"381fa609-bd44-4f1c-b59f-951a83fa7afc","block_type":"box","text":"review each risk factor carefully.","page_number":80,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"d54e9517-da1c-4411-b272-5a9ef9188066","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":80,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"900666e7-6387-4503-a1b5-8b20cbe0a41a","block_type":"box","text":"U.S. Treasury obligations may","page_number":80,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"b5248075-1ec4-48ce-8015-36a4b236d4a4","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":80,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"37d4dfad-47bd-4bad-bf7b-6359e4d1fe9b","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":80,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"58d98346-452b-49dd-ad1e-4d5a538bbf79","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":80,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"316aec65-2f65-4610-9df4-d22e569bb566","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":80,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"4d897c1b-2dca-4d3a-8c26-a71209514022","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":80,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"961e57fc-d324-43a5-bf0d-7aa30631519a","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":80,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"873d9ebe-5f68-4751-b600-231aa97d5299","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":80,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"1f74f218-4117-49a1-b4fd-50b1cf5e04ed","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":80,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"fa95b5cd-1491-4ddf-9ca5-67689dbe5d36","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":80,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"57f29791-37b0-4ee9-a864-ec74e3d195a7","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":80,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"e97d746c-93b6-4393-9137-2ebfc9b99bf2","block_type":"box","text":"timely payment of interest or principal.","page_number":80,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"a02f6553-a7f2-40ee-97f4-f5a136734664","block_type":"box","text":"Interest Rate Risk","page_number":80,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"afba6144-4347-4d49-93ba-a22f64b373ce","block_type":"box","text":".","page_number":80,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"48377a87-fb6d-464e-83af-4f1a707210f6","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":80,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"ea374519-a27a-4dd5-86d7-00ac08d2baea","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":80,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"a0e35435-dacc-4eaa-b846-60cd058bd2b0","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":80,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"ffe11070-e30b-4f24-8075-c6e9198b8520","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":80,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"88f9731e-832e-4fac-9630-1872425ea9ad","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":80,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"c7640167-08c1-43d6-9daf-cad698844634","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":80,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"afa813ca-4b54-4bdd-8162-7e502259ff34","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":80,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"378f8c91-1de3-40ff-9fe4-e28c7c8e7dda","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":80,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"785b1285-37b8-4c3b-9374-cd59559dd4b8","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":80,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"1d78f910-0027-49a4-8406-803b3d0f186d","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":80,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"bd64c0c9-4e28-4a23-8796-a98c30cd4f5e","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":80,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"cd57603e-e3cc-403b-b009-4d865140b0a2","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":80,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"c43c3cef-2a4a-4748-8bd1-98f5e8616afa","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":80,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"07b9710b-912e-4bd1-87ba-0aa278d0fda7","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":80,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"6a983783-0bd9-4d8f-8a26-3e28541e7a4a","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":80,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"426a650c-76ea-4f66-a4b1-6e6a62e92922","block_type":"box","text":"dividends to shareholders.","page_number":80,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"45c8b7bc-8957-4382-9bd0-7cb29fad055b","block_type":"box","text":"Market Risk","page_number":80,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"a8a1528a-9852-4436-89ee-4063a954848f","block_type":"box","text":".","page_number":80,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"3f7ce57b-5361-4f16-98fc-13fd9460220d","block_type":"box","text":"The Fund could lose money over short periods due","page_number":80,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"eb9590de-ccf7-4faf-896e-76dffa1b64f9","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":80,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"8189d363-b942-4d0d-9752-c82f68f7374d","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":80,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"c2c89827-6c6b-4848-a82d-3ebe3518aa22","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":80,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"7501c80f-a00a-4ae7-9955-fd3de2954985","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":80,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"3a36cb2f-c87f-4357-931e-9f0693c4b065","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":80,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"ee75b58c-3834-4493-9783-d25c9581498b","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":80,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"8a0f28bd-fbcc-4603-ae1a-1b63b485c2e3","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":80,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"8551b019-27e1-4eb8-9b83-969cde0cbe06","block_type":"box","text":"NAV.","page_number":80,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"0a6ff33b-2151-4d41-a28f-a746f84c7f36","block_type":"box","text":"Index-Related Risk.","page_number":80,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"c38da0ec-c1cb-4e7f-9fcd-13b2183f8104","block_type":"box","text":"The Index Provider may rely on various","page_number":80,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"3f2ce16a-d5c2-44b7-b30e-c3c9416b8d53","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":80,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"c6426b80-ce66-4286-929c-3a89d0b54a77","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":80,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"2cdc0759-aefb-4d57-b8b6-0a98517e49da","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":80,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"9b151eea-c81c-4b33-9289-30d037172fe5","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":80,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"a6d75efc-790a-4d44-ad58-afeb62226554","block_type":"box","text":"information will provide an accurate assessment of included","page_number":80,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"ea1cf96f-c6f9-42f0-94aa-0cc24c9a0724","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":80,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"9b5bb8f0-8dda-43cb-bc20-5f7c3b507f9d","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":80,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"8a3c2895-46fc-484b-8b46-4336d9476dec","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":80,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"1c721d6f-203d-4be7-b898-b0edf77e4ad5","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":80,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"7811d6da-a863-4bb6-87d5-971215419037","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":80,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"204d5455-eafe-424d-bd2b-62dc9533bbb6","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":80,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"f7ffd685-c5d0-4655-b4ed-4ecfeac614e2","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":80,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"92e45a22-30f6-4714-b427-fbb95fa3bd12","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":80,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"170bd436-2ba9-4129-b321-829d13bb1808","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":80,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"6a6c7719-c03e-468d-ac22-971534245c26","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":80,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"0d99aeea-c315-4978-b204-c16f45c5c61a","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":80,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"20adf754-7548-4e54-a640-5f012af168a9","block_type":"box","text":"Asset Class Risk.","page_number":80,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"eb3fe1fb-766a-4335-80ce-8f880ba16437","block_type":"box","text":"The securities and other assets in the","page_number":80,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"97796c19-f15b-4cf4-b06a-9fe1ee42c1ef","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":80,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"d4980332-f21c-468e-80c1-730b48de6bd4","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":80,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"4f715374-6b4c-4317-a107-9aba59c3cd00","block_type":"box","text":"market, another index, or other asset classes.","page_number":80,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"6fe73e64-04a2-40d8-856c-cb7dc79c6367","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":80,"box":{"x":548,"y":240,"width":266,"height":10}},{"id":"7a475d37-4619-4470-8c53-ba9fb01bdb3e","block_type":"box","text":".","page_number":80,"box":{"x":814,"y":246,"width":3,"height":2}},{"id":"837816da-d899-44eb-893e-eef538bf7679","block_type":"box","text":"From time to time, an","page_number":80,"box":{"x":823,"y":240,"width":136,"height":10}},{"id":"22f6051b-000a-4ca3-8f81-1a4fca45169c","block_type":"box","text":"Authorized Participant (as defined below in","page_number":80,"box":{"x":549,"y":254,"width":273,"height":11}},{"id":"219f0926-400f-42c8-b93a-274b84c8db62","block_type":"box","text":"Authorized Participant","page_number":80,"box":{"x":826,"y":254,"width":141,"height":11}},{"id":"576ec22f-a0be-47ec-9000-c4e49c590c05","block_type":"box","text":"Concentration Risk)","page_number":80,"box":{"x":549,"y":268,"width":120,"height":9}},{"id":"4bc28d47-a82c-4cb2-949c-330b64c353cb","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":80,"box":{"x":669,"y":268,"width":294,"height":11}},{"id":"cc5196e7-477f-4b98-ab59-4a7b1d4d33d1","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":80,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"cf50d261-69b5-4adf-b605-7116b0f3dd12","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":80,"box":{"x":550,"y":296,"width":418,"height":11}},{"id":"1a174647-a8ef-4885-89b4-2ef9545cd5b8","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":80,"box":{"x":549,"y":311,"width":418,"height":8}},{"id":"4ed49cab-a6f9-4dab-b9bb-f86f8db52cc9","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":80,"box":{"x":549,"y":325,"width":410,"height":11}},{"id":"726c8d07-9e00-41e0-be1c-9572e10c21e9","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":80,"box":{"x":549,"y":339,"width":383,"height":10}},{"id":"2bfaf520-2612-4080-8ecf-fe46b79876b0","block_type":"box","text":"negatively impact the Fund.","page_number":80,"box":{"x":549,"y":353,"width":175,"height":11}},{"id":"097d58b0-ab2b-4e15-85f8-eba99d567e9e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":80,"box":{"x":548,"y":376,"width":290,"height":11}},{"id":"6de06c5d-9bbb-4649-8963-65d69f1a7d44","block_type":"box","text":"An “Authorized","page_number":80,"box":{"x":847,"y":376,"width":93,"height":9}},{"id":"27f4fcfa-8899-4206-b1d2-1a7e52ed115a","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":80,"box":{"x":550,"y":391,"width":379,"height":10}},{"id":"26c1dae6-dd7f-48f4-b67c-a4436e6b1357","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":80,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"070347ef-4628-49a0-89eb-bbf6a811a1aa","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":80,"box":{"x":550,"y":419,"width":395,"height":11}},{"id":"021a2eb5-d8b6-4771-ad4d-c594865663a6","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":80,"box":{"x":550,"y":433,"width":399,"height":11}},{"id":"b323779b-2b6f-4490-9b40-e44c4c17d920","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":80,"box":{"x":549,"y":447,"width":407,"height":11}},{"id":"47467a56-b490-4e17-acdc-5886be56358d","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":80,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"f3dda549-fd9a-4ca7-9226-5ee4c42e90a3","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":80,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"a56d9332-0b75-44dd-b804-ecb5ab95b7f8","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":80,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"a098513e-6bd9-489e-853d-1c1259422432","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":80,"box":{"x":549,"y":504,"width":378,"height":11}},{"id":"19586585-fd45-44ae-86dc-720900f18f03","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":80,"box":{"x":550,"y":518,"width":379,"height":11}},{"id":"b126e6c2-56f7-4a60-b180-0b4f7577661e","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":80,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"532cc338-77cf-45fc-8e08-71cb0b52d5a0","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":80,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"ba32f7b0-3049-4967-809b-27ec30f6d0f2","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":80,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"1e6292b6-e55e-4924-9365-f811c7f5dffa","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":80,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"2812301d-9565-4629-97ca-4cd6b0ebcecc","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":80,"box":{"x":549,"y":589,"width":273,"height":11}},{"id":"10ab61b6-23a4-47d1-9fc8-7d8de9ecd9a0","block_type":"box","text":"Concentration Risk.","page_number":80,"box":{"x":549,"y":612,"width":132,"height":9}},{"id":"93a374dc-0098-4f19-8af2-78d3a9141b7d","block_type":"box","text":"The Fund may be susceptible to an","page_number":80,"box":{"x":687,"y":612,"width":221,"height":11}},{"id":"cb377868-e7b4-4fb2-ae89-f145fe2a3df3","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":80,"box":{"x":549,"y":626,"width":419,"height":11}},{"id":"b2652952-f6dd-4636-ad98-e3151565e2b8","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":80,"box":{"x":549,"y":641,"width":408,"height":10}},{"id":"d4c5c723-0ab8-4532-9005-dd89861bf880","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":80,"box":{"x":549,"y":655,"width":418,"height":8}},{"id":"604aa004-c635-4de4-90a9-a58ef790dbe3","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":80,"box":{"x":549,"y":669,"width":395,"height":10}},{"id":"e5eca409-cf61-40cf-b778-22f8719e66ed","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":80,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"8cd4357f-74ad-42d3-b396-8b669461fd29","block_type":"box","text":"asset classes.","page_number":80,"box":{"x":549,"y":697,"width":88,"height":9}},{"id":"9bea220c-b2ec-4da4-bd0a-9d0e2be780b9","block_type":"box","text":"Declining Yield Risk.","page_number":80,"box":{"x":549,"y":721,"width":136,"height":10}},{"id":"d2a08ecc-bc64-4d95-b5ad-9c6bfacfde86","block_type":"box","text":"In the months leading up to the Fund’s","page_number":80,"box":{"x":691,"y":721,"width":245,"height":10}},{"id":"7640d3b9-fcd0-4568-9b12-de53ac19f59f","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":80,"box":{"x":549,"y":735,"width":386,"height":11}},{"id":"9e03bec3-e0fd-4b62-9c66-c00f5b4a045e","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":80,"box":{"x":549,"y":749,"width":408,"height":11}},{"id":"c32f4004-c438-42ed-8699-846b479cb66d","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":80,"box":{"x":549,"y":763,"width":424,"height":11}},{"id":"6572f125-c98b-4924-9090-e566050a4de2","block_type":"box","text":"yields for bonds in the market.","page_number":80,"box":{"x":549,"y":777,"width":193,"height":11}},{"id":"fdbb2edb-1638-45e7-9e7c-296bd49001e2","block_type":"box","text":"Income Risk.","page_number":80,"box":{"x":549,"y":800,"width":86,"height":9}},{"id":"12a47740-d1ed-4f54-905f-55a89eca12e3","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":80,"box":{"x":640,"y":800,"width":288,"height":11}},{"id":"c3caf4d0-6a7c-4fbd-aaa6-9eb746482f07","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":80,"box":{"x":549,"y":815,"width":407,"height":8}},{"id":"950691a0-deba-4cc5-ad5f-2d8966bbc1c8","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":80,"box":{"x":549,"y":829,"width":414,"height":11}},{"id":"7b8c63b6-3a9d-4c00-a478-554a788caea2","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":80,"box":{"x":549,"y":843,"width":380,"height":11}},{"id":"3795097f-dfec-4cba-8174-ab970a8a1edf","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":80,"box":{"x":549,"y":857,"width":406,"height":11}},{"id":"614ea115-3b87-4a09-ad62-ca7333e01aa5","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":80,"box":{"x":549,"y":871,"width":424,"height":11}},{"id":"da9ecec0-e54e-42ec-8aca-882d09fc2803","block_type":"box","text":"S-73","page_number":80,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"98904d12-b664-4df0-aa06-6a28338cf33e","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":81,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"fd2ebc85-79fc-43c5-86df-c0fc95be3992","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":81,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"bdc31938-7cc4-490e-acea-b40781269fc5","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":81,"box":{"x":83,"y":52,"width":419,"height":10}},{"id":"a41882fa-5578-48c5-9c3f-70388187f887","block_type":"box","text":"Issuer Risk","page_number":81,"box":{"x":83,"y":75,"width":75,"height":8}},{"id":"f14e495d-2837-4f38-933b-940c65d30e11","block_type":"box","text":".","page_number":81,"box":{"x":158,"y":81,"width":3,"height":2}},{"id":"68ef23ba-6a9a-4106-ae40-5b0d0281c987","block_type":"box","text":"The performance of the Fund depends on the","page_number":81,"box":{"x":166,"y":75,"width":288,"height":10}},{"id":"7f4de393-4554-4538-9dab-8f7f0f0cb57e","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":81,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"0a049ec6-efee-46d5-93b3-7702c3d7bb0c","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":81,"box":{"x":84,"y":103,"width":401,"height":11}},{"id":"6a031ac2-4204-4d7d-8e12-ecee038d5b14","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":81,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"ac953552-3a50-4444-8b30-960710633f6b","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":81,"box":{"x":83,"y":131,"width":414,"height":11}},{"id":"b1765a3a-df77-4c91-9e17-450e151a9d23","block_type":"box","text":"counterparty.","page_number":81,"box":{"x":83,"y":146,"width":84,"height":10}},{"id":"368ffcdc-e74c-4811-b2e9-6ef1e88e2015","block_type":"box","text":"Management Risk","page_number":81,"box":{"x":83,"y":169,"width":122,"height":11}},{"id":"ab78fea3-a9b8-4435-80df-e6a9c01d7eef","block_type":"box","text":".","page_number":81,"box":{"x":206,"y":175,"width":2,"height":2}},{"id":"e20afeb0-c149-4b5b-a366-ace7ff60ea05","block_type":"box","text":"The Fund generally does not attempt to take","page_number":81,"box":{"x":213,"y":169,"width":283,"height":11}},{"id":"d59f48af-9ecd-4909-857a-e2e04538c543","block_type":"box","text":"defensive positions under any market conditions, including","page_number":81,"box":{"x":83,"y":183,"width":376,"height":11}},{"id":"32b92907-a921-4c37-bab8-d1f81336a083","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":81,"box":{"x":83,"y":197,"width":362,"height":11}},{"id":"f9af7bba-4f73-4180-8fc9-19819d8080ca","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":81,"box":{"x":83,"y":211,"width":388,"height":11}},{"id":"4e1a14fd-0a85-4f4b-bdbe-e25ab5c7ab67","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":81,"box":{"x":83,"y":226,"width":409,"height":10}},{"id":"f6c1fde0-9270-4cb5-968d-80433b82a3b7","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":81,"box":{"x":83,"y":240,"width":419,"height":11}},{"id":"cd17c7e8-6225-4196-89ba-6f7e5863aa3f","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":81,"box":{"x":82,"y":254,"width":420,"height":11}},{"id":"d8f09df2-9276-4b40-b8d2-d9ab7919f29f","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":81,"box":{"x":83,"y":268,"width":402,"height":11}},{"id":"04a44086-5cd1-4531-b209-bffce9576f19","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":81,"box":{"x":83,"y":282,"width":323,"height":11}},{"id":"a1c50af4-0466-4cb9-a3a0-a6986b36c69e","block_type":"box","text":"Market Trading Risk","page_number":81,"box":{"x":83,"y":305,"width":136,"height":11}},{"id":"5c788325-405f-4a84-b7f2-e4d95d575950","block_type":"box","text":".","page_number":81,"box":{"x":219,"y":312,"width":2,"height":2}},{"id":"e8d5e7bd-7ce9-47d4-8f40-215cb46d3036","block_type":"box","text":"The Fund faces numerous market trading","page_number":81,"box":{"x":226,"y":305,"width":263,"height":11}},{"id":"b85cf8fe-fb80-4878-a398-d22455aa66a8","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":81,"box":{"x":83,"y":320,"width":394,"height":10}},{"id":"0dcf6483-4303-402a-87c7-8431a3e64ba7","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":81,"box":{"x":83,"y":334,"width":401,"height":11}},{"id":"e4f9ecfd-0980-4b09-9b27-7047eee7b42c","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":81,"box":{"x":83,"y":348,"width":404,"height":11}},{"id":"3d110702-b8ba-4697-9652-aa58598a7fee","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":81,"box":{"x":83,"y":362,"width":416,"height":11}},{"id":"c5fb2fac-efca-4e05-8ee6-401558304d35","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":81,"box":{"x":82,"y":376,"width":405,"height":11}},{"id":"5188f4b7-95bd-4e19-8ca0-088a57eec7a9","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":81,"box":{"x":83,"y":391,"width":411,"height":10}},{"id":"38642848-b5dc-4ec2-91de-057f4d9a72b9","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":81,"box":{"x":83,"y":405,"width":397,"height":11}},{"id":"08706e3f-50f2-4641-a046-189ae44a2149","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":81,"box":{"x":83,"y":419,"width":419,"height":11}},{"id":"11199e89-a382-4120-bee7-8175e06adf97","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":81,"box":{"x":83,"y":433,"width":412,"height":11}},{"id":"f0bd0918-20e7-468b-9a61-abe2955409a5","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":81,"box":{"x":83,"y":447,"width":397,"height":11}},{"id":"698caf57-f14e-4953-9ecf-dfd16d86846f","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":81,"box":{"x":83,"y":461,"width":316,"height":11}},{"id":"ae7742d6-820d-40ac-ad1a-7adcc40cb8e8","block_type":"box","text":"Operational and Technology Risks","page_number":81,"box":{"x":83,"y":485,"width":230,"height":10}},{"id":"b87002b8-3b2f-41c2-999b-f1f9bc7c85f2","block_type":"box","text":".","page_number":81,"box":{"x":314,"y":491,"width":2,"height":2}},{"id":"ff2c94e2-27ee-40a1-88de-bd2fbaac7f50","block_type":"box","text":"The Fund is directly and","page_number":81,"box":{"x":321,"y":485,"width":151,"height":10}},{"id":"92905269-b5fa-4d40-a121-5d72004b5f84","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":81,"box":{"x":83,"y":499,"width":368,"height":11}},{"id":"a58de2f9-c063-4d4f-9248-2a2362fd1be5","block_type":"box","text":"including those related to human errors, processing errors,","page_number":81,"box":{"x":83,"y":513,"width":376,"height":11}},{"id":"b2c2552a-3d5a-447c-842e-9080a67082a4","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":81,"box":{"x":83,"y":527,"width":413,"height":11}},{"id":"2698dc5f-f7c3-4b7e-91d0-2d3581864a08","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":81,"box":{"x":83,"y":541,"width":404,"height":11}},{"id":"ae78a714-b90a-49b6-97ff-8392135e63e1","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":81,"box":{"x":82,"y":556,"width":402,"height":10}},{"id":"c6791069-1d72-4b83-870f-972263f1a96e","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":81,"box":{"x":83,"y":570,"width":376,"height":11}},{"id":"0baa6344-9c86-4cd7-8947-e975317d827d","block_type":"box","text":"providers are required to have appropriate operational,","page_number":81,"box":{"x":83,"y":584,"width":350,"height":11}},{"id":"6998e179-c4eb-4f33-b813-7ba2b7cbb2d7","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":81,"box":{"x":83,"y":598,"width":414,"height":11}},{"id":"a6eb0131-5f91-4505-9f8f-2e6b67781d82","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":81,"box":{"x":83,"y":612,"width":397,"height":11}},{"id":"c00c1884-f1c8-480d-b10a-9677bcf54b65","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":81,"box":{"x":82,"y":626,"width":411,"height":11}},{"id":"7cc97b17-db4e-4cca-90c0-762f3527f74d","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":81,"box":{"x":83,"y":641,"width":391,"height":8}},{"id":"e0bc0cf4-609b-4871-b529-b1eae3da448c","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":81,"box":{"x":83,"y":655,"width":421,"height":11}},{"id":"61885fb1-488e-4fa4-9887-cdb52c97d6d5","block_type":"box","text":"investments in such issuers to lose value.","page_number":81,"box":{"x":83,"y":669,"width":264,"height":8}},{"id":"9293c9bf-3475-4102-9f82-462f295baae9","block_type":"box","text":"Risk of Investing in the U.S","page_number":81,"box":{"x":83,"y":692,"width":182,"height":11}},{"id":"0a1f5bd5-dfba-4abc-a946-7cf564a6bfc6","block_type":"box","text":".","page_number":81,"box":{"x":266,"y":699,"width":2,"height":2}},{"id":"b1235bac-09c7-4279-8c47-148ec7e1730c","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":81,"box":{"x":274,"y":692,"width":210,"height":11}},{"id":"141f8410-5ea9-4d8e-ba88-1c0303dcfd4a","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":81,"box":{"x":83,"y":706,"width":391,"height":11}},{"id":"e4c070b1-ff93-4823-b002-84adf9740042","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":81,"box":{"x":83,"y":721,"width":423,"height":10}},{"id":"cbfa0773-f8ac-4f80-b07c-f5f18872b92b","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":81,"box":{"x":83,"y":735,"width":413,"height":11}},{"id":"c8d92dda-1b2d-4697-b3de-b156675ef9cc","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":81,"box":{"x":82,"y":749,"width":397,"height":11}},{"id":"3d5c1198-b493-41c6-bc79-54c07c60c6d0","block_type":"box","text":"Securities Lending Risk.","page_number":81,"box":{"x":548,"y":23,"width":162,"height":11}},{"id":"c328d6e3-2a01-439c-8ca7-02c517f9ff8e","block_type":"box","text":"The Fund may engage in securities","page_number":81,"box":{"x":716,"y":23,"width":221,"height":11}},{"id":"82f1555e-d87e-4032-b34b-38ee084484ae","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":81,"box":{"x":549,"y":37,"width":397,"height":11}},{"id":"a23da471-3b40-40eb-bc8b-92985ce22dba","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":81,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"941ab8a7-dff7-4d13-89a0-3ee468bca8d0","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":81,"box":{"x":549,"y":66,"width":409,"height":10}},{"id":"d37ca91a-bcd7-4bf0-8cfd-8a529ed831cf","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":81,"box":{"x":549,"y":80,"width":416,"height":11}},{"id":"67835b95-9910-4815-b4e1-5ec2a147b88d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":81,"box":{"x":549,"y":94,"width":389,"height":11}},{"id":"20321fc8-b2da-4357-a62f-1f359ecd2e4e","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":81,"box":{"x":549,"y":108,"width":406,"height":9}},{"id":"98a8680f-ce68-4d04-85d5-3d9f99ee4854","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":81,"box":{"x":549,"y":122,"width":301,"height":11}},{"id":"86b83fca-c67d-439b-9c6d-1ed6ff323ecc","block_type":"box","text":"Small Fund Risk.","page_number":81,"box":{"x":548,"y":146,"width":111,"height":8}},{"id":"df84233a-c380-4af9-8d53-9b62c9ddd8d6","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":81,"box":{"x":665,"y":146,"width":282,"height":10}},{"id":"4816c27f-bfdd-488e-b5ba-535d454b2e03","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":81,"box":{"x":549,"y":160,"width":397,"height":11}},{"id":"7f953939-188e-4596-81e8-343299ac902b","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":81,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"fd89cea0-7a87-4975-92c9-a7b1a28b9b1d","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":81,"box":{"x":549,"y":188,"width":387,"height":11}},{"id":"8b410dd3-1d64-42eb-9354-ef082b768f5a","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":81,"box":{"x":549,"y":202,"width":417,"height":11}},{"id":"c83be2b3-62c0-4323-879d-37c60ead7565","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":81,"box":{"x":549,"y":217,"width":420,"height":10}},{"id":"9dcb8942-282d-432e-b184-c2ece6ca366c","block_type":"box","text":"at a discount to similar “round lot” bonds. The prices used by the","page_number":81,"box":{"x":549,"y":231,"width":414,"height":10}},{"id":"85587fc0-5e2e-4439-9548-0b6ca1fa62c2","block_type":"box","text":"Fund may differ from the value that would be realized if these","page_number":81,"box":{"x":550,"y":245,"width":390,"height":11}},{"id":"1186645a-36e1-4f67-909e-4ccbfae78180","block_type":"box","text":"securities were sold, and the impact of such pricing differences on","page_number":81,"box":{"x":549,"y":259,"width":424,"height":11}},{"id":"ed0ee39e-ff0a-4544-9ba5-ef3a0a51ba61","block_type":"box","text":"a Fund’s performance may be heightened when the Fund’s size is","page_number":81,"box":{"x":549,"y":273,"width":417,"height":11}},{"id":"d540506f-e2af-4981-bba9-c50bc8c8ae74","block_type":"box","text":"small. In addition, the Fund may face the risk of being delisted if it","page_number":81,"box":{"x":549,"y":287,"width":421,"height":11}},{"id":"becf64a8-d6b1-4a95-ab4b-06e482c44bcb","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":81,"box":{"x":549,"y":302,"width":408,"height":10}},{"id":"8a0eafbc-0c0d-4024-8e58-fdb7363f60d0","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":81,"box":{"x":549,"y":316,"width":375,"height":11}},{"id":"2f880016-36cf-4406-bde1-da7841347c1f","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":81,"box":{"x":549,"y":330,"width":420,"height":11}},{"id":"e3699ec9-bac3-4be6-803d-c9146f1f6ac5","block_type":"box","text":"its shareholders.","page_number":81,"box":{"x":549,"y":344,"width":105,"height":9}},{"id":"9f16a1c1-738f-493e-aaae-869f5d6eaac8","block_type":"box","text":"Tracking Error Risk","page_number":81,"box":{"x":550,"y":367,"width":128,"height":11}},{"id":"79c8a35c-c4bc-4f88-8759-7bdbce17189d","block_type":"box","text":".","page_number":81,"box":{"x":678,"y":374,"width":3,"height":2}},{"id":"47102b86-9793-4bf9-aad6-31538fae0d7a","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":81,"box":{"x":686,"y":367,"width":284,"height":11}},{"id":"c8a5b520-bb4f-4013-ad43-71b84d595c93","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":81,"box":{"x":549,"y":381,"width":404,"height":11}},{"id":"6d903e0d-199c-42d5-95dc-bb470b7d15bd","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":81,"box":{"x":549,"y":396,"width":425,"height":11}},{"id":"5fd75b10-53be-4c2e-8fa7-426bd8c5f112","block_type":"box","text":"factors, including differences between the securities and other","page_number":81,"box":{"x":549,"y":410,"width":401,"height":11}},{"id":"7dc33d0b-c26e-4b29-8e43-3f5fb28152e0","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":81,"box":{"x":549,"y":424,"width":381,"height":11}},{"id":"1954018a-b443-4fb3-892b-45606273875f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":81,"box":{"x":550,"y":438,"width":396,"height":11}},{"id":"27b41822-b757-4f05-b0f1-65777c5b3382","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":81,"box":{"x":549,"y":452,"width":407,"height":11}},{"id":"bd67dd9a-7078-414e-b7a4-b9660dfa836b","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":81,"box":{"x":549,"y":467,"width":400,"height":10}},{"id":"38ab58c0-e3a8-4339-befc-7853ca2b5e57","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":81,"box":{"x":549,"y":481,"width":421,"height":11}},{"id":"f73df730-e325-4a2c-a0f3-987e63d35e75","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":81,"box":{"x":549,"y":495,"width":374,"height":11}},{"id":"aaec30cd-21fd-4230-8a27-6e1973f801f9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":81,"box":{"x":549,"y":509,"width":370,"height":11}},{"id":"14956970-7bfa-432e-b475-9020e94afd3d","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":81,"box":{"x":549,"y":523,"width":372,"height":11}},{"id":"6989c863-2049-477b-8345-addd115fce1d","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":81,"box":{"x":549,"y":537,"width":420,"height":11}},{"id":"e1ff3e96-2aed-48bb-9860-7781bd53858f","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":81,"box":{"x":549,"y":552,"width":387,"height":11}},{"id":"26a6c5c6-4921-47bf-84e5-33475e6b8a86","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":81,"box":{"x":549,"y":566,"width":377,"height":11}},{"id":"ff103ba9-ffc4-4165-b7c9-b5ec7d60b1d4","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":81,"box":{"x":549,"y":580,"width":380,"height":11}},{"id":"0c5c8880-962a-4934-aeda-f623b1065ec8","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":81,"box":{"x":549,"y":594,"width":366,"height":11}},{"id":"292ac700-502e-433e-9900-6691e56ffd08","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":81,"box":{"x":549,"y":608,"width":414,"height":11}},{"id":"9f984c6b-c87e-4572-8c13-1b42e9d47562","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":81,"box":{"x":550,"y":623,"width":386,"height":10}},{"id":"60cfacd2-ce0b-49c3-a6c1-db2b939dd45c","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":81,"box":{"x":549,"y":637,"width":414,"height":11}},{"id":"7f46ffec-073f-4182-95df-0da6b7b809d6","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":81,"box":{"x":549,"y":651,"width":420,"height":11}},{"id":"8dbe7b47-c1c9-414b-a9d0-f1028cf0155c","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":81,"box":{"x":549,"y":665,"width":413,"height":11}},{"id":"3cb1840a-5194-4740-a02e-fb718071785f","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":81,"box":{"x":549,"y":679,"width":410,"height":11}},{"id":"2d469ec4-8477-45b4-a46d-60c158c7bcc5","block_type":"box","text":"index ETFs.","page_number":81,"box":{"x":549,"y":694,"width":71,"height":8}},{"id":"ab3a0e9c-22c0-4abd-b98a-5810cc6e8042","block_type":"box","text":"S-74","page_number":81,"box":{"x":522,"y":920,"width":28,"height":9}},{"id":"956719a8-09f1-4bcb-a4c6-094bc76f4830","block_type":"box","text":"Performance Information","page_number":82,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"01a0bef5-000e-4c29-9ae1-37538686a81d","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":82,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"105f995f-ed62-4247-b09d-125dd35c2a34","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":82,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"09ca16aa-c936-4d49-970e-bf12143351ff","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":82,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"7f9fa765-1d4d-4577-a4b0-365eb1586a98","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":82,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"637f6bf6-6b75-4e97-baf3-ccaba384899a","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":82,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"b30a152d-e6c5-4e42-9ed8-10dd6b9650e8","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":82,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"b0a290e0-9111-4acb-8fa1-4c192a329990","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":82,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"109b86c4-5f2d-4b22-bdbd-5e0b0ed972c7","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":82,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"c387bbee-f25d-4c02-ac6a-f991a2824a35","block_type":"box","text":"5%","page_number":82,"box":{"x":340,"y":201,"width":13,"height":7}},{"id":"48b8f1e2-5aef-469e-b01c-e072f758d8a5","block_type":"box","text":"4%","page_number":82,"box":{"x":339,"y":221,"width":14,"height":7}},{"id":"b712a581-3471-45b6-864d-0f98f55e3d82","block_type":"box","text":"3%","page_number":82,"box":{"x":339,"y":240,"width":14,"height":7}},{"id":"9ff7b888-4e10-4b7b-a75a-417e1ab22146","block_type":"box","text":"2%","page_number":82,"box":{"x":340,"y":260,"width":13,"height":7}},{"id":"636a498e-5b9a-4ac0-b840-cf321c4a34d8","block_type":"box","text":"1%","page_number":82,"box":{"x":341,"y":280,"width":12,"height":6}},{"id":"2a1b863a-c1c3-4a78-9583-2f95304a164c","block_type":"box","text":"0%","page_number":82,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"20a72d8f-8e2f-4db6-aac2-b2885723444e","block_type":"box","text":"2","page_number":82,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"cf65d09e-8da5-4877-a29d-2666ec96e703","block_type":"box","text":"0","page_number":82,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"241b486c-e661-47a8-89d6-8758949a7311","block_type":"box","text":"2","page_number":82,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"5e06d062-22ad-4449-80a4-9e54dc3cde87","block_type":"box","text":"5","page_number":82,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"bb0d4a7b-463a-4dd2-ae9b-666f9ceb0888","block_type":"box","text":"3.67%","page_number":82,"box":{"x":526,"y":220,"width":27,"height":6}},{"id":"2ccc9bf8-3b83-4946-af91-a065c2183b76","block_type":"box","text":"Return (%) Period Ended","page_number":82,"box":{"x":576,"y":348,"width":159,"height":9}},{"id":"06f48bc6-de05-4070-b740-057c20dbceab","block_type":"box","text":"During the periods shown in the chart:","page_number":82,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"996616e8-56dc-45d6-98a3-282f460ad789","block_type":"box","text":"Best Quarter 4.39% March 31, 2025","page_number":82,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"d772988a-6920-4ccf-b0f5-fd6f1a9b572f","block_type":"box","text":"Worst Quarter -2.04% June 30, 2025","page_number":82,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"ff7fdca5-a143-440e-be3e-ec96cdd6f6e3","block_type":"box","text":"Average Annual Total Returns","page_number":82,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"b5408962-f535-4bcf-b7d9-a74443ec1fd1","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":82,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"65a36f4b-a75a-4a10-a093-21f64d7da97f","block_type":"box","text":"One Year","page_number":82,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"9e5534b0-34fa-4c40-b2c3-3c1d0c4ccd98","block_type":"box","text":"Since Fund","page_number":82,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"ae13fe21-0e41-452f-834e-67fd1a007f21","block_type":"box","text":"Inception","page_number":82,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"d532fa42-2237-490c-bd44-591b3cf58cc2","block_type":"box","text":"(Inception Date: 6/11/2024)","page_number":82,"box":{"x":123,"y":482,"width":176,"height":9}},{"id":"02533741-ef10-4a3d-90c3-dc22b8dfa4ce","block_type":"box","text":"Return Before Taxes","page_number":82,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"1698b289-4875-4487-b498-d867bda2d01c","block_type":"box","text":"3.67% 0.99%","page_number":82,"box":{"x":800,"y":493,"width":118,"height":8}},{"id":"b1c7b96a-b7f4-4109-8ed4-47866bb7699f","block_type":"box","text":"Return After Taxes on Distributions","page_number":82,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"a2e29c62-59c6-4143-8485-f09892659cb9","block_type":"box","text":"1.78% -0.95%","page_number":82,"box":{"x":803,"y":505,"width":115,"height":7}},{"id":"8eace63b-3bb1-4aa9-a7e1-49df5805f18e","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.16% -0.04%","page_number":82,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"4e1f7ba8-67e1-4684-8d85-480050133ae7","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":82,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"1b355907-7e72-4e8e-a452-d1d95da802d1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.03%","page_number":82,"box":{"x":328,"y":528,"width":590,"height":10}},{"id":"756540a7-4801-4eba-88a0-e528e3134148","block_type":"box","text":"ICE 2054 Maturity US Treasury Index","page_number":82,"box":{"x":124,"y":540,"width":228,"height":9}},{"id":"5af07334-4564-4c22-b210-04b2a8cacca1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 3.71% 1.05%","page_number":82,"box":{"x":357,"y":540,"width":561,"height":9}},{"id":"74a65c63-0479-437c-983d-4f79e2f3149a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":82,"box":{"x":82,"y":579,"width":882,"height":11}},{"id":"a23354fa-6e0e-4809-968a-9b199091dc2b","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":82,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"8169963d-fc14-4172-a0ad-b360a296c16d","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":82,"box":{"x":83,"y":607,"width":860,"height":11}},{"id":"ae9acf71-be69-466a-ad0c-2fa7c18ad1dc","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":82,"box":{"x":83,"y":621,"width":855,"height":11}},{"id":"73321a8a-25c0-4383-a6cf-90eca9306d11","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":82,"box":{"x":83,"y":635,"width":883,"height":11}},{"id":"b43d819d-1fe1-434b-97a2-fe342bbe15e4","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":82,"box":{"x":82,"y":650,"width":861,"height":10}},{"id":"74093c0f-d0c7-4f06-8fa9-5306b47c1e59","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":82,"box":{"x":83,"y":664,"width":359,"height":10}},{"id":"e045a0cc-4716-4a3b-a629-374ab668bd7b","block_type":"box","text":"S-75","page_number":82,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7f257b59-a482-4a97-88ac-564fc5147091","block_type":"box","text":"Management","page_number":83,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"63cc4373-436e-4198-a41e-1e725ad0bb97","block_type":"box","text":"Investment Adviser.","page_number":83,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"a2207ef6-dc89-424d-af47-fc5b7aea8446","block_type":"box","text":"BlackRock Fund Advisors.","page_number":83,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"20b53c17-14de-4e39-bcd8-95e7e25b047d","block_type":"box","text":"Portfolio Managers.","page_number":83,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"c2a5db89-9b58-48a4-8aaf-438d1c4e2e5e","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":83,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"b727de7d-ef94-42d3-87fc-d2b2f524c41a","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":83,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"7e713c91-9e17-41bb-968d-34ab08096a3c","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":83,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"3efdddf1-7955-4541-b555-6889b1839d71","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":83,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"6b99d390-f04f-4db9-bd43-0ea82dce379b","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":83,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"ad091d58-e7ae-40c9-b100-e5a588aa6fa1","block_type":"box","text":"2025, 2024 and 2025, respectively.","page_number":83,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"90d095f2-9fce-47b6-810e-1ff57f50c0d6","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":83,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"e37a41b3-a997-4924-ba29-a16e6d12957d","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":83,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"47e1e6ec-9e74-45bb-8fdb-1b417161a689","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":83,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"405b0624-32b5-445f-8826-c32fd43bb6d6","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":83,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"e3ac5591-559b-4aa4-9fad-2d7fc9c4aa5c","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":83,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"73612e5f-2a21-494c-a5b2-c1e3aeb98694","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":83,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"fe7ba6b2-3e64-43f4-8af1-123aa0a148dc","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":83,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"96f7372a-6380-406d-92bf-2ec09663f165","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":83,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"df3ace01-87ca-4c84-bfa9-75c7d357bd09","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":83,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"417d115a-99a3-4701-aff1-6e637d057be5","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":83,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"691fcb47-66a3-47cc-8a08-f83b83845f7a","block_type":"box","text":"Tax Information","page_number":83,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"8b1364f3-a082-41a5-be11-37fe4f37c9fa","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":83,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"a1d02b8e-a77c-480a-a07d-9b23141cb51d","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":83,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"7e1d4cdc-c941-4ef8-b36f-281f2514e24e","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":83,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"561169b4-b9df-471f-8f3b-1f6215936223","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":83,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"9760c42c-faa4-48c0-854e-ef309937837a","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":83,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"14e435dc-0e3b-4ecb-ba86-febc3d05bdea","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":83,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"ac6eea19-7cff-4175-8331-35ebec38fd4f","block_type":"box","text":"obligations.","page_number":83,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"174f19bc-1d87-44cf-920b-6aa9d66b8175","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":83,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"64439011-f962-44ac-a909-d92d3519326b","block_type":"box","text":"Intermediaries","page_number":83,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"2c34a42b-219f-4d56-af4e-8f1f24e9ba77","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":83,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"3ed19de9-aece-4c18-bcd1-79787bc1fd58","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":83,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"49bc134b-7492-46b9-a100-13d3376a5534","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":83,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"e5f5b442-409d-4ee0-8146-2e825411ae3b","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":83,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"8b76e884-45cc-4574-88a7-354fe32f2730","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":83,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"2bfd6780-1f69-44c1-89f0-c18570b50ee4","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":83,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"0afe224e-ab02-40a3-ae94-9776886fe62d","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":83,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"613ccff0-28c3-4848-ac83-af9c466f772b","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":83,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"fd39bfb5-13ca-4d5f-9615-84cf0746b18f","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":83,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"eb589ea9-6d31-43b9-900e-383c9867f912","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":83,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"1829ea74-1de5-4db1-baf2-87df190180ae","block_type":"box","text":"information.","page_number":83,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"29cb07ec-78cb-4095-8c7e-2793f8fc73a7","block_type":"box","text":"S-76","page_number":83,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6d211eae-c027-452c-9a9d-67656f3bacf0","block_type":"box","text":"iSHARES","page_number":84,"box":{"x":172,"y":24,"width":118,"height":15}},{"id":"09134517-b502-476f-8d77-2edff2d14469","block_type":"box","text":"®","page_number":84,"box":{"x":293,"y":17,"width":11,"height":8}},{"id":"d4f88ffb-c883-49aa-86ff-90e2ebe2f2fe","block_type":"box","text":"iBONDS","page_number":84,"box":{"x":314,"y":24,"width":108,"height":15}},{"id":"1b56c2b0-5c52-4ebe-90c1-bdc229603502","block_type":"box","text":"®","page_number":84,"box":{"x":425,"y":17,"width":11,"height":8}},{"id":"1e657b8a-41f9-48c4-aa8b-07ca92bc0ffa","block_type":"box","text":"DEC 2055 TERM TREASURY ETF","page_number":84,"box":{"x":447,"y":24,"width":440,"height":15}},{"id":"385a54fe-02e4-450e-9759-4868d2e17cae","block_type":"box","text":"Ticker: IBGL Stock Exchange: Nasdaq","page_number":84,"box":{"x":291,"y":53,"width":470,"height":12}},{"id":"151bd33d-a051-41ed-8ce3-4bbd44a7da39","block_type":"box","text":"Investment Objective","page_number":84,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"2811b1f5-c7a4-42f5-8697-3ef89ac8378f","block_type":"box","text":"The iShares iBonds Dec 2055 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":84,"box":{"x":82,"y":116,"width":884,"height":11}},{"id":"eaa8ea2a-2319-4fe5-9b3d-a17cea5081ff","block_type":"box","text":"bonds maturing in 2055.","page_number":84,"box":{"x":83,"y":130,"width":156,"height":11}},{"id":"31ea163c-3697-4e71-86dc-c77f1b61cd0e","block_type":"box","text":"Fees and Expenses","page_number":84,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"efeab51e-c31e-475e-850b-dcff2fd56783","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":84,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"8a8acaf6-2aa1-4e96-aff3-0da47cda8304","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":84,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"a4888b00-3b13-49a6-adb4-ed187772ebc4","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":84,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"1ead306e-71e0-4be3-995f-a420d4212e31","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":84,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"8e5dd0bb-1e47-46a1-b387-7bf91d2414c1","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":84,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"c4adf231-0584-4c03-9254-95cc971df283","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":84,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"f07142a0-3940-4882-96ad-8a21111897e8","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":84,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"565866f6-b493-4f49-b6fb-216d0549a6e8","block_type":"box","text":"pro rata","page_number":84,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"2c0dd249-2275-4d32-a12a-6e97988b9cb5","block_type":"box","text":"share of the fees","page_number":84,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"5f61ec8a-f83e-4858-8936-7b6bb506a635","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":84,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"f4a48c9f-0638-4b61-b7f4-9d0125ef93c7","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":84,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"d542fe85-c6ee-4209-95d0-660d2a4b3200","block_type":"box","text":"shown in the","page_number":84,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"9090de45-79e7-468b-a334-50a7fdd49db5","block_type":"box","text":"Financial Highlights","page_number":84,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"164ecedb-e2d0-46f9-9f31-4bb4d662c48b","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":84,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"59ddbfb4-6ee0-49a9-8cfe-0b7a485b2891","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":84,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"e7564187-6615-4afb-86a3-0347382310fe","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":84,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"153ac65b-8e4f-46c7-9f1f-ca4aacf8193e","block_type":"box","text":"December 15, 2055. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":84,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"c5118d37-9ec4-4e7d-8fba-172cf5591b3c","block_type":"box","text":"Trust and BFA.","page_number":84,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"7b4e68db-9fa8-489d-84e1-19cb29b52afb","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":84,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"371f585d-1770-4f02-9952-4a4ecb2656bf","block_type":"box","text":"the tables and examples below.","page_number":84,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"2a648f4a-1b11-4870-a5f1-1a6c2f5e7fee","block_type":"box","text":"Annual Fund Operating Expenses","page_number":84,"box":{"x":448,"y":434,"width":160,"height":8}},{"id":"db6b3c1e-e780-424b-9538-89f85ae4e202","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":84,"box":{"x":415,"y":442,"width":226,"height":8}},{"id":"01a8dbd6-0b77-484c-ac34-58b9a71e2294","block_type":"box","text":"percentage of the value of your investments)","page_number":84,"box":{"x":417,"y":450,"width":217,"height":8}},{"id":"9d28773a-f667-405b-b655-e9fff41fb4f6","block_type":"box","text":"1","page_number":84,"box":{"x":636,"y":449,"width":2,"height":4}},{"id":"1dad26cf-bc0e-4146-8cca-e995700125c7","block_type":"box","text":"Management","page_number":84,"box":{"x":111,"y":516,"width":61,"height":8}},{"id":"9ddc253e-f16b-489f-9b93-73dd75283a42","block_type":"box","text":"Fees","page_number":84,"box":{"x":131,"y":524,"width":21,"height":6}},{"id":"6f919971-52de-48b4-be8f-824b2b11e93c","block_type":"box","text":"Distribution","page_number":84,"box":{"x":237,"y":508,"width":56,"height":6}},{"id":"806edd98-de33-4d51-90dc-5adc3423ffe8","block_type":"box","text":"and Service","page_number":84,"box":{"x":237,"y":516,"width":56,"height":6}},{"id":"66029850-bf6e-4b36-b491-f165e0e1adac","block_type":"box","text":"(12b-1) Fees","page_number":84,"box":{"x":237,"y":524,"width":56,"height":8}},{"id":"bdd91b5f-8eaf-4ec2-93e0-be8e61ee920a","block_type":"box","text":"Other","page_number":84,"box":{"x":369,"y":516,"width":27,"height":6}},{"id":"84e73180-bc5d-4f9d-b90b-2361c717f594","block_type":"box","text":"Expenses","page_number":84,"box":{"x":358,"y":524,"width":45,"height":8}},{"id":"d4d4d98d-e243-4a1b-bf5e-47368102ee71","block_type":"box","text":"2","page_number":84,"box":{"x":404,"y":523,"width":3,"height":4}},{"id":"563d10a0-4e77-45bb-aaaf-839a8aca81ab","block_type":"box","text":"Acquired Fund","page_number":84,"box":{"x":472,"y":508,"width":69,"height":8}},{"id":"5993ff93-ccb3-4d46-8ca1-faab68a3dac5","block_type":"box","text":"Fees and","page_number":84,"box":{"x":486,"y":516,"width":42,"height":6}},{"id":"db2f2468-3e3c-4f14-989e-af3a99d49969","block_type":"box","text":"Expenses","page_number":84,"box":{"x":483,"y":524,"width":44,"height":8}},{"id":"c4cb8b4f-7676-4281-9e9c-f384016a72a6","block_type":"box","text":"2","page_number":84,"box":{"x":528,"y":523,"width":3,"height":4}},{"id":"f145ed3b-7ca9-41d6-a951-85a2764d97e8","block_type":"box","text":"Total Annual","page_number":84,"box":{"x":606,"y":500,"width":58,"height":6}},{"id":"2b0541b1-373a-4de3-a810-50162f880781","block_type":"box","text":"Fund","page_number":84,"box":{"x":624,"y":508,"width":23,"height":6}},{"id":"1611a7de-a4cf-4a3e-a31d-51bd327edf50","block_type":"box","text":"Operating","page_number":84,"box":{"x":612,"y":516,"width":47,"height":8}},{"id":"da0672b1-cb8c-49e5-9947-7002c2c61295","block_type":"box","text":"Expenses","page_number":84,"box":{"x":613,"y":524,"width":45,"height":8}},{"id":"d705547c-fe56-4c4f-9567-bca709a4ca2d","block_type":"box","text":"Fee Waiver","page_number":84,"box":{"x":742,"y":500,"width":52,"height":6}},{"id":"1cc9669d-e56e-4518-b9af-ab73217c1883","block_type":"box","text":"and/or","page_number":84,"box":{"x":751,"y":508,"width":33,"height":8}},{"id":"f6b45290-5ea7-4d9f-b9f9-fb00fc441c66","block_type":"box","text":"Expense","page_number":84,"box":{"x":748,"y":516,"width":39,"height":8}},{"id":"f87c088e-22a7-4e06-a739-e88db355e884","block_type":"box","text":"Reimbursement","page_number":84,"box":{"x":728,"y":524,"width":76,"height":6}},{"id":"7e42ec28-fd88-484a-be18-53cd5b6366ae","block_type":"box","text":"Total Annual","page_number":84,"box":{"x":878,"y":468,"width":59,"height":6}},{"id":"dabcdae9-bea3-47f2-be72-1d68b937504a","block_type":"box","text":"Fund","page_number":84,"box":{"x":897,"y":476,"width":22,"height":6}},{"id":"00df8bc9-5a3b-4352-b984-e4423d086154","block_type":"box","text":"Operating","page_number":84,"box":{"x":884,"y":484,"width":48,"height":8}},{"id":"e4e63625-6137-4413-af43-32414d919552","block_type":"box","text":"Expenses After","page_number":84,"box":{"x":872,"y":492,"width":72,"height":8}},{"id":"ccbe3d8b-aa7e-445f-bab0-410de6f38b8b","block_type":"box","text":"Fee Waiver","page_number":84,"box":{"x":882,"y":500,"width":52,"height":6}},{"id":"3447486b-ac18-420e-94e4-4b848c080207","block_type":"box","text":"and/or","page_number":84,"box":{"x":891,"y":508,"width":34,"height":8}},{"id":"cc28345e-0112-439b-9ba2-99fb190a14f7","block_type":"box","text":"Expense","page_number":84,"box":{"x":889,"y":516,"width":39,"height":8}},{"id":"71580d25-a984-4f59-9ffc-d06085e7ea16","block_type":"box","text":"Reimbursement","page_number":84,"box":{"x":869,"y":524,"width":76,"height":6}},{"id":"b77526e0-7256-4663-8f97-f4747810012a","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":84,"box":{"x":125,"y":542,"width":800,"height":10}},{"id":"1aecbc0b-74ba-4318-8e57-2d308f770740","block_type":"box","text":"1","page_number":84,"box":{"x":112,"y":573,"width":2,"height":4}},{"id":"23163c40-6737-4a41-8842-f02e3bb031ad","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":84,"box":{"x":123,"y":574,"width":713,"height":10}},{"id":"64a1d063-ec58-428f-9d1b-7b4e1766c0eb","block_type":"box","text":"2","page_number":84,"box":{"x":111,"y":583,"width":4,"height":5}},{"id":"136160b8-1932-4f25-a315-2cedcebbd804","block_type":"box","text":"Based on estimated amounts for the current fiscal year.","page_number":84,"box":{"x":124,"y":585,"width":314,"height":9}},{"id":"dacf69be-9e2a-49dc-8c69-6e444c4ccdb0","block_type":"box","text":"Example.","page_number":84,"box":{"x":83,"y":604,"width":62,"height":11}},{"id":"b83246ae-0ab7-444b-8e8e-9a8be86a69e7","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":84,"box":{"x":150,"y":604,"width":800,"height":11}},{"id":"25e7c840-5e23-46f4-8e80-4fea5509f978","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":84,"box":{"x":82,"y":618,"width":891,"height":11}},{"id":"fe86f7ac-ee85-4faf-b4e7-565fdc64d3d8","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2055 because the Fund is scheduled to","page_number":84,"box":{"x":83,"y":633,"width":865,"height":10}},{"id":"e4cb7bc5-0eea-43c4-8a63-1edb90e7dc74","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":84,"box":{"x":83,"y":647,"width":889,"height":11}},{"id":"2343e009-fb9c-4c1a-b498-9733d38b466e","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":84,"box":{"x":83,"y":661,"width":872,"height":11}},{"id":"521ecaa3-2ffa-4b06-95d0-08252d3652fb","block_type":"box","text":"be:","page_number":84,"box":{"x":83,"y":675,"width":18,"height":9}},{"id":"4b62e13d-e8fd-4df3-8d83-e8af515bc7e8","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":84,"box":{"x":195,"y":706,"width":668,"height":7}},{"id":"fddaa8a5-b1aa-495e-a07f-35ddf8ddc5e6","block_type":"box","text":"$7 $23 $40 $90","page_number":84,"box":{"x":206,"y":726,"width":641,"height":9}},{"id":"9c493201-d97c-4562-8f76-0a07c5059b3e","block_type":"box","text":"S-77","page_number":84,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"073497c6-c889-477a-b334-9eebaa2fc0e2","block_type":"box","text":"Portfolio Turnover.","page_number":85,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"6c930721-20db-4172-96f0-b56f51aa7bb0","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":85,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"58b64682-2239-4abf-96b8-abafcd0547e1","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":85,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"d082ce54-93fd-4ac1-8900-31791eaa34ad","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":85,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"0fffd10c-0d44-45ea-b335-1bcbca4d966d","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":85,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"dc1a680a-b9db-480f-abe6-e2bb792dc521","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":85,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"14dc19cf-9e10-4a1c-a938-f13739819a1b","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":85,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"4707d2e5-b9de-4dd8-99fd-5cc57630a977","block_type":"box","text":"Example, affect the Fund’s performance. From inception (March","page_number":85,"box":{"x":84,"y":108,"width":407,"height":11}},{"id":"c728f15f-ca6a-4275-b639-684ce92f337f","block_type":"box","text":"25, 2025) to the most recent fiscal year end, the Fund’s portfolio","page_number":85,"box":{"x":83,"y":122,"width":415,"height":11}},{"id":"54b22c3d-6963-4b12-9644-7209f701d275","block_type":"box","text":"turnover rate was 87% of the average value of its portfolio.","page_number":85,"box":{"x":83,"y":137,"width":372,"height":10}},{"id":"78640f6f-f5b5-4959-a8eb-7628f6802172","block_type":"box","text":"Principal Investment Strategies","page_number":85,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"5191d0a4-6b56-4bb7-bca8-11e432408282","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":85,"box":{"x":82,"y":191,"width":391,"height":11}},{"id":"3d9f2b9a-52fc-4a15-a100-4f617265451c","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":85,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"3d71b3a3-42e0-4a19-8522-d92e2c6b436b","block_type":"box","text":"ICE 2055 Maturity US Treasury Index (the “Underlying Index”).","page_number":85,"box":{"x":83,"y":219,"width":397,"height":11}},{"id":"9d7b56a5-2d06-4164-a9b3-512584387216","block_type":"box","text":"The Underlying Index consists of publicly-issued U.S. Treasury","page_number":85,"box":{"x":82,"y":233,"width":396,"height":11}},{"id":"08f4e37d-3c9c-4a09-904b-423942b979f6","block_type":"box","text":"securities that are scheduled to mature between January 1, 2055","page_number":85,"box":{"x":83,"y":247,"width":414,"height":11}},{"id":"f4bc1e91-a1b5-4aa7-b895-d3d059fe27ff","block_type":"box","text":"and December 15, 2055, inclusive. The Fund may also invest in","page_number":85,"box":{"x":83,"y":262,"width":401,"height":10}},{"id":"ecbda44e-591b-457c-b2c2-3f9892b8b948","block_type":"box","text":"short-term paper, cash and cash equivalents, including shares of","page_number":85,"box":{"x":83,"y":276,"width":414,"height":11}},{"id":"b31ef8db-9404-437c-b407-71e8a5b021d2","block_type":"box","text":"money market funds advised by BFA or its affiliates. The Fund is a","page_number":85,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"507242bb-e0f9-46dc-87ca-fae83267c43b","block_type":"box","text":"term fund that will terminate on or about December 15, 2055, at","page_number":85,"box":{"x":83,"y":304,"width":412,"height":10}},{"id":"220b1660-dfe4-476d-af8a-39de09a16fa8","block_type":"box","text":"which time it will distribute its remaining net assets to","page_number":85,"box":{"x":82,"y":318,"width":346,"height":11}},{"id":"7066414c-8221-472e-99a6-c3e326248aa2","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":85,"box":{"x":83,"y":333,"width":416,"height":10}},{"id":"45afeb0a-1914-427d-af74-eddaa5674f5d","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":85,"box":{"x":83,"y":347,"width":373,"height":11}},{"id":"be24bc27-fe3c-4258-8817-be6f7eb22059","block_type":"box","text":"periodic distributions.","page_number":85,"box":{"x":83,"y":361,"width":138,"height":11}},{"id":"30f5a2e1-41ef-4b1b-8331-9a15959f2941","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":85,"box":{"x":83,"y":382,"width":417,"height":12}},{"id":"cf604b87-a1e1-4c5f-ab1c-309d780c9279","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":85,"box":{"x":83,"y":397,"width":416,"height":11}},{"id":"10c97e54-28ad-4d02-96db-f57df4edd1ec","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":85,"box":{"x":83,"y":411,"width":409,"height":11}},{"id":"54e3cce3-0969-40de-9c18-4dae400b747b","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":85,"box":{"x":83,"y":425,"width":394,"height":11}},{"id":"1f970259-b38d-4ed7-a320-2d48ecefbfbb","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":85,"box":{"x":82,"y":440,"width":376,"height":10}},{"id":"8bf4d5c4-d49a-44b9-9949-a6335d0f6ee2","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":85,"box":{"x":84,"y":454,"width":419,"height":11}},{"id":"154ef991-9f76-4a8f-a0b3-ee32454f8b18","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":85,"box":{"x":82,"y":468,"width":393,"height":11}},{"id":"51098028-6078-4898-8764-533ce78200e8","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":85,"box":{"x":84,"y":482,"width":351,"height":11}},{"id":"af194215-8242-4c5c-a1c8-132c420a1698","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":85,"box":{"x":83,"y":496,"width":424,"height":11}},{"id":"7f378df4-4c5c-413f-8408-8a95d68b6411","block_type":"box","text":"reduced by any individual components of such securities (","page_number":85,"box":{"x":83,"y":510,"width":370,"height":11}},{"id":"fe404c68-108a-4de6-91fa-0bd64d2a1d55","block_type":"box","text":"i.e.","page_number":85,"box":{"x":454,"y":510,"width":17,"height":9}},{"id":"266b68c0-92eb-4e46-99af-db0835b01501","block_type":"box","text":",","page_number":85,"box":{"x":473,"y":517,"width":3,"height":4}},{"id":"42f8accd-8e6e-42c4-8158-6e24ed124546","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":85,"box":{"x":83,"y":525,"width":418,"height":10}},{"id":"98eeff90-7ffb-4608-b205-eb15ad614c69","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":85,"box":{"x":83,"y":539,"width":419,"height":11}},{"id":"b22551ab-cbd0-47b8-b521-9bb7c94de61a","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":85,"box":{"x":83,"y":553,"width":386,"height":11}},{"id":"ddc0a00e-805c-402e-8c03-eea10072df64","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":85,"box":{"x":82,"y":575,"width":421,"height":11}},{"id":"0697ac7e-f6ab-4624-b77e-ec93159529c2","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":85,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"6447213d-2608-4e31-9546-b322c3fa51ae","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":85,"box":{"x":83,"y":603,"width":382,"height":11}},{"id":"3ebc8eeb-7465-4feb-be92-3f440c95dad8","block_type":"box","text":"calculated assuming next-day settlement.","page_number":85,"box":{"x":83,"y":617,"width":266,"height":11}},{"id":"20dc9e5b-1660-4105-8d0c-90c4c1d8b66a","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":85,"box":{"x":82,"y":639,"width":422,"height":11}},{"id":"7988a0b3-a2bc-42db-85fa-32539141050a","block_type":"box","text":"month, based on information available up to and including the","page_number":85,"box":{"x":83,"y":654,"width":395,"height":10}},{"id":"bcde4239-1844-4cf7-894c-1e9ac194b511","block_type":"box","text":"third business day before the last business day of the month. New","page_number":85,"box":{"x":83,"y":668,"width":422,"height":11}},{"id":"d5d1a682-90fa-49d4-86d7-8c538813fdd3","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":85,"box":{"x":83,"y":682,"width":415,"height":11}},{"id":"4c186d8d-4e0d-4799-9408-5a372918d4d3","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":85,"box":{"x":83,"y":696,"width":423,"height":11}},{"id":"6d9fbdad-1fbf-4399-87d5-9729924b31c2","block_type":"box","text":"month (","page_number":85,"box":{"x":83,"y":710,"width":48,"height":11}},{"id":"423a7881-481f-4132-8d9e-6eaf245a40a4","block_type":"box","text":"e.g.","page_number":85,"box":{"x":133,"y":713,"width":20,"height":8}},{"id":"6d5d8b39-e2c9-47b6-9107-5edf2243982c","block_type":"box","text":", an issue must settle on or before November 30 in","page_number":85,"box":{"x":156,"y":710,"width":324,"height":10}},{"id":"1c49dbc8-00d9-4b2c-9795-998f2acd19f3","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":85,"box":{"x":83,"y":724,"width":417,"height":11}},{"id":"622c3998-e507-47ad-ac89-a21697835c72","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":85,"box":{"x":83,"y":739,"width":420,"height":10}},{"id":"fbe17203-7fc5-4185-bb48-4a60f4e20060","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":85,"box":{"x":83,"y":753,"width":412,"height":11}},{"id":"75cb99af-ffc7-4286-829d-7eeb073d5321","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":85,"box":{"x":83,"y":767,"width":423,"height":11}},{"id":"b0b9c5ad-278d-4c02-a75d-e4aed79258b3","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":85,"box":{"x":83,"y":781,"width":396,"height":11}},{"id":"e19eda95-3f1c-4bee-a2d5-bf452b7e3258","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":85,"box":{"x":83,"y":795,"width":371,"height":11}},{"id":"2d5927da-7459-4db1-bcd5-8ab4d3549541","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":85,"box":{"x":83,"y":809,"width":410,"height":11}},{"id":"3989e7f1-89fd-434d-88fc-a1e2fe078ac4","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":85,"box":{"x":83,"y":824,"width":393,"height":11}},{"id":"cca1ba90-5e5c-428a-b820-bb5bd7b46168","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":85,"box":{"x":83,"y":838,"width":357,"height":11}},{"id":"b79e400d-56c8-4132-8640-ab91d33506af","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":85,"box":{"x":83,"y":852,"width":404,"height":11}},{"id":"b5c5928f-8346-489a-a3f5-20a56bc8a157","block_type":"box","text":"while it is held in the Underlying Index.","page_number":85,"box":{"x":82,"y":866,"width":246,"height":11}},{"id":"626a6b39-7b0c-41c3-8be7-2d1df262d092","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":85,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"5c85958c-99a2-498c-918b-563fe15088ee","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":85,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"6a1dd939-50f7-40cf-ad72-3b9212920e64","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":85,"box":{"x":549,"y":51,"width":415,"height":11}},{"id":"641bc645-5851-413d-9b14-586d5243a09c","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":85,"box":{"x":549,"y":66,"width":412,"height":11}},{"id":"04c4b51d-e0c4-4fe5-a195-61d7929b0f3a","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":85,"box":{"x":549,"y":80,"width":391,"height":8}},{"id":"9f9c9e7a-64ea-4e05-9c33-0a2a07d8d3de","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":85,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"38d90f42-264d-44a2-85d6-af0f29b758eb","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":85,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"0b0ae4cd-3dc7-4051-ab7d-a3b6eb6a139a","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":85,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"3e46c80c-7294-49d7-a4c7-bd7592a5d8e5","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":85,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"ba48eb0f-5854-4e96-8bf1-c51eacc42e29","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":85,"box":{"x":549,"y":151,"width":408,"height":11}},{"id":"7fe399f4-3eb2-40ad-996c-45ef35f7ca3a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":85,"box":{"x":549,"y":173,"width":413,"height":11}},{"id":"537d8516-5d4e-4872-9fd1-7d9f14f56947","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":85,"box":{"x":550,"y":187,"width":423,"height":11}},{"id":"a150be58-15b3-457d-9bfc-5d22bb7a324b","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":85,"box":{"x":549,"y":201,"width":419,"height":11}},{"id":"86c7a99d-181e-4137-b19a-83132dfee60e","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":85,"box":{"x":549,"y":215,"width":410,"height":11}},{"id":"d01e630b-0993-4567-9914-d7c04130b455","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":85,"box":{"x":549,"y":229,"width":409,"height":11}},{"id":"e0c17033-398c-4d24-9b68-296a5b358a65","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":85,"box":{"x":549,"y":244,"width":395,"height":10}},{"id":"7c488c36-442b-44f2-bc2b-605c25bd9d04","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":85,"box":{"x":550,"y":258,"width":395,"height":11}},{"id":"7b973010-ede7-4da6-ac42-4ee9603475de","block_type":"box","text":"fees and expenses of such funds.","page_number":85,"box":{"x":549,"y":272,"width":211,"height":11}},{"id":"d6f39dff-0442-4409-bdf6-9240e806df76","block_type":"box","text":"By December 15, 2055, the Fund is expected to consist almost","page_number":85,"box":{"x":550,"y":294,"width":401,"height":11}},{"id":"f31ddbee-f01d-4741-a957-da5017791382","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":85,"box":{"x":549,"y":308,"width":419,"height":11}},{"id":"d94fbaf5-f815-4718-b34e-0bb1aeb0d4a9","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":85,"box":{"x":549,"y":322,"width":379,"height":11}},{"id":"0427b1dd-0c19-49b5-86e8-eb68dfb1886f","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":85,"box":{"x":549,"y":336,"width":368,"height":11}},{"id":"6e9025b6-1325-40bc-8eec-33ca572b02b3","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":85,"box":{"x":549,"y":351,"width":367,"height":10}},{"id":"d5814ea4-b4f4-4d14-88fd-e77f33ffda06","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":85,"box":{"x":549,"y":365,"width":398,"height":11}},{"id":"781c6933-ccba-4e33-8fa0-cc0fb2c35a5d","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":85,"box":{"x":549,"y":379,"width":423,"height":11}},{"id":"d2dd45f9-9ae5-4d29-b9b7-d6739da5930a","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":85,"box":{"x":550,"y":393,"width":415,"height":11}},{"id":"392f0937-7897-492e-8037-478c9a3fb150","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":85,"box":{"x":549,"y":407,"width":422,"height":11}},{"id":"c18d1e24-2130-41e3-9a69-6081cfac33f3","block_type":"box","text":"interest of the Fund.","page_number":85,"box":{"x":549,"y":421,"width":129,"height":9}},{"id":"a278d5ec-8ed9-4417-ae81-320a5e3686f6","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":85,"box":{"x":550,"y":445,"width":376,"height":11}},{"id":"4a79e6e8-92b9-4392-ae1b-9689148ef5ea","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":85,"box":{"x":549,"y":459,"width":417,"height":11}},{"id":"67bafc5b-64ca-409a-8648-e4645aeca8b8","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":85,"box":{"x":549,"y":473,"width":396,"height":11}},{"id":"28489531-5f8f-49f4-84b6-3b49a92c21d9","block_type":"box","text":"markets decline or appear overvalued.","page_number":85,"box":{"x":549,"y":487,"width":244,"height":11}},{"id":"dde8bf9a-90ef-44c3-8b2b-5cb46b913b7b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":85,"box":{"x":550,"y":510,"width":420,"height":11}},{"id":"057cedc2-b248-46e6-9554-29921d428b7b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":85,"box":{"x":549,"y":525,"width":421,"height":10}},{"id":"ef6d4810-85c0-4360-9255-a93c329996be","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":85,"box":{"x":549,"y":539,"width":386,"height":11}},{"id":"659dfd9a-0464-4910-b4f2-319c139a71e8","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":85,"box":{"x":550,"y":553,"width":369,"height":11}},{"id":"0847d897-8dce-4eef-83a9-d70866e2ffd8","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":85,"box":{"x":549,"y":567,"width":356,"height":11}},{"id":"d7c2ad1b-cfcf-43a0-9f0f-61076cb3185a","block_type":"box","text":"comparison to actively managed investment companies.","page_number":85,"box":{"x":549,"y":581,"width":359,"height":11}},{"id":"8f70ca89-729e-4ef5-b9a8-70c2e9065eea","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":85,"box":{"x":550,"y":605,"width":411,"height":10}},{"id":"231b75c1-d8fa-4f61-a55a-f5a88b85f560","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":85,"box":{"x":549,"y":619,"width":411,"height":11}},{"id":"41490b82-4a0e-43be-b929-1973edf23ae6","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":85,"box":{"x":549,"y":633,"width":424,"height":11}},{"id":"ebfe162d-4b86-4e89-8fd4-3dd6e56cda32","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":85,"box":{"x":549,"y":647,"width":410,"height":11}},{"id":"595236a7-b3fd-4efe-9487-e79c863c4d5a","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":85,"box":{"x":549,"y":661,"width":408,"height":11}},{"id":"c31f38a8-10d8-4945-bf59-f9e508a6faa7","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":85,"box":{"x":549,"y":675,"width":423,"height":11}},{"id":"30b7d15b-1523-4905-ab13-059536bf544d","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":85,"box":{"x":549,"y":690,"width":415,"height":10}},{"id":"e33e38aa-2be6-4853-9863-b5d6c3cd5c4e","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":85,"box":{"x":549,"y":704,"width":405,"height":11}},{"id":"76b3e87f-f10f-4089-9614-93652017aac2","block_type":"box","text":"(","page_number":85,"box":{"x":549,"y":718,"width":3,"height":11}},{"id":"080620fa-1750-4894-8d83-77f16b04471b","block_type":"box","text":"i.e.","page_number":85,"box":{"x":553,"y":718,"width":17,"height":8}},{"id":"acc7dccc-0000-4e1e-be8a-e35746608c7f","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":85,"box":{"x":573,"y":718,"width":358,"height":11}},{"id":"430f1a7e-31ee-44bc-8f16-a0010b82c5c8","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":85,"box":{"x":549,"y":732,"width":418,"height":11}},{"id":"7ee0842c-8e89-4e3e-9b75-63d18573e1c8","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":85,"box":{"x":549,"y":746,"width":410,"height":11}},{"id":"d084d196-572d-4ac5-819e-b46c56cb1584","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":85,"box":{"x":549,"y":760,"width":399,"height":11}},{"id":"77a64376-c2f0-4ef1-9f2c-f1307a9b2492","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":85,"box":{"x":549,"y":784,"width":411,"height":11}},{"id":"499840cb-300b-48ed-b9ef-321233856bca","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":85,"box":{"x":548,"y":798,"width":371,"height":11}},{"id":"daa9f507-1e10-44e6-98dc-5eca60ff7cb4","block_type":"box","text":"collateral received).","page_number":85,"box":{"x":549,"y":812,"width":125,"height":11}},{"id":"ced22122-7cab-4b53-99cf-1e522c786483","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":85,"box":{"x":549,"y":835,"width":408,"height":11}},{"id":"a99545b8-981b-433f-b969-4ae3249e1122","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":85,"box":{"x":550,"y":849,"width":374,"height":11}},{"id":"d0843cf3-178e-4648-9cee-8684c31ad1d5","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":85,"box":{"x":549,"y":864,"width":354,"height":10}},{"id":"a1419875-4b83-40bd-9b2e-e1039cab00ee","block_type":"box","text":"determines the composition and relative weightings of the","page_number":85,"box":{"x":549,"y":878,"width":372,"height":11}},{"id":"bde38271-575b-482a-9939-7b7384b7b851","block_type":"box","text":"S-78","page_number":85,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5042eeeb-e29e-49d3-9be1-83c38c64102d","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":86,"box":{"x":83,"y":23,"width":401,"height":11}},{"id":"d9251423-9bc4-46e3-a525-113093bd9aa5","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":86,"box":{"x":83,"y":37,"width":327,"height":11}},{"id":"a7948065-3776-42d9-8d17-eff767073805","block_type":"box","text":"Summary of Principal Risks","page_number":86,"box":{"x":83,"y":66,"width":235,"height":14}},{"id":"df5a59e2-f477-4f04-8678-77bd33866246","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":86,"box":{"x":82,"y":91,"width":363,"height":11}},{"id":"470f1644-49bb-4033-aa2e-6e6ac3fe2daf","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":86,"box":{"x":83,"y":106,"width":402,"height":10}},{"id":"e054cee0-8466-4f02-ac26-56400fc1596a","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":86,"box":{"x":83,"y":120,"width":396,"height":10}},{"id":"17815ec2-78c2-477b-838d-b4670d9c850a","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":86,"box":{"x":83,"y":134,"width":376,"height":11}},{"id":"acedcba6-5e39-4b8a-aca2-7773962da114","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":86,"box":{"x":83,"y":148,"width":392,"height":11}},{"id":"35f343e0-bc5c-45ce-8cf8-a19578212c4e","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":86,"box":{"x":83,"y":162,"width":416,"height":11}},{"id":"b00b9888-da51-49ee-8337-f95c1e61debf","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":86,"box":{"x":83,"y":177,"width":387,"height":10}},{"id":"76daefac-8def-4621-81c4-069285f00707","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":86,"box":{"x":82,"y":191,"width":426,"height":11}},{"id":"f6897576-c053-4740-b130-6071994dd6fc","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":86,"box":{"x":83,"y":205,"width":404,"height":11}},{"id":"bf7e829c-02a7-4433-846f-38d832905636","block_type":"box","text":"review each risk factor carefully.","page_number":86,"box":{"x":83,"y":219,"width":206,"height":11}},{"id":"bbe5716b-6c8e-45fa-b4b3-f825afb025ae","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":86,"box":{"x":83,"y":242,"width":206,"height":11}},{"id":"d37dda4f-ed0f-4d89-84bc-a1bd40f199dd","block_type":"box","text":"U.S. Treasury obligations may","page_number":86,"box":{"x":296,"y":242,"width":189,"height":11}},{"id":"f2a38a54-38e3-4e92-b357-9b5f30ce1aa1","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":86,"box":{"x":83,"y":256,"width":385,"height":11}},{"id":"c43e4cf3-fbce-428f-8722-6701380604ce","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":86,"box":{"x":83,"y":271,"width":385,"height":10}},{"id":"b7e565fd-1098-4452-9e32-8bba1d0796c7","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":86,"box":{"x":83,"y":285,"width":417,"height":11}},{"id":"417cd795-2fce-48d2-b66c-2fdd8d76dd2a","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":86,"box":{"x":83,"y":299,"width":393,"height":11}},{"id":"e7e824fd-b108-4157-9cc4-c0950c06c4d6","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":86,"box":{"x":83,"y":313,"width":392,"height":11}},{"id":"5471a748-8111-42fb-98c1-00f47c09632a","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":86,"box":{"x":83,"y":327,"width":423,"height":11}},{"id":"a8cb93d2-5875-450b-bb58-023d12192c0d","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":86,"box":{"x":83,"y":342,"width":424,"height":10}},{"id":"5d08003e-e7e0-4ce3-8164-624775b8b997","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":86,"box":{"x":83,"y":356,"width":392,"height":11}},{"id":"f40043bb-0195-4212-9b5a-ab1b75c3641c","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":86,"box":{"x":82,"y":370,"width":412,"height":11}},{"id":"b9f24d35-bcbc-4929-8cb6-e27593f1fc9a","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":86,"box":{"x":83,"y":384,"width":407,"height":11}},{"id":"0213e166-b2cb-4b0d-a9b6-39839146fabb","block_type":"box","text":"timely payment of interest or principal.","page_number":86,"box":{"x":83,"y":398,"width":247,"height":11}},{"id":"75d1ce33-dafb-4e24-9769-863f8c284317","block_type":"box","text":"Interest Rate Risk","page_number":86,"box":{"x":83,"y":421,"width":121,"height":9}},{"id":"9165642c-7770-4834-aa57-3291f190ec85","block_type":"box","text":".","page_number":86,"box":{"x":204,"y":428,"width":2,"height":2}},{"id":"a4427c1a-0b2a-41a2-b1b6-6337d70d94aa","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":86,"box":{"x":212,"y":421,"width":233,"height":9}},{"id":"3f1aefb1-ea0d-4558-9465-4b703ca4e5f9","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":86,"box":{"x":82,"y":436,"width":425,"height":10}},{"id":"1fc7930c-82f3-4479-9410-88b53f110c4c","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":86,"box":{"x":83,"y":450,"width":417,"height":11}},{"id":"5da81561-ed82-49a2-80b2-d046dfa3da55","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":86,"box":{"x":83,"y":464,"width":388,"height":11}},{"id":"65e1fb88-e7a9-40fb-82b2-c9e0a44edde8","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":86,"box":{"x":82,"y":478,"width":402,"height":11}},{"id":"e964d104-55e0-42df-a294-b085d902fb7d","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":86,"box":{"x":83,"y":492,"width":391,"height":11}},{"id":"62708071-c813-4106-96de-7cd83c1616b7","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":86,"box":{"x":82,"y":507,"width":424,"height":10}},{"id":"8cc68b77-7d8e-46f8-a328-1c92ec9ec80c","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":86,"box":{"x":83,"y":521,"width":407,"height":8}},{"id":"e8a005d4-2b81-4a3e-8bd9-38064a28be5a","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":86,"box":{"x":82,"y":535,"width":424,"height":11}},{"id":"e260879f-2048-4867-84c2-c83b7547dcfb","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":86,"box":{"x":83,"y":549,"width":409,"height":11}},{"id":"4da2c887-8d69-4b4d-9c4a-1fc689795f2b","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":86,"box":{"x":83,"y":563,"width":397,"height":11}},{"id":"6ad7e61a-3178-4734-a330-a67b49c3f39f","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":86,"box":{"x":83,"y":577,"width":411,"height":11}},{"id":"82323c08-1820-4927-ba46-0b78efb04a87","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":86,"box":{"x":83,"y":592,"width":363,"height":10}},{"id":"f6a67873-4c07-432a-823b-c65d1d846431","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":86,"box":{"x":83,"y":606,"width":386,"height":11}},{"id":"6596bbeb-99fe-45bb-aa2d-900682d3e039","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":86,"box":{"x":83,"y":620,"width":404,"height":11}},{"id":"dd7d84ef-42eb-4d7c-b7d0-c4d1f993beca","block_type":"box","text":"dividends to shareholders.","page_number":86,"box":{"x":83,"y":634,"width":168,"height":9}},{"id":"feb23f9e-23d3-4a02-8887-1db8e5865d21","block_type":"box","text":"Market Risk","page_number":86,"box":{"x":83,"y":657,"width":82,"height":9}},{"id":"6d668ea3-77c1-4a45-afe4-55a04eab1e4a","block_type":"box","text":".","page_number":86,"box":{"x":165,"y":664,"width":2,"height":2}},{"id":"f5581998-640f-4add-b6da-85a991cc35fb","block_type":"box","text":"The Fund could lose money over short periods due","page_number":86,"box":{"x":172,"y":657,"width":323,"height":11}},{"id":"42f3f809-af3c-42c9-81bb-3d26676dacb6","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":86,"box":{"x":83,"y":672,"width":413,"height":10}},{"id":"8ae36778-c2c6-49ac-9113-64bc0688904f","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":86,"box":{"x":83,"y":686,"width":382,"height":11}},{"id":"3f59e2a0-5bfa-4c30-b404-770fcd67092e","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":86,"box":{"x":83,"y":700,"width":411,"height":11}},{"id":"42c7580a-3fa6-4cbb-8d64-be5104348161","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":86,"box":{"x":83,"y":714,"width":370,"height":11}},{"id":"0814ae08-8d60-4cad-ac69-8c2afaae9835","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":86,"box":{"x":83,"y":728,"width":404,"height":11}},{"id":"9591986d-8be1-4494-92bb-24c9ba95c90f","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":86,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"5512ad7c-4bb9-4bf4-ac3d-bead9915f5ff","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":86,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"eff7064b-6d25-4692-a787-1643b0ac3919","block_type":"box","text":"NAV.","page_number":86,"box":{"x":84,"y":771,"width":27,"height":8}},{"id":"ddaf98dc-fef4-4668-9036-8b6e042dcad2","block_type":"box","text":"Index-Related Risk.","page_number":86,"box":{"x":83,"y":794,"width":129,"height":9}},{"id":"35eac9a6-b65b-4292-bdfd-7da9ae086669","block_type":"box","text":"The Index Provider may rely on various","page_number":86,"box":{"x":217,"y":794,"width":247,"height":11}},{"id":"acbbb6cc-3f4d-4f04-815d-09a2a27f34c6","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":86,"box":{"x":83,"y":808,"width":423,"height":11}},{"id":"f62d19ae-324e-4aa5-aad6-9c34c0f5b798","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":86,"box":{"x":83,"y":822,"width":391,"height":11}},{"id":"511dce12-018f-4504-af71-8b706a22d4c6","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":86,"box":{"x":83,"y":837,"width":406,"height":10}},{"id":"bc56b9db-5716-448c-85b6-12a340739213","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":86,"box":{"x":83,"y":851,"width":408,"height":11}},{"id":"859640ee-7b45-42a8-830f-053f5a764363","block_type":"box","text":"information will provide an accurate assessment of included","page_number":86,"box":{"x":83,"y":865,"width":384,"height":11}},{"id":"01df41fc-9a6b-4967-936d-8f4e32d85484","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":86,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"3200866f-e3df-4fec-b86e-6de612087969","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":86,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"a123d2ed-9ff8-4b78-8770-25bdffad4016","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":86,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"e2dbe99d-06b2-4011-ba15-6faa02a7772a","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":86,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"68983185-b599-4151-acbd-de2185f11c22","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":86,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"b502ef5e-908b-4e08-92e8-29e31159abf3","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":86,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"1a44c110-73a6-40f4-acdb-dc03a3e4cef7","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":86,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"79221fda-6602-4467-b917-644a734b36f8","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":86,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"18068a9e-a84b-4f0d-8f2f-9267d8160720","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":86,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"804cb2fc-190c-4d9c-8632-874e42369ade","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":86,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"bc07d844-74f4-4d1f-a98f-0818fbf63c1e","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":86,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"1ce77f0a-d48b-4cfc-a2a1-77e09a3302e6","block_type":"box","text":"Asset Class Risk.","page_number":86,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"eedd22b0-8d8b-4970-887e-09e3e5947059","block_type":"box","text":"The securities and other assets in the","page_number":86,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"8516007d-9839-460d-845e-b080bebeeabc","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":86,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"7715f814-6cb5-425d-9749-dedafb07a968","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":86,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"2df3cc57-cd2a-4c2c-942e-b91bbbf6ccd5","block_type":"box","text":"market, another index, or other asset classes.","page_number":86,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"8f1c1ff1-8b05-43af-8366-fb1293ad19ec","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":86,"box":{"x":548,"y":240,"width":266,"height":10}},{"id":"a7b668a3-9d15-4556-97b9-ca7576b69a92","block_type":"box","text":".","page_number":86,"box":{"x":814,"y":246,"width":3,"height":2}},{"id":"6973c0da-f121-4865-8f4e-9b47698c0446","block_type":"box","text":"From time to time, an","page_number":86,"box":{"x":823,"y":240,"width":136,"height":10}},{"id":"cdc078cb-842a-4733-9474-8e83e5d2bf1c","block_type":"box","text":"Authorized Participant (as defined below in","page_number":86,"box":{"x":549,"y":254,"width":273,"height":11}},{"id":"1487fe9d-203e-413a-88b1-89b1d6c845b0","block_type":"box","text":"Authorized Participant","page_number":86,"box":{"x":826,"y":254,"width":141,"height":11}},{"id":"1767f01e-1ff6-4f95-ac4b-9ef5868415da","block_type":"box","text":"Concentration Risk)","page_number":86,"box":{"x":549,"y":268,"width":120,"height":9}},{"id":"47682252-b62c-4cf7-9a31-85d2d4715773","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":86,"box":{"x":669,"y":268,"width":294,"height":11}},{"id":"8a617af6-652b-4658-b4aa-b492297707b4","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":86,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"2e583f06-4911-4a84-82e8-50d48382beb3","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":86,"box":{"x":550,"y":296,"width":418,"height":11}},{"id":"645c92e4-67e5-4dbc-891a-5bdfaf92556f","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":86,"box":{"x":549,"y":311,"width":418,"height":8}},{"id":"ed66ccd3-3fe1-4353-9b4a-1c9c0e67d635","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":86,"box":{"x":549,"y":325,"width":410,"height":11}},{"id":"62973a00-5516-4ebe-9faf-510e374a678e","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":86,"box":{"x":549,"y":339,"width":383,"height":10}},{"id":"6440c82c-42ca-427d-a2a8-e836623249cb","block_type":"box","text":"negatively impact the Fund.","page_number":86,"box":{"x":549,"y":353,"width":175,"height":11}},{"id":"25f8afd0-4098-45a8-b1b6-d4f6f46e9aa5","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":86,"box":{"x":548,"y":376,"width":290,"height":11}},{"id":"7b3138f4-9687-48f5-ac0a-08da607888be","block_type":"box","text":"An “Authorized","page_number":86,"box":{"x":847,"y":376,"width":93,"height":9}},{"id":"8990e18c-bcae-4d38-b1f7-c0bcee53bf5a","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":86,"box":{"x":550,"y":391,"width":379,"height":10}},{"id":"fecbb019-ea5d-454a-a07d-0bfdba01434e","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":86,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"df7e42d1-78c5-40ea-b5bf-afa6147a22d4","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":86,"box":{"x":550,"y":419,"width":395,"height":11}},{"id":"6d6bdb2d-3298-4159-8249-e8c26eb9edcc","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":86,"box":{"x":550,"y":433,"width":399,"height":11}},{"id":"dfa8896b-7dc4-4e72-9e1b-97224b83c384","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":86,"box":{"x":549,"y":447,"width":407,"height":11}},{"id":"cece59f2-10d1-4ba3-a913-0381b1c45e63","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":86,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"118df941-f7b1-4e2f-8256-6d74230ffe97","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":86,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"bd417a2d-8d0d-446c-a7ab-41b06dac16f0","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":86,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"c2e6dc43-bee6-45e5-9c47-31536e6ae22f","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":86,"box":{"x":549,"y":504,"width":378,"height":11}},{"id":"ed9db3a5-f9c8-44ef-bd3d-a2ba97ee616d","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":86,"box":{"x":550,"y":518,"width":379,"height":11}},{"id":"665bee5b-c252-4497-8823-499e36d2e5c0","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":86,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"efdce5d6-076a-43d2-b32c-f32f7cd18941","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":86,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"4d33a4ec-8741-4328-bcc2-340da2603b8f","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":86,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"7597b46c-2efa-4d7f-a95c-20d83bd6d278","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":86,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"b70798c7-6220-4c58-b6e0-1375f04bdf6c","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":86,"box":{"x":549,"y":589,"width":273,"height":11}},{"id":"e9885a42-4394-4c73-aa9e-50203300bd6f","block_type":"box","text":"Concentration Risk.","page_number":86,"box":{"x":549,"y":612,"width":132,"height":9}},{"id":"e0df3a6d-b604-42c0-a88d-425a974b2da3","block_type":"box","text":"The Fund may be susceptible to an","page_number":86,"box":{"x":687,"y":612,"width":221,"height":11}},{"id":"466ec548-df4b-45ce-b3c9-1d1c2d1ffcfd","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":86,"box":{"x":549,"y":626,"width":419,"height":11}},{"id":"91157fa9-12b6-410c-bdd5-e2a2de551a77","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":86,"box":{"x":549,"y":641,"width":408,"height":10}},{"id":"4b2a42f0-955b-408b-902d-874b72dd3259","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":86,"box":{"x":549,"y":655,"width":418,"height":8}},{"id":"1b21f1a8-8f1c-41f0-ab8d-bdc4b457a5cc","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":86,"box":{"x":549,"y":669,"width":395,"height":10}},{"id":"f744ec2c-2f37-445e-b023-07c179504aab","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":86,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"ebe64f7e-fe45-46f8-a762-229c538ae0fe","block_type":"box","text":"asset classes.","page_number":86,"box":{"x":549,"y":697,"width":88,"height":9}},{"id":"fa912295-9f3a-48a0-8141-0400f50a85cd","block_type":"box","text":"Declining Yield Risk.","page_number":86,"box":{"x":549,"y":721,"width":136,"height":10}},{"id":"9a423ba2-dd23-41a9-803a-35ac03f352ba","block_type":"box","text":"In the months leading up to the Fund’s","page_number":86,"box":{"x":691,"y":721,"width":245,"height":10}},{"id":"9f94929a-553a-4f02-a38d-3ae201a97043","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":86,"box":{"x":549,"y":735,"width":386,"height":11}},{"id":"03b01809-d98a-4fb3-b0e5-c7f18dd548dd","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":86,"box":{"x":549,"y":749,"width":408,"height":11}},{"id":"5d050e56-4bc5-459d-9e3f-94329379c6a8","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":86,"box":{"x":549,"y":763,"width":424,"height":11}},{"id":"0ed05db6-76d9-4745-8ecf-25d072da7f44","block_type":"box","text":"yields for bonds in the market.","page_number":86,"box":{"x":549,"y":777,"width":193,"height":11}},{"id":"d89b933b-4bed-41d3-8b31-e1ea9efad6e0","block_type":"box","text":"Income Risk.","page_number":86,"box":{"x":549,"y":800,"width":86,"height":9}},{"id":"755bc6e0-d452-48dd-96ee-6bc00fc63959","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":86,"box":{"x":640,"y":800,"width":288,"height":11}},{"id":"5125ab9b-e582-41c4-85cb-b24ec028f146","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":86,"box":{"x":549,"y":815,"width":407,"height":8}},{"id":"66b07783-ceb3-4b35-985f-ec55a1d1aedc","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":86,"box":{"x":549,"y":829,"width":414,"height":11}},{"id":"7d44d099-afb6-4df0-bddd-add72ae38b71","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":86,"box":{"x":549,"y":843,"width":380,"height":11}},{"id":"576a9fd7-1a25-471c-b1af-81d1a683bd5b","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":86,"box":{"x":549,"y":857,"width":406,"height":11}},{"id":"e7ba4c8d-8225-41dd-8969-cb2e2c2ac17a","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":86,"box":{"x":549,"y":871,"width":424,"height":11}},{"id":"96c0e27a-eefc-41ce-b08f-94724bdff1e1","block_type":"box","text":"S-79","page_number":86,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3221ca64-f36f-4c80-98ed-4794075741f5","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":87,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"50443918-ca1e-4ce0-a859-7a17f938e81f","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":87,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"032cfc3e-be06-4705-ac60-01e6b1065b6a","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":87,"box":{"x":83,"y":52,"width":419,"height":10}},{"id":"69f3b780-1fe7-4f73-a431-736705fb8d19","block_type":"box","text":"Issuer Risk","page_number":87,"box":{"x":83,"y":75,"width":75,"height":8}},{"id":"7892e45c-9815-4665-beb8-6b766cab4ef6","block_type":"box","text":".","page_number":87,"box":{"x":158,"y":81,"width":3,"height":2}},{"id":"5a92018e-8cbb-47c7-b7e9-24ba17186d28","block_type":"box","text":"The performance of the Fund depends on the","page_number":87,"box":{"x":166,"y":75,"width":288,"height":10}},{"id":"5beecca9-2786-4fcc-9016-51971c961b5f","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":87,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"87e16af0-3577-4d00-88e9-58d667056827","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":87,"box":{"x":84,"y":103,"width":401,"height":11}},{"id":"0f5bb34e-52d7-4e80-a5d3-18ae043dec78","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":87,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"beae702f-7107-456c-8b03-583cdef44f67","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":87,"box":{"x":83,"y":131,"width":414,"height":11}},{"id":"5c0f7a2a-51d3-44c8-bfe6-dc7c3577b7c6","block_type":"box","text":"counterparty.","page_number":87,"box":{"x":83,"y":146,"width":84,"height":10}},{"id":"d987ec1b-508d-4af9-b5c3-a2172e7429df","block_type":"box","text":"Management Risk","page_number":87,"box":{"x":83,"y":169,"width":122,"height":11}},{"id":"ad3787fe-0d62-4240-b87b-50daad122263","block_type":"box","text":".","page_number":87,"box":{"x":206,"y":175,"width":2,"height":2}},{"id":"343103b4-a661-407d-a218-bfc5dab488e4","block_type":"box","text":"The Fund generally does not attempt to take","page_number":87,"box":{"x":213,"y":169,"width":283,"height":11}},{"id":"25b3ac1f-d9df-4c23-81ee-f51b09f7efdb","block_type":"box","text":"defensive positions under any market conditions, including","page_number":87,"box":{"x":83,"y":183,"width":376,"height":11}},{"id":"47680771-337d-48da-a6ad-cee9f16ccbf3","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":87,"box":{"x":83,"y":197,"width":362,"height":11}},{"id":"1053cb58-ff42-4be3-bdee-9c11de35d54c","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":87,"box":{"x":83,"y":211,"width":388,"height":11}},{"id":"3c1261ec-b137-45a2-84f8-3db554ee9de5","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":87,"box":{"x":83,"y":226,"width":409,"height":10}},{"id":"e8ca4e06-77ff-4263-a9f9-e5eb07a684b4","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":87,"box":{"x":83,"y":240,"width":419,"height":11}},{"id":"39d198e3-c02b-453e-9133-959d95b9a3d7","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":87,"box":{"x":82,"y":254,"width":420,"height":11}},{"id":"5a0dd38b-332d-4897-bf66-af454efa7b54","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":87,"box":{"x":83,"y":268,"width":402,"height":11}},{"id":"13b3964e-a168-4ae1-8287-37faadabaef1","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":87,"box":{"x":83,"y":282,"width":323,"height":11}},{"id":"5eb924dd-e863-4c9b-88fe-e75e3e8a0161","block_type":"box","text":"Market Trading Risk","page_number":87,"box":{"x":83,"y":305,"width":136,"height":11}},{"id":"c7415459-5374-452c-998f-f8872cf9dfa4","block_type":"box","text":".","page_number":87,"box":{"x":219,"y":312,"width":2,"height":2}},{"id":"03fa13fa-13ae-42b3-a555-ee4cfb82492b","block_type":"box","text":"The Fund faces numerous market trading","page_number":87,"box":{"x":226,"y":305,"width":263,"height":11}},{"id":"fbc53d2c-93ca-4ab7-873f-b6b1cb7af845","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":87,"box":{"x":83,"y":320,"width":394,"height":10}},{"id":"bf418433-3376-43b6-9475-3cc088b1d89a","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":87,"box":{"x":83,"y":334,"width":401,"height":11}},{"id":"0946770a-7d9f-48eb-993a-8055a558ce85","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":87,"box":{"x":83,"y":348,"width":404,"height":11}},{"id":"4c327531-0fc4-4597-8bd5-9d46cc024c12","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":87,"box":{"x":83,"y":362,"width":416,"height":11}},{"id":"ee090e49-f3b8-4242-833a-6ffef35d75e9","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":87,"box":{"x":82,"y":376,"width":405,"height":11}},{"id":"c18198a3-5a81-4d73-b875-f06d9ebd2ceb","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":87,"box":{"x":83,"y":391,"width":411,"height":10}},{"id":"8671fe6d-77cf-41f1-b2d2-78f3744362f6","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":87,"box":{"x":83,"y":405,"width":397,"height":11}},{"id":"df8e512d-2793-442e-b220-751e2d1a0349","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":87,"box":{"x":83,"y":419,"width":419,"height":11}},{"id":"581eb8da-60f5-4f15-b143-c5a7c1ffea2f","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":87,"box":{"x":83,"y":433,"width":412,"height":11}},{"id":"b6b8e9c4-3d75-42ef-9ba6-8902e378def8","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":87,"box":{"x":83,"y":447,"width":397,"height":11}},{"id":"34f572d0-8928-4977-8441-0587f9f813ea","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":87,"box":{"x":83,"y":461,"width":316,"height":11}},{"id":"04f790e6-6f8e-4240-8868-b2e5b4f16c8b","block_type":"box","text":"Operational and Technology Risks","page_number":87,"box":{"x":83,"y":485,"width":230,"height":10}},{"id":"821a667f-f037-44cf-89cb-728d0e7e75d5","block_type":"box","text":".","page_number":87,"box":{"x":314,"y":491,"width":2,"height":2}},{"id":"5ede7091-f311-4cfd-9229-2c035a01772f","block_type":"box","text":"The Fund is directly and","page_number":87,"box":{"x":321,"y":485,"width":151,"height":10}},{"id":"156891d8-71b7-498c-916e-0bac75fc0cd1","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":87,"box":{"x":83,"y":499,"width":368,"height":11}},{"id":"c9d3d720-9959-4030-b353-060eeac5e7ab","block_type":"box","text":"including those related to human errors, processing errors,","page_number":87,"box":{"x":83,"y":513,"width":376,"height":11}},{"id":"8f94ff97-99a1-41eb-acc5-b7885ccce77d","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":87,"box":{"x":83,"y":527,"width":413,"height":11}},{"id":"5585a78f-bfe2-4fe4-b372-f3753cce1012","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":87,"box":{"x":83,"y":541,"width":404,"height":11}},{"id":"1c74208b-c5e2-4598-a16e-2cb5ee0b1895","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":87,"box":{"x":82,"y":556,"width":402,"height":10}},{"id":"7cc92b23-2750-4c24-845d-57f3bb76a74c","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":87,"box":{"x":83,"y":570,"width":376,"height":11}},{"id":"af2a3fbf-7285-4a1d-b6d5-2f055032e469","block_type":"box","text":"providers are required to have appropriate operational,","page_number":87,"box":{"x":83,"y":584,"width":350,"height":11}},{"id":"d657d4d8-c820-4c65-ae04-faad7c1d8772","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":87,"box":{"x":83,"y":598,"width":414,"height":11}},{"id":"7b3aa8d3-b130-472b-ba72-06f50375945a","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":87,"box":{"x":83,"y":612,"width":397,"height":11}},{"id":"f2415b7a-c4fe-43a6-a98e-b316b51626ed","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":87,"box":{"x":82,"y":626,"width":411,"height":11}},{"id":"398af5c6-767f-4f71-afdb-4eba1b85e8a4","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":87,"box":{"x":83,"y":641,"width":391,"height":8}},{"id":"5a84ad5c-3083-4567-a055-54eb244d6b06","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":87,"box":{"x":83,"y":655,"width":421,"height":11}},{"id":"cf138959-8e84-447d-a08e-974dd644f4f6","block_type":"box","text":"investments in such issuers to lose value.","page_number":87,"box":{"x":83,"y":669,"width":264,"height":8}},{"id":"b146ec51-3bc0-4509-90e0-cc17ee0f7485","block_type":"box","text":"Risk of Investing in the U.S","page_number":87,"box":{"x":83,"y":692,"width":182,"height":11}},{"id":"d1bf7648-5445-464d-9ace-e1d0678dacc0","block_type":"box","text":".","page_number":87,"box":{"x":266,"y":699,"width":2,"height":2}},{"id":"cfc5e226-b6f2-47d2-860b-0594ed02278d","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":87,"box":{"x":274,"y":692,"width":210,"height":11}},{"id":"0912136b-2ced-47b1-bf9a-3a3d4f81e2fb","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":87,"box":{"x":83,"y":706,"width":391,"height":11}},{"id":"478e2c12-d6d1-4216-a1e4-3fe717aede9e","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":87,"box":{"x":83,"y":721,"width":423,"height":10}},{"id":"b8452376-165b-4ccb-86ac-40d63f111596","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":87,"box":{"x":83,"y":735,"width":413,"height":11}},{"id":"d679d09b-8c4e-419c-8ab2-495377f9966b","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":87,"box":{"x":82,"y":749,"width":397,"height":11}},{"id":"65fa8d43-e900-49bf-94ae-919f9c199114","block_type":"box","text":"Securities Lending Risk.","page_number":87,"box":{"x":82,"y":772,"width":162,"height":11}},{"id":"45ccda84-5a3f-4023-95be-8d870c12d7d0","block_type":"box","text":"The Fund may engage in securities","page_number":87,"box":{"x":249,"y":772,"width":221,"height":11}},{"id":"de5a96e6-0ded-41de-acc3-b0a533002af8","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":87,"box":{"x":83,"y":786,"width":396,"height":11}},{"id":"9e3ddf43-c3b9-4362-9e7b-2e88c1669b62","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":87,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"561607a4-745f-4504-a638-93a800d0d1d3","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":87,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"a9579061-f539-434a-9b07-6ee23fefa883","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":87,"box":{"x":549,"y":51,"width":416,"height":11}},{"id":"0863920e-e48c-403e-bb6c-9305b80b4a11","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":87,"box":{"x":549,"y":66,"width":389,"height":10}},{"id":"5f4c3b37-6da6-43bf-a7ad-02a64f018229","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":87,"box":{"x":549,"y":80,"width":406,"height":8}},{"id":"95138d95-5f6d-46e7-8ce3-f477b7c523e6","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":87,"box":{"x":549,"y":94,"width":301,"height":11}},{"id":"0e680e8d-9358-4d3d-948a-4a9500951be9","block_type":"box","text":"Small Fund Risk.","page_number":87,"box":{"x":548,"y":117,"width":111,"height":9}},{"id":"618f4bf5-3180-4341-be14-dbbd22410c92","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":87,"box":{"x":665,"y":117,"width":282,"height":11}},{"id":"7eb4f76d-5f6f-42e2-850c-b9a236279b86","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":87,"box":{"x":549,"y":131,"width":397,"height":11}},{"id":"f1d04ab6-e8bf-4793-b501-a096a81042eb","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":87,"box":{"x":550,"y":146,"width":396,"height":10}},{"id":"77b160d1-c41f-4495-a716-d4106def5d8d","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":87,"box":{"x":549,"y":160,"width":387,"height":11}},{"id":"8151f4ec-2683-4ab0-886c-66fbe9d5b2ea","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":87,"box":{"x":549,"y":174,"width":417,"height":11}},{"id":"045cdc5e-a92a-4a5d-a268-457f0a23ef77","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":87,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"2746dc91-0848-4071-8f8c-0aa2070e034a","block_type":"box","text":"at a discount to similar “round lot” bonds. The prices used by the","page_number":87,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"83d0401f-362a-43b7-875c-e101e46f47b4","block_type":"box","text":"Fund may differ from the value that would be realized if these","page_number":87,"box":{"x":550,"y":216,"width":390,"height":11}},{"id":"24f9b24e-1325-49fa-a5d9-b2997df06fe2","block_type":"box","text":"securities were sold, and the impact of such pricing differences on","page_number":87,"box":{"x":549,"y":231,"width":424,"height":11}},{"id":"4d24ac4c-1884-4c11-8588-2e9e6b9ec055","block_type":"box","text":"a Fund’s performance may be heightened when the Fund’s size is","page_number":87,"box":{"x":549,"y":245,"width":417,"height":11}},{"id":"3de5beaa-a5fb-4075-a0b6-11a39a336177","block_type":"box","text":"small. In addition, the Fund may face the risk of being delisted if it","page_number":87,"box":{"x":549,"y":259,"width":421,"height":11}},{"id":"44d7cf1d-743e-4ec0-9d14-261556fc1151","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":87,"box":{"x":549,"y":273,"width":408,"height":11}},{"id":"d589b32a-fcfa-4aaa-9cbd-f745d6b11c7b","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":87,"box":{"x":549,"y":287,"width":375,"height":11}},{"id":"56fada83-5b5c-40bf-af6d-d3e4ce056f3e","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":87,"box":{"x":549,"y":302,"width":420,"height":10}},{"id":"1c4bd631-8d4b-49f0-9364-b34a7a04c5cb","block_type":"box","text":"its shareholders.","page_number":87,"box":{"x":549,"y":316,"width":105,"height":8}},{"id":"7821b9ad-9c15-4052-b37b-8ec9b53278a4","block_type":"box","text":"Tracking Error Risk","page_number":87,"box":{"x":550,"y":339,"width":128,"height":11}},{"id":"17d7ed81-277f-4bbe-a1cf-3a1f358754c4","block_type":"box","text":".","page_number":87,"box":{"x":678,"y":346,"width":3,"height":1}},{"id":"0dd6ed6e-70f7-4e05-80af-1d15e7883740","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":87,"box":{"x":686,"y":339,"width":284,"height":11}},{"id":"b643cd0e-e778-42d2-acd0-a40cdd344f0e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":87,"box":{"x":549,"y":353,"width":404,"height":11}},{"id":"b3a85d5c-518a-4509-bccf-005801ab7528","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":87,"box":{"x":549,"y":367,"width":425,"height":11}},{"id":"4d834dd5-4978-402f-b760-1bf97c6726ed","block_type":"box","text":"factors, including differences between the securities and other","page_number":87,"box":{"x":549,"y":381,"width":401,"height":11}},{"id":"7d4a7e91-f43f-4990-b874-3877bab9f588","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":87,"box":{"x":549,"y":396,"width":381,"height":10}},{"id":"d95371db-2da0-44b6-a895-4c62a25ba5e3","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":87,"box":{"x":550,"y":410,"width":396,"height":11}},{"id":"b4aedd29-609a-41d4-b933-9ef42757f796","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":87,"box":{"x":549,"y":424,"width":407,"height":10}},{"id":"6af42779-5d8c-4627-b209-3b6716a9662c","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":87,"box":{"x":549,"y":438,"width":400,"height":11}},{"id":"8f35b891-6040-49d5-9316-265819b7897e","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":87,"box":{"x":549,"y":452,"width":421,"height":11}},{"id":"c83d9187-3dd6-4112-a45b-7760497e0cd5","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":87,"box":{"x":549,"y":467,"width":374,"height":10}},{"id":"be1b2926-8f1c-4e2a-b42b-22f89bf09c63","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":87,"box":{"x":549,"y":481,"width":370,"height":11}},{"id":"f82ca86b-2c34-42f8-b452-7778fcd44ecf","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":87,"box":{"x":549,"y":495,"width":372,"height":11}},{"id":"57cfcb54-a933-44c8-aa92-e86ae2dba646","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":87,"box":{"x":549,"y":509,"width":420,"height":11}},{"id":"f48b1a27-14fc-4880-ab95-9f839148b1a1","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":87,"box":{"x":549,"y":523,"width":387,"height":11}},{"id":"3341447b-0660-479d-a61c-1c8be6946dc2","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":87,"box":{"x":549,"y":537,"width":377,"height":11}},{"id":"61861464-d3a0-4139-962e-4caa5e96008d","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":87,"box":{"x":549,"y":552,"width":380,"height":11}},{"id":"f9f8d145-4742-4a9a-9a3b-c1aa0f56fe83","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":87,"box":{"x":549,"y":566,"width":366,"height":11}},{"id":"fd6d0b19-81cb-4012-b7fb-9676cb5081cc","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":87,"box":{"x":549,"y":580,"width":414,"height":11}},{"id":"f1049352-d690-414b-9f32-02b1b9037482","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":87,"box":{"x":550,"y":594,"width":386,"height":11}},{"id":"9b537465-319b-43ed-af25-8d40a1ff2ec4","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":87,"box":{"x":549,"y":608,"width":414,"height":11}},{"id":"6a675aa4-f111-43f7-ba5b-4d4e4bd5c8b1","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":87,"box":{"x":549,"y":623,"width":420,"height":10}},{"id":"c3b8ded4-c029-452e-b756-16a2525bf862","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":87,"box":{"x":549,"y":637,"width":413,"height":11}},{"id":"01d35f94-de3f-4e69-b76c-6d8b778c0d3d","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":87,"box":{"x":549,"y":651,"width":410,"height":11}},{"id":"90177e35-5fa6-4c88-8f88-93e43b80d1b3","block_type":"box","text":"index ETFs.","page_number":87,"box":{"x":549,"y":665,"width":71,"height":9}},{"id":"5926df3c-a2b9-408f-9c3c-df958dd85dc4","block_type":"box","text":"Performance Information","page_number":87,"box":{"x":550,"y":694,"width":213,"height":11}},{"id":"15efa59e-6d23-4852-acf5-2a19a36b55f9","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full","page_number":87,"box":{"x":549,"y":719,"width":400,"height":11}},{"id":"c97270e8-5644-4f52-907f-b8a63a9ef880","block_type":"box","text":"calendar year of performance information to report.","page_number":87,"box":{"x":549,"y":733,"width":330,"height":11}},{"id":"90fc14a8-0a81-4c5f-9ac6-1b70cc08ce87","block_type":"box","text":"S-80","page_number":87,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"fd21e3b3-ebfa-4ed5-b5dc-367c8aaef350","block_type":"box","text":"Management","page_number":88,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"1c0991a4-a62d-43ef-b52d-1fa2adca4869","block_type":"box","text":"Investment Adviser.","page_number":88,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"47a50a95-28c9-479a-be71-41c3c19d623a","block_type":"box","text":"BlackRock Fund Advisors.","page_number":88,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"0d7cebe0-8be0-401d-a828-1c5ce44e3852","block_type":"box","text":"Portfolio Managers.","page_number":88,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"f96a1fc8-50f1-4e1d-85b8-71e5e2b5d1e8","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":88,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"d7bc8236-913f-4961-817d-391f71dc0e0e","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":88,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"4172496c-5a92-4eb4-8f7a-32c545ee2710","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":88,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"08c7f1cd-f0f3-4f7c-b9e2-8ffa4904dc50","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":88,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"5908a033-a438-4376-a02b-1aa89816feed","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":88,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"c12bb752-2667-4a26-b00e-276ef5c25f56","block_type":"box","text":"2025.","page_number":88,"box":{"x":83,"y":142,"width":36,"height":8}},{"id":"4946c79b-ae97-42ac-b476-5c03276dcfe3","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":88,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"c005068b-418e-43b1-afd0-f2d5952c7fb1","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":88,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"10a41be7-55f7-4de7-8400-bbc742894258","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":88,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"90282ead-7730-4390-877f-60dce46d8031","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":88,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"84b34def-f319-4b0f-bb51-4c4951943f20","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":88,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"a8e86971-ae56-443d-ad3f-8157df94f91d","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":88,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"23af8c50-97da-403c-b4b5-1c15f124f4e2","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":88,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"571f2ce2-e638-404c-89d9-60c0b83b1b88","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":88,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"459e19cb-5570-4d81-b8ec-b566532757a3","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":88,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"aa6971aa-bc61-433f-a298-423904554423","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":88,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"d9230d27-1e8d-43a8-b33e-d43abd3c05f9","block_type":"box","text":"Tax Information","page_number":88,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"87299b82-c253-41ec-b25e-574f03abfab6","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":88,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"ffb96417-7682-432f-b42d-58207bb54878","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":88,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"c028ce95-4d35-4c06-ae07-081030b9bdcc","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":88,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"40b35940-6d5b-4daa-9d26-c1692fbc743e","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":88,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"2151607b-adde-4cfe-98c5-ccae2c292b58","block_type":"box","text":"distributions generally will be taxed when withdrawn. Certain","page_number":88,"box":{"x":549,"y":104,"width":388,"height":11}},{"id":"708a9dfd-1854-47e7-b171-bc2a7269693e","block_type":"box","text":"states and localities may exempt from tax distributions","page_number":88,"box":{"x":549,"y":119,"width":351,"height":10}},{"id":"202518eb-e602-4d49-b312-e35075d731a8","block_type":"box","text":"attributable to interest from U.S. federal government obligations.","page_number":88,"box":{"x":549,"y":133,"width":415,"height":11}},{"id":"eb70e466-366d-4c3a-a9cc-6e99af2fa1d5","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":88,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"85b6543e-8a3d-4f89-80f7-524220705565","block_type":"box","text":"Intermediaries","page_number":88,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"d4f919b3-e310-4f51-8017-7956559d4500","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":88,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"e260b7bf-6bb4-4005-b462-527654ece5bb","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":88,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"85ab7cf9-df6d-41de-b940-79bfc0631f87","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":88,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"94c6532b-50e5-42e4-b65c-01d7a4fe34b5","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":88,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"a806ffef-9ca8-4243-971d-56a60a976260","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":88,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"e547d352-6313-4ba0-91a9-0daa2071e2c5","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":88,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"683f4d11-bf1a-4ed9-8bb1-348573197ba6","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":88,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"2818584f-c19e-485c-b643-c92dea379af5","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":88,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"c354696b-4722-41f1-9ca9-2126c03d714e","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":88,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"39f1a4d3-1397-4801-9033-0e83732cdd33","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":88,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"51fd3d69-b221-42e4-8bb2-7db5ac33de8a","block_type":"box","text":"information.","page_number":88,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"f96d3ee4-b83e-48f4-97cc-25a785170591","block_type":"box","text":"S-81","page_number":88,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"88c054fd-cafc-4a91-bb6a-c820eccd9e88","block_type":"box","text":"iSHARES","page_number":89,"box":{"x":270,"y":24,"width":119,"height":15}},{"id":"a6acb928-4847-4b77-a844-9886255f3bca","block_type":"box","text":"®","page_number":89,"box":{"x":392,"y":17,"width":11,"height":8}},{"id":"6abc63d8-964f-4aef-bd2e-a41b3e10c953","block_type":"box","text":"TREASURY FLOATING RATE","page_number":89,"box":{"x":411,"y":24,"width":376,"height":15}},{"id":"809afb48-b7a5-4cfd-b52b-52117db61185","block_type":"box","text":"BOND ETF","page_number":89,"box":{"x":459,"y":46,"width":141,"height":15}},{"id":"cc34a6d0-addc-498a-a8fd-b8f6afdf597b","block_type":"box","text":"Ticker: TFLO Stock Exchange: NYSE Arca","page_number":89,"box":{"x":282,"y":75,"width":487,"height":12}},{"id":"aa172a1a-29c2-464b-b73f-40c5f33f41af","block_type":"box","text":"Investment Objective","page_number":89,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"9c38c6bf-458d-4e25-ae09-4a54001c4af5","block_type":"box","text":"The iShares Treasury Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":89,"box":{"x":82,"y":138,"width":860,"height":11}},{"id":"eda299ce-e926-4b41-bc4d-8fad156ef306","block_type":"box","text":"floating rate bonds.","page_number":89,"box":{"x":82,"y":152,"width":124,"height":11}},{"id":"6538155e-6d1b-464b-a0dd-3ebda2bdc96a","block_type":"box","text":"Fees and Expenses","page_number":89,"box":{"x":84,"y":181,"width":160,"height":13}},{"id":"5ba3a518-f7c3-47ad-aded-9c7279b2824c","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":89,"box":{"x":82,"y":206,"width":869,"height":11}},{"id":"6a17943b-1c43-4257-9039-86e26659b7a2","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":89,"box":{"x":83,"y":220,"width":867,"height":11}},{"id":"57ecbdce-295c-45f4-bfb0-05a390b0eed8","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":89,"box":{"x":83,"y":235,"width":889,"height":10}},{"id":"bae00977-3021-4993-89b4-d100ca80dad4","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":89,"box":{"x":83,"y":249,"width":870,"height":11}},{"id":"eb2f1231-3383-493d-a3c3-1aec70541560","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":89,"box":{"x":83,"y":263,"width":858,"height":11}},{"id":"6f1ba0f1-99ca-4af1-960c-f4a7f8d225e0","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":89,"box":{"x":83,"y":277,"width":450,"height":11}},{"id":"69e3d517-189a-4c48-9953-7f4947fd9ccc","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":89,"box":{"x":82,"y":300,"width":883,"height":11}},{"id":"67aad5d7-b594-440e-aa39-a18f17168010","block_type":"box","text":"the tables and examples below.","page_number":89,"box":{"x":83,"y":315,"width":220,"height":10}},{"id":"d30a5065-4f7d-44d2-a278-813fd6781d4b","block_type":"box","text":"Annual Fund Operating Expenses","page_number":89,"box":{"x":425,"y":335,"width":206,"height":9}},{"id":"d67b0bcf-adc4-4057-aa9e-5034433c1858","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":89,"box":{"x":383,"y":345,"width":291,"height":10}},{"id":"f4af9ef6-1f19-434b-b6a7-2be4e10aaecf","block_type":"box","text":"percentage of the value of your investments)","page_number":89,"box":{"x":385,"y":355,"width":280,"height":10}},{"id":"939c17f5-5d29-48c8-a8ce-066896c09011","block_type":"box","text":"1","page_number":89,"box":{"x":668,"y":354,"width":2,"height":5}},{"id":"ec53b263-6cdc-4f78-95df-f23595354519","block_type":"box","text":"Management","page_number":89,"box":{"x":170,"y":395,"width":80,"height":10}},{"id":"7fe78fc9-7ecb-475e-a1ad-3f7919654064","block_type":"box","text":"Fees","page_number":89,"box":{"x":196,"y":406,"width":27,"height":7}},{"id":"6a5eef7d-d1b1-4f57-8295-009a71d6e77d","block_type":"box","text":"Distribution","page_number":89,"box":{"x":394,"y":385,"width":72,"height":8}},{"id":"ef24455c-c4a6-4f48-bfd3-6eb9c6c01a4b","block_type":"box","text":"and Service","page_number":89,"box":{"x":394,"y":395,"width":72,"height":8}},{"id":"c12ad537-2e02-4bb3-833c-ec1e99087643","block_type":"box","text":"(12b-1) Fees","page_number":89,"box":{"x":393,"y":406,"width":73,"height":9}},{"id":"790a2f98-bf0a-4575-bed5-6d741df93c4e","block_type":"box","text":"Other","page_number":89,"box":{"x":621,"y":395,"width":35,"height":8}},{"id":"e79184f9-ab3f-445d-9a2f-b33170b3fd97","block_type":"box","text":"Expenses","page_number":89,"box":{"x":610,"y":406,"width":57,"height":9}},{"id":"431fed17-41ce-4f29-8328-1d95fc0fb1dc","block_type":"box","text":"Total Annual","page_number":89,"box":{"x":810,"y":375,"width":76,"height":7}},{"id":"77fa0827-6896-49df-9d42-7a4adc3bd2e6","block_type":"box","text":"Fund","page_number":89,"box":{"x":834,"y":385,"width":29,"height":8}},{"id":"ecf1d0ea-5587-474d-8db8-e594ed3da769","block_type":"box","text":"Operating","page_number":89,"box":{"x":818,"y":395,"width":61,"height":10}},{"id":"e925c3c5-a6ae-4d93-a3b2-afa0a24906a3","block_type":"box","text":"Expenses","page_number":89,"box":{"x":820,"y":406,"width":58,"height":9}},{"id":"5d407e32-fd35-430f-a548-d2f5dd85dd82","block_type":"box","text":"0.15% None 0.00% 0.15%","page_number":89,"box":{"x":195,"y":425,"width":669,"height":8}},{"id":"2e75230a-feae-40bd-8a0f-9b626536b7c7","block_type":"box","text":"1","page_number":89,"box":{"x":112,"y":456,"width":2,"height":4}},{"id":"afa3a6ed-e935-44f5-822b-16078af46f24","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":89,"box":{"x":123,"y":457,"width":706,"height":10}},{"id":"36ad8eda-e12d-4348-b342-c8ce608083a8","block_type":"box","text":"Example.","page_number":89,"box":{"x":83,"y":477,"width":62,"height":11}},{"id":"e52e2f03-0ec9-462f-880b-8c08218dae01","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":89,"box":{"x":150,"y":477,"width":800,"height":11}},{"id":"e3320674-c16f-448b-b3ba-af342d6a3cce","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":89,"box":{"x":82,"y":490,"width":891,"height":12}},{"id":"cd5b23af-9f8a-427d-8add-c74eb9178eff","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":89,"box":{"x":83,"y":505,"width":862,"height":11}},{"id":"b7c6a42c-eed9-476f-9d47-19199fc225a8","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":89,"box":{"x":83,"y":519,"width":694,"height":11}},{"id":"e4144ca5-a086-47ec-8c33-3dc43e8e120a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":89,"box":{"x":195,"y":550,"width":668,"height":8}},{"id":"36ca605c-1e21-4ff0-8146-545d05b06d99","block_type":"box","text":"$15 $48 $85 $192","page_number":89,"box":{"x":203,"y":570,"width":647,"height":9}},{"id":"e9f12e0d-749b-432f-8f5e-717e16871932","block_type":"box","text":"S-82","page_number":89,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e194fa3a-9975-4f38-8f6b-286feee2fa5a","block_type":"box","text":"Portfolio Turnover.","page_number":90,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"b792e579-ea29-4311-9343-3c2eb06caa09","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":90,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"4e5c5904-2fdf-4a62-ac4a-88b35424030a","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":90,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"382dde9a-afe5-426e-9b34-07d4c5e295f7","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":90,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"ec6c4bd8-8e06-4513-8721-2ab1edb68452","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":90,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"be06420b-1ad0-4cd3-99a2-80720b11ebf1","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":90,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"17865a0b-3de8-4456-b8c6-2145c9e95d4a","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":90,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"276c23a5-71a8-4e60-bce9-48531d1e3ac4","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":90,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"fa04dd9d-37ff-4bdf-b5ff-29f8a8a18a92","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 40% of the","page_number":90,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"1fb0c858-83d6-40d5-ac5b-925d365742a5","block_type":"box","text":"average value of its portfolio.","page_number":90,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"316d5695-b467-4235-a761-b62f637c9019","block_type":"box","text":"Principal Investment Strategies","page_number":90,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"370113f2-7991-4101-86c7-dea3f87fad51","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg","page_number":90,"box":{"x":82,"y":191,"width":415,"height":11}},{"id":"0251e838-67eb-4f93-8503-d0c95798a881","block_type":"box","text":"U.S. Treasury Floating Rate Index (the “Underlying Index”), which","page_number":90,"box":{"x":83,"y":205,"width":413,"height":11}},{"id":"c2acd8ce-177d-40bf-8cf4-50bba2e355fe","block_type":"box","text":"is a market capitalization-weighted index that measures the","page_number":90,"box":{"x":83,"y":219,"width":381,"height":11}},{"id":"ec009b34-9892-417e-9752-8d0d0873dd1f","block_type":"box","text":"performance of floating rate public obligations of the U.S.","page_number":90,"box":{"x":83,"y":233,"width":367,"height":11}},{"id":"78965d23-c160-4a20-b205-8ea803a7234d","block_type":"box","text":"Treasury.","page_number":90,"box":{"x":82,"y":248,"width":57,"height":10}},{"id":"30bcbe70-3b01-4c61-b3c1-7554d11fecc0","block_type":"box","text":"The securities in the Underlying Index must be denominated in","page_number":90,"box":{"x":82,"y":269,"width":399,"height":11}},{"id":"2e974f31-7739-4cb9-bfcc-0526d10f3623","block_type":"box","text":"U.S. dollars and must be non-convertible. The securities in the","page_number":90,"box":{"x":83,"y":284,"width":397,"height":8}},{"id":"ac2d0e48-2daf-424e-b365-2003085b3dfc","block_type":"box","text":"Underlying Index are updated on the last calendar day of each","page_number":90,"box":{"x":83,"y":298,"width":395,"height":11}},{"id":"f304705a-b8af-42bb-8d8a-35f604046497","block_type":"box","text":"month.","page_number":90,"box":{"x":83,"y":312,"width":44,"height":8}},{"id":"2630801a-d4c5-4565-aa72-d548defdbb6a","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":90,"box":{"x":84,"y":335,"width":376,"height":11}},{"id":"865a6190-aaf8-4cca-b853-2b62885459f1","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":90,"box":{"x":83,"y":349,"width":417,"height":11}},{"id":"4a197ee1-d6c6-4118-b85e-161c927f9100","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":90,"box":{"x":83,"y":363,"width":396,"height":11}},{"id":"2f33e15e-5ae8-4250-92d4-1fe008fb2019","block_type":"box","text":"markets decline or appear overvalued.","page_number":90,"box":{"x":83,"y":378,"width":244,"height":10}},{"id":"ff6a039a-b202-4f03-a967-4c0675a9f12a","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":90,"box":{"x":83,"y":401,"width":421,"height":11}},{"id":"ea80b892-757f-430f-adb5-ba897b1b6998","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":90,"box":{"x":83,"y":415,"width":421,"height":11}},{"id":"a8e404cb-407b-42a2-8281-bd7b677b906b","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":90,"box":{"x":83,"y":429,"width":386,"height":11}},{"id":"ef513ade-a04b-4757-8628-1589c422f5bb","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":90,"box":{"x":83,"y":443,"width":370,"height":11}},{"id":"3391f5db-d6a9-42fd-bbbf-d6cfab295675","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":90,"box":{"x":83,"y":458,"width":356,"height":10}},{"id":"67de0ad4-f567-456b-be57-e2a6335eb9ea","block_type":"box","text":"comparison to actively managed investment companies.","page_number":90,"box":{"x":83,"y":472,"width":359,"height":11}},{"id":"ebf30ec4-9c26-40f0-9639-10aa2702a9b2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":90,"box":{"x":84,"y":495,"width":411,"height":11}},{"id":"f8928a22-b75b-4bd6-929b-9bb39c47473e","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":90,"box":{"x":83,"y":509,"width":411,"height":11}},{"id":"390bf149-858b-4346-98e0-cea813a8b633","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":90,"box":{"x":83,"y":523,"width":424,"height":11}},{"id":"04b5bec6-7348-4ead-97b0-056abba64da9","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":90,"box":{"x":83,"y":537,"width":410,"height":11}},{"id":"23c1c25c-8aae-4f3d-81f1-664616fa1249","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":90,"box":{"x":83,"y":552,"width":408,"height":11}},{"id":"30d7cb78-3cf2-4fa3-a668-cdcbe55c8326","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":90,"box":{"x":83,"y":566,"width":423,"height":11}},{"id":"02ede552-a56b-40de-a490-455483c5ce4b","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":90,"box":{"x":83,"y":580,"width":415,"height":11}},{"id":"4812119d-c58b-4c03-8edd-e7663ade899d","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":90,"box":{"x":82,"y":594,"width":406,"height":11}},{"id":"c5a40f31-a27d-4342-983b-53ea079683b7","block_type":"box","text":"(","page_number":90,"box":{"x":83,"y":608,"width":3,"height":11}},{"id":"d0891fb1-c36b-477b-8e93-1c6bf4338d12","block_type":"box","text":"i.e.","page_number":90,"box":{"x":87,"y":608,"width":17,"height":9}},{"id":"506e618b-49be-4092-bd27-fc9ac90d419a","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":90,"box":{"x":106,"y":608,"width":359,"height":11}},{"id":"417fbdcd-fe67-4a86-9729-dc288f6f1616","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":90,"box":{"x":83,"y":623,"width":418,"height":10}},{"id":"63aae472-5d06-4537-b53d-e0afdbefdc03","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":90,"box":{"x":83,"y":637,"width":410,"height":11}},{"id":"34a71aa2-a921-4e7c-85a5-7d8c1a390758","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":90,"box":{"x":83,"y":651,"width":399,"height":11}},{"id":"1a4b27c0-ac53-42ea-8c84-260a9475d996","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":90,"box":{"x":82,"y":674,"width":405,"height":11}},{"id":"a29b74c8-8ec0-44e3-80d4-e1ed955467f8","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":90,"box":{"x":83,"y":688,"width":424,"height":11}},{"id":"7f7fc05a-ad7c-4260-a81c-de20a6fb3a56","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":90,"box":{"x":83,"y":702,"width":415,"height":11}},{"id":"75d822e3-dd61-4b7e-8dab-4d4494048664","block_type":"box","text":"help the Fund track the Underlying Index. The Fund will invest no","page_number":90,"box":{"x":83,"y":717,"width":413,"height":11}},{"id":"f5eb815c-3be9-4473-893d-b75d940c58b3","block_type":"box","text":"more than 10% of its assets in futures, options and swaps","page_number":90,"box":{"x":83,"y":731,"width":366,"height":11}},{"id":"afa3f995-dc5a-41a5-bf89-15df00d99ffa","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":90,"box":{"x":83,"y":745,"width":352,"height":11}},{"id":"30fb1b63-db4f-48c3-96f6-4b1ffffeec1e","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments","page_number":90,"box":{"x":83,"y":759,"width":360,"height":11}},{"id":"82e654db-4428-4642-b782-c8e8f62cda2b","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":90,"box":{"x":83,"y":773,"width":421,"height":11}},{"id":"29c7baa0-90cd-40bc-9d93-461b99835c80","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":90,"box":{"x":83,"y":788,"width":367,"height":10}},{"id":"f839a52d-81ce-41ae-8c2e-7dbc36694011","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":90,"box":{"x":83,"y":802,"width":411,"height":11}},{"id":"5e02d234-5106-489c-b564-94b1eb9db9e4","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":90,"box":{"x":83,"y":816,"width":408,"height":11}},{"id":"d2eb4b4e-f5eb-4c54-a263-cdb914aaea2c","block_type":"box","text":"and expenses of the Fund.","page_number":90,"box":{"x":83,"y":830,"width":167,"height":11}},{"id":"53864063-5811-4582-bec3-5d41cd590852","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":90,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"f29f78ba-ceb5-486d-ae7c-1bf7e79e7a8e","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":90,"box":{"x":548,"y":37,"width":371,"height":11}},{"id":"b87b112f-1405-4c0e-8615-d236ef3c1b31","block_type":"box","text":"collateral received).","page_number":90,"box":{"x":549,"y":52,"width":125,"height":10}},{"id":"cea45d22-c296-4c50-8c5e-4e19b8de2b7a","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg Index Services","page_number":90,"box":{"x":549,"y":75,"width":408,"height":11}},{"id":"ddf6dcd6-9a91-4adc-8f03-da14fc343fe8","block_type":"box","text":"Limited (the “Index Provider” or “Bloomberg”), which","page_number":90,"box":{"x":550,"y":89,"width":335,"height":11}},{"id":"330ba069-940c-48bb-aa6b-fa7e5f3eebba","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":90,"box":{"x":549,"y":103,"width":354,"height":11}},{"id":"81a1d662-756c-4054-b229-fd5524c2719b","block_type":"box","text":"determines the composition and relative weightings of the","page_number":90,"box":{"x":549,"y":117,"width":372,"height":11}},{"id":"f4cefa06-70a0-400a-9b9e-d7a35144c7f9","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":90,"box":{"x":549,"y":131,"width":401,"height":11}},{"id":"511cb3c5-f0dc-421e-8cc8-7923e48b08c1","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":90,"box":{"x":549,"y":146,"width":327,"height":10}},{"id":"fde315f2-f33e-4324-a835-a03cbcb06ac4","block_type":"box","text":"Summary of Principal Risks","page_number":90,"box":{"x":549,"y":175,"width":235,"height":13}},{"id":"d145ede6-9f2a-4716-9947-f6f7c1826420","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":90,"box":{"x":549,"y":200,"width":362,"height":11}},{"id":"caeca722-5e5f-460c-8365-1e446aa097a5","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":90,"box":{"x":549,"y":214,"width":402,"height":11}},{"id":"cb119887-cc27-4eeb-bae8-4d35de70ff7e","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":90,"box":{"x":549,"y":228,"width":396,"height":11}},{"id":"25159037-2e6c-43cb-88ce-519cba2a94f2","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":90,"box":{"x":549,"y":242,"width":376,"height":11}},{"id":"db89c76c-b988-463d-80ca-88e5804fb8b1","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":90,"box":{"x":549,"y":256,"width":392,"height":11}},{"id":"abb46d5d-fdec-427f-8669-fb800ea583b6","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":90,"box":{"x":549,"y":271,"width":416,"height":10}},{"id":"9ec98358-b26c-4e10-8ac6-8503c1fbd374","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":90,"box":{"x":549,"y":285,"width":388,"height":11}},{"id":"f5610309-50cc-4370-99a7-95b089297230","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":90,"box":{"x":549,"y":299,"width":425,"height":11}},{"id":"c2f64efe-f077-4949-919a-e2869a0a3d36","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":90,"box":{"x":549,"y":313,"width":405,"height":11}},{"id":"0a74fcc8-3abc-413f-8736-739110648276","block_type":"box","text":"review each risk factor carefully.","page_number":90,"box":{"x":549,"y":327,"width":206,"height":11}},{"id":"d4105843-182e-493f-be7e-7db8f9a2f110","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":90,"box":{"x":549,"y":351,"width":206,"height":10}},{"id":"0e042653-56bb-46c0-bfe8-eb9a8f7c6510","block_type":"box","text":"U.S. Treasury obligations may","page_number":90,"box":{"x":762,"y":351,"width":189,"height":10}},{"id":"12279482-6618-482b-953d-97d110b1bf71","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":90,"box":{"x":549,"y":365,"width":386,"height":10}},{"id":"08735a97-fc09-49f0-b0f4-53f99c2f2e00","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":90,"box":{"x":549,"y":379,"width":385,"height":11}},{"id":"dee94fcf-53c5-459c-a938-9bf77aa7a8d0","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":90,"box":{"x":549,"y":393,"width":417,"height":11}},{"id":"8ac6dbdd-ff93-4df0-abd2-39acb0ec65a9","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":90,"box":{"x":549,"y":407,"width":393,"height":11}},{"id":"6005bbd0-ef3d-42bc-8ca6-be16cfc7b46e","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":90,"box":{"x":549,"y":421,"width":392,"height":11}},{"id":"ea98da9d-d0dc-4f1e-b6bb-e4900957ccc2","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":90,"box":{"x":549,"y":436,"width":423,"height":10}},{"id":"06353109-25ac-44cb-925c-e0a63748478f","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":90,"box":{"x":549,"y":450,"width":424,"height":11}},{"id":"fa1cb47b-5e35-4e9c-9985-4cde52cc7ae7","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":90,"box":{"x":549,"y":464,"width":392,"height":11}},{"id":"cac06223-e15c-4e1e-afc3-e44516946eb1","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":90,"box":{"x":549,"y":478,"width":411,"height":11}},{"id":"ce478dc9-20cb-4be1-9aa3-9015b95ecd19","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":90,"box":{"x":550,"y":492,"width":407,"height":11}},{"id":"ddc4b5f9-5b04-4621-92c3-4c6b1676d230","block_type":"box","text":"timely payment of interest or principal.","page_number":90,"box":{"x":549,"y":507,"width":247,"height":10}},{"id":"fe049b3e-cfe7-48e4-87d8-acdd73e5916a","block_type":"box","text":"Floating Rate Securities Risk.","page_number":90,"box":{"x":549,"y":530,"width":196,"height":11}},{"id":"986467f7-b6ac-42e6-b4ba-df67237ea553","block_type":"box","text":"Securities with floating or variable","page_number":90,"box":{"x":751,"y":530,"width":218,"height":11}},{"id":"61f92500-e20c-4c66-8c61-24707136d922","block_type":"box","text":"interest rates can be less sensitive to interest rate changes than","page_number":90,"box":{"x":549,"y":544,"width":410,"height":11}},{"id":"0d84d57b-164f-4b85-9f74-3cf33677284d","block_type":"box","text":"securities with fixed interest rates, but may decline in value if their","page_number":90,"box":{"x":549,"y":558,"width":425,"height":11}},{"id":"b090f6d5-499c-4ba3-9cc7-ef0d7939172f","block_type":"box","text":"coupon rates do not reset as high, or as quickly, as comparable","page_number":90,"box":{"x":549,"y":572,"width":404,"height":11}},{"id":"354123d7-1482-43f3-bb0c-9188e84225dd","block_type":"box","text":"market interest rates, and generally carry lower yields than fixed","page_number":90,"box":{"x":549,"y":586,"width":411,"height":11}},{"id":"9ca4a3cd-f73d-4f45-95a2-2879f9f2c761","block_type":"box","text":"securities of the same maturity. Although floating rate securities","page_number":90,"box":{"x":549,"y":601,"width":411,"height":11}},{"id":"56f0de16-17db-43f8-8bd2-886a4e24d85c","block_type":"box","text":"are less sensitive to interest rate risk than fixed-rate securities,","page_number":90,"box":{"x":549,"y":615,"width":404,"height":10}},{"id":"35f3040e-db22-4eae-8bd3-995500c148cd","block_type":"box","text":"they are subject to credit risk and default risk, which could impair","page_number":90,"box":{"x":549,"y":629,"width":419,"height":11}},{"id":"0d3e7001-ca00-4880-b827-cb18b0db6514","block_type":"box","text":"their value.","page_number":90,"box":{"x":549,"y":643,"width":70,"height":9}},{"id":"7ffc063e-f3f9-47bc-870f-117ec8a7a1dd","block_type":"box","text":"Interest Rate Risk","page_number":90,"box":{"x":549,"y":666,"width":121,"height":9}},{"id":"03266bd4-dbf8-4bb8-b01b-3ae3011e05fc","block_type":"box","text":".","page_number":90,"box":{"x":670,"y":673,"width":2,"height":2}},{"id":"c08f9941-5e33-4417-b66b-68d06a142036","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":90,"box":{"x":678,"y":666,"width":233,"height":9}},{"id":"fa2b067e-e001-4977-aa6c-fd3c0baa84f2","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":90,"box":{"x":549,"y":681,"width":424,"height":10}},{"id":"0b89f549-6f93-4d1f-9900-6bc5136945c0","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":90,"box":{"x":549,"y":695,"width":417,"height":11}},{"id":"e5b27f33-1823-4830-a647-cc29cae34dcb","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":90,"box":{"x":549,"y":709,"width":389,"height":11}},{"id":"7d436f1d-d656-4b9f-915e-0277cdaa4196","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":90,"box":{"x":549,"y":723,"width":401,"height":11}},{"id":"f5ede6c1-6121-4ca9-89a5-cf3724aa19d1","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":90,"box":{"x":549,"y":737,"width":391,"height":11}},{"id":"27a00214-174d-4e37-827d-7134339bb604","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":90,"box":{"x":549,"y":751,"width":423,"height":11}},{"id":"4e2a765c-0957-4f0a-bca1-317a23e8fce6","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":90,"box":{"x":549,"y":766,"width":408,"height":8}},{"id":"094a686f-c027-4799-8c74-72b7866427ab","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":90,"box":{"x":549,"y":780,"width":423,"height":11}},{"id":"233d16e6-ecb5-4bee-a971-a941510e9d47","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":90,"box":{"x":549,"y":794,"width":409,"height":11}},{"id":"3eb84bec-72d7-4304-9354-794c6c517458","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":90,"box":{"x":549,"y":808,"width":397,"height":11}},{"id":"6526aef8-6499-4bdf-a3c6-76663854ec14","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":90,"box":{"x":549,"y":822,"width":411,"height":11}},{"id":"1cc43540-0ec1-434c-b023-e308617fac8a","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":90,"box":{"x":549,"y":837,"width":363,"height":10}},{"id":"6a23faf6-4592-40ad-8181-9bff556d17d8","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":90,"box":{"x":549,"y":851,"width":386,"height":11}},{"id":"5184c668-3c13-42f1-8454-975a568f3648","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":90,"box":{"x":549,"y":865,"width":404,"height":11}},{"id":"cd197376-1cbf-4df4-bd21-e7e4729cef0c","block_type":"box","text":"dividends to shareholders.","page_number":90,"box":{"x":549,"y":879,"width":168,"height":9}},{"id":"0e4d7a37-a171-41f3-b944-3df46069cd1a","block_type":"box","text":"S-83","page_number":90,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"612568d7-2b6d-4661-9f90-d48dac4b9753","block_type":"box","text":"Market Risk","page_number":91,"box":{"x":83,"y":23,"width":82,"height":9}},{"id":"9ea24faa-4f47-4b9d-a2e4-5bc0922d4730","block_type":"box","text":".","page_number":91,"box":{"x":165,"y":30,"width":2,"height":2}},{"id":"6f3eaa41-2410-4261-9fc1-967feaf235b3","block_type":"box","text":"The Fund could lose money over short periods due","page_number":91,"box":{"x":172,"y":23,"width":323,"height":11}},{"id":"4e7b1748-1d59-4b6c-8d27-aeadbd2a6217","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":91,"box":{"x":83,"y":37,"width":413,"height":11}},{"id":"181a7650-5648-40d8-a857-9f6386c860aa","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":91,"box":{"x":83,"y":52,"width":382,"height":10}},{"id":"795d80d7-d71c-416e-bccf-7846d682799b","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":91,"box":{"x":83,"y":66,"width":411,"height":10}},{"id":"34f9e928-06b3-47be-95b6-e54687722a11","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":91,"box":{"x":83,"y":80,"width":370,"height":11}},{"id":"474cfe8d-2d50-42d3-9c36-c562eb1d3f97","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":91,"box":{"x":83,"y":94,"width":404,"height":11}},{"id":"33d8a4e2-27a4-465f-b834-309809b7953b","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":91,"box":{"x":83,"y":108,"width":395,"height":11}},{"id":"b5a438ff-535a-4c8f-9143-63b7a2c4f2fc","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":91,"box":{"x":83,"y":122,"width":395,"height":11}},{"id":"77ee28d9-32c0-45c1-83c2-c4d4b65b6ae0","block_type":"box","text":"NAV.","page_number":91,"box":{"x":84,"y":137,"width":27,"height":8}},{"id":"3ea57f30-8bb4-4738-bd74-e8c16d263cb5","block_type":"box","text":"Index-Related Risk.","page_number":91,"box":{"x":83,"y":160,"width":129,"height":8}},{"id":"06546295-a361-4ed0-ac00-7dc8cc638159","block_type":"box","text":"The Index Provider may rely on various","page_number":91,"box":{"x":217,"y":160,"width":247,"height":11}},{"id":"7b7ec236-f6a5-4048-81f0-0821fd0342cc","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":91,"box":{"x":83,"y":174,"width":423,"height":11}},{"id":"c4ca55a0-01eb-4caf-bde0-7130e1ac8e49","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":91,"box":{"x":83,"y":188,"width":391,"height":11}},{"id":"5ca4dca7-3da5-4f37-8659-060c6fb90a89","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":91,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"c6ce9f1c-b654-4eb2-b5c6-330daab6f6cd","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":91,"box":{"x":83,"y":216,"width":408,"height":11}},{"id":"9e5074ad-de04-4d36-8795-7c025930b591","block_type":"box","text":"information will provide an accurate assessment of included","page_number":91,"box":{"x":83,"y":231,"width":384,"height":10}},{"id":"2f655aad-0adf-4af7-a844-68d8b908b142","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":91,"box":{"x":83,"y":245,"width":387,"height":11}},{"id":"54ef2db1-25db-4663-915d-35e982ed6186","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":91,"box":{"x":83,"y":259,"width":366,"height":11}},{"id":"6c15de55-6abb-49b8-a3ad-5f298a34c283","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":91,"box":{"x":83,"y":273,"width":377,"height":11}},{"id":"544fd227-b14d-4d7a-a904-9705b1a5620b","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":91,"box":{"x":83,"y":287,"width":413,"height":11}},{"id":"0912d131-d637-4d56-b217-7ccc53360bc2","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":91,"box":{"x":83,"y":302,"width":396,"height":10}},{"id":"5dee8aa2-b967-46cd-b369-8327b3300888","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":91,"box":{"x":83,"y":316,"width":367,"height":11}},{"id":"862255db-01e1-4dbe-bcb2-7c183a513f01","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":91,"box":{"x":83,"y":330,"width":400,"height":11}},{"id":"8137ca3a-ee8b-4656-9f37-bf852536b8a7","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":91,"box":{"x":83,"y":344,"width":409,"height":11}},{"id":"3dd769bc-6871-494c-b5b2-d805681c677e","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":91,"box":{"x":83,"y":358,"width":414,"height":11}},{"id":"1307a80b-f3dc-47a8-b96e-786683915621","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":91,"box":{"x":83,"y":373,"width":362,"height":10}},{"id":"8992f289-ae15-424a-9fa3-f219d5ed1464","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":91,"box":{"x":83,"y":387,"width":423,"height":11}},{"id":"88b4e9e2-3d26-47c5-96b6-ddd844394fab","block_type":"box","text":"Asset Class Risk.","page_number":91,"box":{"x":81,"y":410,"width":115,"height":8}},{"id":"6c29f653-d636-44cb-84ec-3cf70c75aed9","block_type":"box","text":"The securities and other assets in the","page_number":91,"box":{"x":202,"y":410,"width":239,"height":8}},{"id":"4dc5bc7f-007c-40db-8973-bc60ba711ce9","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":91,"box":{"x":83,"y":424,"width":406,"height":11}},{"id":"ca959199-2a02-4f1d-8a4a-a4a3a474fe10","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":91,"box":{"x":83,"y":438,"width":405,"height":11}},{"id":"2d428e97-c12d-418b-93ce-329f39b1fde1","block_type":"box","text":"market, another index, or other asset classes.","page_number":91,"box":{"x":83,"y":452,"width":292,"height":11}},{"id":"053e0b17-e5b2-42a2-be4c-424f4dba018f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":91,"box":{"x":81,"y":476,"width":290,"height":10}},{"id":"9f12ec5e-80e2-4f1e-885e-43a0219b1896","block_type":"box","text":"An “Authorized","page_number":91,"box":{"x":381,"y":476,"width":93,"height":8}},{"id":"b98debb5-3693-45af-82be-4cf55a2835cf","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":91,"box":{"x":84,"y":490,"width":379,"height":11}},{"id":"5e6c9124-eae5-462a-8dd4-77b59625352e","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":91,"box":{"x":83,"y":504,"width":411,"height":11}},{"id":"b0fed7b5-9bef-48f0-8c03-fff0273b3fc0","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":91,"box":{"x":84,"y":518,"width":395,"height":11}},{"id":"6c58c4b5-ac55-41f7-898a-cc85c47c4fa6","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":91,"box":{"x":84,"y":532,"width":399,"height":11}},{"id":"04965682-6833-4c1c-bb0f-0679b3b94840","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":91,"box":{"x":83,"y":547,"width":407,"height":10}},{"id":"6f13962b-79f4-4882-b03e-37df5fe3ebbb","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":91,"box":{"x":83,"y":561,"width":409,"height":11}},{"id":"947cd874-49af-4969-abaf-2a6ac0127ea2","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":91,"box":{"x":83,"y":575,"width":412,"height":11}},{"id":"5e5d0388-1c48-4b1c-8b89-09f238aa17ed","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":91,"box":{"x":83,"y":589,"width":403,"height":11}},{"id":"222aeb4f-ed80-4a1b-88e1-a8f21613b23a","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":91,"box":{"x":83,"y":603,"width":378,"height":11}},{"id":"dc464a0b-a303-4663-ab08-58aa37f8f426","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":91,"box":{"x":84,"y":617,"width":379,"height":11}},{"id":"811c6221-4cda-489f-bbf3-d57fb9196d18","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":91,"box":{"x":83,"y":632,"width":404,"height":10}},{"id":"c318df41-0d6d-40f8-8d0f-a3292104d20b","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":91,"box":{"x":83,"y":646,"width":399,"height":11}},{"id":"16d771e3-4f35-4af2-92c6-14971d8c4409","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":91,"box":{"x":84,"y":660,"width":391,"height":11}},{"id":"8eaf89ee-e87d-427f-9680-b4ebb5843c84","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":91,"box":{"x":83,"y":674,"width":408,"height":11}},{"id":"069d37f6-02c2-439a-be4f-2c5fd93a775d","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":91,"box":{"x":83,"y":688,"width":273,"height":11}},{"id":"ee7d2b1e-263e-4907-95f0-ebb7375dc60c","block_type":"box","text":"Concentration Risk.","page_number":91,"box":{"x":83,"y":712,"width":132,"height":8}},{"id":"f95d86dc-7887-4d5d-a0ae-d842a2394d8c","block_type":"box","text":"The Fund may be susceptible to an","page_number":91,"box":{"x":220,"y":712,"width":222,"height":10}},{"id":"53b1f890-8765-48d8-9184-2e242600c904","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":91,"box":{"x":83,"y":726,"width":419,"height":11}},{"id":"747209f6-d7da-4dc4-8359-0f7a1298f97e","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":91,"box":{"x":83,"y":740,"width":407,"height":10}},{"id":"3a7ea0fa-e373-4c2e-b59d-fbb63c3be33b","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":91,"box":{"x":83,"y":754,"width":417,"height":9}},{"id":"417039a0-e195-4ede-a0ba-5c85b8bbbe2e","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":91,"box":{"x":83,"y":768,"width":395,"height":10}},{"id":"f5aba48b-9e6c-4c95-a385-ba5a45903ae9","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":91,"box":{"x":83,"y":782,"width":388,"height":11}},{"id":"8b0a1d94-e6c2-492d-82d4-68f38d3b2617","block_type":"box","text":"asset classes.","page_number":91,"box":{"x":83,"y":797,"width":88,"height":8}},{"id":"5947329e-94a3-4853-b462-a71c6628abb9","block_type":"box","text":"Income Risk.","page_number":91,"box":{"x":83,"y":820,"width":85,"height":8}},{"id":"cbd8b75d-61b7-4daa-ae41-cf2d6b7c7a3d","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":91,"box":{"x":174,"y":820,"width":288,"height":11}},{"id":"d3be066b-766d-4324-a1d0-8d9683425f95","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":91,"box":{"x":83,"y":834,"width":407,"height":8}},{"id":"ddb00968-93cf-4fed-ba35-6d8ad1d6b078","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":91,"box":{"x":83,"y":848,"width":414,"height":11}},{"id":"e957863b-e021-4101-957a-7fedb6ccaef2","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":91,"box":{"x":83,"y":862,"width":380,"height":11}},{"id":"bd21050e-b7bd-49d1-92ce-42872f411a93","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":91,"box":{"x":83,"y":877,"width":406,"height":10}},{"id":"6499d622-321f-43f0-9630-dd4270a59456","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":91,"box":{"x":549,"y":23,"width":424,"height":11}},{"id":"d8f00db9-bcd4-4cf8-9395-56c26e9a27f7","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":91,"box":{"x":550,"y":37,"width":423,"height":11}},{"id":"605b093f-27fe-4922-8c35-32f39c15dc22","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":91,"box":{"x":549,"y":51,"width":394,"height":11}},{"id":"c70807f2-4025-4771-98e1-4a6db6e1716a","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":91,"box":{"x":549,"y":66,"width":419,"height":11}},{"id":"0bc6323e-321c-4c94-aada-eb90ca935fcb","block_type":"box","text":"Issuer Risk","page_number":91,"box":{"x":549,"y":89,"width":75,"height":8}},{"id":"9f27c60d-4fac-467e-8457-9bcd4e66d473","block_type":"box","text":".","page_number":91,"box":{"x":624,"y":95,"width":3,"height":2}},{"id":"c0635aaa-680f-4889-a90a-39716c741da5","block_type":"box","text":"The performance of the Fund depends on the","page_number":91,"box":{"x":632,"y":89,"width":288,"height":11}},{"id":"7b5d6533-c5b3-4479-ad26-b3b9885aa642","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":91,"box":{"x":549,"y":103,"width":412,"height":11}},{"id":"51abc27c-cecd-44f2-9e46-51d3226c0b6a","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":91,"box":{"x":550,"y":117,"width":402,"height":11}},{"id":"4aece8a9-49d8-4bcc-bec7-707f337f55da","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":91,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"3e828ef4-ebdc-495b-af35-c8cce9da24ea","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":91,"box":{"x":549,"y":146,"width":414,"height":10}},{"id":"a8e8c264-826a-4ddc-818b-52d1f46c3ae5","block_type":"box","text":"counterparty.","page_number":91,"box":{"x":549,"y":161,"width":84,"height":10}},{"id":"d036daf6-5d9d-42cf-b55e-cae0d080f9cf","block_type":"box","text":"Management Risk","page_number":91,"box":{"x":549,"y":183,"width":123,"height":11}},{"id":"b9fa32af-fff6-4c80-8db2-817c47e2cacd","block_type":"box","text":".","page_number":91,"box":{"x":672,"y":190,"width":2,"height":1}},{"id":"51bc2107-bfcf-49fa-ab0f-cee0995887b7","block_type":"box","text":"The Fund generally does not attempt to take","page_number":91,"box":{"x":679,"y":183,"width":283,"height":11}},{"id":"863fbdde-9e4a-4654-9904-a56d44575209","block_type":"box","text":"defensive positions under any market conditions, including","page_number":91,"box":{"x":549,"y":197,"width":376,"height":11}},{"id":"d5266c0e-3c60-45a8-9b29-9c8822625d53","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":91,"box":{"x":549,"y":211,"width":362,"height":11}},{"id":"e065f3d8-d10d-4436-a8e6-12e140fc5aa0","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":91,"box":{"x":550,"y":226,"width":387,"height":10}},{"id":"b831d914-5bd1-4b0d-978a-90e8f9668541","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":91,"box":{"x":549,"y":240,"width":409,"height":11}},{"id":"6a5cf39d-3039-429b-8398-d1f9ee2f8621","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":91,"box":{"x":549,"y":254,"width":419,"height":11}},{"id":"48a1c163-8b36-4632-97a0-36989da1c7b2","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":91,"box":{"x":549,"y":268,"width":420,"height":11}},{"id":"bdd065e3-02d4-49cc-a2ac-c3834df6face","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":91,"box":{"x":549,"y":282,"width":403,"height":11}},{"id":"b9333fca-2ad2-4584-acab-024019724120","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":91,"box":{"x":549,"y":296,"width":323,"height":11}},{"id":"859bc86c-10c8-477d-a672-b95d969e005a","block_type":"box","text":"Market Trading Risk","page_number":91,"box":{"x":549,"y":320,"width":136,"height":10}},{"id":"80e85fa1-0bd1-43d5-8302-68555f030524","block_type":"box","text":".","page_number":91,"box":{"x":685,"y":326,"width":2,"height":2}},{"id":"61fd500a-9705-4569-8bb6-b059546e5796","block_type":"box","text":"The Fund faces numerous market trading","page_number":91,"box":{"x":692,"y":320,"width":264,"height":10}},{"id":"c69c01c7-a45e-4ed2-a2e0-b77fe543a4d5","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":91,"box":{"x":549,"y":334,"width":394,"height":11}},{"id":"a7288c44-b821-48aa-b2b2-708183418fcd","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":91,"box":{"x":549,"y":348,"width":401,"height":11}},{"id":"d8fe452c-133a-4f21-ae3e-e2f1b03c4e54","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":91,"box":{"x":549,"y":362,"width":404,"height":11}},{"id":"e81be7ee-c8be-41e3-a3ce-694c93083e18","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":91,"box":{"x":549,"y":376,"width":416,"height":11}},{"id":"078951f7-83cc-4c51-ab2e-72a9bce704fb","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":91,"box":{"x":549,"y":391,"width":404,"height":10}},{"id":"63bd4163-d194-48fa-9c75-48c632055f47","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":91,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"a071385a-c7e0-4f37-84aa-f598eac749c9","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":91,"box":{"x":549,"y":419,"width":397,"height":11}},{"id":"19d84ea4-261d-40eb-b029-2709c21bd5f6","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":91,"box":{"x":549,"y":433,"width":419,"height":11}},{"id":"5678942e-5db8-42a8-b40b-ab2ba1158230","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":91,"box":{"x":549,"y":447,"width":413,"height":11}},{"id":"957ef8f9-2dee-45ac-b043-b973c1ba47ea","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":91,"box":{"x":549,"y":461,"width":397,"height":11}},{"id":"bf5facb1-1186-4f62-b6ef-d05b83cb8015","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":91,"box":{"x":549,"y":476,"width":316,"height":10}},{"id":"21df68b9-8cc6-4dc4-b94f-566fd051cc7e","block_type":"box","text":"Operational and Technology Risks","page_number":91,"box":{"x":549,"y":499,"width":230,"height":11}},{"id":"6e7cb011-1173-4e5f-9516-14a0a0f8fb1c","block_type":"box","text":".","page_number":91,"box":{"x":780,"y":505,"width":2,"height":2}},{"id":"7e931b80-4a5f-453c-a8f2-076010c9abd9","block_type":"box","text":"The Fund is directly and","page_number":91,"box":{"x":787,"y":499,"width":152,"height":11}},{"id":"fdba8fb4-4ec3-4d09-8aa1-3728ecca8329","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":91,"box":{"x":549,"y":513,"width":368,"height":11}},{"id":"39b41c1b-b89c-46a2-9619-24bfe409e3ad","block_type":"box","text":"including those related to human errors, processing errors,","page_number":91,"box":{"x":549,"y":527,"width":376,"height":11}},{"id":"c022957b-a470-4f39-9e37-3e299678e377","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":91,"box":{"x":549,"y":541,"width":413,"height":11}},{"id":"463c27ae-4f47-4b73-aea7-f48262b2ff62","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":91,"box":{"x":549,"y":556,"width":404,"height":10}},{"id":"dcdc8fcd-6d47-4e5f-a3b8-20050c7f2a55","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":91,"box":{"x":549,"y":570,"width":401,"height":11}},{"id":"62efbec0-fe5b-43e7-a6b9-39a723b3bfd7","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":91,"box":{"x":549,"y":584,"width":377,"height":11}},{"id":"4a0cd9ab-f457-4c6a-9c92-53b6aa88c751","block_type":"box","text":"providers are required to have appropriate operational,","page_number":91,"box":{"x":549,"y":598,"width":350,"height":11}},{"id":"2beb297f-14b6-461f-8c4e-a3faf5f7ba27","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":91,"box":{"x":549,"y":612,"width":414,"height":11}},{"id":"f76ab2e2-d580-4432-91f9-e9920d958c43","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":91,"box":{"x":549,"y":626,"width":397,"height":11}},{"id":"ae2f9222-e2dc-4689-b32f-0f2770335961","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":91,"box":{"x":549,"y":641,"width":411,"height":10}},{"id":"8769a28f-fe14-49fa-8ee5-08ccf8e2bcd0","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":91,"box":{"x":549,"y":655,"width":391,"height":8}},{"id":"c4742ad2-c3b1-45f5-aa00-ee9a614879c2","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":91,"box":{"x":549,"y":669,"width":422,"height":11}},{"id":"0918b030-a8a4-4244-a50d-0d3fa9e4d691","block_type":"box","text":"investments in such issuers to lose value.","page_number":91,"box":{"x":549,"y":683,"width":264,"height":9}},{"id":"5bce34d3-69f4-4f84-bfdd-724da15f73ad","block_type":"box","text":"Risk of Investing in the U.S","page_number":91,"box":{"x":549,"y":706,"width":182,"height":11}},{"id":"92373708-7677-4162-a224-8eb1732fa612","block_type":"box","text":".","page_number":91,"box":{"x":732,"y":713,"width":2,"height":2}},{"id":"47f61f80-c974-45fb-a3a1-343db16c20ce","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":91,"box":{"x":740,"y":706,"width":210,"height":11}},{"id":"ed97aa98-a158-4909-bf3e-2dc85c9e2935","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":91,"box":{"x":549,"y":721,"width":391,"height":10}},{"id":"7d17aacc-4d7a-456d-813b-3c277e1457fb","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":91,"box":{"x":549,"y":735,"width":423,"height":11}},{"id":"bcd09253-d755-4dc9-b72b-41911f9e765d","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":91,"box":{"x":550,"y":749,"width":412,"height":11}},{"id":"91210dbe-f46d-4753-8f6f-77eb624bd272","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":91,"box":{"x":549,"y":763,"width":396,"height":11}},{"id":"4ee172db-a923-4b82-ab4b-b8680fec3ee5","block_type":"box","text":"Securities Lending Risk.","page_number":91,"box":{"x":548,"y":786,"width":162,"height":11}},{"id":"93e126f4-0fb5-47fd-8e07-3388aea93301","block_type":"box","text":"The Fund may engage in securities","page_number":91,"box":{"x":716,"y":786,"width":221,"height":11}},{"id":"4cb08f46-8109-40f5-a193-47f4be73cda0","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":91,"box":{"x":549,"y":800,"width":397,"height":11}},{"id":"ef3bad61-898d-4512-ac4b-f76174b19c2f","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":91,"box":{"x":549,"y":815,"width":418,"height":10}},{"id":"b9fab8c5-839b-4d35-beb8-16113d5b87aa","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":91,"box":{"x":549,"y":829,"width":409,"height":11}},{"id":"8abb645f-5b97-44a6-97ab-f214b623d820","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":91,"box":{"x":549,"y":843,"width":416,"height":11}},{"id":"2d44bef4-f10d-46fa-b913-dd14a48eb3df","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":91,"box":{"x":549,"y":857,"width":389,"height":11}},{"id":"420cd984-641d-44b1-a7ba-7597dac938c7","block_type":"box","text":"S-84","page_number":91,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8f6cfa49-f55b-46fd-82c5-5834d76b7292","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":92,"box":{"x":83,"y":23,"width":406,"height":9}},{"id":"9cde3098-9cdd-4655-8b53-0a9d24d0e500","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":92,"box":{"x":83,"y":37,"width":301,"height":11}},{"id":"e16d5597-141f-4ebd-8b01-c7947c900c10","block_type":"box","text":"Tracking Error Risk","page_number":92,"box":{"x":84,"y":60,"width":128,"height":11}},{"id":"d118170a-ca6e-4ffd-ae6f-486763693959","block_type":"box","text":".","page_number":92,"box":{"x":212,"y":67,"width":2,"height":2}},{"id":"1c6d4058-b20f-471d-93fb-b47d50e09ee4","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":92,"box":{"x":219,"y":61,"width":284,"height":10}},{"id":"97eb5ab0-8ee3-40a6-8cde-72b80f210425","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":92,"box":{"x":82,"y":75,"width":405,"height":11}},{"id":"d592e959-46ab-4729-a143-2d16b0ba990b","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":92,"box":{"x":83,"y":89,"width":425,"height":11}},{"id":"c78731e0-5ef6-4dd9-8b78-40559e80d629","block_type":"box","text":"factors, including differences between the securities and other","page_number":92,"box":{"x":82,"y":103,"width":402,"height":11}},{"id":"1b749a1c-bcb2-47f5-95a4-e2c94214f4e7","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":92,"box":{"x":83,"y":117,"width":381,"height":11}},{"id":"e6328f4f-b501-4784-a3ef-202aa153e3f8","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":92,"box":{"x":83,"y":131,"width":396,"height":11}},{"id":"1a3c2906-af25-446a-a6cd-57cfb7435ac1","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":92,"box":{"x":83,"y":146,"width":407,"height":10}},{"id":"17f82e01-4079-4a89-9c0c-1360e8b3f05a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":92,"box":{"x":83,"y":160,"width":400,"height":11}},{"id":"8580e962-94ce-4773-8b9c-fd4f1152b7af","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":92,"box":{"x":83,"y":174,"width":421,"height":11}},{"id":"04e001a0-5e46-49f7-a802-be64e9e44fb7","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":92,"box":{"x":83,"y":188,"width":373,"height":11}},{"id":"107ae293-7407-4dba-957b-bc2ddb294cbf","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":92,"box":{"x":549,"y":23,"width":370,"height":11}},{"id":"ad3ffc83-cc31-42be-a72f-32f6e87539e0","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":92,"box":{"x":549,"y":37,"width":372,"height":11}},{"id":"0c7ae4fb-ff16-49e9-bac7-28c099b741ec","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":92,"box":{"x":549,"y":51,"width":420,"height":11}},{"id":"24e64473-518a-4e27-8cee-2bf52388c979","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":92,"box":{"x":549,"y":66,"width":387,"height":11}},{"id":"3701299d-a502-48ec-b524-0c423f473f9a","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":92,"box":{"x":549,"y":80,"width":377,"height":11}},{"id":"3ff8bba4-a122-4f7b-871d-d2874a3b9f83","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":92,"box":{"x":549,"y":94,"width":380,"height":11}},{"id":"3a3c40ca-3317-4807-9a38-8ec531c6f490","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":92,"box":{"x":549,"y":108,"width":366,"height":11}},{"id":"b7d2e71a-6b5d-482f-9051-9450e02d3782","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":92,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"afb1c14c-4294-4c7e-adf9-9b9c28299c02","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":92,"box":{"x":550,"y":137,"width":386,"height":10}},{"id":"eb256682-286e-4948-bd08-809ac4c9dec2","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":92,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"dfe49b2b-0502-4dfd-b64e-15bbc5a65f3a","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":92,"box":{"x":549,"y":165,"width":420,"height":11}},{"id":"571b0ca4-f6ee-4cad-a04c-636d404850b0","block_type":"box","text":"unusual market conditions.","page_number":92,"box":{"x":549,"y":179,"width":172,"height":9}},{"id":"bf1277a4-6b77-4bb2-9de4-8ee31ad8c795","block_type":"box","text":"S-85","page_number":92,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"59e4ccde-ced9-49f4-8e83-a2ee7f8c3522","block_type":"box","text":"Performance Information","page_number":93,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"41b3f98c-97ee-4f75-af4e-e36c40937e58","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":93,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9c6bb5bd-72ee-4e62-84c0-4864e0adfed6","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":93,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"e396796d-26fa-4f91-9d39-8cd1839e15d6","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":93,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"d2f6bb38-ab08-488a-b158-b8152f636ec7","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":93,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"975c70d6-32f2-44db-844d-3b8933c0b2f2","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":93,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"6353e89b-809e-4baf-8ecc-22542f739a64","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":93,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"c2d14fa8-65ed-4a06-9884-1ff0bffe47bd","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":93,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"f75a5683-88b6-47dc-85e8-76f92131fcaf","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":93,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"5846f9ac-0108-4ed7-bee5-11e9fe1266b1","block_type":"box","text":"8%","page_number":93,"box":{"x":340,"y":201,"width":13,"height":7}},{"id":"abe5fbf2-242d-472a-aa79-9c1f92f7934f","block_type":"box","text":"6%","page_number":93,"box":{"x":340,"y":221,"width":13,"height":7}},{"id":"d6aec587-ca79-4464-a1b1-63fa1af46af0","block_type":"box","text":"4%","page_number":93,"box":{"x":339,"y":240,"width":14,"height":7}},{"id":"27ff723e-d7a8-4109-9229-4584a1dffbe6","block_type":"box","text":"2%","page_number":93,"box":{"x":340,"y":260,"width":13,"height":7}},{"id":"19512e3a-5f46-420c-8502-dc7a9e9a13ea","block_type":"box","text":"0%","page_number":93,"box":{"x":339,"y":280,"width":14,"height":7}},{"id":"d723d810-f1fa-4140-879f-20ba6f035b78","block_type":"box","text":"-2%","page_number":93,"box":{"x":335,"y":299,"width":18,"height":7}},{"id":"be0c6096-360d-4d0e-bf69-d321e3acc5ee","block_type":"box","text":"2","page_number":93,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"46cbb71e-0272-42c2-a2f3-79e3e157db8f","block_type":"box","text":"0","page_number":93,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"7ca7424b-7973-40b5-8531-e1498b30e9b0","block_type":"box","text":"1","page_number":93,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"d6f4351a-5313-42c1-95f5-ca91657e222f","block_type":"box","text":"6","page_number":93,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"f3946c37-1f8f-4e82-bd4c-728a6605b909","block_type":"box","text":"2","page_number":93,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"e06ff440-2b37-4856-83ef-810c3796199a","block_type":"box","text":"0","page_number":93,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"57fbb6c0-43a6-49f4-b473-ccaaa74a2063","block_type":"box","text":"17 2","page_number":93,"box":{"x":415,"y":321,"width":26,"height":7}},{"id":"6a78c7dc-ca66-4a7c-95e0-cd22cb97e4a8","block_type":"box","text":"0","page_number":93,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"31f570c8-b309-423f-a390-2cebb127b818","block_type":"box","text":"1","page_number":93,"box":{"x":452,"y":321,"width":2,"height":7}},{"id":"3708957a-7252-4903-bae7-eb93f2bfc17a","block_type":"box","text":"8","page_number":93,"box":{"x":457,"y":321,"width":6,"height":7}},{"id":"8a2f85c9-ac8a-4bb3-a61b-4219fafb1f3b","block_type":"box","text":"2","page_number":93,"box":{"x":472,"y":321,"width":5,"height":7}},{"id":"e9a307ab-758d-4641-9eea-29848d5967cd","block_type":"box","text":"0","page_number":93,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"64874564-d26f-402c-be76-7378a81994c7","block_type":"box","text":"1","page_number":93,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"52e8ef93-05e9-4bec-b953-fa185360e62d","block_type":"box","text":"9","page_number":93,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"092caac6-8fb4-46cc-83ea-879f705d73b5","block_type":"box","text":"2","page_number":93,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"9e763f4d-9425-441b-b2a3-19135e26bcaa","block_type":"box","text":"0","page_number":93,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"b0bf4599-4812-4834-bdbc-c56d662cfddb","block_type":"box","text":"2","page_number":93,"box":{"x":523,"y":321,"width":5,"height":7}},{"id":"539f687c-e4c9-4867-b5fe-2378d0e3a14d","block_type":"box","text":"0","page_number":93,"box":{"x":529,"y":321,"width":6,"height":7}},{"id":"19ef1831-4499-46ec-9977-ea4c91af2916","block_type":"box","text":"2","page_number":93,"box":{"x":544,"y":321,"width":6,"height":7}},{"id":"68ff697b-850a-4db4-b955-192726b41bbd","block_type":"box","text":"0","page_number":93,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"b6732a6d-9fcd-4a2e-8464-831c36cdceb5","block_type":"box","text":"21 2","page_number":93,"box":{"x":559,"y":321,"width":27,"height":7}},{"id":"6ba0eebb-5691-427f-9212-fdf1f1bd1978","block_type":"box","text":"0","page_number":93,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"fa09e20f-bbcc-4f67-adca-295bd84aa262","block_type":"box","text":"22 2","page_number":93,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"8cc34784-fb22-4976-969b-8a51d11659cc","block_type":"box","text":"0","page_number":93,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"7348ac8b-0b63-49f4-b9a5-cf56ab3f8d28","block_type":"box","text":"2","page_number":93,"box":{"x":631,"y":321,"width":5,"height":7}},{"id":"63524331-46ae-4bfd-8744-aac11e0729e6","block_type":"box","text":"3","page_number":93,"box":{"x":638,"y":321,"width":5,"height":7}},{"id":"07d889c2-2a6d-40da-95b9-fbfebaa2c667","block_type":"box","text":"2","page_number":93,"box":{"x":653,"y":321,"width":5,"height":7}},{"id":"dc6f8ffe-f860-47ce-a79e-6ccb3218fd08","block_type":"box","text":"0","page_number":93,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"27ef6873-6e2e-4d07-9807-270bf942c333","block_type":"box","text":"2","page_number":93,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"28b4347c-ee95-44ea-b24c-e59c0ab58aaa","block_type":"box","text":"4","page_number":93,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"40573178-e4e5-4248-9bc2-474e406f4717","block_type":"box","text":"2","page_number":93,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"5bf6bc05-e96a-41fc-b719-22512f749ccd","block_type":"box","text":"0","page_number":93,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"52a07f65-5503-4bca-b5de-87cc30e17aaf","block_type":"box","text":"2","page_number":93,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"ef75379d-258a-4988-9e6d-7056a02c57a2","block_type":"box","text":"5","page_number":93,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"92fb37a4-069a-43f7-968a-528aeb743e47","block_type":"box","text":"0.47%","page_number":93,"box":{"x":363,"y":267,"width":28,"height":6}},{"id":"6f67e2ff-af54-4d37-8745-9f63849d0161","block_type":"box","text":"0.91%","page_number":93,"box":{"x":400,"y":263,"width":27,"height":6}},{"id":"c9c11c40-31b2-494e-93c5-40fc39057085","block_type":"box","text":"1.82%","page_number":93,"box":{"x":437,"y":254,"width":26,"height":6}},{"id":"6408db6b-421a-4219-8c26-19dc54758193","block_type":"box","text":"2.08%","page_number":93,"box":{"x":472,"y":251,"width":27,"height":6}},{"id":"da754fbc-172a-443f-a442-c10c129f7b38","block_type":"box","text":"0.46%","page_number":93,"box":{"x":508,"y":267,"width":27,"height":6}},{"id":"8cf6096d-0288-4b6e-96e9-1c4fb020d7b0","block_type":"box","text":"-0.04%","page_number":93,"box":{"x":542,"y":287,"width":31,"height":6}},{"id":"66fd9d08-5848-495c-adca-6eaf572ac31f","block_type":"box","text":"1.87%","page_number":93,"box":{"x":582,"y":253,"width":26,"height":7}},{"id":"3d6b6743-80f1-4f6d-a06b-bbb4a5c90a71","block_type":"box","text":"5.17%","page_number":93,"box":{"x":617,"y":221,"width":27,"height":6}},{"id":"24ad6baa-36f2-46e5-ace7-4727e1e90896","block_type":"box","text":"5.38%","page_number":93,"box":{"x":653,"y":219,"width":27,"height":6}},{"id":"c2d8418d-189e-41ac-8cd8-e5d2f0dcc40a","block_type":"box","text":"4.26%","page_number":93,"box":{"x":689,"y":230,"width":27,"height":6}},{"id":"5989edc5-03dc-4f38-b16f-0f79ca3ba2f4","block_type":"box","text":"Return (%) Period Ended","page_number":93,"box":{"x":548,"y":348,"width":173,"height":9}},{"id":"184e2052-b1b2-4fe5-b0ae-a6e87607da02","block_type":"box","text":"During the periods shown in the chart:","page_number":93,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"dc000d5c-4d8a-4404-b860-4f330657da90","block_type":"box","text":"Best Quarter 1.41% March 31, 2024","page_number":93,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"49e02854-9d59-4fea-a823-85fbdf1c82a8","block_type":"box","text":"Worst Quarter -0.02% September 30, 2021","page_number":93,"box":{"x":330,"y":391,"width":407,"height":10}},{"id":"903eea7a-50bb-4cf0-a746-bb09a800b524","block_type":"box","text":"Average Annual Total Returns","page_number":93,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"b6cc4248-9f4f-4a91-9ab7-23d848636b98","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":93,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"574600a6-9a7b-4c41-805b-ad33cb300f57","block_type":"box","text":"One Year Five Years Ten Years","page_number":93,"box":{"x":712,"y":451,"width":221,"height":7}},{"id":"b04651d8-88f8-4d61-a6ea-5c68fcbe84e0","block_type":"box","text":"(Inception Date: 2/3/2014)","page_number":93,"box":{"x":123,"y":469,"width":169,"height":9}},{"id":"32292af2-d202-4368-bd60-8bd181337800","block_type":"box","text":"Return Before Taxes","page_number":93,"box":{"x":124,"y":480,"width":112,"height":8}},{"id":"0b16db28-51b6-48ba-8c97-74338611add9","block_type":"box","text":"4.26% 3.31% 2.22%","page_number":93,"box":{"x":723,"y":481,"width":197,"height":7}},{"id":"0fd89da5-ab38-4d19-9eba-2cad69a6726b","block_type":"box","text":"Return After Taxes on Distributions 2.51% 1.97% 1.34%","page_number":93,"box":{"x":124,"y":492,"width":796,"height":8}},{"id":"d4aa8ebf-7178-4705-94c5-80b07caf4170","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.50% 1.96% 1.32%","page_number":93,"box":{"x":124,"y":504,"width":796,"height":7}},{"id":"f372a197-6ecd-4159-90c6-81543c47512d","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":93,"box":{"x":124,"y":515,"width":194,"height":10}},{"id":"f70ee27e-9480-44a8-a99f-3f943096f3be","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 0.06% 2.44%","page_number":93,"box":{"x":323,"y":515,"width":597,"height":10}},{"id":"821e300b-8bcc-4b48-8ee3-8a065a84583b","block_type":"box","text":"Bloomberg U.S. Treasury Floating Rate Index","page_number":93,"box":{"x":124,"y":527,"width":275,"height":9}},{"id":"8a45e324-b492-463b-b125-049adcc11382","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":93,"box":{"x":404,"y":527,"width":246,"height":9}},{"id":"a88d2628-6363-49d2-a181-b8540658ebaa","block_type":"box","text":"expenses or taxes)","page_number":93,"box":{"x":137,"y":540,"width":105,"height":9}},{"id":"3e3cb1ba-980d-4a4a-b804-7cdf2b3e330e","block_type":"box","text":"4.39% 3.46% 2.36%","page_number":93,"box":{"x":723,"y":540,"width":197,"height":7}},{"id":"6d8ab6ef-51fe-4ac3-8b7b-0cb910ba4df4","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":93,"box":{"x":82,"y":579,"width":882,"height":11}},{"id":"3542f74e-baab-4450-b9d4-d26dc46bfa1a","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":93,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"3e76f33f-7df9-431b-8250-b31337fa0a46","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":93,"box":{"x":83,"y":607,"width":860,"height":11}},{"id":"611a9715-ff90-4255-9d63-fcc2f80c7d10","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":93,"box":{"x":83,"y":621,"width":855,"height":11}},{"id":"c477f1e3-c544-420a-9832-587d5b6838a4","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":93,"box":{"x":83,"y":635,"width":883,"height":11}},{"id":"970afa18-5431-478f-922e-991ca72736a1","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":93,"box":{"x":82,"y":650,"width":861,"height":10}},{"id":"70b94b37-e18d-416a-8c20-4e54ef9da2e5","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":93,"box":{"x":83,"y":664,"width":359,"height":10}},{"id":"8b60533c-8df2-49ed-9fdb-0eea21bc5e16","block_type":"box","text":"S-86","page_number":93,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"27543ee4-4a8a-43cb-90d4-d2003d88419e","block_type":"box","text":"Management","page_number":94,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"2c210e89-c6aa-4ab2-aa7f-b3032e595f2d","block_type":"box","text":"Investment Adviser.","page_number":94,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"82bc6028-9022-4a3c-9adf-eaf5685d6b3c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":94,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"7eca7869-f97b-4522-9ddf-5a1a66f2fb73","block_type":"box","text":"Portfolio Managers.","page_number":94,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"58ff4198-c1ec-4ca4-9647-940a8e1d78b3","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":94,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"bf42413d-f6e4-473c-a872-14fd92e0ff92","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":94,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"16de9c58-e63a-44e6-9fec-717c8d1001ac","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":94,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"c76d68f2-40e6-482d-8a96-aa0093db74e0","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":94,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"8c4c1127-0a09-4a73-85d8-08b7e245584e","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":94,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"e145c11a-817d-433e-a957-aaa75a93b79b","block_type":"box","text":"2025, 2014 and 2025, respectively.","page_number":94,"box":{"x":83,"y":142,"width":225,"height":11}},{"id":"edabb6a4-a45f-4086-bbb2-de064d67c61a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":94,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"9efc39c6-933b-4337-91e0-f0a3b2a2a610","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":94,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"e5b46f7a-145a-45c7-8919-1154319e920f","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":94,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"50607136-ea40-46f8-8377-661a94589ce8","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":94,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"01d255e6-8779-4c50-9bd8-f4b3a7bb2294","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":94,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"1549a0d8-d4d7-4f82-acd3-fe6d391c2ae5","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":94,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"14020833-8867-4a63-a9f3-79913b8ba3c9","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":94,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"35c9c6d9-af41-452a-8221-89b7d0106cb1","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":94,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"ef7a9f63-728e-41b3-9786-54ffa0d0949c","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":94,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"cbbd38ce-cc0f-4246-a038-44e540ccc381","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":94,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"e54e4604-bbff-4d68-9ea2-a004bac9cae0","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":94,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"f7333d49-8633-42f2-a981-2d0593074ccc","block_type":"box","text":"Tax Information","page_number":94,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"369d4d45-1dc3-40d0-9d50-99cfa8281394","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":94,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"571d68d0-0702-4c13-9634-c83be03ac25c","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":94,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"e7ca41cb-8cf1-4876-8595-7abccf32bfec","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":94,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"89ed3fef-2f68-43d8-8d69-29cd5733d2ba","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":94,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"83aa19bc-2845-42be-a503-e5acd38571de","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":94,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"5e1bebe6-be3a-48e0-93f8-cbd8c1b97e3e","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":94,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"e1170cb1-ba89-4dc4-86d2-77d833fb2ed3","block_type":"box","text":"obligations.","page_number":94,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"12f4cc07-8369-41a6-9b3f-b0384917384b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":94,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"83d6f345-cfe0-4c8c-9b84-b6b047dffc69","block_type":"box","text":"Intermediaries","page_number":94,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"47137faa-20fe-48c8-864b-8c29f27cc874","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":94,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"956f2abd-ac3f-4e16-98db-163ea48a6ce4","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":94,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"fc8e70a1-8887-43d2-82ef-04573cb07c41","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":94,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"89374a2a-cab5-402f-a5c8-868c0a3dc491","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":94,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"d1c43bfc-9f0d-4aae-b473-c7c0ed988891","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":94,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"40ef405e-8a42-4e29-b2ce-4fc8f02ecf9f","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":94,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"98623c2d-1b3f-45ad-a755-0363e41fe7cc","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":94,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"169a68c7-bdd3-4485-b3e2-7c2048d9ddf6","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":94,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"f1172923-d8a8-4ca2-b11e-931e9adaa549","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":94,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"1d0c7154-d173-453a-9350-d7a738678e30","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":94,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"768f4327-1610-4456-bf74-dfbb5ee64669","block_type":"box","text":"information.","page_number":94,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"347bc610-6850-41e0-82e5-37020a5581c8","block_type":"box","text":"S-87","page_number":94,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ef9fd69a-3adb-405a-b029-5eea604d5260","block_type":"box","text":"iSHARES","page_number":95,"box":{"x":279,"y":24,"width":118,"height":15}},{"id":"e0cfb20f-f155-4233-baec-3b1f3af25d8e","block_type":"box","text":"®","page_number":95,"box":{"x":401,"y":17,"width":10,"height":8}},{"id":"f7cdcd86-36a9-4535-a0f4-e57d947b04e1","block_type":"box","text":"U.S. TREASURY BOND ETF","page_number":95,"box":{"x":422,"y":24,"width":357,"height":15}},{"id":"9bb56f65-dc59-4474-850d-cb7b1dfe9256","block_type":"box","text":"Ticker: GOVT Stock Exchange: Cboe BZX","page_number":95,"box":{"x":283,"y":53,"width":486,"height":12}},{"id":"f132ede5-8ef8-4285-87de-91fc1baf9a5c","block_type":"box","text":"Investment Objective","page_number":95,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"8c3038bd-9dd7-44de-a345-f8fd94e89461","block_type":"box","text":"The iShares U.S. Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds.","page_number":95,"box":{"x":82,"y":116,"width":848,"height":11}},{"id":"4cd038aa-e6f5-45e4-8072-295f67145776","block_type":"box","text":"Fees and Expenses","page_number":95,"box":{"x":84,"y":145,"width":160,"height":13}},{"id":"ee95be98-2262-4c66-9398-8373027f19f8","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":95,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"30ba64bb-0c49-4c81-8d8c-7daefa97a4f0","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":95,"box":{"x":83,"y":184,"width":867,"height":11}},{"id":"035af967-3979-40e3-ad5d-4dec97c940a4","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":95,"box":{"x":83,"y":198,"width":889,"height":11}},{"id":"7cff8dd2-a68c-416f-a172-02887bd9e457","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":95,"box":{"x":83,"y":213,"width":870,"height":10}},{"id":"24e33b29-3ad3-4187-8710-a3487a85b065","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":95,"box":{"x":83,"y":227,"width":858,"height":11}},{"id":"80c1b791-47e2-4e51-9e7d-07330cf775e4","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":95,"box":{"x":83,"y":241,"width":450,"height":11}},{"id":"0b3e88e7-4be5-4c60-bfeb-425b2f6c7a9f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":95,"box":{"x":82,"y":264,"width":883,"height":11}},{"id":"727f80dd-28b8-47eb-a0bf-6590da018274","block_type":"box","text":"the tables and examples below.","page_number":95,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"4f5d0c64-acb3-49b4-86eb-975e4c6430d7","block_type":"box","text":"Annual Fund Operating Expenses","page_number":95,"box":{"x":425,"y":299,"width":206,"height":9}},{"id":"2ba34c0a-6086-4f4e-a104-3dc3d1ae1519","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":95,"box":{"x":383,"y":309,"width":291,"height":10}},{"id":"78c4324c-1a6d-4e3d-a635-5637833804d0","block_type":"box","text":"percentage of the value of your investments)","page_number":95,"box":{"x":385,"y":319,"width":280,"height":10}},{"id":"7dd230e9-d3c4-4def-8987-12d4edc517a5","block_type":"box","text":"1","page_number":95,"box":{"x":668,"y":318,"width":2,"height":5}},{"id":"c2a55deb-33b4-4a3f-a482-0ab0a1e18f75","block_type":"box","text":"Management","page_number":95,"box":{"x":170,"y":359,"width":80,"height":10}},{"id":"1543b623-756e-4939-ad15-b129a8f9126d","block_type":"box","text":"Fees","page_number":95,"box":{"x":196,"y":370,"width":27,"height":7}},{"id":"f34de5ac-2439-4910-b51a-daf3132dc37e","block_type":"box","text":"Distribution","page_number":95,"box":{"x":394,"y":349,"width":72,"height":7}},{"id":"e1249589-362d-47fa-8718-41a83cce345d","block_type":"box","text":"and Service","page_number":95,"box":{"x":394,"y":359,"width":72,"height":8}},{"id":"01fcb83a-c2d3-4329-b805-c90332d2229a","block_type":"box","text":"(12b-1) Fees","page_number":95,"box":{"x":393,"y":370,"width":73,"height":9}},{"id":"c71d49ea-6114-44ad-8870-4b4b904b733c","block_type":"box","text":"Other","page_number":95,"box":{"x":621,"y":359,"width":35,"height":8}},{"id":"51996e09-8e85-4c44-861f-ecc58a8d4b67","block_type":"box","text":"Expenses","page_number":95,"box":{"x":610,"y":370,"width":57,"height":9}},{"id":"678ff7fd-66c5-4c30-b151-91c6c52cf997","block_type":"box","text":"Total Annual","page_number":95,"box":{"x":810,"y":339,"width":76,"height":7}},{"id":"59d6128d-ae90-44f3-8aa7-155aa7eecb53","block_type":"box","text":"Fund","page_number":95,"box":{"x":834,"y":349,"width":29,"height":7}},{"id":"7da66b47-0029-4eaa-970b-a831f0ddade6","block_type":"box","text":"Operating","page_number":95,"box":{"x":818,"y":359,"width":61,"height":10}},{"id":"71709002-4056-4b7f-8246-09b4ed92eea9","block_type":"box","text":"Expenses","page_number":95,"box":{"x":820,"y":370,"width":58,"height":9}},{"id":"9344483b-36b6-4351-905e-26bf06c8fc2e","block_type":"box","text":"0.05% None 0.00% 0.05%","page_number":95,"box":{"x":193,"y":389,"width":673,"height":7}},{"id":"ce874473-f3ac-43d3-bc58-0d3433ab0ae8","block_type":"box","text":"1","page_number":95,"box":{"x":112,"y":420,"width":2,"height":4}},{"id":"9ac3094c-f4d7-40eb-90e9-899bd16f3faf","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":95,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"7454712f-7f4c-4481-87e2-45391f4c8126","block_type":"box","text":"Example.","page_number":95,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"731ebd54-00d6-4370-bd0d-857e230f6b73","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":95,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"a4bdb89c-b023-4818-b454-84daecdc6e48","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":95,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"c26b944f-ff81-4193-b13a-461745b36aa5","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":95,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"b6922e9d-bc87-42f6-966e-52d34fc7a275","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":95,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"d5b1ad05-dce9-4dc0-8d7a-d4e933854876","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":95,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"9f2235b5-5bf1-440a-93be-068f14c318ee","block_type":"box","text":"$5 $16 $28 $64","page_number":95,"box":{"x":206,"y":534,"width":641,"height":9}},{"id":"51b8869d-74e9-432f-aea7-0d12f54fe19e","block_type":"box","text":"S-88","page_number":95,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"34028d18-b24d-491c-9c37-a29a912ed96c","block_type":"box","text":"Portfolio Turnover.","page_number":96,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"c23c642b-ac6e-403b-9695-f8a5eae350fe","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":96,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"10532122-1ec6-41bd-abc8-e7c42703dbc0","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":96,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"e2f964fe-9242-46e5-b6de-cccb166ef9fd","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":96,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"dea40c5a-b824-4643-aca4-fb253bb41759","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":96,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"ff9be2dd-813c-4f86-8b99-16e2b4f4011a","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":96,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"3e230955-64a1-4b06-8a80-40c2865401c7","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":96,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"41e1d5de-8492-473a-a7bd-ab7b033388fc","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":96,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"48ed852f-7865-48e9-92d3-f96de1c1c851","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 25% of the","page_number":96,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"829ebebc-c64c-41ef-9622-aaee48743811","block_type":"box","text":"average value of its portfolio.","page_number":96,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"ddc9cdd2-5d7b-4dfc-bb29-cbb7f56de8b4","block_type":"box","text":"Principal Investment Strategies","page_number":96,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"b7c6aa6c-c934-4e15-bb11-04d10b3f1b78","block_type":"box","text":"The Fund seeks to track the investment results of the ICE U.S.","page_number":96,"box":{"x":82,"y":191,"width":397,"height":8}},{"id":"aaf4faaa-2cab-40d3-8ab6-f94f3bf5cb32","block_type":"box","text":"Treasury Core Bond Index (the “Underlying Index”), which","page_number":96,"box":{"x":82,"y":205,"width":366,"height":11}},{"id":"02891411-c742-46d3-a5f1-7faaec245371","block_type":"box","text":"measures the performance of public obligations of the U.S.","page_number":96,"box":{"x":83,"y":219,"width":377,"height":11}},{"id":"ec12e04e-09e9-459b-a560-2d047f9aea34","block_type":"box","text":"Treasury. As of October 31, 2025, there were 294 issues in the","page_number":96,"box":{"x":82,"y":233,"width":400,"height":11}},{"id":"d8c8e5e2-6bb9-4639-b510-57bb167d33dd","block_type":"box","text":"Underlying Index.","page_number":96,"box":{"x":83,"y":247,"width":110,"height":11}},{"id":"f31b972e-0035-4a4f-817e-577f4aeb926e","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated","page_number":96,"box":{"x":82,"y":269,"width":367,"height":11}},{"id":"e0138611-a463-4736-8a53-27451f16a0dc","block_type":"box","text":"sovereign debt publicly issued by the U.S. Treasury in its domestic","page_number":96,"box":{"x":83,"y":284,"width":422,"height":10}},{"id":"89cd4937-d328-4ac8-86db-95cc148f162e","block_type":"box","text":"market. Qualifying securities must have, as of the rebalancing","page_number":96,"box":{"x":83,"y":298,"width":395,"height":11}},{"id":"614af4b0-c7b1-4d66-b284-c658b430b369","block_type":"box","text":"date, a remaining term to final maturity of greater than one year.","page_number":96,"box":{"x":83,"y":312,"width":411,"height":11}},{"id":"67034e71-9bc4-48ed-a441-8b3d2318a2fc","block_type":"box","text":"Index constituents also must have a fixed coupon schedule and an","page_number":96,"box":{"x":83,"y":326,"width":423,"height":11}},{"id":"964fdbf5-40e2-4b2a-b524-d452b70b6078","block_type":"box","text":"adjusted amount outstanding of at least $300 million, excluding","page_number":96,"box":{"x":83,"y":339,"width":408,"height":12}},{"id":"fb384315-0e45-46e5-b309-59f6dead70fb","block_type":"box","text":"amounts held by the Federal Reserve System Open Market","page_number":96,"box":{"x":83,"y":354,"width":376,"height":11}},{"id":"3ca1d5ed-c5e1-4bc2-84c5-0aecd5f292af","block_type":"box","text":"Account (“SOMA”). Excluded from the Underlying Index are","page_number":96,"box":{"x":82,"y":369,"width":378,"height":10}},{"id":"4164baaf-801d-4ca9-8768-f02c7f94737d","block_type":"box","text":"inflation-linked securities, Treasury bills, agency debt issued with","page_number":96,"box":{"x":83,"y":383,"width":414,"height":11}},{"id":"ecfea7c8-2a3d-470c-aa04-2a01edc46d49","block_type":"box","text":"or without a government guarantee, original issue zero coupon","page_number":96,"box":{"x":83,"y":397,"width":399,"height":11}},{"id":"5d6ead9e-322d-46e3-979e-76b262b4fb12","block_type":"box","text":"securities and issues that have been stripped from coupon-paying","page_number":96,"box":{"x":83,"y":411,"width":421,"height":11}},{"id":"87eec2d1-9284-4ab2-9c89-142bb97eb7d4","block_type":"box","text":"bonds. However, the amounts outstanding of qualifying securities","page_number":96,"box":{"x":83,"y":425,"width":419,"height":11}},{"id":"1fd6892d-2ede-47e5-8004-36d25f503cc5","block_type":"box","text":"are not reduced by any individual components of such securities","page_number":96,"box":{"x":83,"y":440,"width":411,"height":10}},{"id":"2ba177c1-6158-4b4b-bd1c-846031360e88","block_type":"box","text":"(","page_number":96,"box":{"x":83,"y":454,"width":3,"height":10}},{"id":"ec340fe1-4f5c-4b77-925d-292046ab2953","block_type":"box","text":"i.e.","page_number":96,"box":{"x":87,"y":454,"width":17,"height":8}},{"id":"d1422ede-9619-4364-92d0-57f0890d7462","block_type":"box","text":", coupon or principal) that have been stripped after inclusion","page_number":96,"box":{"x":106,"y":454,"width":386,"height":10}},{"id":"fb24cbb1-b48a-45b1-8e7f-bdb704a9e260","block_type":"box","text":"in the Underlying Index. Securities issued or marketed primarily to","page_number":96,"box":{"x":83,"y":468,"width":423,"height":11}},{"id":"c4811e38-a7c5-489d-8b01-ff92ccf18621","block_type":"box","text":"retail investors do not qualify for inclusion in the Underlying Index.","page_number":96,"box":{"x":83,"y":482,"width":423,"height":11}},{"id":"53f14454-e729-4604-9116-4bd63e2e67e6","block_type":"box","text":"Index constituents are market value-weighted based on amounts","page_number":96,"box":{"x":83,"y":504,"width":414,"height":11}},{"id":"dc6a1074-1a3a-4c82-983a-cbcbdef957bb","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":96,"box":{"x":83,"y":518,"width":391,"height":11}},{"id":"8a1aa500-166b-43b7-8176-83545127d6a0","block_type":"box","text":"SOMA. Accrued interest is calculated assuming next-day","page_number":96,"box":{"x":83,"y":532,"width":363,"height":11}},{"id":"03668bb5-b33b-451d-8329-8ef26a76e134","block_type":"box","text":"settlement. Cash flows from bond payments and redemptions that","page_number":96,"box":{"x":83,"y":547,"width":424,"height":10}},{"id":"a6f6d851-c7df-4c15-9965-9fc823101f9c","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":96,"box":{"x":83,"y":561,"width":387,"height":11}},{"id":"09a79704-80db-484b-b01e-abcc0f22efc3","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":96,"box":{"x":83,"y":575,"width":414,"height":11}},{"id":"246464fc-08bc-4a7d-aaa9-080ddb046aed","block_type":"box","text":"the rebalancing. Cash does not earn any reinvestment income","page_number":96,"box":{"x":83,"y":589,"width":396,"height":11}},{"id":"9d5d1f12-04e1-41e8-8b5e-f0101d74b68b","block_type":"box","text":"while it is held in the Underlying Index.","page_number":96,"box":{"x":82,"y":603,"width":246,"height":11}},{"id":"eff52479-2622-4de1-b603-24ec77f41bf7","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":96,"box":{"x":82,"y":625,"width":422,"height":11}},{"id":"36f74976-f260-4bc2-9d0c-11631f6eb732","block_type":"box","text":"month, based on information available up to and including the","page_number":96,"box":{"x":83,"y":639,"width":395,"height":11}},{"id":"50ff4371-fcbc-488a-a09e-7f1623deb238","block_type":"box","text":"third business day before the last business day of the month. New","page_number":96,"box":{"x":83,"y":654,"width":422,"height":10}},{"id":"4e84e79b-6e48-4097-bfc9-f0fb519311b3","block_type":"box","text":"issues must be auctioned on or before the calendar month end","page_number":96,"box":{"x":83,"y":668,"width":401,"height":8}},{"id":"b41537f1-77c0-4456-a049-3709579ef8b2","block_type":"box","text":"rebalancing date in order to qualify for the coming month.","page_number":96,"box":{"x":83,"y":682,"width":368,"height":11}},{"id":"74f8fd3e-4429-470c-a4ea-82a1af08a3f2","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":96,"box":{"x":84,"y":705,"width":376,"height":11}},{"id":"77271dbb-2bc9-4709-8f8b-1f00e0c17a16","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":96,"box":{"x":83,"y":719,"width":417,"height":11}},{"id":"3f3af164-de89-4854-aa9b-b0410a2f3058","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":96,"box":{"x":83,"y":733,"width":396,"height":11}},{"id":"98c2588f-0259-48cb-8135-031b03c58ea4","block_type":"box","text":"markets decline or appear overvalued.","page_number":96,"box":{"x":83,"y":748,"width":244,"height":10}},{"id":"6be6d199-665d-417f-aa8f-a51125b73e50","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":96,"box":{"x":83,"y":771,"width":421,"height":11}},{"id":"fb22b3dd-ea38-4d72-b953-bae521761ae9","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":96,"box":{"x":83,"y":785,"width":421,"height":11}},{"id":"c45704d6-41e0-439a-820f-d300f733f9b6","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":96,"box":{"x":83,"y":799,"width":386,"height":11}},{"id":"d438a6b3-af12-486d-83e0-a50066068ca5","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":96,"box":{"x":83,"y":813,"width":370,"height":11}},{"id":"0e294f29-5395-4c59-ae4d-10557bcb1870","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":96,"box":{"x":83,"y":828,"width":356,"height":10}},{"id":"f03d8cc3-8113-4f93-b768-0d402ef6017a","block_type":"box","text":"comparison to actively managed investment companies.","page_number":96,"box":{"x":83,"y":842,"width":359,"height":11}},{"id":"5883ddea-1b97-4774-ae60-eae60c3282a2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":96,"box":{"x":84,"y":865,"width":411,"height":11}},{"id":"c8a69a75-04fd-4cfc-8ab6-8bf5350b6fa1","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":96,"box":{"x":83,"y":879,"width":411,"height":11}},{"id":"202f77bc-a272-4b80-8b46-31618f093b2d","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":96,"box":{"x":549,"y":23,"width":424,"height":11}},{"id":"42215d3a-8d3c-4f32-943f-7f61089902f4","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":96,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"c627ec47-6009-4429-96c8-f2c6b3e74a0e","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":96,"box":{"x":549,"y":51,"width":408,"height":11}},{"id":"4d1c192c-19f3-4dc4-8c9c-76968541c3b6","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":96,"box":{"x":549,"y":66,"width":423,"height":11}},{"id":"b1c30634-3a96-4235-831d-f5277cf3e080","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":96,"box":{"x":549,"y":80,"width":415,"height":11}},{"id":"af09a63b-cf10-43ee-8125-bdb72c94ff37","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":96,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"09f04491-21d7-4e10-8ff3-cd0b814295b3","block_type":"box","text":"(","page_number":96,"box":{"x":549,"y":108,"width":3,"height":11}},{"id":"91fa2109-db2c-4216-89e9-cbd1772596d4","block_type":"box","text":"i.e.","page_number":96,"box":{"x":553,"y":108,"width":17,"height":9}},{"id":"2be92279-3cb8-487c-88ae-5ec93c963057","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":96,"box":{"x":573,"y":108,"width":358,"height":11}},{"id":"6bd0a856-cf7d-408c-a27c-57f0cd37621b","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":96,"box":{"x":549,"y":122,"width":418,"height":11}},{"id":"5b6d99dc-af68-4ff4-b4f3-f64c5ec5aecb","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":96,"box":{"x":549,"y":137,"width":410,"height":10}},{"id":"501e7ef5-f928-44e0-b3bc-25c0f2c07bec","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":96,"box":{"x":549,"y":151,"width":399,"height":11}},{"id":"8edeb06b-a3ac-4be0-b869-16c58b69c2c3","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":96,"box":{"x":549,"y":174,"width":404,"height":11}},{"id":"e3aae6ba-aeef-4977-8067-92b9acda9daa","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":96,"box":{"x":549,"y":188,"width":424,"height":11}},{"id":"6438332b-e0b0-4a70-b888-1f5b32db5401","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":96,"box":{"x":549,"y":202,"width":415,"height":11}},{"id":"716616f9-f397-4878-b5b3-e5b8bb034b6a","block_type":"box","text":"help the Fund track the Underlying Index. The Fund will invest no","page_number":96,"box":{"x":549,"y":217,"width":413,"height":10}},{"id":"89932041-d7a4-4071-8694-3316ba93238d","block_type":"box","text":"more than 10% of its assets in futures, options and swaps","page_number":96,"box":{"x":549,"y":231,"width":366,"height":10}},{"id":"aca1d56d-9993-4866-8667-182dbb80785b","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":96,"box":{"x":549,"y":245,"width":352,"height":11}},{"id":"d4cf0442-46de-4c2c-8109-b590ed5e0575","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments","page_number":96,"box":{"x":550,"y":259,"width":359,"height":11}},{"id":"b3283ce1-575c-4ffe-8844-f43319cdae6f","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":96,"box":{"x":549,"y":273,"width":421,"height":11}},{"id":"0fd4de5b-d1ab-4c5e-8126-3e89eb83b18f","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":96,"box":{"x":549,"y":287,"width":368,"height":11}},{"id":"72f81f71-e547-4e57-8b64-94b19404db1d","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":96,"box":{"x":549,"y":302,"width":411,"height":10}},{"id":"d934c043-e17e-4520-af0d-2018b7a9e223","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":96,"box":{"x":549,"y":316,"width":408,"height":11}},{"id":"84dd267b-6400-4eb0-9de7-89d8e5e924bb","block_type":"box","text":"and expenses of the Fund.","page_number":96,"box":{"x":549,"y":330,"width":167,"height":11}},{"id":"282d7e8c-ce9b-4c30-8cb2-383aae45bb90","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":96,"box":{"x":549,"y":353,"width":411,"height":11}},{"id":"26b1351d-4085-4f51-b95a-175b5d3782ed","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":96,"box":{"x":548,"y":367,"width":371,"height":11}},{"id":"1c05b82e-3178-4d6e-89f8-01cb584b4e79","block_type":"box","text":"collateral received).","page_number":96,"box":{"x":549,"y":382,"width":125,"height":10}},{"id":"6aeb6fae-d8a7-4d78-a80a-335d021b1eb9","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":96,"box":{"x":549,"y":405,"width":408,"height":11}},{"id":"05ba54e8-19db-455d-b554-1c5aa202c28c","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":96,"box":{"x":550,"y":419,"width":374,"height":11}},{"id":"0ff5367e-b9a6-478f-82fe-ed683d598a25","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":96,"box":{"x":549,"y":433,"width":354,"height":11}},{"id":"fed1de1d-e245-49c0-a23e-9c84d8404242","block_type":"box","text":"determines the composition and relative weightings of the","page_number":96,"box":{"x":549,"y":447,"width":372,"height":11}},{"id":"402d43eb-0f7d-4649-9b7a-ac00046bf8c5","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":96,"box":{"x":549,"y":461,"width":401,"height":11}},{"id":"1c9ac452-6744-4b51-9be0-37ac6d9f98e9","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":96,"box":{"x":549,"y":476,"width":327,"height":10}},{"id":"1127e0da-a119-4cb4-b2e3-765e9dcce7de","block_type":"box","text":"Summary of Principal Risks","page_number":96,"box":{"x":549,"y":505,"width":235,"height":13}},{"id":"f7d2d3e8-e8d0-4b1d-9e65-c73e3924bb81","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":96,"box":{"x":549,"y":530,"width":362,"height":11}},{"id":"310cf265-c964-4cba-955e-97d86a35b769","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":96,"box":{"x":549,"y":544,"width":402,"height":11}},{"id":"d9f0ecd1-93da-42b8-8eed-e14fd97fee76","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":96,"box":{"x":549,"y":558,"width":396,"height":11}},{"id":"301c3d76-01fa-4b9e-a409-9d2d38fa66df","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":96,"box":{"x":549,"y":572,"width":376,"height":11}},{"id":"46b93178-21c1-43b5-b5c0-728180929316","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":96,"box":{"x":549,"y":586,"width":392,"height":11}},{"id":"e29e2f20-aa9a-490b-b3aa-50cae0e90196","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":96,"box":{"x":549,"y":601,"width":416,"height":11}},{"id":"64f3d642-5242-41e6-9742-c84012df120f","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":96,"box":{"x":549,"y":615,"width":388,"height":11}},{"id":"51d8efb9-e547-4434-932b-edb73dc99946","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":96,"box":{"x":549,"y":629,"width":425,"height":11}},{"id":"7dde7ec3-da4d-4014-9fbf-0664a9437246","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":96,"box":{"x":549,"y":643,"width":405,"height":11}},{"id":"6f0a9729-0da5-45d1-b67b-0fef70488022","block_type":"box","text":"review each risk factor carefully.","page_number":96,"box":{"x":549,"y":657,"width":206,"height":11}},{"id":"25cffeb3-1f79-49bc-8b9e-827808e57ece","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":96,"box":{"x":549,"y":681,"width":206,"height":10}},{"id":"3047e2da-168a-426c-a367-4463a58594c7","block_type":"box","text":"U.S. Treasury obligations may","page_number":96,"box":{"x":762,"y":681,"width":189,"height":10}},{"id":"317fc1a9-9149-4a51-8e1d-a1fd7a0977bd","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":96,"box":{"x":549,"y":695,"width":386,"height":10}},{"id":"6ab8f883-87d0-40e1-9d37-386e00d410b0","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":96,"box":{"x":549,"y":709,"width":385,"height":11}},{"id":"0e63d3a5-6f3f-4f07-a9d1-dc2abdaa8033","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":96,"box":{"x":549,"y":723,"width":417,"height":11}},{"id":"e6fdabb6-8649-4864-9bcb-b4ce33b4a49d","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":96,"box":{"x":549,"y":737,"width":393,"height":11}},{"id":"5d9955fa-a9d1-4e51-9396-0c4a8fa7abb3","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":96,"box":{"x":549,"y":751,"width":392,"height":11}},{"id":"fa26e513-c485-4d58-8030-fe835fbc19f0","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":96,"box":{"x":549,"y":766,"width":423,"height":11}},{"id":"eee125e3-6165-4c06-a22d-f25b6ea836e9","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":96,"box":{"x":549,"y":780,"width":424,"height":11}},{"id":"18ae5519-65c4-4b0a-95f2-d88f32e7eb0b","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":96,"box":{"x":549,"y":794,"width":392,"height":11}},{"id":"cf5b5b8e-1690-4487-b6f6-098f557e51aa","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":96,"box":{"x":549,"y":808,"width":411,"height":11}},{"id":"2b0f125e-7ca9-427e-8f26-f61c067b0b5a","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":96,"box":{"x":550,"y":822,"width":407,"height":11}},{"id":"66f3a897-45e3-4484-9cb2-d13eb67c6d78","block_type":"box","text":"timely payment of interest or principal.","page_number":96,"box":{"x":549,"y":837,"width":247,"height":10}},{"id":"1fa08e4f-a387-4f5c-9e6c-d8fef5b4ff42","block_type":"box","text":"Interest Rate Risk","page_number":96,"box":{"x":549,"y":860,"width":121,"height":8}},{"id":"15e061ed-3bd9-4c04-a3b2-7644d8c30474","block_type":"box","text":".","page_number":96,"box":{"x":670,"y":866,"width":2,"height":2}},{"id":"95e5c919-cfc0-4260-8b87-7d659d40cb2a","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":96,"box":{"x":678,"y":860,"width":233,"height":8}},{"id":"f52b5f92-4c22-42cf-b219-8d10f1677e54","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":96,"box":{"x":549,"y":874,"width":424,"height":11}},{"id":"61925b7b-43a1-4505-8856-1047e1d0ca97","block_type":"box","text":"S-89","page_number":96,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"fd94f9b9-4ade-4f66-9755-b8ff035fbdbb","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":97,"box":{"x":83,"y":23,"width":417,"height":11}},{"id":"b1411f11-d491-48bc-91ad-5432998a30fb","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":97,"box":{"x":83,"y":37,"width":388,"height":11}},{"id":"e904cbfe-6c86-4000-8725-94d1aebada2e","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":97,"box":{"x":82,"y":51,"width":402,"height":11}},{"id":"37df14bd-8df5-40b0-9421-950d14e91872","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":97,"box":{"x":83,"y":66,"width":391,"height":10}},{"id":"fadc2b53-4860-4cd7-a87a-be1cc080d842","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":97,"box":{"x":82,"y":80,"width":424,"height":11}},{"id":"4ed85cf9-b9dd-4d51-8eba-0689cb9a1565","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":97,"box":{"x":83,"y":94,"width":407,"height":9}},{"id":"0bda1900-2baf-4131-99b0-8c92ca50803d","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":97,"box":{"x":82,"y":108,"width":424,"height":11}},{"id":"65c8dd90-c57c-4a32-8483-380034f1009d","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":97,"box":{"x":83,"y":122,"width":409,"height":11}},{"id":"89f0e9b5-41e1-4877-ba3e-b72a8ebe095f","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":97,"box":{"x":83,"y":137,"width":397,"height":10}},{"id":"3635c612-be37-4842-b815-5069af9c47d9","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":97,"box":{"x":83,"y":151,"width":411,"height":11}},{"id":"f2d082f1-7816-451e-9896-f418afd0a994","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":97,"box":{"x":83,"y":165,"width":363,"height":11}},{"id":"b64462d0-c25f-4a7a-8b56-d2a680ed49bc","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":97,"box":{"x":83,"y":179,"width":386,"height":11}},{"id":"1ab7c35e-746f-4bd3-9389-d6415a313840","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":97,"box":{"x":83,"y":193,"width":404,"height":11}},{"id":"cf44f2f4-2030-4de0-805f-d7476433cc91","block_type":"box","text":"dividends to shareholders.","page_number":97,"box":{"x":83,"y":208,"width":168,"height":8}},{"id":"308df6b3-c7a1-4d04-99f0-bd7650817f15","block_type":"box","text":"Market Risk","page_number":97,"box":{"x":83,"y":231,"width":82,"height":8}},{"id":"863ffc1d-25d7-41ed-b456-30bd862cfa5f","block_type":"box","text":".","page_number":97,"box":{"x":165,"y":237,"width":2,"height":2}},{"id":"82b2420a-4e16-42eb-98d6-cf32f6ab6349","block_type":"box","text":"The Fund could lose money over short periods due","page_number":97,"box":{"x":172,"y":231,"width":323,"height":10}},{"id":"77d818bc-19ee-4641-be7f-ffae095ca118","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":97,"box":{"x":83,"y":245,"width":413,"height":11}},{"id":"7f3f0add-3122-4aa8-859f-796b3a3bc654","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":97,"box":{"x":83,"y":259,"width":382,"height":11}},{"id":"585347f5-bd44-4486-96bb-f1ef0dd38e4b","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":97,"box":{"x":83,"y":273,"width":411,"height":11}},{"id":"a2922f12-bd4f-4756-af69-d5a8d0defc9d","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":97,"box":{"x":83,"y":287,"width":370,"height":11}},{"id":"81b72535-dac0-4ca9-b892-19cba82b389c","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":97,"box":{"x":83,"y":302,"width":404,"height":10}},{"id":"3b5495d8-4287-45c6-9931-3e951654dfde","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":97,"box":{"x":83,"y":316,"width":395,"height":11}},{"id":"5dfd1f66-0e66-47e9-b080-c2d8f296ded6","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":97,"box":{"x":83,"y":330,"width":395,"height":11}},{"id":"d427fe44-0c97-4939-811f-df507897dae0","block_type":"box","text":"NAV.","page_number":97,"box":{"x":84,"y":344,"width":27,"height":9}},{"id":"b2671e50-457c-4757-b8f2-7ecbeb5bc8f9","block_type":"box","text":"Index-Related Risk.","page_number":97,"box":{"x":83,"y":367,"width":129,"height":9}},{"id":"5d1f50a6-c0bb-4927-a2f7-115f303ccbe5","block_type":"box","text":"The Index Provider may rely on various","page_number":97,"box":{"x":217,"y":367,"width":247,"height":11}},{"id":"e35da2ab-9a0e-48e9-8595-fcdb8cb9ceaa","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":97,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"3a494b5c-6627-4283-affd-7373df3a5ff8","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":97,"box":{"x":83,"y":396,"width":391,"height":11}},{"id":"9c8b2be5-1e47-4117-9106-d00b50c15e8f","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":97,"box":{"x":83,"y":410,"width":406,"height":11}},{"id":"c916aed7-fb03-46be-ba90-ba4e08a10912","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":97,"box":{"x":83,"y":424,"width":408,"height":11}},{"id":"d3386a08-60a2-487d-90bd-a7f4c4acf5a6","block_type":"box","text":"information will provide an accurate assessment of included","page_number":97,"box":{"x":83,"y":438,"width":384,"height":11}},{"id":"db58395e-9aa3-4d1d-86ed-b7c8a69db6d2","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":97,"box":{"x":83,"y":452,"width":387,"height":11}},{"id":"26fd5454-642f-4e8c-bed3-3cf823275bd6","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":97,"box":{"x":83,"y":467,"width":366,"height":10}},{"id":"fee39e30-0ea9-4356-a31d-9afd7da80126","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":97,"box":{"x":83,"y":481,"width":377,"height":11}},{"id":"5d59b401-130e-4c81-bd78-6ee1a6290902","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":97,"box":{"x":83,"y":495,"width":413,"height":11}},{"id":"6015cbe0-25c3-44e3-a0f2-78d8ebd3922d","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":97,"box":{"x":83,"y":509,"width":396,"height":11}},{"id":"430f3ecc-35d0-4571-9fb1-891097897ea5","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":97,"box":{"x":83,"y":523,"width":367,"height":11}},{"id":"dd77dd17-983c-40c5-9ab3-afad7e4da4fa","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":97,"box":{"x":83,"y":537,"width":400,"height":11}},{"id":"84e709ba-514d-4dfc-b41a-c93faac94b2e","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":97,"box":{"x":83,"y":552,"width":409,"height":10}},{"id":"e8908610-0ee4-45f2-9a49-ff8919a9ac91","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":97,"box":{"x":83,"y":566,"width":414,"height":11}},{"id":"2144d235-337a-409a-813e-f06b06cb5848","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":97,"box":{"x":83,"y":580,"width":362,"height":11}},{"id":"1ba6305f-91ee-4bd1-b374-c8fc9add0bdb","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":97,"box":{"x":83,"y":594,"width":423,"height":11}},{"id":"74b30b4d-c2e4-4bcf-8cfc-74625a6254f2","block_type":"box","text":"Asset Class Risk.","page_number":97,"box":{"x":81,"y":617,"width":115,"height":9}},{"id":"e29592d5-63f9-448a-98aa-7652af6927a8","block_type":"box","text":"The securities and other assets in the","page_number":97,"box":{"x":202,"y":617,"width":239,"height":9}},{"id":"379159b3-2211-47a4-9749-ff1187ba9f2e","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":97,"box":{"x":83,"y":632,"width":406,"height":10}},{"id":"7a53899a-cc9e-404a-b710-79fee2970709","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":97,"box":{"x":83,"y":646,"width":405,"height":11}},{"id":"72c0c074-6b53-455c-b13e-f01cf25ad236","block_type":"box","text":"market, another index, or other asset classes.","page_number":97,"box":{"x":83,"y":660,"width":292,"height":10}},{"id":"cd4913fd-6153-4dab-bbc2-952fa3a25d14","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":97,"box":{"x":81,"y":683,"width":290,"height":11}},{"id":"994c8569-69cd-4fd7-a95a-118f1bbee41d","block_type":"box","text":"An “Authorized","page_number":97,"box":{"x":381,"y":683,"width":93,"height":9}},{"id":"0118de50-52cd-4d1f-b8a6-416d379ab924","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":97,"box":{"x":84,"y":697,"width":379,"height":11}},{"id":"f4f5be18-3d34-498f-89a2-c23350bce1d4","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":97,"box":{"x":83,"y":712,"width":411,"height":10}},{"id":"b0d46fe8-11e1-490f-ba94-bb63de572b41","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":97,"box":{"x":84,"y":726,"width":395,"height":10}},{"id":"5555db8b-3e52-4d0c-8b34-59759e6f590e","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":97,"box":{"x":84,"y":740,"width":399,"height":11}},{"id":"6036ee09-0f37-4bb1-af42-aae3419ec244","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":97,"box":{"x":83,"y":754,"width":407,"height":11}},{"id":"df56daa3-53b4-4301-af35-d101b2e42c5e","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":97,"box":{"x":83,"y":768,"width":409,"height":11}},{"id":"c07a23ec-6a29-4d06-aedc-c04cbccf79fc","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":97,"box":{"x":83,"y":782,"width":412,"height":11}},{"id":"015b6ba4-f991-4a0c-ba71-915ed353b509","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":97,"box":{"x":83,"y":797,"width":403,"height":10}},{"id":"3448a5eb-8e46-43ce-abaf-7afabdc78289","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":97,"box":{"x":83,"y":811,"width":378,"height":11}},{"id":"ae70daa1-18a2-4bb9-8d55-1c6a19536d5e","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":97,"box":{"x":84,"y":825,"width":379,"height":11}},{"id":"2450021e-1c72-4991-b1ed-f8c2aebd7f79","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":97,"box":{"x":83,"y":839,"width":404,"height":11}},{"id":"55895e09-9c7c-4a61-97d2-faeb120d5715","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":97,"box":{"x":83,"y":853,"width":399,"height":11}},{"id":"1f090014-8d07-470f-873b-20d83faf1a30","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":97,"box":{"x":84,"y":868,"width":391,"height":10}},{"id":"d5e7823d-79c3-4f2f-94e0-ace3c1269de9","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":97,"box":{"x":549,"y":23,"width":408,"height":11}},{"id":"47e7d6d7-9ef9-49d7-9562-c3d72327985d","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":97,"box":{"x":549,"y":37,"width":273,"height":11}},{"id":"0776af89-6501-4978-8a17-a5c0201ae4f0","block_type":"box","text":"Concentration Risk.","page_number":97,"box":{"x":549,"y":60,"width":132,"height":9}},{"id":"b0b1b45a-3171-45b8-82fc-7eb9a057451c","block_type":"box","text":"The Fund may be susceptible to an","page_number":97,"box":{"x":687,"y":61,"width":221,"height":10}},{"id":"54892f46-2e47-441b-b9cc-8e7dbc2a9516","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":97,"box":{"x":549,"y":75,"width":419,"height":11}},{"id":"d0c3500c-70c8-431a-9c9c-78c610497839","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":97,"box":{"x":549,"y":89,"width":408,"height":10}},{"id":"c5ca2903-6305-4838-b6f8-88ddfc330cb5","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":97,"box":{"x":549,"y":103,"width":418,"height":9}},{"id":"ed95688f-cdc9-4663-b37f-d796d6ec2eba","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":97,"box":{"x":549,"y":117,"width":395,"height":10}},{"id":"5d9de5e6-1354-42d4-a71c-1cf71c997ce8","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":97,"box":{"x":549,"y":131,"width":388,"height":11}},{"id":"bd369680-e02a-443c-a67f-a2589b427ad5","block_type":"box","text":"asset classes.","page_number":97,"box":{"x":549,"y":146,"width":88,"height":8}},{"id":"1aa95899-75d8-42f7-8b55-59fd88393be3","block_type":"box","text":"Income Risk.","page_number":97,"box":{"x":549,"y":169,"width":86,"height":8}},{"id":"070c16dc-610a-44d0-bc1f-5aa0fe6f131f","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":97,"box":{"x":640,"y":169,"width":288,"height":11}},{"id":"8c35fb11-829c-4645-82f3-1e4200df0745","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":97,"box":{"x":549,"y":183,"width":407,"height":8}},{"id":"b5d1976f-4b97-4815-a444-45ac704f82d5","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":97,"box":{"x":549,"y":197,"width":414,"height":11}},{"id":"00c9a3cf-2ec0-4551-8a09-e38fa9d4cdd7","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":97,"box":{"x":549,"y":211,"width":380,"height":11}},{"id":"c1b5d19d-4a87-4947-858e-06f1a5802caf","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":97,"box":{"x":549,"y":226,"width":406,"height":10}},{"id":"603c1f3f-cad1-433f-b2f7-6336cd336b7f","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":97,"box":{"x":549,"y":240,"width":424,"height":10}},{"id":"1b0495ce-d952-406c-9494-3cde2c7bb684","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":97,"box":{"x":550,"y":254,"width":423,"height":11}},{"id":"4811e437-46b1-4dd3-83dc-740ed4d9a677","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":97,"box":{"x":549,"y":268,"width":394,"height":11}},{"id":"911ad825-aa9a-43cd-8d01-6695506f83e7","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":97,"box":{"x":549,"y":282,"width":419,"height":11}},{"id":"aea1c864-88d2-4dbe-a18b-35ac368fa5a6","block_type":"box","text":"Issuer Risk","page_number":97,"box":{"x":549,"y":305,"width":75,"height":9}},{"id":"17bf39d5-584c-4fc8-9e7a-52a39b59aa08","block_type":"box","text":".","page_number":97,"box":{"x":624,"y":312,"width":3,"height":2}},{"id":"132fed75-6fcb-4ec9-bf59-ccdf7f2a346c","block_type":"box","text":"The performance of the Fund depends on the","page_number":97,"box":{"x":632,"y":305,"width":288,"height":11}},{"id":"a9c03350-191a-4f64-a710-15568f68a2e9","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":97,"box":{"x":549,"y":320,"width":412,"height":10}},{"id":"4e3b2135-904b-4658-8b14-7737d780b5f4","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":97,"box":{"x":550,"y":334,"width":402,"height":11}},{"id":"a894157c-7c7b-4354-8d80-88a7c0f5dd35","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":97,"box":{"x":549,"y":348,"width":418,"height":11}},{"id":"38a65723-9776-42a4-96b7-1e4c2d0e67de","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":97,"box":{"x":549,"y":362,"width":414,"height":11}},{"id":"ad013f36-7e1f-43cf-a6e6-9bebee109d78","block_type":"box","text":"counterparty.","page_number":97,"box":{"x":549,"y":377,"width":84,"height":10}},{"id":"8e1e4464-1cb9-4cd6-bb15-f69c511eff0d","block_type":"box","text":"Management Risk","page_number":97,"box":{"x":549,"y":400,"width":123,"height":10}},{"id":"8ffa0095-9895-49ff-8d6a-49e925b986d5","block_type":"box","text":".","page_number":97,"box":{"x":672,"y":406,"width":2,"height":2}},{"id":"6a9649ab-a677-4943-adb1-6314c713496d","block_type":"box","text":"The Fund generally does not attempt to take","page_number":97,"box":{"x":679,"y":400,"width":283,"height":10}},{"id":"d83f31d7-7cc7-4ce2-8bfa-dea10b425273","block_type":"box","text":"defensive positions under any market conditions, including","page_number":97,"box":{"x":549,"y":414,"width":376,"height":11}},{"id":"8758aad2-f64e-4e26-b3aa-a002fdf65e13","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":97,"box":{"x":549,"y":428,"width":362,"height":11}},{"id":"e8d166e6-c52d-41e8-8672-2d426e4bc8fc","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":97,"box":{"x":550,"y":442,"width":387,"height":11}},{"id":"ffdd4b81-83a4-4695-a609-5d1d0d440180","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":97,"box":{"x":549,"y":456,"width":409,"height":11}},{"id":"df836e7d-82d9-4f65-b4fc-b5696d8e551f","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":97,"box":{"x":549,"y":470,"width":419,"height":11}},{"id":"b03199a1-0c85-4cbf-9301-93ecdda5bc2b","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":97,"box":{"x":549,"y":485,"width":420,"height":10}},{"id":"a1f3cf3c-cc4c-4a3c-944f-50df4d347934","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":97,"box":{"x":549,"y":499,"width":403,"height":11}},{"id":"87d799fb-3971-48c6-892f-25afb0ff7fe1","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":97,"box":{"x":549,"y":513,"width":323,"height":11}},{"id":"81e5ee29-976b-4aba-bd32-a478c795418d","block_type":"box","text":"Market Trading Risk","page_number":97,"box":{"x":549,"y":536,"width":136,"height":11}},{"id":"ed5e2d0b-fe83-45e3-9ec6-8afc56c51f8f","block_type":"box","text":".","page_number":97,"box":{"x":685,"y":543,"width":2,"height":2}},{"id":"a57f5764-a276-4afd-9d52-df8d3300c18a","block_type":"box","text":"The Fund faces numerous market trading","page_number":97,"box":{"x":692,"y":536,"width":264,"height":11}},{"id":"8971b5d0-fda3-4820-b01b-c3c79ecd7d7c","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":97,"box":{"x":549,"y":550,"width":394,"height":11}},{"id":"02d51aef-6b80-4767-8fb3-4e079f786d60","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":97,"box":{"x":549,"y":565,"width":401,"height":10}},{"id":"e69080ee-504d-4df0-9943-9ea06a264381","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":97,"box":{"x":549,"y":579,"width":404,"height":11}},{"id":"f1c9a766-9c40-4dbc-b7d3-92936be5bff4","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":97,"box":{"x":549,"y":593,"width":416,"height":11}},{"id":"6f194e54-72a3-4daa-9201-c520fef73a2b","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":97,"box":{"x":549,"y":607,"width":404,"height":11}},{"id":"c65206e9-9ea3-47b5-a133-2dadcf0c37b2","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":97,"box":{"x":549,"y":621,"width":411,"height":11}},{"id":"ed4a6d8d-23aa-4252-94ee-0094c4952db9","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":97,"box":{"x":549,"y":635,"width":397,"height":11}},{"id":"f1a6ea15-a665-438f-bbab-0575471f193e","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":97,"box":{"x":549,"y":650,"width":419,"height":10}},{"id":"78b833c5-15da-405d-b3a3-09bc64cb76c7","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":97,"box":{"x":549,"y":664,"width":413,"height":11}},{"id":"ac1beb1f-78d7-4808-a710-ccfd8dfab83e","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":97,"box":{"x":549,"y":678,"width":397,"height":11}},{"id":"8009311f-3760-47a9-ada0-e42655bf70bd","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":97,"box":{"x":549,"y":692,"width":316,"height":11}},{"id":"87020a94-868f-48f6-9f31-d416362fad27","block_type":"box","text":"Operational and Technology Risks","page_number":97,"box":{"x":549,"y":715,"width":230,"height":11}},{"id":"9156a75f-1251-4d89-902c-ce5b6b8b678b","block_type":"box","text":".","page_number":97,"box":{"x":780,"y":722,"width":2,"height":2}},{"id":"c2cfd72a-5aff-43ad-b6d1-2eecf9872de8","block_type":"box","text":"The Fund is directly and","page_number":97,"box":{"x":787,"y":715,"width":152,"height":11}},{"id":"91b21864-acc2-4b1f-9938-6097640575e4","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":97,"box":{"x":549,"y":730,"width":368,"height":10}},{"id":"70488863-3fad-44e8-acc8-fad547ef5a4b","block_type":"box","text":"including those related to human errors, processing errors,","page_number":97,"box":{"x":549,"y":744,"width":376,"height":11}},{"id":"260b0a9a-e216-485e-b57c-a7f796b1fc54","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":97,"box":{"x":549,"y":758,"width":413,"height":11}},{"id":"0e49c5a2-0fdd-4b93-9301-919573b1e0e9","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":97,"box":{"x":549,"y":772,"width":404,"height":11}},{"id":"18c1feba-66db-432f-95f5-e2cfee86479d","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":97,"box":{"x":549,"y":786,"width":401,"height":11}},{"id":"796ac96a-1891-4964-a215-07854fb9b768","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":97,"box":{"x":549,"y":800,"width":377,"height":11}},{"id":"d9fed0fc-a6a9-40c1-accd-f160206b4445","block_type":"box","text":"providers are required to have appropriate operational,","page_number":97,"box":{"x":549,"y":815,"width":350,"height":10}},{"id":"6c43bffc-5cd6-417d-b5f4-dffbed2af9ea","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":97,"box":{"x":549,"y":829,"width":414,"height":11}},{"id":"e98c7025-0c5a-49ac-aade-8cdd23f58a5b","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":97,"box":{"x":549,"y":843,"width":397,"height":11}},{"id":"6a085dcd-e2d2-4df1-a32e-5925e0bde69d","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":97,"box":{"x":549,"y":857,"width":411,"height":11}},{"id":"32b55941-c47e-4a2e-ba8c-772b44803be0","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":97,"box":{"x":549,"y":871,"width":391,"height":9}},{"id":"0732a107-381f-43e9-abdf-2ed2eba6e74b","block_type":"box","text":"S-90","page_number":97,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"fbed8086-23a4-4c28-8948-d853cfc670df","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":98,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"d5192e31-2e18-4616-a5cd-2773d5618b44","block_type":"box","text":"investments in such issuers to lose value.","page_number":98,"box":{"x":83,"y":37,"width":264,"height":9}},{"id":"2e982623-7729-4101-ad91-05134662d129","block_type":"box","text":"Risk of Investing in the U.S","page_number":98,"box":{"x":83,"y":60,"width":182,"height":11}},{"id":"0de8f33f-98c1-4322-a0ed-efbb06fcf584","block_type":"box","text":".","page_number":98,"box":{"x":266,"y":67,"width":2,"height":2}},{"id":"46c39640-5fae-4057-909f-ce326b55b1ea","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":98,"box":{"x":274,"y":61,"width":210,"height":10}},{"id":"810e2b4d-ff30-4b5d-a502-46ce171caebb","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":98,"box":{"x":83,"y":75,"width":391,"height":11}},{"id":"db389183-859d-4210-a1c0-3b40930cb886","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":98,"box":{"x":83,"y":89,"width":423,"height":11}},{"id":"f3b33f6f-3cda-4615-a8f2-62318446567a","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":98,"box":{"x":83,"y":103,"width":413,"height":11}},{"id":"ebd41416-135d-4236-8f0f-aacfb78e69ea","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":98,"box":{"x":82,"y":117,"width":397,"height":11}},{"id":"6e41f410-c1b2-4de0-afd8-5390b1f8ccd1","block_type":"box","text":"Securities Lending Risk.","page_number":98,"box":{"x":82,"y":140,"width":162,"height":11}},{"id":"70a42a64-76b4-44ca-afe7-2c3c4d42a906","block_type":"box","text":"The Fund may engage in securities","page_number":98,"box":{"x":249,"y":140,"width":221,"height":11}},{"id":"ac5cc61a-54df-411c-9360-a05280799075","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":98,"box":{"x":83,"y":155,"width":396,"height":10}},{"id":"5315c6e5-884b-44a9-b9e9-302b261e7d51","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":98,"box":{"x":83,"y":169,"width":418,"height":11}},{"id":"a0fe2223-0959-4c71-a568-50c16af32c06","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":98,"box":{"x":83,"y":183,"width":408,"height":11}},{"id":"3638bbd3-a528-452f-93dd-2e213f125aea","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":98,"box":{"x":83,"y":197,"width":416,"height":11}},{"id":"0fc5db97-4b58-4d10-8600-0dae86aa6f8f","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":98,"box":{"x":83,"y":211,"width":389,"height":11}},{"id":"d055f1cf-e0cb-496f-b92a-5567e7f26774","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":98,"box":{"x":83,"y":226,"width":406,"height":8}},{"id":"d2f08d9f-608e-4c0f-a51d-31285aea81b2","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":98,"box":{"x":83,"y":240,"width":301,"height":11}},{"id":"acb4dfdf-afc9-4a19-a523-a488481a040d","block_type":"box","text":"Tracking Error Risk","page_number":98,"box":{"x":84,"y":263,"width":128,"height":11}},{"id":"a5098022-86c2-4da0-9f52-1ae1bd3d6d21","block_type":"box","text":".","page_number":98,"box":{"x":212,"y":269,"width":2,"height":2}},{"id":"c15e79af-172f-43a8-8696-94ab59dc20b1","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":98,"box":{"x":219,"y":263,"width":284,"height":11}},{"id":"4f766f32-cfa0-4842-a45c-fe7cc4a13e37","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":98,"box":{"x":82,"y":277,"width":405,"height":11}},{"id":"7f3ff710-37c3-4d10-a87d-2394e3edd130","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":98,"box":{"x":83,"y":291,"width":425,"height":11}},{"id":"5f50edfc-48b3-4d6b-81b6-ed3a0694487c","block_type":"box","text":"factors, including differences between the securities and other","page_number":98,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"0abf7744-74df-4b18-be39-b4317ea280ab","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":98,"box":{"x":549,"y":37,"width":381,"height":11}},{"id":"49ef4e78-8487-426e-80b9-a114a53e6553","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":98,"box":{"x":550,"y":51,"width":396,"height":11}},{"id":"891a62ce-e8c4-49c2-b16f-86d69682d9c5","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":98,"box":{"x":549,"y":66,"width":407,"height":10}},{"id":"477237bd-b5a9-4b8e-8d66-389e05a491c5","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":98,"box":{"x":549,"y":80,"width":400,"height":11}},{"id":"2e02ba3e-e55f-4d6e-8e80-5e64af413c72","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":98,"box":{"x":549,"y":94,"width":421,"height":11}},{"id":"12705823-baaa-40a2-9e1b-2b1a34fb1c3f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":98,"box":{"x":549,"y":108,"width":374,"height":11}},{"id":"fc820b8a-3415-4a4a-923d-477991b99848","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":98,"box":{"x":549,"y":122,"width":370,"height":11}},{"id":"83321de2-d1ce-498b-9884-30e756d72e79","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":98,"box":{"x":549,"y":137,"width":372,"height":10}},{"id":"2e3a6758-8589-4965-a603-6a557de0faef","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":98,"box":{"x":549,"y":151,"width":420,"height":11}},{"id":"bd197b30-d862-496a-ad60-9a644d6def4a","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":98,"box":{"x":549,"y":165,"width":387,"height":11}},{"id":"ccfd3df4-1711-43fe-9471-135e3c78568c","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":98,"box":{"x":549,"y":179,"width":377,"height":11}},{"id":"ef945152-6777-4b4d-ad77-b8d8dacf0d16","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":98,"box":{"x":549,"y":193,"width":380,"height":11}},{"id":"d0c56c11-13d8-482d-a809-ded4f83b55d9","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":98,"box":{"x":549,"y":207,"width":366,"height":11}},{"id":"439f731f-0776-44d8-8b05-d06e82eff5dd","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":98,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"02df7134-0922-4d70-b49f-d6cdf2123612","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":98,"box":{"x":550,"y":236,"width":386,"height":11}},{"id":"d4fa85aa-1846-46c8-bcdb-b842667ad4b0","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":98,"box":{"x":549,"y":250,"width":414,"height":11}},{"id":"8fb5c70e-8744-4609-b489-6677cfbbe07d","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":98,"box":{"x":549,"y":264,"width":420,"height":11}},{"id":"7559d57f-3c6c-4085-b28b-8b5a12536ce2","block_type":"box","text":"unusual market conditions.","page_number":98,"box":{"x":549,"y":278,"width":172,"height":9}},{"id":"2477e334-9ca4-423d-b9bf-21ed2cb43d9a","block_type":"box","text":"S-91","page_number":98,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"57499b5d-7849-4e42-8f8c-d052123c92d4","block_type":"box","text":"Performance Information","page_number":99,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"0297e3e3-4bce-4d37-a8ca-3bd2c9b1ca26","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":99,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"b7079742-92ec-4996-b5b9-8193915f7168","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":99,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"7b2754b6-0466-475b-b6c6-6836f1cd43e1","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":99,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"63cbf74c-03df-410f-aa81-8ec88d5d77cf","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":99,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"85f790d1-5b8e-4a19-b74e-a2219b9f21ba","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":99,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"d627f867-e585-415e-9c9a-3b2fcfe010a3","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":99,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"a345a717-66b7-4b95-bfa6-a0c8476422d6","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":99,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"f5f54ce5-1f49-459e-8788-dce443af1dc8","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":99,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"f7fc070e-3f83-4604-a0b5-e2307c020aa8","block_type":"box","text":"15%","page_number":99,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"e2f7cddf-a2f9-497f-8473-6923d9921108","block_type":"box","text":"10%","page_number":99,"box":{"x":334,"y":215,"width":19,"height":7}},{"id":"c79773d8-83a5-402f-a1a1-47a9bde948c2","block_type":"box","text":"5%","page_number":99,"box":{"x":340,"y":229,"width":13,"height":7}},{"id":"21758921-7e54-417e-a105-f9d1cee8a1cb","block_type":"box","text":"0%","page_number":99,"box":{"x":339,"y":243,"width":14,"height":7}},{"id":"9d7d01a3-be07-4182-bcfd-da75e0230c42","block_type":"box","text":"-5%","page_number":99,"box":{"x":335,"y":257,"width":18,"height":7}},{"id":"cd2ecfd6-f2f7-412a-bcc8-8ab4973c1fe5","block_type":"box","text":"-10%","page_number":99,"box":{"x":328,"y":271,"width":25,"height":7}},{"id":"a9dcca3a-9843-4e40-ad8b-56d47d4ed62f","block_type":"box","text":"-15%","page_number":99,"box":{"x":328,"y":285,"width":25,"height":7}},{"id":"959f2cff-80e8-42e2-952b-f0f9bc6c175b","block_type":"box","text":"-20%","page_number":99,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"9328e73a-c11d-42a2-9071-4fe6920b3640","block_type":"box","text":"2","page_number":99,"box":{"x":364,"y":321,"width":5,"height":7}},{"id":"4ef52129-14a6-43b7-abfd-37f652d38bb5","block_type":"box","text":"0","page_number":99,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"a6e1068c-1acd-45ed-a347-0a78ed98448e","block_type":"box","text":"1","page_number":99,"box":{"x":379,"y":321,"width":3,"height":7}},{"id":"6eba98a8-33ca-4fa1-8b04-88f04b552c84","block_type":"box","text":"6","page_number":99,"box":{"x":385,"y":321,"width":5,"height":7}},{"id":"157ccee8-41e4-41ae-8b6b-d24ee997baac","block_type":"box","text":"2","page_number":99,"box":{"x":400,"y":321,"width":5,"height":7}},{"id":"eca5e6e2-45bd-487b-999a-68ebbeda5955","block_type":"box","text":"0","page_number":99,"box":{"x":407,"y":321,"width":5,"height":7}},{"id":"692d7b0d-f4a0-42bd-bc92-3e1508ca0e82","block_type":"box","text":"17 2","page_number":99,"box":{"x":415,"y":321,"width":26,"height":7}},{"id":"f1f8b6ce-fb61-4793-a868-8190a5b96324","block_type":"box","text":"0","page_number":99,"box":{"x":443,"y":321,"width":6,"height":7}},{"id":"417f09a8-6fcb-4f32-87d3-c196a45c955a","block_type":"box","text":"1","page_number":99,"box":{"x":452,"y":321,"width":2,"height":7}},{"id":"6272ccdd-071d-4eb9-8c51-76432d37705b","block_type":"box","text":"8","page_number":99,"box":{"x":457,"y":321,"width":6,"height":7}},{"id":"752a9aa7-7e27-4142-93d5-9e417209469c","block_type":"box","text":"2","page_number":99,"box":{"x":472,"y":321,"width":5,"height":7}},{"id":"d1bb2fa9-6663-45f2-8af0-926e264bef01","block_type":"box","text":"0","page_number":99,"box":{"x":479,"y":321,"width":6,"height":7}},{"id":"3706271a-5012-49db-98e5-3491c4d09327","block_type":"box","text":"1","page_number":99,"box":{"x":488,"y":321,"width":2,"height":7}},{"id":"e88454de-4bc8-4a6d-b79b-cc324cc55d62","block_type":"box","text":"9","page_number":99,"box":{"x":493,"y":321,"width":6,"height":7}},{"id":"db4a4bab-7810-4c41-96ea-7f759a41b500","block_type":"box","text":"2","page_number":99,"box":{"x":508,"y":321,"width":5,"height":7}},{"id":"668d04b9-e476-4f13-a524-f99c5029d986","block_type":"box","text":"0","page_number":99,"box":{"x":515,"y":321,"width":6,"height":7}},{"id":"e6e1e8dc-03d9-484d-9bed-ea4e2769d12b","block_type":"box","text":"2","page_number":99,"box":{"x":523,"y":321,"width":5,"height":7}},{"id":"9f97a9fe-a325-40ba-86e0-7aa1d17995c4","block_type":"box","text":"0","page_number":99,"box":{"x":529,"y":321,"width":6,"height":7}},{"id":"5cc2eeb0-aaf9-45c3-bd6a-e8c1e40210ab","block_type":"box","text":"2","page_number":99,"box":{"x":544,"y":321,"width":6,"height":7}},{"id":"7dccbe17-1df4-4c49-af8e-239020fe87db","block_type":"box","text":"0","page_number":99,"box":{"x":551,"y":321,"width":6,"height":7}},{"id":"6370f7b6-e45b-4e57-bead-3ff12984a61a","block_type":"box","text":"21 2","page_number":99,"box":{"x":559,"y":321,"width":27,"height":7}},{"id":"43d2489b-32ab-42ce-8383-313d249d1c8b","block_type":"box","text":"0","page_number":99,"box":{"x":587,"y":321,"width":6,"height":7}},{"id":"cbf2a2c0-2a80-41a1-ac9f-241264a19474","block_type":"box","text":"22 2","page_number":99,"box":{"x":595,"y":321,"width":27,"height":7}},{"id":"f75b09d0-02ca-49e8-b152-5251b2893498","block_type":"box","text":"0","page_number":99,"box":{"x":624,"y":321,"width":5,"height":7}},{"id":"eb1b6ed6-ff9c-443b-91ae-38d018a36dc9","block_type":"box","text":"2","page_number":99,"box":{"x":631,"y":321,"width":5,"height":7}},{"id":"a2edeb06-21dd-4c2b-a6ef-68a1be85e38a","block_type":"box","text":"3","page_number":99,"box":{"x":638,"y":321,"width":5,"height":7}},{"id":"b44063e5-3408-47f5-a6b8-088a11669d5d","block_type":"box","text":"2","page_number":99,"box":{"x":653,"y":321,"width":5,"height":7}},{"id":"f204f189-8c82-45aa-8eda-3b0a0247cc00","block_type":"box","text":"0","page_number":99,"box":{"x":660,"y":321,"width":5,"height":7}},{"id":"5784ff2f-2669-4992-a048-2b218ecfdfbf","block_type":"box","text":"2","page_number":99,"box":{"x":667,"y":321,"width":5,"height":7}},{"id":"05ad7e01-a0c6-4747-b012-28b397026dfc","block_type":"box","text":"4","page_number":99,"box":{"x":674,"y":321,"width":6,"height":7}},{"id":"56455d4d-a5e5-4d0a-89fd-0ac161fc7c5f","block_type":"box","text":"2","page_number":99,"box":{"x":689,"y":321,"width":5,"height":7}},{"id":"1f18cc9a-ed16-4d42-916f-09d52c5fe758","block_type":"box","text":"0","page_number":99,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"007af436-729a-4d22-9990-65765ce4cf2c","block_type":"box","text":"2","page_number":99,"box":{"x":703,"y":321,"width":5,"height":7}},{"id":"468f741c-25a3-493c-acde-f7590cefc6b4","block_type":"box","text":"5","page_number":99,"box":{"x":710,"y":321,"width":6,"height":7}},{"id":"f709148a-1ee8-4c8f-9e53-220e82c45644","block_type":"box","text":"0.92%","page_number":99,"box":{"x":363,"y":233,"width":28,"height":6}},{"id":"606e9685-c8c9-4a18-9db0-fd878f5fe4be","block_type":"box","text":"2.19%","page_number":99,"box":{"x":400,"y":229,"width":27,"height":6}},{"id":"8c8e370b-2ac4-4d44-97f9-122e8b4a05a1","block_type":"box","text":"0.74%","page_number":99,"box":{"x":436,"y":233,"width":27,"height":6}},{"id":"29293e1f-6f5d-4d33-b9b5-7a765875a45f","block_type":"box","text":"6.71%","page_number":99,"box":{"x":472,"y":217,"width":27,"height":6}},{"id":"9729bc41-f29f-4f87-8a76-6c145e568725","block_type":"box","text":"7.92%","page_number":99,"box":{"x":508,"y":213,"width":27,"height":6}},{"id":"37cd8e15-1171-4e3b-a24f-78d2753586e8","block_type":"box","text":"-2.54%","page_number":99,"box":{"x":542,"y":257,"width":31,"height":6}},{"id":"dae4a36c-8f8c-446a-b670-3a58b219c3dd","block_type":"box","text":"-12.69%","page_number":99,"box":{"x":575,"y":285,"width":37,"height":7}},{"id":"48f9d58b-0de9-47e4-b639-def0b0896584","block_type":"box","text":"4.21%","page_number":99,"box":{"x":616,"y":224,"width":28,"height":6}},{"id":"de168430-5fe2-40ec-b10e-d6fdfdd979dd","block_type":"box","text":"0.68%","page_number":99,"box":{"x":653,"y":234,"width":27,"height":6}},{"id":"042d4f2f-ace9-4857-bcfe-c731b9f9b6e6","block_type":"box","text":"6.15%","page_number":99,"box":{"x":689,"y":218,"width":27,"height":6}},{"id":"0c0a1381-7a70-43f5-a2a7-2ab7a95f3289","block_type":"box","text":"Return (%) Period Ended","page_number":99,"box":{"x":576,"y":348,"width":159,"height":9}},{"id":"4c784fe8-43ac-4673-85b7-7fb0ce7077e6","block_type":"box","text":"During the periods shown in the chart:","page_number":99,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"6756faf2-c323-408e-8486-8250768e9557","block_type":"box","text":"Best Quarter 8.49% March 31, 2020","page_number":99,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"992cde78-140b-4023-8971-2aa05243994f","block_type":"box","text":"Worst Quarter -5.54% March 31, 2022","page_number":99,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"364a6762-bf51-4f1f-a79c-6e5b7640f964","block_type":"box","text":"Average Annual Total Returns","page_number":99,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"ba97b07a-a8a8-4b1e-82fd-baaa597f3a77","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":99,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"ff301c74-4343-4ddb-9334-a055657eb945","block_type":"box","text":"One Year Five Years Ten Years","page_number":99,"box":{"x":712,"y":451,"width":221,"height":7}},{"id":"5279c29b-f2e5-48a7-9e53-b7e851f5b47c","block_type":"box","text":"(Inception Date: 2/14/2012)","page_number":99,"box":{"x":123,"y":469,"width":175,"height":9}},{"id":"a191d7b3-86c5-4286-b71c-3cbde4745eaa","block_type":"box","text":"Return Before Taxes","page_number":99,"box":{"x":124,"y":480,"width":112,"height":8}},{"id":"f578e7d0-445d-4536-b360-d1d2911746b8","block_type":"box","text":"6.15% -1.07% 1.27%","page_number":99,"box":{"x":726,"y":481,"width":194,"height":7}},{"id":"cd1e1f84-c918-4bc9-9b5e-fc2a5fdeb3c3","block_type":"box","text":"Return After Taxes on Distributions 4.65% -2.03% 0.39%","page_number":99,"box":{"x":124,"y":492,"width":796,"height":8}},{"id":"8b0688fe-323f-4c0e-a275-e54e109bd83c","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.63% -1.22% 0.60%","page_number":99,"box":{"x":124,"y":504,"width":796,"height":7}},{"id":"9b9d08b7-2c0f-4540-8f72-7a500981c071","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":99,"box":{"x":124,"y":515,"width":199,"height":8}},{"id":"edf6e418-e1c0-4077-bbe1-088ccf0d7d06","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.42% 2.01%","page_number":99,"box":{"x":328,"y":515,"width":592,"height":10}},{"id":"40d674b0-16a6-4585-96f9-6c00177030d7","block_type":"box","text":"ICE U.S. Treasury Core Bond Index (Spliced)","page_number":99,"box":{"x":124,"y":527,"width":268,"height":9}},{"id":"6965a9c7-3bbf-44ef-8ec1-78d98748d70e","block_type":"box","text":"1","page_number":99,"box":{"x":395,"y":526,"width":2,"height":4}},{"id":"a6746a62-8676-4975-93e5-bd5ad4e0d56e","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":99,"box":{"x":400,"y":527,"width":246,"height":9}},{"id":"6a5e7cc1-9c8e-413c-827a-aca8d5ab79b2","block_type":"box","text":"expenses or taxes)","page_number":99,"box":{"x":137,"y":540,"width":105,"height":9}},{"id":"1679c279-6165-4e5b-9490-d4b44ac426d1","block_type":"box","text":"6.19% -1.02% 1.35%","page_number":99,"box":{"x":726,"y":540,"width":194,"height":7}},{"id":"aac1497d-8696-4830-a09d-b6ee7e0040ac","block_type":"box","text":"1","page_number":99,"box":{"x":94,"y":573,"width":2,"height":5}},{"id":"071041e5-8427-42c1-8c21-bf20555c61ad","block_type":"box","text":"The ICE U.S. Treasury Core Bond Index (Spliced) reflects the performance of the Bloomberg U.S. Treasury Bond Index through June 30, 2016; the","page_number":99,"box":{"x":102,"y":575,"width":821,"height":9}},{"id":"7a196fd4-218d-4c81-aed6-823467d8d36e","block_type":"box","text":"standard pricing variant of the ICE U.S. Treasury Core Bond Index from July 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE U.S.","page_number":99,"box":{"x":93,"y":587,"width":854,"height":10}},{"id":"8c2d506b-6fd8-4f69-9858-3a27ee5671c6","block_type":"box","text":"Treasury Core Bond Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE U.S. Treasury Core Bond Index,","page_number":99,"box":{"x":92,"y":600,"width":856,"height":10}},{"id":"5fd0322b-8eb6-42c4-8d60-1622dd5bd7fa","block_type":"box","text":"which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":99,"box":{"x":92,"y":613,"width":727,"height":10}},{"id":"5d7c2c3b-a871-4163-81e8-3cc008209202","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":99,"box":{"x":82,"y":635,"width":882,"height":11}},{"id":"0715493a-b6be-408f-a584-d2f6979e5c5e","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":99,"box":{"x":83,"y":650,"width":871,"height":10}},{"id":"c754c172-f54e-47e7-b64b-454476f0dac9","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":99,"box":{"x":83,"y":664,"width":860,"height":11}},{"id":"586baa8b-361b-4b45-b623-d3ec2cf7e500","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":99,"box":{"x":83,"y":678,"width":855,"height":11}},{"id":"4cefd511-46d6-40c4-9914-ec3e7444e1d1","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":99,"box":{"x":83,"y":692,"width":883,"height":11}},{"id":"6e944a5f-aeab-470c-b229-1cb3c516b754","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":99,"box":{"x":82,"y":706,"width":861,"height":11}},{"id":"46905cff-2ef2-4cea-9fcd-0d3e21e81527","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":99,"box":{"x":83,"y":721,"width":359,"height":10}},{"id":"1bbfa1a5-388f-4100-bad6-fa604c9a3768","block_type":"box","text":"S-92","page_number":99,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"696c55e5-93ac-4923-a18e-45e2476a01c0","block_type":"box","text":"Management","page_number":100,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"e29759d6-424c-464c-893f-35fc391aa0f1","block_type":"box","text":"Investment Adviser.","page_number":100,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"ead76f23-ea12-4f51-9723-5e2a9bdcb8d4","block_type":"box","text":"BlackRock Fund Advisors.","page_number":100,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"be15a148-e719-44f7-a996-73b3bc2552d4","block_type":"box","text":"Portfolio Managers.","page_number":100,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"dc2b41da-e474-4b52-a4de-4cda068ec3e6","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":100,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"41c9adf0-c9d5-48b7-956d-0d233f12e7fa","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":100,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"b6d20b65-8502-48f3-832e-1b71190a544e","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":100,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"194317d4-843b-4116-83f3-2cd1b9581156","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":100,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"a3e84bfb-910b-4fb2-ade4-865a1fb38392","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":100,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"4997e7a1-4eb9-4374-bb85-aee3dcbb4647","block_type":"box","text":"2025, 2012 and 2025, respectively.","page_number":100,"box":{"x":83,"y":142,"width":225,"height":11}},{"id":"ff239d3a-8fdc-4ded-9397-d87f553ab3e8","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":100,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"078cd4fe-1c4e-4754-ab4a-b718055ec862","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":100,"box":{"x":82,"y":196,"width":422,"height":11}},{"id":"d4e624c2-651a-413b-808f-f0acf87e0a12","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":100,"box":{"x":83,"y":210,"width":419,"height":11}},{"id":"a4dc2f95-dbdb-4402-bbc3-ad2d3b638cbf","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":100,"box":{"x":83,"y":224,"width":400,"height":11}},{"id":"5272f1eb-8830-4a38-adea-816d2550bd77","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":100,"box":{"x":83,"y":238,"width":392,"height":11}},{"id":"4bc9e823-bd4c-45e3-9dbf-568fc61f6468","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":100,"box":{"x":83,"y":253,"width":418,"height":10}},{"id":"3f917daf-cd86-418e-97dc-98b1f6f9a00b","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":100,"box":{"x":83,"y":267,"width":364,"height":11}},{"id":"f958a55f-3f4b-483f-bdf2-8796f7de75c3","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":100,"box":{"x":83,"y":281,"width":404,"height":11}},{"id":"cde8d9c9-4257-4f83-83b7-539ad4af9361","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":100,"box":{"x":83,"y":295,"width":412,"height":11}},{"id":"32918c3c-5991-4fa4-a700-e5ff4438d8a9","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":100,"box":{"x":82,"y":309,"width":387,"height":11}},{"id":"a2c3f2dc-460a-48cb-bacf-3e5cd0a7e516","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":100,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"67dfe7f4-567a-44c2-be83-018fa523b091","block_type":"box","text":"Tax Information","page_number":100,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"24e95248-5fbe-4ca3-a675-cc0c47dfeb53","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":100,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"89adc2ff-e0a6-4eb7-86de-5e2471b47cb6","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":100,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"338d379c-9cbc-4b33-a151-b023086f0f61","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":100,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"0c1ff877-9487-4ccf-a923-036e883d0c7d","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":100,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"f262327d-a963-4ad3-ab60-c4bf922cddcb","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":100,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"1b03c044-91a9-4fa6-b838-2c896c01f5d2","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":100,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"dbbca9ce-a574-44db-bd97-a765eb26f1ac","block_type":"box","text":"obligations.","page_number":100,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"7da29e17-c923-43da-ae9f-01e74a2d05c6","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":100,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"180e72c3-7243-4df8-bb8d-130342f5094a","block_type":"box","text":"Intermediaries","page_number":100,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"a9dccc53-a42b-480c-8b01-0c4d7efc1219","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":100,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"032ff94c-0b7b-4fe1-b844-5c71da33fa2f","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":100,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"114d8d6b-fe79-43de-a2f3-c00ef7e94087","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":100,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"3f90ab80-46d2-4cf8-9824-8761431daa1d","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":100,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"5c7c53ee-2eac-4ba2-a13b-03be21691298","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":100,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"0da0418b-b865-40a3-91d3-c3ca6f70cfe8","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":100,"box":{"x":549,"y":275,"width":420,"height":10}},{"id":"ae09dfd4-7daf-411e-8727-50fc33a879af","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":100,"box":{"x":549,"y":289,"width":387,"height":11}},{"id":"43665c28-9751-4320-a445-85525e678563","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":100,"box":{"x":549,"y":303,"width":384,"height":11}},{"id":"9bb8f3e2-79f5-451a-ae4e-5fc05cb5682e","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":100,"box":{"x":549,"y":317,"width":361,"height":11}},{"id":"8bdc96fe-e89e-4354-a572-9db72ddf5cb5","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":100,"box":{"x":549,"y":331,"width":421,"height":11}},{"id":"27bd1421-0974-46e1-8b70-b8b03ae64fd9","block_type":"box","text":"information.","page_number":100,"box":{"x":549,"y":345,"width":76,"height":9}},{"id":"ad080080-1a90-43eb-a9da-c24e58733d2c","block_type":"box","text":"S-93","page_number":100,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7217f051-1a21-479d-b827-92f64896bef8","block_type":"box","text":"More Information About the Funds","page_number":101,"box":{"x":78,"y":22,"width":340,"height":14}},{"id":"d85eaa0e-acf8-42dc-b524-f99711493ae7","block_type":"box","text":"This Prospectus contains important information about investing in the Funds listed below. Please read this Prospectus carefully before you","page_number":101,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"d5d99e15-b89e-45af-9abb-e50506fb6e1f","block_type":"box","text":"make any investment decisions. Additional information regarding the Funds as well as other funds that are series of iShares Trust, iShares","page_number":101,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"4203579d-0469-423f-affe-e4b9f37c8ad1","block_type":"box","text":"U.S. ETF Trust or iShares, Inc. (each, a “Fund”) is available at www.iShares.com.","page_number":101,"box":{"x":77,"y":80,"width":508,"height":11}},{"id":"ddde8a09-8be3-4304-a5a7-cba571861f0f","block_type":"box","text":"Each Fund’s investment objective and its Underlying Index may be changed without shareholder approval.","page_number":101,"box":{"x":77,"y":103,"width":675,"height":11}},{"id":"eb43c0fe-252a-4d54-9c03-ec7b92b5aa09","block_type":"box","text":"Fund Underlying Index Investment Objective","page_number":101,"box":{"x":87,"y":134,"width":602,"height":11}},{"id":"154c7bee-0825-4194-8f0c-922aa29053cd","block_type":"box","text":"iShares iBonds Dec 2026 Term","page_number":101,"box":{"x":87,"y":152,"width":196,"height":9}},{"id":"7554459d-96f5-424c-8ed9-f035b097e5a1","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":167,"width":81,"height":10}},{"id":"d703580a-16b3-4edd-be8b-d7c88440063c","block_type":"box","text":"ICE 2026 Maturity US Treasury","page_number":101,"box":{"x":314,"y":152,"width":197,"height":11}},{"id":"d671906a-9a84-48bd-87a5-27221a95affc","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":167,"width":33,"height":8}},{"id":"73b72eb7-9a67-40dd-95b9-2f4a0e044ef0","block_type":"box","text":"The iShares iBonds Dec 2026 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":152,"width":429,"height":11}},{"id":"b82cb9c2-3d8e-4c98-a13d-7527205c65c1","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":167,"width":411,"height":10}},{"id":"f15a5a94-e215-4de2-829e-c7e29284e74a","block_type":"box","text":"maturing in 2026.","page_number":101,"box":{"x":540,"y":181,"width":113,"height":11}},{"id":"7397d1af-575d-4d49-b0de-e6e1902b25d2","block_type":"box","text":"iShares iBonds Dec 2027 Term","page_number":101,"box":{"x":87,"y":199,"width":196,"height":8}},{"id":"09f921a0-a1ac-4d5a-8444-194ce7603685","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":213,"width":81,"height":11}},{"id":"770dceb5-ecad-4db4-98e8-e0445128f426","block_type":"box","text":"ICE 2027 Maturity US Treasury","page_number":101,"box":{"x":314,"y":199,"width":197,"height":11}},{"id":"0cce7be7-3019-4ca4-a2ba-b1bc45ed5236","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":213,"width":33,"height":8}},{"id":"d264240a-0f03-490b-acce-bf10b955c597","block_type":"box","text":"The iShares iBonds Dec 2027 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":199,"width":429,"height":11}},{"id":"75626799-d247-4a2a-a834-8667bf435346","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":213,"width":411,"height":11}},{"id":"c9d2ca50-1e96-4bab-b351-7d7dfb975c94","block_type":"box","text":"maturing in 2027.","page_number":101,"box":{"x":540,"y":227,"width":111,"height":11}},{"id":"add00192-fb49-4103-8559-7b14cad0b754","block_type":"box","text":"iShares iBonds Dec 2028 Term","page_number":101,"box":{"x":87,"y":245,"width":196,"height":9}},{"id":"4a3bff56-5dc3-446a-9381-25209c5bdc67","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":260,"width":81,"height":10}},{"id":"bb7c063d-419a-4aec-b1f9-bb72521a2e08","block_type":"box","text":"ICE 2028 Maturity US Treasury","page_number":101,"box":{"x":314,"y":245,"width":197,"height":11}},{"id":"74062a8f-58fe-4976-b2b4-177d66633024","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":259,"width":33,"height":9}},{"id":"0499c9c0-54ec-4ba2-9c27-943b9ee7a5cd","block_type":"box","text":"The iShares iBonds Dec 2028 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":245,"width":429,"height":11}},{"id":"64ad6a87-8a68-4d24-be54-1094afa1a02a","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":259,"width":411,"height":11}},{"id":"0aec92d8-44f7-4aee-848b-6053fd29de15","block_type":"box","text":"maturing in 2028.","page_number":101,"box":{"x":540,"y":274,"width":113,"height":10}},{"id":"88dc5613-3c7e-45be-ae85-1a1004609f3d","block_type":"box","text":"iShares iBonds Dec 2029 Term","page_number":101,"box":{"x":87,"y":292,"width":196,"height":8}},{"id":"29aafdee-0a1f-41af-9aa7-fc8e77b10339","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":306,"width":81,"height":11}},{"id":"58c6a27f-7c78-40ef-8676-1f1a46373ecb","block_type":"box","text":"ICE 2029 Maturity US Treasury","page_number":101,"box":{"x":314,"y":292,"width":197,"height":10}},{"id":"fee0c782-8425-41e4-a963-ae0c7f8030d2","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":306,"width":33,"height":8}},{"id":"3ec3b940-9005-471a-888b-e79910837a41","block_type":"box","text":"The iShares iBonds Dec 2029 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":292,"width":429,"height":10}},{"id":"f47a4bc7-6871-4bbf-998f-f55f3061ae3c","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":306,"width":411,"height":11}},{"id":"6a604c10-eeaf-49c9-a4a2-5ca3e68862a0","block_type":"box","text":"maturing in 2029.","page_number":101,"box":{"x":540,"y":320,"width":113,"height":11}},{"id":"8023ce34-9749-46ec-b95d-85455c48e49f","block_type":"box","text":"iShares iBonds Dec 2030 Term","page_number":101,"box":{"x":87,"y":338,"width":196,"height":8}},{"id":"3a1a8776-512b-4eb5-a087-f6e4db560c98","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":352,"width":81,"height":11}},{"id":"4e67cfff-f79b-41a7-9014-74433fc65d47","block_type":"box","text":"ICE 2030 Maturity US Treasury","page_number":101,"box":{"x":314,"y":338,"width":197,"height":11}},{"id":"bc9f7bc8-defe-4379-821c-8359ee49365d","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":352,"width":33,"height":9}},{"id":"1444219e-e4be-4a70-b711-8aa255dd4d85","block_type":"box","text":"The iShares iBonds Dec 2030 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":338,"width":429,"height":11}},{"id":"27bf6576-9cb5-43e5-bf39-1ec893123c82","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":352,"width":411,"height":11}},{"id":"ab82d89d-eeed-4902-b760-168449c6a809","block_type":"box","text":"maturing in 2030.","page_number":101,"box":{"x":540,"y":366,"width":113,"height":11}},{"id":"fe020305-baac-4cbf-a228-f4dc84de5b73","block_type":"box","text":"iShares iBonds Dec 2031 Term","page_number":101,"box":{"x":87,"y":384,"width":195,"height":9}},{"id":"87a04881-09d8-4768-a00b-84a862c74c4f","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":399,"width":81,"height":10}},{"id":"f14d1c5e-d86c-4c1a-9a7c-63ec5d018b67","block_type":"box","text":"ICE 2031 Maturity US Treasury","page_number":101,"box":{"x":314,"y":384,"width":196,"height":11}},{"id":"81cca0b1-1da7-4ac5-9600-d955ddf73374","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":399,"width":33,"height":8}},{"id":"e30ae5af-f1a6-4c2f-ae9c-7ce73b9c07eb","block_type":"box","text":"The iShares iBonds Dec 2030 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":384,"width":429,"height":11}},{"id":"ff9f312c-a71e-499e-b12a-5b3a533728cc","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":399,"width":411,"height":10}},{"id":"b444a33c-6deb-450a-9858-61e8d26f9553","block_type":"box","text":"maturing in 2031.","page_number":101,"box":{"x":540,"y":413,"width":110,"height":11}},{"id":"03fc9d82-57b9-411e-9b2d-239f87690bdc","block_type":"box","text":"iShares iBonds Dec 2032 Term","page_number":101,"box":{"x":87,"y":431,"width":196,"height":8}},{"id":"26e56e9c-92df-4b81-bf6d-da4ac0d3278c","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":445,"width":81,"height":11}},{"id":"9ee50d20-a0a3-4cb9-9848-6d6be532213a","block_type":"box","text":"ICE 2032 Maturity US Treasury","page_number":101,"box":{"x":314,"y":431,"width":197,"height":11}},{"id":"1fd4a135-5690-4b7a-9fbc-b38e5da19d84","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":445,"width":33,"height":8}},{"id":"f97dfb79-5361-4a7d-983f-78efde75721e","block_type":"box","text":"The iShares iBonds Dec 2032 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":431,"width":429,"height":11}},{"id":"f873cbc4-5a75-4287-acf8-ae123fb4935a","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":445,"width":411,"height":11}},{"id":"d35844b9-f7d8-4081-a611-195f0902aca7","block_type":"box","text":"maturing in 2032.","page_number":101,"box":{"x":540,"y":459,"width":113,"height":11}},{"id":"42f19613-3a9c-4fcb-a857-59762d2f49a1","block_type":"box","text":"iShares iBonds Dec 2033 Term","page_number":101,"box":{"x":87,"y":477,"width":196,"height":9}},{"id":"42276292-66d1-4688-a25b-d0280fe85cfa","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":492,"width":81,"height":10}},{"id":"47af77b2-438c-422c-ae90-5fab02cda792","block_type":"box","text":"ICE 2033 Maturity US Treasury","page_number":101,"box":{"x":314,"y":477,"width":197,"height":11}},{"id":"f94c1e48-bd3e-42e4-bd7f-78075892ead7","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":492,"width":33,"height":8}},{"id":"1e1d04e6-7827-4094-b78f-0a5c0dc2abf6","block_type":"box","text":"The iShares iBonds Dec 2033 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":477,"width":429,"height":11}},{"id":"895bd239-c3c0-4165-aa34-03136f0b4d85","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":491,"width":411,"height":11}},{"id":"b99efae9-7b42-471a-b5ca-d14699df111c","block_type":"box","text":"maturing in 2033.","page_number":101,"box":{"x":540,"y":506,"width":113,"height":10}},{"id":"7eb58127-1ce3-486d-a138-e4b71729cf07","block_type":"box","text":"iShares iBonds Dec 2034 Term","page_number":101,"box":{"x":87,"y":524,"width":196,"height":8}},{"id":"70305c2f-988c-48af-9363-4a965a3caf63","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":538,"width":81,"height":11}},{"id":"d74c5353-e6f0-4f28-a82a-97cea4362ef2","block_type":"box","text":"ICE 2034 Maturity US Treasury","page_number":101,"box":{"x":314,"y":524,"width":197,"height":10}},{"id":"0701937a-0d9e-4194-bd72-f42bba50ee1e","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":538,"width":33,"height":8}},{"id":"56cbf380-91dd-41bf-bc23-bd7ab3b36aa3","block_type":"box","text":"The iShares iBonds Dec 2034 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":524,"width":429,"height":10}},{"id":"fb6be7d6-9104-43a5-b056-da6d9872b2e4","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":538,"width":411,"height":11}},{"id":"45e99f4e-e9af-4934-9752-bfa14869ab91","block_type":"box","text":"maturing in 2034.","page_number":101,"box":{"x":540,"y":552,"width":113,"height":11}},{"id":"5a82e0f6-03a4-4405-80a3-a3cde26ee98e","block_type":"box","text":"iShares iBonds Dec 2035 Term","page_number":101,"box":{"x":87,"y":570,"width":196,"height":9}},{"id":"8dc1f7c9-41ab-4385-a170-a2f86d740049","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":584,"width":81,"height":11}},{"id":"5c2cf616-d86a-4a52-b07e-5f3621972871","block_type":"box","text":"ICE 2035 Maturity US Treasury","page_number":101,"box":{"x":314,"y":570,"width":197,"height":11}},{"id":"6e06f26f-4602-4a43-ae61-a1a2043c2022","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":584,"width":33,"height":9}},{"id":"8677fcf4-43a7-48e0-a374-7980f169ed82","block_type":"box","text":"The iShares iBonds Dec 2035 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":570,"width":429,"height":11}},{"id":"bbdde425-46af-4d14-b417-55f4c7ce7369","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":584,"width":411,"height":11}},{"id":"10ec8062-9704-4788-a810-84bd17ec866f","block_type":"box","text":"maturing in 2035.","page_number":101,"box":{"x":540,"y":598,"width":113,"height":11}},{"id":"6b19de34-5b8c-485b-8ce9-a17d1a8a5664","block_type":"box","text":"iShares iBonds Dec 2044 Term","page_number":101,"box":{"x":87,"y":616,"width":196,"height":9}},{"id":"9f6fae3b-606c-419c-a86d-d6c3b530eb7f","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":631,"width":81,"height":10}},{"id":"cf39a731-9c24-418b-863f-c7a3fee53020","block_type":"box","text":"ICE 2044 Maturity US Treasury","page_number":101,"box":{"x":314,"y":616,"width":197,"height":11}},{"id":"a2839af0-b6d7-485a-8e88-3ea0a04dba25","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":631,"width":33,"height":8}},{"id":"197e05e5-9ef7-4b19-9520-c092213d2af4","block_type":"box","text":"The iShares iBonds Dec 2044 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":616,"width":429,"height":11}},{"id":"a3d86ec0-abc9-45b2-a9df-62e9c0d473c8","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":631,"width":411,"height":10}},{"id":"1f69370f-2c48-4aea-9680-76173011c440","block_type":"box","text":"maturing in 2044.","page_number":101,"box":{"x":540,"y":645,"width":113,"height":11}},{"id":"e318636f-9d9f-4269-8edb-982cf2cb0651","block_type":"box","text":"iShares iBonds Dec 2045 Term","page_number":101,"box":{"x":87,"y":663,"width":196,"height":8}},{"id":"dd4f35bc-b78b-40c3-8e22-c68148ed9ddc","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":677,"width":81,"height":11}},{"id":"fa216ded-b684-4f7e-a67d-77f0a2abfaf3","block_type":"box","text":"ICE 2045 Maturity US Treasury","page_number":101,"box":{"x":314,"y":663,"width":197,"height":11}},{"id":"5995e56f-26b7-45b8-9f0b-dfc1a4da473e","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":677,"width":33,"height":9}},{"id":"c67a4cd8-d727-42f1-a1b2-97a0c85c9a37","block_type":"box","text":"The iShares iBonds Dec 2045 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":663,"width":429,"height":11}},{"id":"11271c79-145f-4309-ac84-4b68b146f4d0","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":677,"width":411,"height":11}},{"id":"72371840-47f0-4c9a-a57d-b458dfbc8890","block_type":"box","text":"maturing in 2045.","page_number":101,"box":{"x":540,"y":691,"width":113,"height":11}},{"id":"bd15f7b5-f354-426f-ba27-1222729da653","block_type":"box","text":"iShares iBonds Dec 2054 Term","page_number":101,"box":{"x":87,"y":709,"width":196,"height":9}},{"id":"333d0093-73e8-41ca-9e29-516f8d6eec98","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":724,"width":81,"height":10}},{"id":"6801fc42-1c1f-44f8-8c79-176a798f4894","block_type":"box","text":"ICE 2054 Maturity US Treasury","page_number":101,"box":{"x":314,"y":709,"width":197,"height":11}},{"id":"6429fbd5-855b-4d8e-920a-a8ff5c4455cc","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":724,"width":33,"height":8}},{"id":"f48a9712-f710-4d85-a9f5-b39d9f28fc0b","block_type":"box","text":"The iShares iBonds Dec 2054 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":709,"width":429,"height":11}},{"id":"d82693ab-5223-4d31-b502-34ae2a15ffdd","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":723,"width":411,"height":11}},{"id":"91894127-6676-4bc4-a8af-0991a501efc0","block_type":"box","text":"maturing in 2054.","page_number":101,"box":{"x":540,"y":738,"width":113,"height":10}},{"id":"ef84df79-6fa4-4320-8879-9914530016db","block_type":"box","text":"iShares iBonds Dec 2055 Term","page_number":101,"box":{"x":87,"y":756,"width":196,"height":8}},{"id":"0c2a6dcb-e7ab-413d-b7a8-dd556d475f7d","block_type":"box","text":"Treasury ETF","page_number":101,"box":{"x":86,"y":770,"width":81,"height":11}},{"id":"7f072d24-f411-44d7-9f4e-2b79b9839ee8","block_type":"box","text":"ICE 2055 Maturity US Treasury","page_number":101,"box":{"x":314,"y":756,"width":197,"height":11}},{"id":"5796426b-f2a7-4247-8e71-efe98c5f37bf","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":770,"width":33,"height":8}},{"id":"861df61b-dd63-4ad1-b613-e0d5b21f7342","block_type":"box","text":"The iShares iBonds Dec 2055 Term Treasury ETF seeks to track the","page_number":101,"box":{"x":539,"y":756,"width":429,"height":11}},{"id":"3e408a20-e6f6-4176-8726-175f9f49575e","block_type":"box","text":"investment results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":770,"width":411,"height":11}},{"id":"de3ddabd-33e2-4c76-ae30-5a82bd56408c","block_type":"box","text":"maturing in 2055.","page_number":101,"box":{"x":540,"y":784,"width":113,"height":11}},{"id":"5bb2c93a-bbbf-41de-9292-e08188825ee5","block_type":"box","text":"iShares Treasury Floating Rate","page_number":101,"box":{"x":87,"y":802,"width":193,"height":11}},{"id":"49968864-0cc7-4fea-b61b-4b2b6d9d6db3","block_type":"box","text":"Bond ETF","page_number":101,"box":{"x":87,"y":816,"width":59,"height":9}},{"id":"de1888d1-bc47-4094-bc3e-4042d72494e2","block_type":"box","text":"Bloomberg U.S. Treasury Floating","page_number":101,"box":{"x":314,"y":802,"width":212,"height":11}},{"id":"9d6060eb-066d-4f36-a50b-0889146e2405","block_type":"box","text":"Rate Index","page_number":101,"box":{"x":314,"y":816,"width":67,"height":9}},{"id":"31529f36-2bfe-4500-8194-8474ed4733a0","block_type":"box","text":"The iShares Treasury Floating Rate Bond ETF seeks to track the","page_number":101,"box":{"x":539,"y":802,"width":404,"height":11}},{"id":"e93fdaf6-f4a9-45eb-a79a-9eacc75fe826","block_type":"box","text":"investment results of an index composed of U.S. Treasury floating","page_number":101,"box":{"x":540,"y":816,"width":420,"height":11}},{"id":"3aaeb6f4-0f85-4725-9d26-c01b063dc069","block_type":"box","text":"rate bonds.","page_number":101,"box":{"x":540,"y":831,"width":71,"height":8}},{"id":"492ed1d4-08bc-4f8d-895a-bac94192deec","block_type":"box","text":"iShares U.S. Treasury Bond ETF ICE U.S. Treasury Core Bond","page_number":101,"box":{"x":87,"y":849,"width":407,"height":10}},{"id":"9919a5aa-bbfe-4065-b30e-6b0b84582388","block_type":"box","text":"Index","page_number":101,"box":{"x":314,"y":863,"width":33,"height":8}},{"id":"084e83a3-cdfa-4443-928c-46f09146b7f8","block_type":"box","text":"The iShares U.S. Treasury Bond ETF seeks to track the investment","page_number":101,"box":{"x":539,"y":849,"width":422,"height":10}},{"id":"ce79c48f-682e-456a-8622-6b331f068699","block_type":"box","text":"results of an index composed of U.S. Treasury bonds","page_number":101,"box":{"x":540,"y":863,"width":335,"height":11}},{"id":"1c811110-6555-414c-8bdd-1d52d85aa810","block_type":"box","text":"1","page_number":101,"box":{"x":527,"y":921,"width":3,"height":8}},{"id":"e118bf98-beb8-4cf7-a4f9-fab8a7a64488","block_type":"box","text":"ETFs are funds that trade like other publicly traded securities. Shares of each Fund are listed on a national securities exchange and trade in","page_number":102,"box":{"x":77,"y":31,"width":889,"height":11}},{"id":"f3af830a-194a-42e8-a70f-db99df57d643","block_type":"box","text":"the secondary market at market prices that change throughout the day. The market price for a share of a Fund may be different from the","page_number":102,"box":{"x":76,"y":45,"width":873,"height":11}},{"id":"0023c13d-9dcd-400e-a81d-f08b0882cf48","block_type":"box","text":"Fund’s most recent NAV.","page_number":102,"box":{"x":77,"y":59,"width":155,"height":9}},{"id":"16ece934-4af0-48c3-9df8-a5e399d3d974","block_type":"box","text":"Each Fund invests in a particular segment of the markets for securities and other instruments (as applicable) and is designed to be used as","page_number":102,"box":{"x":77,"y":82,"width":887,"height":11}},{"id":"64bdd557-ba12-4429-91f3-ff1928423035","block_type":"box","text":"part of broader asset allocation strategies. Accordingly, an investment in a Fund should not constitute a complete investment program. An","page_number":102,"box":{"x":76,"y":97,"width":885,"height":10}},{"id":"26c48b88-d29b-4e12-9bc7-4c1e6c05a683","block_type":"box","text":"investment in a Fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other","page_number":102,"box":{"x":76,"y":111,"width":863,"height":11}},{"id":"5ddedf08-d1ea-4f03-a4f0-8af2c2829f7e","block_type":"box","text":"government agency, BFA or any of BFA’s affiliates.","page_number":102,"box":{"x":76,"y":125,"width":318,"height":11}},{"id":"02008698-127a-48fb-a10d-2fc6b5dcefbf","block_type":"box","text":"Index Funds","page_number":102,"box":{"x":77,"y":148,"width":83,"height":9}},{"id":"e1521a6c-d1bd-4254-8297-3fa0aa8a2655","block_type":"box","text":"A share of a Fund represents an ownership interest in an underlying portfolio of securities and other instruments (as applicable) that is","page_number":102,"box":{"x":76,"y":171,"width":861,"height":11}},{"id":"c8f16a1a-bc68-4136-8407-9f8d80a3087c","block_type":"box","text":"intended to track the Fund’s Underlying Index. An index is a financial calculation, based on a grouping of financial instruments, and is not an","page_number":102,"box":{"x":76,"y":186,"width":894,"height":10}},{"id":"137b9df6-df44-4b67-bd9c-a96eafd69274","block_type":"box","text":"investment product, while each Fund is an actual investment portfolio. The performance of a Fund and that of its Underlying Index may vary","page_number":102,"box":{"x":76,"y":200,"width":893,"height":11}},{"id":"32c7599b-1464-4c34-bdaf-9a8f61ae5404","block_type":"box","text":"for a number of reasons, including transaction costs, asset or currency valuations, corporate actions, timing variances and differences","page_number":102,"box":{"x":76,"y":214,"width":859,"height":11}},{"id":"e113a620-f5a3-4200-bd5e-fa3271571238","block_type":"box","text":"between the composition of a Fund’s portfolio and that of the Underlying Index resulting from the Fund’s use of representative sampling or","page_number":102,"box":{"x":76,"y":228,"width":887,"height":11}},{"id":"bd62de23-4fb2-43c1-8274-b0ab38a887c3","block_type":"box","text":"from legal restrictions (such as diversification requirements) that apply to the Fund but not to its Underlying Index.","page_number":102,"box":{"x":76,"y":242,"width":732,"height":11}},{"id":"0e1f8e3c-545e-4ec5-aa1b-3b5aea16a628","block_type":"box","text":"From time to time, the provider of the Underlying Index (“Index Provider”) may make changes to the index methodology or other adjustments","page_number":102,"box":{"x":77,"y":265,"width":901,"height":11}},{"id":"de4c18c4-d2e9-43a0-8c7a-db94f046e3fb","block_type":"box","text":"to a Fund’s Underlying Index. Unless otherwise determined by BFA, any such change will be reflected in the calculation of the Underlying","page_number":102,"box":{"x":76,"y":280,"width":873,"height":11}},{"id":"e1df5751-ffd0-4723-b07f-a30e52c86fef","block_type":"box","text":"Index’s performance on a going-forward basis after the effective date of such change. Therefore, the performance of the Underlying Index","page_number":102,"box":{"x":77,"y":294,"width":881,"height":11}},{"id":"a8faddc7-a5f4-4f06-b383-34823eae7fe9","block_type":"box","text":"that is shown for periods prior to the effective date of any such change generally will not be recalculated or restated to reflect the change.","page_number":102,"box":{"x":76,"y":308,"width":883,"height":11}},{"id":"5325c9f6-8263-4915-adc6-903fb38cbdc2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Funds. “Representative sampling” is an indexing strategy that involves","page_number":102,"box":{"x":77,"y":331,"width":890,"height":11}},{"id":"ea78a31e-657f-4e34-9619-bfa3cda85120","block_type":"box","text":"investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an","page_number":102,"box":{"x":76,"y":345,"width":848,"height":11}},{"id":"550f6749-a5c2-4cca-8bac-fbcf900dee13","block_type":"box","text":"applicable underlying index. Because the Funds use representative sampling, they can be expected to have a larger tracking error than if they","page_number":102,"box":{"x":76,"y":360,"width":905,"height":10}},{"id":"e74eccb9-c0a6-4087-866b-d23279903ec3","block_type":"box","text":"used a replication indexing strategy. “Replication” is an indexing strategy in which a fund invests in substantially all of the components of its","page_number":102,"box":{"x":77,"y":374,"width":894,"height":11}},{"id":"8a487038-99d6-40ae-bcd9-d68b4edf04a2","block_type":"box","text":"underlying index in approximately the same proportions as in the underlying index.","page_number":102,"box":{"x":77,"y":388,"width":526,"height":11}},{"id":"eff28a44-9bf3-47dc-8335-1df30f4977d7","block_type":"box","text":"2","page_number":102,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"4be97639-8ae8-4ff6-ab15-4993bbd9c68b","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":103,"box":{"x":76,"y":22,"width":455,"height":14}},{"id":"2a6eb4b0-eb30-4486-8e78-b6cb5ef63ff3","block_type":"box","text":"Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet","page_number":103,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"5c126e59-7c99-4de3-a1ab-317ad884d383","block_type":"box","text":"its investment objective. Each Fund discloses its portfolio holdings daily at www.iShares.com. You could lose all or part of your investment in","page_number":103,"box":{"x":76,"y":66,"width":899,"height":11}},{"id":"c9be3233-b2d9-4dff-af78-15c2729ed7c9","block_type":"box","text":"a Fund, which could underperform other investments. The table below identifies the principal and other (non-principal) risks that apply to","page_number":103,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"a3cc7031-905e-4609-8ac7-51b74b4e1e5c","block_type":"box","text":"each Fund. A Fund that invests in an underlying fund (“Underlying Fund”) also may be indirectly exposed to these risks through such","page_number":103,"box":{"x":76,"y":94,"width":844,"height":11}},{"id":"1ada3954-267f-480e-af96-ebc70ffa88c6","block_type":"box","text":"investment. A description of each risk is provided after the table.","page_number":103,"box":{"x":76,"y":108,"width":414,"height":11}},{"id":"1336f9af-a09c-4cff-bd39-a7a84299b271","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":305,"y":131,"width":103,"height":9}},{"id":"e179d099-ee3b-4569-b112-9eaeff06216c","block_type":"box","text":"Dec 2026 Term","page_number":103,"box":{"x":304,"y":143,"width":105,"height":9}},{"id":"a052a56c-cc3c-4311-884f-61ef3879a0ee","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":312,"y":155,"width":89,"height":10}},{"id":"92fbe6b3-c812-4e76-afe4-017144cc9533","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":419,"y":131,"width":102,"height":9}},{"id":"dd6a6a6d-5674-4b89-903f-d7cd256df653","block_type":"box","text":"Dec 2027 Term","page_number":103,"box":{"x":417,"y":143,"width":106,"height":9}},{"id":"71ce2212-4fcc-430c-9929-5c7584384d59","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":425,"y":155,"width":90,"height":10}},{"id":"ca57d775-f7da-409c-9769-2b967ae2f0e2","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":532,"y":131,"width":103,"height":9}},{"id":"167e8b26-7192-49ab-a433-2d6fd46389ee","block_type":"box","text":"Dec 2028 Term","page_number":103,"box":{"x":530,"y":143,"width":106,"height":9}},{"id":"10589147-c51d-403f-82a9-9ff75b9249db","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":538,"y":155,"width":90,"height":10}},{"id":"d659d96d-2985-455b-9bb9-ad89304e7cda","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":645,"y":131,"width":103,"height":9}},{"id":"94cee40f-69b0-471f-81ad-c16ca103e571","block_type":"box","text":"Dec 2029 Term","page_number":103,"box":{"x":644,"y":143,"width":105,"height":9}},{"id":"4d6ebc9c-1c57-4110-8b2e-aacb9b608303","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":651,"y":155,"width":90,"height":10}},{"id":"5ca31a4e-c197-45b0-95a9-dcd06c993f23","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":758,"y":131,"width":103,"height":9}},{"id":"dd2db315-ca8c-4afe-88b9-d23ac634f20a","block_type":"box","text":"Dec 2030 Term","page_number":103,"box":{"x":757,"y":143,"width":105,"height":9}},{"id":"7cd74cab-5d33-408a-8e49-4b33ff3f5b37","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":765,"y":155,"width":89,"height":10}},{"id":"c3ed50ae-357f-4022-ab76-01f4aa76dc9a","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":872,"y":131,"width":102,"height":9}},{"id":"1568ec6c-73f9-42a8-8b8a-65698a6a0db7","block_type":"box","text":"Dec 2031 Term","page_number":103,"box":{"x":871,"y":143,"width":104,"height":9}},{"id":"11a50bcc-6a7a-4a85-9727-97cb7a27e794","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":878,"y":155,"width":90,"height":10}},{"id":"6983610b-f7c5-4245-b5dd-4c592c78e073","block_type":"box","text":"Principal Risk |","page_number":103,"box":{"x":102,"y":180,"width":101,"height":12}},{"id":"29cb6327-bd0d-4a4e-8bb0-c405df878c77","block_type":"box","text":"•","page_number":103,"box":{"x":209,"y":181,"width":6,"height":5}},{"id":"9fb3e1e9-18bf-41ff-943d-de74e3f4d508","block_type":"box","text":"Other Risk","page_number":103,"box":{"x":221,"y":180,"width":74,"height":9}},{"id":"f2026555-369d-44e2-9751-275380fa32f2","block_type":"box","text":"Asset Class Risk","page_number":103,"box":{"x":81,"y":206,"width":105,"height":9}},{"id":"4d4060bd-6021-4eef-8d79-cc5e6525cd0e","block_type":"box","text":"Assets Under Management","page_number":103,"box":{"x":81,"y":224,"width":173,"height":11}},{"id":"2b8de252-4fef-4023-9220-b14ff4b3b768","block_type":"box","text":"(AUM) Risk","page_number":103,"box":{"x":82,"y":238,"width":71,"height":11}},{"id":"67a26ec4-2ca5-4a2e-817b-1e81c5fcfae3","block_type":"box","text":"Authorized Participant","page_number":103,"box":{"x":81,"y":257,"width":142,"height":10}},{"id":"64586866-31d3-45f1-b98d-34f86ca9ad8a","block_type":"box","text":"Concentration Risk","page_number":103,"box":{"x":82,"y":271,"width":121,"height":8}},{"id":"db72a208-1f2b-4173-8543-384f495d54cb","block_type":"box","text":"Cash Management Risk","page_number":103,"box":{"x":82,"y":289,"width":150,"height":11}},{"id":"8895e3a9-61d1-4a0c-8ef3-e3d334669333","block_type":"box","text":"Close-Out Risk for Qualified","page_number":103,"box":{"x":82,"y":307,"width":176,"height":8}},{"id":"dec6f8e8-281f-496a-9c54-2a96e458ebd6","block_type":"box","text":"Financial Contracts","page_number":103,"box":{"x":82,"y":321,"width":122,"height":8}},{"id":"0a2cfe54-234e-4189-9554-2aab5cfc9d85","block_type":"box","text":"••••••","page_number":103,"box":{"x":354,"y":315,"width":572,"height":4}},{"id":"2f6b006d-cce7-4d76-9198-6462c29a38b0","block_type":"box","text":"Concentration Risk","page_number":103,"box":{"x":82,"y":339,"width":121,"height":8}},{"id":"b16b0976-1cde-4983-848f-80ee1bc6cec0","block_type":"box","text":"Declining Yield Risk","page_number":103,"box":{"x":82,"y":357,"width":124,"height":11}},{"id":"48907479-82a5-434b-ae1f-b20b21d06b3e","block_type":"box","text":"Floating Rate Securities Risk","page_number":103,"box":{"x":82,"y":375,"width":182,"height":11}},{"id":"135602b3-64aa-4feb-9964-cabeb8a2ddf1","block_type":"box","text":"Geographic and Security Risks","page_number":103,"box":{"x":82,"y":393,"width":194,"height":11}},{"id":"c421d9e6-c4c1-47ac-a5b5-551d6433d2df","block_type":"box","text":"••••••","page_number":103,"box":{"x":354,"y":394,"width":572,"height":5}},{"id":"5aef30eb-d373-4d65-be8a-87eec78ddc68","block_type":"box","text":"Illiquid Investments Risk","page_number":103,"box":{"x":82,"y":411,"width":154,"height":11}},{"id":"f4517599-0dd4-40c5-98af-f9804544d7cf","block_type":"box","text":"••••••","page_number":103,"box":{"x":354,"y":412,"width":572,"height":5}},{"id":"2d990094-8e58-435d-ac54-640225cdcfbf","block_type":"box","text":"Income Risk","page_number":103,"box":{"x":82,"y":429,"width":77,"height":9}},{"id":"9621260b-be90-47d3-a1af-d06d6bbd7edd","block_type":"box","text":"Index-Related Risk","page_number":103,"box":{"x":82,"y":447,"width":118,"height":9}},{"id":"e2cf7c63-8aec-40d1-bc4d-8bfc08ee0100","block_type":"box","text":"Interest Rate Risk","page_number":103,"box":{"x":82,"y":465,"width":112,"height":9}},{"id":"94611d49-2735-4cff-97d5-8208955bd314","block_type":"box","text":"Issuer Risk","page_number":103,"box":{"x":82,"y":483,"width":68,"height":9}},{"id":"18862903-1cde-4221-a12b-f4dbe07d7db7","block_type":"box","text":"Large Shareholder and Large","page_number":103,"box":{"x":82,"y":501,"width":189,"height":11}},{"id":"b1560572-d53e-4bbf-8160-f0e21942d46d","block_type":"box","text":"Scale Redemption Risk","page_number":103,"box":{"x":82,"y":516,"width":146,"height":10}},{"id":"c4fd3954-459f-42a8-b456-02719d6b8492","block_type":"box","text":"••••••","page_number":103,"box":{"x":354,"y":510,"width":572,"height":4}},{"id":"8feb0927-7a45-47af-a988-b4ed8f40692b","block_type":"box","text":"Management Risk","page_number":103,"box":{"x":82,"y":534,"width":114,"height":10}},{"id":"437479c1-c1e3-4c65-be06-b947cf73084e","block_type":"box","text":"Market Risk","page_number":103,"box":{"x":82,"y":552,"width":75,"height":8}},{"id":"d5c4c2bf-8550-49f9-8ee8-b8cc8f2e8443","block_type":"box","text":"Market Trading Risk","page_number":103,"box":{"x":82,"y":570,"width":125,"height":11}},{"id":"1fe04020-842a-45a2-ae6b-bd53f67865e2","block_type":"box","text":"Operational and Technology Risks","page_number":103,"box":{"x":82,"y":588,"width":214,"height":11}},{"id":"f5ec9367-0a98-4cd0-9c22-b90454d53ecc","block_type":"box","text":"Ownership Limitations Risk","page_number":103,"box":{"x":82,"y":606,"width":173,"height":11}},{"id":"0a796697-d3a2-480f-9e1b-293d2488ecab","block_type":"box","text":"••••••","page_number":103,"box":{"x":354,"y":607,"width":572,"height":4}},{"id":"80a1ae8c-ccc1-44e8-8a99-d57789d6cc15","block_type":"box","text":"Risk of Investing in the U.S.","page_number":103,"box":{"x":82,"y":624,"width":174,"height":11}},{"id":"30e5bd6e-245d-43a7-9285-ba010d7fa3dd","block_type":"box","text":"Securities Lending Risk","page_number":103,"box":{"x":82,"y":642,"width":148,"height":11}},{"id":"37462d41-ab60-499c-bd06-2893ff1c30a7","block_type":"box","text":"Small Fund Risk","page_number":103,"box":{"x":82,"y":660,"width":101,"height":8}},{"id":"d02712b3-284e-43c0-8805-734566df6be9","block_type":"box","text":"Tracking Error Risk","page_number":103,"box":{"x":81,"y":678,"width":119,"height":11}},{"id":"8f7ae36d-c86a-46ae-800c-68e8e13ef6e9","block_type":"box","text":"U.S. Treasury Obligations Risk","page_number":103,"box":{"x":82,"y":696,"width":191,"height":11}},{"id":"5435761d-60c8-4b1a-92d8-c85452d00f89","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":305,"y":730,"width":103,"height":8}},{"id":"86128cc6-4803-4495-9559-573752bf530b","block_type":"box","text":"Dec 2032 Term","page_number":103,"box":{"x":304,"y":742,"width":105,"height":8}},{"id":"d93aac3b-addf-4a48-837a-82a480f0b1ba","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":312,"y":753,"width":89,"height":11}},{"id":"0c0286ed-2e90-45c1-b686-529e733e8ed9","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":419,"y":730,"width":102,"height":8}},{"id":"dc7ed882-62c4-44a4-bafd-51601fb65601","block_type":"box","text":"Dec 2033 Term","page_number":103,"box":{"x":417,"y":742,"width":106,"height":8}},{"id":"1369fb02-6755-40b9-8d2c-363bc184f351","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":425,"y":753,"width":90,"height":11}},{"id":"b3910523-4c3a-4e81-ab9e-a1081abfb2f2","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":532,"y":730,"width":103,"height":8}},{"id":"0096b516-5e7c-4273-9e1c-755f82cae0ce","block_type":"box","text":"Dec 2034 Term","page_number":103,"box":{"x":530,"y":742,"width":106,"height":8}},{"id":"59f1fc2b-55f7-4e28-996b-d06b74c71276","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":538,"y":753,"width":90,"height":11}},{"id":"a9599395-a565-4073-b601-4bd7f8a343bd","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":645,"y":730,"width":103,"height":8}},{"id":"ff965c99-4039-4d8e-b452-b7527a91c232","block_type":"box","text":"Dec 2035 Term","page_number":103,"box":{"x":644,"y":742,"width":105,"height":8}},{"id":"f9c2a6b3-6d35-4be3-988e-49cbbf583291","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":651,"y":753,"width":90,"height":11}},{"id":"545c4e99-a0a9-41eb-a518-a0a9c9f434f3","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":758,"y":730,"width":103,"height":8}},{"id":"54c195f7-f073-4545-8e9b-8cfcdd6a9282","block_type":"box","text":"Dec 2044 Term","page_number":103,"box":{"x":757,"y":742,"width":105,"height":8}},{"id":"592a128b-9db3-4dc8-ac3f-98e771021e2a","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":765,"y":753,"width":89,"height":11}},{"id":"b61fd82a-a533-4090-bb8c-5b0a72e2061e","block_type":"box","text":"iShares iBonds","page_number":103,"box":{"x":872,"y":730,"width":102,"height":8}},{"id":"30ac0651-daae-40b4-bc23-72274f7d6923","block_type":"box","text":"Dec 2045 Term","page_number":103,"box":{"x":870,"y":742,"width":106,"height":8}},{"id":"078b00de-03f7-4839-834b-7cec6884fb9a","block_type":"box","text":"Treasury ETF","page_number":103,"box":{"x":878,"y":753,"width":90,"height":11}},{"id":"266e3bb0-c8b3-4f89-9595-c5622d3f304f","block_type":"box","text":"Principal Risk |","page_number":103,"box":{"x":102,"y":779,"width":101,"height":11}},{"id":"5872e3e4-9fe1-4992-baea-68b1d002c00e","block_type":"box","text":"•","page_number":103,"box":{"x":209,"y":780,"width":6,"height":5}},{"id":"d6984199-2dbc-4676-9816-50604bc64c6f","block_type":"box","text":"Other Risk","page_number":103,"box":{"x":221,"y":779,"width":74,"height":8}},{"id":"ef747ad7-b544-41a4-a141-e5ce26af352e","block_type":"box","text":"Asset Class Risk","page_number":103,"box":{"x":81,"y":805,"width":105,"height":8}},{"id":"d57480fc-62b2-4c3f-b71b-65e3ae4c728a","block_type":"box","text":"Assets Under Management","page_number":103,"box":{"x":81,"y":823,"width":173,"height":11}},{"id":"c8c469f5-92a5-4492-ae12-9c458a786a27","block_type":"box","text":"(AUM) Risk","page_number":103,"box":{"x":82,"y":837,"width":71,"height":11}},{"id":"8e06fd8f-19fd-4a41-ab0a-4755eaccf663","block_type":"box","text":"Authorized Participant","page_number":103,"box":{"x":81,"y":855,"width":142,"height":11}},{"id":"900f4d60-b4e3-47f2-9138-ec8f7897c914","block_type":"box","text":"Concentration Risk","page_number":103,"box":{"x":82,"y":869,"width":121,"height":9}},{"id":"10ac1531-5d40-47a7-b657-0e61b3a54e22","block_type":"box","text":"3","page_number":103,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"2e4b0812-f97e-418b-905a-71cb831520db","block_type":"box","text":"iShares iBonds","page_number":104,"box":{"x":305,"y":23,"width":103,"height":9}},{"id":"8acfe312-4fab-480a-aaa5-f49a4d8ab86d","block_type":"box","text":"Dec 2032 Term","page_number":104,"box":{"x":304,"y":35,"width":105,"height":8}},{"id":"b6a3961d-f4a9-42ac-aabd-370f37093837","block_type":"box","text":"Treasury ETF","page_number":104,"box":{"x":312,"y":47,"width":89,"height":10}},{"id":"a63db044-82de-49e0-ade8-8dfc9139f9a1","block_type":"box","text":"iShares iBonds","page_number":104,"box":{"x":419,"y":23,"width":102,"height":9}},{"id":"3cce4b83-fd71-4ff4-ad1a-c16e7c903be4","block_type":"box","text":"Dec 2033 Term","page_number":104,"box":{"x":417,"y":35,"width":106,"height":8}},{"id":"82190f04-8614-4a90-8bc6-32a96266e31b","block_type":"box","text":"Treasury ETF","page_number":104,"box":{"x":425,"y":47,"width":90,"height":10}},{"id":"30cd35a2-3967-4400-9b9c-5f6d973b98a2","block_type":"box","text":"iShares iBonds","page_number":104,"box":{"x":532,"y":23,"width":103,"height":9}},{"id":"d2df1849-488b-42d6-9ac1-acd541ac5554","block_type":"box","text":"Dec 2034 Term","page_number":104,"box":{"x":530,"y":35,"width":106,"height":8}},{"id":"f9ab90f9-c1cf-42eb-abe9-d424a8fe92be","block_type":"box","text":"Treasury ETF","page_number":104,"box":{"x":538,"y":47,"width":90,"height":10}},{"id":"478c3b75-e348-4bec-b3d3-bab0b6fa3c33","block_type":"box","text":"iShares iBonds","page_number":104,"box":{"x":645,"y":23,"width":103,"height":9}},{"id":"ce73ad3f-2414-4ae2-be05-3189201c8361","block_type":"box","text":"Dec 2035 Term","page_number":104,"box":{"x":644,"y":35,"width":105,"height":8}},{"id":"6e831594-853e-4c7e-98d4-0913e19a4c62","block_type":"box","text":"Treasury ETF","page_number":104,"box":{"x":651,"y":47,"width":90,"height":10}},{"id":"7ccb3ee3-abaa-489b-8702-86a78c0070ae","block_type":"box","text":"iShares iBonds","page_number":104,"box":{"x":758,"y":23,"width":103,"height":9}},{"id":"bee479a4-965e-4e88-bc46-43977665b5dd","block_type":"box","text":"Dec 2044 Term","page_number":104,"box":{"x":757,"y":35,"width":105,"height":8}},{"id":"7ed46dc1-a735-4825-aa8a-be625e0155cd","block_type":"box","text":"Treasury ETF","page_number":104,"box":{"x":765,"y":47,"width":89,"height":10}},{"id":"822da0a6-5b6a-4e36-a86f-213b6a190ee7","block_type":"box","text":"iShares iBonds","page_number":104,"box":{"x":872,"y":23,"width":102,"height":9}},{"id":"2d3068c0-a721-444d-9302-3e919fe45566","block_type":"box","text":"Dec 2045 Term","page_number":104,"box":{"x":870,"y":35,"width":106,"height":8}},{"id":"8586852c-2e1e-4e92-b857-e5ba4ea8538e","block_type":"box","text":"Treasury ETF","page_number":104,"box":{"x":878,"y":47,"width":90,"height":10}},{"id":"4bb209e2-4090-400b-8dcf-71ef8902bd70","block_type":"box","text":"Principal Risk |","page_number":104,"box":{"x":102,"y":72,"width":101,"height":11}},{"id":"a7f85888-dd66-46b4-add6-40190b0044a8","block_type":"box","text":"•","page_number":104,"box":{"x":209,"y":73,"width":6,"height":5}},{"id":"03199a9f-87a7-45ff-807c-9df4601942cf","block_type":"box","text":"Other Risk","page_number":104,"box":{"x":221,"y":72,"width":74,"height":9}},{"id":"af914bad-956f-4ddb-8abb-a7e5335cd3e5","block_type":"box","text":"Cash Management Risk","page_number":104,"box":{"x":82,"y":98,"width":150,"height":11}},{"id":"f116e9a6-948d-4dcc-93ef-d7816772a276","block_type":"box","text":"Close-Out Risk for Qualified","page_number":104,"box":{"x":82,"y":116,"width":176,"height":8}},{"id":"b8154a4c-79b7-4c48-808d-095267e6cb71","block_type":"box","text":"Financial Contracts","page_number":104,"box":{"x":82,"y":130,"width":122,"height":9}},{"id":"8cfca018-e052-4931-963e-9b9baa4e8a32","block_type":"box","text":"••••••","page_number":104,"box":{"x":354,"y":124,"width":572,"height":4}},{"id":"f3d7f6e3-7715-4a3d-905c-75d6d310403b","block_type":"box","text":"Concentration Risk","page_number":104,"box":{"x":82,"y":148,"width":121,"height":9}},{"id":"ac585f9b-4292-40fd-ba67-59d42c98dcee","block_type":"box","text":"Declining Yield Risk","page_number":104,"box":{"x":82,"y":166,"width":124,"height":11}},{"id":"5497172c-9793-4c25-9bb4-22f489612eaf","block_type":"box","text":"Floating Rate Securities Risk","page_number":104,"box":{"x":82,"y":184,"width":182,"height":11}},{"id":"1c7f0645-0f7c-44da-9f5f-8913c7ad719f","block_type":"box","text":"Geographic and Security Risks","page_number":104,"box":{"x":82,"y":202,"width":194,"height":11}},{"id":"cebf5567-11ce-4d48-ab56-89d87c9cbbd1","block_type":"box","text":"••••••","page_number":104,"box":{"x":354,"y":203,"width":572,"height":5}},{"id":"e699c765-46a9-4891-8d2c-57f73fb9a50e","block_type":"box","text":"Illiquid Investments Risk","page_number":104,"box":{"x":82,"y":220,"width":154,"height":11}},{"id":"ae192a3c-2521-4511-aa2b-b8ac8047bfb6","block_type":"box","text":"••••••","page_number":104,"box":{"x":354,"y":221,"width":572,"height":5}},{"id":"1d52256b-1611-4e8b-98b5-02fe622b36b2","block_type":"box","text":"Income Risk","page_number":104,"box":{"x":82,"y":238,"width":77,"height":9}},{"id":"0868f153-1c49-430f-90f9-5860819757cc","block_type":"box","text":"Index-Related Risk","page_number":104,"box":{"x":82,"y":257,"width":118,"height":8}},{"id":"922791ac-037d-4247-a289-d4e518e826ef","block_type":"box","text":"Interest Rate Risk","page_number":104,"box":{"x":82,"y":275,"width":112,"height":8}},{"id":"45027bd1-2841-43b5-b9e8-92fc81afd4ba","block_type":"box","text":"Issuer Risk","page_number":104,"box":{"x":82,"y":293,"width":68,"height":8}},{"id":"e6835f4c-66fe-4150-9799-5eb2c3965008","block_type":"box","text":"Large Shareholder and Large","page_number":104,"box":{"x":82,"y":311,"width":189,"height":10}},{"id":"97501e56-ee72-4dd9-ba14-cb638876a6a1","block_type":"box","text":"Scale Redemption Risk","page_number":104,"box":{"x":82,"y":325,"width":146,"height":11}},{"id":"2619bad3-7e91-4865-ab93-fe7db46b9689","block_type":"box","text":"••••••","page_number":104,"box":{"x":354,"y":319,"width":572,"height":4}},{"id":"68402080-a5b0-4dfc-92f2-a1b73c8233f0","block_type":"box","text":"Management Risk","page_number":104,"box":{"x":82,"y":343,"width":114,"height":11}},{"id":"89680dee-75c0-422b-b705-00895b12e6b9","block_type":"box","text":"Market Risk","page_number":104,"box":{"x":82,"y":361,"width":75,"height":8}},{"id":"b4bc512b-d8fe-4daf-85ee-d03c8908250b","block_type":"box","text":"Market Trading Risk","page_number":104,"box":{"x":82,"y":379,"width":125,"height":11}},{"id":"1fab9795-4023-46f7-8975-39017b80efdc","block_type":"box","text":"Operational and Technology Risks","page_number":104,"box":{"x":82,"y":397,"width":214,"height":11}},{"id":"f382475c-4ecb-4ac7-b1e1-888b4fd704fa","block_type":"box","text":"Ownership Limitations Risk","page_number":104,"box":{"x":82,"y":415,"width":173,"height":11}},{"id":"ba447886-ecf6-40c8-84c6-ff657a274102","block_type":"box","text":"••••••","page_number":104,"box":{"x":354,"y":416,"width":572,"height":4}},{"id":"f8aaa686-331f-4065-b051-ff0ed68eccf8","block_type":"box","text":"Risk of Investing in the U.S.","page_number":104,"box":{"x":82,"y":433,"width":174,"height":11}},{"id":"6597f3f8-6521-4f82-886a-f26c5e1416b7","block_type":"box","text":"Securities Lending Risk","page_number":104,"box":{"x":82,"y":451,"width":148,"height":11}},{"id":"8282a633-9e62-4f65-9a2f-d158b9793cb4","block_type":"box","text":"Small Fund Risk","page_number":104,"box":{"x":82,"y":469,"width":101,"height":9}},{"id":"0a25f3f1-33fb-48a0-98b9-d8a69e9108ec","block_type":"box","text":"Tracking Error Risk","page_number":104,"box":{"x":81,"y":487,"width":119,"height":11}},{"id":"83f41c37-f927-4f54-93c8-92a6ce228413","block_type":"box","text":"U.S. Treasury Obligations Risk","page_number":104,"box":{"x":82,"y":505,"width":191,"height":11}},{"id":"b37c2c65-605f-4ce6-be0c-426b48570921","block_type":"box","text":"iShares iBonds Dec","page_number":104,"box":{"x":384,"y":539,"width":134,"height":9}},{"id":"548e2bb5-02a5-4e50-9d0e-1e91e974e463","block_type":"box","text":"2054 Term Treasury","page_number":104,"box":{"x":381,"y":551,"width":141,"height":11}},{"id":"9c668d23-1d0e-4f1c-b6e2-10655f9cca0d","block_type":"box","text":"ETF","page_number":104,"box":{"x":440,"y":562,"width":23,"height":9}},{"id":"53c27f63-e5f6-49bb-b2f6-3bbbfb4a02a5","block_type":"box","text":"iShares iBonds Dec","page_number":104,"box":{"x":535,"y":539,"width":134,"height":9}},{"id":"074faff8-1e4d-4f96-b245-789fb339a099","block_type":"box","text":"2055 Term Treasury","page_number":104,"box":{"x":532,"y":551,"width":141,"height":11}},{"id":"098be544-7703-4114-bc6a-b2f9d3faaae9","block_type":"box","text":"ETF","page_number":104,"box":{"x":591,"y":562,"width":23,"height":9}},{"id":"7a117b55-d284-4d9e-a88f-ce9da0dca75b","block_type":"box","text":"iShares Treasury","page_number":104,"box":{"x":695,"y":539,"width":117,"height":11}},{"id":"012d1d39-bcc8-438e-ab77-d14d82c333e9","block_type":"box","text":"Floating Rate Bond","page_number":104,"box":{"x":688,"y":551,"width":130,"height":11}},{"id":"948bec14-4225-4c58-9bc6-0240c22bf7f2","block_type":"box","text":"ETF","page_number":104,"box":{"x":742,"y":562,"width":23,"height":9}},{"id":"ebaf2c95-706f-4f98-93ba-c8c73ce9c3ac","block_type":"box","text":"iShares U.S.","page_number":104,"box":{"x":863,"y":551,"width":83,"height":8}},{"id":"4978ddd5-092e-471d-92e0-1c703e1318e2","block_type":"box","text":"Treasury Bond ETF","page_number":104,"box":{"x":839,"y":562,"width":130,"height":11}},{"id":"18515afb-0ba7-4a0c-b30e-ba42cbbeceb9","block_type":"box","text":"Principal Risk |","page_number":104,"box":{"x":102,"y":588,"width":101,"height":11}},{"id":"48cfb2d0-4483-45b9-8b11-bf147c28e8c2","block_type":"box","text":"•","page_number":104,"box":{"x":209,"y":589,"width":6,"height":5}},{"id":"17634329-1e96-4757-90bc-71392c62e211","block_type":"box","text":"Other Risk","page_number":104,"box":{"x":221,"y":588,"width":74,"height":9}},{"id":"3c859f00-bbeb-479e-a394-efddc2a1f63f","block_type":"box","text":"Asset Class Risk","page_number":104,"box":{"x":81,"y":614,"width":105,"height":8}},{"id":"bb7b06c8-948f-450f-b9b7-b706e6e98307","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":104,"box":{"x":81,"y":632,"width":249,"height":11}},{"id":"cd0fb85d-b6ed-4b0b-af7c-4ed02d84e4e4","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":104,"box":{"x":81,"y":650,"width":268,"height":11}},{"id":"916da791-3d32-47f6-b784-efc1cd6f5ff9","block_type":"box","text":"Cash Management Risk","page_number":104,"box":{"x":82,"y":668,"width":150,"height":11}},{"id":"b3c3c863-d4a0-47cc-9408-11e5950eeb90","block_type":"box","text":"Close-Out Risk for Qualified Financial","page_number":104,"box":{"x":82,"y":686,"width":237,"height":9}},{"id":"a45c4051-8c06-4711-8869-cf31bd9cf8a5","block_type":"box","text":"Contracts","page_number":104,"box":{"x":82,"y":700,"width":61,"height":9}},{"id":"42f4c7f6-3a66-47e3-91b4-f0bd37a81630","block_type":"box","text":"••••","page_number":104,"box":{"x":448,"y":694,"width":459,"height":5}},{"id":"16a29180-be38-490c-b35a-f408a735f389","block_type":"box","text":"Concentration Risk","page_number":104,"box":{"x":82,"y":718,"width":121,"height":9}},{"id":"b835b749-3f44-4fc6-9e85-7328a091d275","block_type":"box","text":"Declining Yield Risk","page_number":104,"box":{"x":82,"y":736,"width":124,"height":11}},{"id":"7b683120-ac75-4e82-8b37-917767762c3a","block_type":"box","text":"Floating Rate Securities Risk","page_number":104,"box":{"x":82,"y":754,"width":182,"height":11}},{"id":"699366f3-d4a3-4ed2-ac4f-b8140b5582af","block_type":"box","text":"Geographic and Security Risks","page_number":104,"box":{"x":82,"y":772,"width":194,"height":11}},{"id":"3826321c-c2d8-4416-b11c-33e02099aa0b","block_type":"box","text":"••••","page_number":104,"box":{"x":448,"y":774,"width":459,"height":4}},{"id":"336995e2-fde2-44e9-be2b-a21c058e1ad6","block_type":"box","text":"Illiquid Investments Risk","page_number":104,"box":{"x":82,"y":791,"width":154,"height":10}},{"id":"4dd831e3-7bd6-4018-bfe6-194ab2dff8cc","block_type":"box","text":"••••","page_number":104,"box":{"x":448,"y":792,"width":459,"height":4}},{"id":"7fa6c3ce-396f-4863-a5ed-9ba53b0b17a6","block_type":"box","text":"Income Risk","page_number":104,"box":{"x":82,"y":809,"width":77,"height":8}},{"id":"fbc54e26-ceff-499c-8bcc-79562a2d5a9c","block_type":"box","text":"Index-Related Risk","page_number":104,"box":{"x":82,"y":827,"width":118,"height":8}},{"id":"fe4cf32c-d08b-49a2-b5f5-f5490383db3f","block_type":"box","text":"Interest Rate Risk","page_number":104,"box":{"x":82,"y":845,"width":112,"height":8}},{"id":"9cb69858-a0ac-455b-aeaa-0dbc6fa51669","block_type":"box","text":"Issuer Risk","page_number":104,"box":{"x":82,"y":863,"width":68,"height":8}},{"id":"00150ea0-6902-46ab-bf29-bea020e84dff","block_type":"box","text":"4","page_number":104,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"5ae72d64-516d-4b34-aa7b-c52e3875cc65","block_type":"box","text":"iShares iBonds Dec","page_number":105,"box":{"x":384,"y":23,"width":134,"height":9}},{"id":"26b34278-36bb-4dc2-b9dd-63fc036571f2","block_type":"box","text":"2054 Term Treasury","page_number":105,"box":{"x":381,"y":35,"width":141,"height":11}},{"id":"4a572fe4-cc00-446a-9194-fec344e597c5","block_type":"box","text":"ETF","page_number":105,"box":{"x":440,"y":47,"width":23,"height":8}},{"id":"e03e5caa-9dac-4d1b-8a72-a75d8c4347e2","block_type":"box","text":"iShares iBonds Dec","page_number":105,"box":{"x":535,"y":23,"width":134,"height":9}},{"id":"31ed8233-d100-4c18-8321-72d5a3c76c1b","block_type":"box","text":"2055 Term Treasury","page_number":105,"box":{"x":532,"y":35,"width":141,"height":11}},{"id":"bbf7ac83-e1f7-4916-83cf-7d6d2b097785","block_type":"box","text":"ETF","page_number":105,"box":{"x":591,"y":47,"width":23,"height":8}},{"id":"8c69d1e7-906d-40fa-b72c-1a9e076d79b4","block_type":"box","text":"iShares Treasury","page_number":105,"box":{"x":695,"y":23,"width":117,"height":11}},{"id":"efd90574-ec9e-4c41-b037-2404e6946c5e","block_type":"box","text":"Floating Rate Bond","page_number":105,"box":{"x":688,"y":35,"width":130,"height":11}},{"id":"bf196b41-4050-4de5-96fc-c618b8d4d88e","block_type":"box","text":"ETF","page_number":105,"box":{"x":742,"y":47,"width":23,"height":8}},{"id":"d22f73ba-cf17-4bbe-aeb9-fc13cd625c6f","block_type":"box","text":"iShares U.S.","page_number":105,"box":{"x":863,"y":35,"width":83,"height":8}},{"id":"0e862cfb-c123-459b-a929-5406cb3fada4","block_type":"box","text":"Treasury Bond ETF","page_number":105,"box":{"x":839,"y":46,"width":130,"height":11}},{"id":"e59f0ee1-57c1-4d14-8571-c7ded8a4095a","block_type":"box","text":"Principal Risk |","page_number":105,"box":{"x":102,"y":72,"width":101,"height":11}},{"id":"89d97790-1cd6-4716-ba66-26f4b9f110bc","block_type":"box","text":"•","page_number":105,"box":{"x":209,"y":73,"width":6,"height":5}},{"id":"585f8da9-051c-4be0-bc2d-2968debd0ddd","block_type":"box","text":"Other Risk","page_number":105,"box":{"x":221,"y":72,"width":74,"height":9}},{"id":"6f702c12-a584-4ecb-8625-a0fec2ecd5f5","block_type":"box","text":"Large Shareholder and Large-Scale","page_number":105,"box":{"x":82,"y":98,"width":224,"height":11}},{"id":"11ff522a-2a65-41be-a1af-6847e0e7c5e4","block_type":"box","text":"Redemption Risk","page_number":105,"box":{"x":82,"y":112,"width":107,"height":11}},{"id":"59b041ce-7677-4f3a-9e28-fe1ecd14a451","block_type":"box","text":"••••","page_number":105,"box":{"x":448,"y":106,"width":459,"height":4}},{"id":"b5ab6792-117e-47ff-9272-7db451b95c7a","block_type":"box","text":"Management Risk","page_number":105,"box":{"x":82,"y":130,"width":114,"height":11}},{"id":"7a7f68a6-aa6e-479b-8fa7-af686dbb616b","block_type":"box","text":"Market Risk","page_number":105,"box":{"x":82,"y":148,"width":75,"height":9}},{"id":"76ad4a7b-6d05-4b0b-bbf9-2ce1d4cb4a7c","block_type":"box","text":"Market Trading Risk","page_number":105,"box":{"x":82,"y":166,"width":125,"height":11}},{"id":"6d217212-fa01-4fc1-8d4b-3fbe1367d882","block_type":"box","text":"Operational and Technology Risks","page_number":105,"box":{"x":82,"y":184,"width":214,"height":11}},{"id":"155f2b47-8428-4387-9967-26aac64305ed","block_type":"box","text":"Ownership Limitations Risk","page_number":105,"box":{"x":82,"y":202,"width":173,"height":11}},{"id":"d6ec3718-0601-41b0-9ac8-b28aab98095f","block_type":"box","text":"••••","page_number":105,"box":{"x":448,"y":203,"width":459,"height":5}},{"id":"01ebcb27-b5a1-4759-8e32-233ba902b56e","block_type":"box","text":"Risk of Investing in the U.S.","page_number":105,"box":{"x":82,"y":220,"width":174,"height":11}},{"id":"1570cd8f-8655-431a-9c77-7c59a7044112","block_type":"box","text":"Securities Lending Risk","page_number":105,"box":{"x":82,"y":238,"width":148,"height":11}},{"id":"c3812a68-26c3-4556-8162-87a418ad291b","block_type":"box","text":"Small Fund Risk","page_number":105,"box":{"x":82,"y":256,"width":101,"height":9}},{"id":"4a9577bc-4e31-4e4e-bda0-e8e19011163f","block_type":"box","text":"Tracking Error Risk","page_number":105,"box":{"x":81,"y":275,"width":119,"height":10}},{"id":"6462ea37-a7e8-4407-a3fb-8f4b122618b8","block_type":"box","text":"U.S. Treasury Obligations Risk","page_number":105,"box":{"x":82,"y":293,"width":191,"height":10}},{"id":"fc4ba7db-977c-4699-a887-99a855685bab","block_type":"box","text":"Asset Class Risk.","page_number":105,"box":{"x":76,"y":326,"width":117,"height":9}},{"id":"0d8e513f-59fe-4310-9da9-0150dcd3309a","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":105,"box":{"x":198,"y":326,"width":706,"height":11}},{"id":"94b20919-1da3-4b4e-b6db-6b84261fe779","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":105,"box":{"x":76,"y":341,"width":878,"height":10}},{"id":"9312bd42-991f-440b-a1a7-cc6bcc20ed0f","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":105,"box":{"x":76,"y":355,"width":869,"height":11}},{"id":"2329c545-4a64-412b-8ff1-7db2e04a1760","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":105,"box":{"x":76,"y":369,"width":857,"height":11}},{"id":"cde56289-7a2d-4887-a4cc-b97c19285dfc","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":105,"box":{"x":76,"y":383,"width":900,"height":11}},{"id":"b5112d25-3a3d-49ec-9c6f-8d75b02ff0ab","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":105,"box":{"x":76,"y":397,"width":512,"height":11}},{"id":"06986eb0-ae1d-4967-a3ad-a11c834464a7","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":105,"box":{"x":76,"y":421,"width":273,"height":10}},{"id":"e0d9437c-928d-47b1-bfd3-73eb2a7060b0","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":105,"box":{"x":355,"y":421,"width":613,"height":10}},{"id":"5fc48317-9b22-43a4-8a0e-c521bc53eef3","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":105,"box":{"x":76,"y":435,"width":879,"height":11}},{"id":"39ff9f94-d9b8-48d2-93d6-af8607419771","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":105,"box":{"x":76,"y":449,"width":841,"height":11}},{"id":"9e26ddb7-7c04-4851-b8c0-a2c22884ad45","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":105,"box":{"x":76,"y":463,"width":426,"height":11}},{"id":"61334fec-b443-4275-8619-b7f52f1574c0","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":105,"box":{"x":76,"y":486,"width":296,"height":11}},{"id":"c59c9a5d-fc9a-4429-97cc-6b64c13b43ad","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":105,"box":{"x":378,"y":486,"width":578,"height":11}},{"id":"f523f3e4-d3f4-480c-8ccc-1a322a1ec882","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":105,"box":{"x":76,"y":500,"width":894,"height":11}},{"id":"10979d68-f58a-4dcc-abfc-095d96f7299d","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":105,"box":{"x":76,"y":515,"width":882,"height":10}},{"id":"1f678455-a89e-4b17-963d-1e995b60b74c","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":105,"box":{"x":76,"y":529,"width":888,"height":11}},{"id":"081038b2-7ee4-473b-af29-ff6a3c4d6c28","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":105,"box":{"x":76,"y":543,"width":889,"height":11}},{"id":"b11a422d-2916-4782-bdda-072214269ba5","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":105,"box":{"x":77,"y":557,"width":885,"height":11}},{"id":"7aa8168e-17af-4919-b301-0a69613e3b1d","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":105,"box":{"x":76,"y":571,"width":893,"height":11}},{"id":"51ed1191-c212-4581-a895-4e97856d1c51","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":105,"box":{"x":76,"y":586,"width":521,"height":10}},{"id":"ffc7ebb8-f901-4fd9-af74-b71db3abfbea","block_type":"box","text":"Cash Management Risk.","page_number":105,"box":{"x":76,"y":609,"width":166,"height":11}},{"id":"0afafda0-24c2-4402-875c-6f479bd3098b","block_type":"box","text":"A Fund may maintain cash and cash equivalent positions as part of its investment strategy, for other portfolio","page_number":105,"box":{"x":247,"y":609,"width":700,"height":11}},{"id":"17f220e5-f197-4ac4-9c1d-7c9b4c82de50","block_type":"box","text":"management purposes and/or as collateral for derivative instruments. These cash and cash equivalent positions could constitute a","page_number":105,"box":{"x":76,"y":623,"width":839,"height":11}},{"id":"a50030b3-4efe-49f6-98a4-fdc6cb097591","block_type":"box","text":"significant portion of a Fund’s investments. A Fund that holds cash may earn reduced income (if any) on the cash and is subject to any fees","page_number":105,"box":{"x":76,"y":637,"width":890,"height":11}},{"id":"8c3896d7-5a1d-431b-aaf1-dfbc39dd8373","block_type":"box","text":"imposed on large cash balances. If a significant amount of a Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":105,"box":{"x":76,"y":651,"width":830,"height":11}},{"id":"1d0a7ccc-c167-45b6-b9bd-478507cd623e","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents. In addition, a Fund is subject to (i) the credit risk of the","page_number":105,"box":{"x":77,"y":665,"width":886,"height":11}},{"id":"f4ef9aee-b2a5-4abc-9850-4956f9a0c3d8","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":105,"box":{"x":76,"y":680,"width":901,"height":10}},{"id":"2b16c826-a8d0-4887-a757-5d07a682f908","block_type":"box","text":"its obligations.","page_number":105,"box":{"x":76,"y":694,"width":92,"height":11}},{"id":"8af5091d-f913-4caf-971e-e3cf202d6d39","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":105,"box":{"x":76,"y":717,"width":904,"height":11}},{"id":"f78932e2-0889-4aec-ab62-389a29e81f75","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":105,"box":{"x":76,"y":730,"width":875,"height":12}},{"id":"5426be9d-ce81-4871-872f-fcff17f6b2a3","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":105,"box":{"x":76,"y":745,"width":864,"height":11}},{"id":"788a569e-372d-45e8-bd06-de5a77c9c509","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":105,"box":{"x":76,"y":760,"width":885,"height":10}},{"id":"a2384cb7-dc5b-450c-a84f-fa2df26b21e0","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":105,"box":{"x":76,"y":774,"width":319,"height":11}},{"id":"50bd785e-b4a6-4316-b2a1-af75a56ffa6e","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":105,"box":{"x":76,"y":797,"width":336,"height":8}},{"id":"e749ff7f-1a84-4428-aef0-1998b0ce0689","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":105,"box":{"x":418,"y":797,"width":562,"height":11}},{"id":"05df754c-1118-421b-a649-201c0aa03ed7","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":105,"box":{"x":76,"y":811,"width":880,"height":11}},{"id":"df36893a-d21b-4265-a1b5-e8e45dd2eb17","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":105,"box":{"x":76,"y":825,"width":881,"height":11}},{"id":"8e7a91e9-6ef8-4a09-ba8c-4673ae41ccce","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":105,"box":{"x":76,"y":839,"width":896,"height":11}},{"id":"cc657a8f-f30e-4906-b33f-d09d66e7a4cb","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":105,"box":{"x":76,"y":854,"width":889,"height":11}},{"id":"9f8fc6d1-9585-4800-bf50-94df5dda7435","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":105,"box":{"x":76,"y":868,"width":903,"height":11}},{"id":"bcac2388-19e2-4e79-b448-53170b4ce936","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":105,"box":{"x":76,"y":882,"width":231,"height":9}},{"id":"0d8135cc-9caa-4c70-950d-01ad991a3935","block_type":"box","text":"5","page_number":105,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"80e8b55a-8925-4b2c-a05a-2cb72387b8ba","block_type":"box","text":"Concentration Risk.","page_number":106,"box":{"x":76,"y":23,"width":136,"height":9}},{"id":"af02f4e7-f4a9-48b2-8832-050dc96af77d","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":106,"box":{"x":217,"y":23,"width":744,"height":11}},{"id":"826c595a-2c0f-4c23-a141-44dbc95a49a7","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":106,"box":{"x":76,"y":37,"width":903,"height":10}},{"id":"9e25eadd-d31d-4b65-976d-5705c1d6dfaf","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":106,"box":{"x":76,"y":52,"width":853,"height":10}},{"id":"f755c3ce-3840-4c5a-8e98-c7f9e6bf90f8","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":106,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"d497ec99-1aad-4bf7-8eeb-9461c14983e1","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":106,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"288a02c3-660f-47b5-ac50-6964d956d235","block_type":"box","text":"its investments.","page_number":106,"box":{"x":76,"y":94,"width":100,"height":9}},{"id":"51fff19d-2b22-4fc1-b009-9715c3b8be53","block_type":"box","text":"Declining Yield Risk.","page_number":106,"box":{"x":77,"y":117,"width":139,"height":11}},{"id":"732e692a-9881-4e11-b409-c4992843eeb3","block_type":"box","text":"For a Fund with a planned termination date, in the months leading up to the termination, the Fund’s yield may move","page_number":106,"box":{"x":222,"y":117,"width":738,"height":11}},{"id":"98bb5c80-016f-4a73-8c29-022d0a8a7d17","block_type":"box","text":"toward prevailing money market rates and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing","page_number":106,"box":{"x":76,"y":131,"width":886,"height":11}},{"id":"30a63500-b195-4dc8-a537-4f7990d5510f","block_type":"box","text":"yields for bonds in the market.","page_number":106,"box":{"x":76,"y":146,"width":194,"height":10}},{"id":"c9c3da25-db1f-4574-8a0d-cc4d5a1cec67","block_type":"box","text":"Floating Rate Securities Risk.","page_number":106,"box":{"x":77,"y":169,"width":202,"height":11}},{"id":"a17e0843-ae99-4e73-aae1-e00ca1bc458b","block_type":"box","text":"Compared to the broader U.S. Treasury note market, the issuance of floating rate obligations by the U.S.","page_number":106,"box":{"x":284,"y":169,"width":668,"height":11}},{"id":"61128c26-f4f3-4b59-a990-00d76baa9587","block_type":"box","text":"Treasury is relatively new. A deep and liquid market has not yet developed for these instruments, and the market remains relatively untested.","page_number":106,"box":{"x":76,"y":183,"width":901,"height":11}},{"id":"5926b8c1-734e-4b36-bcd3-bbce7deb3bd2","block_type":"box","text":"Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but","page_number":106,"box":{"x":76,"y":197,"width":884,"height":11}},{"id":"32d69bbd-6f87-4809-a204-c53386eb13bf","block_type":"box","text":"may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities","page_number":106,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"123e490a-9469-45af-9fd8-9ed5decef2a6","block_type":"box","text":"will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from","page_number":106,"box":{"x":76,"y":226,"width":864,"height":10}},{"id":"8dbc0c48-b163-4902-abb0-86330d5a29d7","block_type":"box","text":"floating rate securities held by a Fund and may adversely affect the value of the Fund’s shares. Generally, floating rate securities carry lower","page_number":106,"box":{"x":76,"y":240,"width":896,"height":11}},{"id":"684254ca-1781-4ceb-838d-db0111d1811f","block_type":"box","text":"yields than fixed securities of the same maturity. The interest rate for a floating rate security resets or adjusts periodically by reference to a","page_number":106,"box":{"x":76,"y":254,"width":890,"height":11}},{"id":"0a7aba7f-26c0-4bc2-a15c-15424af4d384","block_type":"box","text":"benchmark interest rate. The impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate","page_number":106,"box":{"x":76,"y":268,"width":890,"height":11}},{"id":"f4298710-7972-4adc-9cfe-b096181471d6","block_type":"box","text":"reset of the investments. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more","page_number":106,"box":{"x":77,"y":282,"width":867,"height":11}},{"id":"b828e906-5ae6-460b-8fd2-b4ceba67e511","block_type":"box","text":"volatile than securities with shorter durations. Floating rate securities generally are subject to legal or contractual restrictions on resale, ma","page_number":106,"box":{"x":76,"y":296,"width":894,"height":11}},{"id":"eb3837d9-fe0f-48b6-ba6a-48f76a21ff5f","block_type":"box","text":"y","page_number":106,"box":{"x":971,"y":299,"width":7,"height":8}},{"id":"2d96558e-d54d-41a4-a765-96ec0cb2ade5","block_type":"box","text":"trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. Benchmark interest rates, such as the","page_number":106,"box":{"x":76,"y":311,"width":867,"height":10}},{"id":"5dd1d40f-9ff1-4d26-bb03-32e8875ebda4","block_type":"box","text":"Secured Overnight Financing Rate (SOFR), may not accurately track market interest rates.","page_number":106,"box":{"x":76,"y":325,"width":577,"height":11}},{"id":"7720446e-e1ba-45de-aa28-37b2acd57f0c","block_type":"box","text":"Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default","page_number":106,"box":{"x":76,"y":348,"width":882,"height":11}},{"id":"39f9b67b-5c2a-44f3-b655-4e7adade9eb6","block_type":"box","text":"risk, which could impair their value.","page_number":106,"box":{"x":77,"y":362,"width":224,"height":11}},{"id":"1f4ff1ca-824a-4cab-b7aa-6bcf52531d1a","block_type":"box","text":"There is no guarantee or assurance that: (i) a Fund will be able to invest in a desired amount of floating rate securities issued by the U.S.","page_number":106,"box":{"x":76,"y":385,"width":871,"height":11}},{"id":"0433a03f-eb86-41e8-9bcc-e5871708c49f","block_type":"box","text":"Treasury, (ii) a Fund will be able to buy floating rate securities at a desirable price, (iii) floating rate securities will continue to be issued by the","page_number":106,"box":{"x":76,"y":400,"width":903,"height":10}},{"id":"d481bada-603d-401d-bbe2-ecaa0780c377","block_type":"box","text":"U.S. Treasury, or (iv) floating rate securities will be actively traded. Any or all of the foregoing, should they occur, would negatively impact a","page_number":106,"box":{"x":77,"y":414,"width":887,"height":11}},{"id":"72579caf-5504-469e-b536-18232786a7bf","block_type":"box","text":"Fund.","page_number":106,"box":{"x":77,"y":428,"width":33,"height":8}},{"id":"1e4e808e-cdba-4d51-b4e6-8a5aa1cde841","block_type":"box","text":"Geographic and Security Risks.","page_number":106,"box":{"x":76,"y":451,"width":216,"height":11}},{"id":"da091397-b758-4a73-b252-e88d01ce8ea2","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":106,"box":{"x":298,"y":451,"width":668,"height":11}},{"id":"a3a4f77e-7b3a-41bf-9e64-f5742c666baf","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":106,"box":{"x":76,"y":465,"width":885,"height":11}},{"id":"1e8936cd-1565-4725-a961-62860fc2029b","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":106,"box":{"x":76,"y":479,"width":840,"height":11}},{"id":"6051e137-97b4-49c2-9878-be3b14946ae6","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":106,"box":{"x":76,"y":494,"width":845,"height":10}},{"id":"00d8a12b-ea17-4708-8dc8-108e90b05110","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":106,"box":{"x":76,"y":508,"width":570,"height":11}},{"id":"658f898b-5d36-47e8-9df9-6ea5cb2385c2","block_type":"box","text":"Illiquid Investments Risk.","page_number":106,"box":{"x":77,"y":531,"width":174,"height":11}},{"id":"e1a16558-4d4b-4188-b9c8-11a00a50affb","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":106,"box":{"x":256,"y":531,"width":719,"height":11}},{"id":"7b35b59f-d3e0-4b84-a673-d23df614f27e","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":106,"box":{"x":76,"y":545,"width":883,"height":11}},{"id":"486b0f01-dab3-4dca-9951-db57f957e1cf","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":106,"box":{"x":76,"y":559,"width":885,"height":11}},{"id":"4bfc23bd-992d-426c-94dc-fefc92b74f47","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":106,"box":{"x":76,"y":574,"width":902,"height":10}},{"id":"6487a39c-b3f6-457c-84bc-f0f6a16a8a49","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":106,"box":{"x":76,"y":588,"width":890,"height":11}},{"id":"c9c26e29-094d-400e-897f-a2f0fb374ebb","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":106,"box":{"x":77,"y":602,"width":751,"height":11}},{"id":"9510c1c7-326d-4e75-9f76-14e361ab3424","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":106,"box":{"x":77,"y":625,"width":884,"height":11}},{"id":"f6ae5b36-dd2b-40fb-adf2-22242c1ae654","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":106,"box":{"x":76,"y":639,"width":900,"height":11}},{"id":"cda1ecc7-02de-4543-b826-54a72346a200","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":106,"box":{"x":76,"y":654,"width":867,"height":10}},{"id":"80d617a8-b4bd-4229-abee-02b800425378","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":106,"box":{"x":77,"y":677,"width":900,"height":11}},{"id":"0514a4b8-b303-4d7b-81c2-8924a085af79","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":106,"box":{"x":76,"y":691,"width":890,"height":11}},{"id":"d58ce953-7512-4523-ab68-1cbe9d7ab52d","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":106,"box":{"x":76,"y":705,"width":828,"height":11}},{"id":"dab758bd-4484-4def-9f12-2f8038cc2772","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":106,"box":{"x":77,"y":719,"width":873,"height":11}},{"id":"08fc2362-1378-4f46-8f94-418fdd3134f1","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":106,"box":{"x":77,"y":733,"width":887,"height":11}},{"id":"10e9f877-e292-4a52-8efc-b05ea60197b1","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":106,"box":{"x":77,"y":748,"width":896,"height":10}},{"id":"b6e7019c-008c-4bd8-8aa4-654569e51308","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":106,"box":{"x":76,"y":762,"width":869,"height":11}},{"id":"074a6b19-1d18-4e5e-83e3-1a36d68e42b1","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":106,"box":{"x":77,"y":776,"width":886,"height":11}},{"id":"b1b64cd6-e97f-4fe1-b451-14bf7c787c0a","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":106,"box":{"x":77,"y":790,"width":858,"height":11}},{"id":"307a232b-e183-42c3-9a13-575819f43677","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":106,"box":{"x":76,"y":804,"width":254,"height":11}},{"id":"f93fa9c0-8129-4e3d-a606-4aedffd44386","block_type":"box","text":"Income Risk.","page_number":106,"box":{"x":77,"y":828,"width":87,"height":8}},{"id":"2ebabf9e-c7f6-45d8-a26c-3efd02ff5fbc","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":106,"box":{"x":169,"y":828,"width":811,"height":10}},{"id":"be6c70c6-0579-4131-8998-d382af7ac1c8","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":106,"box":{"x":76,"y":842,"width":843,"height":11}},{"id":"3cc02847-eb8f-44e1-ac79-9b72625b30fa","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":106,"box":{"x":76,"y":856,"width":752,"height":11}},{"id":"8a6a732d-ab1d-4950-8c1b-e8138ea2f7c5","block_type":"box","text":"6","page_number":106,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"e73bbc23-7995-4ad9-a796-590bec54c6f4","block_type":"box","text":"Index-Related Risk.","page_number":107,"box":{"x":77,"y":23,"width":132,"height":9}},{"id":"578c732a-c5e1-4a24-abac-b53ebb080548","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":107,"box":{"x":214,"y":23,"width":728,"height":11}},{"id":"723bd5d3-8a01-4934-a69b-039022dc70b8","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":107,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"925e9218-5f21-4914-9c6d-e76ecd5e5786","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":107,"box":{"x":77,"y":52,"width":872,"height":10}},{"id":"5932c1ff-8b4f-49f3-825d-03576dccfd63","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":107,"box":{"x":77,"y":66,"width":862,"height":11}},{"id":"f4c42143-36e3-44c4-a3b8-6f40aea668bd","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":107,"box":{"x":76,"y":80,"width":897,"height":11}},{"id":"72cb64b9-da3b-405b-ace5-4440df379b14","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":107,"box":{"x":76,"y":94,"width":881,"height":11}},{"id":"41de82b8-9449-46c2-a0de-57072608148a","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":107,"box":{"x":76,"y":117,"width":852,"height":11}},{"id":"3d4d1b38-d08f-49fc-9e6c-10f8997a03e9","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":107,"box":{"x":76,"y":131,"width":850,"height":11}},{"id":"44b51a50-8418-49de-a379-30e94cbcde90","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":107,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"2de7cdcb-3e67-4707-aecf-f00fdc3b80c9","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":107,"box":{"x":76,"y":160,"width":906,"height":11}},{"id":"128aba75-f8a5-42c0-a68c-285ab57d085d","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":107,"box":{"x":76,"y":174,"width":904,"height":11}},{"id":"75fcb674-0f7c-43e6-a0df-0fc9c91fb357","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":107,"box":{"x":76,"y":188,"width":894,"height":11}},{"id":"a4bb371c-3a4f-48ca-a7e5-7a8d0371380b","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":107,"box":{"x":76,"y":202,"width":877,"height":11}},{"id":"59d9c419-05f6-4d68-8ede-539596a51c20","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":107,"box":{"x":76,"y":216,"width":881,"height":11}},{"id":"4b54ec7d-d1da-4aa5-9378-b528b870c4ad","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":107,"box":{"x":76,"y":231,"width":844,"height":11}},{"id":"e52f61e8-9b7e-40e2-9a99-7e9cb4b65eec","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":107,"box":{"x":77,"y":245,"width":879,"height":11}},{"id":"03554764-8858-4d1a-b127-02fbdc2b0caf","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":107,"box":{"x":76,"y":259,"width":340,"height":11}},{"id":"f39ddb1e-8581-4663-9df9-4f99dbb24b50","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":107,"box":{"x":77,"y":282,"width":857,"height":11}},{"id":"02be249d-89c8-4836-a807-b4c64d0ae5b6","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":107,"box":{"x":77,"y":296,"width":880,"height":11}},{"id":"fef270db-cdb4-4373-91c0-69dbe8be4764","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":107,"box":{"x":76,"y":311,"width":902,"height":10}},{"id":"40d87002-e4b7-429e-bdad-aef0311f88ac","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":107,"box":{"x":76,"y":325,"width":905,"height":11}},{"id":"e11b2486-1662-4053-a46f-be267cef3cb4","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":107,"box":{"x":76,"y":339,"width":889,"height":11}},{"id":"9edf79e0-5d5a-454a-bc87-a2c610701830","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":107,"box":{"x":76,"y":353,"width":890,"height":11}},{"id":"60804bcc-63bb-44cc-8e21-709226081b84","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":107,"box":{"x":76,"y":367,"width":723,"height":11}},{"id":"1cd3ec4e-0e32-4b82-9191-8bb1d013f301","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":107,"box":{"x":77,"y":391,"width":899,"height":10}},{"id":"dcc17c81-5f22-4dfa-a247-1819d6f90407","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":107,"box":{"x":76,"y":405,"width":876,"height":10}},{"id":"ee5ddfe8-7dd9-4abb-bb3f-acf5c4fbc5ab","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":107,"box":{"x":76,"y":419,"width":865,"height":11}},{"id":"d123e9e5-1d7d-4cd9-9f4a-06bfc5edb371","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":107,"box":{"x":76,"y":433,"width":897,"height":11}},{"id":"4097655d-4709-4e25-ae1d-8b00514b1947","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":107,"box":{"x":76,"y":447,"width":213,"height":11}},{"id":"b56a81ae-c0cd-4b70-80e3-3691a89326a5","block_type":"box","text":"Interest Rate Risk.","page_number":107,"box":{"x":77,"y":470,"width":127,"height":9}},{"id":"920fc402-c262-44f2-9ed5-3bee43adfef2","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":107,"box":{"x":210,"y":470,"width":770,"height":11}},{"id":"3d964bf5-2c2e-4fc1-bc55-a66e3b18294d","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":107,"box":{"x":76,"y":485,"width":889,"height":10}},{"id":"0a5f89ce-b14a-4cab-b1e9-e5045312bc34","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":107,"box":{"x":77,"y":499,"width":837,"height":11}},{"id":"6947a290-bc8a-4193-9e56-a7a799a44dac","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":107,"box":{"x":76,"y":513,"width":854,"height":11}},{"id":"0b645c3a-7da5-4843-8026-d8b603cd3da5","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":107,"box":{"x":76,"y":527,"width":892,"height":11}},{"id":"db2d5616-049e-46a4-87cd-09e94ec446ac","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":107,"box":{"x":76,"y":541,"width":876,"height":11}},{"id":"0645a1eb-4210-40a3-9889-e7d59a29d136","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":107,"box":{"x":76,"y":556,"width":902,"height":10}},{"id":"871c605a-0513-4184-ae8b-c1b0b02efbd5","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":107,"box":{"x":76,"y":570,"width":883,"height":11}},{"id":"38f33fc3-5d6b-4c7e-a19c-222602af7e05","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":107,"box":{"x":76,"y":584,"width":869,"height":11}},{"id":"3c94f01c-a759-46fa-b3e5-77980c035134","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":107,"box":{"x":76,"y":598,"width":345,"height":11}},{"id":"cfda9a58-f16a-4fb5-9290-3f81a8fab1ba","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":107,"box":{"x":77,"y":621,"width":896,"height":11}},{"id":"051f639d-d3cb-44d7-afcb-dc3ed833b090","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":107,"box":{"x":77,"y":635,"width":848,"height":11}},{"id":"3a6fb9ae-5522-4835-ac83-f6f2b248fd4d","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":107,"box":{"x":76,"y":650,"width":900,"height":10}},{"id":"9f894609-3081-42bc-9e38-92c271f68177","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":107,"box":{"x":76,"y":664,"width":875,"height":11}},{"id":"040f9969-45ad-4088-9c8f-0c50a7478708","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":107,"box":{"x":76,"y":678,"width":534,"height":11}},{"id":"be3fe0d6-32a1-4263-870e-daf9c55e9161","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":107,"box":{"x":77,"y":701,"width":902,"height":11}},{"id":"d097f56c-0fd7-4c86-a444-ad267846d3ea","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":107,"box":{"x":76,"y":715,"width":389,"height":11}},{"id":"d5d60716-419a-40f8-a810-70d92f8e699e","block_type":"box","text":"Issuer Risk.","page_number":107,"box":{"x":77,"y":739,"width":79,"height":8}},{"id":"107c3bed-8872-4368-a885-8a2a12c48cc1","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":107,"box":{"x":161,"y":739,"width":755,"height":10}},{"id":"b6dcadff-d4bd-41e1-8dcd-64e2c4d5860a","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":107,"box":{"x":76,"y":753,"width":861,"height":11}},{"id":"78ee4526-25ce-4598-8be5-99b7868aa88c","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":107,"box":{"x":76,"y":767,"width":406,"height":11}},{"id":"a8381a84-e184-4b12-ada7-c7c43968f465","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":107,"box":{"x":77,"y":790,"width":368,"height":11}},{"id":"5f303857-2a0d-4c13-bd6b-6765faa164df","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":107,"box":{"x":450,"y":790,"width":518,"height":11}},{"id":"f0d55943-b0ca-49da-aab3-2c944c04e7d0","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":107,"box":{"x":76,"y":804,"width":875,"height":11}},{"id":"6a55492f-328c-4fa0-9c1e-91ed8faadfb6","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":107,"box":{"x":76,"y":819,"width":899,"height":10}},{"id":"9cb5f0a2-a6ea-436d-ac57-a366d25e3f3f","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":107,"box":{"x":76,"y":833,"width":901,"height":11}},{"id":"e4684119-edf6-41d3-ac09-d5121a16d31f","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":107,"box":{"x":76,"y":847,"width":888,"height":11}},{"id":"8f1f66b1-44dd-49c5-b1ed-a00a12d1fa00","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":107,"box":{"x":76,"y":861,"width":882,"height":11}},{"id":"b5f5e3c7-0dc6-4f93-83cc-462351796108","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":107,"box":{"x":76,"y":875,"width":889,"height":11}},{"id":"65426726-2ee9-41a3-ad8f-86727975676e","block_type":"box","text":"7","page_number":107,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"d31589cb-f4bf-44f5-b3c8-5e1976e0608f","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":108,"box":{"x":76,"y":23,"width":906,"height":11}},{"id":"0a068d4e-b5c0-44df-84ee-f707b4fee08c","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":108,"box":{"x":76,"y":37,"width":904,"height":11}},{"id":"5f52f24c-0ddc-403c-a2e1-da110c641914","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":108,"box":{"x":76,"y":52,"width":855,"height":10}},{"id":"f1a14223-491b-48a2-a76d-1bd287a0e7f5","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":108,"box":{"x":77,"y":66,"width":892,"height":11}},{"id":"e4bd1fa4-88f5-4351-bb49-1820c96b8579","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":108,"box":{"x":77,"y":80,"width":901,"height":11}},{"id":"5a380f57-3a5e-44fc-bf45-124a676ca15e","block_type":"box","text":"to price.","page_number":108,"box":{"x":76,"y":94,"width":52,"height":11}},{"id":"bfb2a495-ba86-4ec4-b9ca-5216765a2071","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":108,"box":{"x":76,"y":117,"width":840,"height":11}},{"id":"2d17b998-8962-4e1d-839a-ba42b7f03810","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":108,"box":{"x":76,"y":131,"width":898,"height":11}},{"id":"babdf036-8eb3-47bf-bf8d-e4d598f4e120","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":108,"box":{"x":76,"y":146,"width":878,"height":10}},{"id":"5984b085-0eba-471a-a1ec-5861fec185d5","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":108,"box":{"x":76,"y":160,"width":792,"height":11}},{"id":"01868a9c-bab9-477d-960c-0c743f992803","block_type":"box","text":"Management Risk.","page_number":108,"box":{"x":77,"y":183,"width":126,"height":11}},{"id":"0468e519-5f53-4d25-8300-250d5c66bbc4","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":108,"box":{"x":208,"y":183,"width":757,"height":11}},{"id":"586fd9ac-3fb5-476c-a54b-e720229d4d1e","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":108,"box":{"x":76,"y":197,"width":863,"height":11}},{"id":"4af8ef88-d0f4-4859-8c96-6ffe715fe440","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":108,"box":{"x":76,"y":211,"width":864,"height":11}},{"id":"b9dc94d9-86ce-43f5-9da7-80f64fdc96ad","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":108,"box":{"x":77,"y":226,"width":898,"height":10}},{"id":"f26f5833-a865-4d53-a736-dfb8f8b9c69f","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":108,"box":{"x":76,"y":240,"width":837,"height":11}},{"id":"54e16e85-a0a2-44d5-a1ce-04a1736a362f","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":108,"box":{"x":77,"y":254,"width":888,"height":11}},{"id":"1da4b939-7c60-4936-b3bc-872fe1e3d726","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":108,"box":{"x":77,"y":268,"width":883,"height":11}},{"id":"f19e7254-d3ee-44d1-b8b6-01d8bb69c709","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":108,"box":{"x":76,"y":282,"width":889,"height":11}},{"id":"2eeb28ee-f51f-404f-9d0f-5c791fdf8211","block_type":"box","text":"its investment objective.","page_number":108,"box":{"x":76,"y":296,"width":156,"height":11}},{"id":"c0a7dfb5-8ae9-45b0-b1a2-76fa2f79cd63","block_type":"box","text":"Market Risk.","page_number":108,"box":{"x":77,"y":320,"width":85,"height":8}},{"id":"2b9cfa17-ab4d-48a5-969e-e6a3d335f6d0","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":108,"box":{"x":167,"y":320,"width":764,"height":10}},{"id":"17c04a74-a7f4-4919-bf3e-d7b22670e856","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":108,"box":{"x":76,"y":334,"width":879,"height":11}},{"id":"085cd8d1-a9cd-404e-acfc-ce69ea1af0bd","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":108,"box":{"x":76,"y":348,"width":884,"height":11}},{"id":"3dc38172-1008-4eb6-bab4-a2e1fe287840","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":108,"box":{"x":76,"y":362,"width":904,"height":11}},{"id":"734c0425-9c50-4507-a5da-21a70c18a714","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":108,"box":{"x":76,"y":376,"width":858,"height":11}},{"id":"0f9f43b5-174b-48aa-b950-e5e583a2059c","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":108,"box":{"x":76,"y":391,"width":869,"height":10}},{"id":"a8d6c544-c846-453b-b3b2-df430b08e475","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":108,"box":{"x":76,"y":405,"width":885,"height":11}},{"id":"cb6de995-eb15-4ce1-9c65-bef621a2be8e","block_type":"box","text":"and assets.","page_number":108,"box":{"x":76,"y":419,"width":71,"height":8}},{"id":"fbc63fc4-44b9-4e6e-b8fc-6406ae90235d","block_type":"box","text":"Market Trading Risk.","page_number":108,"box":{"x":77,"y":442,"width":140,"height":11}},{"id":"b4656f9b-25b2-47a8-bf0b-e7189088bc17","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":108,"box":{"x":222,"y":442,"width":753,"height":11}},{"id":"41a5b96e-059d-402b-9ff1-125af20a6f58","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":108,"box":{"x":76,"y":456,"width":896,"height":11}},{"id":"e1bf89ae-78ed-414f-bb98-546ee551b4e3","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":108,"box":{"x":76,"y":470,"width":877,"height":11}},{"id":"c2d4e781-a1d5-4336-be84-2ab8caafee6f","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":108,"box":{"x":77,"y":485,"width":446,"height":10}},{"id":"89466a36-aa89-4976-9fcd-58c1dde413dc","block_type":"box","text":"Absence of an Active Primary Market.","page_number":108,"box":{"x":75,"y":508,"width":236,"height":11}},{"id":"c7790dc0-b04e-456e-a45f-722b64191473","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":108,"box":{"x":317,"y":508,"width":663,"height":11}},{"id":"a00e6c5b-95a4-462d-966f-db4f043d4970","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":108,"box":{"x":76,"y":522,"width":826,"height":11}},{"id":"3c0b12b1-f919-42e0-b01a-b01cbbbfcb32","block_type":"box","text":"Secondary Listing Risks.","page_number":108,"box":{"x":76,"y":545,"width":151,"height":11}},{"id":"8dba9989-ede0-4577-a620-c14c10f79a48","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":108,"box":{"x":233,"y":545,"width":732,"height":11}},{"id":"1c7710f6-6a9d-4b39-a97e-17377336ab91","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":108,"box":{"x":76,"y":559,"width":841,"height":11}},{"id":"153f4b55-c28f-4bb5-b226-0887329100b2","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":108,"box":{"x":76,"y":574,"width":890,"height":10}},{"id":"d385a37e-9928-4359-95b8-000165bec6d4","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":108,"box":{"x":76,"y":588,"width":880,"height":11}},{"id":"c35677a6-f9e9-4d75-9408-deba14626e6d","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":108,"box":{"x":76,"y":602,"width":872,"height":11}},{"id":"8b4115f6-eea4-4a1e-a1ee-eaf02a069bcc","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":108,"box":{"x":76,"y":616,"width":897,"height":11}},{"id":"c0cc13d0-aee0-49f2-9d1c-f4ff37b82095","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":108,"box":{"x":76,"y":630,"width":862,"height":11}},{"id":"34910040-1c3d-4985-aecc-fadc07302321","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":108,"box":{"x":76,"y":644,"width":579,"height":11}},{"id":"47f6e089-9d92-4d75-ad45-e20786ce6c8c","block_type":"box","text":"Secondary Market Trading Risk.","page_number":108,"box":{"x":76,"y":668,"width":196,"height":11}},{"id":"9d55ce30-7016-4a66-bc50-5895269ab2f1","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":108,"box":{"x":279,"y":668,"width":703,"height":11}},{"id":"67deaee8-fc86-4ebb-a0cd-0a85b2f0d0d3","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":108,"box":{"x":76,"y":682,"width":896,"height":11}},{"id":"a19c0ea6-92e4-446e-8856-21f853239e74","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":108,"box":{"x":76,"y":696,"width":880,"height":11}},{"id":"848465c9-9f65-4f35-948a-1a89b091f4d4","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":108,"box":{"x":76,"y":710,"width":900,"height":11}},{"id":"0daeb201-7081-4641-94b3-74b4e74bb728","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":108,"box":{"x":76,"y":724,"width":893,"height":11}},{"id":"61bdb88a-3176-4750-b093-3eb60b6af032","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":108,"box":{"x":76,"y":739,"width":581,"height":10}},{"id":"d760cd44-2e84-41f5-9c54-d8d3d2f7b76c","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":108,"box":{"x":77,"y":762,"width":900,"height":11}},{"id":"c8228702-1110-4b89-bbad-d41132ce4829","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":108,"box":{"x":76,"y":776,"width":547,"height":11}},{"id":"87b8cfde-58a3-4ab1-b81b-3e2b01296ef8","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":108,"box":{"x":76,"y":799,"width":894,"height":11}},{"id":"9473b9ad-0dd4-4359-8a77-52f2539b1fd4","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":108,"box":{"x":76,"y":813,"width":905,"height":11}},{"id":"fc0bb38c-e1aa-43a6-a991-347d4269bc41","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":108,"box":{"x":77,"y":828,"width":874,"height":10}},{"id":"805e66dd-3c07-4deb-a3d8-c426ad47ccf2","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":108,"box":{"x":76,"y":842,"width":890,"height":11}},{"id":"6262e745-36e4-4f2c-91a8-950e0f3eeed8","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":108,"box":{"x":76,"y":856,"width":857,"height":11}},{"id":"4b1cc59f-0bca-4cc5-bfc7-dd19729a268a","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":108,"box":{"x":76,"y":870,"width":891,"height":11}},{"id":"b7512ae9-8613-460b-8705-f61bf0e4a43c","block_type":"box","text":"substantial trading losses.","page_number":108,"box":{"x":76,"y":884,"width":166,"height":11}},{"id":"7e90a14b-d2e8-4d52-82b6-f05d70da9256","block_type":"box","text":"8","page_number":108,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"2dc84956-c6c2-4c5f-90fc-907ec56053a4","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":109,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"68f9907c-2592-47af-894c-8fc198e2a5bd","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":109,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"4248cb81-c032-4366-8662-56e563d88113","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":109,"box":{"x":76,"y":51,"width":658,"height":11}},{"id":"3c00330f-29eb-4051-888a-9f592deb7314","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":109,"box":{"x":76,"y":75,"width":310,"height":10}},{"id":"e9a53a7b-5096-4593-9c82-ee79806d363e","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":109,"box":{"x":385,"y":75,"width":572,"height":11}},{"id":"ba4ce30c-14c1-4681-aca7-c4562f28e7eb","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":109,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"a0ea7ff0-1036-4ed6-a1a5-dc09efc59a17","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":109,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"9e18fb0b-2b74-4762-9107-ef4f78062e1d","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":109,"box":{"x":77,"y":117,"width":885,"height":11}},{"id":"9a72289a-2434-47e0-8e7e-d3b2d4fcf449","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":109,"box":{"x":76,"y":131,"width":792,"height":11}},{"id":"2f717cc7-9832-4f49-95be-334f8b0f5313","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":109,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"46646a46-06cb-400c-b623-670b475a7465","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":109,"box":{"x":77,"y":169,"width":891,"height":11}},{"id":"ff841626-955c-4341-95f0-398adaa71745","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":109,"box":{"x":76,"y":183,"width":899,"height":11}},{"id":"89de548b-5651-4d09-a22c-58054313a97c","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":109,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"22a9ba99-cda8-4cc9-b2ba-e0ad871d75ea","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":109,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"f6e85554-ec59-4318-abbe-1b3d5c7b19f6","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":109,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"42332a88-71b7-4b3d-acb6-de6352d0d38d","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":109,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"f0f5c30c-e22d-4860-8d2b-a7887e1b8d4f","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":109,"box":{"x":76,"y":254,"width":849,"height":11}},{"id":"9de4a494-b810-4383-9339-0807eb06d652","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":109,"box":{"x":76,"y":268,"width":622,"height":11}},{"id":"85ef2130-3c98-418f-95f7-74ea7f9f4e64","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":109,"box":{"x":76,"y":291,"width":245,"height":11}},{"id":"8f680fa1-cb4b-47af-95ee-928b5a4aefb8","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":109,"box":{"x":328,"y":291,"width":636,"height":11}},{"id":"20f95026-1f92-4209-8551-c3ef0e652aa8","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":109,"box":{"x":76,"y":305,"width":853,"height":11}},{"id":"67fa901f-f6ae-49de-8432-695dba9cd9aa","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":109,"box":{"x":76,"y":320,"width":895,"height":10}},{"id":"7474e533-af0f-46a8-a543-21cb1dab3ece","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":109,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"7b944330-abe0-4cd3-98bf-e3ee747ea6d7","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":109,"box":{"x":76,"y":348,"width":885,"height":11}},{"id":"3503a49f-be5c-4c1f-bb64-cf49cc139283","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":109,"box":{"x":77,"y":362,"width":891,"height":11}},{"id":"93100b31-cf03-4773-9b6c-fa176697f886","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":109,"box":{"x":76,"y":376,"width":901,"height":11}},{"id":"a67ba091-9642-4f95-a91b-49e0f2630bec","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":109,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"2a986882-b44e-40f9-98c9-cab22c9b8360","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":109,"box":{"x":77,"y":405,"width":418,"height":11}},{"id":"c31440b2-cbea-41d3-ad7c-32a68264ffb8","block_type":"box","text":"Operational and Technology Risks.","page_number":109,"box":{"x":76,"y":428,"width":239,"height":11}},{"id":"35b94e55-727f-4e4e-8a15-8462571f5ea7","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":109,"box":{"x":320,"y":428,"width":648,"height":11}},{"id":"3818935b-22a3-4c6c-8099-518b567a7020","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":109,"box":{"x":76,"y":442,"width":842,"height":11}},{"id":"3f395ade-4d6c-43c2-a950-63abb5f42c9e","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":109,"box":{"x":76,"y":456,"width":877,"height":11}},{"id":"424c372e-9a16-4d14-b78d-9dc8a3a09bb7","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":109,"box":{"x":76,"y":470,"width":844,"height":11}},{"id":"7e2dc987-4631-4f5a-bef2-6376081046d6","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":109,"box":{"x":76,"y":485,"width":866,"height":10}},{"id":"a5ad6db9-1093-4b22-bb7a-7b0f4e200062","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":109,"box":{"x":76,"y":499,"width":892,"height":11}},{"id":"af6ce673-6daa-4b38-b37b-ff52feddedfc","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":109,"box":{"x":76,"y":513,"width":889,"height":11}},{"id":"c1876aab-5385-4ae2-acd2-b83dd4a3880b","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":109,"box":{"x":76,"y":527,"width":870,"height":11}},{"id":"32c3f974-5782-4176-b727-097042c4ec4c","block_type":"box","text":"risks.","page_number":109,"box":{"x":77,"y":541,"width":32,"height":9}},{"id":"383e7b15-fa66-4867-8559-20eee0b0840a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":109,"box":{"x":76,"y":565,"width":895,"height":10}},{"id":"33cc9b47-9c13-4080-b423-2fccdd7a0d8c","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":109,"box":{"x":76,"y":579,"width":878,"height":11}},{"id":"d2361508-a104-4e07-8f1d-ff315aa77489","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":109,"box":{"x":76,"y":593,"width":905,"height":11}},{"id":"05c70892-cd43-46b9-bc19-5c53470f1044","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":109,"box":{"x":76,"y":607,"width":885,"height":11}},{"id":"3a41495c-0be5-4242-bd5b-8008e9cc7efb","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":109,"box":{"x":76,"y":621,"width":828,"height":11}},{"id":"b57dff2c-29af-47aa-808e-6a99b6312d27","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":109,"box":{"x":76,"y":635,"width":898,"height":11}},{"id":"5e2abe26-4ff6-42a1-bab4-f98ab75ab0cc","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":109,"box":{"x":76,"y":650,"width":884,"height":10}},{"id":"e8b43c40-2595-4a36-91d2-66f4c826c721","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":109,"box":{"x":77,"y":664,"width":880,"height":11}},{"id":"870d8444-d487-42bb-b73b-2d561064dcae","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":109,"box":{"x":77,"y":678,"width":898,"height":11}},{"id":"e9d1f737-7f2c-4a0d-8021-823aa94f5100","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":109,"box":{"x":76,"y":692,"width":866,"height":11}},{"id":"222a5fce-bd77-4a01-805c-95f282fc8ce5","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":109,"box":{"x":76,"y":706,"width":906,"height":11}},{"id":"16c46bae-2659-4fa6-85ef-096e5c10ac99","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":109,"box":{"x":76,"y":721,"width":904,"height":10}},{"id":"25c7c2d6-a20f-47ad-b28c-f03c9a89cf40","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":109,"box":{"x":76,"y":735,"width":885,"height":11}},{"id":"9da29a3e-127f-45b1-a9c0-9e32cba3e517","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":109,"box":{"x":77,"y":749,"width":872,"height":11}},{"id":"2d3a66d3-d52c-42c1-86fd-ae0abd2dcffe","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":109,"box":{"x":76,"y":763,"width":855,"height":11}},{"id":"08e7d22c-0416-4e39-9b9e-c2bbeafc6d4b","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":109,"box":{"x":76,"y":777,"width":857,"height":11}},{"id":"2a2f1903-8f0a-445b-8ba2-ab0dcf8c1276","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":109,"box":{"x":76,"y":791,"width":897,"height":11}},{"id":"8ea332de-9df2-4171-86c3-94bf648be3ee","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":109,"box":{"x":76,"y":806,"width":886,"height":10}},{"id":"e16e2e26-f70b-4492-98d7-15421270ecea","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":109,"box":{"x":76,"y":820,"width":876,"height":11}},{"id":"a3420fcc-3515-4973-88a1-48b2f8795636","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":109,"box":{"x":76,"y":834,"width":585,"height":11}},{"id":"c0aeb265-a9db-497f-b026-a843fbdeafff","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":109,"box":{"x":76,"y":857,"width":864,"height":11}},{"id":"33024c6d-4a58-41b3-8802-4c23f0a8b31b","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":109,"box":{"x":76,"y":871,"width":889,"height":11}},{"id":"6c391f10-17db-4ec6-ae0f-0d00a7d7a64d","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":109,"box":{"x":77,"y":886,"width":839,"height":10}},{"id":"eac1e840-1b4d-4bd1-8076-b19e848b4dfc","block_type":"box","text":"9","page_number":109,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"f9650240-28e8-44c8-8063-46ce1604267c","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":110,"box":{"x":76,"y":23,"width":862,"height":11}},{"id":"fa4a633f-c6d9-45f8-b81d-565979fda107","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":110,"box":{"x":77,"y":37,"width":863,"height":11}},{"id":"72373647-87a6-466b-ae07-91d5682beced","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":110,"box":{"x":76,"y":51,"width":871,"height":11}},{"id":"164f7d50-c20d-49ea-bf81-cf6e89dcd8e2","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":110,"box":{"x":76,"y":66,"width":895,"height":10}},{"id":"93d4aa25-0b52-4795-be91-1a44ca2cea83","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":110,"box":{"x":76,"y":80,"width":882,"height":11}},{"id":"52948776-0377-441c-9103-6797e6c50412","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":110,"box":{"x":76,"y":94,"width":659,"height":11}},{"id":"53d1d7df-3187-4937-b73d-60f917ce2814","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":110,"box":{"x":77,"y":117,"width":830,"height":11}},{"id":"6e964c12-e896-420b-b04c-a5c715660c14","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":110,"box":{"x":75,"y":131,"width":905,"height":11}},{"id":"dc66ba4d-3b1d-4892-80ce-4c57c08b77f7","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":110,"box":{"x":77,"y":146,"width":756,"height":10}},{"id":"c125e760-fb62-4ad3-9e63-9bb47b9fd0c9","block_type":"box","text":"Ownership Limitations Risk.","page_number":110,"box":{"x":76,"y":169,"width":195,"height":11}},{"id":"7182f77f-0f34-4df4-a552-a82ceb6579c4","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":110,"box":{"x":277,"y":169,"width":697,"height":11}},{"id":"45994949-c861-4ee0-8ad3-e257e92073cc","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":110,"box":{"x":77,"y":183,"width":900,"height":11}},{"id":"2a5ace0f-5ea5-4f3c-a0f1-c10965da3fac","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":110,"box":{"x":76,"y":197,"width":851,"height":11}},{"id":"ffa99f88-2a32-498e-a0fc-4e37e4a8e1d7","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":110,"box":{"x":77,"y":211,"width":866,"height":11}},{"id":"dffb7969-a5ae-449c-bd8a-a9c46bb0d87b","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":110,"box":{"x":76,"y":226,"width":903,"height":10}},{"id":"48b03dfa-91bd-4ed1-a637-25f647ee99fb","block_type":"box","text":"holdings.","page_number":110,"box":{"x":77,"y":240,"width":55,"height":11}},{"id":"4d3e30ea-9b1c-4614-9122-90eecdfee72a","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":110,"box":{"x":77,"y":263,"width":851,"height":11}},{"id":"09eb3810-584c-44b9-8e64-81ea0d5a8a87","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":110,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"6eb53623-4f6d-4cb7-9c14-da11f9fa7058","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":110,"box":{"x":76,"y":291,"width":870,"height":11}},{"id":"d54e5089-cfb6-48c2-8ccb-2587430f913b","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":110,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"048d25fc-6da9-4f39-b9c6-9316e2b69bd4","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":110,"box":{"x":76,"y":320,"width":906,"height":10}},{"id":"3acf2931-9d6e-43fc-9870-c5cf8f8d6b91","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":110,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"9d4a4b18-1cb5-447c-9fab-371541d7d4b1","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":110,"box":{"x":76,"y":348,"width":896,"height":11}},{"id":"f7a858e3-53bc-4268-8d3e-ec674eb87186","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":110,"box":{"x":76,"y":371,"width":885,"height":11}},{"id":"3c59e0b1-d2c5-4e40-9141-b4c684c45b6e","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":110,"box":{"x":76,"y":385,"width":854,"height":11}},{"id":"72e61643-89b6-4add-9fc1-9e3e9ddbaf0a","block_type":"box","text":"disapproval that was obtained.","page_number":110,"box":{"x":76,"y":400,"width":195,"height":10}},{"id":"d8de144a-2dc0-4975-a254-b28e94bb57cb","block_type":"box","text":"Risk of Investing in the U.S.","page_number":110,"box":{"x":77,"y":423,"width":190,"height":11}},{"id":"63abc9ab-c2f4-4471-b95d-6b9190ee4843","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":110,"box":{"x":273,"y":423,"width":683,"height":11}},{"id":"0b64145a-316e-4287-9f85-541a42579e0f","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":110,"box":{"x":76,"y":437,"width":897,"height":11}},{"id":"a31c0630-eeff-4595-bfd3-7cb9c5ce64d7","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":110,"box":{"x":76,"y":451,"width":902,"height":11}},{"id":"22ce63e0-2065-4f11-a359-27c258e857ad","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":110,"box":{"x":76,"y":465,"width":887,"height":11}},{"id":"94857f44-1b8a-4d8a-ad06-496573d94f65","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":110,"box":{"x":76,"y":479,"width":894,"height":11}},{"id":"ed79b06f-79e2-4f53-bdd0-1213cd15b810","block_type":"box","text":"financial markets or issuers.","page_number":110,"box":{"x":76,"y":494,"width":179,"height":8}},{"id":"5975256d-7821-42a9-b401-fee224bdd326","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":110,"box":{"x":76,"y":517,"width":868,"height":11}},{"id":"4a04f823-cc03-43e8-805b-eb823ee229a3","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":110,"box":{"x":77,"y":531,"width":867,"height":11}},{"id":"8326d774-f480-4b37-b1b7-6ba54710f253","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":110,"box":{"x":76,"y":545,"width":868,"height":11}},{"id":"81225e3e-cb39-4ae0-8365-d3d4d97937f0","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":110,"box":{"x":77,"y":559,"width":899,"height":11}},{"id":"65925812-1d30-49ae-be15-654d11071fad","block_type":"box","text":"system.","page_number":110,"box":{"x":76,"y":574,"width":49,"height":10}},{"id":"0a4b0364-c10a-4020-ad78-a9eac9cd3e38","block_type":"box","text":"Securities Lending Risk.","page_number":110,"box":{"x":76,"y":597,"width":166,"height":11}},{"id":"173ad0fb-b1c6-40c5-8136-57ebdff203b6","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":110,"box":{"x":247,"y":597,"width":730,"height":11}},{"id":"7d1149e7-2b95-40b2-bd6d-698eb761dfe3","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":110,"box":{"x":76,"y":611,"width":898,"height":11}},{"id":"bb9a9957-adbd-4c58-8b6d-fc3558f2261d","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":110,"box":{"x":76,"y":625,"width":892,"height":11}},{"id":"2821c52d-7002-4811-9b3f-3512722f817e","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":110,"box":{"x":76,"y":639,"width":403,"height":11}},{"id":"fee0c6b8-6907-4f07-ac8f-ecb4fd22130e","block_type":"box","text":"Small Fund Risk.","page_number":110,"box":{"x":76,"y":663,"width":114,"height":8}},{"id":"01048603-3788-4191-aae3-f599b0eb824f","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":110,"box":{"x":195,"y":663,"width":704,"height":10}},{"id":"6e4974a2-a4db-4837-8de7-5c9c9659125e","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":110,"box":{"x":76,"y":677,"width":898,"height":11}},{"id":"f42921f1-e883-4354-9cd6-85322493fd2e","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":110,"box":{"x":76,"y":691,"width":880,"height":11}},{"id":"07d17995-bc66-4f94-bfaf-1990b940d297","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":110,"box":{"x":77,"y":705,"width":898,"height":11}},{"id":"753a46eb-5b1a-44a0-bbd8-f014e12ec5af","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":110,"box":{"x":76,"y":719,"width":894,"height":11}},{"id":"ac6aee82-f0b0-4b41-bd1b-f7a0db066394","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":110,"box":{"x":76,"y":733,"width":890,"height":11}},{"id":"9574c561-f3e1-47ec-886f-5e4e18e44b07","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":110,"box":{"x":77,"y":748,"width":893,"height":10}},{"id":"1c58ad03-98fb-44e2-8446-1d3636b8dfe2","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":110,"box":{"x":76,"y":762,"width":530,"height":11}},{"id":"6a63929a-8fbc-4752-b2f1-e117153faf9a","block_type":"box","text":"Tracking Error Risk.","page_number":110,"box":{"x":76,"y":785,"width":135,"height":11}},{"id":"39d8e70a-0cf3-4e58-8597-abee2c26adaa","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":110,"box":{"x":216,"y":785,"width":749,"height":11}},{"id":"93f36334-5430-46fd-87aa-683ccd788e77","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":110,"box":{"x":76,"y":799,"width":871,"height":11}},{"id":"ed403d41-872c-4505-9aa1-cd63e925614b","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":110,"box":{"x":76,"y":813,"width":897,"height":11}},{"id":"6ff745a6-8afe-482a-9905-9658e3ad8ad5","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":110,"box":{"x":76,"y":828,"width":868,"height":10}},{"id":"9662c7bf-2b39-4d7e-8f2c-802b3674d5ff","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":110,"box":{"x":77,"y":842,"width":823,"height":11}},{"id":"5ad2fe5e-873a-4298-90a6-35f5d3e6703a","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":110,"box":{"x":76,"y":856,"width":905,"height":11}},{"id":"25e3d7eb-ac64-4507-bbaa-413c7bee9c52","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":110,"box":{"x":77,"y":870,"width":901,"height":11}},{"id":"f38aab39-f90a-4bbd-be98-75644b0db386","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":110,"box":{"x":76,"y":884,"width":869,"height":11}},{"id":"1a4a885b-da34-416c-a55e-f00e82bcfaa6","block_type":"box","text":"10","page_number":110,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"36331dbe-5bde-42f3-b138-7f165e29ac8c","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":111,"box":{"x":76,"y":23,"width":884,"height":11}},{"id":"c4aaef77-fac3-4d14-b49d-25a6f0563dfc","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":111,"box":{"x":76,"y":37,"width":844,"height":11}},{"id":"dccbe1ad-1ee8-4e5b-89ea-e219ae3a9a22","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":111,"box":{"x":76,"y":51,"width":851,"height":11}},{"id":"db19a784-e8a5-4f5f-b2ee-6b6f32b05ed4","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":111,"box":{"x":76,"y":66,"width":401,"height":10}},{"id":"1b3e9c6a-fafa-4400-89dc-45998daa1887","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":111,"box":{"x":77,"y":89,"width":211,"height":11}},{"id":"19001e70-9cdd-4975-ac43-24ade27359b1","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of","page_number":111,"box":{"x":294,"y":89,"width":638,"height":11}},{"id":"a73b8fbc-6127-49d1-9e2b-528a1498b16f","block_type":"box","text":"issuance and other characteristics. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to","page_number":111,"box":{"x":76,"y":103,"width":876,"height":11}},{"id":"42c0e255-226a-4e88-9c8d-83483cd3f907","block_type":"box","text":"maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the","page_number":111,"box":{"x":76,"y":117,"width":891,"height":11}},{"id":"7f3579ca-74b9-4802-a008-47518cb31a32","block_type":"box","text":"full faith and credit of the United States, circumstances (","page_number":111,"box":{"x":76,"y":131,"width":362,"height":11}},{"id":"839667b8-8a32-445a-b597-f60b772de487","block_type":"box","text":"e.g","page_number":111,"box":{"x":439,"y":134,"width":19,"height":8}},{"id":"4ca4077e-d8fc-4c7f-af5f-79855060bd7f","block_type":"box","text":"., reaching the legislative “debt ceiling”) could arise that could prevent the timely","page_number":111,"box":{"x":459,"y":131,"width":515,"height":11}},{"id":"fd397bd1-a23c-4f9d-81fe-4155c2d78311","block_type":"box","text":"payment of interest or principal. An actual or threatened failure of the U.S. government to pay its obligations would result in losses to a Fund","page_number":111,"box":{"x":76,"y":146,"width":899,"height":10}},{"id":"197b93e4-3792-40b1-bf0f-fd719582ddb4","block_type":"box","text":"holding such securities as well as substantial negative consequences for the U.S. economy and the global financial system.","page_number":111,"box":{"x":77,"y":160,"width":786,"height":11}},{"id":"eb6b9c91-fdd0-42e4-8787-f6645be4ac1c","block_type":"box","text":"Changes in the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Because","page_number":111,"box":{"x":76,"y":183,"width":881,"height":11}},{"id":"eab584b4-176e-4c1f-b362-9f6411f54058","block_type":"box","text":"U.S. government debt obligations are often used as a benchmark for other borrowing arrangements, a downgrade to the credit rating of the","page_number":111,"box":{"x":77,"y":197,"width":891,"height":11}},{"id":"3ef2d118-c186-4ec8-aa73-ff964a5c440a","block_type":"box","text":"U.S. could result in higher interest rates for a range of borrowers, cause disruptions in the international bond markets and have a substantial","page_number":111,"box":{"x":77,"y":211,"width":898,"height":11}},{"id":"1d6e64e1-6113-4d3c-814b-4e79c4cf0e0c","block_type":"box","text":"adverse effect on the U.S. and global economies.","page_number":111,"box":{"x":76,"y":226,"width":313,"height":10}},{"id":"176ceff5-562a-4398-80eb-7ffb8379849a","block_type":"box","text":"A high national debt level may increase market pressures to meet government funding needs, which may drive debt costs higher and lead the","page_number":111,"box":{"x":76,"y":249,"width":904,"height":11}},{"id":"0c320dfa-ec5a-4994-9c01-6cc086951966","block_type":"box","text":"government to issue additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. government","page_number":111,"box":{"x":76,"y":263,"width":896,"height":11}},{"id":"aa76c54c-932a-44bb-bb61-a1d0c234c703","block_type":"box","text":"will not be able to make principal or interest payments when they are due. If market participants determine that U.S. sovereign debt levels","page_number":111,"box":{"x":76,"y":277,"width":884,"height":11}},{"id":"e059c596-cf39-48c1-b5c2-7be0eac86a07","block_type":"box","text":"are unsustainable, the value of the U.S. dollar could decline, thus increasing inflationary pressures and constraining the U.S. government’s","page_number":111,"box":{"x":76,"y":291,"width":885,"height":11}},{"id":"ed76c67c-16fa-4271-99b8-60da6220a8e6","block_type":"box","text":"ability to implement effective countercyclical fiscal policy in economic downturns.","page_number":111,"box":{"x":76,"y":305,"width":523,"height":11}},{"id":"79f06918-cf0e-4be8-9bf8-f7fb46bffc2f","block_type":"box","text":"Portfolio Holdings Information","page_number":111,"box":{"x":78,"y":334,"width":296,"height":17}},{"id":"2a33848d-a0ab-4ab6-8254-0135b1edf995","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":111,"box":{"x":76,"y":363,"width":896,"height":11}},{"id":"e8acb0b4-5a32-40a4-851c-15a5f65bcd08","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":111,"box":{"x":76,"y":378,"width":906,"height":10}},{"id":"37c3b546-9bb7-4bbc-ae0d-18cc6dd23e5a","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":111,"box":{"x":77,"y":392,"width":893,"height":11}},{"id":"bd437bf2-fd4e-4165-bc4e-afbd0e58a1da","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":111,"box":{"x":76,"y":406,"width":256,"height":11}},{"id":"d42d80a2-7026-4edc-8570-2feb44541e1a","block_type":"box","text":"Management of the Funds","page_number":111,"box":{"x":78,"y":435,"width":258,"height":17}},{"id":"b5a7fc03-6144-4676-b383-083ba409b78a","block_type":"box","text":"Investment Adviser","page_number":111,"box":{"x":77,"y":464,"width":135,"height":9}},{"id":"50de2add-163f-47a1-b337-cb04e07444e9","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":111,"box":{"x":76,"y":487,"width":839,"height":11}},{"id":"fb8b8269-0506-46a1-9e04-09657d3099bd","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":111,"box":{"x":76,"y":501,"width":899,"height":11}},{"id":"e68dd93a-81ae-4154-9106-2067b07c5fb5","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":111,"box":{"x":76,"y":516,"width":886,"height":10}},{"id":"2c98f932-fa4c-4455-ba81-f52fbd355282","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":111,"box":{"x":77,"y":530,"width":852,"height":11}},{"id":"83cfbd74-a32b-4882-b219-f7e1135aadca","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. As of","page_number":111,"box":{"x":77,"y":553,"width":860,"height":11}},{"id":"bfcfc0b8-5f92-4d06-b201-eb105301b7b6","block_type":"box","text":"December 31, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $14.0 trillion.","page_number":111,"box":{"x":77,"y":566,"width":779,"height":12}},{"id":"97d5337e-d336-4def-acc4-32733f570254","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":111,"box":{"x":77,"y":590,"width":887,"height":11}},{"id":"515c28db-3815-4db5-b24a-8c87c1c03e44","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":111,"box":{"x":76,"y":605,"width":885,"height":10}},{"id":"9030904d-323c-4d4c-8ef3-8c2889ba6333","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":111,"box":{"x":76,"y":619,"width":892,"height":11}},{"id":"3d4854eb-9db6-47e9-8257-0a4b91126dec","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":111,"box":{"x":76,"y":633,"width":886,"height":11}},{"id":"9abbfaa4-fb22-412c-8b02-7a6491cab9d6","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":111,"box":{"x":76,"y":647,"width":299,"height":11}},{"id":"cec3c3d4-c106-4761-a489-f783b3d5d434","block_type":"box","text":"Fees and Expenses","page_number":111,"box":{"x":77,"y":670,"width":131,"height":11}},{"id":"2668483c-68bb-4ef8-aa41-2203dc94cc03","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":111,"box":{"x":77,"y":693,"width":867,"height":11}},{"id":"78689307-fd57-4e21-9628-29c5f1c1fa11","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":111,"box":{"x":76,"y":708,"width":858,"height":11}},{"id":"f59b6580-8f84-4bd9-951c-ded4bbedcb85","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":111,"box":{"x":76,"y":722,"width":891,"height":11}},{"id":"cea602dc-52a4-407e-81c9-6df24dbd6567","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":111,"box":{"x":76,"y":736,"width":838,"height":11}},{"id":"42edcab1-f299-498e-8b32-2ccca7f38c03","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees","page_number":111,"box":{"x":76,"y":750,"width":886,"height":11}},{"id":"2eb39882-e737-47fd-9b27-ca193018aa88","block_type":"box","text":"and Expenses, if any.","page_number":111,"box":{"x":76,"y":764,"width":132,"height":11}},{"id":"7ab069d8-4f7b-46f8-82b0-038a5e0aadde","block_type":"box","text":"A discussion regarding the basis for the approval by the Trust’s Board of Trustees (the “Board”) of the Investment Advisory Agreement with","page_number":111,"box":{"x":76,"y":788,"width":886,"height":10}},{"id":"272da9a2-56e0-4732-a9da-e42c0cc88b12","block_type":"box","text":"BFA is available in the Funds’ Form N-CSR filed with the SEC for the period ended October 31 or, for iShares iBonds Dec 2035 Term Treasury","page_number":111,"box":{"x":77,"y":802,"width":898,"height":11}},{"id":"890ebfe0-b9be-404e-84ba-3306f6606bb8","block_type":"box","text":"ETF, iShares iBonds Dec 2045 Term Treasury ETF and iShares iBonds Dec 2055 Term Treasury ETF, for the period ended April 30 and in the","page_number":111,"box":{"x":77,"y":816,"width":888,"height":11}},{"id":"ba7825a3-7960-4bf0-9ab7-7585573c2912","block_type":"box","text":"applicable financial statements and additional information documents posted at www.iShares.com.","page_number":111,"box":{"x":76,"y":830,"width":633,"height":11}},{"id":"9b22da07-ccd7-443f-98c2-352fb8ad2fa8","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended October 31, 2025, BFA was paid a management fee from each","page_number":111,"box":{"x":77,"y":853,"width":878,"height":11}},{"id":"b6f9f41d-3acb-4fcf-98c2-2e88bafa0d5e","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. If","page_number":111,"box":{"x":77,"y":868,"width":892,"height":10}},{"id":"ed19ea94-630f-4e28-a473-8173c995b999","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees for a Fund, the contractual waiver may be terminated prior to its","page_number":111,"box":{"x":77,"y":882,"width":873,"height":11}},{"id":"3fd6fc9f-9f53-45ce-b5f5-903279eb7ac6","block_type":"box","text":"11","page_number":111,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"595285a7-d5ff-43b9-865d-93c68d0176d0","block_type":"box","text":"expiration date only upon written agreement of the Trust and BFA. In addition, BFA may from time to time voluntarily waive and/or reimburse","page_number":112,"box":{"x":76,"y":23,"width":900,"height":11}},{"id":"7fd97519-5588-4f08-83cd-f652ae03b37d","block_type":"box","text":"fees or expenses to reduce a Fund’s total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any). Any such","page_number":112,"box":{"x":76,"y":37,"width":877,"height":11}},{"id":"7480d68e-33e8-439c-9695-8d56c45e6ffb","block_type":"box","text":"voluntary waiver or reimbursement may be eliminated by BFA at any time.","page_number":112,"box":{"x":76,"y":52,"width":471,"height":10}},{"id":"c612054d-e576-4124-88f0-6328bfb096c9","block_type":"box","text":"Fund Management Fee","page_number":112,"box":{"x":87,"y":83,"width":571,"height":11}},{"id":"e5732efa-39dc-4a32-81b9-a237f34b639d","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":101,"width":490,"height":11}},{"id":"18030231-507f-4362-b401-f8ec82a69352","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":99,"width":2,"height":5}},{"id":"20d4c198-8a19-4e5a-a979-854cc806f963","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":119,"width":490,"height":11}},{"id":"b7d24e45-7630-481b-9f8a-a957edc43c34","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":117,"width":2,"height":5}},{"id":"924c4db3-1eda-4543-a9fa-69fa0c3d818f","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":137,"width":490,"height":11}},{"id":"422f8791-64b9-463d-b701-41ecc09fd57a","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":136,"width":2,"height":4}},{"id":"44b7f2cb-8d87-432c-ab2f-d224fc2f6a8b","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":155,"width":490,"height":11}},{"id":"62515c08-2896-4ce1-9deb-67e33bd86abc","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":154,"width":2,"height":4}},{"id":"e0040472-980b-407d-b6d9-cd2302cb68e2","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":173,"width":490,"height":11}},{"id":"086e1f1e-c4ae-4ba8-b14a-e05af25a9a04","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":172,"width":2,"height":5}},{"id":"96ed689a-da1c-4ed6-8505-ab60cbfb98bf","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":191,"width":490,"height":11}},{"id":"8aa1bd64-5f3c-4d70-ba44-5f0b95c4450d","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":190,"width":2,"height":5}},{"id":"17a0c65f-5fff-4d54-a48e-1be118cb987b","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":209,"width":490,"height":11}},{"id":"9dc9fca5-8b23-4bed-8f42-85efa904dbf6","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":208,"width":2,"height":5}},{"id":"14e7c0fe-2ff0-4a13-8690-086c7c00fe93","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":227,"width":490,"height":11}},{"id":"7f303288-8382-405e-83d5-540f47baa4c6","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":226,"width":2,"height":5}},{"id":"e78994a8-c841-48b3-8e13-35754d094db0","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":245,"width":490,"height":11}},{"id":"7ce92edf-6631-485f-8e1a-03352baabc65","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":244,"width":2,"height":5}},{"id":"cff101b6-a3b9-4ea4-a961-0e812bf8e5d1","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":263,"width":490,"height":11}},{"id":"5b679c17-0ccf-4ca0-a04e-63fe3c0c41bd","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":262,"width":2,"height":5}},{"id":"962ffd49-a898-42fc-9e98-e85435ea08d0","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":281,"width":490,"height":11}},{"id":"137abec3-7c67-46d8-a0ce-b71a22066038","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":280,"width":2,"height":5}},{"id":"04bec651-762c-47b5-b068-43d36f38c40b","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":299,"width":490,"height":11}},{"id":"98ed1d0e-f20e-475e-8f03-847da2bdf1e2","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":298,"width":2,"height":5}},{"id":"ddd16875-740e-433a-9f17-ba0f3d6fb9fc","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":317,"width":490,"height":11}},{"id":"48a0579c-0956-4abc-8961-a0054c4736a8","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":316,"width":2,"height":5}},{"id":"06508015-c7a4-446d-8959-8ea8f0005941","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF 0.07%","page_number":112,"box":{"x":87,"y":335,"width":490,"height":11}},{"id":"c14aa142-e5af-4c7f-8c37-5e13a0c69480","block_type":"box","text":"1","page_number":112,"box":{"x":580,"y":334,"width":2,"height":5}},{"id":"4a25a552-5f9e-4970-a31c-d595e73d2824","block_type":"box","text":"iShares Treasury Floating Rate Bond ETF 0.15%","page_number":112,"box":{"x":87,"y":353,"width":487,"height":11}},{"id":"96461f1c-1640-4803-be1e-b7c8946314cf","block_type":"box","text":"iShares U.S. Treasury Bond ETF 0.05%","page_number":112,"box":{"x":87,"y":372,"width":491,"height":10}},{"id":"fa6dacd4-94ae-493f-9aa7-dbb32c7994a3","block_type":"box","text":"1","page_number":112,"box":{"x":77,"y":396,"width":2,"height":5}},{"id":"1e36eb61-c463-4a7d-b149-d0b3eb1c52cd","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to","page_number":112,"box":{"x":92,"y":397,"width":880,"height":10}},{"id":"01f37e0f-d5db-43b1-8e0c-0b0aa55d8c76","block_type":"box","text":"investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund. The contractual waiver may be terminat","page_number":112,"box":{"x":91,"y":410,"width":865,"height":10}},{"id":"2730f188-e2d8-48b3-b437-bf871db00177","block_type":"box","text":"ed","page_number":112,"box":{"x":957,"y":410,"width":12,"height":8}},{"id":"b6f04d9d-21d0-4c00-a2e5-e815959bd37e","block_type":"box","text":"prior to the Fund’s termination only upon the written agreement of the Trust and BFA.","page_number":112,"box":{"x":91,"y":423,"width":484,"height":10}},{"id":"e3ab03c4-49cc-4543-94d3-5ed399470074","block_type":"box","text":"Portfolio Managers","page_number":112,"box":{"x":77,"y":445,"width":131,"height":11}},{"id":"7d724589-36ff-4e0d-8f6b-5013026a63fc","block_type":"box","text":"The Portfolio Managers for each Fund are responsible for various functions related to portfolio management, including, but not limited to,","page_number":112,"box":{"x":76,"y":469,"width":877,"height":10}},{"id":"498e8fe4-4193-4c66-ae21-33ab354fe7e6","block_type":"box","text":"investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes,","page_number":112,"box":{"x":76,"y":483,"width":850,"height":11}},{"id":"637b97fb-16c6-4bbb-a61f-c426d5acbdde","block_type":"box","text":"implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who","page_number":112,"box":{"x":76,"y":497,"width":885,"height":11}},{"id":"3c7512c8-4be5-4754-9c08-054d7d8c6ebd","block_type":"box","text":"have more limited responsibilities.","page_number":112,"box":{"x":77,"y":511,"width":217,"height":11}},{"id":"c0ff6e8f-1c93-4816-8933-e68f8a53f7d6","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus Tom are primarily responsible for the day-to-day management of the Funds.","page_number":112,"box":{"x":75,"y":534,"width":763,"height":11}},{"id":"05c35ee0-f25a-47f9-b291-08d289fb1c0f","block_type":"box","text":"Jonathan Graves has been employed by BFA or its affiliates as a senior portfolio manager since 2003. He is a Managing Director of","page_number":112,"box":{"x":75,"y":557,"width":835,"height":11}},{"id":"233950d8-5f81-4166-80c6-dd0caf4596cf","block_type":"box","text":"BlackRock, Inc.","page_number":112,"box":{"x":77,"y":572,"width":96,"height":10}},{"id":"4d462207-0bf5-483d-b68e-55d40ebb02f5","block_type":"box","text":"James Mauro has been employed by BFA or its affiliates as a portfolio manager since 2011. He is a Managing Director of BlackRock, Inc.","page_number":112,"box":{"x":75,"y":595,"width":867,"height":11}},{"id":"406d0699-0fb7-438f-9a81-d3c79ea72436","block_type":"box","text":"Marcus Tom has been employed by BFA or its affiliates as a senior portfolio manager since 2000. He is a Director of BlackRock, Inc.","page_number":112,"box":{"x":77,"y":618,"width":840,"height":11}},{"id":"af6881a0-740b-4773-8795-a7096c45cda5","block_type":"box","text":"Each Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio","page_number":112,"box":{"x":77,"y":641,"width":863,"height":11}},{"id":"04778a1f-a8ca-49d2-a4aa-7bb57f52e65c","block_type":"box","text":"Managers and the Portfolio Managers’ ownership (if any) of shares of the Funds.","page_number":112,"box":{"x":77,"y":655,"width":511,"height":11}},{"id":"db3fd750-a419-4433-bb9d-441b893c20d9","block_type":"box","text":"Administrator, Custodian and Transfer Agent","page_number":112,"box":{"x":76,"y":679,"width":312,"height":11}},{"id":"b51995b9-eb9c-4470-a312-a7c58d18e4bf","block_type":"box","text":"The administrator, custodian and transfer agent for each Fund is indicated in the table below.","page_number":112,"box":{"x":76,"y":702,"width":594,"height":11}},{"id":"1de91d8d-d068-4d6c-b014-637c91310b9d","block_type":"box","text":"Fund","page_number":112,"box":{"x":87,"y":756,"width":33,"height":9}},{"id":"6d6bfdfe-59d4-481d-8615-1e768f3ccf3d","block_type":"box","text":"The Bank of","page_number":112,"box":{"x":498,"y":733,"width":83,"height":9}},{"id":"a89ad4bb-dc44-4190-9326-b7654dd9c747","block_type":"box","text":"New York","page_number":112,"box":{"x":500,"y":745,"width":65,"height":8}},{"id":"f15057ad-bddb-4531-95a8-2e778d9e12b8","block_type":"box","text":"Mellon Citibank, N.A.","page_number":112,"box":{"x":500,"y":756,"width":214,"height":11}},{"id":"1fe5ef2f-f86a-4bcf-850f-8d1b64cfd508","block_type":"box","text":"JPMorgan","page_number":112,"box":{"x":740,"y":733,"width":66,"height":11}},{"id":"d7aaa35d-5cf6-48e3-8a50-840c4ecd1f44","block_type":"box","text":"Chase Bank,","page_number":112,"box":{"x":741,"y":745,"width":85,"height":11}},{"id":"71029ea9-3e86-4982-9738-058b97870df5","block_type":"box","text":"N.A.","page_number":112,"box":{"x":741,"y":756,"width":27,"height":9}},{"id":"98fbcc20-7a8c-473d-be3f-8723aed02626","block_type":"box","text":"State Street","page_number":112,"box":{"x":862,"y":733,"width":83,"height":9}},{"id":"a9c327b4-76b2-44cc-821c-a802e33517fd","block_type":"box","text":"Bank and Trust","page_number":112,"box":{"x":862,"y":745,"width":104,"height":8}},{"id":"cc0e7e65-766d-40f7-a78a-5678cbc88626","block_type":"box","text":"Company","page_number":112,"box":{"x":862,"y":756,"width":64,"height":11}},{"id":"b23d33b9-ebee-4e00-a717-c4ccd6d263b0","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF","page_number":112,"box":{"x":87,"y":774,"width":282,"height":11}},{"id":"d984a3f0-6fa0-46f9-abfa-3cdb1b04c708","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF","page_number":112,"box":{"x":87,"y":792,"width":282,"height":11}},{"id":"ddf5e4cb-b55b-4eea-b443-ef46376ad28a","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF","page_number":112,"box":{"x":87,"y":810,"width":282,"height":11}},{"id":"e919cf80-90dd-4034-b1a1-4d178285b593","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF","page_number":112,"box":{"x":87,"y":829,"width":282,"height":10}},{"id":"741dcdb2-9bf5-40d9-8292-a5851b9ee5f6","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF","page_number":112,"box":{"x":87,"y":847,"width":282,"height":10}},{"id":"e5b1f46d-02ef-4338-b26c-7b6be2a78123","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF","page_number":112,"box":{"x":87,"y":865,"width":281,"height":10}},{"id":"8ee8ce5a-5386-46a3-9733-1a7f45fe0b27","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":112,"box":{"x":87,"y":883,"width":282,"height":10}},{"id":"e6d0ee4b-309b-4464-abc9-00239c89b497","block_type":"box","text":"12","page_number":112,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"f7a272e8-ab20-4c82-a33f-5a3c397c4b85","block_type":"box","text":"Fund","page_number":113,"box":{"x":87,"y":55,"width":33,"height":8}},{"id":"bd9d57bd-43af-4225-ac88-7c57ffa90564","block_type":"box","text":"The Bank of","page_number":113,"box":{"x":498,"y":31,"width":83,"height":9}},{"id":"5b503dab-ade2-432b-932f-61cb81219f21","block_type":"box","text":"New York","page_number":113,"box":{"x":500,"y":43,"width":65,"height":8}},{"id":"0c70210b-8e2c-4c70-b1b3-ac3399902d9b","block_type":"box","text":"Mellon Citibank, N.A.","page_number":113,"box":{"x":500,"y":54,"width":214,"height":12}},{"id":"6536b4f7-dca9-4532-a179-cc14c3d54aea","block_type":"box","text":"JPMorgan","page_number":113,"box":{"x":740,"y":31,"width":66,"height":11}},{"id":"5172a843-65f3-446c-b255-e9df3a5f02c7","block_type":"box","text":"Chase Bank,","page_number":113,"box":{"x":741,"y":43,"width":85,"height":11}},{"id":"67a1f025-2074-4158-b224-309f20f0fde9","block_type":"box","text":"N.A.","page_number":113,"box":{"x":741,"y":55,"width":27,"height":8}},{"id":"cc3cfbb8-94ee-4b53-a2dc-bc5dd1914391","block_type":"box","text":"State Street","page_number":113,"box":{"x":862,"y":31,"width":83,"height":9}},{"id":"ace6cb20-fbf0-4556-aee4-1bdf12d66931","block_type":"box","text":"Bank and Trust","page_number":113,"box":{"x":862,"y":43,"width":104,"height":8}},{"id":"9239c530-1794-4207-88eb-0e1fb71db85c","block_type":"box","text":"Company","page_number":113,"box":{"x":862,"y":54,"width":64,"height":11}},{"id":"28916287-a1de-4b71-862f-70a4e39d6290","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF","page_number":113,"box":{"x":87,"y":72,"width":282,"height":11}},{"id":"e6bb2eb2-125a-4c81-bd97-970c8d87eae2","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF*","page_number":113,"box":{"x":87,"y":91,"width":289,"height":10}},{"id":"6a417638-41dc-4266-960b-cd10f7d09689","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF","page_number":113,"box":{"x":87,"y":109,"width":282,"height":10}},{"id":"13dd56ec-3228-442b-89dd-4b82177abaff","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF*","page_number":113,"box":{"x":87,"y":127,"width":289,"height":10}},{"id":"775d3ee9-a01a-4fa0-bac0-43b109ee6a83","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF","page_number":113,"box":{"x":87,"y":145,"width":282,"height":10}},{"id":"21dc4f83-d776-463e-9212-bbce0b7f9e04","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF*","page_number":113,"box":{"x":87,"y":163,"width":289,"height":10}},{"id":"4d5dfc01-7283-41a7-87f6-869cec6ed5cf","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF","page_number":113,"box":{"x":87,"y":181,"width":282,"height":11}},{"id":"43391b27-5e66-4504-b497-eae79866fcef","block_type":"box","text":"iShares Treasury Floating Rate Bond ETF*","page_number":113,"box":{"x":87,"y":199,"width":264,"height":11}},{"id":"cf06ffca-da95-4887-8ca5-8661eaef8dc4","block_type":"box","text":"iShares U.S. Treasury Bond ETF","page_number":113,"box":{"x":87,"y":217,"width":199,"height":11}},{"id":"2a46be81-a5e6-48e9-9bda-7fa1aa85d712","block_type":"box","text":"* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities.","page_number":113,"box":{"x":77,"y":243,"width":673,"height":9}},{"id":"1abaa111-a8c3-45e3-bbad-05d8f674fbd6","block_type":"box","text":"Conflicts of Interest","page_number":113,"box":{"x":76,"y":265,"width":139,"height":8}},{"id":"38ddc250-1010-4953-a2c9-130d5b14dbfa","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the “Affiliates”)), and their respec","page_number":113,"box":{"x":76,"y":288,"width":874,"height":11}},{"id":"0d0b6989-0464-4b14-a6e8-7156f45cb11c","block_type":"box","text":"tive","page_number":113,"box":{"x":951,"y":288,"width":22,"height":9}},{"id":"015bc61f-0c4c-46e5-92f7-756174ceb37a","block_type":"box","text":"directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could","page_number":113,"box":{"x":76,"y":302,"width":827,"height":11}},{"id":"63ddd3dd-612d-48f4-9b81-30e6a3674a73","block_type":"box","text":"disadvantage a Fund and its shareholders.","page_number":113,"box":{"x":76,"y":316,"width":269,"height":11}},{"id":"58e16049-518a-47d7-8757-1ff7ecbbbbaf","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary","page_number":113,"box":{"x":77,"y":340,"width":899,"height":10}},{"id":"2ff16b5d-7996-48e8-bc01-29778b8d665d","block_type":"box","text":"course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BFA","page_number":113,"box":{"x":76,"y":354,"width":879,"height":11}},{"id":"a402fa52-5aae-44b7-b0ee-a99b43235cba","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":113,"box":{"x":76,"y":368,"width":858,"height":11}},{"id":"4055bca4-92b2-4649-992c-af788b248cd0","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and","page_number":113,"box":{"x":76,"y":382,"width":903,"height":11}},{"id":"ad7dc166-594f-420e-b867-2014f403065e","block_type":"box","text":"indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.","page_number":113,"box":{"x":76,"y":396,"width":856,"height":11}},{"id":"6dbf05d3-f9f6-4b7c-8e50-d48e40b944c5","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those","page_number":113,"box":{"x":77,"y":420,"width":902,"height":10}},{"id":"2b16fc30-6ff9-4460-894c-ca786a7a71b7","block_type":"box","text":"of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are","page_number":113,"box":{"x":76,"y":434,"width":890,"height":11}},{"id":"31545c6e-991e-4261-8bee-8036da65a737","block_type":"box","text":"held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":113,"box":{"x":77,"y":448,"width":855,"height":11}},{"id":"77d15dbb-09e6-4876-9df6-d9889c8e809a","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":113,"box":{"x":76,"y":462,"width":868,"height":11}},{"id":"6ad24047-da51-4707-85d1-4dbc249e2ba1","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":113,"box":{"x":76,"y":476,"width":855,"height":11}},{"id":"66d14bea-6f59-4b69-9c38-2fc9d2799331","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":113,"box":{"x":76,"y":490,"width":861,"height":11}},{"id":"c5b6c2ef-4790-4d0a-b003-afb782b2f626","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":113,"box":{"x":76,"y":505,"width":411,"height":10}},{"id":"a29fc6ea-97f0-4f4d-8930-9f69c15145af","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":113,"box":{"x":76,"y":528,"width":891,"height":11}},{"id":"1937c616-df84-49a8-b57a-73fdb765a19d","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":113,"box":{"x":76,"y":542,"width":864,"height":11}},{"id":"a65306e7-6027-49a6-8bf5-2ac1ae15123e","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":113,"box":{"x":76,"y":556,"width":845,"height":11}},{"id":"d8b20a45-1a9b-4dda-9759-9a9121c7ae62","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":113,"box":{"x":76,"y":570,"width":695,"height":11}},{"id":"0d1ac759-2e85-43c3-b3a5-dd570e749ea5","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":113,"box":{"x":76,"y":594,"width":871,"height":10}},{"id":"21a976da-47f6-4126-a00d-d35b7a82019f","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":113,"box":{"x":77,"y":608,"width":347,"height":11}},{"id":"20482423-0696-4ae0-b80c-480610150ec6","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":113,"box":{"x":77,"y":631,"width":891,"height":11}},{"id":"d8c3d7f8-b014-411f-9304-af51132a18ff","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":113,"box":{"x":76,"y":645,"width":873,"height":11}},{"id":"75601ac6-9e91-4769-9bd5-c907addcd7fc","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":113,"box":{"x":76,"y":659,"width":903,"height":11}},{"id":"261ac93e-4bb1-4223-bebc-17dd4f96459f","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":113,"box":{"x":76,"y":673,"width":897,"height":11}},{"id":"ff819dde-bb47-45f8-99d4-49f7bb5a7a0a","block_type":"box","text":"possible.","page_number":113,"box":{"x":76,"y":688,"width":56,"height":10}},{"id":"746c055f-625e-4cd2-9c06-b4c601bdc3b0","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":113,"box":{"x":77,"y":711,"width":888,"height":11}},{"id":"0b4c8710-4ddd-4fab-952e-b7c047ffe42d","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":113,"box":{"x":76,"y":725,"width":857,"height":11}},{"id":"245613d3-1c4d-49cf-9fcf-132befb00038","block_type":"box","text":"employees or clients.","page_number":113,"box":{"x":76,"y":739,"width":135,"height":11}},{"id":"3ac24642-9087-42d7-b0c1-56c7be308013","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":113,"box":{"x":77,"y":762,"width":876,"height":11}},{"id":"4957570a-89e8-4733-adad-2b6cdea1e0fe","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":113,"box":{"x":76,"y":777,"width":851,"height":10}},{"id":"2355d114-e8bd-47d9-a67a-34d57c357524","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":113,"box":{"x":76,"y":791,"width":440,"height":11}},{"id":"03588ca4-8da7-44bf-8859-945989969478","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":113,"box":{"x":76,"y":814,"width":901,"height":11}},{"id":"e3bcaff8-48d7-4e8f-b9e1-ad50a15bc7b5","block_type":"box","text":"such restrictions.","page_number":113,"box":{"x":76,"y":828,"width":110,"height":9}},{"id":"24b1ed5f-aaaa-4d63-8f55-10567953d4d2","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":113,"box":{"x":77,"y":851,"width":863,"height":11}},{"id":"08aca477-bef8-4112-aa78-d642840ef469","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":113,"box":{"x":77,"y":866,"width":854,"height":10}},{"id":"3f781759-381f-476a-9d26-509e84a0ce91","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":113,"box":{"x":77,"y":880,"width":862,"height":11}},{"id":"26912a6c-efff-4003-be6f-88d811e35c80","block_type":"box","text":"13","page_number":113,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ed547eab-2e8a-47de-afb1-4032b432cefe","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":114,"box":{"x":77,"y":23,"width":876,"height":11}},{"id":"31c1a95d-a73b-4305-9a8e-0f76e8d1bd37","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":114,"box":{"x":76,"y":37,"width":363,"height":11}},{"id":"14b5827d-e230-4303-b444-7971f671f793","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":114,"box":{"x":77,"y":61,"width":894,"height":10}},{"id":"c564fd31-c059-469c-96ed-cf58acf35114","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":114,"box":{"x":76,"y":75,"width":860,"height":11}},{"id":"80a89654-a59b-4546-ae19-dbd6693a927e","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":114,"box":{"x":77,"y":89,"width":854,"height":11}},{"id":"9536eabf-f96b-4dd1-a8fd-a4e00404bc4d","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":114,"box":{"x":76,"y":103,"width":894,"height":11}},{"id":"d98b4fb7-67ff-443d-a986-ee5c76ddef00","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":114,"box":{"x":76,"y":117,"width":871,"height":11}},{"id":"c2437e5d-51a2-437e-9bf9-dc9631f6d3c0","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":114,"box":{"x":76,"y":131,"width":848,"height":11}},{"id":"db4a2641-aed8-4e4c-8c16-dcdf64c1b916","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":114,"box":{"x":77,"y":146,"width":342,"height":10}},{"id":"af9432a4-a614-47b7-b27b-9a588f2c09d0","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":114,"box":{"x":77,"y":169,"width":893,"height":11}},{"id":"9a1cd5bb-e3e0-44f5-9733-5e15ccd710da","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":114,"box":{"x":76,"y":183,"width":885,"height":11}},{"id":"c86a76e0-1fda-4061-a9e1-afcd8754e881","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":114,"box":{"x":76,"y":197,"width":897,"height":11}},{"id":"2ec8080f-370d-438b-ab0e-5e98bfc14145","block_type":"box","text":"licensees.","page_number":114,"box":{"x":77,"y":211,"width":61,"height":9}},{"id":"ed1f1319-ac94-4bad-b3e2-92ff4852abc4","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":114,"box":{"x":76,"y":235,"width":875,"height":10}},{"id":"ed4a3c2c-4575-4ea6-b29b-e796eeeb0fb0","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":114,"box":{"x":76,"y":249,"width":886,"height":11}},{"id":"97d34e3d-d938-4cae-8635-0128660a21a7","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":114,"box":{"x":76,"y":263,"width":326,"height":8}},{"id":"6f2eea62-ff27-4f00-a824-4c4e68c7879d","block_type":"box","text":"Shareholder Information","page_number":114,"box":{"x":77,"y":292,"width":240,"height":13}},{"id":"ae66c434-efd8-4a84-a37b-094fab3dac8d","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":114,"box":{"x":75,"y":321,"width":821,"height":11}},{"id":"c1e423c3-00b0-41bb-9e21-6c5f1e37cf2f","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":114,"box":{"x":78,"y":335,"width":383,"height":11}},{"id":"5df209da-9c44-4599-b8c4-5691dcdbf489","block_type":"box","text":"Buying and Selling Shares","page_number":114,"box":{"x":77,"y":358,"width":180,"height":11}},{"id":"29063471-4d22-4839-96e2-af02f7c85b55","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":114,"box":{"x":76,"y":382,"width":839,"height":10}},{"id":"49552a55-51e2-4a50-a035-8e9b6dfe3d1c","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":114,"box":{"x":76,"y":396,"width":584,"height":11}},{"id":"8f35961c-b92b-40b9-86ff-5f49373714fa","block_type":"box","text":"i.e","page_number":114,"box":{"x":661,"y":396,"width":14,"height":8}},{"id":"60cec18e-f761-4712-95a7-04fb17e03c9c","block_type":"box","text":"., financial institutions that are authorized to","page_number":114,"box":{"x":677,"y":396,"width":282,"height":10}},{"id":"58f16601-43f2-4a26-9972-c134496642fa","block_type":"box","text":"participate in such transactions), as described in the","page_number":114,"box":{"x":76,"y":410,"width":335,"height":11}},{"id":"15325223-df33-4da2-b231-a7241ae19f1f","block_type":"box","text":"Creations and Redemptions","page_number":114,"box":{"x":417,"y":410,"width":173,"height":11}},{"id":"b281aab9-9645-4c10-9da3-2102f797072c","block_type":"box","text":"section below.","page_number":114,"box":{"x":595,"y":410,"width":90,"height":8}},{"id":"14ec3f41-822b-41bb-b2a7-2f844f262569","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":114,"box":{"x":77,"y":433,"width":904,"height":11}},{"id":"7196b72f-f834-4fe0-8bd6-97112dcd7b2b","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":114,"box":{"x":77,"y":447,"width":860,"height":11}},{"id":"65ebfdd5-4095-42bb-a40e-778d112685a7","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":114,"box":{"x":76,"y":461,"width":857,"height":11}},{"id":"87fc79ef-e666-4707-bb24-39bf6d9fbf39","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":114,"box":{"x":76,"y":476,"width":598,"height":10}},{"id":"7b93ce86-5b20-4e1a-b195-7080953df8cc","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":114,"box":{"x":77,"y":499,"width":899,"height":11}},{"id":"5b1e8738-247e-421c-8f4e-46f181592c18","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":114,"box":{"x":76,"y":513,"width":869,"height":11}},{"id":"0b0107e9-5d82-48bd-823d-81dacdc7576f","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":114,"box":{"x":76,"y":527,"width":888,"height":11}},{"id":"991905f4-1f75-4ee2-a501-4b16d6b3d6af","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":114,"box":{"x":76,"y":541,"width":884,"height":11}},{"id":"13aa48ce-8c7f-4c69-bfdf-87237a434bba","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":114,"box":{"x":76,"y":556,"width":904,"height":10}},{"id":"98d81926-35da-46d4-92b7-79e9bdd0af39","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":114,"box":{"x":76,"y":570,"width":897,"height":11}},{"id":"57c067da-8bdb-492d-aaab-71acb8059f4a","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":114,"box":{"x":76,"y":584,"width":887,"height":11}},{"id":"b58fc0d9-4aa7-4bf4-a004-a70eb98aff11","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":114,"box":{"x":76,"y":598,"width":713,"height":11}},{"id":"fa6a0914-1321-453a-9eb0-e059eb2042f5","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":114,"box":{"x":76,"y":621,"width":902,"height":11}},{"id":"920aa7e5-a073-4483-b2c8-fa0f12566f26","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":114,"box":{"x":76,"y":635,"width":856,"height":11}},{"id":"fcea6cfa-89e3-4617-b0db-d261c28ecb4c","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":114,"box":{"x":77,"y":650,"width":612,"height":10}},{"id":"88d32fda-66b7-4539-8427-d7c5b38945cb","block_type":"box","text":"Investments in Investment Companies","page_number":114,"box":{"x":77,"y":673,"width":268,"height":11}},{"id":"c7afa998-f9ac-43cb-a330-dc4e4fe23d2d","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":114,"box":{"x":76,"y":696,"width":873,"height":11}},{"id":"3fb02f9c-ee5f-47ca-b813-f048ad052944","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":114,"box":{"x":76,"y":710,"width":889,"height":11}},{"id":"8ca22615-bf98-4a85-8f54-5c199a98d82a","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":114,"box":{"x":76,"y":724,"width":847,"height":11}},{"id":"1f7beb37-d391-4338-b626-2e7571195075","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":114,"box":{"x":76,"y":739,"width":897,"height":10}},{"id":"80f11dd7-7872-4d18-8122-8d0b60dc1876","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":114,"box":{"x":76,"y":753,"width":890,"height":11}},{"id":"5da99b51-284c-45fd-9e6e-3e77c1e58b4e","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":114,"box":{"x":76,"y":767,"width":904,"height":11}},{"id":"fc8f401a-d0c1-4ae1-b5ed-5d7930b86d30","block_type":"box","text":"investment companies and companies controlled by them.","page_number":114,"box":{"x":76,"y":781,"width":374,"height":11}},{"id":"ef1cf90b-99e0-4f8b-b17d-ef675c8057b9","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":114,"box":{"x":77,"y":804,"width":867,"height":11}},{"id":"46e54799-c64c-4568-a383-7b4a15925333","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":114,"box":{"x":78,"y":819,"width":871,"height":10}},{"id":"a927475b-4589-42f6-9845-e5ab90805814","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":114,"box":{"x":77,"y":833,"width":855,"height":11}},{"id":"f9ff454a-db03-4689-9836-7b5fc1fcfd7f","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":114,"box":{"x":76,"y":847,"width":874,"height":11}},{"id":"d3788943-b471-4d3c-8e55-63583ffd71db","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":114,"box":{"x":78,"y":861,"width":894,"height":11}},{"id":"bc5353a4-9c51-4abe-9e15-40b329685e2b","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":114,"box":{"x":76,"y":875,"width":367,"height":11}},{"id":"d61505c6-100d-4228-ad83-7e30e0427e48","block_type":"box","text":"14","page_number":114,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ce2ee6d1-9a05-4f88-a422-a82653b3d2d3","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":115,"box":{"x":77,"y":23,"width":883,"height":11}},{"id":"30a5cb46-a16f-42e9-8a4c-e2f70af55dfe","block_type":"box","text":"SEC no-action relief.","page_number":115,"box":{"x":76,"y":37,"width":130,"height":9}},{"id":"fb7ce926-a450-4ada-8311-9e796bd1e946","block_type":"box","text":"Book Entry","page_number":115,"box":{"x":77,"y":61,"width":76,"height":10}},{"id":"b1ce5bcd-0a95-4c7c-8d08-0d3b759b98be","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":115,"box":{"x":76,"y":84,"width":892,"height":11}},{"id":"5939efb6-0698-4c92-9406-ac8669deee99","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":115,"box":{"x":76,"y":98,"width":832,"height":11}},{"id":"80f411c6-aa81-4c12-8e63-8909196386ff","block_type":"box","text":"outstanding shares of the Funds.","page_number":115,"box":{"x":76,"y":112,"width":209,"height":11}},{"id":"1bfbf299-dec9-4a96-88c5-2747abe5f6a1","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":115,"box":{"x":77,"y":135,"width":885,"height":11}},{"id":"df845f3b-3e3a-4a48-9b79-7bf94d3b8ae6","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":115,"box":{"x":76,"y":150,"width":863,"height":10}},{"id":"e5a155ce-444c-48ce-9b4d-2a0199e51280","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":115,"box":{"x":77,"y":164,"width":888,"height":10}},{"id":"cd5d11d2-ddf1-42d2-ae5d-0faf99e1276a","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":115,"box":{"x":76,"y":178,"width":874,"height":11}},{"id":"3341d04a-c8a0-426b-a8b5-a48aa689f40a","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":115,"box":{"x":77,"y":192,"width":899,"height":11}},{"id":"e9ea6d76-9520-42b7-8364-2052ace12d07","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":115,"box":{"x":76,"y":206,"width":330,"height":11}},{"id":"d7efae1f-ba5c-403d-a330-179ff7fe09b3","block_type":"box","text":"Share Prices","page_number":115,"box":{"x":76,"y":229,"width":87,"height":9}},{"id":"cbb191bd-4608-4c8d-86de-584d38474197","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":115,"box":{"x":76,"y":253,"width":894,"height":10}},{"id":"0c838caa-7854-410c-9303-b1277ddf70a9","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":115,"box":{"x":76,"y":267,"width":876,"height":11}},{"id":"a0747884-7682-4fc3-b4d2-9aa9d334d6ad","block_type":"box","text":"conditions.","page_number":115,"box":{"x":76,"y":281,"width":69,"height":8}},{"id":"2f129e72-ac54-4e2b-b44a-7abef95b78df","block_type":"box","text":"Determination of Net Asset Value","page_number":115,"box":{"x":77,"y":304,"width":233,"height":9}},{"id":"04feceb1-a876-4c40-9fb6-3ca85e386f57","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":115,"box":{"x":76,"y":327,"width":872,"height":11}},{"id":"3f2934c2-f4fe-4cec-a3cc-48012dfb53f7","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":115,"box":{"x":76,"y":342,"width":904,"height":10}},{"id":"beff2dd7-6a72-4d0e-96b8-3abc5d21a2ab","block_type":"box","text":"on prices at the time of closing.","page_number":115,"box":{"x":76,"y":356,"width":201,"height":11}},{"id":"f11885df-7221-4a63-af6e-1ce87f30a05b","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":115,"box":{"x":76,"y":379,"width":883,"height":11}},{"id":"e79c7d42-2c2c-4a05-b269-c51d83c194a2","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":115,"box":{"x":76,"y":393,"width":554,"height":11}},{"id":"7b0a1a87-e841-4198-b456-22d65aa06130","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":115,"box":{"x":76,"y":416,"width":501,"height":11}},{"id":"48bd62fe-1e44-402f-ace4-2f80d1588da2","block_type":"box","text":"i.e","page_number":115,"box":{"x":578,"y":416,"width":14,"height":9}},{"id":"85aeb43d-2e36-422f-918b-e90db4b37af6","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":115,"box":{"x":594,"y":416,"width":353,"height":11}},{"id":"94f73b82-a9a6-4025-9145-e11a1230caec","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":115,"box":{"x":77,"y":430,"width":857,"height":11}},{"id":"b1b9e97b-b361-40ae-b581-b42c057cf2bf","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":115,"box":{"x":77,"y":445,"width":883,"height":10}},{"id":"802c7ef4-a415-42f5-bb65-af921ced3a46","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":115,"box":{"x":77,"y":459,"width":881,"height":11}},{"id":"8e434f80-9fde-4173-93b4-d52a82fa282e","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":115,"box":{"x":77,"y":482,"width":867,"height":11}},{"id":"706401e5-a805-44ff-8c63-e6d2a8690d09","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":115,"box":{"x":76,"y":496,"width":896,"height":11}},{"id":"8505ca02-0f7b-4c7a-8fbf-9ca8f6f095ec","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":115,"box":{"x":77,"y":510,"width":903,"height":11}},{"id":"d9d6a638-95f2-4d2d-8e25-dcffe3ba270a","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":115,"box":{"x":76,"y":525,"width":897,"height":10}},{"id":"327e9d6c-4788-4743-b129-11767258f309","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":115,"box":{"x":76,"y":539,"width":887,"height":11}},{"id":"e3468516-bdf4-4d22-86d3-9ca0bb9918cc","block_type":"box","text":"price.","page_number":115,"box":{"x":76,"y":553,"width":35,"height":11}},{"id":"a15237e4-eb6b-4d7f-ab93-a7c66e9024e6","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":115,"box":{"x":77,"y":576,"width":904,"height":11}},{"id":"f93cc972-a91e-4d25-ad58-3908ce987e9c","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":115,"box":{"x":76,"y":590,"width":891,"height":11}},{"id":"78a293fc-6731-4bc7-b67c-3db878abbd79","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":115,"box":{"x":76,"y":605,"width":861,"height":10}},{"id":"862b894c-b4f1-460f-bcdb-5721e8985fd1","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":115,"box":{"x":76,"y":619,"width":901,"height":11}},{"id":"3b8b98ef-2ec7-4899-8a4c-1763c6391dd8","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":115,"box":{"x":77,"y":633,"width":904,"height":11}},{"id":"e6d509e7-1586-4eee-b4e4-b97a94cdb7b0","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":115,"box":{"x":77,"y":647,"width":899,"height":11}},{"id":"bf493eb8-10e9-40d6-a58f-701e59c3e547","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":115,"box":{"x":77,"y":661,"width":902,"height":11}},{"id":"76cc3c1c-23cb-47d9-b695-5bb0a4f2423b","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":115,"box":{"x":77,"y":675,"width":491,"height":11}},{"id":"076ce8c8-b7f6-44ec-a810-57051bcccade","block_type":"box","text":"Generally, trading in certain instruments (","page_number":115,"box":{"x":76,"y":699,"width":265,"height":10}},{"id":"0c1545ff-d2a6-452c-9c5d-30a31428ae88","block_type":"box","text":"e.g","page_number":115,"box":{"x":343,"y":701,"width":19,"height":8}},{"id":"1df6d255-4706-409c-8bf6-c43ecceb3943","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":115,"box":{"x":362,"y":699,"width":599,"height":10}},{"id":"d4b34377-8640-4a72-9745-e2872741941a","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":115,"box":{"x":76,"y":713,"width":869,"height":11}},{"id":"95437be6-f40b-46a1-8ea9-c2b1541360b0","block_type":"box","text":"determined as of such times.","page_number":115,"box":{"x":76,"y":727,"width":185,"height":8}},{"id":"4c0fd05b-67cc-4c6c-91b6-79916e44c29d","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":115,"box":{"x":77,"y":750,"width":885,"height":11}},{"id":"336d51f4-8fcf-4a34-9832-27cf47089a9f","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":115,"box":{"x":76,"y":764,"width":901,"height":11}},{"id":"b64cd078-7ed9-4069-8c05-5ff440cccc3b","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":115,"box":{"x":76,"y":779,"width":904,"height":10}},{"id":"99993f60-af6d-49c3-a6d7-4569be978850","block_type":"box","text":"a Fund’s pricing time.","page_number":115,"box":{"x":76,"y":793,"width":136,"height":11}},{"id":"762df5c0-bbd8-4fd4-ac4c-b2e83f821d2b","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":115,"box":{"x":76,"y":816,"width":877,"height":11}},{"id":"4dc1c215-2015-4d1f-972f-8646c24d005d","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":115,"box":{"x":76,"y":830,"width":392,"height":11}},{"id":"e91a30e7-88a8-4b2d-96f5-5a6baa30776a","block_type":"box","text":"15","page_number":115,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"50ff509b-d97d-48e2-8254-303a44a4f22f","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":116,"box":{"x":76,"y":23,"width":837,"height":11}},{"id":"3ebf7f84-72ee-4c1d-8965-19b33c9c0a1d","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":116,"box":{"x":76,"y":37,"width":874,"height":11}},{"id":"c7a224a2-d612-4794-84b5-2f36cd8c92a3","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":116,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"79745732-22f8-4ca2-ba4a-5c98bc5ba6ae","block_type":"box","text":"length transaction.","page_number":116,"box":{"x":77,"y":66,"width":118,"height":11}},{"id":"3e978af8-300c-4e57-9832-1b72cd61aa55","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":116,"box":{"x":77,"y":89,"width":531,"height":11}},{"id":"0619c4a1-5161-42d4-95bd-94d25cfb466e","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":116,"box":{"x":113,"y":107,"width":582,"height":11}},{"id":"0267542f-e566-445a-a8ac-f8358c24bc77","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":116,"box":{"x":113,"y":125,"width":767,"height":11}},{"id":"0f82d771-c05d-45f3-b366-8524dd77da10","block_type":"box","text":"An asset or liability is thinly traded;","page_number":116,"box":{"x":113,"y":143,"width":223,"height":11}},{"id":"c3a98f5c-1eef-451b-abce-8ce61ca5f4a2","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":116,"box":{"x":113,"y":161,"width":508,"height":11}},{"id":"56d53fc1-1bce-4e3d-8df2-6835b97f50f9","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":116,"box":{"x":113,"y":179,"width":853,"height":11}},{"id":"321480e8-ee56-4853-af61-82fae9b4259f","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":116,"box":{"x":76,"y":202,"width":874,"height":11}},{"id":"ebb3bc1d-40ed-4855-b8e5-48ce1f6cb673","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":116,"box":{"x":76,"y":216,"width":876,"height":11}},{"id":"0c86bdf4-d864-4e19-8dcb-484088abf6b7","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":116,"box":{"x":76,"y":231,"width":246,"height":8}},{"id":"481525ee-79b5-4c06-a845-06ed0ed332a9","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":116,"box":{"x":76,"y":254,"width":890,"height":11}},{"id":"a0e84ce2-37b0-48cd-ab45-7d37073b05b0","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":116,"box":{"x":76,"y":268,"width":888,"height":11}},{"id":"7729dcec-6118-47f8-92ef-10944910860f","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":116,"box":{"x":76,"y":282,"width":896,"height":11}},{"id":"f1e5c8c4-177f-46f8-9dc8-b6d8b18f9e05","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":116,"box":{"x":77,"y":296,"width":870,"height":11}},{"id":"7de71f6a-67eb-4534-8327-6b5a36366954","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":116,"box":{"x":77,"y":311,"width":414,"height":10}},{"id":"29d4b1c5-368d-4991-8c0a-e6243cfff475","block_type":"box","text":"Dividends and Distributions","page_number":116,"box":{"x":77,"y":334,"width":192,"height":8}},{"id":"fbff46e1-624c-48ad-a2fe-58989a7e7d16","block_type":"box","text":"General Policies.","page_number":116,"box":{"x":76,"y":357,"width":103,"height":9}},{"id":"bbd98b21-205e-418d-a00c-f9401ccf00c3","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":116,"box":{"x":185,"y":357,"width":782,"height":11}},{"id":"5053dae1-53da-4197-b8e7-e96aa574efb9","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":116,"box":{"x":77,"y":371,"width":887,"height":11}},{"id":"2519412b-6e48-40cb-b5bc-34222036c2f6","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":116,"box":{"x":76,"y":385,"width":904,"height":11}},{"id":"8084d665-276a-4286-b73c-780ce7b5e698","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":116,"box":{"x":76,"y":400,"width":893,"height":10}},{"id":"6e2589ae-ac14-44cd-8e6e-31b91882b02e","block_type":"box","text":"or realized gains.","page_number":116,"box":{"x":76,"y":414,"width":107,"height":11}},{"id":"cc5fd415-da36-4a19-acaf-c9ad8a6443a4","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":116,"box":{"x":77,"y":437,"width":885,"height":11}},{"id":"c5f2ec91-ee47-4b22-9a1e-26e167fca96f","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":116,"box":{"x":76,"y":451,"width":856,"height":11}},{"id":"f7596817-fb37-4e04-8607-8ae594d6dfba","block_type":"box","text":"received from the Funds.","page_number":116,"box":{"x":77,"y":465,"width":157,"height":9}},{"id":"52b99d3c-1e8f-4f50-adc2-874894f2482a","block_type":"box","text":"Dividend Reinvestment Service.","page_number":116,"box":{"x":76,"y":489,"width":197,"height":8}},{"id":"27a74a6f-1209-45e5-a747-201079b268b4","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":116,"box":{"x":280,"y":489,"width":667,"height":10}},{"id":"02d54ee5-c238-4684-864e-6d5be2218343","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":116,"box":{"x":77,"y":503,"width":899,"height":11}},{"id":"d8b83f1a-af61-46f6-b07c-bf995fd571a7","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":116,"box":{"x":76,"y":517,"width":869,"height":11}},{"id":"603d3559-8e02-424a-9d78-2e82e48b9ab1","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":116,"box":{"x":76,"y":531,"width":895,"height":11}},{"id":"5d879a3e-06cc-40a2-8f95-d832573ebd30","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":116,"box":{"x":76,"y":545,"width":617,"height":11}},{"id":"6199dce0-adbe-4793-ad8f-f6a43dce1e4f","block_type":"box","text":"Note on Tax Information.","page_number":116,"box":{"x":76,"y":568,"width":167,"height":9}},{"id":"d442fd5d-c580-458b-8aa2-5946ff6d0552","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":116,"box":{"x":249,"y":568,"width":723,"height":11}},{"id":"e4fb9c64-61b1-4113-af93-7d0926fac00a","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":116,"box":{"x":76,"y":583,"width":905,"height":10}},{"id":"f86a258e-d8f3-4fd5-8e72-35a746e5aa02","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":116,"box":{"x":76,"y":597,"width":893,"height":11}},{"id":"bdcc047a-4100-4161-a99c-4cfe233c7a1e","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":116,"box":{"x":76,"y":611,"width":893,"height":11}},{"id":"fe92c314-ff5d-41d8-92ea-131fedabe0b0","block_type":"box","text":"laws.","page_number":116,"box":{"x":76,"y":625,"width":30,"height":9}},{"id":"b3fd91be-32d9-499c-87d6-7b2cfaf55474","block_type":"box","text":"Taxes","page_number":116,"box":{"x":76,"y":649,"width":38,"height":8}},{"id":"b8d98280-1ed0-4a06-81f7-cb3838739138","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":116,"box":{"x":76,"y":672,"width":874,"height":10}},{"id":"d3064aef-6a17-45d2-abf1-2674664b2b90","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":116,"box":{"x":76,"y":686,"width":877,"height":11}},{"id":"849552bb-36df-4628-b632-ac2251d3349f","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":116,"box":{"x":76,"y":700,"width":895,"height":11}},{"id":"f73d6b44-7e11-4b0b-8abd-3a3fe7ba754d","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":116,"box":{"x":76,"y":714,"width":594,"height":11}},{"id":"61b2b55e-ff82-4d38-9177-90a9b39fcf12","block_type":"box","text":"Taxes on Fund Distributions","page_number":116,"box":{"x":76,"y":737,"width":194,"height":9}},{"id":"861ed4cf-0235-4b0b-90be-98a5245474e2","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":116,"box":{"x":76,"y":761,"width":863,"height":10}},{"id":"67a971d8-5f17-4c8f-8a76-7be972651bc5","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":116,"box":{"x":76,"y":775,"width":873,"height":11}},{"id":"2f8605c1-9967-458e-8c6c-085c6c8d4bd8","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":116,"box":{"x":76,"y":789,"width":713,"height":11}},{"id":"aa98100a-76e9-4578-959a-79d49028865a","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":116,"box":{"x":77,"y":812,"width":902,"height":11}},{"id":"4abbc870-7569-498a-8205-b60fbbb05e71","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":116,"box":{"x":76,"y":826,"width":365,"height":11}},{"id":"444f244f-3d68-4e92-8828-ee473a041903","block_type":"box","text":"Capital Gains.","page_number":116,"box":{"x":76,"y":849,"width":86,"height":11}},{"id":"54c3f82e-b56e-4b75-9d5a-bb612c12e0e5","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":116,"box":{"x":169,"y":849,"width":785,"height":11}},{"id":"81167c1f-f29d-420c-bcc1-1242dd65cbf2","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":116,"box":{"x":76,"y":864,"width":857,"height":10}},{"id":"2b7d72b0-9cdc-4c9e-9ca3-1e8376784537","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":116,"box":{"x":76,"y":878,"width":878,"height":11}},{"id":"e7c40d56-850d-4f45-9500-e73a8baadfea","block_type":"box","text":"16","page_number":116,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"5b86c238-c183-48de-a48e-bb855e159f58","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":117,"box":{"x":77,"y":23,"width":871,"height":11}},{"id":"8258bb7a-3481-4aa8-8200-ac4218b93f46","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":117,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"0d540591-4487-43be-9224-9f485e514470","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":117,"box":{"x":76,"y":51,"width":878,"height":11}},{"id":"d8f932cf-8a98-4701-947a-9290feb99db4","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":117,"box":{"x":77,"y":66,"width":289,"height":10}},{"id":"7b84e426-89cc-4354-9c12-e6f8cee72a65","block_type":"box","text":"Return of Capital.","page_number":117,"box":{"x":76,"y":89,"width":108,"height":11}},{"id":"071bfd84-c6c1-4c84-8a49-c9f25aacc01e","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":117,"box":{"x":191,"y":89,"width":775,"height":11}},{"id":"1156c9f7-ca5b-4e31-80d3-ac9d2e3f9d86","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":117,"box":{"x":76,"y":103,"width":904,"height":11}},{"id":"4f66426a-7619-4b50-81ba-80a03ded53d1","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":117,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"bd0c2e53-ef4c-4e37-a101-2aa99ee148da","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":117,"box":{"x":76,"y":131,"width":843,"height":11}},{"id":"4e8aa5de-c483-49c8-bb39-3efcf23328fe","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":117,"box":{"x":76,"y":146,"width":874,"height":10}},{"id":"013a1528-ff4f-4578-ab31-f24bacb9834f","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":117,"box":{"x":76,"y":160,"width":803,"height":11}},{"id":"cbc34054-2e69-45a5-aa83-3f9450b220fc","block_type":"box","text":"Qualified Dividend Income.","page_number":117,"box":{"x":76,"y":183,"width":167,"height":8}},{"id":"10d39d35-fe2c-4de9-9476-148a163c4d59","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":117,"box":{"x":249,"y":183,"width":702,"height":11}},{"id":"79a21405-8259-4aef-8180-fa869cdd4324","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":117,"box":{"x":76,"y":197,"width":848,"height":11}},{"id":"45bb121c-6c28-4e84-a615-0fb798885491","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":117,"box":{"x":76,"y":211,"width":846,"height":11}},{"id":"1abdfb38-968d-4ff6-9e98-9abf7e3683d1","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":117,"box":{"x":76,"y":226,"width":872,"height":10}},{"id":"cd5d68bf-38c7-4e8f-8e4e-59ae90fee73e","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":117,"box":{"x":76,"y":240,"width":892,"height":11}},{"id":"9f568d6b-0735-42db-8663-fcd0b97fbe1b","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":117,"box":{"x":76,"y":254,"width":886,"height":11}},{"id":"40c01904-a85a-4ea3-8038-706941230445","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":117,"box":{"x":76,"y":268,"width":854,"height":11}},{"id":"0bf2296e-ffa0-47f2-8a73-a33457266f46","block_type":"box","text":"company.","page_number":117,"box":{"x":76,"y":285,"width":60,"height":8}},{"id":"6516bd69-4fe8-4c52-87b6-4924f8f9b2a8","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":117,"box":{"x":77,"y":305,"width":904,"height":11}},{"id":"e12647e6-234e-4d8c-928f-81a029bbf7f7","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":117,"box":{"x":76,"y":320,"width":901,"height":10}},{"id":"6fd2b405-e27a-45f3-92ce-4fb2cf80cdc0","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":117,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"2b137aa5-86e9-4243-ae1d-e3ae372f6ce4","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":117,"box":{"x":76,"y":348,"width":895,"height":11}},{"id":"bc4c492a-67b7-416e-84fe-d619535f87fa","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":117,"box":{"x":76,"y":362,"width":428,"height":11}},{"id":"f5a0f4b6-52e8-4125-8931-3e1525fb0c4c","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":117,"box":{"x":77,"y":385,"width":891,"height":11}},{"id":"bd7d865f-518d-45c0-8655-18f9e66afedc","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":117,"box":{"x":77,"y":400,"width":861,"height":10}},{"id":"fbbfa4f2-7aa3-4a27-b655-ef4aae599c13","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":117,"box":{"x":76,"y":414,"width":883,"height":11}},{"id":"1d678fed-bd05-482f-9de6-285a56302d2a","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":117,"box":{"x":76,"y":428,"width":682,"height":11}},{"id":"dc4fbb29-94fd-4f61-bac4-6a802adbf214","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":117,"box":{"x":77,"y":451,"width":872,"height":11}},{"id":"70ef3058-ddcf-4a89-8dce-d1b0c468dfd3","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":117,"box":{"x":77,"y":465,"width":603,"height":11}},{"id":"c5727936-8eab-4ba5-82fb-1a62214dcf69","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":117,"box":{"x":76,"y":489,"width":876,"height":10}},{"id":"49acf1cf-c26d-47f0-9043-ad1fa45152f7","block_type":"box","text":"Medicare Tax.","page_number":117,"box":{"x":76,"y":512,"width":85,"height":8}},{"id":"67df2f77-2fe9-4ec8-99e6-02cf98acc46c","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":117,"box":{"x":167,"y":512,"width":791,"height":11}},{"id":"12fc0981-202f-46cf-8bbe-b37096db5044","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":117,"box":{"x":76,"y":525,"width":876,"height":12}},{"id":"02cb3957-bdbe-43ff-abf7-bdea12a6790d","block_type":"box","text":"trusts.","page_number":117,"box":{"x":76,"y":541,"width":40,"height":8}},{"id":"8e0b3259-f87a-4388-b707-4fcccdd1f013","block_type":"box","text":"Alternative Minimum Tax.","page_number":117,"box":{"x":75,"y":563,"width":157,"height":9}},{"id":"212d60b0-ba05-4164-85b9-acf9b77ea997","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":117,"box":{"x":238,"y":563,"width":738,"height":11}},{"id":"aaedd6b4-f98b-4398-8ace-869deb52a8c1","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":117,"box":{"x":76,"y":577,"width":833,"height":11}},{"id":"520fa8ee-8084-48f9-bdd8-c136fba566ae","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":117,"box":{"x":76,"y":592,"width":877,"height":10}},{"id":"4ccfc708-b7b2-4d4e-8838-7aea5eefab14","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":117,"box":{"x":77,"y":606,"width":903,"height":11}},{"id":"cb4fa414-f944-46ff-afdd-1c9678391f94","block_type":"box","text":"liability and the regular income tax liability.","page_number":117,"box":{"x":77,"y":620,"width":271,"height":11}},{"id":"ff262ad4-90e4-4450-9629-445ef9ec7505","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":117,"box":{"x":76,"y":643,"width":406,"height":11}},{"id":"71d12548-607f-495b-b722-6684c9296a2d","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":117,"box":{"x":76,"y":666,"width":892,"height":11}},{"id":"8c9aafd2-1c3a-482d-92ad-bebc7926d4d7","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":117,"box":{"x":76,"y":681,"width":874,"height":10}},{"id":"5246bb03-834b-4e32-97a5-f47d3cf82a31","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":117,"box":{"x":76,"y":695,"width":864,"height":11}},{"id":"01224053-baac-4b5c-9774-ecf94ecdf667","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":117,"box":{"x":76,"y":709,"width":895,"height":11}},{"id":"85f83933-d3a8-40d0-a7c5-09f9dba5b0b1","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":117,"box":{"x":77,"y":723,"width":896,"height":11}},{"id":"607786f7-0113-4ebc-af1d-562c2a46eb56","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":117,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"46ba672b-a052-4331-87d3-e48deca5fda1","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":117,"box":{"x":76,"y":751,"width":707,"height":11}},{"id":"78e788c7-ac62-4372-8b51-9879639093d5","block_type":"box","text":"Market Discount Bonds","page_number":117,"box":{"x":77,"y":775,"width":162,"height":8}},{"id":"0d15d6b7-4ff2-4c99-8cc3-af304cf9307a","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":117,"box":{"x":76,"y":798,"width":898,"height":11}},{"id":"e083d09f-de30-4bc8-b143-1448b6617693","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":117,"box":{"x":76,"y":812,"width":903,"height":11}},{"id":"c280bec8-6fe2-49cd-b927-bfcc0a560e35","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":117,"box":{"x":76,"y":826,"width":898,"height":11}},{"id":"be153285-1c08-4980-b536-5b3ea67d56b9","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":117,"box":{"x":76,"y":840,"width":626,"height":11}},{"id":"b5ee7dd8-0e2e-4bd7-b239-a4c59319ecc3","block_type":"box","text":"17","page_number":117,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c681973b-2cfe-4377-a8c8-24a3d99e1200","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":118,"box":{"x":77,"y":23,"width":307,"height":11}},{"id":"9dff4971-4fec-42e2-b436-7387f5d0225e","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":118,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"fc4299b9-fa80-42ab-be12-987fbd8edb42","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":118,"box":{"x":76,"y":61,"width":860,"height":10}},{"id":"e67babf1-b6a2-4821-97cf-3c293c094507","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":118,"box":{"x":77,"y":75,"width":852,"height":11}},{"id":"05992ef0-31d6-4f34-8b80-8791c71146c9","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":118,"box":{"x":76,"y":89,"width":863,"height":11}},{"id":"e359bb8a-ab2b-481e-a1bb-8a6ffc7b63db","block_type":"box","text":"Non-U.S. Income Taxes","page_number":118,"box":{"x":77,"y":112,"width":158,"height":9}},{"id":"c683af3c-fb86-46f5-aba9-b4bc41d4cfe3","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":118,"box":{"x":77,"y":135,"width":837,"height":11}},{"id":"ee114d9f-d935-423a-a827-a7c01b48f9ad","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":118,"box":{"x":76,"y":149,"width":863,"height":11}},{"id":"7af42b9d-91f0-4bbf-b91a-92eff01a24a7","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":118,"box":{"x":77,"y":164,"width":865,"height":10}},{"id":"e8d68c57-f78c-4c8e-a466-83409908f5b2","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":118,"box":{"x":77,"y":178,"width":875,"height":11}},{"id":"8834d83c-60e7-4376-a921-ff3e79fa95f2","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":118,"box":{"x":77,"y":192,"width":895,"height":11}},{"id":"d0a1ff99-c2af-49de-bfad-302c2e605545","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":118,"box":{"x":76,"y":206,"width":888,"height":11}},{"id":"8f17b07b-266d-4e3b-b406-9d7327f979c7","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":118,"box":{"x":76,"y":220,"width":875,"height":11}},{"id":"57d659da-62da-457f-9a0c-9c024bbd2859","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":118,"box":{"x":76,"y":235,"width":896,"height":10}},{"id":"32d04e79-d5bc-4078-bf03-f5619867b79b","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":118,"box":{"x":76,"y":249,"width":635,"height":11}},{"id":"d9acf93c-c221-4388-8eb6-099e298135f8","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":118,"box":{"x":77,"y":272,"width":896,"height":11}},{"id":"48b2a13d-e218-438d-8ff4-b8cd18ae0354","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":118,"box":{"x":76,"y":286,"width":903,"height":11}},{"id":"d2071f7c-9bda-42f7-b54b-02690b763adc","block_type":"box","text":"could be reduced.","page_number":118,"box":{"x":76,"y":300,"width":114,"height":9}},{"id":"ce159158-906b-422a-8df7-8ed67625d6ae","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":118,"box":{"x":77,"y":323,"width":853,"height":11}},{"id":"29393531-767e-4e8a-bffa-080026a04dd7","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":118,"box":{"x":76,"y":338,"width":900,"height":10}},{"id":"7ab9f644-eea1-45fd-b3d1-ba8aa0f45904","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":118,"box":{"x":76,"y":352,"width":876,"height":11}},{"id":"ca29151d-91de-44f5-9357-c1fcf798705d","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":118,"box":{"x":76,"y":366,"width":509,"height":11}},{"id":"cdf49955-2575-4339-8755-97a5b062bc12","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":118,"box":{"x":77,"y":389,"width":879,"height":11}},{"id":"77695f83-7914-46b7-90c4-95b79bab062f","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":118,"box":{"x":76,"y":403,"width":407,"height":11}},{"id":"307556e1-1f6b-4376-9833-850ca9353e49","block_type":"box","text":"Non-U.S. Shareholders","page_number":118,"box":{"x":77,"y":427,"width":156,"height":8}},{"id":"e2c9c0e7-85e8-438b-996e-85f2a10ef9d8","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":118,"box":{"x":77,"y":450,"width":888,"height":11}},{"id":"68c683e6-b390-4fdc-9357-e49a675e20f7","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":118,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"44ee2b52-f2b4-4a42-8afd-9b81338d329d","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":118,"box":{"x":77,"y":478,"width":868,"height":11}},{"id":"67faf636-cae7-4c75-bc6c-638c20d79640","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":118,"box":{"x":76,"y":492,"width":903,"height":11}},{"id":"52e70eb7-2833-40de-b265-cf8d4bd77d3e","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":118,"box":{"x":76,"y":507,"width":468,"height":10}},{"id":"7f86d344-626e-47e8-b490-c86d774e3006","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":118,"box":{"x":76,"y":530,"width":896,"height":11}},{"id":"57871b3a-ae01-421c-8833-a6c6c565c86e","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":118,"box":{"x":76,"y":544,"width":894,"height":11}},{"id":"71049042-d2ec-4902-b2f4-696da960c8e9","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":118,"box":{"x":77,"y":558,"width":262,"height":11}},{"id":"3f9173f3-fa00-42f3-b439-8739523d1fca","block_type":"box","text":"Backup Withholding","page_number":118,"box":{"x":77,"y":581,"width":139,"height":11}},{"id":"433ce554-ddfb-4125-929b-c498a57e190c","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":118,"box":{"x":77,"y":605,"width":890,"height":10}},{"id":"49ad671d-bfcb-436c-952a-1530d73d72ae","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":118,"box":{"x":76,"y":619,"width":789,"height":11}},{"id":"07769c0e-2923-4f96-b5e1-450d7862f27d","block_type":"box","text":"Securities Lending","page_number":118,"box":{"x":76,"y":642,"width":129,"height":11}},{"id":"84f57f23-c0a0-44bc-a2d1-a95006ddbaf2","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":118,"box":{"x":77,"y":665,"width":901,"height":11}},{"id":"eb0491da-3990-4641-a582-b62698b0fe41","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":118,"box":{"x":76,"y":679,"width":892,"height":11}},{"id":"de6fc632-94e9-4607-b437-d056fa755f20","block_type":"box","text":"through by the Fund.","page_number":118,"box":{"x":76,"y":694,"width":132,"height":10}},{"id":"7b9680c1-754d-4eea-9315-fdfbf4d84f8f","block_type":"box","text":"Fund of Funds","page_number":118,"box":{"x":77,"y":717,"width":98,"height":8}},{"id":"7f8a0075-17cd-4995-ae65-e0d42f104060","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":118,"box":{"x":77,"y":740,"width":844,"height":11}},{"id":"7b381eb2-9836-45c5-a586-7877795c0b5e","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":118,"box":{"x":76,"y":754,"width":870,"height":11}},{"id":"bd9810c2-0282-4d70-9a52-88a5387da0fe","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":118,"box":{"x":77,"y":768,"width":864,"height":11}},{"id":"8a066c47-d888-43ba-8a4a-20bea373c12f","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":118,"box":{"x":76,"y":782,"width":643,"height":11}},{"id":"090c5313-4e5f-4b9c-b25c-81914afd97e1","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":118,"box":{"x":76,"y":806,"width":350,"height":10}},{"id":"641df77d-5e98-48a2-978c-1a7a8506dd1d","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":118,"box":{"x":76,"y":829,"width":876,"height":11}},{"id":"c9e9ebb7-efcb-4137-84f9-8650fedcb770","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":118,"box":{"x":77,"y":843,"width":896,"height":11}},{"id":"fcb0be2e-d0af-4655-afdb-a8676b6c75ac","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":118,"box":{"x":76,"y":857,"width":870,"height":11}},{"id":"e73ddffa-5b4c-4af6-a0dd-6b460b48bbb4","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":118,"box":{"x":77,"y":871,"width":892,"height":11}},{"id":"111532f0-4317-428a-ae12-23bd9cd8608a","block_type":"box","text":"18","page_number":118,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"1b939f4c-11fa-43d7-b6d8-088a407a17ab","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":119,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"220e7f4b-a609-4cb2-80d2-120ccd869c57","block_type":"box","text":"contribution tax mentioned above.","page_number":119,"box":{"x":76,"y":37,"width":219,"height":9}},{"id":"761cdd89-e99a-4f92-8c18-4b02f92a96fc","block_type":"box","text":"Creations and Redemptions","page_number":119,"box":{"x":76,"y":61,"width":193,"height":10}},{"id":"ff689c17-648e-4a4d-b991-f31aabf4d397","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":119,"box":{"x":77,"y":84,"width":693,"height":11}},{"id":"fcb0aee4-9d68-4c20-9bb3-5d0ac5fe7d42","block_type":"box","text":"i.e.","page_number":119,"box":{"x":771,"y":84,"width":17,"height":8}},{"id":"52510a16-670f-4ca1-9ff2-0659ce2260a0","block_type":"box","text":", market makers, large","page_number":119,"box":{"x":790,"y":84,"width":143,"height":11}},{"id":"1dbf9dd3-edae-4952-ab3b-70a08c6fb7aa","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":119,"box":{"x":76,"y":98,"width":866,"height":11}},{"id":"3af6b1a4-3ac5-4be1-b3bb-1d876939292c","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":119,"box":{"x":76,"y":112,"width":650,"height":11}},{"id":"11742731-7c19-4b13-82f7-3932f93c1186","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":119,"box":{"x":77,"y":135,"width":832,"height":11}},{"id":"e15e66f9-9b27-44a1-a2ae-00c466a14173","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":119,"box":{"x":76,"y":149,"width":891,"height":11}},{"id":"9d598895-2b1b-4024-82be-d3eecb2566c1","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":119,"box":{"x":76,"y":164,"width":874,"height":10}},{"id":"6e2df99f-d744-4020-a3bf-82cb5dc661bd","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":119,"box":{"x":76,"y":178,"width":904,"height":11}},{"id":"8a7f1e2d-e656-40b8-a3e0-e7d5abc76313","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":119,"box":{"x":76,"y":201,"width":875,"height":11}},{"id":"e332ab34-7ca7-4a2f-b957-a2178f431e18","block_type":"box","text":"cash.","page_number":119,"box":{"x":76,"y":215,"width":33,"height":9}},{"id":"7d846e03-2d23-407f-a32b-89bc94d875ea","block_type":"box","text":"In-Kind","page_number":119,"box":{"x":76,"y":238,"width":45,"height":9}},{"id":"f26dccb5-37dd-4298-8472-6cc404fb4de0","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":119,"box":{"x":122,"y":238,"width":860,"height":11}},{"id":"6feaaaea-10ae-4100-8f5d-d8fb4638d4ea","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":119,"box":{"x":76,"y":253,"width":898,"height":10}},{"id":"925b3d79-487a-404e-8827-3b3ecc569c5b","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":119,"box":{"x":77,"y":267,"width":851,"height":11}},{"id":"991cacef-7527-4351-84e2-8b517eb8c2d6","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":119,"box":{"x":76,"y":281,"width":686,"height":11}},{"id":"d428db11-895e-4203-ab25-ade36b1c4eb7","block_type":"box","text":"Partial Cash","page_number":119,"box":{"x":76,"y":304,"width":74,"height":9}},{"id":"21a26382-319d-42b2-8698-033cb65aad73","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":119,"box":{"x":152,"y":304,"width":806,"height":11}},{"id":"360d5271-0c43-43f4-adfa-8720b6ab8206","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":119,"box":{"x":76,"y":318,"width":870,"height":11}},{"id":"e87bc26a-989a-4c9e-9dad-c34677b5f5ba","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":119,"box":{"x":77,"y":333,"width":870,"height":10}},{"id":"f8bf090e-d7f4-4328-9e7c-ac14ebcf6d90","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":119,"box":{"x":77,"y":347,"width":380,"height":11}},{"id":"02167927-d65b-4c61-b2f0-894d8a59308d","block_type":"box","text":"All Cash","page_number":119,"box":{"x":75,"y":370,"width":51,"height":8}},{"id":"969fd910-8f5e-46c6-976a-d0e36e944509","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":119,"box":{"x":128,"y":370,"width":833,"height":11}},{"id":"bb021bed-e237-4e84-8479-6e9cd63a960b","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":119,"box":{"x":76,"y":384,"width":869,"height":11}},{"id":"91df2843-23f8-4d0a-9780-f385b27bf0b9","block_type":"box","text":"specified amount of cash.","page_number":119,"box":{"x":76,"y":398,"width":164,"height":11}},{"id":"ca5b688e-24e6-452a-a223-533bc4c0c932","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":119,"box":{"x":76,"y":421,"width":845,"height":11}},{"id":"e4b784e5-4096-4ae8-a9d3-889ec58e5c17","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":119,"box":{"x":76,"y":436,"width":408,"height":10}},{"id":"cdff1848-cc02-40c7-bb99-306bc28863ba","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":119,"box":{"x":77,"y":459,"width":855,"height":11}},{"id":"fd6c5d1b-cce8-4648-9154-53d8bfaee8bf","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":119,"box":{"x":76,"y":473,"width":455,"height":11}},{"id":"ead12d1a-a9e3-4b2e-93db-927ea84ba99e","block_type":"box","text":"e.g.","page_number":119,"box":{"x":532,"y":475,"width":21,"height":9}},{"id":"eb208a8e-930f-4b60-8375-5c8384accd31","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":119,"box":{"x":555,"y":473,"width":354,"height":11}},{"id":"440ce86c-607c-4ce5-ae41-6342a6fba54e","block_type":"box","text":"Fund","page_number":119,"box":{"x":87,"y":504,"width":33,"height":9}},{"id":"ff583d6e-2746-4060-b29b-442786605d88","block_type":"box","text":"In-Kind Partial All Cash","page_number":119,"box":{"x":621,"y":504,"width":296,"height":9}},{"id":"7fd09598-c70c-4818-b113-0b2523612ad2","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF","page_number":119,"box":{"x":87,"y":522,"width":282,"height":11}},{"id":"8c249b4a-ba03-4760-963a-dac784372a30","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF","page_number":119,"box":{"x":87,"y":540,"width":282,"height":11}},{"id":"65d9e53e-345a-48ee-9a99-e263e0a6b41d","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF","page_number":119,"box":{"x":87,"y":558,"width":282,"height":11}},{"id":"f30933eb-8d55-4785-8474-ffae45cf5513","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF","page_number":119,"box":{"x":87,"y":577,"width":282,"height":10}},{"id":"67a82d47-dd49-4b5b-a004-2f72b3ed41b5","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF","page_number":119,"box":{"x":87,"y":595,"width":282,"height":10}},{"id":"769fff19-d98b-42d1-a11a-df83f293d609","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF","page_number":119,"box":{"x":87,"y":613,"width":281,"height":10}},{"id":"a9382bbd-a38c-4849-b31e-05fa33ddeb42","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":119,"box":{"x":87,"y":631,"width":282,"height":10}},{"id":"981561c8-3b0b-4dc6-a641-2f5bbeb7b4ef","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF","page_number":119,"box":{"x":87,"y":649,"width":282,"height":11}},{"id":"054b05b7-a069-492e-b11c-be364b342a48","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF","page_number":119,"box":{"x":87,"y":667,"width":282,"height":11}},{"id":"499770bb-f37f-403c-9ac4-483e64820ee4","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF","page_number":119,"box":{"x":87,"y":685,"width":282,"height":11}},{"id":"8eab7777-e5f1-41be-b951-b90eb87b8f15","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF","page_number":119,"box":{"x":87,"y":703,"width":282,"height":11}},{"id":"d491d178-997a-46dc-8d7c-c0ae67146b6b","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF","page_number":119,"box":{"x":87,"y":721,"width":282,"height":11}},{"id":"0025722f-0b45-4765-938f-36b7974afc9a","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF","page_number":119,"box":{"x":87,"y":739,"width":282,"height":11}},{"id":"0b14981d-65f4-4b28-b735-3cda8bdc780f","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF","page_number":119,"box":{"x":87,"y":757,"width":282,"height":11}},{"id":"ffc95bc0-8b5c-4164-8d3c-e4ac38b38341","block_type":"box","text":"iShares Treasury Floating Rate Bond ETF","page_number":119,"box":{"x":87,"y":775,"width":257,"height":11}},{"id":"641272bd-43f9-4bb3-887b-c5a7ddd4de80","block_type":"box","text":"iShares U.S. Treasury Bond ETF","page_number":119,"box":{"x":87,"y":793,"width":199,"height":11}},{"id":"135d4bf1-c887-44c9-8ab3-24adad055773","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":119,"box":{"x":76,"y":823,"width":897,"height":11}},{"id":"bf554a44-794a-400d-9e04-c92d887682e1","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":119,"box":{"x":76,"y":837,"width":905,"height":11}},{"id":"1cd83d14-1f6f-4537-96ec-723a6a51723a","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":119,"box":{"x":76,"y":851,"width":849,"height":11}},{"id":"7aa0abe9-1479-404e-aa18-dd51fd37d07b","block_type":"box","text":"instructions or may not be executed at all.","page_number":119,"box":{"x":76,"y":866,"width":269,"height":10}},{"id":"64e04f82-ac1b-4807-85a5-16156d94df7e","block_type":"box","text":"19","page_number":119,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"40eb7214-4f03-42f8-b88e-3d97898a4746","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":120,"box":{"x":76,"y":23,"width":854,"height":11}},{"id":"964e4f40-bed7-4707-8499-fef744a39c39","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":120,"box":{"x":77,"y":37,"width":310,"height":11}},{"id":"4eccba53-ffd9-4ea1-8e60-5caeab4ffc3b","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":120,"box":{"x":76,"y":61,"width":848,"height":10}},{"id":"df6c0d3f-9eb9-4e2d-9e4e-2ad9a05e9d3c","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":120,"box":{"x":76,"y":75,"width":876,"height":11}},{"id":"d679ee98-5d86-422e-9e58-566a8a381a8d","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":120,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"d3f72478-e38f-4c54-b47f-66f82743cd69","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":120,"box":{"x":76,"y":103,"width":898,"height":11}},{"id":"1f65820e-6a66-47a2-a63b-20282767954c","block_type":"box","text":"taken certain measures (","page_number":120,"box":{"x":76,"y":117,"width":158,"height":11}},{"id":"7827c3d1-54c5-4697-8e25-137953e8ba49","block_type":"box","text":"e.g.","page_number":120,"box":{"x":235,"y":120,"width":21,"height":8}},{"id":"a8a2b24b-1e2e-466a-91e0-4bfcfe60f572","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":120,"box":{"x":259,"y":117,"width":694,"height":11}},{"id":"0d5cc812-a7c7-4c03-a41f-359b54e1076d","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":120,"box":{"x":76,"y":131,"width":835,"height":11}},{"id":"ae802c60-896d-4d6d-88b4-46c1212a4ab3","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":120,"box":{"x":77,"y":146,"width":894,"height":10}},{"id":"f4d663a5-a5e0-4bf7-87e0-6a15fc54ee79","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":120,"box":{"x":76,"y":160,"width":900,"height":11}},{"id":"45d640d5-fa06-40d3-80c4-bf50bde74362","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":120,"box":{"x":77,"y":174,"width":892,"height":11}},{"id":"c60beea6-c454-4d55-9e5a-4808ac67e949","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":120,"box":{"x":76,"y":197,"width":898,"height":11}},{"id":"53397deb-b2bb-4a6b-95b5-55be05b6c9cf","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":120,"box":{"x":76,"y":211,"width":896,"height":11}},{"id":"fcd70ab9-b56f-47ed-9b19-96ed6486961e","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":120,"box":{"x":76,"y":226,"width":844,"height":10}},{"id":"0e193cda-3ba5-47d8-8d64-affd4af26d8c","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":120,"box":{"x":76,"y":240,"width":885,"height":11}},{"id":"db6516c6-fe0b-471a-970c-90282cec1c79","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":120,"box":{"x":76,"y":254,"width":838,"height":11}},{"id":"8ca5ed21-4daa-4cc4-b44f-af68adb2a3e4","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":120,"box":{"x":77,"y":277,"width":886,"height":11}},{"id":"c32834a6-945f-4e92-9cf2-ea9d54c60a4c","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":120,"box":{"x":77,"y":291,"width":902,"height":11}},{"id":"3924abd4-2288-4d07-b7f1-682eaeca3a4d","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":120,"box":{"x":76,"y":305,"width":868,"height":11}},{"id":"60405e29-b1de-401e-9823-2236d9a9aa36","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":120,"box":{"x":76,"y":320,"width":901,"height":10}},{"id":"97107434-aa9c-453b-8b7a-1389a9ca5a62","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":120,"box":{"x":76,"y":334,"width":464,"height":11}},{"id":"51b1ab47-0083-4548-b77b-f9f4d1bc4767","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":120,"box":{"x":77,"y":357,"width":868,"height":11}},{"id":"64f671ac-5ec8-485f-b865-db07bfd1dd62","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":120,"box":{"x":76,"y":371,"width":889,"height":11}},{"id":"58694476-5555-472b-a32f-e99ed29ee341","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":120,"box":{"x":78,"y":385,"width":892,"height":11}},{"id":"cbec2000-d362-4e85-94e0-301bbd8e1b67","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":120,"box":{"x":76,"y":400,"width":892,"height":10}},{"id":"0cc94a91-bfc4-40a5-a377-d07c2324761a","block_type":"box","text":"transactions on a national securities exchange.","page_number":120,"box":{"x":76,"y":414,"width":300,"height":11}},{"id":"126d3628-8b3e-46c7-80d4-123479cf76b4","block_type":"box","text":"Householding","page_number":120,"box":{"x":77,"y":437,"width":95,"height":11}},{"id":"114a37b8-ee03-4271-a43f-fe1a35f414f9","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":120,"box":{"x":77,"y":460,"width":903,"height":11}},{"id":"8b7a55a1-e15a-4a73-bf59-305d2939a738","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":120,"box":{"x":76,"y":474,"width":880,"height":11}},{"id":"d18c85c7-ff31-4b00-9500-77c7a2ae470e","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":120,"box":{"x":76,"y":489,"width":862,"height":10}},{"id":"d05c4a49-96be-42ec-aa13-f4f953eb3b1b","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":120,"box":{"x":77,"y":503,"width":855,"height":11}},{"id":"bcbfc719-c18b-47e5-9fe5-d8f128a5d00f","block_type":"box","text":"change your householding status.","page_number":120,"box":{"x":76,"y":517,"width":214,"height":11}},{"id":"4dbaf8ff-0a77-405e-be6d-a7efd7a67915","block_type":"box","text":"Distribution","page_number":120,"box":{"x":78,"y":546,"width":113,"height":13}},{"id":"a6ed4e59-0afb-477f-a2ff-6808434d9957","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":120,"box":{"x":76,"y":575,"width":859,"height":11}},{"id":"b9fcb373-58f6-43a9-8a0e-1cf79282c4bb","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":120,"box":{"x":76,"y":588,"width":857,"height":11}},{"id":"471a114b-32e6-4363-a120-4e000fd45de2","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":120,"box":{"x":76,"y":601,"width":824,"height":10}},{"id":"b1be24c5-e3fa-4661-9bca-8e9a801c1b06","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":120,"box":{"x":77,"y":623,"width":808,"height":10}},{"id":"9b82eb9b-1fb3-4cf7-b3be-cef97254a7d4","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":120,"box":{"x":76,"y":635,"width":844,"height":11}},{"id":"8d966f03-e88a-4fc7-9546-2710cca189f9","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":120,"box":{"x":76,"y":648,"width":855,"height":11}},{"id":"43c6d122-4de4-40a0-8be4-b3aa536801b6","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":120,"box":{"x":76,"y":661,"width":871,"height":11}},{"id":"c79ae3c5-92a9-4900-b6a3-b42cc4127d44","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":120,"box":{"x":77,"y":674,"width":894,"height":11}},{"id":"6d9a81e8-69e2-474c-9a75-f9895b9ecc3f","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":120,"box":{"x":76,"y":687,"width":867,"height":11}},{"id":"e906c098-a617-4f30-9f3b-d0127e3fd9ec","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":120,"box":{"x":76,"y":700,"width":905,"height":11}},{"id":"48539a0b-ee72-4b2b-b7ed-6e2b0641e4d8","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":120,"box":{"x":76,"y":713,"width":896,"height":11}},{"id":"ad584a24-5656-48a9-8ce0-1e8c8b1abc2b","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":120,"box":{"x":76,"y":726,"width":844,"height":11}},{"id":"e09f5dc2-ddcc-4148-9cab-75865380de9f","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":120,"box":{"x":77,"y":739,"width":814,"height":10}},{"id":"07c45fba-0520-48cf-a0b9-33cd2cef6b51","block_type":"box","text":"Please","page_number":120,"box":{"x":897,"y":739,"width":44,"height":8}},{"id":"0f9197a3-01f6-456b-a5c6-3beef773264e","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":120,"box":{"x":76,"y":751,"width":879,"height":11}},{"id":"39429836-7a86-4eaa-bd4f-14b6e1ef4b0e","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":120,"box":{"x":76,"y":764,"width":263,"height":11}},{"id":"7cd08541-d18f-40f0-8766-32d00aba1298","block_type":"box","text":"Financial Highlights","page_number":120,"box":{"x":78,"y":792,"width":191,"height":17}},{"id":"aca26dd2-80ca-4f45-b298-3f8fb3c381dd","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":120,"box":{"x":76,"y":821,"width":895,"height":11}},{"id":"cd0836dd-0dd9-4f6a-8e18-612032b98f34","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":120,"box":{"x":76,"y":834,"width":870,"height":11}},{"id":"3ffe1e70-0e1b-426a-9449-cfdd4f8ac858","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":120,"box":{"x":76,"y":847,"width":865,"height":11}},{"id":"2e9ef440-9a06-4a70-bf2a-398e9327c28a","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":120,"box":{"x":76,"y":860,"width":856,"height":11}},{"id":"d9410aa9-ff14-46d0-b602-d6b3b435260a","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":120,"box":{"x":76,"y":873,"width":547,"height":10}},{"id":"445cd305-c3b4-4acb-87ca-255c6c1d0a5d","block_type":"box","text":"20","page_number":120,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"b47e7c6f-1cf2-47f6-b3a7-f3618104ad6a","block_type":"box","text":"For a share outstanding throughout each period:","page_number":121,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"4738cd48-4547-4741-b52c-bddd9d23c915","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF","page_number":121,"box":{"x":663,"y":45,"width":207,"height":7}},{"id":"7324b322-f84f-4de1-b57b-e9308026c812","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"816dcae4-562a-422f-b413-2df1e661aa4d","block_type":"box","text":"10/31/25","page_number":121,"box":{"x":579,"y":66,"width":43,"height":7}},{"id":"b08adebb-c2b4-4a54-9942-016f5c480c86","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"b3225743-6f37-4ad1-8ea7-cb276688d117","block_type":"box","text":"10/31/24","page_number":121,"box":{"x":662,"y":66,"width":44,"height":7}},{"id":"7293638f-95b7-497b-a30d-68af1f672d16","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"7e85faf0-9509-4e97-b008-6ab45536febb","block_type":"box","text":"10/31/23","page_number":121,"box":{"x":745,"y":66,"width":43,"height":7}},{"id":"b1c7607d-e5bf-4169-bdea-c24bacb3ef01","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"d55dec4f-628f-44fb-b3a0-f9e6ddb06a1a","block_type":"box","text":"10/31/22","page_number":121,"box":{"x":828,"y":66,"width":43,"height":7}},{"id":"9e014ca0-eee8-41f6-a5d5-d44c39f95d55","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"0efa3c41-29d3-4c72-9301-22e543e5eed4","block_type":"box","text":"10/31/21","page_number":121,"box":{"x":912,"y":66,"width":41,"height":7}},{"id":"995f05c2-d606-4030-b47c-da5cc08e8bae","block_type":"box","text":"Net asset value, beginning of year","page_number":121,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"9e39a163-e50a-4492-ba7a-eb4b3cdc000c","block_type":"box","text":"$ 22.87 $ 22.43 $ 22.53 $ 25.33 $ 26.15","page_number":121,"box":{"x":577,"y":78,"width":381,"height":9}},{"id":"c951393e-127e-4435-9cc1-280a762f3ffa","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"7e330e4c-7a0c-4002-92d6-648007584eb6","block_type":"box","text":"(a)","page_number":121,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"2a11cf12-0ef9-4999-83f2-ed4a748af9f3","block_type":"box","text":"0.94 0.96 0.85 0.50 0.16","page_number":121,"box":{"x":607,"y":94,"width":351,"height":7}},{"id":"9ae6fb99-42ef-4212-a73e-51dd55c93beb","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":121,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"2ea6f3ab-5b1f-4914-b22c-e087c8927722","block_type":"box","text":"(b)","page_number":121,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"f7189c96-b617-4d17-8cce-a4230bd08180","block_type":"box","text":"0.06 0.39 (0.17) (2.95) (0.82)","page_number":121,"box":{"x":607,"y":105,"width":354,"height":9}},{"id":"3c2a75a0-fe6a-4fa6-afd9-ecab28713fad","block_type":"box","text":"Net increase (decrease) from investment operations 1.00 1.35 0.68 (2.45) (0.66)","page_number":121,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"3c3e61fe-3df3-4b2f-91ab-36d80499deb4","block_type":"box","text":"Distributions from net investment income","page_number":121,"box":{"x":76,"y":135,"width":202,"height":7}},{"id":"b7bd86c7-14fd-41a2-833e-93714aee0787","block_type":"box","text":"(c)","page_number":121,"box":{"x":279,"y":134,"width":8,"height":6}},{"id":"a9990890-1b45-4651-b412-a3f7e37296e5","block_type":"box","text":"(0.93) (0.91) (0.78) (0.35) (0.16)","page_number":121,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"ad84349b-d904-4f92-bfdc-784b089a6e44","block_type":"box","text":"Net asset value, end of year","page_number":121,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"e86b0c4c-fc0f-414c-a2f1-45295b52b0c3","block_type":"box","text":"$ 22.94 $ 22.87 $ 22.43 $ 22.53 $ 25.33","page_number":121,"box":{"x":577,"y":149,"width":381,"height":9}},{"id":"d7743169-1a68-4d36-acea-1bae51196ffb","block_type":"box","text":"Total Return","page_number":121,"box":{"x":76,"y":165,"width":57,"height":8}},{"id":"729ccc17-febd-4227-b74a-2ed8a519b547","block_type":"box","text":"(d)","page_number":121,"box":{"x":135,"y":164,"width":8,"height":6}},{"id":"2cbb13cd-2cc2-411d-9653-be04bb43676e","block_type":"box","text":"Based on net asset value","page_number":121,"box":{"x":76,"y":180,"width":109,"height":8}},{"id":"6d264eca-2c38-4697-856d-7d0ac7960d27","block_type":"box","text":"4.46% 6.12% 3.01% (9.70)% (2.55)%","page_number":121,"box":{"x":606,"y":180,"width":362,"height":10}},{"id":"67746702-6583-40ee-9021-5d4c41f05079","block_type":"box","text":"Ratios to Average Net Assets","page_number":121,"box":{"x":76,"y":195,"width":140,"height":10}},{"id":"43c63754-529a-4089-9925-012f971df648","block_type":"box","text":"(e)","page_number":121,"box":{"x":217,"y":194,"width":9,"height":6}},{"id":"7d76779f-3328-43d9-9a80-081203ea44d9","block_type":"box","text":"Total expenses","page_number":121,"box":{"x":76,"y":210,"width":64,"height":10}},{"id":"ba7da5f3-4964-4c8c-abc8-42c3bda270d6","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":121,"box":{"x":607,"y":210,"width":358,"height":8}},{"id":"fb19a06b-2589-44ef-9193-c377003caf1f","block_type":"box","text":"Total expenses after fees waived","page_number":121,"box":{"x":76,"y":225,"width":142,"height":10}},{"id":"93a4a127-0846-4374-86c9-872fdee317c6","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":121,"box":{"x":607,"y":225,"width":358,"height":8}},{"id":"dd2c97af-4e02-4f8f-b2cf-1047d8844455","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":76,"y":240,"width":102,"height":8}},{"id":"0002488c-65e4-4d20-8ca3-375741b26dc0","block_type":"box","text":"4.11% 4.21% 3.76% 2.11% 0.62%","page_number":121,"box":{"x":609,"y":240,"width":356,"height":8}},{"id":"77656129-84a3-47f3-a4a3-f6f62c2c343f","block_type":"box","text":"Supplemental Data","page_number":121,"box":{"x":76,"y":255,"width":91,"height":10}},{"id":"1e43e100-24c1-4cce-99e1-3bfe0c0ad704","block_type":"box","text":"Net assets, end of year (000)","page_number":121,"box":{"x":76,"y":270,"width":127,"height":10}},{"id":"1d010fc5-c832-47dd-b68a-a63d8440faa1","block_type":"box","text":"$2,125,399 $1,416,855 $468,774 $121,681 $16,462","page_number":121,"box":{"x":577,"y":269,"width":381,"height":10}},{"id":"a1f8e9c0-219c-42c0-97e8-c969193fceec","block_type":"box","text":"Portfolio turnover rate","page_number":121,"box":{"x":76,"y":285,"width":97,"height":8}},{"id":"995d0a72-70fa-4589-bd22-5a777b8df5e4","block_type":"box","text":"(f)","page_number":121,"box":{"x":174,"y":284,"width":6,"height":6}},{"id":"83bf618d-398f-4ae3-8d36-70aec537aa6d","block_type":"box","text":"7% 16% 29% 76% 41%","page_number":121,"box":{"x":621,"y":285,"width":344,"height":8}},{"id":"b861452d-6b6b-4260-a16e-7e017d971a74","block_type":"box","text":"(a)","page_number":121,"box":{"x":76,"y":312,"width":10,"height":6}},{"id":"b8044965-7c64-4d19-b6fd-7f7e38331c72","block_type":"box","text":"Based on average shares outstanding.","page_number":121,"box":{"x":107,"y":313,"width":215,"height":10}},{"id":"7ca80422-7b75-4f3d-98ee-be347e2fe655","block_type":"box","text":"(b)","page_number":121,"box":{"x":76,"y":323,"width":10,"height":6}},{"id":"79296aff-ddbf-4b29-9fa9-207c848b225e","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":121,"box":{"x":106,"y":325,"width":867,"height":9}},{"id":"62642144-6e7d-48e3-b70e-ff5b34600f6c","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":121,"box":{"x":106,"y":336,"width":648,"height":10}},{"id":"08b7d84f-d3fb-47af-bb1b-a9848d80d5fb","block_type":"box","text":"(c)","page_number":121,"box":{"x":76,"y":347,"width":10,"height":6}},{"id":"7f610790-187c-400b-bf1d-4e33ded0f44e","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":121,"box":{"x":107,"y":348,"width":565,"height":10}},{"id":"207b9eb6-24f5-4497-8e70-cf62fadc3252","block_type":"box","text":"(d)","page_number":121,"box":{"x":76,"y":358,"width":10,"height":6}},{"id":"f38c83c0-c463-47b3-8f9e-3e67e37c0216","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":121,"box":{"x":106,"y":360,"width":347,"height":9}},{"id":"b65ee7be-2a8b-4c91-8fc1-c1d3937ab8d1","block_type":"box","text":"(e)","page_number":121,"box":{"x":76,"y":370,"width":10,"height":6}},{"id":"a78b4cc6-7083-46dd-9b7c-cd58947f8a77","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":121,"box":{"x":107,"y":371,"width":530,"height":10}},{"id":"81b05f7b-dc05-4a2e-bc4c-9cef2c94f21c","block_type":"box","text":"(f)","page_number":121,"box":{"x":76,"y":381,"width":8,"height":6}},{"id":"b7eda86c-c580-4493-9760-1a604b05af86","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":121,"box":{"x":107,"y":383,"width":335,"height":9}},{"id":"ad86af9f-7980-454f-b94f-a4fb143be7bd","block_type":"box","text":"For a share outstanding throughout each period:","page_number":121,"box":{"x":77,"y":402,"width":339,"height":11}},{"id":"c7312bcc-7da3-4476-b7fc-0e66697d8355","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF","page_number":121,"box":{"x":663,"y":425,"width":207,"height":7}},{"id":"804e1726-1c86-488b-b860-f3649804c9f8","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":574,"y":437,"width":52,"height":6}},{"id":"359b2266-66d4-4106-afaa-111839cb763a","block_type":"box","text":"10/31/25","page_number":121,"box":{"x":579,"y":445,"width":43,"height":7}},{"id":"384b6422-a4b7-4991-b203-369a2e39b73e","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":657,"y":437,"width":52,"height":6}},{"id":"231ce983-e9ca-4252-8cc1-4f75882e92f3","block_type":"box","text":"10/31/24","page_number":121,"box":{"x":662,"y":445,"width":44,"height":7}},{"id":"8cc8d9c3-d901-4e44-84c0-150d48ad5f9b","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":740,"y":437,"width":52,"height":6}},{"id":"bf82d87a-a276-497c-94a0-31d7d85c948c","block_type":"box","text":"10/31/23","page_number":121,"box":{"x":745,"y":445,"width":43,"height":7}},{"id":"c6a3a22c-11f2-4d84-a721-9d02f42712e3","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":823,"y":437,"width":52,"height":6}},{"id":"1ec542fe-1286-443a-a754-883e9a2504b8","block_type":"box","text":"10/31/22","page_number":121,"box":{"x":828,"y":445,"width":43,"height":7}},{"id":"bbf5edc8-3256-46c3-a8b3-f657ecd76624","block_type":"box","text":"Year Ended","page_number":121,"box":{"x":906,"y":437,"width":52,"height":6}},{"id":"a88a47d6-6293-43ff-b482-1f48dc4f9cdd","block_type":"box","text":"10/31/21","page_number":121,"box":{"x":912,"y":445,"width":41,"height":7}},{"id":"0b4b77ac-7e3b-425a-bd25-7b1efd57cd13","block_type":"box","text":"Net asset value, beginning of year","page_number":121,"box":{"x":76,"y":458,"width":164,"height":10}},{"id":"9f4bc291-10fe-47db-a5ac-600e5644da94","block_type":"box","text":"$ 22.31 $ 21.72 $ 22.02 $ 25.15 $ 26.19","page_number":121,"box":{"x":576,"y":457,"width":382,"height":9}},{"id":"49e44dd2-469f-4c4e-999d-045c9d00613f","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":86,"y":473,"width":102,"height":7}},{"id":"f644e1f9-9875-4734-a107-2bc4cc61880c","block_type":"box","text":"(a)","page_number":121,"box":{"x":189,"y":472,"width":7,"height":6}},{"id":"559025e4-a5b6-4f2b-b914-6520546b01e7","block_type":"box","text":"0.90 0.91 0.85 0.45 0.20","page_number":121,"box":{"x":607,"y":473,"width":351,"height":8}},{"id":"d7e6e0fe-18c2-4428-ad66-9f0bf7d09b36","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":121,"box":{"x":86,"y":484,"width":167,"height":10}},{"id":"f45d4186-0335-49e4-87bb-d4e2973802d9","block_type":"box","text":"(b)","page_number":121,"box":{"x":254,"y":483,"width":8,"height":6}},{"id":"001a5100-ae0c-4ead-a8fc-7ddb1ff85fab","block_type":"box","text":"0.19 0.54 (0.37) (3.24) (1.06)","page_number":121,"box":{"x":609,"y":484,"width":352,"height":10}},{"id":"b3e67138-10a6-4bec-ba51-cfd089b501df","block_type":"box","text":"Net increase (decrease) from investment operations 1.09 1.45 0.48 (2.79) (0.86)","page_number":121,"box":{"x":76,"y":499,"width":885,"height":10}},{"id":"4f9c8488-cd13-4abd-b093-d52d8b1fb2c4","block_type":"box","text":"Distributions from net investment income","page_number":121,"box":{"x":76,"y":514,"width":202,"height":8}},{"id":"c7730c8b-9436-46e7-abcc-19ab98049182","block_type":"box","text":"(c)","page_number":121,"box":{"x":279,"y":513,"width":8,"height":6}},{"id":"73a18c2f-d208-4de1-bb67-87a9eb2c0f75","block_type":"box","text":"(0.89) (0.86) (0.78) (0.34) (0.18)","page_number":121,"box":{"x":604,"y":514,"width":357,"height":10}},{"id":"9cf2ab8f-a0da-4cd9-800b-2b91ae04dbe1","block_type":"box","text":"Net asset value, end of year","page_number":121,"box":{"x":76,"y":529,"width":135,"height":10}},{"id":"5b02e0d2-7f81-43f9-8e60-6b050091ee82","block_type":"box","text":"$ 22.51 $ 22.31 $ 21.72 $ 22.02 $ 25.15","page_number":121,"box":{"x":576,"y":529,"width":382,"height":9}},{"id":"1754b939-1651-468c-869f-6a96bade6da7","block_type":"box","text":"Total Return","page_number":121,"box":{"x":76,"y":544,"width":57,"height":8}},{"id":"efa56fca-cca0-41b7-b467-ac1f9f764415","block_type":"box","text":"(d)","page_number":121,"box":{"x":135,"y":543,"width":8,"height":6}},{"id":"4e9e8f0a-1b96-4869-aaf9-fb68269dd76a","block_type":"box","text":"Based on net asset value","page_number":121,"box":{"x":76,"y":559,"width":109,"height":8}},{"id":"636d94fa-7871-4099-b44d-398bb394170d","block_type":"box","text":"4.94% 6.84% 2.13%","page_number":121,"box":{"x":606,"y":559,"width":193,"height":8}},{"id":"5ebf3d91-f4d5-448f-9161-86fe5fd08037","block_type":"box","text":"(11.18)%","page_number":121,"box":{"x":853,"y":559,"width":32,"height":10}},{"id":"fd30360f-2db9-4bb1-a365-f0f01ba08dfe","block_type":"box","text":"(3.31)%","page_number":121,"box":{"x":937,"y":559,"width":30,"height":10}},{"id":"02c3f80c-777d-406a-99c7-ef748c0082fa","block_type":"box","text":"Ratios to Average Net Assets","page_number":121,"box":{"x":76,"y":574,"width":140,"height":10}},{"id":"35422c10-5700-43d0-82a6-f1ef27611dd6","block_type":"box","text":"(e)","page_number":121,"box":{"x":217,"y":573,"width":9,"height":6}},{"id":"2085a7a3-8f8c-4245-b813-b6789bcf581e","block_type":"box","text":"Total expenses","page_number":121,"box":{"x":76,"y":589,"width":64,"height":10}},{"id":"5af7a7d5-93d7-4d4f-a19d-87a2970f04c6","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":121,"box":{"x":607,"y":589,"width":358,"height":8}},{"id":"53da0b80-cdbf-4b35-afc5-bef521235c16","block_type":"box","text":"Total expenses after fees waived","page_number":121,"box":{"x":76,"y":604,"width":142,"height":10}},{"id":"2346fbe1-d09c-4fe9-8f82-906539ac3a3b","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":121,"box":{"x":607,"y":604,"width":358,"height":8}},{"id":"909e41b2-8645-4d19-b109-5de922a8ce0a","block_type":"box","text":"Net investment income","page_number":121,"box":{"x":76,"y":619,"width":102,"height":8}},{"id":"f0ce12e9-bbdb-43c1-8c1d-040cb21d3844","block_type":"box","text":"4.03% 4.11% 3.82% 1.92% 0.78%","page_number":121,"box":{"x":606,"y":619,"width":359,"height":8}},{"id":"9bd8b91c-53fd-4a7a-8469-316ccc463920","block_type":"box","text":"Supplemental Data","page_number":121,"box":{"x":76,"y":634,"width":91,"height":10}},{"id":"26543e2c-887d-4454-b51a-451ebf109ef3","block_type":"box","text":"Net assets, end of year (000)","page_number":121,"box":{"x":76,"y":649,"width":127,"height":10}},{"id":"713c8ca1-d594-4445-8d04-b3774b55749d","block_type":"box","text":"$1,727,260 $1,053,248 $280,135 $136,548 $31,443","page_number":121,"box":{"x":576,"y":649,"width":382,"height":9}},{"id":"98680832-e285-4ed6-88b9-e2971958d237","block_type":"box","text":"Portfolio turnover rate","page_number":121,"box":{"x":76,"y":664,"width":97,"height":8}},{"id":"be7c2029-f244-45c5-9879-4f937147ebda","block_type":"box","text":"(f)","page_number":121,"box":{"x":174,"y":663,"width":6,"height":6}},{"id":"0bf3c896-493b-4d78-a439-2620d8cabf6f","block_type":"box","text":"59% 22% 10% 58% 18%","page_number":121,"box":{"x":616,"y":665,"width":349,"height":7}},{"id":"089f1c17-88c7-4b7c-bde2-2662b8d2a031","block_type":"box","text":"(a)","page_number":121,"box":{"x":76,"y":691,"width":10,"height":6}},{"id":"ac717977-8ccf-4199-8dc3-32b70ed55ac5","block_type":"box","text":"Based on average shares outstanding.","page_number":121,"box":{"x":107,"y":693,"width":215,"height":9}},{"id":"ef056ce2-651b-42a0-861d-d0071bbff3a0","block_type":"box","text":"(b)","page_number":121,"box":{"x":76,"y":703,"width":10,"height":6}},{"id":"2c9f03b5-26e4-4327-9265-391a9ddf3f45","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":121,"box":{"x":106,"y":704,"width":867,"height":10}},{"id":"e5a8851b-068c-49cc-b25e-28d7fb66aef3","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":121,"box":{"x":106,"y":716,"width":648,"height":9}},{"id":"1b04884a-4c42-4881-b938-c499a0b3093c","block_type":"box","text":"(c)","page_number":121,"box":{"x":76,"y":726,"width":10,"height":6}},{"id":"8370eec5-56ed-412d-80d8-bf3c67540b7c","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":121,"box":{"x":107,"y":727,"width":565,"height":10}},{"id":"8cf77f60-582b-402b-a324-baf17c660d65","block_type":"box","text":"(d)","page_number":121,"box":{"x":76,"y":738,"width":10,"height":6}},{"id":"98a209b0-c062-4e5f-a099-acff0fc784b8","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":121,"box":{"x":106,"y":739,"width":347,"height":9}},{"id":"3ca2a9d0-16ea-4382-9d88-d800ad661295","block_type":"box","text":"(e)","page_number":121,"box":{"x":76,"y":749,"width":10,"height":6}},{"id":"cf84a421-4c3b-4880-b110-4f12fca7a5e4","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":121,"box":{"x":107,"y":751,"width":530,"height":9}},{"id":"2aabdd99-4f57-4aff-95f2-d36f53ed2ff6","block_type":"box","text":"(f)","page_number":121,"box":{"x":76,"y":761,"width":8,"height":6}},{"id":"28bc3ccf-36c4-40fd-84ba-bea788319f63","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":121,"box":{"x":107,"y":762,"width":335,"height":10}},{"id":"5d826c9d-02a6-4992-bc05-3f3a8d95fa60","block_type":"box","text":"21","page_number":121,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"d8b0d1b8-ffcf-4f1d-9edb-ec930aa770b2","block_type":"box","text":"For a share outstanding throughout each period:","page_number":122,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"05ee0211-f0d5-4f96-9abf-b2f7e3204634","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF","page_number":122,"box":{"x":663,"y":45,"width":207,"height":7}},{"id":"9212e724-1f63-4e8d-8cfc-5cea0e932ab0","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"f3dc8899-fd0c-40ec-b275-1ea6e9e5b893","block_type":"box","text":"10/31/25","page_number":122,"box":{"x":579,"y":66,"width":43,"height":7}},{"id":"6c4d01d8-7501-4ec8-9540-b095b744010c","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"f2c747e3-a59f-40fa-a747-20bb24ef7650","block_type":"box","text":"10/31/24","page_number":122,"box":{"x":662,"y":66,"width":44,"height":7}},{"id":"31e88506-454f-4b60-a5b8-c2ee46e23d8e","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"978b67df-99fb-4054-a347-7fcf59d03abf","block_type":"box","text":"10/31/23","page_number":122,"box":{"x":745,"y":66,"width":43,"height":7}},{"id":"5e3330af-6fa7-4fdb-8c2f-b7c9dd695f87","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"19bd7735-eddf-41e0-a01b-f1e1f94d7042","block_type":"box","text":"10/31/22","page_number":122,"box":{"x":828,"y":66,"width":43,"height":7}},{"id":"eb5af2e1-30c1-4e05-b4d5-2d8afda61a18","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"4d3fc582-e1e4-4944-a885-960ddade3865","block_type":"box","text":"10/31/21","page_number":122,"box":{"x":912,"y":66,"width":41,"height":7}},{"id":"142d45ef-b3d1-45f1-a488-c323521b6aee","block_type":"box","text":"Net asset value, beginning of year","page_number":122,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"0c2a666e-e656-44f4-b800-84ec14465b43","block_type":"box","text":"$ 22.06 $ 21.36 $ 21.65 $ 25.14 $ 26.30","page_number":122,"box":{"x":578,"y":78,"width":380,"height":9}},{"id":"e3fcdc48-18b5-481e-8d9c-70fc8493bc84","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"492e5e75-4c38-443d-b043-a3240f493478","block_type":"box","text":"(a)","page_number":122,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"f868349b-dd7c-4a65-b685-8ca22c5986b1","block_type":"box","text":"0.89 0.89 0.76 0.36 0.21","page_number":122,"box":{"x":607,"y":94,"width":350,"height":7}},{"id":"7131077f-3ef8-4586-ad94-94e4a3d0af3c","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":122,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"27789fad-b270-488f-9adf-1bebb035dbb2","block_type":"box","text":"(b)","page_number":122,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"3691b7b6-b6d0-4cb2-b96e-03c418ba9513","block_type":"box","text":"0.31 0.66 (0.39) (3.54) (1.17)","page_number":122,"box":{"x":607,"y":105,"width":354,"height":9}},{"id":"a45f5ea8-ef9c-40b2-b2c9-f610d84ce4d7","block_type":"box","text":"Net increase (decrease) from investment operations 1.20 1.55 0.37 (3.18) (0.96)","page_number":122,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"f9a50b95-19d1-4671-8ead-4794ba0882ae","block_type":"box","text":"Distributions from net investment income","page_number":122,"box":{"x":76,"y":135,"width":202,"height":7}},{"id":"896744c5-1751-4dc4-aef7-b978ae0e40a1","block_type":"box","text":"(c)","page_number":122,"box":{"x":279,"y":134,"width":8,"height":6}},{"id":"17b1fa07-478f-4228-ba2a-366526993f33","block_type":"box","text":"(0.87) (0.85) (0.66) (0.31) (0.20)","page_number":122,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"37b53193-a8d0-41d4-bb91-5e4b2d84ebea","block_type":"box","text":"Net asset value, end of year","page_number":122,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"33446513-a797-4bf1-b4d6-9852e98512c0","block_type":"box","text":"$ 22.39 $ 22.06 $ 21.36 $ 21.65 $ 25.14","page_number":122,"box":{"x":578,"y":149,"width":381,"height":9}},{"id":"530973b4-d429-4b2d-a76f-247b1408a0c2","block_type":"box","text":"Total Return","page_number":122,"box":{"x":76,"y":165,"width":57,"height":8}},{"id":"ad5c1d71-8e38-401a-bc6b-92ebc5c20217","block_type":"box","text":"(d)","page_number":122,"box":{"x":135,"y":164,"width":8,"height":6}},{"id":"5e3725d3-7e0e-425d-b13e-ed120d986400","block_type":"box","text":"Based on net asset value","page_number":122,"box":{"x":76,"y":180,"width":109,"height":8}},{"id":"046d4312-c149-4473-bc96-314aced536ed","block_type":"box","text":"5.57% 7.36% 1.62% (12.70)% (3.71)%","page_number":122,"box":{"x":607,"y":180,"width":360,"height":10}},{"id":"fe400f7b-ca8c-407e-99f1-99f9f1b16bdc","block_type":"box","text":"Ratios to Average Net Assets","page_number":122,"box":{"x":76,"y":195,"width":140,"height":10}},{"id":"e0c70f1b-7f6d-42e9-b4e9-9ca319e61992","block_type":"box","text":"(e)","page_number":122,"box":{"x":217,"y":194,"width":9,"height":6}},{"id":"1193cef1-88ca-45b0-a0e3-8998e705189a","block_type":"box","text":"Total expenses","page_number":122,"box":{"x":76,"y":210,"width":64,"height":10}},{"id":"aceb55da-bf3c-4835-8fd5-f3fc32c0d7dc","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":122,"box":{"x":607,"y":210,"width":358,"height":8}},{"id":"56b75089-14a2-4712-ad96-807edf307fe4","block_type":"box","text":"Total expenses after fees waived","page_number":122,"box":{"x":76,"y":225,"width":142,"height":10}},{"id":"b99c97e6-4164-46ac-9261-454206f89d83","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":122,"box":{"x":607,"y":225,"width":358,"height":8}},{"id":"64c893c0-f276-4f9b-9f02-aa7f8bb09ada","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":76,"y":240,"width":102,"height":8}},{"id":"74d61605-781a-4ab6-9441-e06037ddd1b8","block_type":"box","text":"4.00% 4.06% 3.47% 1.54% 0.83%","page_number":122,"box":{"x":606,"y":240,"width":359,"height":8}},{"id":"c2d7e334-b69f-4c1c-9c68-d1b7dc30f258","block_type":"box","text":"Supplemental Data","page_number":122,"box":{"x":76,"y":255,"width":91,"height":10}},{"id":"21f0a7e5-7a90-4ae4-aef2-8707a1f8dc0f","block_type":"box","text":"Net assets, end of year (000)","page_number":122,"box":{"x":76,"y":270,"width":127,"height":10}},{"id":"235e8604-b782-4288-bbea-bbe4e666dd86","block_type":"box","text":"$1,213,796 $710,270 $198,610 $34,637 $18,852","page_number":122,"box":{"x":578,"y":269,"width":380,"height":10}},{"id":"f1f57df9-2ffe-483b-8171-d8f0d5d9db2b","block_type":"box","text":"Portfolio turnover rate","page_number":122,"box":{"x":76,"y":285,"width":97,"height":8}},{"id":"828839bb-bb02-4d74-a93b-00215c48559d","block_type":"box","text":"(f)","page_number":122,"box":{"x":174,"y":284,"width":6,"height":6}},{"id":"880d329d-7eb6-4034-93f7-8a4c63e00870","block_type":"box","text":"57% 4% 15% 34% 73%","page_number":122,"box":{"x":616,"y":285,"width":349,"height":8}},{"id":"23b75884-c4dc-4cbb-92e4-b93383962ce1","block_type":"box","text":"(a)","page_number":122,"box":{"x":76,"y":312,"width":10,"height":6}},{"id":"2f3d2721-01dd-4ad0-b4b4-2166667ba32e","block_type":"box","text":"Based on average shares outstanding.","page_number":122,"box":{"x":107,"y":313,"width":215,"height":10}},{"id":"71c5b2cd-62a4-4cc9-be39-9f651a6cb2e6","block_type":"box","text":"(b)","page_number":122,"box":{"x":76,"y":323,"width":10,"height":6}},{"id":"6b7c49a0-814a-408d-9496-16f4f20c3562","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":122,"box":{"x":106,"y":325,"width":867,"height":9}},{"id":"22c7aed4-ac2a-4e6e-9679-910837b699a3","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":122,"box":{"x":106,"y":336,"width":648,"height":10}},{"id":"88d5ca72-5284-406b-9841-e506b1660f7e","block_type":"box","text":"(c)","page_number":122,"box":{"x":76,"y":347,"width":10,"height":6}},{"id":"3e88979f-bfed-42b3-abbf-75d7e6dd89a1","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":122,"box":{"x":107,"y":348,"width":565,"height":10}},{"id":"e538ee98-4465-492c-a7f9-659341d10372","block_type":"box","text":"(d)","page_number":122,"box":{"x":76,"y":358,"width":10,"height":6}},{"id":"ff45fc7d-78d5-490b-be8b-7b22489bb12e","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":122,"box":{"x":106,"y":360,"width":347,"height":9}},{"id":"66438072-8c37-4823-aa81-704379a2ff51","block_type":"box","text":"(e)","page_number":122,"box":{"x":76,"y":370,"width":10,"height":6}},{"id":"3e2d0025-d230-4afc-8d59-ac8bc233c719","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":122,"box":{"x":107,"y":371,"width":530,"height":10}},{"id":"39b458af-f5a7-458d-bcb0-25772b88fa45","block_type":"box","text":"(f)","page_number":122,"box":{"x":76,"y":381,"width":8,"height":6}},{"id":"8dd0707c-853e-4685-a40d-12194dc790f4","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":122,"box":{"x":107,"y":383,"width":335,"height":9}},{"id":"b2a6dd04-0200-4578-85b2-ca14cf3df5b8","block_type":"box","text":"For a share outstanding throughout each period:","page_number":122,"box":{"x":77,"y":402,"width":339,"height":11}},{"id":"59477416-a12a-4399-976a-929f684e9f12","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF","page_number":122,"box":{"x":663,"y":425,"width":207,"height":7}},{"id":"d11af140-e164-48e7-8f6e-8bfaab49d390","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":574,"y":437,"width":52,"height":6}},{"id":"5f9f8039-ec25-4f2e-9800-733c1c823370","block_type":"box","text":"10/31/25","page_number":122,"box":{"x":579,"y":445,"width":43,"height":7}},{"id":"b9fcb419-8c49-46af-9fc5-482abca8f4cf","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":657,"y":437,"width":52,"height":6}},{"id":"d05b7a87-81b7-408c-ab20-b3dd88ea8aa5","block_type":"box","text":"10/31/24","page_number":122,"box":{"x":662,"y":445,"width":44,"height":7}},{"id":"0fc4405d-ed8b-42d6-ab3d-0ed647275ffc","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":740,"y":437,"width":52,"height":6}},{"id":"150af428-eba7-4506-813b-b58630b45de8","block_type":"box","text":"10/31/23","page_number":122,"box":{"x":745,"y":445,"width":43,"height":7}},{"id":"47c50948-cdff-4b29-b7a7-af1ed3340f4f","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":823,"y":437,"width":52,"height":6}},{"id":"313b4103-ae8d-453d-bbcc-884ef801ce7c","block_type":"box","text":"10/31/22","page_number":122,"box":{"x":828,"y":445,"width":43,"height":7}},{"id":"53a666a5-88c0-44fc-8fcf-9299c47d7035","block_type":"box","text":"Year Ended","page_number":122,"box":{"x":906,"y":437,"width":52,"height":6}},{"id":"b1bdcb57-b1d4-4c57-a635-dcdd23f64b1d","block_type":"box","text":"10/31/21","page_number":122,"box":{"x":912,"y":445,"width":41,"height":7}},{"id":"6ff53aed-7e4d-4579-8c6c-cc361b59b1e8","block_type":"box","text":"Net asset value, beginning of year","page_number":122,"box":{"x":76,"y":458,"width":164,"height":10}},{"id":"d64b8e41-008e-43b8-a731-4a64e973cc7f","block_type":"box","text":"$ 21.56 $ 20.73 $ 21.32 $ 25.02 $ 26.27","page_number":122,"box":{"x":584,"y":457,"width":374,"height":9}},{"id":"b5e6cdc1-ecb9-4de6-a925-82335fe1c50c","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":86,"y":473,"width":102,"height":7}},{"id":"68849974-0b8d-4231-b62a-088a372f77f5","block_type":"box","text":"(a)","page_number":122,"box":{"x":189,"y":472,"width":7,"height":6}},{"id":"fa0de30e-ea84-4b68-ae50-16175ee9c7c9","block_type":"box","text":"0.87 0.88 0.78 0.39 0.19","page_number":122,"box":{"x":607,"y":473,"width":351,"height":8}},{"id":"537ef68c-f44d-499f-b8af-22d136d8b075","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":122,"box":{"x":86,"y":484,"width":167,"height":10}},{"id":"d3908283-b7e9-405f-9d41-2e3d42ccdbb9","block_type":"box","text":"(b)","page_number":122,"box":{"x":254,"y":483,"width":8,"height":6}},{"id":"30ede704-b558-435d-8e85-ecdb3c3ed978","block_type":"box","text":"0.38 0.78 (0.65) (3.81) (1.25)","page_number":122,"box":{"x":607,"y":484,"width":354,"height":10}},{"id":"e591e09a-06b2-40b2-8876-16ffb2f5107f","block_type":"box","text":"Net increase (decrease) from investment operations 1.25 1.66 0.13 (3.42) (1.06)","page_number":122,"box":{"x":76,"y":499,"width":885,"height":10}},{"id":"90f99cbe-a863-4483-83fb-fb53e5b6380f","block_type":"box","text":"Distributions from net investment income","page_number":122,"box":{"x":76,"y":514,"width":202,"height":8}},{"id":"97a42ef2-1056-49ed-96d8-0fdd4431a465","block_type":"box","text":"(c)","page_number":122,"box":{"x":279,"y":513,"width":8,"height":6}},{"id":"0b39326a-9687-4fde-a313-8ad4271e04b6","block_type":"box","text":"(0.84) (0.83) (0.72) (0.28) (0.19)","page_number":122,"box":{"x":604,"y":514,"width":357,"height":10}},{"id":"3a63ac88-2e97-487e-8eb6-d9a8bc9b9b4a","block_type":"box","text":"Net asset value, end of year","page_number":122,"box":{"x":76,"y":529,"width":135,"height":10}},{"id":"1f26b4bc-d4cf-4c28-80c0-df21a77223b4","block_type":"box","text":"$ 21.97 $ 21.56 $ 20.73 $ 21.32 $ 25.02","page_number":122,"box":{"x":584,"y":529,"width":374,"height":9}},{"id":"018ea7f9-6e42-4560-b4a7-49024a9dcdbf","block_type":"box","text":"Total Return","page_number":122,"box":{"x":76,"y":544,"width":57,"height":8}},{"id":"c1389f53-1d7f-485a-bd6c-417df1f09779","block_type":"box","text":"(d)","page_number":122,"box":{"x":135,"y":543,"width":8,"height":6}},{"id":"30bc55ce-d489-4de1-b255-772366567e7d","block_type":"box","text":"Based on net asset value","page_number":122,"box":{"x":76,"y":559,"width":109,"height":8}},{"id":"f0015e41-cd4e-41bf-a6aa-7cec8c1a8279","block_type":"box","text":"5.95% 8.09% 0.55% (13.72)% (4.08)%","page_number":122,"box":{"x":607,"y":559,"width":361,"height":10}},{"id":"c4a92746-2072-4c91-8c54-e541403ab578","block_type":"box","text":"Ratios to Average Net Assets","page_number":122,"box":{"x":76,"y":574,"width":140,"height":10}},{"id":"986ca2ed-f937-45be-9eeb-8f1c909fdd1c","block_type":"box","text":"(e)","page_number":122,"box":{"x":217,"y":573,"width":9,"height":6}},{"id":"ab2bf989-5af8-488e-b11f-5426f8ad39b6","block_type":"box","text":"Total expenses","page_number":122,"box":{"x":76,"y":589,"width":64,"height":10}},{"id":"8d2bc7aa-889c-43d5-95c5-06509378f3ac","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":122,"box":{"x":607,"y":589,"width":358,"height":8}},{"id":"9df1d956-a8cf-427f-9641-e016305fd664","block_type":"box","text":"Total expenses after fees waived","page_number":122,"box":{"x":76,"y":604,"width":142,"height":10}},{"id":"3e553cfa-bc7a-4950-ae40-40dd99b74a72","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":122,"box":{"x":607,"y":604,"width":358,"height":8}},{"id":"c50507ab-2a43-41b5-8f73-e345186fd871","block_type":"box","text":"Net investment income","page_number":122,"box":{"x":76,"y":619,"width":102,"height":8}},{"id":"55d33682-5027-4c69-b950-7f27b37603c7","block_type":"box","text":"4.00% 4.06% 3.63% 1.68% 0.74%","page_number":122,"box":{"x":606,"y":619,"width":359,"height":8}},{"id":"0a29f050-5cbb-48df-8962-2438af37cf10","block_type":"box","text":"Supplemental Data","page_number":122,"box":{"x":76,"y":634,"width":91,"height":10}},{"id":"34ad1c43-2397-4404-90ae-93ce40d995f5","block_type":"box","text":"Net assets, end of year (000)","page_number":122,"box":{"x":76,"y":649,"width":127,"height":10}},{"id":"69a0d2b8-b325-4398-8229-b60a7f1bb91b","block_type":"box","text":"$839,421 $367,608 $119,210 $38,370 $17,512","page_number":122,"box":{"x":584,"y":649,"width":374,"height":9}},{"id":"f08270e8-100a-4d0b-b3e9-81240252e272","block_type":"box","text":"Portfolio turnover rate","page_number":122,"box":{"x":76,"y":664,"width":97,"height":8}},{"id":"f75fb41e-402c-4f6a-995b-86b855b13a9a","block_type":"box","text":"(f)","page_number":122,"box":{"x":174,"y":663,"width":6,"height":6}},{"id":"8bf5093a-3846-4962-9620-639fab1cfab3","block_type":"box","text":"38% 35% 34% 51% 0%","page_number":122,"box":{"x":615,"y":665,"width":350,"height":7}},{"id":"dc13977f-439e-4e71-b2c2-12e60f084c82","block_type":"box","text":"(g)","page_number":122,"box":{"x":966,"y":663,"width":7,"height":6}},{"id":"30b1c3f4-6be5-4e97-891f-b0b1ea5f7fa8","block_type":"box","text":"(a)","page_number":122,"box":{"x":76,"y":691,"width":10,"height":6}},{"id":"8ceac8ee-2629-4d68-b049-fda50919ef27","block_type":"box","text":"Based on average shares outstanding.","page_number":122,"box":{"x":107,"y":693,"width":215,"height":9}},{"id":"1062afd2-45ff-4d6a-97cd-4ce878cdce87","block_type":"box","text":"(b)","page_number":122,"box":{"x":76,"y":703,"width":10,"height":6}},{"id":"e9ebd595-323d-4c95-b96a-1f3e4825f288","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":122,"box":{"x":106,"y":704,"width":867,"height":10}},{"id":"5537e0e4-8218-44fe-81e0-07c12c360851","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":122,"box":{"x":106,"y":716,"width":648,"height":9}},{"id":"75db1d51-7458-46e9-8845-212054fabd14","block_type":"box","text":"(c)","page_number":122,"box":{"x":76,"y":726,"width":10,"height":6}},{"id":"f3264f35-4376-41a4-9909-a4dde528b0a9","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":122,"box":{"x":107,"y":727,"width":565,"height":10}},{"id":"e2be7d25-3e00-4684-bd0a-0868429c3074","block_type":"box","text":"(d)","page_number":122,"box":{"x":76,"y":738,"width":10,"height":6}},{"id":"ed451f08-87ea-42bb-89a8-7d07c4fd86b6","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":122,"box":{"x":106,"y":739,"width":347,"height":9}},{"id":"0dfcd3de-d0b8-48c4-ad66-fcb4bb6bde76","block_type":"box","text":"(e)","page_number":122,"box":{"x":76,"y":749,"width":10,"height":6}},{"id":"5266ebb7-6b05-41f2-a03d-34212f977949","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":122,"box":{"x":107,"y":751,"width":530,"height":9}},{"id":"759e7bb9-82cc-49db-8559-30f2aa410b6a","block_type":"box","text":"(f)","page_number":122,"box":{"x":76,"y":761,"width":8,"height":6}},{"id":"bf93b958-ede8-4541-9033-97e81eeb0779","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":122,"box":{"x":107,"y":762,"width":335,"height":10}},{"id":"bef4d674-59ef-4dfe-9b1c-5eb5e9a36ce9","block_type":"box","text":"(g)","page_number":122,"box":{"x":76,"y":772,"width":10,"height":6}},{"id":"7daa5715-9d25-4f5e-9e35-acfbc592d607","block_type":"box","text":"Rounds to less than 0.5%.","page_number":122,"box":{"x":107,"y":774,"width":144,"height":7}},{"id":"1397c6cc-0a40-45fa-b464-dbb527843a31","block_type":"box","text":"22","page_number":122,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"cfb736eb-6754-472a-b8f1-a75bed2b070b","block_type":"box","text":"For a share outstanding throughout each period:","page_number":123,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"0aad24d0-7221-4000-b292-94de4a8e9543","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF","page_number":123,"box":{"x":663,"y":45,"width":207,"height":7}},{"id":"9b6a8fdb-4863-4f00-9ba2-c8b477a27913","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"9d82bcff-acf1-4019-aee1-6390078153db","block_type":"box","text":"10/31/25","page_number":123,"box":{"x":579,"y":66,"width":43,"height":7}},{"id":"7666a3de-4cbf-4333-9fcc-d048ac1d7896","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"d1116035-14c8-459e-8fb6-12234dcb14a1","block_type":"box","text":"10/31/24","page_number":123,"box":{"x":662,"y":66,"width":44,"height":7}},{"id":"d77b0ed7-52ea-4372-a55c-c6aaea17c094","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"72c63b4f-0bf6-4862-928c-6da1f3b8247b","block_type":"box","text":"10/31/23","page_number":123,"box":{"x":745,"y":66,"width":43,"height":7}},{"id":"d40a22be-d996-4969-b68b-c1aa6973cfe1","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"a1a7eb71-21bb-4297-a02e-450de6839948","block_type":"box","text":"10/31/22","page_number":123,"box":{"x":828,"y":66,"width":43,"height":7}},{"id":"f0bb0866-2f80-4a64-9d13-391b7ad11e26","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"2c8509cd-67d2-4aff-a03b-f906a29da90f","block_type":"box","text":"10/31/21","page_number":123,"box":{"x":912,"y":66,"width":41,"height":7}},{"id":"6917ae02-9c8d-4c39-b7d3-229e601c5d79","block_type":"box","text":"Net asset value, beginning of year","page_number":123,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"7f2a538a-9ee7-4a80-bb6c-480d39ab451d","block_type":"box","text":"$ 19.45 $ 18.59 $ 19.32 $ 23.28 $24.58","page_number":123,"box":{"x":583,"y":78,"width":375,"height":9}},{"id":"9bcce321-6259-4f78-bee2-c2158ce3251e","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"bd62b378-af7f-4190-ae25-86e0bd09685e","block_type":"box","text":"(a)","page_number":123,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"2425f892-9fef-469d-b4fd-b9d6cf5c8ab9","block_type":"box","text":"0.78 0.77 0.58 0.49 0.20","page_number":123,"box":{"x":607,"y":94,"width":351,"height":7}},{"id":"b1abb893-fdb0-466f-96b6-26c02334c202","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":123,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"23b68242-4cf7-4613-b7b5-0e2951977499","block_type":"box","text":"(b)","page_number":123,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"47da1a09-5a9d-4340-91b6-e542e321a03b","block_type":"box","text":"0.43 0.84 (0.73) (4.11) (1.32)","page_number":123,"box":{"x":607,"y":105,"width":354,"height":9}},{"id":"dd29a505-ee07-4401-b672-73316653553f","block_type":"box","text":"Net increase (decrease) from investment operations 1.21 1.61 (0.15) (3.62) (1.12)","page_number":123,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"a93fe463-b7c5-4202-9b90-54ab1ea6035d","block_type":"box","text":"Distributions from net investment income","page_number":123,"box":{"x":76,"y":135,"width":202,"height":7}},{"id":"928e2f6e-bc6a-4f94-8810-06e6704cd0f5","block_type":"box","text":"(c)","page_number":123,"box":{"x":279,"y":134,"width":8,"height":6}},{"id":"fbc6da4b-7d9c-4dba-9f96-d17b61f142c7","block_type":"box","text":"(0.76) (0.75) (0.58) (0.34) (0.18)","page_number":123,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"4eee8ab5-9827-4bdc-8de3-7ec6bd1073fa","block_type":"box","text":"Net asset value, end of year","page_number":123,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"f7ea1f35-2702-451f-9d52-bedb2604c306","block_type":"box","text":"$ 19.90 $ 19.45 $ 18.59 $ 19.32 $23.28","page_number":123,"box":{"x":583,"y":149,"width":375,"height":9}},{"id":"41a57cd5-d00b-48fb-9496-177a87b9ae92","block_type":"box","text":"Total Return","page_number":123,"box":{"x":76,"y":165,"width":57,"height":8}},{"id":"1ea88019-50c9-435b-8e6d-aa1162bc5598","block_type":"box","text":"(d)","page_number":123,"box":{"x":135,"y":164,"width":8,"height":6}},{"id":"abf36a55-a2b2-48c4-9af0-9d5ec0903be6","block_type":"box","text":"Based on net asset value","page_number":123,"box":{"x":76,"y":180,"width":109,"height":8}},{"id":"008d6838-8eb6-4a6a-a7ff-bdbb8e3f350d","block_type":"box","text":"6.31% 8.76% (0.88)% (15.69)% (4.58)%","page_number":123,"box":{"x":608,"y":180,"width":360,"height":10}},{"id":"85e4c4cc-ed39-4583-ae11-a52dd5f38ba9","block_type":"box","text":"Ratios to Average Net Assets","page_number":123,"box":{"x":76,"y":195,"width":140,"height":10}},{"id":"541a3f84-4e9d-4baf-beaf-dd846670e99d","block_type":"box","text":"(e)","page_number":123,"box":{"x":217,"y":194,"width":9,"height":6}},{"id":"7b9844bd-1e93-4ec2-b9c5-f910db2f34ab","block_type":"box","text":"Total expenses","page_number":123,"box":{"x":76,"y":210,"width":64,"height":10}},{"id":"c0147823-6aa9-43f8-87bc-6d81f1ea2fc2","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":123,"box":{"x":607,"y":210,"width":358,"height":8}},{"id":"91e4afe5-28ec-42d4-9e8a-ac2fd70dce34","block_type":"box","text":"Total expenses after fees waived","page_number":123,"box":{"x":76,"y":225,"width":142,"height":10}},{"id":"099e795a-d4a6-4df5-8161-8ea607551d62","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":123,"box":{"x":607,"y":225,"width":358,"height":8}},{"id":"ccac0cd3-c6b5-4bc0-becc-19feb1e6e873","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":76,"y":240,"width":102,"height":8}},{"id":"c298bb9a-497c-4271-844e-2a1625226236","block_type":"box","text":"3.99% 3.95% 2.99% 2.36% 0.83%","page_number":123,"box":{"x":607,"y":240,"width":358,"height":8}},{"id":"ae5aa2d5-37f5-425f-9c9b-832bb5b14c8d","block_type":"box","text":"Supplemental Data","page_number":123,"box":{"x":76,"y":255,"width":91,"height":10}},{"id":"9ea6808e-241b-4d4d-8960-8c46986df09a","block_type":"box","text":"Net assets, end of year (000)","page_number":123,"box":{"x":76,"y":270,"width":127,"height":10}},{"id":"c92ee359-5191-4bc2-b2fc-10c332f4caf6","block_type":"box","text":"$566,079 $283,068 $148,729 $74,378 $3,493","page_number":123,"box":{"x":583,"y":269,"width":375,"height":10}},{"id":"29a8b57e-e3b3-4880-b3d8-866ee9d87518","block_type":"box","text":"Portfolio turnover rate","page_number":123,"box":{"x":76,"y":285,"width":97,"height":8}},{"id":"e581845c-2236-42e1-b61c-d94c451f7f41","block_type":"box","text":"(f)","page_number":123,"box":{"x":174,"y":284,"width":6,"height":6}},{"id":"8b0f6421-46dc-4308-8d74-f66990c3577f","block_type":"box","text":"62% 15% 43% 0%","page_number":123,"box":{"x":615,"y":285,"width":267,"height":8}},{"id":"9de9e317-46f1-497c-b5ea-3aab6ac3d34c","block_type":"box","text":"(g)","page_number":123,"box":{"x":883,"y":284,"width":7,"height":6}},{"id":"95612ebb-4abf-420a-8d63-61379b9d141b","block_type":"box","text":"37%","page_number":123,"box":{"x":948,"y":285,"width":17,"height":8}},{"id":"6744fe2e-ccbe-408d-b2cb-07610b3d1c89","block_type":"box","text":"(a)","page_number":123,"box":{"x":76,"y":312,"width":10,"height":6}},{"id":"c8810ea9-95ef-43f8-b524-7d36ab326f88","block_type":"box","text":"Based on average shares outstanding.","page_number":123,"box":{"x":107,"y":313,"width":215,"height":10}},{"id":"53d51e3d-fa85-4737-a686-1a1f819a99d5","block_type":"box","text":"(b)","page_number":123,"box":{"x":76,"y":323,"width":10,"height":6}},{"id":"61482963-992e-4f22-82b9-846089faa284","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":123,"box":{"x":106,"y":325,"width":867,"height":9}},{"id":"da12f897-ee36-40a9-999a-3c80068b1283","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":123,"box":{"x":106,"y":336,"width":648,"height":10}},{"id":"d843e019-2cd0-49d2-86e2-a5e2a00b6149","block_type":"box","text":"(c)","page_number":123,"box":{"x":76,"y":347,"width":10,"height":6}},{"id":"4c21860b-94d5-4c23-b3c2-d55154c94097","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":123,"box":{"x":107,"y":348,"width":565,"height":10}},{"id":"59c2f667-6a4b-48c3-9891-738edbda40f3","block_type":"box","text":"(d)","page_number":123,"box":{"x":76,"y":358,"width":10,"height":6}},{"id":"87d50008-1bbe-4fa1-b1c0-8b10db145dc7","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":123,"box":{"x":106,"y":360,"width":347,"height":9}},{"id":"82910879-1374-440e-af0b-c7799250a907","block_type":"box","text":"(e)","page_number":123,"box":{"x":76,"y":370,"width":10,"height":6}},{"id":"574e6fad-246d-40ca-8510-c3e9a122efdd","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":123,"box":{"x":107,"y":371,"width":530,"height":10}},{"id":"69a1f602-a415-4baa-8c31-1f63ffb9d897","block_type":"box","text":"(f)","page_number":123,"box":{"x":76,"y":381,"width":8,"height":6}},{"id":"86193009-556d-423b-8833-00a55680e959","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":123,"box":{"x":107,"y":383,"width":335,"height":9}},{"id":"a6179366-91e5-4253-acc1-30961bfc9f44","block_type":"box","text":"(g)","page_number":123,"box":{"x":76,"y":393,"width":10,"height":6}},{"id":"b677d34d-e245-4926-8464-16816a259efb","block_type":"box","text":"Rounds to less than 0.5%.","page_number":123,"box":{"x":107,"y":394,"width":144,"height":8}},{"id":"d2e9cd07-ef0c-4b7c-9509-22989a102f59","block_type":"box","text":"For a share outstanding throughout each period:","page_number":123,"box":{"x":77,"y":414,"width":339,"height":11}},{"id":"fb94d306-9317-435f-8819-0d85d1df88a2","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF","page_number":123,"box":{"x":662,"y":436,"width":205,"height":7}},{"id":"dbe5b699-912d-4dfd-9e9b-477984973105","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":569,"y":456,"width":53,"height":6}},{"id":"3c5191f9-4562-45e1-856f-13353d8353a8","block_type":"box","text":"10/31/25","page_number":123,"box":{"x":575,"y":464,"width":43,"height":7}},{"id":"539ab4cf-afb4-470f-b810-c454c600bf88","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":652,"y":456,"width":53,"height":6}},{"id":"ddbc4cbe-b7c2-4933-906c-fbc0a0dafde3","block_type":"box","text":"10/31/24","page_number":123,"box":{"x":658,"y":464,"width":43,"height":7}},{"id":"479b31ff-8a78-44e8-855e-a41e906bdae4","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":736,"y":456,"width":52,"height":6}},{"id":"b6a83961-74e8-4d0a-ae6e-32ddb84f4822","block_type":"box","text":"10/31/23","page_number":123,"box":{"x":741,"y":464,"width":43,"height":7}},{"id":"33bf12a9-caab-4a1a-96bd-92a94d1850ee","block_type":"box","text":"Year Ended","page_number":123,"box":{"x":819,"y":456,"width":52,"height":6}},{"id":"5b9ae991-73d6-4bc2-a959-e82261fa753d","block_type":"box","text":"10/31/22","page_number":123,"box":{"x":824,"y":464,"width":43,"height":7}},{"id":"61b31fae-5019-48d4-898d-341d682dcd6f","block_type":"box","text":"Period from","page_number":123,"box":{"x":904,"y":449,"width":53,"height":5}},{"id":"276cc2f2-da74-4b5e-8209-5bed6a401fb8","block_type":"box","text":"07/13/21","page_number":123,"box":{"x":904,"y":456,"width":42,"height":8}},{"id":"2c031af0-4396-4771-b2da-408bf1d5ba25","block_type":"box","text":"(a)","page_number":123,"box":{"x":949,"y":455,"width":8,"height":5}},{"id":"daf790f5-3b76-4b13-a875-7a769aa08dba","block_type":"box","text":"to 10/31/21","page_number":123,"box":{"x":902,"y":464,"width":55,"height":7}},{"id":"7148175b-bbc9-424d-a78d-ab4f40aebf43","block_type":"box","text":"Net asset value, beginning of period","page_number":123,"box":{"x":76,"y":477,"width":174,"height":10}},{"id":"33db4a2f-a316-4c58-aacd-9f33f9afdd0c","block_type":"box","text":"$ 20.13 $ 19.16 $ 20.16 $ 24.65 $24.91","page_number":123,"box":{"x":579,"y":477,"width":378,"height":9}},{"id":"aee30775-5cd5-4cb2-bb17-5bd8481bcae7","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":86,"y":492,"width":102,"height":8}},{"id":"71bc7b0e-66cd-4454-8362-003a783aa50a","block_type":"box","text":"(b)","page_number":123,"box":{"x":189,"y":491,"width":8,"height":6}},{"id":"1b557426-9917-4500-89cf-9221f63024cc","block_type":"box","text":"0.83 0.82 0.69 0.55 0.10","page_number":123,"box":{"x":602,"y":492,"width":356,"height":8}},{"id":"b056cf89-d085-45c3-a672-83d7f7c7f9b2","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":123,"box":{"x":86,"y":504,"width":167,"height":9}},{"id":"c5e43001-371a-4661-ad5b-1f4eb125c682","block_type":"box","text":"(c)","page_number":123,"box":{"x":254,"y":502,"width":8,"height":6}},{"id":"597d1eb9-56a9-476d-a281-a356e6c69634","block_type":"box","text":"0.46 0.94 (1.07) (4.63) (0.30)","page_number":123,"box":{"x":602,"y":504,"width":359,"height":9}},{"id":"bbc88dde-dadc-4a24-8d7e-1c780081b3b3","block_type":"box","text":"Net increase (decrease) from investment operations 1.29 1.76 (0.38) (4.08) (0.20)","page_number":123,"box":{"x":76,"y":519,"width":885,"height":9}},{"id":"b3eea087-efdb-495b-b6d3-826636ecc9c1","block_type":"box","text":"Distributions","page_number":123,"box":{"x":76,"y":534,"width":62,"height":7}},{"id":"cc87252c-8011-4daf-a5f2-3f4f017c3f64","block_type":"box","text":"(d)","page_number":123,"box":{"x":139,"y":532,"width":8,"height":6}},{"id":"73f91100-ddb7-46a0-a68b-ea06948f68b5","block_type":"box","text":"From net investment income","page_number":123,"box":{"x":76,"y":549,"width":126,"height":7}},{"id":"d3f36f93-442b-4740-91f1-1f682575d38d","block_type":"box","text":"(0.81) (0.79) (0.62) (0.39) (0.06)","page_number":123,"box":{"x":600,"y":549,"width":361,"height":9}},{"id":"a4fc8615-4c75-4615-9602-d79efd8dfb1f","block_type":"box","text":"From net realized gain","page_number":123,"box":{"x":76,"y":564,"width":97,"height":9}},{"id":"c38e875e-fbfd-4fbf-948d-117bdb5dad0b","block_type":"box","text":"— — — (0.02) —","page_number":123,"box":{"x":615,"y":564,"width":343,"height":9}},{"id":"adfb2193-24a6-44ca-9efe-20567ecbb6aa","block_type":"box","text":"Total distributions","page_number":123,"box":{"x":76,"y":579,"width":78,"height":7}},{"id":"a8c8073f-67fd-44e4-9d2a-9f947a2b14e0","block_type":"box","text":"(0.81) (0.79) (0.62) (0.41) (0.06)","page_number":123,"box":{"x":600,"y":579,"width":361,"height":9}},{"id":"b94bb357-cef0-4007-92e2-f791c74d4d78","block_type":"box","text":"Net asset value, end of period","page_number":123,"box":{"x":76,"y":594,"width":144,"height":10}},{"id":"831f6430-7509-47a6-b0df-19526373d0d1","block_type":"box","text":"$ 20.61 $ 20.13 $ 19.16 $ 20.16 $24.65","page_number":123,"box":{"x":579,"y":593,"width":379,"height":9}},{"id":"ccc89a7c-3e56-4865-a215-84f06eb1a444","block_type":"box","text":"Total Return","page_number":123,"box":{"x":76,"y":609,"width":57,"height":7}},{"id":"de4dc42f-4a3f-432a-a5de-3e0deb62177b","block_type":"box","text":"(e)","page_number":123,"box":{"x":135,"y":607,"width":8,"height":6}},{"id":"c7b3ad4f-4ebb-4e11-ad73-d709859e222b","block_type":"box","text":"Based on net asset value","page_number":123,"box":{"x":76,"y":624,"width":109,"height":7}},{"id":"9f00de75-376d-4d2a-92ca-3946fc189285","block_type":"box","text":"6.59% 9.22% (2.03)% (16.73)% (0.81)%","page_number":123,"box":{"x":602,"y":624,"width":365,"height":9}},{"id":"68c1ee25-394b-48a2-a840-09417fc5cc6d","block_type":"box","text":"(f)","page_number":123,"box":{"x":968,"y":622,"width":6,"height":6}},{"id":"05c36518-7ee4-4f11-afe6-c1e91ec19aa6","block_type":"box","text":"Ratios to Average Net Assets","page_number":123,"box":{"x":76,"y":639,"width":140,"height":9}},{"id":"e9c9364d-fbd2-4b54-b773-79f556d436ea","block_type":"box","text":"(g)","page_number":123,"box":{"x":217,"y":637,"width":9,"height":6}},{"id":"534eb85e-1ecb-4af0-857f-4bb2efa047f3","block_type":"box","text":"Total expenses","page_number":123,"box":{"x":76,"y":654,"width":64,"height":9}},{"id":"d0226b9f-de85-4933-bc64-12576adc8437","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":123,"box":{"x":602,"y":654,"width":363,"height":7}},{"id":"0fb41820-5a29-44cc-9388-2ba65ad6252d","block_type":"box","text":"(h)","page_number":123,"box":{"x":966,"y":652,"width":8,"height":6}},{"id":"73bf76b9-b653-4768-b3da-bb85f7145458","block_type":"box","text":"Total expenses after fees waived","page_number":123,"box":{"x":76,"y":669,"width":142,"height":9}},{"id":"fd39e5f9-361c-46c1-87a2-2d262f64114d","block_type":"box","text":"0.07% 0.07% 0.07% 0.07% 0.07%","page_number":123,"box":{"x":602,"y":669,"width":363,"height":7}},{"id":"5826c970-8eca-4ecf-b27b-807fbe2f30e5","block_type":"box","text":"(h)","page_number":123,"box":{"x":966,"y":667,"width":8,"height":6}},{"id":"9ad476d3-93c3-4f85-9724-7c64240d4061","block_type":"box","text":"Net investment income","page_number":123,"box":{"x":76,"y":684,"width":102,"height":7}},{"id":"e329b175-3861-464a-a008-150a90e36d8f","block_type":"box","text":"4.11% 4.04% 3.38% 2.54% 1.29%","page_number":123,"box":{"x":604,"y":684,"width":361,"height":7}},{"id":"1ad3ca87-e48f-4a48-ab8d-e74ea7980374","block_type":"box","text":"(h)","page_number":123,"box":{"x":966,"y":682,"width":8,"height":6}},{"id":"1ad81f25-acd8-4a08-b715-7033298e2c2a","block_type":"box","text":"Supplemental Data","page_number":123,"box":{"x":76,"y":699,"width":91,"height":9}},{"id":"ff342b83-6829-4ce8-b536-0f96c822b662","block_type":"box","text":"Net assets, end of period (000)","page_number":123,"box":{"x":76,"y":714,"width":136,"height":9}},{"id":"cff16dde-a08b-485c-a693-04e948940705","block_type":"box","text":"$449,240 $240,512 $117,864 $14","page_number":123,"box":{"x":579,"y":713,"width":275,"height":10}},{"id":"ea98522d-4685-4749-a28e-a285fd6979cf","block_type":"box","text":",111 $2,465","page_number":123,"box":{"x":855,"y":713,"width":103,"height":10}},{"id":"4f632747-7f0f-4cfb-8ffe-f7f4e2966db2","block_type":"box","text":"Portfolio turnover rate","page_number":123,"box":{"x":76,"y":729,"width":97,"height":7}},{"id":"19d97dea-dbb3-48b4-98d7-82965fdc8c2d","block_type":"box","text":"(i)","page_number":123,"box":{"x":174,"y":727,"width":5,"height":6}},{"id":"cc79ac8a-16bf-4edc-9588-9489fafacd84","block_type":"box","text":"32% 39% 0%","page_number":123,"box":{"x":611,"y":729,"width":183,"height":7}},{"id":"bd6009d5-6249-41f8-985a-047a6adf97f3","block_type":"box","text":"(j)","page_number":123,"box":{"x":795,"y":727,"width":6,"height":6}},{"id":"a825afb1-f549-421f-89fd-9a1710476e0e","block_type":"box","text":"10% 26%","page_number":123,"box":{"x":863,"y":729,"width":102,"height":7}},{"id":"9180c071-97c9-4c5a-8310-1222d54948e6","block_type":"box","text":"(a)","page_number":123,"box":{"x":76,"y":756,"width":10,"height":5}},{"id":"effe3c84-d43e-48fb-99c2-d5d5501e1982","block_type":"box","text":"Commencement of operations.","page_number":123,"box":{"x":106,"y":757,"width":176,"height":9}},{"id":"984d167c-09be-4154-a0aa-65c9663a0bb3","block_type":"box","text":"(b)","page_number":123,"box":{"x":76,"y":767,"width":10,"height":6}},{"id":"28652b4f-4947-45fe-988b-8f442ebeb162","block_type":"box","text":"Based on average shares outstanding.","page_number":123,"box":{"x":107,"y":769,"width":215,"height":9}},{"id":"1663dd0e-6fe7-4fa3-a300-713e8d27940b","block_type":"box","text":"(c)","page_number":123,"box":{"x":76,"y":779,"width":10,"height":6}},{"id":"d8eca1d7-b7db-435a-9e08-1c4c4dcb332d","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":123,"box":{"x":106,"y":780,"width":867,"height":10}},{"id":"37680935-d09f-4ff6-945f-d30f5162f691","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":123,"box":{"x":106,"y":792,"width":648,"height":9}},{"id":"0b9b2ca0-cfac-469b-a346-a587846be6d6","block_type":"box","text":"(d)","page_number":123,"box":{"x":76,"y":802,"width":10,"height":6}},{"id":"ff5f64f2-0791-41a3-9f2c-24510d981549","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":123,"box":{"x":107,"y":803,"width":565,"height":10}},{"id":"ab491311-a5aa-49a2-a655-4019d15a8361","block_type":"box","text":"(e)","page_number":123,"box":{"x":76,"y":814,"width":10,"height":6}},{"id":"e67ab421-6f0f-4ede-ba29-3fee5cc570c4","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":123,"box":{"x":106,"y":815,"width":347,"height":9}},{"id":"f103331c-f77a-429c-b215-98c292c3f116","block_type":"box","text":"(f)","page_number":123,"box":{"x":76,"y":825,"width":8,"height":6}},{"id":"e9f51442-d75d-435c-87f9-2adb51fff0ce","block_type":"box","text":"Not annualized.","page_number":123,"box":{"x":107,"y":827,"width":87,"height":7}},{"id":"633b7135-6cb0-49f4-961e-7f4f043b27db","block_type":"box","text":"(g)","page_number":123,"box":{"x":76,"y":837,"width":10,"height":6}},{"id":"56f43bff-c6ae-438f-acc0-fd89037703c2","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":123,"box":{"x":107,"y":838,"width":530,"height":10}},{"id":"57288fed-8efa-4d18-ab0e-ef8fb15a65e5","block_type":"box","text":"(h)","page_number":123,"box":{"x":76,"y":848,"width":10,"height":6}},{"id":"75d06deb-a8a2-40c8-903a-31df108de60c","block_type":"box","text":"Annualized.","page_number":123,"box":{"x":106,"y":850,"width":65,"height":7}},{"id":"29575a07-ecb9-40ee-b5ab-424f14a73321","block_type":"box","text":"(i)","page_number":123,"box":{"x":76,"y":860,"width":7,"height":6}},{"id":"761ddf36-959c-4818-90b8-4d863d2f5da8","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":123,"box":{"x":107,"y":861,"width":335,"height":10}},{"id":"34cae212-2d10-49ef-adcf-c8c3cbf9e7a4","block_type":"box","text":"(j)","page_number":123,"box":{"x":76,"y":872,"width":8,"height":6}},{"id":"d2201842-b3e2-480c-af85-15373e000ded","block_type":"box","text":"Rounds to less than 0.5%.","page_number":123,"box":{"x":107,"y":873,"width":144,"height":7}},{"id":"d6b7dedb-f319-40e2-862a-a5127e64d8da","block_type":"box","text":"23","page_number":123,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"465b04f5-3b45-4eec-9320-6c0de06a987f","block_type":"box","text":"For a share outstanding throughout each period:","page_number":124,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"1b877171-9aa2-48ee-b5ad-bc4f9c695835","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":124,"box":{"x":702,"y":45,"width":207,"height":7}},{"id":"308fc440-f616-4138-b552-70344885ed79","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":652,"y":66,"width":52,"height":5}},{"id":"60ecc8bc-85c1-4593-ba8a-299a3c39a5e7","block_type":"box","text":"10/31/25","page_number":124,"box":{"x":657,"y":73,"width":43,"height":7}},{"id":"7be5b80b-3e32-4899-aa79-9e20025baf17","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":735,"y":66,"width":52,"height":5}},{"id":"10922301-326b-4973-90ac-0bcbf06ec063","block_type":"box","text":"10/31/24","page_number":124,"box":{"x":740,"y":73,"width":44,"height":7}},{"id":"c6323f19-7015-43cf-a632-19580c82f03f","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":818,"y":66,"width":52,"height":5}},{"id":"1b974e2a-1b92-4b4c-bc3f-0a4fd73d86ae","block_type":"box","text":"10/31/23","page_number":124,"box":{"x":823,"y":73,"width":43,"height":7}},{"id":"8493e7a9-bc48-43eb-a6d2-ac25d72da4e6","block_type":"box","text":"Period from","page_number":124,"box":{"x":903,"y":58,"width":54,"height":5}},{"id":"8d74147a-4b83-4889-8d6d-f06a10a1e21b","block_type":"box","text":"07/06/22","page_number":124,"box":{"x":902,"y":66,"width":46,"height":7}},{"id":"ef3ef613-47aa-4b4a-a5b9-a960cefa9588","block_type":"box","text":"(a)","page_number":124,"box":{"x":949,"y":64,"width":9,"height":5}},{"id":"843067b0-021c-4104-8aa3-25c0fce98dd7","block_type":"box","text":"to 10/31/22","page_number":124,"box":{"x":901,"y":73,"width":57,"height":7}},{"id":"1620c9e7-fbf7-44ed-8933-6a233db74cf6","block_type":"box","text":"Net asset value, beginning of period","page_number":124,"box":{"x":76,"y":86,"width":174,"height":10}},{"id":"176adbf6-3afd-460e-83f1-f6c996448fc9","block_type":"box","text":"$ 22.64 $ 21.48 $ 22.72 $24.88","page_number":124,"box":{"x":661,"y":86,"width":297,"height":9}},{"id":"90b7d91e-f0ff-46a5-be83-38ab7d36bbe6","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"a99ea45c-5c0e-4f74-aab0-1c6d140e2988","block_type":"box","text":"(b)","page_number":124,"box":{"x":189,"y":100,"width":8,"height":6}},{"id":"89c98945-ccfd-422a-bfac-49abd3b40c06","block_type":"box","text":"0.91 0.89 0.84 0.23","page_number":124,"box":{"x":685,"y":102,"width":273,"height":7}},{"id":"c480ce15-aa03-4f2b-bb0a-631f0d02b909","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":124,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"48515b2b-9676-4530-85c9-f4ba04875ccf","block_type":"box","text":"(c)","page_number":124,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"96d32725-e9d7-4fc8-9324-4ac520059d78","block_type":"box","text":"0.53 1.14 (1.33) (2.25)","page_number":124,"box":{"x":685,"y":113,"width":276,"height":9}},{"id":"f2bd8191-50db-49a1-8092-7a7c7cfd455b","block_type":"box","text":"Net increase (decrease) from investment operations","page_number":124,"box":{"x":76,"y":128,"width":230,"height":9}},{"id":"80d4f886-52cd-4400-8e55-b8975c8ca939","block_type":"box","text":"1.44 2.03 (0.49) (2.02)","page_number":124,"box":{"x":687,"y":128,"width":274,"height":9}},{"id":"b0064e44-6ee4-48dc-9252-5584fa88a8d2","block_type":"box","text":"Distributions from net investment income","page_number":124,"box":{"x":76,"y":143,"width":202,"height":7}},{"id":"dd2bb665-0153-4813-85ba-6f4dfdb6e7dc","block_type":"box","text":"(d)","page_number":124,"box":{"x":279,"y":141,"width":9,"height":6}},{"id":"be8ff6eb-69c9-4199-9dc8-f5eced3d90f8","block_type":"box","text":"(0.89) (0.87) (0.75) (0.14)","page_number":124,"box":{"x":682,"y":143,"width":279,"height":9}},{"id":"f3674022-04ae-4099-859e-a6dc6f63a475","block_type":"box","text":"Net asset value, end of period","page_number":124,"box":{"x":76,"y":158,"width":144,"height":10}},{"id":"c6d94528-6428-4db0-87b5-475482942389","block_type":"box","text":"$ 23.19 $ 22.64 $ 21.48 $22.72","page_number":124,"box":{"x":661,"y":157,"width":297,"height":9}},{"id":"36a2c513-7767-41bb-b548-e740cfa0b1f2","block_type":"box","text":"Total Return","page_number":124,"box":{"x":76,"y":173,"width":57,"height":7}},{"id":"872d5a8e-3670-4d68-bf78-cae492d06833","block_type":"box","text":"(e)","page_number":124,"box":{"x":135,"y":171,"width":8,"height":6}},{"id":"3351074e-a73e-4991-9aa8-b7e0294cf82e","block_type":"box","text":"Based on net asset value","page_number":124,"box":{"x":76,"y":188,"width":109,"height":7}},{"id":"dafc9e68-4a96-4809-887b-e39f0bef585d","block_type":"box","text":"6.50% 9.58% (2.37)% (8.16)%","page_number":124,"box":{"x":685,"y":188,"width":283,"height":9}},{"id":"a82cf282-7c83-41a6-a4eb-87520afd963e","block_type":"box","text":"(f)","page_number":124,"box":{"x":969,"y":186,"width":6,"height":6}},{"id":"13992706-04cc-4322-98bb-9abde71a937e","block_type":"box","text":"Ratios to Average Net Assets","page_number":124,"box":{"x":76,"y":203,"width":140,"height":9}},{"id":"f644cdde-c169-4212-b02f-54a12c51b18d","block_type":"box","text":"(g)","page_number":124,"box":{"x":217,"y":201,"width":9,"height":6}},{"id":"2540b5c0-f3db-4ee8-90a0-109ba3cf84ad","block_type":"box","text":"Total expenses","page_number":124,"box":{"x":76,"y":218,"width":64,"height":9}},{"id":"84b07fc5-9801-4336-8920-b83e387cb684","block_type":"box","text":"0.07% 0.07% 0.07% 0.07%","page_number":124,"box":{"x":685,"y":218,"width":280,"height":7}},{"id":"3ae7fdd4-06a1-4b27-bc7a-e8ee4f1f841a","block_type":"box","text":"(h)","page_number":124,"box":{"x":966,"y":216,"width":8,"height":6}},{"id":"dfcd41da-597e-42df-a520-1be2b3990946","block_type":"box","text":"Total expenses after fees waived","page_number":124,"box":{"x":76,"y":233,"width":142,"height":9}},{"id":"8ee52ec1-ea96-469e-82a5-779cef03e937","block_type":"box","text":"0.07% 0.07% 0.07% 0.07%","page_number":124,"box":{"x":685,"y":233,"width":280,"height":7}},{"id":"30d56fad-27ba-4774-9c3b-2eae77b2ef03","block_type":"box","text":"(h)","page_number":124,"box":{"x":966,"y":231,"width":8,"height":6}},{"id":"acada288-7a08-41ed-beb4-e3264698b390","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":76,"y":248,"width":102,"height":7}},{"id":"70b063a7-0778-4094-8b9d-bbeddd09c113","block_type":"box","text":"4.01% 3.94% 3.67% 2.97%","page_number":124,"box":{"x":685,"y":248,"width":280,"height":7}},{"id":"77a3f621-014a-4f92-a103-6dd060007c28","block_type":"box","text":"(h)","page_number":124,"box":{"x":966,"y":246,"width":8,"height":6}},{"id":"5a191389-0c05-4ab3-a745-65c54626fa83","block_type":"box","text":"Supplemental Data","page_number":124,"box":{"x":76,"y":263,"width":91,"height":9}},{"id":"3eacb072-5755-468f-8276-983753993b63","block_type":"box","text":"Net assets, end of period (000)","page_number":124,"box":{"x":76,"y":278,"width":136,"height":9}},{"id":"05739fa2-fa01-4497-a070-e7dffaf091ab","block_type":"box","text":"$468,445 $250,196 $135,293 4,543","page_number":124,"box":{"x":661,"y":277,"width":297,"height":10}},{"id":"5878f210-4c65-4bb2-9e14-60b1c9c66916","block_type":"box","text":"Portfolio turnover rate","page_number":124,"box":{"x":76,"y":293,"width":97,"height":7}},{"id":"8c2f8e50-14c5-4324-a895-46c75ee67b30","block_type":"box","text":"(i)","page_number":124,"box":{"x":174,"y":291,"width":5,"height":6}},{"id":"73d1d7fb-e816-4dde-932b-8c5d6a1973f7","block_type":"box","text":"70% 2% 13% 47%","page_number":124,"box":{"x":693,"y":293,"width":272,"height":7}},{"id":"2cbe36b6-84a2-43a8-b159-67edf58d3d8e","block_type":"box","text":"(a)","page_number":124,"box":{"x":76,"y":320,"width":10,"height":5}},{"id":"83bc977d-f7b0-44f0-b023-3ef986d9ac05","block_type":"box","text":"Commencement of operations.","page_number":124,"box":{"x":106,"y":321,"width":176,"height":9}},{"id":"ac42f4ff-ead9-4ee5-856f-25b300169fa9","block_type":"box","text":"(b)","page_number":124,"box":{"x":76,"y":331,"width":10,"height":6}},{"id":"4a070bf2-af13-4639-afb4-a542c8d6c3ef","block_type":"box","text":"Based on average shares outstanding.","page_number":124,"box":{"x":107,"y":333,"width":215,"height":9}},{"id":"0e4b7911-fe62-4128-8b4c-051f935c8428","block_type":"box","text":"(c)","page_number":124,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"f3803cc0-97fb-4640-9cd5-ac6452192507","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":124,"box":{"x":106,"y":344,"width":867,"height":10}},{"id":"3766d648-ecd2-4643-838f-4be7940774d6","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":124,"box":{"x":106,"y":356,"width":648,"height":9}},{"id":"5bc5fa86-aee6-40b7-9c66-ba01e256bfd6","block_type":"box","text":"(d)","page_number":124,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"39f8c6fb-aa23-4778-ac85-69334a973b52","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":124,"box":{"x":107,"y":367,"width":565,"height":10}},{"id":"936dccb2-9779-4e13-8419-bd3d2a6252a0","block_type":"box","text":"(e)","page_number":124,"box":{"x":76,"y":378,"width":10,"height":6}},{"id":"3ed95734-d888-4d9e-ba83-3bfa116bc9f9","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":124,"box":{"x":106,"y":379,"width":347,"height":9}},{"id":"fb8ade5e-dce1-4c6e-8c19-86ef1efdfaa4","block_type":"box","text":"(f)","page_number":124,"box":{"x":76,"y":389,"width":8,"height":6}},{"id":"fad28b1f-a107-4cb0-b462-29fff5474fb7","block_type":"box","text":"Not annualized.","page_number":124,"box":{"x":107,"y":391,"width":87,"height":7}},{"id":"809d5d83-5580-4c88-a7bd-79c9c12e5202","block_type":"box","text":"(g)","page_number":124,"box":{"x":76,"y":401,"width":10,"height":6}},{"id":"925d7855-3c32-42a6-ad04-2c89fe715ee6","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":124,"box":{"x":107,"y":402,"width":530,"height":10}},{"id":"f7265584-91ea-416b-858c-06b7cb6bf689","block_type":"box","text":"(h)","page_number":124,"box":{"x":76,"y":412,"width":10,"height":6}},{"id":"a51b4c8c-e88d-405e-9892-fa3db738c523","block_type":"box","text":"Annualized.","page_number":124,"box":{"x":106,"y":414,"width":65,"height":7}},{"id":"323e9629-2493-410a-839d-a27a20f7b41a","block_type":"box","text":"(i)","page_number":124,"box":{"x":76,"y":424,"width":7,"height":6}},{"id":"63d69140-0c45-402e-b1f5-651198c74418","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":124,"box":{"x":107,"y":425,"width":335,"height":10}},{"id":"f2f22846-c4d6-4be5-8a1d-7f9370a23a3c","block_type":"box","text":"For a share outstanding throughout each period:","page_number":124,"box":{"x":77,"y":445,"width":339,"height":11}},{"id":"25802ed0-5902-4d23-8397-0e74015d1a78","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF","page_number":124,"box":{"x":744,"y":467,"width":206,"height":7}},{"id":"0207bad4-405b-4481-ae50-f885be885af6","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":735,"y":487,"width":52,"height":6}},{"id":"5817e80d-6202-45f6-b2a5-bff6486b80e2","block_type":"box","text":"10/31/25","page_number":124,"box":{"x":740,"y":495,"width":43,"height":7}},{"id":"7cb26606-fed9-4585-8be5-0e4db579c711","block_type":"box","text":"Year Ended","page_number":124,"box":{"x":818,"y":487,"width":52,"height":6}},{"id":"2f955b9e-8a0d-44c8-9bb0-1db0d3e9b366","block_type":"box","text":"10/31/24","page_number":124,"box":{"x":823,"y":495,"width":44,"height":7}},{"id":"7862793d-37e2-40ac-a01b-01265333823f","block_type":"box","text":"Period from","page_number":124,"box":{"x":903,"y":480,"width":54,"height":5}},{"id":"d8132fa6-2ab5-4b07-8177-b2eba9806212","block_type":"box","text":"06/27/23","page_number":124,"box":{"x":902,"y":487,"width":46,"height":7}},{"id":"baabb227-e956-4ae1-b07e-18eca5d034fd","block_type":"box","text":"(a)","page_number":124,"box":{"x":949,"y":486,"width":9,"height":5}},{"id":"654c351c-0f6c-4e7f-93e9-3cddbb1f493d","block_type":"box","text":"to 10/31/23","page_number":124,"box":{"x":901,"y":495,"width":57,"height":7}},{"id":"5d4cfd77-b7ca-4aa7-b8e5-bb3591b5786f","block_type":"box","text":"Net asset value, beginning of period","page_number":124,"box":{"x":76,"y":508,"width":174,"height":10}},{"id":"b72f05df-ba1c-427b-85a7-2b0e7b92ce62","block_type":"box","text":"$ 24.19 $ 22.98 $ 25.00","page_number":124,"box":{"x":746,"y":508,"width":212,"height":9}},{"id":"f60a8d68-aaf3-4e47-bd9a-37f86b6ac477","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":86,"y":523,"width":102,"height":8}},{"id":"375de70f-8d55-4520-8343-6c02752f5dfd","block_type":"box","text":"(b)","page_number":124,"box":{"x":189,"y":522,"width":8,"height":6}},{"id":"1304fbff-a110-49f7-a108-8be6fac00538","block_type":"box","text":"1.02 1.03 0.35","page_number":124,"box":{"x":770,"y":523,"width":188,"height":8}},{"id":"3af7616c-d64a-4081-9313-19c63c051f82","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":124,"box":{"x":86,"y":535,"width":167,"height":9}},{"id":"c859648a-bb1f-401e-8f1b-9bc90fe96ed3","block_type":"box","text":"(c)","page_number":124,"box":{"x":254,"y":533,"width":8,"height":6}},{"id":"b9e92f4c-8f14-4e99-8c02-bf75643341fc","block_type":"box","text":"0.51 1.16 (2.19)","page_number":124,"box":{"x":769,"y":535,"width":192,"height":9}},{"id":"d9ce9232-17a7-4885-8dc4-e11e02ef7286","block_type":"box","text":"Net increase (decrease) from investment operations","page_number":124,"box":{"x":76,"y":550,"width":230,"height":9}},{"id":"80cbf12d-4d44-47a8-a15c-9c341c9ccaab","block_type":"box","text":"1.53 2.19 (1.84)","page_number":124,"box":{"x":770,"y":550,"width":191,"height":9}},{"id":"1fcad7ce-6d62-462d-a0e7-509b7cabef83","block_type":"box","text":"Distributions from net investment income","page_number":124,"box":{"x":76,"y":564,"width":202,"height":8}},{"id":"bdff56df-4502-456d-9f18-2880924b7e92","block_type":"box","text":"(d)","page_number":124,"box":{"x":279,"y":563,"width":9,"height":6}},{"id":"28906934-d6f8-4d21-9f60-6609fc640f6d","block_type":"box","text":"(1.00) (0.98) (0.18)","page_number":124,"box":{"x":767,"y":565,"width":194,"height":9}},{"id":"40418576-829c-4c19-aa9c-8ed33095bc35","block_type":"box","text":"Net asset value, end of period","page_number":124,"box":{"x":76,"y":579,"width":144,"height":10}},{"id":"ebee4244-ba0a-4eba-ab2e-76dbda2d3999","block_type":"box","text":"$ 24.72 $ 24.19 $ 22.98","page_number":124,"box":{"x":746,"y":579,"width":212,"height":9}},{"id":"689d83fd-9f89-444f-8d74-ad0308757d35","block_type":"box","text":"Total Return","page_number":124,"box":{"x":76,"y":595,"width":57,"height":7}},{"id":"73d18783-e0a7-44cc-97d1-e3a566f0220c","block_type":"box","text":"(e)","page_number":124,"box":{"x":135,"y":593,"width":8,"height":6}},{"id":"7ea2b302-9bdc-4e08-bf68-6f398ed01843","block_type":"box","text":"Based on net asset value","page_number":124,"box":{"x":76,"y":610,"width":109,"height":7}},{"id":"77aceef6-7fae-42e7-8120-5230ab3aa009","block_type":"box","text":"6.48% 9.58% (7.38)%","page_number":124,"box":{"x":768,"y":610,"width":200,"height":9}},{"id":"4e1fec3c-5419-462c-a2db-a3c7fca86497","block_type":"box","text":"(f)","page_number":124,"box":{"x":969,"y":608,"width":6,"height":6}},{"id":"cfd2d1c3-4d02-489d-a4d1-14f450b7bbd9","block_type":"box","text":"Ratios to Average Net Assets","page_number":124,"box":{"x":76,"y":625,"width":140,"height":9}},{"id":"1afcebbc-4ee0-47fd-b9f9-5ad81a66f261","block_type":"box","text":"(g)","page_number":124,"box":{"x":217,"y":623,"width":9,"height":6}},{"id":"d9e1086d-9fa8-4658-acc1-4443198b66be","block_type":"box","text":"Total expenses","page_number":124,"box":{"x":76,"y":640,"width":64,"height":9}},{"id":"348d295f-764f-44cf-a646-4c480bf8f043","block_type":"box","text":"0.07% 0.07% 0.07%","page_number":124,"box":{"x":768,"y":640,"width":197,"height":7}},{"id":"e57a1b64-ac0d-433b-8b27-e71ac926d3ac","block_type":"box","text":"(h)","page_number":124,"box":{"x":966,"y":638,"width":8,"height":6}},{"id":"4ed3673e-9565-4202-94b4-b9d84f8235fd","block_type":"box","text":"Total expenses after fees waived","page_number":124,"box":{"x":76,"y":655,"width":142,"height":9}},{"id":"8de95d83-a632-4e65-a39b-b7b8075319ed","block_type":"box","text":"0.07% 0.07% 0.07%","page_number":124,"box":{"x":768,"y":655,"width":197,"height":7}},{"id":"9b9caa03-d2b9-404d-994f-1ffe5dd65a7b","block_type":"box","text":"(h)","page_number":124,"box":{"x":966,"y":653,"width":8,"height":6}},{"id":"0b344740-5fd2-4166-9465-db3bc10f92b2","block_type":"box","text":"Net investment income","page_number":124,"box":{"x":76,"y":670,"width":102,"height":7}},{"id":"8f519a30-cab9-43e6-8ddd-159d941a3cfe","block_type":"box","text":"4.20% 4.23% 4.18%","page_number":124,"box":{"x":767,"y":670,"width":198,"height":7}},{"id":"fd0f5e57-6e2a-428f-8e4a-ba038cb2faac","block_type":"box","text":"(h)","page_number":124,"box":{"x":966,"y":668,"width":8,"height":6}},{"id":"ac3092ea-8ba1-4406-9965-59c8c054eeee","block_type":"box","text":"Supplemental Data","page_number":124,"box":{"x":76,"y":685,"width":91,"height":9}},{"id":"e666edef-2e5e-4fc4-ab93-cff41b42a175","block_type":"box","text":"Net assets, end of period (000)","page_number":124,"box":{"x":76,"y":700,"width":136,"height":9}},{"id":"c2ba21cd-d0ee-4997-b283-843a689705bf","block_type":"box","text":"$409,124 $215,285 $68,944","page_number":124,"box":{"x":746,"y":699,"width":213,"height":10}},{"id":"63d2e9a9-06bd-4c3b-943a-c560ebe8d811","block_type":"box","text":"Portfolio turnover rate","page_number":124,"box":{"x":76,"y":715,"width":97,"height":7}},{"id":"d101f18a-ca2f-4804-8537-139805a82040","block_type":"box","text":"(i)","page_number":124,"box":{"x":174,"y":713,"width":5,"height":6}},{"id":"00fae054-82ae-4bd1-8e16-46bd9b6ac77d","block_type":"box","text":"2% 23% 55%","page_number":124,"box":{"x":783,"y":715,"width":182,"height":7}},{"id":"f77dbf61-8466-48c3-9035-4b38186b5a27","block_type":"box","text":"(a)","page_number":124,"box":{"x":76,"y":741,"width":10,"height":6}},{"id":"b869e6eb-aa04-4b9a-af21-c2df322b236e","block_type":"box","text":"Commencement of operations.","page_number":124,"box":{"x":106,"y":743,"width":176,"height":9}},{"id":"0720e2e5-0761-488b-8403-20a0dcb46175","block_type":"box","text":"(b)","page_number":124,"box":{"x":76,"y":753,"width":10,"height":6}},{"id":"8ebea134-297a-4ebf-9be6-27526469f774","block_type":"box","text":"Based on average shares outstanding.","page_number":124,"box":{"x":107,"y":754,"width":215,"height":10}},{"id":"6cd63b5b-9097-46cb-9ed8-e6a9beb295e3","block_type":"box","text":"(c)","page_number":124,"box":{"x":76,"y":765,"width":10,"height":6}},{"id":"b3676d00-7222-41a5-8b6b-c358f2464e9f","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":124,"box":{"x":106,"y":766,"width":867,"height":10}},{"id":"66e220c1-9dcc-491e-ac3a-c771cbda258e","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":124,"box":{"x":106,"y":778,"width":648,"height":9}},{"id":"0a1f144a-c45e-4028-9eda-9eb8fac4037a","block_type":"box","text":"(d)","page_number":124,"box":{"x":76,"y":788,"width":10,"height":6}},{"id":"b5769e1f-186d-47bc-8e1f-359540685b26","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":124,"box":{"x":107,"y":789,"width":565,"height":10}},{"id":"6b9a20c8-058e-4733-9bf8-3c6ce1bef012","block_type":"box","text":"(e)","page_number":124,"box":{"x":76,"y":799,"width":10,"height":6}},{"id":"9754637d-9494-4636-9c90-ad097f8139f0","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":124,"box":{"x":106,"y":801,"width":347,"height":9}},{"id":"745d7c47-5830-4551-b4e5-e4660af57caf","block_type":"box","text":"(f)","page_number":124,"box":{"x":76,"y":811,"width":8,"height":6}},{"id":"daf511fe-e7a2-48d6-a8cd-d12c1c1bf31f","block_type":"box","text":"Not annualized.","page_number":124,"box":{"x":107,"y":812,"width":87,"height":8}},{"id":"7aa8c0ea-27fe-438e-a0d2-03531fb35f4b","block_type":"box","text":"(g)","page_number":124,"box":{"x":76,"y":823,"width":10,"height":6}},{"id":"c3510a2a-74e0-412e-b674-3f802bf5c63f","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":124,"box":{"x":107,"y":824,"width":530,"height":10}},{"id":"ec2d49b8-6533-411b-a160-b695ef8623c0","block_type":"box","text":"(h)","page_number":124,"box":{"x":76,"y":834,"width":10,"height":6}},{"id":"97f92fc1-8be5-4e0e-a98f-86f58547a707","block_type":"box","text":"Annualized.","page_number":124,"box":{"x":106,"y":836,"width":65,"height":7}},{"id":"33d2d130-12e7-4d01-8fb1-1850adb5108b","block_type":"box","text":"(i)","page_number":124,"box":{"x":76,"y":846,"width":7,"height":6}},{"id":"10615bb2-1a4e-4fd6-b6b4-ab4535c8ea5a","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":124,"box":{"x":107,"y":847,"width":335,"height":10}},{"id":"97a9bc0f-ef6d-4c18-ab4b-6b82637c0c29","block_type":"box","text":"24","page_number":124,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"d5cb063f-f568-44e5-83a5-9c126f722aa9","block_type":"box","text":"For a share outstanding throughout each period:","page_number":125,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"67100166-0ff0-4be8-8751-0301552f0c73","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF","page_number":125,"box":{"x":752,"y":53,"width":207,"height":7}},{"id":"77cbd236-3000-4690-ab51-def0d579aab9","block_type":"box","text":"Year Ended","page_number":125,"box":{"x":768,"y":73,"width":52,"height":6}},{"id":"45eb7f04-62a4-4c1e-b663-9699d48ef9c5","block_type":"box","text":"10/31/25","page_number":125,"box":{"x":774,"y":81,"width":43,"height":7}},{"id":"7411131f-650a-4010-8357-be0e8730c72d","block_type":"box","text":"Period From","page_number":125,"box":{"x":886,"y":65,"width":55,"height":6}},{"id":"c5356577-5ac4-4d5b-8bac-67880de78244","block_type":"box","text":"06/11/24","page_number":125,"box":{"x":886,"y":73,"width":45,"height":7}},{"id":"b9d61705-9be9-455e-82fd-30f9447b8601","block_type":"box","text":"(a)","page_number":125,"box":{"x":932,"y":71,"width":9,"height":6}},{"id":"57a9d0de-4f28-469f-ab08-a594619c12cc","block_type":"box","text":"to 10/31/24","page_number":125,"box":{"x":885,"y":81,"width":57,"height":7}},{"id":"2bef9d00-e55c-4c34-a83b-73383c22f1f4","block_type":"box","text":"Net asset value, beginning of period","page_number":125,"box":{"x":76,"y":94,"width":174,"height":10}},{"id":"61a99f9c-4dfc-4780-a751-a3e3cb486d2e","block_type":"box","text":"$ 25.43 $ 25.00","page_number":125,"box":{"x":796,"y":93,"width":162,"height":9}},{"id":"ec9184df-9da4-4f64-af03-c89658815a58","block_type":"box","text":"Net investment income","page_number":125,"box":{"x":86,"y":109,"width":102,"height":8}},{"id":"9c4ce5e9-40a0-4837-b11f-f012b104d78c","block_type":"box","text":"(b)","page_number":125,"box":{"x":189,"y":108,"width":8,"height":6}},{"id":"46d27f64-6bb7-4093-991a-ac06bce87a24","block_type":"box","text":"1.07 0.40","page_number":125,"box":{"x":820,"y":109,"width":138,"height":8}},{"id":"6c25b00c-3975-4133-a55d-918cb968629b","block_type":"box","text":"Net realized and unrealized gain","page_number":125,"box":{"x":86,"y":121,"width":140,"height":9}},{"id":"f1120d43-0127-4766-bef4-245436edc47a","block_type":"box","text":"(c)","page_number":125,"box":{"x":227,"y":119,"width":8,"height":6}},{"id":"11e302bf-eaea-45dc-a2da-7e49e48f0745","block_type":"box","text":"0.48 0.24","page_number":125,"box":{"x":818,"y":121,"width":141,"height":7}},{"id":"ce7c0357-a282-4949-909f-e4e6d6587e6e","block_type":"box","text":"Net increase from investment operations","page_number":125,"box":{"x":76,"y":136,"width":180,"height":9}},{"id":"905e9dab-22ac-4643-a3c5-fe5d132377b6","block_type":"box","text":"1.55 0.64","page_number":125,"box":{"x":820,"y":136,"width":139,"height":7}},{"id":"c59dd42a-a675-4205-9116-d26240a2ce13","block_type":"box","text":"Distributions from net investment income","page_number":125,"box":{"x":86,"y":151,"width":183,"height":7}},{"id":"41ae6460-d085-4ce8-a49f-f3bb46fc9141","block_type":"box","text":"(d)","page_number":125,"box":{"x":270,"y":149,"width":8,"height":6}},{"id":"ac28ce06-5880-4338-9b72-1147316fdd65","block_type":"box","text":"(0.99) (0.21)","page_number":125,"box":{"x":815,"y":151,"width":145,"height":9}},{"id":"ad0271e3-14d6-4fc8-ad18-0296c7dccad7","block_type":"box","text":"Net asset value, end of period","page_number":125,"box":{"x":76,"y":166,"width":144,"height":9}},{"id":"d4b288ed-4ca7-4f8a-81e5-8e056e3f9155","block_type":"box","text":"$ 25.99 $ 25.43","page_number":125,"box":{"x":796,"y":165,"width":162,"height":9}},{"id":"24bad24c-fa75-4746-97ab-2660cd667e19","block_type":"box","text":"Total Return","page_number":125,"box":{"x":76,"y":183,"width":57,"height":7}},{"id":"e947ee60-f56e-4067-9471-74a7d62e5971","block_type":"box","text":"(e)","page_number":125,"box":{"x":135,"y":181,"width":8,"height":6}},{"id":"9de859d2-8e2b-4ff2-ad2d-4de9af4b3870","block_type":"box","text":"Based on net asset value","page_number":125,"box":{"x":76,"y":194,"width":109,"height":8}},{"id":"3e5a2672-0690-4248-8b26-2711f4c0f41e","block_type":"box","text":"6.24% 2.51%","page_number":125,"box":{"x":818,"y":194,"width":147,"height":8}},{"id":"850f7ffc-d2b1-4e02-ada9-6dd0ca54a611","block_type":"box","text":"(f)","page_number":125,"box":{"x":966,"y":193,"width":6,"height":6}},{"id":"9c01f4c8-c7dd-435b-9e14-1aaa2324b5e9","block_type":"box","text":"Ratios to Average Net Assets","page_number":125,"box":{"x":76,"y":209,"width":140,"height":10}},{"id":"f9d64f10-41fc-4145-b1f7-6e8145c9744a","block_type":"box","text":"(g)","page_number":125,"box":{"x":217,"y":208,"width":9,"height":6}},{"id":"4f4d7534-50a7-44bc-bd34-2fe6efe0e2f9","block_type":"box","text":"Total expenses","page_number":125,"box":{"x":76,"y":221,"width":64,"height":9}},{"id":"2ee54471-90bf-4611-b000-1446385d109c","block_type":"box","text":"0.07% 0.07%","page_number":125,"box":{"x":818,"y":221,"width":147,"height":7}},{"id":"f4f1e771-2b7f-45dd-8d88-4a268222ef73","block_type":"box","text":"(h)","page_number":125,"box":{"x":966,"y":219,"width":8,"height":6}},{"id":"e24f53d1-7ec8-4d2b-bfbe-461b0c5de62c","block_type":"box","text":"Total expenses after fees waived","page_number":125,"box":{"x":76,"y":236,"width":142,"height":9}},{"id":"7f3b11c1-b233-46a0-8b51-af7235ce9476","block_type":"box","text":"0.07% 0.07%","page_number":125,"box":{"x":818,"y":236,"width":147,"height":7}},{"id":"d207f24e-41f4-4c2c-bbde-30f9016f741e","block_type":"box","text":"(h)","page_number":125,"box":{"x":966,"y":234,"width":8,"height":6}},{"id":"b85b5b27-8582-4f82-b42d-997a666f7d5a","block_type":"box","text":"Net investment income","page_number":125,"box":{"x":76,"y":251,"width":102,"height":7}},{"id":"49b60822-45c3-4b77-b536-defda9275f61","block_type":"box","text":"4.20% 3.95%","page_number":125,"box":{"x":818,"y":251,"width":147,"height":7}},{"id":"c8ca9028-0894-4ab2-ba14-2a361bf55f86","block_type":"box","text":"(h)","page_number":125,"box":{"x":966,"y":249,"width":8,"height":6}},{"id":"6456bd78-fe5b-4364-97f2-3774234d5ccd","block_type":"box","text":"Supplemental Data","page_number":125,"box":{"x":76,"y":266,"width":91,"height":9}},{"id":"66efae9a-3709-41eb-b0b4-44adf296acdb","block_type":"box","text":"Net assets, end of period (000)","page_number":125,"box":{"x":76,"y":277,"width":136,"height":10}},{"id":"e73e4936-3047-493f-a37d-db3c721e2b0e","block_type":"box","text":"$218,307 $34,327","page_number":125,"box":{"x":796,"y":276,"width":162,"height":10}},{"id":"041f0347-130c-4350-8be4-894d07fbcaa5","block_type":"box","text":"Portfolio turnover rate","page_number":125,"box":{"x":76,"y":292,"width":97,"height":8}},{"id":"469044d6-4864-482e-8610-c095c3957316","block_type":"box","text":"(i)","page_number":125,"box":{"x":174,"y":291,"width":5,"height":6}},{"id":"093bfe11-49fe-468d-b479-52af2e093d49","block_type":"box","text":"14% 61%","page_number":125,"box":{"x":829,"y":292,"width":136,"height":8}},{"id":"665daacc-0b8f-4982-a84f-aba199142463","block_type":"box","text":"(a)","page_number":125,"box":{"x":76,"y":306,"width":7,"height":6}},{"id":"ca49439d-eb2c-4265-b708-01a07eb3f209","block_type":"box","text":"Commencement of operations.","page_number":125,"box":{"x":106,"y":307,"width":136,"height":10}},{"id":"67d22deb-1a43-4f30-9749-958a72458894","block_type":"box","text":"(b)","page_number":125,"box":{"x":76,"y":317,"width":8,"height":6}},{"id":"59ebcc6f-785e-4caf-bc0e-28ccbd9300f9","block_type":"box","text":"Based on average shares outstanding.","page_number":125,"box":{"x":107,"y":319,"width":166,"height":9}},{"id":"c41d99f6-2e73-40b7-9e12-a4680e516e53","block_type":"box","text":"(c)","page_number":125,"box":{"x":76,"y":329,"width":7,"height":6}},{"id":"4f275afc-ce57-406f-8bb5-b11bb5ba4938","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":125,"box":{"x":106,"y":330,"width":678,"height":10}},{"id":"d040fc0f-a5a1-4657-b843-a74087608af6","block_type":"box","text":"iming of capital share transactions in","page_number":125,"box":{"x":785,"y":330,"width":161,"height":10}},{"id":"b8b2f15d-1c79-4d2d-a0fc-962e40e6d704","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":125,"box":{"x":106,"y":340,"width":333,"height":10}},{"id":"caa15434-5b0b-4265-bb4f-97ca2e0d0b86","block_type":"box","text":"(d)","page_number":125,"box":{"x":76,"y":350,"width":8,"height":6}},{"id":"bb038ef7-c693-4048-b558-97dc1da34212","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":125,"box":{"x":107,"y":352,"width":437,"height":9}},{"id":"736ca7c1-23cb-40da-a719-cc5c9648a195","block_type":"box","text":"(e)","page_number":125,"box":{"x":76,"y":362,"width":8,"height":6}},{"id":"d9caf61e-45fd-4344-93cc-d37a218402b3","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":125,"box":{"x":106,"y":363,"width":269,"height":10}},{"id":"14880e24-0d3b-4fd8-950f-fdef0efa0541","block_type":"box","text":"(f)","page_number":125,"box":{"x":76,"y":373,"width":6,"height":6}},{"id":"104b924b-71dc-45cd-bc3a-f6adda5c6878","block_type":"box","text":"Not annualized.","page_number":125,"box":{"x":107,"y":375,"width":67,"height":7}},{"id":"dc57975e-0dde-4d2e-96af-f7c400b606c5","block_type":"box","text":"(g)","page_number":125,"box":{"x":76,"y":385,"width":7,"height":6}},{"id":"d417e0a1-c0e3-495d-b240-1afcd3a5e1df","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":125,"box":{"x":107,"y":386,"width":410,"height":10}},{"id":"aea88a30-77f8-46a5-af68-2f4b8b8129b3","block_type":"box","text":"(h)","page_number":125,"box":{"x":76,"y":396,"width":8,"height":6}},{"id":"4e3141ae-615b-469b-b6be-3365b7de4c8e","block_type":"box","text":"Annualized.","page_number":125,"box":{"x":106,"y":398,"width":50,"height":7}},{"id":"ba150fa6-f05b-4f53-a0af-74d2b107f035","block_type":"box","text":"(i)","page_number":125,"box":{"x":76,"y":408,"width":5,"height":6}},{"id":"aa9a08f5-c964-4616-ba2a-91e11473d0ef","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":125,"box":{"x":107,"y":409,"width":260,"height":10}},{"id":"7acd6a1d-bfc7-49ed-8619-a70d15293003","block_type":"box","text":"For a share outstanding throughout each period:","page_number":125,"box":{"x":77,"y":433,"width":339,"height":11}},{"id":"c1a2a8e7-2f1c-461a-9cb5-37730c73d514","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF","page_number":125,"box":{"x":752,"y":455,"width":207,"height":7}},{"id":"6b343dfc-2e37-43ad-9f45-875885a792b9","block_type":"box","text":"Period from","page_number":125,"box":{"x":829,"y":467,"width":53,"height":6}},{"id":"8d56620b-9465-4cd3-bdf7-0b5490e4cadd","block_type":"box","text":"03/25/25","page_number":125,"box":{"x":827,"y":475,"width":47,"height":7}},{"id":"3a7436b3-6976-4c1a-a9ff-327c669bde00","block_type":"box","text":"(a)","page_number":125,"box":{"x":875,"y":473,"width":9,"height":6}},{"id":"827e7979-207c-417d-990f-fc796b41e367","block_type":"box","text":"to 10/31/25","page_number":125,"box":{"x":827,"y":483,"width":57,"height":7}},{"id":"b93462fb-f002-437e-8f83-5e825a07d156","block_type":"box","text":"Net asset value, beginning of period","page_number":125,"box":{"x":76,"y":496,"width":174,"height":10}},{"id":"7b8a49b6-7492-43ed-9bab-726308308771","block_type":"box","text":"$ 25.00","page_number":125,"box":{"x":923,"y":495,"width":35,"height":9}},{"id":"4bbf200e-0f0e-4d75-8c0b-e425cb44d0c5","block_type":"box","text":"Net investment income","page_number":125,"box":{"x":86,"y":511,"width":102,"height":8}},{"id":"ec14befc-28d6-4ec2-9167-1c43f0f5448e","block_type":"box","text":"(b)","page_number":125,"box":{"x":189,"y":510,"width":8,"height":6}},{"id":"dd213d58-1054-4e92-b47d-cd409912a747","block_type":"box","text":"0.64","page_number":125,"box":{"x":939,"y":511,"width":20,"height":8}},{"id":"b301fba4-edc7-4aa1-9698-3fc0b7edb690","block_type":"box","text":"Net realized and unrealized gain","page_number":125,"box":{"x":86,"y":522,"width":140,"height":10}},{"id":"adf78cd6-29d8-4b2a-94ad-8fe5d26733bc","block_type":"box","text":"(c)","page_number":125,"box":{"x":227,"y":521,"width":8,"height":6}},{"id":"c5053e1a-c264-476e-870a-a934df419ea2","block_type":"box","text":"0.48","page_number":125,"box":{"x":939,"y":522,"width":19,"height":8}},{"id":"78125093-911f-4176-81ee-30645a6df769","block_type":"box","text":"Net increase from investment operations","page_number":125,"box":{"x":76,"y":537,"width":180,"height":10}},{"id":"db8a222f-ebcb-43b6-a454-ee5dc3194cd3","block_type":"box","text":"1.12","page_number":125,"box":{"x":944,"y":538,"width":14,"height":7}},{"id":"13f0d93b-baf0-4485-8c96-40a8531876f1","block_type":"box","text":"Distributions from net investment income","page_number":125,"box":{"x":76,"y":552,"width":202,"height":8}},{"id":"22d5b248-cf37-4ea8-a97f-bb27deb85916","block_type":"box","text":"(d)","page_number":125,"box":{"x":279,"y":551,"width":9,"height":6}},{"id":"e352e357-ffaa-4ec6-98eb-24e3dc8926cd","block_type":"box","text":"(0.48)","page_number":125,"box":{"x":936,"y":552,"width":25,"height":10}},{"id":"7df56cba-bb62-4001-a23b-9b2ed83bae44","block_type":"box","text":"Net asset value, end of period","page_number":125,"box":{"x":76,"y":567,"width":144,"height":10}},{"id":"4a1e85cd-b5dd-49ab-80e6-a022b4ff53bf","block_type":"box","text":"$ 25.64","page_number":125,"box":{"x":923,"y":567,"width":36,"height":9}},{"id":"22e316ea-7752-4129-ad91-c1d63bea54e9","block_type":"box","text":"Total Return","page_number":125,"box":{"x":76,"y":582,"width":57,"height":8}},{"id":"4e44091a-121e-4b11-95c6-4e2c8cc70bb5","block_type":"box","text":"(e)","page_number":125,"box":{"x":135,"y":581,"width":8,"height":6}},{"id":"bbd428df-61d5-4f1c-a25b-6835002371d3","block_type":"box","text":"Based on net asset value","page_number":125,"box":{"x":76,"y":597,"width":109,"height":8}},{"id":"dfdd3ca5-7b91-469d-8e47-56df81e5b33f","block_type":"box","text":"4.52%","page_number":125,"box":{"x":939,"y":597,"width":26,"height":8}},{"id":"438701be-cf9b-4694-b31f-5810a42f1564","block_type":"box","text":"(f)","page_number":125,"box":{"x":966,"y":596,"width":6,"height":6}},{"id":"84a03497-703e-4fff-9f13-56050d4cc95e","block_type":"box","text":"Ratios to Average Net Assets","page_number":125,"box":{"x":76,"y":612,"width":140,"height":10}},{"id":"dd222ba9-3009-46c8-916c-433cce0577d0","block_type":"box","text":"(g)","page_number":125,"box":{"x":217,"y":611,"width":9,"height":6}},{"id":"082e7873-f683-4ab8-bb8e-8d2c5a1ee8c2","block_type":"box","text":"Total expenses","page_number":125,"box":{"x":76,"y":628,"width":64,"height":9}},{"id":"d5750dc1-2b36-47d7-a0db-341b76a3b51f","block_type":"box","text":"0.07%","page_number":125,"box":{"x":939,"y":627,"width":26,"height":8}},{"id":"126a80c5-38b0-43ec-befc-8890e0fedd7d","block_type":"box","text":"(h)","page_number":125,"box":{"x":966,"y":626,"width":8,"height":6}},{"id":"ac5a57cd-cfd5-462d-8a16-86768d1d0faa","block_type":"box","text":"Total expenses after fees waived","page_number":125,"box":{"x":76,"y":642,"width":142,"height":10}},{"id":"c67af033-e4b4-42ee-9009-8f86c1068f1f","block_type":"box","text":"0.07%","page_number":125,"box":{"x":939,"y":643,"width":26,"height":7}},{"id":"2fc3e13a-df45-4aa7-bb24-6411850c0427","block_type":"box","text":"(h)","page_number":125,"box":{"x":966,"y":641,"width":8,"height":6}},{"id":"e65b1774-2691-4721-98b2-e5d2ea7d0c88","block_type":"box","text":"Net investment income","page_number":125,"box":{"x":76,"y":657,"width":102,"height":8}},{"id":"73cb9098-7381-4b52-972f-f6e432b6d652","block_type":"box","text":"4.17%","page_number":125,"box":{"x":941,"y":658,"width":24,"height":7}},{"id":"35dcce61-c479-45bb-8a5c-ed1505b403b1","block_type":"box","text":"(h)","page_number":125,"box":{"x":966,"y":656,"width":8,"height":6}},{"id":"47b6c198-5ed7-4ae0-9965-b67cb48db34d","block_type":"box","text":"Supplemental Data","page_number":125,"box":{"x":76,"y":672,"width":91,"height":10}},{"id":"0a76e2d1-ad52-448e-a98e-b24bcf7a1654","block_type":"box","text":"Net assets, end of period (000)","page_number":125,"box":{"x":76,"y":687,"width":136,"height":10}},{"id":"a8a472a1-5fe4-454b-aed4-d0de09bdf970","block_type":"box","text":"$70,511","page_number":125,"box":{"x":923,"y":687,"width":34,"height":9}},{"id":"0ec374ae-b537-4893-aa2b-94fbbd9eb2c7","block_type":"box","text":"Portfolio turnover rate","page_number":125,"box":{"x":76,"y":702,"width":97,"height":8}},{"id":"81683861-6607-4f4c-a83a-a1078d15b3c2","block_type":"box","text":"(i)","page_number":125,"box":{"x":174,"y":701,"width":5,"height":6}},{"id":"3b347823-f5d3-418b-8234-920e586405c2","block_type":"box","text":"88%","page_number":125,"box":{"x":948,"y":703,"width":17,"height":7}},{"id":"3f4f7ad1-5c9d-49c6-9189-8b37e373cc22","block_type":"box","text":"(a)","page_number":125,"box":{"x":76,"y":729,"width":10,"height":6}},{"id":"81eb5d78-ec99-474f-abe8-e90aa0c18e7f","block_type":"box","text":"Commencement of operations.","page_number":125,"box":{"x":106,"y":731,"width":176,"height":9}},{"id":"502bdda1-6e83-4fb5-b250-5364a5e2a145","block_type":"box","text":"(b)","page_number":125,"box":{"x":76,"y":741,"width":10,"height":6}},{"id":"182c1e87-299c-4bcb-bce5-8be95ef14eca","block_type":"box","text":"Based on average shares outstanding.","page_number":125,"box":{"x":107,"y":742,"width":215,"height":10}},{"id":"ce48fe47-b93a-4899-bd93-4e2c1691f833","block_type":"box","text":"(c)","page_number":125,"box":{"x":76,"y":752,"width":10,"height":6}},{"id":"7b88202f-1623-4c55-872d-0ad01cd3f41f","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":125,"box":{"x":106,"y":754,"width":867,"height":9}},{"id":"771d81ba-6e0b-455a-a612-ac417d26ca16","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":125,"box":{"x":106,"y":765,"width":648,"height":10}},{"id":"969f9831-1f74-4157-ae29-ba21677f4f1b","block_type":"box","text":"(d)","page_number":125,"box":{"x":76,"y":776,"width":10,"height":6}},{"id":"7d56f2f8-6658-4ecd-b0ce-5328bbf65eee","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":125,"box":{"x":107,"y":777,"width":565,"height":10}},{"id":"d1819988-95d5-426e-a312-0818533615c8","block_type":"box","text":"(e)","page_number":125,"box":{"x":76,"y":787,"width":10,"height":6}},{"id":"bd69a974-be52-40d2-ac4a-011f8913dde2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":125,"box":{"x":106,"y":789,"width":347,"height":9}},{"id":"338cd979-a251-44ac-a164-96c136a86734","block_type":"box","text":"(f)","page_number":125,"box":{"x":76,"y":799,"width":8,"height":6}},{"id":"b5382b06-e5a6-4ff7-82f4-0b02bebbd2c4","block_type":"box","text":"Not annualized.","page_number":125,"box":{"x":107,"y":800,"width":87,"height":8}},{"id":"c7dc5b29-1e22-43d1-b3e8-d34c985b99fc","block_type":"box","text":"(g)","page_number":125,"box":{"x":76,"y":810,"width":10,"height":6}},{"id":"2d6030ce-5f63-45af-9848-36839385af64","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":125,"box":{"x":107,"y":812,"width":530,"height":9}},{"id":"b78b70aa-7a9f-458c-98a5-8eae6f092a07","block_type":"box","text":"(h)","page_number":125,"box":{"x":76,"y":822,"width":10,"height":6}},{"id":"b9b9f895-d85e-4c81-967e-55b2948268b8","block_type":"box","text":"Annualized.","page_number":125,"box":{"x":106,"y":823,"width":65,"height":8}},{"id":"b135c55f-1e54-4875-a90e-ed6ebf420a8c","block_type":"box","text":"(i)","page_number":125,"box":{"x":76,"y":834,"width":7,"height":6}},{"id":"dea37dbc-750e-492a-8ea8-2beba824eaec","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":125,"box":{"x":107,"y":835,"width":335,"height":10}},{"id":"5a607a86-a9ed-4d46-8301-ec8d198bfe32","block_type":"box","text":"25","page_number":125,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"10f9b5db-fdd9-4681-ae1b-11b8b8d76570","block_type":"box","text":"For a share outstanding throughout each period:","page_number":126,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"d8a3d696-71b2-490b-be9e-099be06bc94b","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF","page_number":126,"box":{"x":752,"y":53,"width":207,"height":7}},{"id":"fedc5006-86f8-47a1-9223-2977931804bf","block_type":"box","text":"Year Ended","page_number":126,"box":{"x":768,"y":73,"width":52,"height":6}},{"id":"4921b4fc-9222-40ac-af46-131ccaf9ba51","block_type":"box","text":"10/31/25","page_number":126,"box":{"x":774,"y":81,"width":43,"height":7}},{"id":"39411129-523c-4539-b55a-6bb7c78cf4bf","block_type":"box","text":"Period From","page_number":126,"box":{"x":886,"y":65,"width":55,"height":6}},{"id":"a23eb0f2-4a8c-4779-908a-894a45766518","block_type":"box","text":"06/11/24","page_number":126,"box":{"x":886,"y":73,"width":45,"height":7}},{"id":"b6a88946-903c-45b3-8d05-d11a91c06033","block_type":"box","text":"(a)","page_number":126,"box":{"x":932,"y":71,"width":9,"height":6}},{"id":"32d79051-f53b-46ba-8db5-ea2035938078","block_type":"box","text":"to 10/31/24","page_number":126,"box":{"x":885,"y":81,"width":57,"height":7}},{"id":"1e9bbc6b-0b04-4a1f-857a-4ee61bc5b972","block_type":"box","text":"Net asset value, beginning of period","page_number":126,"box":{"x":76,"y":94,"width":174,"height":10}},{"id":"7e512e3e-4ea3-4491-8151-61aa7fead8f3","block_type":"box","text":"$ 25.36 $ 25.00","page_number":126,"box":{"x":800,"y":93,"width":158,"height":9}},{"id":"6200c6ff-6bcb-4b7b-ba04-0a881bc0c40b","block_type":"box","text":"Net investment income","page_number":126,"box":{"x":86,"y":109,"width":102,"height":8}},{"id":"cbf4d890-63b1-4b0b-a0b7-441589830ba6","block_type":"box","text":"(b)","page_number":126,"box":{"x":189,"y":108,"width":8,"height":6}},{"id":"dd77dc37-2fb3-460e-9f96-7638eb752c6c","block_type":"box","text":"1.14 0.44","page_number":126,"box":{"x":822,"y":109,"width":137,"height":8}},{"id":"98cebef2-5a8f-49a1-82ed-7167c3e02bbb","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":126,"box":{"x":86,"y":121,"width":167,"height":9}},{"id":"a5df3b2b-613e-4035-a77e-9afe02f28771","block_type":"box","text":"(c)","page_number":126,"box":{"x":254,"y":119,"width":8,"height":6}},{"id":"f0128638-c701-478c-b7ad-5871888b1ead","block_type":"box","text":"(0.11) 0.15","page_number":126,"box":{"x":817,"y":121,"width":141,"height":9}},{"id":"002fc540-f162-4789-9f96-23b5d0ddc698","block_type":"box","text":"Net increase from investment operations","page_number":126,"box":{"x":76,"y":136,"width":180,"height":9}},{"id":"6df53f03-1127-4b3a-b42f-9573f098c97a","block_type":"box","text":"1.03 0.59","page_number":126,"box":{"x":820,"y":136,"width":138,"height":7}},{"id":"d2e7a226-2b49-4958-9f6f-f0c628a7432b","block_type":"box","text":"Distributions from net investment income","page_number":126,"box":{"x":86,"y":151,"width":183,"height":7}},{"id":"dccedab5-5b53-407c-8eae-fd987cb21fa8","block_type":"box","text":"(d)","page_number":126,"box":{"x":270,"y":149,"width":8,"height":6}},{"id":"98896bd7-15eb-46a8-8e45-15f94a79d664","block_type":"box","text":"(1.09) (0.23)","page_number":126,"box":{"x":817,"y":151,"width":144,"height":9}},{"id":"dba0894f-ee1f-4baf-a342-0c4760361bf5","block_type":"box","text":"Net asset value, end of period","page_number":126,"box":{"x":76,"y":166,"width":144,"height":9}},{"id":"aa0cb470-d5bd-4717-be5e-2d2c9f0268cf","block_type":"box","text":"$ 25.30 $ 25.36","page_number":126,"box":{"x":800,"y":165,"width":158,"height":9}},{"id":"a3abb7ab-9684-401a-8d5e-0955c97827d4","block_type":"box","text":"Total Return","page_number":126,"box":{"x":76,"y":183,"width":57,"height":7}},{"id":"6c3131f5-2141-4bfa-b0f6-6566970470b5","block_type":"box","text":"(e)","page_number":126,"box":{"x":135,"y":181,"width":8,"height":6}},{"id":"4e5d0102-edce-46d6-ab54-2884304bc8f6","block_type":"box","text":"Based on net asset value","page_number":126,"box":{"x":76,"y":194,"width":109,"height":8}},{"id":"a7856f28-f4fc-4270-a99c-0198b36dc4dd","block_type":"box","text":"4.22% 2.32%","page_number":126,"box":{"x":818,"y":194,"width":147,"height":8}},{"id":"f8351154-94e1-4c8f-bf6d-d39b9885bb2f","block_type":"box","text":"(f)","page_number":126,"box":{"x":966,"y":193,"width":6,"height":6}},{"id":"4a6b7ca8-452b-4e21-9f87-fa9bf2080b52","block_type":"box","text":"Ratios to Average Net Assets","page_number":126,"box":{"x":76,"y":209,"width":140,"height":10}},{"id":"6b658ecd-840d-4194-8454-55f94910a1ec","block_type":"box","text":"(g)","page_number":126,"box":{"x":217,"y":208,"width":9,"height":6}},{"id":"5f10659f-1af7-4ad0-9ade-37c662f60f63","block_type":"box","text":"Total expenses","page_number":126,"box":{"x":76,"y":221,"width":64,"height":9}},{"id":"3793a664-a7a5-4d40-8660-bc4efc13071e","block_type":"box","text":"0.07% 0.07%","page_number":126,"box":{"x":818,"y":221,"width":147,"height":7}},{"id":"059d13c3-83cf-4224-9200-bb81d4d08c17","block_type":"box","text":"(h)","page_number":126,"box":{"x":966,"y":219,"width":8,"height":6}},{"id":"25c146a9-c763-4bb2-a44d-f96c288b3b2d","block_type":"box","text":"Total expenses after fees waived","page_number":126,"box":{"x":76,"y":236,"width":142,"height":9}},{"id":"97948d61-96ea-432e-b23a-1cf482df01ec","block_type":"box","text":"0.07% 0.07%","page_number":126,"box":{"x":818,"y":236,"width":147,"height":7}},{"id":"ba5d938d-d279-460a-9ece-620c660b6dcc","block_type":"box","text":"(h)","page_number":126,"box":{"x":966,"y":234,"width":8,"height":6}},{"id":"b72b54df-7e9e-4708-b02a-d256d2639ede","block_type":"box","text":"Net investment income","page_number":126,"box":{"x":76,"y":251,"width":102,"height":7}},{"id":"1c04e2cf-8567-4ea5-a9bc-08f2d1609e3a","block_type":"box","text":"4.62% 4.37%","page_number":126,"box":{"x":818,"y":251,"width":147,"height":7}},{"id":"596c01af-4c19-4935-acac-06db28da8b75","block_type":"box","text":"(h)","page_number":126,"box":{"x":966,"y":249,"width":8,"height":6}},{"id":"44475d7d-edce-4a99-a837-0edf6a33fd44","block_type":"box","text":"Supplemental Data","page_number":126,"box":{"x":76,"y":266,"width":91,"height":9}},{"id":"ec95b851-815d-433a-a159-d7f5bc453802","block_type":"box","text":"Net assets, end of period (000)","page_number":126,"box":{"x":76,"y":277,"width":136,"height":10}},{"id":"fdc1ca43-e17b-4651-a3d2-15f2028b250c","block_type":"box","text":"$79,683 $15,214","page_number":126,"box":{"x":800,"y":276,"width":159,"height":10}},{"id":"9b2f5749-38b5-478f-ba9a-e694e165ff49","block_type":"box","text":"Portfolio turnover rate","page_number":126,"box":{"x":76,"y":292,"width":97,"height":8}},{"id":"5f0e3a01-f3ea-44f2-b9cf-55e7417e87ed","block_type":"box","text":"(i)","page_number":126,"box":{"x":174,"y":291,"width":5,"height":6}},{"id":"564be162-9271-404e-b786-e4468eac9514","block_type":"box","text":"19% 51%","page_number":126,"box":{"x":829,"y":292,"width":136,"height":8}},{"id":"fa4ed66e-0379-47f8-ac15-8d0115b72238","block_type":"box","text":"(a)","page_number":126,"box":{"x":76,"y":306,"width":7,"height":6}},{"id":"377267a0-4a18-438a-80bf-62accdab9c2c","block_type":"box","text":"Commencement of operations.","page_number":126,"box":{"x":106,"y":307,"width":136,"height":10}},{"id":"aad8442e-7a89-4207-8301-4591227a92d7","block_type":"box","text":"(b)","page_number":126,"box":{"x":76,"y":317,"width":8,"height":6}},{"id":"f1c01cff-d174-43ab-9fc9-f92571b34fed","block_type":"box","text":"Based on average shares outstanding.","page_number":126,"box":{"x":107,"y":319,"width":166,"height":9}},{"id":"d22c0b4e-5c73-4cd0-9c70-16000adcff23","block_type":"box","text":"(c)","page_number":126,"box":{"x":76,"y":329,"width":7,"height":6}},{"id":"b73eb4a4-f1d5-417a-81e2-d04c434f6ce0","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":126,"box":{"x":106,"y":330,"width":678,"height":10}},{"id":"a77247ad-ae4b-460c-8a9e-efa7f71521c4","block_type":"box","text":"iming of capital share transactions in","page_number":126,"box":{"x":785,"y":330,"width":161,"height":10}},{"id":"5743472f-24d3-4f4e-946e-e61acfd0002f","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":126,"box":{"x":106,"y":340,"width":333,"height":10}},{"id":"e473c2ac-a588-4329-ae57-224bf9c4f50a","block_type":"box","text":"(d)","page_number":126,"box":{"x":76,"y":350,"width":8,"height":6}},{"id":"1d8f3c55-e98f-4f8a-be13-24a717bae9cb","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":126,"box":{"x":107,"y":352,"width":437,"height":9}},{"id":"2c9c6eb6-11eb-4fcd-9653-7ad69177e7a1","block_type":"box","text":"(e)","page_number":126,"box":{"x":76,"y":362,"width":8,"height":6}},{"id":"8a4e07c5-7220-4ed5-8f1a-720740b07854","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":126,"box":{"x":106,"y":363,"width":269,"height":10}},{"id":"5e594d74-5795-4c03-ae67-0c7c966019ab","block_type":"box","text":"(f)","page_number":126,"box":{"x":76,"y":373,"width":6,"height":6}},{"id":"4eecef1e-d92b-4ed1-bee1-055719bc2fc4","block_type":"box","text":"Not annualized.","page_number":126,"box":{"x":107,"y":375,"width":67,"height":7}},{"id":"3e51fe92-edba-49a9-90c2-7e4072617809","block_type":"box","text":"(g)","page_number":126,"box":{"x":76,"y":385,"width":7,"height":6}},{"id":"9b5f1e54-397b-4b30-a51a-bf03381817aa","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":126,"box":{"x":107,"y":386,"width":410,"height":10}},{"id":"6baa4bb1-a7fc-4ea9-ba93-3e1cf92dd17a","block_type":"box","text":"(h)","page_number":126,"box":{"x":76,"y":396,"width":8,"height":6}},{"id":"596d5f3d-ecf1-423c-82ff-282cfef03e7f","block_type":"box","text":"Annualized.","page_number":126,"box":{"x":106,"y":398,"width":50,"height":7}},{"id":"e453e9ac-449a-43aa-8866-304f1af44775","block_type":"box","text":"(i)","page_number":126,"box":{"x":76,"y":408,"width":5,"height":6}},{"id":"3d38b703-bf18-4b62-8377-b3c3010c72e8","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":126,"box":{"x":107,"y":409,"width":260,"height":10}},{"id":"cd4161fc-10e7-4395-bbbc-7a0d86fcd8e7","block_type":"box","text":"For a share outstanding throughout each period:","page_number":126,"box":{"x":77,"y":433,"width":339,"height":11}},{"id":"ba909012-f01a-42a1-96c8-fa832c232793","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF","page_number":126,"box":{"x":752,"y":455,"width":207,"height":7}},{"id":"6bd21feb-fbb4-49d4-8087-edd982f91f5a","block_type":"box","text":"Period from","page_number":126,"box":{"x":829,"y":467,"width":53,"height":6}},{"id":"2dac0dc0-185f-4211-bf71-8fbb51a4218c","block_type":"box","text":"03/25/25","page_number":126,"box":{"x":827,"y":475,"width":47,"height":7}},{"id":"8991caad-2ac0-4b17-ac1e-aa581a6eb8ec","block_type":"box","text":"(a)","page_number":126,"box":{"x":875,"y":473,"width":9,"height":6}},{"id":"661309ac-729b-463a-8353-e20fe6db7964","block_type":"box","text":"to 10/31/25","page_number":126,"box":{"x":827,"y":483,"width":57,"height":7}},{"id":"7aa726bc-723f-4324-880e-845f6b33869c","block_type":"box","text":"Net asset value, beginning of period","page_number":126,"box":{"x":76,"y":496,"width":174,"height":10}},{"id":"ba17159a-853f-4099-bc07-c3408c777643","block_type":"box","text":"$25.00","page_number":126,"box":{"x":927,"y":495,"width":31,"height":9}},{"id":"3be8dca3-fc91-4dcb-9354-2b68acf81e91","block_type":"box","text":"Net investment income","page_number":126,"box":{"x":86,"y":511,"width":102,"height":8}},{"id":"e6f84501-e726-410e-b5c4-9405370c05dd","block_type":"box","text":"(b)","page_number":126,"box":{"x":189,"y":510,"width":8,"height":6}},{"id":"b2f442d1-1f2e-492d-99ec-4ae7c6f9b705","block_type":"box","text":"0.69","page_number":126,"box":{"x":939,"y":511,"width":19,"height":8}},{"id":"a232e7de-45ed-4ab6-b1d6-2bf06636da13","block_type":"box","text":"Net realized and unrealized gain","page_number":126,"box":{"x":86,"y":522,"width":140,"height":10}},{"id":"d7d57ba7-e350-4445-8ce0-58f10ac1a41e","block_type":"box","text":"(c)","page_number":126,"box":{"x":227,"y":521,"width":8,"height":6}},{"id":"83e47850-5f88-4e1c-b39e-75863ec8bc44","block_type":"box","text":"0.18","page_number":126,"box":{"x":941,"y":522,"width":17,"height":8}},{"id":"6e7fb235-f8f9-4b72-9997-78b13b5eeb1d","block_type":"box","text":"Net increase from investment operations","page_number":126,"box":{"x":76,"y":537,"width":180,"height":10}},{"id":"b99d19df-e380-46ab-8c34-74d1c46a215b","block_type":"box","text":"0.87","page_number":126,"box":{"x":939,"y":538,"width":19,"height":7}},{"id":"a3917208-01df-4b6e-81c0-65534ca10b56","block_type":"box","text":"Distributions from net investment income","page_number":126,"box":{"x":76,"y":552,"width":202,"height":8}},{"id":"4e67b359-2b89-4a0c-868a-c7a5e67568e9","block_type":"box","text":"(d)","page_number":126,"box":{"x":279,"y":551,"width":9,"height":6}},{"id":"ba93945f-e76a-458e-aec5-2b6a91ae4748","block_type":"box","text":"(0.59)","page_number":126,"box":{"x":936,"y":552,"width":25,"height":10}},{"id":"9c27b8da-3e38-4f01-890d-80bdeff65709","block_type":"box","text":"Net asset value, end of period","page_number":126,"box":{"x":76,"y":567,"width":144,"height":10}},{"id":"86a95a77-31ef-48c2-91e8-0de6562ff095","block_type":"box","text":"$25.28","page_number":126,"box":{"x":927,"y":567,"width":31,"height":9}},{"id":"3bb4650a-3ed6-4dc5-955f-4375c93bb632","block_type":"box","text":"Total Return","page_number":126,"box":{"x":76,"y":582,"width":57,"height":8}},{"id":"a2844680-9616-4941-997d-9bc142bcf64a","block_type":"box","text":"(e)","page_number":126,"box":{"x":135,"y":581,"width":8,"height":6}},{"id":"4703348f-bf6a-4a2e-a750-284dabbb017d","block_type":"box","text":"Based on net asset value","page_number":126,"box":{"x":76,"y":597,"width":109,"height":8}},{"id":"6ba6f905-2aa6-44b2-929f-604a0e0c21b3","block_type":"box","text":"3.57%","page_number":126,"box":{"x":939,"y":597,"width":26,"height":8}},{"id":"a4a37e2d-818c-4f44-a61e-79367dc0c064","block_type":"box","text":"(f)","page_number":126,"box":{"x":966,"y":596,"width":6,"height":6}},{"id":"d268b3a0-f1c5-4d2a-8664-c4a931796930","block_type":"box","text":"Ratios to Average Net Assets","page_number":126,"box":{"x":76,"y":612,"width":140,"height":10}},{"id":"0e1884d2-af6a-471b-9d27-e6fb116e1189","block_type":"box","text":"(g)","page_number":126,"box":{"x":217,"y":611,"width":9,"height":6}},{"id":"c692d6cf-7785-4b3b-a6da-e99b45f815b2","block_type":"box","text":"Total expenses","page_number":126,"box":{"x":76,"y":628,"width":64,"height":9}},{"id":"ac4cda69-e5af-4f82-acb5-ce03000c4367","block_type":"box","text":"0.07%","page_number":126,"box":{"x":939,"y":627,"width":26,"height":8}},{"id":"f621c1d1-e2df-4356-bdb9-26d8b58a4e38","block_type":"box","text":"(h)","page_number":126,"box":{"x":966,"y":626,"width":8,"height":6}},{"id":"7fce307b-17c4-4734-9dac-5a456d9319ce","block_type":"box","text":"Total expenses after fees waived","page_number":126,"box":{"x":76,"y":642,"width":142,"height":10}},{"id":"eefad5dc-3f75-4b31-8b96-0bfbe969f59a","block_type":"box","text":"0.07%","page_number":126,"box":{"x":939,"y":643,"width":26,"height":7}},{"id":"00e68c66-ae6e-45a2-aecb-d51322152def","block_type":"box","text":"(h)","page_number":126,"box":{"x":966,"y":641,"width":8,"height":6}},{"id":"7ccddbe0-0b0b-4185-ae1d-297daae0a26d","block_type":"box","text":"Net investment income","page_number":126,"box":{"x":76,"y":657,"width":102,"height":8}},{"id":"fc8bf53a-54c1-4ac9-a8e3-3c84596028bc","block_type":"box","text":"4.66%","page_number":126,"box":{"x":939,"y":658,"width":26,"height":7}},{"id":"05ac189a-f4d1-40da-8c87-40ef55d7e1f1","block_type":"box","text":"(h)","page_number":126,"box":{"x":966,"y":656,"width":8,"height":6}},{"id":"0790f62c-3a92-403a-86fb-4a9b30489c17","block_type":"box","text":"Supplemental Data","page_number":126,"box":{"x":76,"y":672,"width":91,"height":10}},{"id":"55a3e8a4-ad92-4313-b2fa-df616497b378","block_type":"box","text":"Net assets, end of period (000)","page_number":126,"box":{"x":76,"y":687,"width":136,"height":10}},{"id":"901b098f-4349-4277-aeff-3103ac6e96e5","block_type":"box","text":"$7,584","page_number":126,"box":{"x":927,"y":687,"width":32,"height":9}},{"id":"3ff056d9-0ff0-494a-8e37-1e18ea623c92","block_type":"box","text":"Portfolio turnover rate","page_number":126,"box":{"x":76,"y":702,"width":97,"height":8}},{"id":"4713a138-1f19-491a-9135-109f1315a8b8","block_type":"box","text":"(i)","page_number":126,"box":{"x":174,"y":701,"width":5,"height":6}},{"id":"319b4bf6-c0ce-4a6d-a259-5d12d7e7bee1","block_type":"box","text":"50%","page_number":126,"box":{"x":948,"y":703,"width":17,"height":7}},{"id":"503285c0-f1af-483e-96fd-def449e59705","block_type":"box","text":"(a)","page_number":126,"box":{"x":76,"y":729,"width":10,"height":6}},{"id":"a394111c-3fe7-4695-b543-67edf9559562","block_type":"box","text":"Commencement of operations.","page_number":126,"box":{"x":106,"y":731,"width":176,"height":9}},{"id":"ca7eaf50-f856-4c97-9398-66195797614e","block_type":"box","text":"(b)","page_number":126,"box":{"x":76,"y":741,"width":10,"height":6}},{"id":"665397ef-5cea-40a5-a706-68339e2bfdf6","block_type":"box","text":"Based on average shares outstanding.","page_number":126,"box":{"x":107,"y":742,"width":215,"height":10}},{"id":"d3e4e6ba-c9eb-4b0a-8fa6-a9017fb474ae","block_type":"box","text":"(c)","page_number":126,"box":{"x":76,"y":752,"width":10,"height":6}},{"id":"db28b22f-3f57-4e27-8b8b-54cc3c1ff728","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":126,"box":{"x":106,"y":754,"width":867,"height":9}},{"id":"1ca8da56-86cd-4168-9276-27336c3cd297","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":126,"box":{"x":106,"y":765,"width":648,"height":10}},{"id":"0ad1d4ae-f871-4b1a-943a-b7cd2899cb65","block_type":"box","text":"(d)","page_number":126,"box":{"x":76,"y":776,"width":10,"height":6}},{"id":"24c85ce1-7b92-45a5-907e-55804769cbcc","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":126,"box":{"x":107,"y":777,"width":565,"height":10}},{"id":"2ea32e60-5eed-46bb-8bb4-52ac33a2b1d8","block_type":"box","text":"(e)","page_number":126,"box":{"x":76,"y":787,"width":10,"height":6}},{"id":"e1068a54-f974-43c0-92a4-6eb114a02ea2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":126,"box":{"x":106,"y":789,"width":347,"height":9}},{"id":"84143934-b36c-4dd5-bece-fb6e25d20a58","block_type":"box","text":"(f)","page_number":126,"box":{"x":76,"y":799,"width":8,"height":6}},{"id":"1a1291f9-07fb-4e42-99bb-a57c15fa5fe6","block_type":"box","text":"Not annualized.","page_number":126,"box":{"x":107,"y":800,"width":87,"height":8}},{"id":"b41569c6-c202-4b00-9fbd-74bb9354897e","block_type":"box","text":"(g)","page_number":126,"box":{"x":76,"y":810,"width":10,"height":6}},{"id":"da41b542-bc62-4f30-bab5-5e004cb2f4da","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":126,"box":{"x":107,"y":812,"width":530,"height":9}},{"id":"9fa18922-20c1-4538-9e80-2cf4d0afbc6b","block_type":"box","text":"(h)","page_number":126,"box":{"x":76,"y":822,"width":10,"height":6}},{"id":"b8374ee3-8df7-4695-b453-66e85775fd01","block_type":"box","text":"Annualized.","page_number":126,"box":{"x":106,"y":823,"width":65,"height":8}},{"id":"f6104b64-1e65-4122-8490-a5bb11f7ac4f","block_type":"box","text":"(i)","page_number":126,"box":{"x":76,"y":834,"width":7,"height":6}},{"id":"8c17d020-75f5-470d-9318-1cac4ca7c194","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":126,"box":{"x":107,"y":835,"width":335,"height":10}},{"id":"40f08462-77a6-4627-b771-caab519a9008","block_type":"box","text":"26","page_number":126,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"1ee7e19d-adc7-4ead-b7d8-8326b8162ef6","block_type":"box","text":"For a share outstanding throughout each period:","page_number":127,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"4cf780c4-00aa-4999-8952-b502a262e3ef","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF","page_number":127,"box":{"x":752,"y":53,"width":207,"height":7}},{"id":"c2eb26dd-9a17-4d2c-bd7a-1fd11c2f6eee","block_type":"box","text":"Year Ended","page_number":127,"box":{"x":768,"y":73,"width":52,"height":6}},{"id":"c5ead35f-09e4-4df5-83ab-c8ebecf46758","block_type":"box","text":"10/31/25","page_number":127,"box":{"x":774,"y":81,"width":43,"height":7}},{"id":"4e131afc-f9ef-420f-ab95-bbc357f3c0d7","block_type":"box","text":"Period From","page_number":127,"box":{"x":886,"y":65,"width":55,"height":6}},{"id":"d44ab491-aa94-4e3b-a69c-e9a971582702","block_type":"box","text":"06/11/24","page_number":127,"box":{"x":886,"y":73,"width":45,"height":7}},{"id":"4c2c2788-09eb-41e4-821b-31ae41c7cbc8","block_type":"box","text":"(a)","page_number":127,"box":{"x":932,"y":71,"width":9,"height":6}},{"id":"02803076-4719-4848-bfb7-0736947bcc10","block_type":"box","text":"to 10/31/24","page_number":127,"box":{"x":885,"y":81,"width":57,"height":7}},{"id":"8f154327-770c-4670-ac6c-199a65933cd5","block_type":"box","text":"Net asset value, beginning of period","page_number":127,"box":{"x":76,"y":94,"width":174,"height":10}},{"id":"7dfa2a12-456a-40a3-bd96-e74a4c2be460","block_type":"box","text":"$25.27 $25.00","page_number":127,"box":{"x":806,"y":93,"width":152,"height":9}},{"id":"1e5a6d51-3b4a-4582-b494-6b66340faaf9","block_type":"box","text":"Net investment income","page_number":127,"box":{"x":86,"y":109,"width":102,"height":8}},{"id":"ffb99197-6318-48df-8bc0-288f9e030436","block_type":"box","text":"(b)","page_number":127,"box":{"x":189,"y":108,"width":8,"height":6}},{"id":"dd0d05cd-0c71-4c87-978e-af766eba4255","block_type":"box","text":"1.09 0.42","page_number":127,"box":{"x":820,"y":109,"width":138,"height":8}},{"id":"d11cd1c0-e1eb-4171-8b49-579d8312d8e1","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":127,"box":{"x":86,"y":121,"width":167,"height":9}},{"id":"89a56cb5-8ae8-462f-9005-2748920072b1","block_type":"box","text":"(c)","page_number":127,"box":{"x":254,"y":119,"width":8,"height":6}},{"id":"0703f939-a922-4b1a-9f7f-d6d100017368","block_type":"box","text":"(0.76) 0.19","page_number":127,"box":{"x":815,"y":121,"width":143,"height":9}},{"id":"ad8146c1-efa0-4483-9cbf-8ba19b9f997a","block_type":"box","text":"Net increase from investment operations","page_number":127,"box":{"x":76,"y":136,"width":180,"height":9}},{"id":"3fc51652-3202-4fa5-a7e3-a94a07cb1a55","block_type":"box","text":"0.33 0.61","page_number":127,"box":{"x":818,"y":136,"width":139,"height":7}},{"id":"e6c7e237-1f92-44fc-a309-b918b4c7a7a7","block_type":"box","text":"Distributions","page_number":127,"box":{"x":76,"y":151,"width":62,"height":7}},{"id":"f41b6cd7-3e72-45f7-bb35-5ca9dcdc54cd","block_type":"box","text":"(d)","page_number":127,"box":{"x":139,"y":149,"width":8,"height":6}},{"id":"977d281d-d2fd-4b56-8c19-27f0e1a07384","block_type":"box","text":"From net investment income","page_number":127,"box":{"x":86,"y":162,"width":126,"height":8}},{"id":"83def03d-db3c-48fa-b275-95cffd2285f9","block_type":"box","text":"(1.09) (0.34)","page_number":127,"box":{"x":817,"y":162,"width":144,"height":10}},{"id":"3c6b7c89-8d0e-4058-8e0f-cc83343abb9b","block_type":"box","text":"From net realized gain","page_number":127,"box":{"x":86,"y":174,"width":97,"height":9}},{"id":"de5ea20c-2a97-4240-b4e2-75c1575ae17b","block_type":"box","text":"(0.13) —","page_number":127,"box":{"x":817,"y":174,"width":141,"height":9}},{"id":"7a7c9bf3-e137-4be4-b1b1-c22ac59e669b","block_type":"box","text":"Total distributions","page_number":127,"box":{"x":76,"y":189,"width":78,"height":7}},{"id":"849c5d51-44c2-4ab1-b2fc-5699e58eb217","block_type":"box","text":"(1.22) (0.34)","page_number":127,"box":{"x":817,"y":189,"width":144,"height":9}},{"id":"ac22e29a-c2e9-4976-b369-0c961e87681c","block_type":"box","text":"Net asset value, end of period","page_number":127,"box":{"x":76,"y":204,"width":144,"height":9}},{"id":"4621a7cc-a9ea-4eaa-bb1e-af9a7d314a5a","block_type":"box","text":"$24.38 $25.27","page_number":127,"box":{"x":806,"y":203,"width":152,"height":9}},{"id":"e0f806cf-444d-445c-aa44-b8100bad6a81","block_type":"box","text":"Total Return","page_number":127,"box":{"x":76,"y":221,"width":57,"height":7}},{"id":"832da477-1ed9-433e-a88b-3de3944ec5dc","block_type":"box","text":"(e)","page_number":127,"box":{"x":135,"y":219,"width":8,"height":6}},{"id":"2147fbb4-f8e4-4fc1-95c7-7102a0ac4565","block_type":"box","text":"Based on net asset value","page_number":127,"box":{"x":76,"y":232,"width":109,"height":8}},{"id":"98547880-0069-4463-b0e2-5097a6e6d6b5","block_type":"box","text":"1.42% 2.39%","page_number":127,"box":{"x":820,"y":232,"width":145,"height":8}},{"id":"af0ac2ed-36f8-4f84-8dcc-fcc74a308483","block_type":"box","text":"(f)","page_number":127,"box":{"x":966,"y":231,"width":6,"height":6}},{"id":"10d20aae-1089-487f-be1e-ff808e87c738","block_type":"box","text":"Ratios to Average Net Assets","page_number":127,"box":{"x":76,"y":247,"width":140,"height":10}},{"id":"fe7e38bc-f7ca-4bf9-afcc-d0202213dc39","block_type":"box","text":"(g)","page_number":127,"box":{"x":217,"y":246,"width":9,"height":6}},{"id":"7cf39d2a-042a-432f-9e1c-f1f0c62ad2f7","block_type":"box","text":"Total expenses","page_number":127,"box":{"x":76,"y":259,"width":64,"height":9}},{"id":"808ddbdf-3500-4307-8a23-2ef9d63a524b","block_type":"box","text":"0.07% 0.07%","page_number":127,"box":{"x":818,"y":259,"width":147,"height":7}},{"id":"38a6692d-a408-43b8-a721-41d5bffd2d20","block_type":"box","text":"(h)","page_number":127,"box":{"x":966,"y":257,"width":8,"height":6}},{"id":"b26f6516-7cb8-4638-9de0-021d459862ab","block_type":"box","text":"Total expenses after fees waived","page_number":127,"box":{"x":76,"y":274,"width":142,"height":9}},{"id":"a90356b9-e331-4883-8b82-b79d592f3287","block_type":"box","text":"0.07% 0.07%","page_number":127,"box":{"x":818,"y":274,"width":147,"height":7}},{"id":"f8456556-9f04-478c-b733-7665230cbaac","block_type":"box","text":"(h)","page_number":127,"box":{"x":966,"y":272,"width":8,"height":6}},{"id":"278176d1-27f6-456b-b6c3-78cfd6b7cf94","block_type":"box","text":"Net investment income","page_number":127,"box":{"x":76,"y":289,"width":102,"height":7}},{"id":"fdb360ee-8b49-4695-8a4e-5d6a0fcda476","block_type":"box","text":"4.52% 4.19%","page_number":127,"box":{"x":818,"y":289,"width":147,"height":7}},{"id":"5b09c30f-68d9-438b-b898-116f143af4f9","block_type":"box","text":"(h)","page_number":127,"box":{"x":966,"y":287,"width":8,"height":6}},{"id":"a553d426-1d2b-47c7-a929-3519c7b606dd","block_type":"box","text":"Supplemental Data","page_number":127,"box":{"x":76,"y":304,"width":91,"height":9}},{"id":"718f6d78-55df-49d3-84f6-23fe37fba159","block_type":"box","text":"Net assets, end of period (000)","page_number":127,"box":{"x":76,"y":315,"width":136,"height":10}},{"id":"3d743f3f-1787-4010-b3c0-87629632811c","block_type":"box","text":"$2,438 $2,527","page_number":127,"box":{"x":806,"y":314,"width":152,"height":10}},{"id":"fc709d34-1b9e-4872-a246-06c195ba4dd2","block_type":"box","text":"Portfolio turnover rate","page_number":127,"box":{"x":76,"y":330,"width":97,"height":8}},{"id":"60b0c8c6-ae5f-480f-90c6-bb62a95b3e7e","block_type":"box","text":"(i)","page_number":127,"box":{"x":174,"y":329,"width":5,"height":6}},{"id":"9c1cdbcc-f756-4fb2-a85b-85c9e9f09f34","block_type":"box","text":"28% 104%","page_number":127,"box":{"x":827,"y":330,"width":138,"height":8}},{"id":"690abd7a-cbac-4b40-be36-cf3e953c2b7b","block_type":"box","text":"(a)","page_number":127,"box":{"x":76,"y":344,"width":7,"height":6}},{"id":"03f4f61d-840f-4578-800d-debff7543b19","block_type":"box","text":"Commencement of operations.","page_number":127,"box":{"x":106,"y":345,"width":136,"height":10}},{"id":"4e190e71-0622-47ce-bdd5-19ab5b48551e","block_type":"box","text":"(b)","page_number":127,"box":{"x":76,"y":355,"width":8,"height":6}},{"id":"05b385c2-2fff-4f04-a03b-61cfe8e20b51","block_type":"box","text":"Based on average shares outstanding.","page_number":127,"box":{"x":107,"y":357,"width":166,"height":9}},{"id":"b7858de5-5bff-4511-a334-205e51af4ce4","block_type":"box","text":"(c)","page_number":127,"box":{"x":76,"y":367,"width":7,"height":6}},{"id":"ef6dfeb7-198d-4925-aabb-dcd2e27ffb31","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":127,"box":{"x":106,"y":368,"width":678,"height":10}},{"id":"3ef2da47-67ab-4edf-98ab-0d1db7ff5967","block_type":"box","text":"iming of capital share transactions in","page_number":127,"box":{"x":785,"y":368,"width":161,"height":10}},{"id":"a9aa33a9-e6cb-418a-a04d-6bf7a10fd1d3","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":127,"box":{"x":106,"y":378,"width":333,"height":10}},{"id":"76ed18aa-57de-4b55-8afa-056f7d6995b9","block_type":"box","text":"(d)","page_number":127,"box":{"x":76,"y":388,"width":8,"height":6}},{"id":"0c031b20-a3b4-4064-89a8-07b16a0571c6","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":127,"box":{"x":107,"y":390,"width":437,"height":9}},{"id":"81fb71a3-77d2-4a04-bbe5-832657825eb8","block_type":"box","text":"(e)","page_number":127,"box":{"x":76,"y":400,"width":8,"height":6}},{"id":"b080f380-13dd-46ce-960f-7aa4bd5e6d89","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":127,"box":{"x":106,"y":401,"width":269,"height":10}},{"id":"f712a8f6-269c-4221-b2d4-3a5c324fb644","block_type":"box","text":"(f)","page_number":127,"box":{"x":76,"y":411,"width":6,"height":6}},{"id":"924abcaf-3754-46a8-ad17-a930fdf8cafa","block_type":"box","text":"Not annualized.","page_number":127,"box":{"x":107,"y":413,"width":67,"height":7}},{"id":"62451304-a29a-4ccd-96b2-e56c0277d734","block_type":"box","text":"(g)","page_number":127,"box":{"x":76,"y":423,"width":7,"height":6}},{"id":"b5de37e5-1063-4aed-9ab8-a3aa7b61459a","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":127,"box":{"x":107,"y":424,"width":410,"height":10}},{"id":"b0d677fc-1178-4f0e-9eb0-cb2ef7add02a","block_type":"box","text":"(h)","page_number":127,"box":{"x":76,"y":434,"width":8,"height":6}},{"id":"2f3b5c8e-0a72-4488-87fd-b5da0f5ea6bd","block_type":"box","text":"Annualized.","page_number":127,"box":{"x":106,"y":436,"width":50,"height":7}},{"id":"0debcddc-ccb5-478e-90ba-82997b609c26","block_type":"box","text":"(i)","page_number":127,"box":{"x":76,"y":446,"width":5,"height":6}},{"id":"3b7295aa-10f4-40fe-8330-3714e09bfdc8","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":127,"box":{"x":107,"y":447,"width":260,"height":10}},{"id":"34bdc4cb-1540-459f-a7dd-b3a74926c814","block_type":"box","text":"For a share outstanding throughout each period:","page_number":127,"box":{"x":77,"y":471,"width":339,"height":11}},{"id":"841772cd-1d14-4634-9ae6-d3dae1057170","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF","page_number":127,"box":{"x":752,"y":493,"width":207,"height":7}},{"id":"496796d1-fe58-421a-a87d-cb1401be8f95","block_type":"box","text":"Period from","page_number":127,"box":{"x":829,"y":505,"width":53,"height":6}},{"id":"b2034f81-31d0-4663-8ade-42bc7defd962","block_type":"box","text":"03/25/25","page_number":127,"box":{"x":827,"y":513,"width":47,"height":7}},{"id":"942fee9c-c05e-4429-a7ee-57012bc9525b","block_type":"box","text":"(a)","page_number":127,"box":{"x":875,"y":511,"width":9,"height":6}},{"id":"fdbcec24-5d5b-420c-bf13-ce921b47c36a","block_type":"box","text":"to 10/31/25","page_number":127,"box":{"x":827,"y":521,"width":57,"height":7}},{"id":"defac05c-65ab-41c2-815c-6682c3273e6e","block_type":"box","text":"Net asset value, beginning of period","page_number":127,"box":{"x":76,"y":534,"width":174,"height":10}},{"id":"1904830b-f112-4bd6-9d25-826130bce64e","block_type":"box","text":"$25.00","page_number":127,"box":{"x":927,"y":533,"width":31,"height":9}},{"id":"c9c9cb62-0aea-42e3-b06e-ef5041b8fef6","block_type":"box","text":"Net investment income","page_number":127,"box":{"x":86,"y":549,"width":102,"height":8}},{"id":"7be7b330-5614-4833-aeb4-b0c656df052d","block_type":"box","text":"(b)","page_number":127,"box":{"x":189,"y":548,"width":8,"height":6}},{"id":"cb3e274a-dc2e-4daf-a272-3822b8af5af9","block_type":"box","text":"0.69","page_number":127,"box":{"x":939,"y":549,"width":19,"height":8}},{"id":"2771344a-92e5-4257-8275-e64f12db013f","block_type":"box","text":"Net realized and unrealized gain","page_number":127,"box":{"x":86,"y":560,"width":140,"height":10}},{"id":"f589a7aa-1b38-4ebc-b73e-a45048ddd317","block_type":"box","text":"(c)","page_number":127,"box":{"x":227,"y":559,"width":8,"height":6}},{"id":"c154bbe5-4c36-418f-942d-6fb643aa3589","block_type":"box","text":"(0.06)","page_number":127,"box":{"x":936,"y":560,"width":25,"height":10}},{"id":"9fa5e368-d4ca-4e75-841e-c1feb4a8144d","block_type":"box","text":"Net increase from investment operations","page_number":127,"box":{"x":76,"y":575,"width":180,"height":10}},{"id":"de966fff-adc1-4d30-bffd-edb3db863ab5","block_type":"box","text":"0.63","page_number":127,"box":{"x":939,"y":575,"width":19,"height":8}},{"id":"56b95b78-844e-4468-ae60-a1afddba2239","block_type":"box","text":"Distributions from net investment income","page_number":127,"box":{"x":76,"y":590,"width":202,"height":8}},{"id":"c5a2a176-d738-4fe2-96ba-d08114b90ffe","block_type":"box","text":"(d)","page_number":127,"box":{"x":279,"y":589,"width":9,"height":6}},{"id":"eb69895e-d93f-4549-bd44-c884d909f6db","block_type":"box","text":"(0.57)","page_number":127,"box":{"x":936,"y":590,"width":25,"height":10}},{"id":"528c9f68-68a0-48d1-94bf-1cedce6848b3","block_type":"box","text":"Net asset value, end of period","page_number":127,"box":{"x":76,"y":605,"width":144,"height":10}},{"id":"095883ad-dd2b-4054-941d-cb159f51bcc2","block_type":"box","text":"$25.06","page_number":127,"box":{"x":927,"y":605,"width":31,"height":9}},{"id":"d462fa8a-a2ba-4bb2-9b45-d3e98b5d2c14","block_type":"box","text":"Total Return","page_number":127,"box":{"x":76,"y":620,"width":57,"height":8}},{"id":"72f2c003-0bfc-46e7-98ad-cc047b36ac3b","block_type":"box","text":"(e)","page_number":127,"box":{"x":135,"y":619,"width":8,"height":6}},{"id":"35d9a3a2-35e3-4e93-9931-1e6f15795ec6","block_type":"box","text":"Based on net asset value","page_number":127,"box":{"x":76,"y":635,"width":109,"height":8}},{"id":"95105b92-31e6-4282-9235-0fec92bb90fa","block_type":"box","text":"2.60%","page_number":127,"box":{"x":939,"y":635,"width":26,"height":8}},{"id":"c4b65c28-7dbd-48cc-b332-b03ebaf41f0d","block_type":"box","text":"(f)","page_number":127,"box":{"x":966,"y":634,"width":6,"height":6}},{"id":"71bc2d32-92d4-4a2c-9da4-95b86539487a","block_type":"box","text":"Ratios to Average Net Assets","page_number":127,"box":{"x":76,"y":650,"width":140,"height":10}},{"id":"fa1021af-7348-4267-97ea-46b38533c4f5","block_type":"box","text":"(g)","page_number":127,"box":{"x":217,"y":649,"width":9,"height":6}},{"id":"efdfedd9-d9b6-424d-99b4-73f2f38be792","block_type":"box","text":"Total expenses","page_number":127,"box":{"x":76,"y":665,"width":64,"height":10}},{"id":"aaad3978-95bc-4f22-bd8b-4bce0da23dd1","block_type":"box","text":"0.07%","page_number":127,"box":{"x":939,"y":665,"width":26,"height":8}},{"id":"a719cd8d-5d3d-471e-b423-b648efb0bd51","block_type":"box","text":"(h)","page_number":127,"box":{"x":966,"y":664,"width":8,"height":6}},{"id":"166d072d-9a23-4e54-a7f7-5fab319a7f15","block_type":"box","text":"Total expenses after fees waived","page_number":127,"box":{"x":76,"y":680,"width":142,"height":10}},{"id":"0d6cf8df-81d2-4df7-b6fe-4fb914d58e62","block_type":"box","text":"0.07%","page_number":127,"box":{"x":939,"y":680,"width":26,"height":8}},{"id":"b4dd630e-25d2-4946-921a-942addbf360f","block_type":"box","text":"(h)","page_number":127,"box":{"x":966,"y":679,"width":8,"height":6}},{"id":"6da505fd-ff47-479c-b19c-5a8f6cf9c2e7","block_type":"box","text":"Net investment income","page_number":127,"box":{"x":76,"y":695,"width":102,"height":8}},{"id":"5dcbd341-a0ad-4ead-aa6d-13bbd29e2908","block_type":"box","text":"4.66%","page_number":127,"box":{"x":939,"y":695,"width":26,"height":8}},{"id":"01892b03-ea7d-48a7-b0c5-1285a9c19f05","block_type":"box","text":"(h)","page_number":127,"box":{"x":966,"y":694,"width":8,"height":6}},{"id":"c8602c7a-8d0b-4748-8a7c-b6b207070e2d","block_type":"box","text":"Supplemental Data","page_number":127,"box":{"x":76,"y":710,"width":91,"height":10}},{"id":"edd1ebcb-da23-42c1-8cf0-9f95647ecd8c","block_type":"box","text":"Net assets, end of period (000)","page_number":127,"box":{"x":76,"y":725,"width":136,"height":10}},{"id":"207dcdf4-0b52-4df1-a024-e98d70bd687d","block_type":"box","text":"$ 5,012","page_number":127,"box":{"x":927,"y":725,"width":31,"height":9}},{"id":"774a4cbf-4d1f-4657-be87-f8d71b883740","block_type":"box","text":"Portfolio turnover rate","page_number":127,"box":{"x":76,"y":740,"width":97,"height":8}},{"id":"0d9f4a4d-404b-4586-9512-38a736e6ff80","block_type":"box","text":"(i)","page_number":127,"box":{"x":174,"y":739,"width":5,"height":6}},{"id":"10b376dc-7f75-4c8b-980b-d0875f79c2d6","block_type":"box","text":"87%","page_number":127,"box":{"x":948,"y":741,"width":17,"height":7}},{"id":"164448bb-e365-4bf0-a2a6-5ee75df7298f","block_type":"box","text":"(a)","page_number":127,"box":{"x":76,"y":767,"width":10,"height":6}},{"id":"df937fa8-b8b8-42ad-9003-8487494ae0e3","block_type":"box","text":"Commencement of operations.","page_number":127,"box":{"x":106,"y":769,"width":176,"height":9}},{"id":"300920c5-1990-4d6c-9ffc-117a33b4559f","block_type":"box","text":"(b)","page_number":127,"box":{"x":76,"y":779,"width":10,"height":6}},{"id":"d8ccf0e3-360a-47ef-aec2-af450e6ff613","block_type":"box","text":"Based on average shares outstanding.","page_number":127,"box":{"x":107,"y":780,"width":215,"height":10}},{"id":"e351dca0-b578-4fb0-b2a2-357fbd5a6748","block_type":"box","text":"(c)","page_number":127,"box":{"x":76,"y":790,"width":10,"height":6}},{"id":"0ee763c0-c281-45b8-998f-710e9844aa6d","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":127,"box":{"x":106,"y":792,"width":867,"height":9}},{"id":"7f4a73cf-da7e-48a0-9137-f927a11bd0da","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":127,"box":{"x":106,"y":803,"width":648,"height":10}},{"id":"c55c3269-bf9d-4ac0-bf44-b49c220cb0bf","block_type":"box","text":"(d)","page_number":127,"box":{"x":76,"y":814,"width":10,"height":6}},{"id":"675e2f4c-96cf-49ba-a26f-5aa0a57540b7","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":127,"box":{"x":107,"y":815,"width":565,"height":10}},{"id":"d661db00-9031-40eb-a0cb-7a7a2040362a","block_type":"box","text":"(e)","page_number":127,"box":{"x":76,"y":825,"width":10,"height":6}},{"id":"1e2a3860-1aba-49d5-92ef-b768d0d0918c","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":127,"box":{"x":106,"y":827,"width":347,"height":9}},{"id":"ac440e7c-1be1-4716-92a8-6eae8d8d9e7f","block_type":"box","text":"(f)","page_number":127,"box":{"x":76,"y":837,"width":8,"height":6}},{"id":"6b0c77c5-d842-489f-9fda-f9d383ea2a58","block_type":"box","text":"Not annualized.","page_number":127,"box":{"x":107,"y":838,"width":87,"height":8}},{"id":"9d23a571-7ca3-45ba-b896-6924548257db","block_type":"box","text":"(g)","page_number":127,"box":{"x":76,"y":848,"width":10,"height":6}},{"id":"bb9b3c03-0f06-4bcd-adaa-67fe4eaf7103","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":127,"box":{"x":107,"y":850,"width":530,"height":9}},{"id":"28733286-9a4b-4aab-8526-e51387f0c84f","block_type":"box","text":"(h)","page_number":127,"box":{"x":76,"y":860,"width":10,"height":6}},{"id":"0d1a5980-4b60-4671-ba36-951856f02e50","block_type":"box","text":"Annualized.","page_number":127,"box":{"x":106,"y":861,"width":65,"height":8}},{"id":"c6265a5e-545a-40d2-88ca-f73df81da26e","block_type":"box","text":"(i)","page_number":127,"box":{"x":76,"y":872,"width":7,"height":6}},{"id":"d135f804-9f6b-4810-ab45-a2d77066e985","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":127,"box":{"x":107,"y":873,"width":335,"height":10}},{"id":"59283e6e-9da0-4043-a99c-e19d51d93c4c","block_type":"box","text":"27","page_number":127,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"36b893c0-4185-428d-949f-c39b974c0e52","block_type":"box","text":"For a share outstanding throughout each period:","page_number":128,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"34b6b1d8-33dc-4da2-8b11-b2b6782b86d0","block_type":"box","text":"iShares Treasury Floating Rate Bond ETF","page_number":128,"box":{"x":670,"y":53,"width":189,"height":7}},{"id":"7891bb42-be5e-494d-b8b4-325b47e304b8","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":569,"y":66,"width":52,"height":5}},{"id":"509299ce-3965-45ad-8bdd-2337765ef8ca","block_type":"box","text":"10/31/25","page_number":128,"box":{"x":575,"y":73,"width":43,"height":7}},{"id":"cf3a5920-4e4a-4a75-84a6-9e54d75e8a5e","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":652,"y":66,"width":53,"height":5}},{"id":"8018e841-b6f6-4494-bccd-1455e70fd2b8","block_type":"box","text":"10/31/24","page_number":128,"box":{"x":658,"y":73,"width":43,"height":7}},{"id":"f07705ff-faa7-4a2f-b615-ea69f980a1bb","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":738,"y":66,"width":52,"height":5}},{"id":"01c78b6c-c709-419a-9db3-abe8e58feb92","block_type":"box","text":"10/31/23","page_number":128,"box":{"x":743,"y":73,"width":43,"height":7}},{"id":"20be98d0-61a6-4a13-bd66-6595da280ed4","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"30196837-e6eb-47f9-97c4-7682744c7d16","block_type":"box","text":"10/31/22","page_number":128,"box":{"x":828,"y":73,"width":43,"height":7}},{"id":"3597cbc2-5731-4340-93b6-df0b47558cb0","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"f7ddeb35-9298-4b85-8aaf-a8205f6556c7","block_type":"box","text":"10/31/21","page_number":128,"box":{"x":912,"y":73,"width":41,"height":7}},{"id":"19ec9be5-8d3d-4949-aadd-e9c16518730c","block_type":"box","text":"Net asset value, beginning of year","page_number":128,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"105bee71-ded0-4308-8390-9d51b3ab97cf","block_type":"box","text":"$ 50.61 $ 50.73 $ 50.50 $ 50.26 $ 50.29","page_number":128,"box":{"x":573,"y":86,"width":385,"height":9}},{"id":"4185e52e-0ae3-41a7-bae2-c983bc7e3ea3","block_type":"box","text":"Net investment income (loss)","page_number":128,"box":{"x":86,"y":101,"width":129,"height":10}},{"id":"5c5ba9ba-0230-4065-8dfd-79b9afd7b6d4","block_type":"box","text":"(a)","page_number":128,"box":{"x":216,"y":100,"width":7,"height":6}},{"id":"b0009cde-eee3-43ba-acea-c75557914a2e","block_type":"box","text":"2.15 2.64 2.53 1.05 (0.01)","page_number":128,"box":{"x":605,"y":101,"width":355,"height":10}},{"id":"66c8985b-327c-4715-afbd-f986ab3819a0","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":128,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"968b875a-2cc3-44db-9039-a247279f302f","block_type":"box","text":"(b)","page_number":128,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"4d05391b-3a5c-47da-a530-b8afc8940227","block_type":"box","text":"0.02 (0.03) (0.04) (0.44) (0.01)","page_number":128,"box":{"x":602,"y":113,"width":358,"height":9}},{"id":"59a6de4e-78ed-4602-b8de-2b503f6a8650","block_type":"box","text":"Net increase (decrease) from investment operations 2.17 2.61 2.49 0.61 (0.02)","page_number":128,"box":{"x":76,"y":128,"width":885,"height":9}},{"id":"9d366709-9069-4f7b-af9b-4b4e6e199fc7","block_type":"box","text":"Distributions","page_number":128,"box":{"x":76,"y":143,"width":62,"height":7}},{"id":"90b5bb58-b939-477b-9952-f2a970e16f19","block_type":"box","text":"(c)","page_number":128,"box":{"x":139,"y":142,"width":8,"height":5}},{"id":"8e587471-6c05-451e-b5c6-f460b648fa38","block_type":"box","text":"Distributions from net investment income (2.19) (2.73) (2.26) (0.37) (0.01)","page_number":128,"box":{"x":86,"y":154,"width":874,"height":10}},{"id":"d419b075-f286-43eb-b968-82207a719c09","block_type":"box","text":"From net realized gain","page_number":128,"box":{"x":86,"y":166,"width":97,"height":9}},{"id":"9384278d-e75c-4256-a95d-4fb9a602569f","block_type":"box","text":"— — — (0.00)","page_number":128,"box":{"x":614,"y":166,"width":264,"height":9}},{"id":"cd0081c8-6a31-4050-be5a-0c779c976dd9","block_type":"box","text":"(d)","page_number":128,"box":{"x":880,"y":164,"width":7,"height":6}},{"id":"2c2e47ed-68b0-4a6c-8ca9-866feac5179b","block_type":"box","text":"(0.00)","page_number":128,"box":{"x":936,"y":166,"width":25,"height":9}},{"id":"dce4e129-b3ee-4696-878d-f7221200df28","block_type":"box","text":"(d)","page_number":128,"box":{"x":963,"y":164,"width":7,"height":6}},{"id":"699c17a8-2168-4614-8f36-4e637fc8b6ba","block_type":"box","text":"Total distributions","page_number":128,"box":{"x":76,"y":181,"width":78,"height":7}},{"id":"b53f8365-7b73-4b25-85a8-4a015f7c85b0","block_type":"box","text":"(2.19) (2.73) (2.26) (0.37) (0.01)","page_number":128,"box":{"x":602,"y":181,"width":358,"height":9}},{"id":"2d6612fe-1de7-49dd-b252-43f6da538a40","block_type":"box","text":"Net asset value, end of year","page_number":128,"box":{"x":76,"y":196,"width":135,"height":10}},{"id":"1b980268-6f2b-40cf-80b9-95a01694e648","block_type":"box","text":"$ 50.59 $ 50.61 $ 50.73 $ 50.50 $ 50.26","page_number":128,"box":{"x":573,"y":195,"width":385,"height":9}},{"id":"a5c6ff35-2441-42cc-add2-57d6abfbb1ef","block_type":"box","text":"Total Return","page_number":128,"box":{"x":76,"y":213,"width":57,"height":7}},{"id":"074fc75a-1d10-4867-85e4-84dad925523a","block_type":"box","text":"(e)","page_number":128,"box":{"x":135,"y":211,"width":8,"height":6}},{"id":"802f83b5-5161-4096-8436-e734daaad2fa","block_type":"box","text":"Based on net asset value","page_number":128,"box":{"x":76,"y":224,"width":109,"height":8}},{"id":"b4ddd116-ab3a-4f5e-b7c3-17149efe487c","block_type":"box","text":"4.41% 5.29% 5.05% 1.22% (0.04)%","page_number":128,"box":{"x":603,"y":224,"width":365,"height":10}},{"id":"56a0eb58-587d-4b4a-ac68-168b79cc2669","block_type":"box","text":"Ratios to Average Net Assets","page_number":128,"box":{"x":76,"y":239,"width":140,"height":10}},{"id":"2de70742-e314-4da6-ae5d-f5ae2ddbce69","block_type":"box","text":"(f)","page_number":128,"box":{"x":217,"y":238,"width":7,"height":6}},{"id":"10c4f2fb-b498-47e5-9b1e-97f9c7c85ab3","block_type":"box","text":"Total expenses","page_number":128,"box":{"x":76,"y":251,"width":64,"height":9}},{"id":"ecad4de2-85ea-4fd7-be92-2d73bf7c3f3d","block_type":"box","text":"0.15% 0.15% 0.15% 0.15% 0.15%","page_number":128,"box":{"x":604,"y":251,"width":361,"height":7}},{"id":"4e5f6f41-1d64-4bf6-bbb6-fe8a69c2d4d7","block_type":"box","text":"Net investment income (loss)","page_number":128,"box":{"x":76,"y":266,"width":128,"height":9}},{"id":"8ef29c2e-d6a2-42b0-b2a9-6c494dd80169","block_type":"box","text":"4.26% 5.23% 5.00% 2.08% (0.02)%","page_number":128,"box":{"x":602,"y":266,"width":366,"height":9}},{"id":"094071d5-3e16-4e6f-98f7-b4725d15fb42","block_type":"box","text":"Supplemental Data","page_number":128,"box":{"x":76,"y":281,"width":91,"height":9}},{"id":"27942292-0a49-4c41-a38d-888e7d3e454c","block_type":"box","text":"Net assets, end of year (000)","page_number":128,"box":{"x":76,"y":292,"width":127,"height":10}},{"id":"11d48395-316b-4204-81c5-9b400fbd20f4","block_type":"box","text":"$6,511,388 $6,998,858 $10,846,408 $3,782,823 $261,364","page_number":128,"box":{"x":573,"y":292,"width":386,"height":9}},{"id":"2a699ff6-d00f-4b60-854f-1942c0bd19ae","block_type":"box","text":"Portfolio turnover rate","page_number":128,"box":{"x":76,"y":307,"width":97,"height":8}},{"id":"5e7c213b-46f6-4c0d-8f47-90e8eb3794fb","block_type":"box","text":"(g)","page_number":128,"box":{"x":174,"y":306,"width":8,"height":6}},{"id":"2bc03bba-f3cf-4c1d-bf42-eff5b378604c","block_type":"box","text":"40% 28% 14% 6% 74%","page_number":128,"box":{"x":611,"y":307,"width":354,"height":8}},{"id":"5e0eea30-1932-48ff-89d6-92ff4c1df46c","block_type":"box","text":"(a)","page_number":128,"box":{"x":76,"y":321,"width":7,"height":6}},{"id":"328d9e9a-16e9-4e8d-b38a-e9cac963e151","block_type":"box","text":"Based on average shares outstanding.","page_number":128,"box":{"x":107,"y":322,"width":166,"height":10}},{"id":"6ed0916f-a2c4-40e8-92f1-dcb40f4f7dec","block_type":"box","text":"(b)","page_number":128,"box":{"x":76,"y":332,"width":8,"height":6}},{"id":"7a453221-96b8-4104-809b-16ba420125ec","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":128,"box":{"x":106,"y":334,"width":678,"height":9}},{"id":"de65aeab-d420-4458-9621-3adbbb1ffa5d","block_type":"box","text":"iming of capital share transactions in","page_number":128,"box":{"x":785,"y":334,"width":161,"height":9}},{"id":"f6b24c4f-9bed-4c9d-8537-cef07dee16b2","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":128,"box":{"x":106,"y":344,"width":333,"height":10}},{"id":"877975b7-43a9-4008-997e-c2fdb71ca0a1","block_type":"box","text":"(c)","page_number":128,"box":{"x":76,"y":354,"width":7,"height":6}},{"id":"523fd077-7a4b-4046-9e3a-7bd7bb2adbc7","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":128,"box":{"x":107,"y":356,"width":437,"height":9}},{"id":"dae744c8-41e9-419d-882e-3781aff2f25c","block_type":"box","text":"(d)","page_number":128,"box":{"x":76,"y":366,"width":8,"height":6}},{"id":"624528c3-538f-484c-bc90-966a953efc4f","block_type":"box","text":"Rounds to less than $0.01.","page_number":128,"box":{"x":107,"y":366,"width":115,"height":9}},{"id":"c34c6682-68ee-4fb2-b2d2-73513d147c61","block_type":"box","text":"(e)","page_number":128,"box":{"x":76,"y":377,"width":8,"height":6}},{"id":"4e271835-f05a-48d6-a47a-fb5cdf53c763","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":128,"box":{"x":106,"y":379,"width":269,"height":9}},{"id":"6f82b95d-2bb9-432a-b72a-aaf1915c702e","block_type":"box","text":"(f)","page_number":128,"box":{"x":76,"y":389,"width":6,"height":6}},{"id":"b265f6fe-20bd-4e2f-b702-e2f5da6ea992","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":128,"box":{"x":107,"y":390,"width":410,"height":10}},{"id":"cc4239a0-fe11-40f5-a143-91df39fa0639","block_type":"box","text":"(g)","page_number":128,"box":{"x":76,"y":400,"width":7,"height":6}},{"id":"bb5588bf-7929-48ad-a4c6-f46efeca1902","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":128,"box":{"x":107,"y":401,"width":260,"height":10}},{"id":"2f5237cf-1099-4601-857f-33eb88c84fec","block_type":"box","text":"For a share outstanding throughout each period:","page_number":128,"box":{"x":77,"y":425,"width":339,"height":11}},{"id":"8bfc1040-bd8b-4764-8965-d39e0a57916f","block_type":"box","text":"iShares U.S. Treasury Bond ETF","page_number":128,"box":{"x":690,"y":447,"width":145,"height":7}},{"id":"2e1412f2-1f45-47d9-8fd5-be1e0bd9df4f","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":566,"y":460,"width":52,"height":5}},{"id":"e4be3dd0-3bbc-4c0c-9fea-6a5f7f312c34","block_type":"box","text":"10/31/25","page_number":128,"box":{"x":571,"y":467,"width":43,"height":7}},{"id":"9e8f50b0-0e10-456c-9ea5-3c7b0ec9b39b","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":651,"y":460,"width":52,"height":5}},{"id":"b80c24bb-9472-4b14-aa68-b1509efa7751","block_type":"box","text":"10/31/24","page_number":128,"box":{"x":656,"y":467,"width":44,"height":7}},{"id":"dd3d70df-9116-440e-940b-17dbaf314476","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":737,"y":460,"width":52,"height":5}},{"id":"f825fe9f-620d-4d9a-9c86-951639d7bee0","block_type":"box","text":"10/31/23","page_number":128,"box":{"x":743,"y":467,"width":43,"height":7}},{"id":"27613082-fb28-4a00-bb0b-bcdf5a3d9eb9","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":822,"y":460,"width":52,"height":5}},{"id":"80c8f865-1af9-4156-a48b-e59f4b04fed5","block_type":"box","text":"10/31/22","page_number":128,"box":{"x":827,"y":467,"width":43,"height":7}},{"id":"da4a29ac-ffdf-4272-a21e-63d74c23fac7","block_type":"box","text":"Year Ended","page_number":128,"box":{"x":906,"y":460,"width":52,"height":5}},{"id":"f481eb81-560c-4c54-ba50-2b0488c01e70","block_type":"box","text":"10/31/21","page_number":128,"box":{"x":911,"y":467,"width":42,"height":7}},{"id":"28361e76-d9aa-4b2b-8b68-e5eb3f5c5d9f","block_type":"box","text":"Net asset value, beginning of year","page_number":128,"box":{"x":76,"y":480,"width":164,"height":10}},{"id":"ce4db5fb-afd7-49f8-8b6e-9237661d16a9","block_type":"box","text":"$ 22.82 $ 21.72 $ 22.40 $ 26.46 $ 27.66","page_number":128,"box":{"x":566,"y":480,"width":392,"height":9}},{"id":"99c16f5b-c931-4ff3-9a1b-f446a7d059ee","block_type":"box","text":"Net investment income","page_number":128,"box":{"x":86,"y":496,"width":102,"height":7}},{"id":"1dd619aa-e04a-483f-a740-c75a3d38f75e","block_type":"box","text":"(a)","page_number":128,"box":{"x":189,"y":494,"width":7,"height":6}},{"id":"c5d9435d-9161-4a44-81fb-8a22f72686e7","block_type":"box","text":"0.80 0.72 0.59 0.38 0.25","page_number":128,"box":{"x":599,"y":496,"width":359,"height":7}},{"id":"812476b9-b0c7-4c44-8bfa-2ba751395cfc","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":128,"box":{"x":86,"y":507,"width":167,"height":9}},{"id":"77646114-c534-464f-a07b-2067c70a56df","block_type":"box","text":"(b)","page_number":128,"box":{"x":254,"y":505,"width":8,"height":6}},{"id":"6aab3019-8cf8-43e7-bc06-b287d7860f81","block_type":"box","text":"0.35 1.08 (0.70) (4.11) (0.96)","page_number":128,"box":{"x":599,"y":507,"width":362,"height":9}},{"id":"403daab8-32af-4f68-9f8d-d1d8a02db43e","block_type":"box","text":"Net increase (decrease) from investment operations 1.15 1.80 (0.11) (3.73) (0.71)","page_number":128,"box":{"x":76,"y":522,"width":884,"height":9}},{"id":"3d194d26-fac6-49a9-a06d-04e38ba864b1","block_type":"box","text":"Distributions","page_number":128,"box":{"x":76,"y":537,"width":62,"height":7}},{"id":"692265fc-a35e-4665-a54e-b3f4e686e25f","block_type":"box","text":"(c)","page_number":128,"box":{"x":139,"y":535,"width":8,"height":6}},{"id":"a6effe21-c6d7-445c-aa26-e813302f3251","block_type":"box","text":"From net investment income","page_number":128,"box":{"x":76,"y":552,"width":126,"height":7}},{"id":"08e9f3a6-9d33-451b-87d0-72b860326f71","block_type":"box","text":"(0.79) (0.70) (0.57) (0.33) (0.25)","page_number":128,"box":{"x":596,"y":552,"width":365,"height":9}},{"id":"6fb5eef8-b9d9-45ae-b61a-5d4b2057b7a2","block_type":"box","text":"From net realized gain.","page_number":128,"box":{"x":76,"y":567,"width":99,"height":10}},{"id":"1f9c5a9f-f255-4e00-86e4-ea2cdba916d5","block_type":"box","text":"— — — — (0.24)","page_number":128,"box":{"x":612,"y":567,"width":349,"height":9}},{"id":"917ac15c-3888-4dae-8e68-10957729de99","block_type":"box","text":"Total distributions","page_number":128,"box":{"x":76,"y":582,"width":78,"height":7}},{"id":"3e64022f-75a2-416f-be97-4fbbed7149dc","block_type":"box","text":"(0.79) (0.70) (0.57) (0.33) (0.49)","page_number":128,"box":{"x":596,"y":582,"width":365,"height":9}},{"id":"4873a75c-94ec-4390-93dd-b3fdac678ab8","block_type":"box","text":"Net asset value, end of year","page_number":128,"box":{"x":76,"y":597,"width":135,"height":10}},{"id":"0300462a-af20-4622-81a6-bd9888ce33f2","block_type":"box","text":"$ 23.18 $ 22.82 $ 21.72 $ 22.40 $ 26.46","page_number":128,"box":{"x":566,"y":596,"width":392,"height":9}},{"id":"c92014b1-8133-40b2-b3d3-aaa309edd55e","block_type":"box","text":"Total Return","page_number":128,"box":{"x":76,"y":612,"width":57,"height":7}},{"id":"45fdc5d2-ed58-4970-9b32-52e31954fd63","block_type":"box","text":"(d)","page_number":128,"box":{"x":135,"y":611,"width":8,"height":6}},{"id":"1c54cb97-1e53-41e5-ad06-ebb7b5f0ffbe","block_type":"box","text":"Based on net asset value","page_number":128,"box":{"x":76,"y":627,"width":109,"height":7}},{"id":"a9d263fc-f4ec-4ba6-aa42-32e647cd3acd","block_type":"box","text":"5.16% 8.37% (0.54)% (14.21)% (2.58)%","page_number":128,"box":{"x":602,"y":627,"width":366,"height":10}},{"id":"d5553c21-397f-4fec-b5bb-99096681cd81","block_type":"box","text":"Ratios to Average Net Assets","page_number":128,"box":{"x":76,"y":642,"width":140,"height":10}},{"id":"e46b41f8-6e87-4164-be28-5999f4d8a046","block_type":"box","text":"(e)","page_number":128,"box":{"x":217,"y":641,"width":9,"height":6}},{"id":"db179c43-dc1f-4488-86d6-bf46ad9e1150","block_type":"box","text":"Total expenses","page_number":128,"box":{"x":76,"y":657,"width":64,"height":10}},{"id":"90e6d744-8c6b-43a0-8718-adba433860eb","block_type":"box","text":"0.05% 0.05% 0.05% 0.05% 0.09%","page_number":128,"box":{"x":599,"y":657,"width":366,"height":8}},{"id":"ad160781-c058-4af2-a80e-683d6a2e3fd1","block_type":"box","text":"Net investment income","page_number":128,"box":{"x":76,"y":672,"width":102,"height":8}},{"id":"bf36cedb-a64c-4125-8876-fdbf4e30275f","block_type":"box","text":"3.51% 3.15% 2.57% 1.57% 0.95%","page_number":128,"box":{"x":600,"y":672,"width":365,"height":8}},{"id":"3bf4b20e-3344-4822-b4c5-ff0bd97881b8","block_type":"box","text":"Supplemental Data","page_number":128,"box":{"x":76,"y":687,"width":91,"height":10}},{"id":"83713623-b94f-4c14-9b21-3e7164a0427f","block_type":"box","text":"Net assets, end of year (000)","page_number":128,"box":{"x":76,"y":702,"width":127,"height":10}},{"id":"f6bf4f2e-97ee-4a40-8a0f-e71059f5ded3","block_type":"box","text":"$33,012,128 $28,768,517 $22,599,139 $21,241,914 $15,665,181","page_number":128,"box":{"x":566,"y":701,"width":391,"height":10}},{"id":"4cc55250-e658-4161-a816-89b90cf55b9c","block_type":"box","text":"Portfolio turnover rate","page_number":128,"box":{"x":76,"y":717,"width":97,"height":8}},{"id":"c30b0ec7-8640-4fcf-9bbd-7ef8797c0172","block_type":"box","text":"(f)","page_number":128,"box":{"x":174,"y":716,"width":6,"height":6}},{"id":"f78ce3b0-aab0-4846-9fe1-85984d2bd020","block_type":"box","text":"25% 18% 23% 50% 128%","page_number":128,"box":{"x":608,"y":717,"width":357,"height":8}},{"id":"cbf27bc2-5f4c-4db8-a9a0-198f5c9292fa","block_type":"box","text":"(a)","page_number":128,"box":{"x":76,"y":744,"width":10,"height":6}},{"id":"2c7200f4-81d0-489b-86f5-c072588053c6","block_type":"box","text":"Based on average shares outstanding.","page_number":128,"box":{"x":107,"y":745,"width":215,"height":10}},{"id":"df636524-d780-431c-ba7e-5736ddf75d9b","block_type":"box","text":"(b)","page_number":128,"box":{"x":76,"y":755,"width":10,"height":6}},{"id":"d0d7bfb9-a513-40bf-a5cc-08ac061cf449","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":128,"box":{"x":106,"y":757,"width":867,"height":9}},{"id":"6a22b29c-5178-429d-b19b-aac06f4b4361","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":128,"box":{"x":106,"y":768,"width":648,"height":10}},{"id":"41e8df2e-d73b-4e4e-bc47-82d52c4408af","block_type":"box","text":"(c)","page_number":128,"box":{"x":76,"y":779,"width":10,"height":6}},{"id":"2b6534ad-5b4b-43d9-96f4-5b6e32ca43fc","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":128,"box":{"x":107,"y":780,"width":565,"height":10}},{"id":"80a4ac33-592a-4731-816b-8e4f0cb07320","block_type":"box","text":"(d)","page_number":128,"box":{"x":76,"y":790,"width":10,"height":6}},{"id":"e8012015-6c0c-418c-9393-35cacf86e248","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":128,"box":{"x":106,"y":792,"width":347,"height":9}},{"id":"26019941-c82e-4c6a-b978-3bc7cf0361b6","block_type":"box","text":"(e)","page_number":128,"box":{"x":76,"y":802,"width":10,"height":6}},{"id":"a6a82393-087d-4e67-9605-9045a0cc721b","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":128,"box":{"x":107,"y":803,"width":530,"height":10}},{"id":"9405ab21-e38c-4500-9691-e84513aaf14c","block_type":"box","text":"(f)","page_number":128,"box":{"x":76,"y":813,"width":8,"height":6}},{"id":"297a3301-a277-4f01-be73-415f5ffff126","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":128,"box":{"x":107,"y":815,"width":335,"height":9}},{"id":"f64b7069-9183-407a-b079-235f6f4ea789","block_type":"box","text":"28","page_number":128,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"f89d31e8-6736-4e7d-888f-b3fb1ebbbefa","block_type":"box","text":"Index Providers and Disclaimers","page_number":129,"box":{"x":78,"y":22,"width":316,"height":14}},{"id":"b43ac330-07b5-441c-b0e3-f14fea1e9e3d","block_type":"box","text":"The Index Providers are not affiliated with the Trust, BFA, the Distributor or any of their respective affiliates. BFA or its affiliates have entered","page_number":129,"box":{"x":76,"y":51,"width":896,"height":11}},{"id":"dff4ab2c-b474-4f74-9f24-6deef1faf73b","block_type":"box","text":"into a license agreement with the Index Providers to use the respective Underlying Indexes. BFA or its affiliates sublicense rights in each","page_number":129,"box":{"x":76,"y":66,"width":870,"height":11}},{"id":"2afda600-8d7a-4444-8409-dbcfd43a589a","block_type":"box","text":"Underlying Index for use by the applicable Fund at no charge.","page_number":129,"box":{"x":77,"y":80,"width":390,"height":11}},{"id":"5f84e811-f7e9-4086-8eb1-687dae42d863","block_type":"box","text":"The past performance of an Underlying Index is not a guide to future performance. BFA and its affiliates do not guarantee the accuracy or the","page_number":129,"box":{"x":76,"y":103,"width":902,"height":11}},{"id":"711eebae-e915-470e-b57d-db6eac716588","block_type":"box","text":"completeness of an Underlying Index or any data included therein, and BFA and its affiliates shall have no liability for any errors, omissions or","page_number":129,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"0363033e-1aac-405a-9639-408d36352315","block_type":"box","text":"interruptions therein. BFA and its affiliates make no warranty, express or implied, to the owners of shares of a Fund or to any other person or","page_number":129,"box":{"x":76,"y":131,"width":900,"height":11}},{"id":"c5360df9-1857-4a6b-af2a-ecb8a7d9a178","block_type":"box","text":"entity, as to results to be obtained by a Fund from the use of an Underlying Index or any data included therein. Without limiting any of the","page_number":129,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"afa37ce2-6b6b-4103-be02-4b6ef57f9898","block_type":"box","text":"foregoing, in no event shall BFA or its affiliates have any liability for any special, punitive, direct, indirect, consequential or any other damages","page_number":129,"box":{"x":76,"y":160,"width":903,"height":11}},{"id":"953b6819-4b17-422e-844f-5ae7bf0b0300","block_type":"box","text":"(including lost profits), even if notified of the possibility of such damages.","page_number":129,"box":{"x":77,"y":174,"width":466,"height":11}},{"id":"0521c3d4-5702-4796-9669-65f8435b31e1","block_type":"box","text":"Bloomberg","page_number":129,"box":{"x":77,"y":197,"width":74,"height":11}},{"id":"4a07e0ef-d07d-4721-b406-308fc58e4776","block_type":"box","text":"The following applies with respect to each Underlying Index provided by Bloomberg:","page_number":129,"box":{"x":76,"y":220,"width":535,"height":11}},{"id":"893772de-5925-436d-969c-c3694edadadd","block_type":"box","text":"The Underlying Index is maintained by Bloomberg. “Bloomberg","page_number":129,"box":{"x":76,"y":244,"width":399,"height":10}},{"id":"f0d3cf4e-3cfc-4546-b0d6-f0dc2a010ca1","block_type":"box","text":"®","page_number":129,"box":{"x":476,"y":243,"width":9,"height":6}},{"id":"0beea935-d6d6-4757-9a31-4fecf3343d8f","block_type":"box","text":"” and the Underlying Index are service marks of Bloomberg Finance L.P. and","page_number":129,"box":{"x":486,"y":244,"width":485,"height":10}},{"id":"e4a7c87a-7433-41fd-ab3a-9ca2a8114c28","block_type":"box","text":"its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been","page_number":129,"box":{"x":76,"y":258,"width":888,"height":11}},{"id":"e0cf0790-0761-4c4d-bc8a-05345ea7985a","block_type":"box","text":"licensed for use for certain purposes by BFA.","page_number":129,"box":{"x":77,"y":272,"width":284,"height":11}},{"id":"ca691575-a160-4248-8d66-a9d5f96512d4","block_type":"box","text":"The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or","page_number":129,"box":{"x":76,"y":295,"width":900,"height":11}},{"id":"b01bb185-28c2-43d7-b634-a0daba002d78","block_type":"box","text":"implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities","page_number":129,"box":{"x":76,"y":309,"width":859,"height":11}},{"id":"91a57649-5086-4895-8702-ef2098dd58dd","block_type":"box","text":"generally or in the Fund particularly. The only relationship of Bloomberg to BFA is the licensing of certain trademarks, trade names and","page_number":129,"box":{"x":76,"y":323,"width":858,"height":11}},{"id":"5a5dc94e-021a-42d6-b748-803e2890b10b","block_type":"box","text":"service marks and of the Underlying Index, which is determined, composed and calculated by BISL without regard to BFA or the Fund.","page_number":129,"box":{"x":76,"y":338,"width":854,"height":11}},{"id":"29227a68-ca0d-4816-b2a2-e62037913b64","block_type":"box","text":"Bloomberg has no obligation to take the needs of BFA or the owners of the Fund into consideration in determining, composing or calculating","page_number":129,"box":{"x":77,"y":352,"width":896,"height":11}},{"id":"6d79153a-d9bf-4e6b-b528-bafad195b7c5","block_type":"box","text":"the Underlying Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities","page_number":129,"box":{"x":76,"y":366,"width":895,"height":11}},{"id":"78d1f302-8303-4853-91be-241d5fd89132","block_type":"box","text":"of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to the Fund’s customers, in","page_number":129,"box":{"x":76,"y":380,"width":851,"height":11}},{"id":"a425c1cd-a081-48c6-8ba1-6d9a5e113874","block_type":"box","text":"connection with the administration, marketing or trading of the Fund.","page_number":129,"box":{"x":76,"y":394,"width":442,"height":11}},{"id":"3a2eab51-f6a7-4bb1-85ee-15212e0b784f","block_type":"box","text":"BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED","page_number":129,"box":{"x":77,"y":418,"width":900,"height":10}},{"id":"c73daf65-7ad5-4afb-8ad2-36f0c1582a9d","block_type":"box","text":"THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE","page_number":129,"box":{"x":76,"y":432,"width":887,"height":10}},{"id":"4513c526-fd78-41d4-9ba0-cf045a087079","block_type":"box","text":"ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BFA, OWNERS OF THE FUND OR ANY OTHER PERSON OR","page_number":129,"box":{"x":76,"y":446,"width":878,"height":10}},{"id":"4958bcbe-502d-42f7-8bd9-1bb2be4d41ae","block_type":"box","text":"ENTITY FROM THE USE OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR","page_number":129,"box":{"x":77,"y":460,"width":886,"height":9}},{"id":"70cb4281-5aca-43df-91c0-b941517e0e3c","block_type":"box","text":"IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE","page_number":129,"box":{"x":77,"y":474,"width":891,"height":9}},{"id":"69bce81b-4e5f-41b3-8c21-2aee34736fa4","block_type":"box","text":"OR USE WITH RESPECT TO THE UNDERLYING INDEX OR ANY DATA RELATED THERETO. WIT","page_number":129,"box":{"x":76,"y":489,"width":591,"height":8}},{"id":"13c3e9e5-c303-4c25-ac29-f1f961513bcf","block_type":"box","text":"HOUT LIMITING ANY OF THE FOREGOING, TO","page_number":129,"box":{"x":669,"y":489,"width":294,"height":10}},{"id":"0f19617c-bc49-4169-a9bb-52f3d163b774","block_type":"box","text":"THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS,","page_number":129,"box":{"x":76,"y":503,"width":899,"height":10}},{"id":"7430fab6-e7d0-4a72-a7fb-56954665a65f","block_type":"box","text":"AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHAT","page_number":129,"box":{"x":76,"y":517,"width":600,"height":10}},{"id":"19ea83a5-2b70-4b73-8612-cfd16e980dfe","block_type":"box","text":"SOEVER FOR ANY INJURY OR DAMAGES—","page_number":129,"box":{"x":678,"y":517,"width":272,"height":9}},{"id":"95d0eee5-c8dd-482c-9783-e9176223f701","block_type":"box","text":"WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR","page_number":129,"box":{"x":76,"y":531,"width":893,"height":10}},{"id":"959063c8-361c-4be8-846d-dc589010fa50","block_type":"box","text":"UNDERLYING INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN","page_number":129,"box":{"x":77,"y":545,"width":902,"height":10}},{"id":"c5db3c26-4f5c-40ea-8407-d27e70506979","block_type":"box","text":"IF NOTIFIED OF THE POSSIBILITY THEREOF.","page_number":129,"box":{"x":77,"y":559,"width":283,"height":9}},{"id":"9c0e12f7-d972-4fc7-9f09-5a6e93767790","block_type":"box","text":"29","page_number":129,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"29ce9e24-106c-498a-840b-da7c5ce08096","block_type":"box","text":"ICE Data Indices","page_number":130,"box":{"x":77,"y":23,"width":113,"height":9}},{"id":"cfd7e367-3c8a-4cff-9acd-dbc9928ac310","block_type":"box","text":"The following applies with respect to each Underlying Index provided by IDI:","page_number":130,"box":{"x":76,"y":46,"width":484,"height":11}},{"id":"46bc9a1b-18ad-406f-968b-09ef3b7076e6","block_type":"box","text":"ICE Data Indices, LLC (“IDI”) is used with permission. “NYSE” is a registered trademark of NYSE Group, Inc., an affiliate of IDI, and is used by","page_number":130,"box":{"x":77,"y":70,"width":898,"height":10}},{"id":"65ae5c54-86f0-4f5a-875e-0a577b49197b","block_type":"box","text":"IDI with permission and under a license. “FactSet” is a registered trademark of FactSet Research Systems, Inc. These trademarks (as","page_number":130,"box":{"x":77,"y":84,"width":850,"height":11}},{"id":"4ec20ed0-cdff-479b-9a5b-b39daad23e51","block_type":"box","text":"applicable) have been licensed, along with the Underlying Index, in connection with the Fund. Neither BFA, the Trust nor the Fund, as","page_number":130,"box":{"x":76,"y":98,"width":847,"height":11}},{"id":"4b651227-704b-4442-9080-46003c8fd8be","block_type":"box","text":"applicable, is sponsored, endorsed, sold or promoted by IDI, its affiliates or its third party suppliers (“IDI and its Suppliers”). IDI and its","page_number":130,"box":{"x":76,"y":112,"width":859,"height":11}},{"id":"5fbde478-6534-476a-9690-049d3230595a","block_type":"box","text":"Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Fund particularly, the","page_number":130,"box":{"x":76,"y":126,"width":882,"height":11}},{"id":"925810e2-6412-464b-a670-eb1edf79fc13","block_type":"box","text":"Trust or the ability of the Underlying Index to track general market performance. IDI’s only relationship to BFA is the licensing of certain","page_number":130,"box":{"x":76,"y":140,"width":864,"height":11}},{"id":"be3918c5-8c5b-43a4-b3ac-9ea9e4bbfeb9","block_type":"box","text":"trademarks and trade names and the Underlying Index or components thereof. The Underlying Index is determined, composed and calculated","page_number":130,"box":{"x":76,"y":155,"width":904,"height":10}},{"id":"bebcfb77-9db3-431c-ab74-eb651bdf7dd6","block_type":"box","text":"by IDI without regard to BFA or the Fund or its holders. IDI has no obligation to take the needs of BFA or the holders of the Fund into","page_number":130,"box":{"x":76,"y":169,"width":844,"height":11}},{"id":"7247001b-d0a5-492b-adf0-a4d607c4ff75","block_type":"box","text":"consideration in determining, composing or calculating the Underlying Index. IDI is not responsible for and has not participated in the","page_number":130,"box":{"x":76,"y":183,"width":853,"height":11}},{"id":"13e66f1c-aa53-48f6-a125-64d6146bea35","block_type":"box","text":"determination of the timing of, prices of, or quantities of the Fund to be issued or in the determination or calculation of the equation by which","page_number":130,"box":{"x":76,"y":197,"width":903,"height":11}},{"id":"87cfdacd-c960-4d3b-adee-99dbdcd1a815","block_type":"box","text":"the Fund is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by IDI","page_number":130,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"050689d1-239d-4067-b0c9-077ff2230950","block_type":"box","text":"is general in nature and not tailored to the needs of BFA or any other person, entity or group of persons. IDI has no obligation or liability in","page_number":130,"box":{"x":76,"y":226,"width":880,"height":10}},{"id":"9445c340-ba68-4821-942c-05d806fa9d62","block_type":"box","text":"connection with the administration, marketing, or trading of the Fund. IDI is not an investment adviser. Inclusion of a security within an index","page_number":130,"box":{"x":76,"y":240,"width":900,"height":11}},{"id":"25d42b35-2d06-4e7d-a646-091a7e725f1b","block_type":"box","text":"is not a recommendation by IDI to buy, sell, or hold such security, nor is it considered to be investment advice.","page_number":130,"box":{"x":76,"y":254,"width":706,"height":11}},{"id":"0dee8482-79d5-4497-be5b-c52d58ba6d4d","block_type":"box","text":"IDI AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY","page_number":130,"box":{"x":77,"y":277,"width":879,"height":10}},{"id":"c199ad75-99e5-4d97-ad10-8012a19e658d","block_type":"box","text":"WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE UNDERLYING INDEX, INDEX","page_number":130,"box":{"x":76,"y":291,"width":876,"height":10}},{"id":"edcb62fe-9d4f-44c0-91e9-351a19b1ac45","block_type":"box","text":"DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). IDI AND ITS SUPPLIERS SHALL NOT","page_number":130,"box":{"x":77,"y":305,"width":897,"height":11}},{"id":"4c2d0cb8-3042-4ebc-b7aa-b56926a6e531","block_type":"box","text":"BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMP","page_number":130,"box":{"x":77,"y":320,"width":761,"height":10}},{"id":"bba5b1a9-4df8-4bba-b0ad-23f62f08348c","block_type":"box","text":"LETENESS OF THE","page_number":130,"box":{"x":841,"y":320,"width":118,"height":8}},{"id":"88ebce4b-7ad8-4231-bf8b-cb048691eaa1","block_type":"box","text":"UNDERLYING INDEX AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS, AND YOUR USE IS AT YOUR OWN RISK.","page_number":130,"box":{"x":77,"y":334,"width":838,"height":10}},{"id":"f5aa3be9-a140-4706-bdb4-c08a67988b3c","block_type":"box","text":"30","page_number":130,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"12532f1d-de00-4701-867d-b45f939aadd0","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":131,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"5adbed90-8240-4cba-bd33-7bb26bb099cb","block_type":"box","text":"Want to know more?","page_number":132,"box":{"x":111,"y":392,"width":272,"height":15}},{"id":"0cc85b1b-2ff6-4457-a8d1-a6272ece6962","block_type":"box","text":"iShares.com | 1-800-474-2737 (1-800-iShares)","page_number":132,"box":{"x":112,"y":419,"width":407,"height":11}},{"id":"0b411e30-b775-470b-8c89-361ce040d068","block_type":"box","text":"Information on each Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":132,"box":{"x":112,"y":461,"width":757,"height":9}},{"id":"4d6fadd7-4d5a-4dcb-9ce2-3262872c5a4f","block_type":"box","text":"www.iShares.com. Copies of each Fund’s Prospectus, SAI, shareholder reports and other information, as applicable and when","page_number":132,"box":{"x":111,"y":475,"width":785,"height":9}},{"id":"82623a49-5a0a-42a7-b15e-cec0ded36fc5","block_type":"box","text":"available, can be found at www.iShares.com. For more information about a Fund, you may request a copy of the Fund’s SAI. The SAI","page_number":132,"box":{"x":112,"y":488,"width":820,"height":10}},{"id":"8c0c60b4-eba5-4d87-aee3-8ee5ce24845e","block_type":"box","text":"provides detailed information about the Fund and is incorporated by reference into the Fund’s Prospectus. This means that the SAI,","page_number":132,"box":{"x":112,"y":502,"width":823,"height":9}},{"id":"6b10bb2f-8618-409c-9869-474f390d7a30","block_type":"box","text":"for legal purposes, is a part of the Fund’s Prospectus.","page_number":132,"box":{"x":111,"y":515,"width":333,"height":10}},{"id":"e082dceb-294a-441e-b5e7-21a2b9a1e91c","block_type":"box","text":"Additional information about each Fund's investments is, or will be, available in the Fund's Annual and Semi-Annual Reports to","page_number":132,"box":{"x":111,"y":531,"width":797,"height":10}},{"id":"ec863e28-8731-41b8-9b70-b174369e5df6","block_type":"box","text":"shareholders and in Form N-CSR. In a Fund's Annual Report, you will find a discussion of the market conditions and investment","page_number":132,"box":{"x":111,"y":545,"width":801,"height":10}},{"id":"3deebcc3-612c-49ed-92f0-a54550b13f8e","block_type":"box","text":"strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund’s","page_number":132,"box":{"x":111,"y":558,"width":796,"height":10}},{"id":"7512f424-1a97-4c4f-b656-80b2a335c452","block_type":"box","text":"annual and semi-annual financial statements.","page_number":132,"box":{"x":112,"y":572,"width":290,"height":7}},{"id":"6d3bec23-981a-48d6-af2e-b606c0f9b23c","block_type":"box","text":"If you have any questions about the Trust or shares of a Fund or you wish to obtain a Fund’s SAI, Semi-Annual or Annual Report free","page_number":132,"box":{"x":112,"y":588,"width":824,"height":10}},{"id":"86498d7e-f80a-4069-b8c3-21ba484eb6e0","block_type":"box","text":"of charge, please:","page_number":132,"box":{"x":111,"y":602,"width":109,"height":9}},{"id":"fca31a75-3d26-4d88-b761-91242dd52186","block_type":"box","text":"Call: 1-800-iShares or 1-800-474-2737 (toll free)","page_number":132,"box":{"x":314,"y":624,"width":331,"height":8}},{"id":"ee3a4f14-0b7c-42e0-82d3-92f5360f414e","block_type":"box","text":"Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time)","page_number":132,"box":{"x":365,"y":637,"width":381,"height":10}},{"id":"fe53b4c1-6744-473c-9954-d59167677524","block_type":"box","text":"Email: iSharesETFs@blackrock.com","page_number":132,"box":{"x":315,"y":653,"width":229,"height":8}},{"id":"15b334b0-418e-47bd-b380-005fc8e3edf7","block_type":"box","text":"Write: c/o BlackRock Investments, LLC","page_number":132,"box":{"x":314,"y":668,"width":252,"height":9}},{"id":"10fad50f-c22c-4723-8ce8-b9bdb0034a36","block_type":"box","text":"1 University Square Drive, Princeton, NJ 08540","page_number":132,"box":{"x":364,"y":681,"width":296,"height":10}},{"id":"f0320e5d-9e3f-4953-8346-01fe7a2abb32","block_type":"box","text":"Reports and other information about each Fund are available on the EDGAR database on the SEC's website at www.sec.gov, and","page_number":132,"box":{"x":112,"y":703,"width":801,"height":9}},{"id":"8786f7a4-d376-4730-b278-ef43c8098cd8","block_type":"box","text":"copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address:","page_number":132,"box":{"x":111,"y":716,"width":795,"height":10}},{"id":"e39011f2-fe38-45b0-a821-72c468079013","block_type":"box","text":"publicinfo@sec.gov.","page_number":132,"box":{"x":112,"y":730,"width":123,"height":10}},{"id":"423832b9-1b99-432a-a6e7-8e1cf730a4b8","block_type":"box","text":"No person is authorized to give any information or to make any representations about a Fund and its shares not contained in this","page_number":132,"box":{"x":112,"y":746,"width":795,"height":10}},{"id":"88a4a854-9b84-499a-9cd7-0e08f597ec94","block_type":"box","text":"Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.","page_number":132,"box":{"x":112,"y":760,"width":698,"height":9}},{"id":"d05600bc-39c3-467a-80f9-c4d16be5183a","block_type":"box","text":"©2026 BlackRock, Inc. All rights reserved.","page_number":132,"box":{"x":112,"y":776,"width":261,"height":9}},{"id":"e36a3be1-bb9d-4394-b009-5c787909c54e","block_type":"box","text":"iSHARES","page_number":132,"box":{"x":378,"y":776,"width":59,"height":7}},{"id":"83c1e720-eefd-4737-b34e-5374efbf3572","block_type":"box","text":"®","page_number":132,"box":{"x":438,"y":775,"width":3,"height":3}},{"id":"c0da0931-1ba3-4984-ba92-fe97f27c0e94","block_type":"box","text":",","page_number":132,"box":{"x":443,"y":782,"width":1,"height":2}},{"id":"1bc86c78-e189-4860-91a8-8474d7c1fb4b","block_type":"box","text":"iBONDS","page_number":132,"box":{"x":449,"y":776,"width":53,"height":7}},{"id":"f55bbc0e-e23f-42ce-b018-53f641f9592e","block_type":"box","text":"®","page_number":132,"box":{"x":503,"y":775,"width":3,"height":3}},{"id":"5e87f282-b3d4-4765-9e7e-93ac4edeeadc","block_type":"box","text":"and","page_number":132,"box":{"x":511,"y":776,"width":22,"height":7}},{"id":"1f2b7c6f-4314-41c2-9fd8-337e75591f31","block_type":"box","text":"BLACKROCK","page_number":132,"box":{"x":539,"y":776,"width":85,"height":7}},{"id":"d85c7fc3-cba5-484d-90b2-67376f847729","block_type":"box","text":"®","page_number":132,"box":{"x":625,"y":775,"width":4,"height":3}},{"id":"9e91dba3-f3a8-4bb6-ba0a-0cec519ad3ee","block_type":"box","text":"are registered trademarks of BlackRock Fund","page_number":132,"box":{"x":633,"y":776,"width":282,"height":9}},{"id":"2d94bd89-e218-47c9-ae23-f1bc2427373c","block_type":"box","text":"Advisors and its affiliates. All other marks are the property of their respective owners.","page_number":132,"box":{"x":111,"y":789,"width":531,"height":10}},{"id":"e55ab2fb-4219-4d72-a296-dbac63b8277f","block_type":"box","text":"IS-P- 1031K-0226","page_number":132,"box":{"x":90,"y":744,"width":7,"height":67}},{"id":"1a388f1c-69d2-4d9f-a99b-0fe75f2c5c66","block_type":"box","text":"Investment Company Act File No.: 811-09729","page_number":132,"box":{"x":112,"y":805,"width":287,"height":10}},{"id":"462947d2-38b3-404b-8046-bdbfe1a13f89","block_type":"box","text":"Go paperless. . .","page_number":132,"box":{"x":760,"y":864,"width":132,"height":13}},{"id":"e97da726-993e-47a1-a83d-fcf434ef9166","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":132,"box":{"x":760,"y":879,"width":136,"height":7}},{"id":"ae08be86-026e-43a5-98d9-9d51c4d04374","block_type":"box","text":"Go to","page_number":132,"box":{"x":760,"y":890,"width":21,"height":5}},{"id":"ca91a6fa-bba0-4133-8933-9084f8ac3ca1","block_type":"box","text":"www.icsdelivery.com","page_number":132,"box":{"x":784,"y":890,"width":97,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":132}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"49712080-49de-44d5-915f-aea5e2bfc138"},"user_id":1000002,"date_created":"2026-10-15T23:15:11.754000Z","date_modified":"2026-10-15T23:15:11.754000Z","private":false}